IRIS Metals Limited announce that IRIS's local partner in South Dakota has applied for and been granted a lithium mining permit which covers 2 claims within IRIS's existing Custer Project, specifically the Black Diamond and Beecher Extended sub-properties that comprise part of the overall Custer Project, giving IRIS the ability to mine and extract lithium from pegmatites situated on these properties. This is especially significant given that the recently invoked Inflation Reduction Act which stipulated that 50% of battery parts and 40% of battery minerals must be sourced domestically or from countries with which the US has an FTA in place for individuals to be eligible for government grants. Currently, there is only one producing lithium mine in the USA, located in Nevada.

Importantly, with US lithium production comprising less than 2% of production globally. IRIS is now well positioned to assist the US in achieving its goals of domestic production, to achieve its clean energy goals and lessen its reliance on other countries in order to secure its battery metal minerals.