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NEW YORK, March 09, 2026 (GLOBE NEWSWIRE) — Iris Acquisition Corp II (“IRIS”) (NYSE: IRAB), a publicly traded special purpose acquisition company, today announced the signing of a non-binding letter-of-intent (“LOI”) for a business combination with Freedom Metals Corporation, a new entity expected to be formed by American Tungsten & Antimony Ltd (ASX: AT4) (“AT4”).
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Under the proposed transaction structure, AT4 is expected to contribute the Sage Hen Nevada Tungsten Project and the Central Idaho Antimony Project into Freedom Metals, which would become the combined publicly listed entity following the completion of the business combination with IRIS.
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Freedom Metals is being developed as a U.S.-focused critical minerals platform advancing high-grade antimony and tungsten assets, two metals that are widely recognised as essential to modern defence systems, advanced manufacturing and energy technologies.
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Strategic Minerals Critical to Defence and Industrial Supply Chains
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Antimony and tungsten are essential inputs across a wide range of defence and industrial applications, including aerospace alloys, night-vision technologies, military electronics, semiconductors and advanced battery technologies.
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Global supply of both minerals is currently highly concentrated in a small number of jurisdictions. Freedom Metals is designed to help address this challenge by advancing U.S.-based projects capable of supplying these strategic materials into the American defence and industrial base.
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Sumit Mehta, Chief Executive Officer of Iris Acquisition Corp II, commented:
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“The global demand for critical minerals continues to accelerate, driven by the energy transition and the growing need for resilient, diversified supply chains for defence and industrial technologies.
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Critical mineral companies have been among the strongest performers in equity markets over the past year, with leading sector indices posting returns well above 100%. We see this as the early stages of a long-term repricing, and this transaction is designed to position our shareholders at the forefront of that opportunity.
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We believe the Company’s assets, management team, and operational roadmap position it to become a cornerstone supplier of critical minerals and look forward to working closely with the Company’s leadership to bring this transaction to completion.”
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Timothy Morrison, Executive Chairman of AT4, added:
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“Antimony and tungsten are essential materials for modern defence systems and advanced industrial technologies, yet global supply remains heavily concentrated outside the United States.
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