IRIS METALS LIMITED — AGM Information 2024

Aug 29, 2024

==> picture [69 x 55] intentionally omitted <==

==> picture [13 x 15] intentionally omitted <==

==> picture [10 x 15] intentionally omitted <==

==> picture [17 x 15] intentionally omitted <==

==> picture [27 x 15] intentionally omitted <==

==> picture [10 x 15] intentionally omitted <==

ASX: IR1

IRIS METALS PERMITTED TO EXPLORE FOR USA LITHIUM

==> picture [427 x 275] intentionally omitted <==

AGM INVESTOR PRESENTATION AUGUST 2024

DISCLAIMER

==> picture [52 x 40] intentionally omitted <==

This ASX announcement was approved for release by the Board of IRIS Metals Ltd.

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.

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.

JULY 2024

2

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

2024 OPERATIONAL AND STRATEGIC HIGHLIGHTS
----- End of picture text -----

==> picture [16 x 16] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

==> picture [16 x 15] intentionally omitted <==

The addition of Mr. Matt Hartmann as President, US Operations, and Mr. Kevin Smith, Non-Executive Director, to effectively address the needs of IRIS' growing operations in South Dakota and focusing further attention on positioning the Company within the North American battery and critical minerals marketplace.

IRIS completed a RC drill program at the Beecher Project totaling 50 drill holes, and immediately moved into a diamond drill core hole program in October 2023. The Company has now completed 59 diamond core holes, totaling nearly 9,000m, including the best drill hole at the Beecher Project reported to date: 75.1m at 1.41% Li2O from 25.1m in drill hole BDD-24-031. It is anticipated that drilling activities at Beecher will be complete by mid-September.

IRIS secured the former Tin Mountain Mine in January 2024, a site famous for its very large spodumene crystals, and former production of tin and beryllium. The Company received the drill permit for the Tin Mountain Project in August 2024, and following completion of the drilling at the Beecher Project, the drill rig will be mobilised to Tin Mountain to commence a 26 hole, 1,560m drill program to be executed in 2024.

IRIS is projecting that the maiden mineral resource estimate for both the Beecher Project and the Tin Mountain Project will be completed in Q1 2025.

IRIS is advancing mineral processing studies and early-stage development work in parallel with the ongoing resource drilling. Initial heavy liquid separation (HLS) and flotation processing studies are nearing completion, and discussions have commenced with potential partners for further processing capability to achieve lithium carbonate and/or lithium hydroxide production in the United States.

==> picture [216 x 360] intentionally omitted <==

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

CAPITAL STRUCTURE & BOARD OF DIRECTORS
----- End of picture text -----

IR1 $0.20 ASX CODE SHARE PRICE

135M

SHARES ON ISSUE (undiluted)

A$27m/ US$18.3m MARKET CAP

$6.6m

CASH

$0 DEBT

$20.4M

EV

SHARES ON ISSUE

==> picture [12 x 11] intentionally omitted <==

==> picture [109 x 9] intentionally omitted <==

----- Start of picture text -----

Top 20 Shareholders (65.5%)
----- End of picture text -----

==> picture [12 x 11] intentionally omitted <==

Remaining Shareholders (34.5%)

Peter Marks | Chairman

==> picture [417 x 170] intentionally omitted <==

----- Start of picture text -----

34.5%
65.5%
Remaining
Shareholders Top 20 Shareholders
----- End of picture text -----

29%

135m

Held by Directors

Shares on issue

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, USA and Israel.

Matt Hartmann | President US Operations

Denver-based President of U.S. Operations, Matt has more than 20 years of international mining industry experience with a key focus on critical and battery minerals. He oversees all technical and day-to-day operations and is also responsible for strategy and budgets, as well as technical and corporate due diligence.

Kevin Smith | Non-Executive Director

An IRIS Metals Non-Executive Director based in New York City, Kevin has led the development and growth of successful lithium supply businesses globally, helping to build several energy and critical minerals businesses and has intimate knowledge of these supply chains.

Tal Paneth | Non-Executive Director

Tal has more than 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.

AUG 2024

4

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

INVESTMENT HIGHLIGHTS
----- End of picture text -----

ASX listed company with a US Very shallow, wide lithium Established infrastructure; Prime position to take hard rock lithium mining licence drill intercepts + shallow supportive community; long, advantage of US govt. grants and an extensive pipeline of weathering profile = very low proud history of mining in the and access to the world's related projects strip ratio, low mining costs Black Hills, a mining friendly largest EV market jurisdiction Largest number of exploration IRIS claims cover South Strategic proximity to end Highly experienced claims in the Black Hills - 33ha Dakota’s most prospective customers and manufacturers Management & Technical drill-ready Patented Claims in LCT-pegmatite corridors in US team on the ground in South Black Hills + 22,000ha of federal Dakota – NOT sitting in mineral claims offshore jurisdictions

AUG 2024

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

BLACK HILLS – SUPERIOR LOCATION
----- End of picture text -----

Strategic ownership allows IRIS Metals to increase resource size and maintain a competitive edge in the US mining sector

IRIS Metals’ South Dakota landholding is highly prospective and includes the most strategic prospects in the Black Hills

==> picture [16 x 15] intentionally omitted <==

==> picture [15 x 16] intentionally omitted <==

The Beecher Project is a priority drilling target to define an initial lithium resource. Followed by drilling the Tin Mountain Project

Regional property portfolio includes substantial additional patented and unpatented federal mineral claims, providing IRIS with significant untapped potential for resource expansion and continuous growth

==> picture [15 x 16] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

IRIS controls combined land holdings of ~ 2,469 Lode Claims of which 33Ha are Patented Claims and 22,300Ha are Federal mineral claims

==> picture [16 x 16] intentionally omitted <==

Abundant outcropping LCT pegmatite swarms across IR1’s claims including the largest known lithium spodumene crystals in the world

First-mover advantage with a US hard rock lithium mining license, with a regional scale brownfields footprint secured in a mining friendly jurisdiction

==> picture [16 x 16] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

Black Hills region is famous for historic lithium mining dating back to 1898, when Libearing spodumene (up to 8% Li₂O), and amblygonite (up to 10% Li₂O) were first mined

==> picture [378 x 406] intentionally omitted <==

AUG 2024

5

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

NORTH AMERICA & IRIS METALS PROJECTS
----- End of picture text -----

==> picture [566 x 181] intentionally omitted <==

----- Start of picture text -----

IRIS METALS IS
Battery cell factory in Quebec with
CENTRALLY LOCATED TIN MOUNTAIN a capacity of 10 GWh by 2030
TO NORTH AMERICAN Priority drilling target
Historic lithium mines
BATTERY INITIATIVES Pegmatite outcrops at surface a capacity of 10 GWh by 2030Battery cell factory in Quebec with
Announced a battery
plant of about 40
BEECHER PROJECT Working in the development of a new plant in Michigan. GWh in Ontario, with production to start in
ear1y 2024
Historic lithium mine
Mineral-rich pegmatite composition
The world's largest lithium It has a 5 GWh capacity plant
in Holland, Michigan.
----- End of picture text -----

==> picture [59 x 12] intentionally omitted <==

Operational plant in Nevada with ~35 GWh operated with Panasonic (expected to expand up to 100 GWh). It also has a pilot line in Fremont (California) with plans of expand it.

==> picture [152 x 16] intentionally omitted <==

----- Start of picture text -----

They expect to open in 2025 their first project in
Indiana (city of Kokomo) with a capacity of 33 GWh.
----- End of picture text -----

==> picture [75 x 9] intentionally omitted <==

Kore Power plans to have its 12 GWh gigafactory open by 2025.

==> picture [67 x 23] intentionally omitted <==

----- Start of picture text -----

Panasonic's 30 GWh
capacity Gigafactor in
Kansas
----- End of picture text -----

==> picture [69 x 10] intentionally omitted <==

Gigafactory Arizona with a capacity of 27 GWh. Gigafactory in Tucson, Arizona (capacity to be defined)

Two plants in Georgia with initial capacities of ~10 and ~12 GWh respectively (with the potential to increase They have announced a Joint beyond 25 GWh) to venture(50% each) to start supply OEMs such as building a gigafactory in Georgia Hyundai.

==> picture [59 x 12] intentionally omitted <==

Development of the "Blue Oval Clty' project in Kentucky with two gigafactories and a third one in Staton (Tennessee), each one with a capacity of 43 GWh

Tesla expects to expand the gigafactory in Austin (Texas) which is already operating up to 100 GWh.

==> picture [50 x 17] intentionally omitted <==

==> picture [30 x 12] intentionally omitted <==

==> picture [189 x 7] intentionally omitted <==

----- Start of picture text -----

Battery cell factory in Quebec with a capacity of 10 GWh by 2030
----- End of picture text -----

==> picture [17 x 18] intentionally omitted <==

Volkswagen's Canadian Gigafactory in St Thomas (Ontario), with a planned capacity of 90 GWh .

==> picture [16 x 16] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

Developing a new plant for 2026 in Indiana.

==> picture [60 x 13] intentionally omitted <==

Operational plant in Buffalo dedicated to solar cells of ~2 GWh.

==> picture [31 x 9] intentionally omitted <==

Plant with a capacity of 1 GWh (expandable to more than 15 GWh)

==> picture [30 x 20] intentionally omitted <==

==> picture [50 x 12] intentionally omitted <==

New facility to be completed in 2025 in Ohio (40 GWh).

==> picture [57 x 9] intentionally omitted <==

This joint venture between LG Energy solutions and GM involves a plant in Lordstown (Ohio, with 30-35 GWh) and in Spring Hill (Tennessee) (with similar capacity).

==> picture [56 x 10] intentionally omitted <==

Announced a battery plant in North Carolina to start operations in 2025 with a capacity of 12 GWh.

==> picture [33 x 10] intentionally omitted <==

==> picture [66 x 15] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

Currently working in 3 different initiatives in for several OEMs (BMW, Nissan and Mercedes respectively).

A second project has been announced, location to be defined. It will open in 2027 and will have a capacity of 34 GWh.

==> picture [51 x 11] intentionally omitted <==

==> picture [67 x 10] intentionally omitted <==

Starting a new facility in 2025 with 30GWh of capacity In Savannah, Georgia.

AUG 2024

6

SOURCES: World of statistics, CIC Energiue

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

RESOURCE SECURITY
----- End of picture text -----

MULTI BILLION DOLLAR POLICY TAILWINDS

==> picture [16 x 15] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

==> picture [15 x 15] intentionally omitted <==

• U.S. Department of Energy’s Loan Programs Office (LPO) to finance domestic mining projects for critical minerals with US$72 billion available

• Emphasis on increasing U.S. critical mineral mining due to China's dominance and rising demand

• All-of-government effort in the U.S. to ensure a stable supply chain for batteries and their components

• Biden Administration raised tariffs on electric vehicles, battery parts and critical minerals from China:

• •100% tariff on EVs

• •25% tariff on lithium-ion batteries for EVs and non-EVs

• 25% tariff on other critical minerals including lithium

These actions are set to immediately boost opportunities for U.S. domestic battery manufacturing and mineral sourcing

==> picture [457 x 343] intentionally omitted <==

AUG 2024

7

SOURCES: IRENA, The U.S. Department of Energy – Data as of September 2023

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

BEECHER PROJECT
----- End of picture text -----

DRILLING TO TEST STRIKE AND DEPTH EXTENSIONS

==> picture [43 x 44] intentionally omitted <==

New wide and high-grade lithium intersections include:

BDD-24-031 BDD-24-040

• 75.1m @ 1.41% Li₂O from 25.1m, including:

• 56.7m @ 1.43% Li₂O from 40.4m , including:

• 4.4m @ 2.16% Li₂O from 29.1m

  • 3.8m @ 2.63% Li₂O from 40.4m

  • 2.6m @ 1.90% Li₂O from 50.4m

• 3.4m @ 2.48% Li₂O from 37.8m

• 14.8m @ 2.21% Li₂O from 68.2m, incl.: • 3.6m @ 1.91% Li₂O from 89.4m

• 3.6m @ 3.20% Li₂O from 76.7m • 3.0m @ 1.25% Li₂O from 107.6m

==> picture [16 x 16] intentionally omitted <==

• Ongoing diamond drilling is testing the strike and down-depth extensions of the mineralised Longview and Black Diamond pegmatites

==> picture [15 x 16] intentionally omitted <==

• 59 diamond holes now completed in the program

• Metallurgical diamond hole completed and sent for HLS, DMS and floatation test work

==> picture [15 x 16] intentionally omitted <==

• Geological modelling shows Black Diamond pegmatite dips to the east with potential to coalesce with Longview pegmatite to form a larger body at depth

==> picture [16 x 16] intentionally omitted <==

• Combining deeper wide intercepts with mineralisation extending to surface, the Beecher Project potentially represents a very low-cost mining operation

==> picture [16 x 16] intentionally omitted <==

==> picture [316 x 403] intentionally omitted <==

JAUG 2024

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

BEECHER PROJECT
----- End of picture text -----

LONGVIEW FLY-OVER DRONE FOOTAGE

==> picture [573 x 323] intentionally omitted <==

==> picture [135 x 84] intentionally omitted <==

----- Start of picture text -----

Click here to
view video
----- End of picture text -----

JULY 2024AUG 2024

LONGVIEW PEGMATITE – BEECHER PROJECT

==> picture [523 x 401] intentionally omitted <==

==> picture [171 x 401] intentionally omitted <==

==> picture [52 x 40] intentionally omitted <==

Drill core from BDD-24-029, including intercept 4.5m @ 2.35% Li₂O from 62.5m to 67.0m

AUG 2024

11

TIN MOUNTAIN HISTORICAL MINE

==> picture [52 x 40] intentionally omitted <==

==> picture [421 x 189] intentionally omitted <==

==> picture [16 x 15] intentionally omitted <==

Drill permit received in August 2024

==> picture [16 x 16] intentionally omitted <==

Current drill plan includes 26 drill holes for a total of 1,560m of drilling

==> picture [16 x 16] intentionally omitted <==

Will mobilise for drilling at the completion of the current Beecher drill program - anticipated to be mid-September 2024

==> picture [442 x 300] intentionally omitted <==

AUG 2024

12

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

EDISON MINE - KEYSTONE
----- End of picture text -----

HISTORIC EDISON MINE

The Edison mine is located 2 km southeast from Keystone and 26 km southwest from Rapid City, South Dakota's second most populous city.

==> picture [16 x 16] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

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

==> picture [16 x 16] intentionally omitted <==

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

==> picture [16 x 15] intentionally omitted <==

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:

HISTORICAL Li PRODUCTION

==> picture [16 x 16] intentionally omitted <==

Volume (metric tons): Grade (% Li2O) 1943 648 4.59% Li2O Volume (metric tons): Grade (% Li2O) 1944 648 4.59% Li2O

==> picture [16 x 16] intentionally omitted <==

==> picture [309 x 176] intentionally omitted <==

==> picture [151 x 175] intentionally omitted <==

==> picture [470 x 190] intentionally omitted <==

JULY 2024AUG 2024

==> picture [960 x 80] intentionally omitted <==

----- Start of picture text -----

GROWTH - REGIONAL EXPLORATION
----- End of picture text -----

==> picture [351 x 429] intentionally omitted <==

EXPLORING SCALE AND POTENTIAL OF SOUTH DAKOTA TENURE

==> picture [15 x 16] intentionally omitted <==

IRIS’ >22,000 Ha of mineral rights in the Black Hills provides significant growth potential for the Company.

==> picture [16 x 16] intentionally omitted <==

Over the past four months, IRIS has worked to complete large scale pegmatite mapping and soil sampling across high-priority target areas to search for potential targets undercover within regions of historic mining operations.

==> picture [16 x 16] intentionally omitted <==

IRIS is utilising advanced laser induced breakdown spectroscopy (LIBS) methods in the field for geochemical exploration vectoring, and for estimation of lithium endowment within weathered terranes.

==> picture [16 x 16] intentionally omitted <==

This work as lead to identification of additional targets within the IRIS mineral tenure. With work continuing to advance these into drill ready targets as the Company continues its evaluation activities.

WORK PROGRAM AND INDICATIVE TIMEFRAME

==> picture [864 x 385] intentionally omitted <==

----- Start of picture text -----

Metallurgical test Mineral Resource Expansion
work, estimation and drilling, mining
RC/DD continuing geotechnical Early production commencement and processing DMS plant design,
studies feasibility study of studies plant studies PEA/PFS studies
Complete drilling Propose
results at Longview commencement of
small batch
Beecher
production
project
Q1 CY24 Q2 CY24 Q3 CY24 Q4 CY24 Q1 CY25 Q2 CY25 Q3 CY25
Regional
Federal Drill testing of
Regional soil
Mineral sampling drill Expansion of Regional Federal
Mineral Claims
Claims target phase 1 program
identification commences
commences Drill testing of
Environmental Tin Mountain Restart regional
and drill geochemical
permitting Federal Mineral sampling & drill
Claims Soil Sampling target identification
Underway
----- End of picture text -----

AUG 2024

15

PROJECT PIPELINE

==> picture [52 x 40] intentionally omitted <==

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

==> picture [841 x 306] intentionally omitted <==

----- Start of picture text -----

Early Market
Patented Quantifiable Resource Drilling Penetration
Beecher
Value FY24/25
Mining Claims Underway
Longview
33Ha
Black Diamond
Tin Mountain
Medium Term
Edison Mine + Beryl +Dewy Prospects
Medium term
Strategic Value…
Future Project
Federal
Pipeline & Black Long-term,
Mineral IR1 Barrier To Abundance of Pegmatite Swarms and
Hills Lithium large-scale
Claims Entry Brownfield Exploration Prospects Across
Most Prospective 22,000 Ha in the Black Hills Supply regional
22,000 Ha
lithium
deposits
Most prospective land secured by IR1
----- End of picture text -----

Most prospective land secured by IR1 Secondary exploration focus until Beecher is defined Longer approval process underway in parallel Longer term pipeline with compelling track record

AUG 2024

16

==> picture [63 x 50] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [9 x 14] intentionally omitted <==

==> picture [15 x 13] intentionally omitted <==

==> picture [25 x 13] intentionally omitted <==

==> picture [10 x 14] intentionally omitted <==

Contact Us

Registered Office (Australia) Suite 205, 9-11 Claremont Street, South Yarra 3141 admin@irismetals.com

Peter Marks Chairman peter@irismetals.com

Registered Office (South Dakota) 25497 Flynn Creek Road, Custer, South Dakota 57730 USA

Matt Hartmann President of U.S. Operations matt@irismetals.com

AUG 2024

17