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What is Israel's Iron Sting Mortar Munition?

On Sunday, the Israeli military reported the destruction of a Palestinian rocket launch site by members of the IDF's elite Maglan unit. The strike was carried out using the new precision-guided mortar shells, known as the Iron Sting.
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According to local media reports, the attack became the first known “operational use” of the Iron Sting by Israeli troops.
So what exactly is this new mortar munition, and what are its capabilities for the Israeli military, who seem poised to launch a full-scale ground assault on the Gaza Strip?

Israel's Iron Sting in Details

The Iron Sting is a 120mm guided mortar round developed by prominent Israeli defense contractor, Elbit Systems.
The munition was first unveiled by the Israeli Ministry of Defense in March 2021, shortly after it underwent its final testing.
While little is known about this ordnance at this time, the Israeli press claims that the new mortar munition has both laser and GPS guidance, which supposedly minimizes the risk of collateral damage when performing mortar strikes against urban areas.
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The exact quantity of Iron Sting rounds currently available to the IDF remains uncertain. However, according to one Israeli media outlet, the production of the Iron Sting in Israel is being beefed up to provide it to all IDF mortar units, and not just to its special forces.
This same outlet claims that the Iron Sting enables IDF mortar units to achieve a level of precision comparable to that of the Israeli Air Force and artillery units.
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