IRIS METALS LIMITED — AGM Information 2025

Aug 28, 2025

THE FIRST MOVER ADVANTAGE

AGM 2025 PRESENTATION | August 2025 This announcement was approved for release by the Board of Iris Metals

ASX: IR1

==> picture [434 x 540] intentionally omitted <==

==> picture [960 x 77] intentionally omitted <==

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

Corporate Structure
----- End of picture text -----

IR1

ASX CODE

$0.085 SHARE PRICE

176.56m SHARES ON ISSUE(undiluted)

A$15m MARKET CAP

==> picture [27 x 36] intentionally omitted <==

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

$0
DEBT
----- End of picture text -----

(as at 17 July 2025)

Peter Marks Executive Chairman

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.

Anthony Collins Non-Executive Director

Anthony with 30+ years in global finance and commodities, leads USQ Securities LLC, focusing on share register diversification, project finance, and market expansion in North America. He also serves as Director and President of Economic Index Associates, licensing active index strategies.

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.

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.

==> picture [272 x 160] intentionally omitted <==

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

34.5%
65.5%
Remaining Top 20
Shareholders Shareholders
176m
29%
Shares on Held by
issue Directors
----- End of picture text -----

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.

==> picture [489 x 186] intentionally omitted <==

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

12-month share price graph

2

August 2025

==> picture [960 x 77] intentionally omitted <==

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

Black Hills South Dakota Portfolio Snapshot
----- End of picture text -----

Beecher (near-term)

• Fully permitted for mining operations, entirely on private owned land

• Presents near-term production potential with permitted, outcropping, spodumene rich pegmatites

• 67 diamond core holes, and 50 RC drill holes for the basis of the maiden mineral resource estimate (announced March 2025)

• Successful completion of test mining and bulk sample collection

• Includes the historic Longview, Beecher, and Black Diamond mines, previously mined for lithium-rich spodumene.

Tin Mountain (near-term)

• Entirely on privately owned land, under Option by IRIS Metals

• Tin Mountain is a well-known megacrystic pegmatite with very large spodumene crystals

• Historically mined for tin and beryllium, but now recognized as being endowed in lithium

• Phase 2 drill program completed in Q3 2025

Edison (long-term)

• Entirely on privately owned land, owned 100% by IRIS Metals

• Site of prior mining activities for lithium, with spodumene bearing pegmatites outcropping at surface.

• Phase 1 drill program completed in Q3 2025

Regional Exploration Pipeline

• IRIS Metals holds over 17,000 hectares of federal mineral claims in the Black Hills, South Dakota.

• Actively exploring and identifying additional lithium endowed pegmatites for long term resource growth to support a central processing facility

3

August 2025

==> picture [960 x 77] intentionally omitted <==

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

Advancing "Hub & Spoke" Production Model
----- End of picture text -----

==> picture [656 x 399] intentionally omitted <==

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

Hub & Spoke production leverages
multiple mines and flexible mine Tin
Beecher
plans to ensure a consistent feed to Mountain
a central processing facility
IRIS Metals
Central
Processing
Facility
In 2025, IRIS Metals will rapidly
advance mineral resource
development across multiple Black
Hills projects to establish a global
resource for the project that will Federal Edison
Claims
support a central processing
facility
----- End of picture text -----

IRIS Metals regional exploration portfolio of lithium endowed pegmatites on its 17,000 hectares Early Market of federal mineral claims will form Penetration the long-term pipeline to continually replace mineral resources within the production model

The development plan aligns with the small footprint, high-grade, and low CAPEX/OPEX mining environment of the IRIS Metals portfolio in the Black Hills

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

4

August 2025

Lithium Demand Driven by EV & Energy Storage Growth

LITHIUM DEMAND IS UNABATED

Global lithium demand is projected to grow 5x by 2040 , driven by EV adoption (70% of demand by 2035) and energy storage growth (20% CAGR)[1]

By 2040, the U.S. will require ~ 1.5 million tonnes of LCE annually, up from ~100,000 tonnes per year today

Globally 60–70 new mines will be needed to meet projected demand.

US POLICY SETTINGS

==> picture [68 x 60] intentionally omitted <==

==> picture [165 x 51] intentionally omitted <==

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

The Solution is
IRIS Metals
----- End of picture text -----

Proximity to major U.S. battery manufacturers and EV producers' positions IRIS Metals as a key domestic supplier

President Trump’s administration is expected to maintain and expand tariffs reinforcing domestic supply chain competitiveness

Tariffs on Chinese imports (100% on EVs, 25% on batteries and lithium) as well as likely tariffs on Canada and other raw material suppliers

Domestic US lithium production is near zero, with rapidly growing demand and few projects that can achieve production in the next few years

President Trump recently signed an Executive Order to streamline the permitting and extraction of critical minerals in the US. This should assist projects like Iris’ that are near shovel ready, get into production

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

5

August 2025

==> picture [960 x 77] intentionally omitted <==

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

North America &Iris Metals Projects
----- End of picture text -----

IRIS METALS IS CENTRALLY LOCATED TO NORTH AMERICAN BATTERY INITIATIVES

==> picture [168 x 64] intentionally omitted <==

==> 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 [75 x 8] intentionally omitted <==

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

==> picture [69 x 9] intentionally omitted <==

Gigafactory Arizona with a capacity of 27 GWh.

==> picture [23 x 13] intentionally omitted <==

Gigafactory in Tucson, Arizona (capacity to be defined)

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

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

==> picture [71 x 14] intentionally omitted <==

Battery cell factory in Quebec with a capacity of 10 GWh by 2030

==> picture [80 x 12] intentionally omitted <==

Battery cell factory in Quebec with a capacity of 10 GWh by 2030

==> picture [69 x 9] intentionally omitted <==

==> picture [65 x 15] intentionally omitted <==

Announced a battery plant of Working in the development about 40 GWh in of a new plant in Michigan. Ontario, with production to start in ear1y 2024 It has a 5 GWh capacity plant in Holland, Michigan.

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

Panasonic's 30 GWh capacity Gigafactor in Kansas Two plants in Georgia with initial capacities of ~10 and ~12 GWh and a third one in StatonOval Clty' project in Kentucky respectivelytheincreasepotential tobeyond(with They haveventure(50%announcedeach) to starta Joint building a gigafactory in 25 GWh) to supply OEMs such as Georgia Hyundai.

==> picture [52 x 18] intentionally omitted <==

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

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

==> picture [29 x 11] intentionally omitted <==

Battery cell factory in Quebec with a capacity of 10 GWh by 2030

==> picture [18 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 [53 x 11] intentionally omitted <==

Developing a new plant for 2026 in Indiana.

==> picture [60 x 12] 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 19] intentionally omitted <==

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

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

==> picture [57 x 8] 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 [34 x 10] intentionally omitted <==

==> picture [65 x 15] intentionally omitted <==

==> picture [52 x 12] 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 [50 x 11] intentionally omitted <==

==> picture [68 x 9] intentionally omitted <==

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

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

6

August 2025

SOURCES: World of statistics, CIC Energiue

==> picture [960 x 77] intentionally omitted <==

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

2025 Operational and Strategic Highlights
----- End of picture text -----

==> picture [42 x 42] intentionally omitted <==

==> picture [42 x 40] intentionally omitted <==

==> picture [51 x 34] intentionally omitted <==

ASX-listed company with a US hard rock Low CAPEX/OPEX project vision, with Three MREs in CY25, and one Well-funded to advance South Dakota lithium mine permit, and the largest an ability to expedite to production MRE upgrade by Q1 2026, targeting a projects, establish resource estimates, exploration package in the Black Hills. significant global resource. and meet growing US demand for Very shallow, wide lithium drill Project study and investment decision domestic hard rock lithium production. 17,000ha federal mineral claims and a intercepts + shallow weathering profile on track for Q1 2026. regional brownfields footprint in a = very low strip ratio + low mining costs. First production expected Q4 2026–Q1 mining-friendly jurisdiction 2027. Further exploration underway to Aligned with the US supply chain, Advancing strategic investment and Experienced US based team: support long-term mining operations, leveraging government grants, offtake agreement discussions to Matt Hartmann – President US Ops with established infrastructure in the domestic production incentives, and boost project value Kevin Smith - Non-Executive Director Black Hills region which has a long, proximity to the world’s largest EV Anthony Collins- Non-Executive Director proud mining history. market and key manufacturers.

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

7

August 2025

Beecher Project

The Beecher Project, a fully permitted mine featuring exposed lithium-rich pegmatite, is the centerpiece for near-term production within IRIS Metals' Black Hills Portfolio

Location: 7km from Custer, South Dakota, in the Black Hills

Landholding: 50.88 hectares of private landownership surrounded by 20,300

hectares of unpatented federal mining claims

Historic Mines: Includes Longview, Beecher, and Black Diamond mines, with

operations dating back to the 1950s

Permitting: IRIS Metals holds all permits necessary to start mining operations

at the Beecher Project

Exploration: In addition to mapping, geophysics, and surface sampling, a total

of 67 diamond core holes, and 50 RC drill holes have been completed to date.

Resource Potential: Nearly 2,000m of pegmatite outcropping strike length within historic lithium-producing zones, initial MRE announced in March 2025

==> picture [388 x 398] intentionally omitted <==

Status of the former Longview Mine as it is prepared for a return to active operations (March 2025 photo)

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

8

August 2025

Beecher Project

: Wide and high-grade lithium intersections include[2,3]

==> picture [89 x 11] intentionally omitted <==

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

BDD-24-031
----- End of picture text -----

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

• 3.4m @ 2.48% Li₂O from 37.8m

• 2.6m @ 1.90% Li₂O from

• 14.8m @ 2.21% Li₂O from 68.2m incl.:

  • 50.4m

• 3.6m @ 1.91% Li₂O from

• 3.6m @ 3.20% Li₂O from 76.7m

• 89.4m

• A total of 67 diamond drill holes and 50 RC drill holes completed across 2023 &

2024

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

• Additional drilling planned at the Beecher Project in 2025, new growth targets on property already identified

==> picture [367 x 417] intentionally omitted <==

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

9

August 2025

Beecher Project

==> picture [529 x 406] intentionally omitted <==

==> picture [187 x 406] intentionally omitted <==

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

Drill core from BDD-24-029, showing intercept of 4.5m @ 2.35% Li₂O From 62.5m to 67.0m[4]

Cross-section is idealized and utilizes interpretation between known drill holes; it is not intended as a visual estimate of grade or tonnage .

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

10

August 2025

Beecher Project

Type	Classification	Tonnage (Mt)	Li2O (%)	Contained Li2O (kt)
Open Pit	Measured	-	-	-
	Indicated	1.83	1.05	19,331
	Inferred	-	-	-
Underground	Measured	-	-	-
	Indicated	0.37	1.00	3,693
	Inferred	-	-	-
Combined	Measured	-	-	-
	Indicated	2.20	1.05	23,024
	Inferred	-	-	-

JORC 2012-compliant initial Mineral Resource Estimate (MRE) 2.20 Mt grading 1.05% Li₂O for the Longview pegmatite

(refer ASX Announcement dated 31 March 2025 and 17 April 2025, amended)

• One of three spodumene rich pegmatites at Beecher

• MRE supports fully permitted, near-term production at Beecher

Notes on Initial MRE Beecher Project

1. JORC (2012) definitions were followed for Mineral Resources.

2. Mineral Resources are reported using a 6% Li2O spodumene concentrate price assumption of US$1,300/t.

3. Open pit Mineral Resources are reported from a block model regularized to 5 m x 5 m x 5 m parent block size ata 0.6%Li₂O cut-offgrade (COG)in a Whittle resource shell. The Whittle resource shellandopen pit COG are based on a mining cost of US$3.88/t, a general and administration (G&A) cost of US$4.55/t, a processing cost of US$17.76/t, and a recovery of 80%.

4. Underground Mineral Resources are reported from a block model with a minimum sub-block size of 1 m within DeswikStope Optimizer (DSO)resourcepanels whichweregeneratedusing a break-even 0.6%Li₂O COG. The underground break-even COG grade is based on a mining cost of US$65/t, a G&A cost of US$4.55/t, a processing cost of C$17.76/t and a recovery of 80%. The DSO resource panels are at a minimum 10 m by 10 m by 3 m wide.

5. Open pit and underground Mineral Resources are reported based on minimum thicknesses of approximately 5 m and 3 m, respectively.

6. Average bulkdensities were assignedto the blocks and range between 2.71 t/m³ and 2.79 t/m³ for the lithium pegmatite.

7. Numbers may not add due to rounding.

8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Mineral Resource Estimate for the Longview pegmatite, effective 28 March 2025

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

11

August 2025

Beecher Project

==> picture [286 x 399] intentionally omitted <==

==> picture [453 x 248] intentionally omitted <==

==> picture [141 x 46] intentionally omitted <==

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

Oblique view of the Longview
open pit and underground
resources at a 0.6% Li2O cutoff
grade
----- End of picture text -----

Plan view of the Longview open pit resources at a 0.6% Li2O cutoff grade

Exploration drilling map and outline of reported indicated mineral resources for the Longview pegmatite within the Beecher Project

12

August 2025

(refer ASX Announcement dated 31 March 2025 and 17 April 2025, amended)

Tin Mountain Project

==> picture [431 x 323] intentionally omitted <==

Spodumene bearing pegmatite wall rock of the former Tin Mountain Mine. Photo for illustrative purposes only.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

The Tin Mountain Project hosts a megacrystic pegmatite, well known for containing some of the largest spodumene crystals in the world

Location: 12km from Custer, South Dakota, in the Black Hills

Landholding: 6.2 hectares of private landownership optioned by IRIS Metals Historic Mines: Includes the Tin Mountain Mine, with polymetallic mining operations dating back to the early 1900s

Permitting: IRIS Metals holds an active exploration operations permit for the project area

Exploration: In addition to mapping, geophysics, and surface sampling, a total of 23 diamond core holes have been completed to date

Resource Potential: Mineral resource estimate planned after Phase II drilling completed in Q3 2025

Other Commodities: Drill results in 2024 included high-grade caesium intercept in drill hole TDD-24-007[5]

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

13

August 2025

Tin Mountain Project

==> picture [490 x 396] intentionally omitted <==

PHASE I DRILLING HIGHLIGHTS[5]

• TDD-24-006

• • 3.0m @ 1.24% Li2O from 26.0m,

TDD-24-021

• 6.7m @ 1.11% Li2O from 8.3m, including,

• 3.0m @ 3.20% Li2O from 36.7m,

• 2.1m @ 2.29% Li2O from 12.9m

• 2.0m @ 1.68% Li2O from 43.2m

• TDD-24-017

• • 1.2m @ 1.56% Li2O from 13.7m,

TDD-24-007

• 1.0m @ 1.54% Cs2O from 31.2m

• 1.8m @ 3.90% Li2O from 23.5m,

TDD-24-008

  - **2.7m @ 1.47% Li2O from 35.6m, including,**

• 5.2m @ 2.05% Li2O from 39.2m, including, - 1.0m @ 3.37% Li2O from 37.3m

• 1.5m @ 3.04% Li2O from 40.8m

Phase II drill program completed Q3 2025 with an initial MRE planned for late 2025

Cross section is idealized and utilizes interpretation between known drill holes; it is not intended as a visual estimate of grade or tonnage .

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

14

August 2025

Edison Project

Hosts one of the most historically significant lithium mines in the Black Hills

Location: 4km from Keystone, South Dakota, in the Black Hills

Landholding: 3.5 hectares of private landownership 100% owned by IRIS

Metals

Historic Mines: Includes the Edison Mine, formerly owned by Thomas Edison, with mining operations for lithium dating back to 1917

Permitting: IRIS Metals holds an active exploration operations permit for the project area

Exploration: Phase I drill program completed in Q3 2025 comprising 15 drill holes totalling 2,278m

Resource Potential: Initial MRE planned for completion after 2025 drill program

==> picture [456 x 422] intentionally omitted <==

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

Drilling at the Edison Project, April 2025

15

August 2025

Exploration

Edison Project

PHASE I DRILLING HIGHLIGHTS[11]

Phase I diamond drilling program comprising 15 drill holes totalling 2,278m

BDD-25-001

BDD-25-004

• 13.4m @ 1.78% Li2O from 41.5m, including:

• 3.6m @ 1.21% Li₂O from 33.4m, including:

• 7.0m @ 2.22% Li2O from 43.5m

  • 1.9m @ 1.84% Li₂O from 35.1m

• 2.4m @ 2.51% Li2O from 52.5m

• BDD-25-007 • 2.95m @ 2.76% Li₂O from 95.3m

==> picture [88 x 11] intentionally omitted <==

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

BDD-25-009
----- End of picture text -----

• 6.65m @ 3.30% Li₂O from 54.6m

Phase II drill program is now targeted for Q4 2025

==> picture [360 x 506] intentionally omitted <==

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

16

August 2025

Edison Project

==> picture [633 x 388] intentionally omitted <==

Cross-section highlighting the geometries of mineralisation for significant intercepts reported in the most recent release of Edison Project drill results[11]

==> picture [54 x 54] intentionally omitted <==

• Drilling confirmed high-grade lithium mineralisation in multiple spodumene-bearing pegmatite dikes, with complex structural controls

• Pegmatites remain open at depth, indicating potential for lateral and depth extensions

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

17

August 2025

Growth - Regional Exploration

==> picture [353 x 427] intentionally omitted <==

Exploring Scale And Potential Of South Dakota Tenure

• IRIS’ >17,000 Ha of mineral rights in the Black Hills provides significant growth potential for the Company[6]

• In 2024 IRIS completed large scale pegmatite mapping and soil sampling across high-priority target areas to search for potential targets undercover within regions of historic mining operations

• Planned activities for 2025 include airborne geophysics for further delineation of spodumene bearing pegmatites, including those potentially under cover, as well as focused mapping and sampling

• Objective is to determine the full priority target ranking across the land package and initiate permitting of those targets in Q4 2025

• The federal claim land package represents the long-term feed for IRIS’ hub & spoke production model

Continued success across this land package will provide the growth necessary to create a production plan beyond 15 years

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

18

August 2025

Beecher Project – Test Mining & Bulk Sampling Overview

Leadership in Domestic Mining IRIS is the only U.S. company currently permitted for commercial-scale lithium DSO production

Milestone Achieved: Successful completion of test mining and bulk sample collection at Beecher Project, South Dakota, USA, on June 19, 2025[10]

Fully Permitted: IRIS Metals is permitted for mining, demonstrating capability to produce Direct Shipping Ore (DSO)

Sample Details: 15-tonne bulk sample collected and packaged for metallurgical laboratory testing to support largescale process development. Results of this work anticipated in mid-2026.

Operational Efficiency: Utilised free digging with Caterpillar 37 excavator and mobile Metso LT 106 jaw crusher, completed on time and under budget

Strategic Importance: Supports IRIS' near-term production strategy with ongoing resource expansion drilling and mine development at Beecher

==> picture [532 x 310] intentionally omitted <==

Mining and crushing operations at the Beecher Project

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

19

August 2025

==> picture [960 x 77] intentionally omitted <==

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

Metallurgical Testing & Process Design
----- End of picture text -----

Metallurgical testing has produced high purity spodumene concentrate with samples yielding as low as 0.25% Fe2O3 from the Beecher Project[7]

• HLS test work achieved lithium recoveries of 45% to 59%

• Further processing with flotation achieved overall lithium recoveries of 62.9% to 82.3%

The Beecher Project testing indicated that IRIS can expect strong recoveries from a hybrid DMS and flotation flowsheet.

FUTURE DEVELOPMENT

• Testing additional pegmatites at Beecher, Tin Mountain, & Edison Projects in 2025

• In final planning stages of a bulk sample mining campaign from the Longview pegmatite at the Beecher Project

• Full flow-sheet design for a central processing facility advancing in 2025, led by WAVE International

6.1% Li2O SPODUMENE CONCENTRATE WITH LITHIUM RECOVERY EXCEEDING 82%

==> picture [423 x 294] intentionally omitted <==

Photo of 6.1% Li2O spodumene concentrate generated from mineralized materials sourced from drill hole BDD-24-022, Sample 2 at the Beecher Project[7] .

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

20

20

August 2025

==> picture [960 x 77] intentionally omitted <==

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

Battery Grade Lithium Carbonate
----- End of picture text -----

IRIS HAS SUCCESSFULLY CONVERTED SPODUMENE CONCENTRATE (SC6) FROM BEECHER INTO BATTERY GRADE LITHIUM CARBONATE[8]

• Transition from exploration to near-term producer/supplier of lithium carbonate equivalent (LCE) is underway

• IRIS has engaged with various downstream processors to facilitate successful bulk testing and development of an LCE supply for the US market

• Strategic move positions IRIS Metals as first near-term supplier of fully domestically produced and processed lithium carbonate

• Key development support IRIS well to benefit from growing demand for battery grade lithium in the US market

• Allows IRIS to potentially capture the value uplift of moving beyond simply supplying spodumene, to also supplying finished battery grade LCE to the US market

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

21

21

August 2025

==> picture [960 x 77] intentionally omitted <==

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

What's Next?
----- End of picture text -----

Mineral Resource Target sampling and mapping to prepare for delineation and expansion Federal claim permitting through drilling at Beecher, Tin Mountain and Edison Advanced process test Project Study to support an work across the portfolio to investment decision on develop a multi-feed construction of hub & source process flow sheet spoke model operations in South Dakota

==> picture [451 x 404] intentionally omitted <==

Status of the former Longview Mine as it is prepared for a return to active operations (March 2025 photo)

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

22

August 2025

==> picture [960 x 77] intentionally omitted <==

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

Exploration to Production
----- End of picture text -----

Exploration Operations	Timeframe
MRE Beecher Project –Publish the initial mineral resource estimate at our flagship project	✓
Advanced Exploration on Federal Claims –Continue work programs to assess and expand potential	Ongoing
2025 Drill Program –Focused drilling across Edison, Beecher, and Tin Mountain projects to grow resources	Ongoing	IRIS Metals is committed to
MRE Edison & MRE Tin Mountain -Deliver MREs to continue to grow the mineral inventory portfolio for hub	Q4 2025	driving value for investors by
and spoke production		advancing from exploration to
Target Selection on Federal Claims -Align exploration with strategic permitting for future drilling	Q4 2025	defined development outcomes.
MRE Update of Beecher Refinement and expansion to showcase evolving resource capabilities	Q1 2026
Development Studies	Timeframe	A 12 months focus on growing
Commence Process Test Work -Initiate metallurgical studies across all projects to inform production	✓	resource base and delivering a
strategies		comprehensive project study
Test Mining & Bulk Sample Collection from Beecher -Progress test material for commercial validation	✓	encompassing all feed sources
Complete Process Study & Flow Sheet -Optimise central processing facility for multiple feed sources	Q4 2025	across Black Hills portfolio.
Complete Mining Study -Define multiple mine plans, operational efficiencies, and production rates	Q4 2025
Project Study –Economic analysis of proposed South Dakota operations to support investment decision	Q1 2026

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

23

August 2025

==> picture [960 x 77] intentionally omitted <==

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

References
----- End of picture text -----

1. Benchmark Mineral Lithium Forecast, Research Note, October 3, 2024, Benchmark Mineral Intelligence, www.benchmark.com

2. IR1 ASX Announcement: Iris Metals Reports Final Assays from Phase I Drilling at Beecher, dated 19 December 2024

3. IR1 ASX Announcement: Iris Metals Achieves Best Drill Intercept to Date at Beecher Project, dated 14 August 2024

4. IR1 ASX Announcement: Wide and High-grade lithium intercepts Continue at Beecher, dated 15 July 2024

5. IR1 ASX Announcement: IR1 intersects high-grade lithium & caesium at Tin Mountain, South Dakota, USA, dated 6 March 2025

6. IR1 ASX Announcement: Regional Lithium Exploration Demonstrates Scale and Potential of South Dakota Tenure, dated 30 August 2024

7. IR1 ASX Announcement: Iris achieves high purity spodumene concentrate from Beecher Project, dated 9 October 2024

8. IR1 ASX Announcement: Iris Metals Successfully Completes Downstream Lithium Conversion and Production of Battery grade LCE, dated 15 October 2024

9. Front Cover Photo: Status of the former Longview Mine as it is prepared for a return to active operations (March 2025 photo)

10. IR1 ASX Announcement: Amended “IRIS completes Test Mining & Bulk Sample Collection” dated 25 June 2025 re-released 2 July 2025

11. IR1 ASX Announcement: “High-grade lithium intercept of 3.30% Li₂O uncovered at Edison Project, South Dakota, USA

==> picture [512 x 382] intentionally omitted <==

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

.
----- End of picture text -----

Drilling at the Tin Mountain Project, October 2024

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

24

August 2025

==> picture [960 x 77] intentionally omitted <==

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

Important Information
----- End of picture text -----

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”).

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.

Competent Persons Statement:

The information in this announcement that relates to exploration results is based on information reviewed by Matt Hartmann, IRIS’ President of U.S. Operations, and a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) (318271), a Registered Member of the Society for Mining, Metallurgy and Exploration (RM-SME) (4170350RM). Matt Hartmann is an exploration geologist with over 20 years’ experience in mineral exploration, including lithium exploration and resource definition in the western United States, 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. Matt Hartmann 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.

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.

Listing Rule 5.23.2:

In respect of this announcement, where IRIS has referred to, or referenced, prior ASX market announcements, IRIS confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement (unless otherwise stated) and, in the case of estimates of mineral resources or ore reserves, that all material assumptions and technical parameters underpinning the estimates in the prior relevant market announcement continue to apply and have not materially changed.

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

25

August 2025

IR1

==> picture [960 x 77] intentionally omitted <==

Contact

Peter Marks Chairman peter@irismetals.com

Matt Hartmann

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

Melissa Tempra

Media and Investor Relations melissa@nwrcommunications.com.au

US Operations Office 1029 Mt. Rushmore Rd., Suite C Custer, South Dakota 57730

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

ASX: