Financial Post EN

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”). […]

Mar 09, 2026 &03470909202631; 20:47 UTC financialpost.com Trending 3/5

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Positive for markets

Sentiment score: +65/100

Moderate impact Short-term (days)

WHAT THIS MEANS

Iris Acquisition Corp II (IRAB) has signed a non-binding letter of intent to merge with Freedom Metals Corporation, a new entity formed by American Tungsten & Antimony Ltd (ASX: AT4), creating a U.S.-focused strategic antimony and tungsten platform. This SPAC combination positions the merged entity to capitalize on critical mineral demand, particularly for defense and technology applications.

AI CONFIDENCE

72% High

SENTIMENT GAUGE

NEWS POWER SCORE

AFFECTED ASSETS

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IRAB

IRABStock

Expected to rise

SPAC merger announcement with strategic antimony/tungsten assets typically drives positive sentiment; critical minerals are in high demand

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AT4

AT4Stock

Expected to rise

ASX-listed parent company benefits from merger visibility and access to U.S. capital markets through SPAC combination

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S&P 500

^GSPCIndex

High volatility expected

Modest positive impact on U.S. equities due to critical minerals strategy; sector-specific rather than broad market moving

PRICE HISTORY

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⚡ SUGGESTED ACTION

Monitor for definitive agreement announcement and regulatory approvals. Consider accumulating IRAB on weakness given strategic mineral positioning, but note LOI is non-binding; watch for deal completion timeline and valuation details in coming weeks.

KEY SIGNALS

Non-binding LOI - deal not yet finalized, execution risk remainsStrategic focus on critical minerals (antimony, tungsten) aligns with U.S. supply chain security prioritiesSPAC merger structure provides liquidity and U.S. market accessGeopolitical tailwinds supporting domestic rare/critical minerals production

SECTORS INVOLVED

Materials & MiningDefense & AerospaceTechnologyCritical Minerals

Analysis generated on Mar 10, 2026 at 00:21 UTC

Disclaimer: This analysis is generated by artificial intelligence for informational purposes only and does not constitute financial advice, investment recommendation, or solicitation. Original reporting by Financial Post. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

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

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