By Kelly Cloonan

Iris Acquisition Corp. II signed a non-binding letter of intent to acquire Freedom Metals, a new unit expected to be formed by American Tungsten & Antimony.

Under the proposed acquisition, American Tungsten & Antimony would contribute its Sage Hen Nevada Tungsten and Central Idaho Antimony projects into Freedom Metals, Iris said Monday. Freedom Metals would focus on advancing high-grade antimony and tungsten assets, which are key for modern defense systems, advanced manufacturing and energy technologies, Iris said.

Under the letter of intent, Freedom Metals would become the publicly listed entity after the closing of its combination with Iris.

The proposed deal is 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, Iris said.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

March 09, 2026 17:04 ET (21:04 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.