05:12 PM EDT, 03/09/2026 (MT Newswires) -- Iris Acquisition Corp II (IRAB) said late Monday it has signed a non-binding letter of intent for a business combination with Freedom Metals, a new entity expected to be created by American Tungsten & Antimony.

Iris and Freedom Metals would combine into a single publicly listed entity, and American Tungsten & Antimony is expected to roll its interest in the Sage Hen Nevada Tungsten Project and the Central Idaho Antimony Project into the combined company, according to a statement.

Iris Acquisition said this transaction is subject to negotiation and definitive agreements, due diligence, regulatory approvals, customary closing conditions, and board and shareholder approvals.