Iris Acquisition Corp II Signs Letter of Intent for a Business Combination to form Freedom Metals Corporation - A U.S. Strategic Antimony & Tungsten Platform

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”).

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.

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.

Strategic Minerals Critical to Defence and Industrial Supply Chains

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.

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.

Sumit Mehta, Chief Executive Officer of Iris Acquisition Corp II, commented:

“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.

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.

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.”

Timothy Morrison, Executive Chairman of AT4, added:

“Antimony and tungsten are essential materials for modern defence systems and advanced industrial technologies, yet global supply remains heavily concentrated outside the United States.

Through this proposed transaction we aim to establish Freedom Metals as a leading developer of U.S.-based antimony and tungsten assets capable of supporting the rebuilding of secure domestic supply chains.”

Under the terms of the LOI, IRIS and Freedom Metals would combine into a publicly listed entity, with AT4 expected to roll 100% of its interest in Sage Hen Nevada Tungsten Project and the Central Idaho Antimony Project into the combined company.

The proposed transaction remains subject to negotiation and execution of definitive agreements, completion of due diligence, regulatory approvals, customary closing conditions, and approval by the boards and shareholders of both parties.

About Iris Acquisition Corp II
Iris Acquisition Corp II (NYSE: IRAB) is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

About American Tungsten & Antimony Ltd
American Tungsten & Antimony Ltd (ASX: AT4) is an Australian-listed critical minerals company focused on the exploration, development and potential production of antimony and tungsten assets. Through its portfolio of U.S. and Australian based projects, AT4 aims to support the development of secure domestic supply chains for strategic minerals used in defence, semiconductor and advanced industrial applications.

Advisors
Hall Chadwick and Cohen & Company Capital Markets are serving as corporate, financial and capital markets advisors in connection with the proposed transaction.
Hall Chadwick is acting as exclusive corporate advisor to American Tungsten & Antimony Ltd, while Cohen & Company Capital Markets is acting as capital markets advisor to Iris Acquisition Corp II.
Loeb & Loeb LLP is serving as legal counsel to Iris Acquisition Corp II.
Duane Morris LLP is serving as legal counsel to American Tungsten & Antimony Ltd.