IRIS METALS LIMITED

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ASX Announcement/Press Release | 30 August 2023

IRIS Metals Limited (ASX:IR1)

Annual General Meeting Presentation

IRIS Metals Limited (ASX:IR1) (“IRIS” or “the Company”) is pleased to provide the following presentation, being delivered at the conclusion of today’s Annual General Meeting (“AGM”) by Mr Chris Connell, Technical Director of IRIS:

Presentation: Black Hills Lithium Project South Dakota.

Shareholders are reminded:

that today’s AGM commences at 11.00am AEST, and is being held as a hybrid meeting; and
to access the meeting virtually, please follow the instructions in the Notice of AGM, which have been summarised below:

Virtual Meeting Access

The company is pleased to provide shareholders with the opportunity to attend and participate in a virtual Meeting through an online meeting platform powered by Automic.

Shareholders that have an existing account with Automic will be able to watch, listen, and vote online.

Shareholders who do not have an account with Automic are strongly encouraged to register for an account as soon as possible and well in advance of the Meeting to avoid any delays on the day of the Meeting. An account can be created via the following link investor.automic.com.au and then clicking on “register” and following the prompts. Shareholders will require their holder number (Securityholder Reference Number (SRN) or Holder Identification Number (HIN)) to create an account with Automic.

To access the virtual meeting on the day:

Open your internet browser and go to investor.automic.com.au ;
Login with your username and password or click “ register ” if you haven’t already created an account. Shareholders are encouraged to create an account prior to the start of the meeting to ensure there is no delay in attending the virtual meeting ;
After logging in, a banner will display at the bottom of your screen to indicate that the meeting is open for registration, click on “ Register ” when this appears. Alternatively, click on “ Meetings ” on the left-hand menu bar to access registration;
Click on “ Register ” and follow the steps; and
Click on the URL to join the webcast where you can view and listen to the virtual meeting. Note that the webcast will open in a separate window.

www.IRISmetals.com

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This ASX announcement has been authorised by the Board of IRIS Metals Limited

For further information, please contact:

E: [email protected]

Forward looking Statements:

This announcement may contain certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These factors include, among other things, commercial and other risks associated with exploration, estimation of resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to IRIS or not currently considered material by the company. IRIS accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information.

Not an offer in the United States:

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

About IRIS Metals (ASX:IR1)

IRIS Metals (ASX:IR1) is an exploration company with an extensive suite of assets considered to be highly prospective for hard rock lithium located in South Dakota, United States (US). The company’s large and expanding South Dakota Project is located in a mining friendly jurisdiction and provides the company with strong exposure to the battery metals space, and the incentives offered by the US government for locally sourced critical minerals. The Black Hills have a long and proud history of mining dating back to the late 1800s. The Black Hills pegmatites are famous for having the largest recorded lithium spodumene crystals ever mined. Extensive fields of fertile LCT-pegmatites outcrop throughout the Black Hills with significant volumes of lithium spodumene mined in numerous locations.

To learn more, please visit: www.irismetals.com

Competent Persons Statement:

The information in this announcement that relates to exploration results is based on information reviewed by Chris Connell a Competent Person who is a member of Australian Institute of Geologists and Technical Executive Director to IRIS Metals Limited. Chris Connell is an exploration geologist with over 25 years’ experience in lithium exploration including lithium exploration and resource definition in the Eastern Goldfields and has sufficient experience in the styles of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Chris Connell has consented to the inclusion in this Public Report of the matters based on his information in the form and context in which it appears.

www.IRISmetals.com

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BLACK HILLS LITHIUM PROJECT SOUTH DAKOTA

August 2023

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Chris Connell Technical Director

DISCLOSURES

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The purpose of this presentation is to provide background information to assist readers in obtaining a general understanding of the Company’s proposals and objectives. It is not and should not be considered as an offer or invitation to apply for or purchase any securities of the Company or as a recommendation or inducement to make an offer or invitation in respect of securities in the Company.

This presentation is not a disclosure document under Australian law or under any other law. Accordingly, this presentation neither purports to be exhaustive nor contain all of the information which any reader or prospective investor may require to make an investment decision and it does not contain all of the information which would otherwise be required by Australian law or any other law to be disclosed in a prospectus.

The information in this presentation is not intended to form the basis of any investment decision in relation to the Company or its assets and should not be considered as a recommendation to the recipient to investment or acquire the Company’s assets. Readers must not rely on this presentation but make their own independent assessment and seek and rely upon their own independent taxation, legal, financial or other professional advice. This presentation is not intended to constitute financial product advice and does not take into account individual or group investment objectives, taxation situation, financial situation or needs.

The information in this presentation, which is selective and does not purport to contain all the information that the recipient may require to evaluate the opportunity, has not been independently verified. No representation or warranty, expressed or implied, is or will be made, and no responsibility or liability is or will be accepted by the Company, any of their respective officers, servants, agents or advisers as to or in relation to the accuracy, reasonableness, completeness or reliability of this presentation or any other written or oral information made available to any recipients of this presentation or their advisers.

Various statements in this presentation constitute statements relating to intentions, future acts and events (“Forward Looking Statements”). Forward Looking Statements involve subjective judgment and analysis, known and unknown risks, uncertainties and other important factors that cause those future acts, events and circumstances to differ from the way or manner in which they are expressly or impliedly portrayed herein. no representation, warranty or guarantee, express or implied, is given that any Forward Looking Statements (including those relating to any potential initial public offering) will be achieved or proven correct, or that any assumptions or projections on which the Forward Looking Statements are based are reasonable. No historical financial information, estimates or projections contained in this presentation or any other financial information derived from that information, can be relied upon as a promise or representation, as to the past, present or the future.

The Company is not bound by any statement of intention contained in this presentation to then undertake the proposed activity, including any statement relating to the potential conduct an initial public offering by the Company.

Readers should make their own independent assessment of the information and take their own independent professional advice in relation to the information and any proposed action to be taken on the basis of the information. To the maximum extent permitted by law, the Company and its professional advisors and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the preparation of this presentation disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this presentation.

Neither the Company nor its advisors have any responsibility or obligation to inform the reader of any matter arising or coming to their notice after the date of this presentation document, which may affect any matter referred to in the presentation.

INVESTMENT HIGHLIGHTS – SPEED TO MARKET

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Very shallow wide Lithium drill intercepts + Shallow weathering profile = Very low strip ratio, low mining costs.

Only public listed company in the US with granted hard rock lithium mining licences

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Largest number of exploration claims in the Black Hills. 33ha drill ready Patented Claims in Black Hills + 20,300ha of federal BLM claims

IRIS claims cover the most prospective LCT-pegmatite corridors – potential to host significant lithium mineralisation

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Established infrastructure; supportive community; long, proud history of mining in the Black Hills

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Strategic proximity to end customers in manufacturers in US

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Prime position to take advantage of US govt. grants and access to the world's largest EV market

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Highly experienced Management & Technical team on the ground in Custer NOT sitting at a desk in Perth or Toronto

CORPORATE OVERVIEW

Capital Structure		Aug 2023
Share price	A$	1.70
Shares on issue (undiluted)	m	129.146
Market capitalisation (undiluted)	A$m	219.5
Cash	A$m	9.5
Debt	A$m	-
EV	*A$m*	210

Additional securities on issue: 12.0m performance rights, 7.5m ZEPO’s, 4.25m $0.30c options, 18.5m $0.40c
options, 0.5m $1.20 options, 11.734m $1.50 options, 0.3m $2.00 options and 0.3m $2.50 options.

Shares on issue

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129.14m
Shares on issue
29%
Held by Directors
Remaining Shareholders
Top 20 Shareholders
65.5% 34.5%
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Simon Lill Non Executive Chairman

Chris Connell Executive Director

Peter Marks Executive Director

Tal Paneth Non-Exec Director

Bruce Smith Non-Exec Director

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Current Chairman of De Grey Mining Ltd., an ASX 300 gold exploration/development company with 100% ownership of one of Western Australia’s largest greenfields discoveries, Hemi/Mallina (9Moz), in the Pilbara region of Western Australia. Experienced in capital raising and ASX listing activities.

Chris was previously the Regional Exploration Manager of SolGold Plc and has a successful track record in discovering economic deposits and managing mining projects both in Australia and worldwide, including West & Central Africa, PNG, North & South America. He led the exploration team that recently discovered the large Porvenir copper-gold project in southern Ecuador.

Peter brings over 30 years’ experience in corporate advisory, investment banking and director/advisory roles to the Board. Peter’s corporate skills lie in capital raising for pre-IPO and listed companies, cross border M&A transactions, corporate underwriting, and venture capital transactions for companies in Australia, US & Israel. Tal has over a decade of multidisciplinary business experience including exposure to the diverse facets of the equity and debt markets. Tal specialises in identifying strategic mineral projects, financing, and project operations management.

Bruce has been exploring for more than 20 years in Africa, AsiaPacific, Europe, North and South America. He has participated in gold discoveries in Guinea, Guatemala and Nicaragua and led the team that discovered the 200Moz Ag eq Chinchillas deposit in Argentina. Bruce is currently the President & CEO of Radius Gold TSX.V:RDU.

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RIGHT LOCATION

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IRIS’ South Dakota landholding currently comprises the highly prospective and most strategic prospects in the Black Hills .
The Beecher Project is the priority drilling target to define an initial lithium resource over the next 12 mths .
The wider tenure footprint provides a long pipeline of brown field lithium prospects including Custer, Dewy, Ruby, Tinton West, Keystone and Helen Beryl Projects.
IRIS controls combined land holdings of approximately 2,469 Lode Claims of which 33Ha are Patented Claims and 22,300Ha are BLM claims.
Abundant outcropping LCT pegmatite swarms across IR1’s claims including the largest known lithium spodumene crystals in the world.
First-mover advantage securing a regional scale brownfields footprint in a mining friendly jurisdiction.
Black Hills of South Dakota famous for historic lithium mining dating back to 1898 when Li-bearing spodumene (contains up to 8% Li₂O), and amblygonite (contains up to 10% Li₂O) were first mined.

Black Hills of South Dakota – Second Largest Gold Producing District in the US

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Wharf Gold Mine
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Homestake Gold Mine
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Wharf Gold Mine

Owned and operated by Couer Mining
Over 90k ozs Au produced in 2022
Over 1.2Moz Au in indicated/reserve status
Located next to South Dakota’s premier ski resort – Terri’s Peak

Homestake Gold Mine

Located in the “Lead Mining District” in the Black Hills
Second largest gold producing district after the Carlin district in Nevada
Longest continually operated gold mine in the US.
Over 40Moz Au produced from the Homestake Mine
Both open cut and underground
Ceased production in 2002

Black Hills of South Dakota – IR1 Land Tenure

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Patented claims cover IR1’s high priority and most prospective short term resource targets while BLM claims provide IR1 with an unprecedented medium term project pipeline

	*Bureau of Land Management (BLM) Mining Claim*	*Patented Mining Claim*
Background	Federal Government has passed the title to the claimant providing the claimant with exclusive title to minerals and in most cases the surface and all resources	Stakes on public land for exclusive rights to explore and locatable mineral resources	extract
Surface Rights	No	Typically Yes
New Applications	New Applications Via BLM	Typically not available
Maximum Claim Size	20 acres	20 acres
Relevant Government Authority	Federal Government	State Government
Typical Drill Site Approval Duration	12-18 months	1 month
Typical Mining License Approval Duration	24-36 months	1 month for pegmatite mining
IR1’s Total Area	20,288 Ha	33 Ha
IR1’s Prospects	Helen Beryl, Hunter Louise, Dewy, Custer, High Climb	Longview, Beecher, Black Diamond, Edison	7

Black Hills of South Dakota – World's Largest Spodumene Crystal

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The world's largest recorded spodumene crystals are found in the Black Hills on IR1’s tenure

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Work Summary: Black Hills

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Strong local network secured through IR1’s first mover advantage in the Black
Hills
Negotiations progressing to purchase additional patented claims over historic
mines that will further bolster IR1’s enviable footprint
IR1 Geologists on site undertaking soil sampling detailed mapping and trench

sampling.

Prospect prioritization is a key workstream for Q3 2023; in the meantime..
RC drilling program is ongoing with initial test holes confirming wide
intercepts of spodumene with assays to be collated and tested.
Diamond Drill Rig arriving at the Beecher project in September to begin deeper follow up testing of the mineralized pegmatites.
Metallurgical samples to be taken from the Beecher Project to test the ore’s
.
suitability for DMS (Dense Media Separation) beneficiation

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View to the north (IRIS controlled Tenure) from No. 9 Mine, hills are rich with . prospective LCT pegmatites

Black Hills of South Dakota – PROJECT PIPELINE

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‘First Mover’ and most credible pathway to supply US lithium to US customers across a short, medium and long term time horizon provide IR1 shareholders with a unique short medium and long term value proposition

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Speed to
Quantifiable
Resource Drilling
market
Beecher +
Value by 2024
Underway
Patented Longview +
Mining Claims Black Diamond
33Ha
Medium Term
Edison Mine + Beryl +Dewy
Medium term
Prospects
Strategic Value…
Long term
Abundance of Pegmatite Swarms and Future Project
large scale
IR1 Barrier To Brownfield Exploration Prospects Pipeline & Black
regional
Entry Across most prospective 22,00 Ha in Hills Lithium
lithium
the Black Hills… Supply
deposits
•
Most prospective land secured by IR1
•
BLM Mining Secondary exploration focus until Beecher is
Claims defined
•
Longer approval process underway in parallel
22,000 Ha
•
Longer term pipeline with compelling track record….
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Custer & Beecher Projects

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CUSTER

Consists of 1,380 BLM Lode Claims over an area of approximately 28,318 acres .
LCT-pegmatites occur in a north-south corridor and contain many historic lithium mines.
Includes several historic mines with mapped spodumene occurrences including; No. 9 Mine, Custer Mountain Mine and Climax Mine

BEECHER

20 Ha Patented Mining Claim with 3x key pegmatite outcrops and corresponding historic mines being; Longview Mine, Beecher Mine and the Black Diamon Mine all within a 500m radius
2km of outcropping lithium bearing pegmatites at surface.
The pegmatite contains zones rich in lithium bearing minerals amblygonite and lithiophilite-triphylite with historic mining for beryl, felspar and lithium throughout the majority of the last century.
Maiden 38 hole RC drilling program completed at Beecher for 4,077m with assays from initial 6 holes returned.

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Beecher Project
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Map showing the Custer Project highlighting the historical pegmatite mines.

BEECHER PROJECT

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Longview
60 m thickness
Beecher
750m long Project
Black
Diamond
Beecher
950m long
130m thickness
Legend
Lithology
Pegmatites
Quartzites
Schist, Phyllite, Slate, Metasediments
Amphibolite
Structures
Fault
Inferred Contact 12
Measured Contact
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BEECHER PROJECT

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Longview Trench Sampling Aerial View

Longview Fly-Over Drone Footage

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INSERT LONGVIEW DRONE FOOTAGE
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RC Drilling – Beecher Project

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Maiden RC Drilling Program

Initial 38 hole RC drilling program completed for 4,077m.
Assays for the first 6 holes returned, confirming the economic potential of the Beecher Project
Shallow , wide intersections of mineralised pegmatite ;
60m @ 1.21% Li₂O (true width) from 16m in BDH-23-001, including:
- 40m @ 1.40% Li₂O from 36m; and
- 22m @ 1.90% Li₂O from 46m
54m @ 1.30% Li₂O (true width) from 1m in BDH-23-009, including:
- 35m @ 1.58% Li₂O from 4m and
- 13m @ 2.10% Li₂O from 24m
40m @ 1.10% Li₂O (true width) from 48m in BDH-23-002, including:
- 11m @ 1.53% Li₂O from 48m and
- 10m @ 1.97% Li₂O from 78m

RC Drilling – Beecher Project

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Thick pegmatite intersections up to 88m (true width) at the Longview and 112m (downhole width) at the Black Diamond.

BEECHER PROJECT

Longview Tunnel

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Longview Tunnel Walkthrough Video INSERT LONGVIEW TUNNEL WALKTHROUGH

UV light (λ= 365 nm) Longview Tunnel

BEECHER PROJECT

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. Spodumene
Longview Trench #2
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Longview Trench #2 - UV light (λ= 365 nm
Longview Trench #2 – Video Walk Through
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BEECHER PROJECT

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Beecher Lode

The oldest mine in Beecher area, first worked in 1900.
The excavation of the three large open pits was done from 1925 to 1934 in the mining of spodumene, columbite, and beryl . Many small pits and trenches on the property targeted large individual spodumene crystals.
Six diamond-drill holes were made between 1941 and 1942.
Production data from the Beecher Lode are incomplete, but the available production data is: Columbite 25T, Beryl 100T, Spodumene 50T, Amblygonite 1.970T, Tantalite 33T.
The Beecher Lode pegmatite conformably intrudes the schist with N5°W strike and dips west. It is lenticular in shape and is about 265 metres in length and as much as 24 meters in thickness.
Spodumene crystals are mapped in both east and west pit walls with crystals up to 2.5m in length

BEECHER PROJECT

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Black Diamond Prospect

The Black Diamond mine was predominantly
mined for Beryllium
At the time of mining from the 50’s, lithium had no value therefore spodumene was left in the pit walls or discarded on waste dumps.
The beryl formed on the contacts with the zones
spodumene
The Black Diamond is to 60m pegmatite up
and extends for over 950m along strike
Small pits along the Black Diamond pegmatite show concentrated spodumene continues the length of the outcrop.
2 RC drill holes drilled below the Black Diamond pit displayed wide, shallow pegmatite, up to 112m downhole width.

BEECHER PROJECT

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Thick pegmatite intersections up to 112m (downhole width) at the Black Diamond.

EDISON MINE - KEYSTONE

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HISTORIC EDISON MINE

The Edison mine is located 2 km southeast from Keystone and 26 km southwest from Rapid City.

The year of first production was 1917 - between 1942 to 1944 principal product was Li spodumene, but mica and tantalum were beryllium, feldspar, produced as by-products.

The deposit was originally worked by a series of opencuts, later two adits were driven eastward from the lower open-cut and were connected by a drift along the eastern side of the pegmatite.

The 1942 USGS’ report includes a log description of 12 drill holes that were run in Edison Mine and 1 in Bull Con Mine, Finally, they highlight that the annual production estimate was:

Edison	Mine - Historical Li Production	Mine - Historical Li Production
Year	Volume (Metric tons)	Grade (% Li2O)
1943	648	4.59 % Li2O
1944	1,308	5.38 % Li2O

HISTORIC DRILLING AT THE EDISON MINE

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Visual estimation (Li2O%)
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Legend
" Drillholes_Edison Mine
Drillholes_traces_Edison_Mine
Current Edison Pit
Edison Mine schem_Plan View sketch_1945.tif
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Sample No.	% Li2O	Description
U.S.B.M.
1	4.74	Grab sample of hard spodumene from mine face.
1A	6.28	Sample of hard spodumene from mine face.
2	3.14	Grab sample of soft spodumene from mine face.
U.S.G.S.
1	1.1	"Green spodumene"crystal from 36.58 m level of shaft.
2	5.74	Partly altered spodumene crystal from 36.58 m level of shaft.
Lor Mining Co.
1	7.32	Hard spodumene
2	4.54	Yellow brown partly altered spodumene
3	0	Completely altered"green spodumene"

HELEN BERYL PROJECT

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Consists of 226 BLM Lode Claims over an area of approximately 4,665 acres .
LCT-pegmatites occurring in numerous discontinuous swarms trending northsouth.
Included in the IRIS Helen Beryl Project are the historic Helen Beryl Mine (famous for having a zone of ultra high concentrated spodumene) and the Eruption Lode (known for its high concentration of spodumene).
IRIS was able to secure claims over both these mines that represent high .
priority early drill targets

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Spodumene rich Ore from the Helen Beryl Mine.

Helen Beryl Lithium Mine.

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Map showing the Helen Beryl Project highlighting the historical pegmatite mines.

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DEWY PROJECT

Consists of 358 BLM Lode Claims over an area of approximately 7,401 acres which includes but not limited to the following specific targets:
LCT pegmatites occurring in numerous discontinuous swarms represented along strike to many historic lithium mines .
The High Climb pegmatite was mined for amblygonite, beryl, mica and feldspar (spodumene was left in situ or on waste dumps). The pegmatite is exposed for over 100m at surface with the open .
cut mine cutting across the 30m width of the pegmatite

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Figure 1: Spodumene Crystals at Hunter and Louise

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Figure 2: High Climb Open Cut Mine

The Hunter and Louise Mine is composed of 6 small open cut pits primarily mined for mica and spodumene. The mineralised pegmatite is exposed at surface for over 200m with varying widths .
averaging 10m
The Tin Queen Mine is comprised of three open cut pits, initially targeting tin, with later production focusing primarily on mica with amblygonite and beryl. Other lithium minerals identified at the Tin Queen mine include spodumene and lithiophilite-triphylite.

Map showing the Dewy Project highlighting the historical pegmatite mines.

WORK PROGRAM: INDICATIVE TIMELINE

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Continue Metallurgical Mineral Resource drilling, mining test work, estimation and and processing RC/DDH geotechnical commencement of plant studies continuing studies studies

Potential commencement of DSO shipping, Construction DMS plant design, DMS processing PEA/PFS studies plant

Beecher Project

Q3 Q4 Q1 Q2 Q3 Q4 H1 CY23 CY23 CY24 CY24 CY24 CY24 CY25 Regional BLM Claims Geochemical Re-start regional Drill testing BLM Claims sampling & geochemical environmental sampling & drill and drill target identification permitting

EXPLORING THE USA FOR

ITS NEXT HARD ROCK LITHIUM DISCOVERY…

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AI assistant

IRIS METALS LIMITED — AGM Information 2023

65139_rns_2023-08-29_70e69886-17f3-4b08-aefd-5b5e39f26673.pdf