IRIS Metals Limited has reported encouraging results from its recent Phase I diamond drilling program at its Edison Project in South Dakota. The company announced high‐grade lithium intersections within spodumene-bearing pegmatites, with drill hole EDD-25-001 returning 13.4 meters at 1.78% Li₂O – including segments measuring 7.0 meters at 2.22% Li₂O and 2.4 meters at 2.51% Li₂O – while EDD-25-004 recorded 3.6 meters at 1.21% Li₂O, with 1.9 meters at 1.84% Li₂O. The initial drill campaign, which encompassed 15 drill holes totaling 2,278 meters, indicates that the high-grade pegmatites remain open at depth, underscoring the potential for expanding existing resource estimates once additional assay results are received, expected in the third quarter of 2025. The drilling program, undertaken using both HQ and PQ diamond core techniques from the surface, has been complemented by thorough core logging and sampling protocols completed at the company’s facility in Custer, South Dakota. IRIS Metals has integrated a ‘Hub & Spoke’ strategy across its South Dakota portfolio by linking the Edison Project with adjacent assets such as the Beecher and Tin Mountain projects. With the drill rig now mobilized to Beecher for infill and resource expansion drilling, the company is planning resource estimate updates in early 2026 and is scheduled to commence test mining and bulk sampling at Beecher in late June 2025 under its active mining permit. The Edison Project’s promising early phase results, set against the backdrop of a mining-friendly jurisdiction and supportive U.S. government initiatives for critical minerals, position IRIS Metals to grow its battery-grade lithium resources. Enhanced infrastructure at Edison and associated projects supports the company’s commitment to advancing a centralized processing facility, aimed at optimizing costs while accelerating project development across its portfolio. Market sentiment appears balanced as bullish indicators include the strong high-grade lithium intersection values, the strategic expansion across multiple South Dakota assets, and the company’s proactive approach toward domestic lithium production in a period of rising demand for electric vehicle batteries. Conversely, bearish considerations arise from pending assay results that could modify early findings, inherent exploration risks related to complex pegmatite geometries, and potential delays in transitioning from exploration to full-scale production. Overall, the announcement reflects a forward-looking strategy that combines promising technical results with the challenges typical of early-stage resource development.