IRIS METALS LIMITED — Board/Management Information 2022

Jul 11, 2022

ASX Release: 12 July 2022

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Ledger Holdings appointed Strategic Business Development Manager, North Americas

Chris Connell appointed Technical Executive Director, Head of Exploration

Highlights:

• Ledger Holdings, an entity associated with Levi Mochkin, a founding director of, and one of the driving forces behind Piedmont Lithium Inc. , appointed strategic Business Development Manager (BDM), North America.

• Chris Connell to transition from his current role as Non-Executive Director to Executive Technical Director, Head of Exploration.

IRIS Metals Limited (“ IRIS ” or the “ Company ”) ( ASX:IR1 ) is pleased to announce the appointment of Chris Connell as Executive and Technical Director, Head of Group Exploration and Ledger Holdings Pty Ltd (“ Ledger ”) as Business Development Manager, North Americas.

Chairman, Simon Lill, commented: “It is a real coup for IRIS that the highly credentialed duo of Ledger Holdings and Chris agreed to deepen and formalise their relationship with the Company.

As a founder and former director of Piedmont Lithium Inc., Levi played an important role in transforming Piedmont from a sub-$10 million market cap explorer into a circa-$1.5 billion near term lithium producer. With IRIS being the only other ASX-listed hard rock lithium explorer in the US following Piedmont, we believe the international experience and contacts of Ledger Holdings will assist the Company in achieving its goal of becoming a producer of lithium in the US.

Chris’ geological knowledge will be instrumental in IRIS’ evolution, and we are proud that he sees the potential in IRIS’ tenure following his years at the billion-plus dollar SolGold plc.”

Mr. Connell’s background:

Mr. Connell is a geologist with over 25 years’ experience. Along with managing exploration in Australia, Chris has spent many years managing international teams in culturally and environmentally diverse regions throughout West Africa, Central Africa, Papua New Guinea and Ecuador. Until recently, he spent 4.5 years as Regional Exploration Manager at SolGold plc (LSE:SOLG). Chris has extensive lithium experience having worked on the Mt Marion Lithium spodumene deposit in Western Australia that is currently in production.

Non-Executive Director, Chris Connell, commented: “I have had the opportunity of working with my fellow IRIS Board members from the pre-IPO stage. This has given me the opportunity to see first-hand the capabilities and aspirations of the Company. What I have witnessed is a small, dynamic explorer with a large company mindset that moves quickly to avail itself of potential opportunities.

Notwithstanding the compelling nature of IRIS’ existing tenure, the determining factor for my agreeing to join IRIS on a full-time, executive basis is the Company’s entry to the battery metals space through the recently announced acquisition of the South Dakota Project.

I recently completed 2 site visits across 10+ weeks on the tenure in South Dakota, performing due diligence, mapping lithium-bearing pegmatites and directing IRIS’ current staking program.

I returned from South Dakota only a few days ago and look forward to being an integral part in driving the advancement of this Project such that IRIS may realise its full potential.”

Directors

Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Contact Details admin@irismetals.com www.irismetals.com

IRIS Metals Limited Contact Details ASX: IR1 www.irismetals.com Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000

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Levi Mochkin and Ledger Holding’s background:

Ledger Holdings has over 30 years’ experience advising companies in the resources sector and has raised in excess of AUD1 billion for mining projects globally. Mr. Mochkin was a founder of Piedmont Lithium Ltd (ASX:PLL, NASDAQ:PLL) – a company included in the ASX/S&P 300 and Russell 2000 Index; resigning as a director just over one year ago. During his tenure at Piedmont, Mr. Mochkin was an integral part of the team behind Piedmont’s business strategy and success.

Comment of Levi Mochkin, member of Ledger Holdings: “Ledger first became involved with IRIS through it’s $1 million dollar investment in the IPO. Following the successful listing, Ledger had the opportunity to witness firsthand the dedication and vision of the Board. Consequently, I was thrilled when the Company acquired the South Dakota Project and approached Ledger to become Business Development Manager.

As a founding director and through my long-term association with what is today, the highly successful US-based Piedmont Lithium Inc., which progressed from project identification through to near term lithium producer, I believe Ledger Holdings has much to add to IRIS in developing a US-based project in a province with abundant historical mineral production, including lithium.”

Scope of Ledger Holdings Services

In his role as BDM, Mr. Mochkin’s activities will include but not be limited to:

• Assisting with the Company’s overall lithium strategy, especially as it pertains to North America;

• Identification of potential partners and/or investors;

• Facilitating introductions to the above;

• Working with the Company to assist with the finalisation of investor presentations and pitches;

• Assisting with structuring the terms of any deals and assisting with negotiations with potential partners/investors;

• Assisting with the closing of any commercial arrangements, including, but not limited to, off take agreements, investment, joint ventures; and

• Maintaining ongoing dialogue with partners/investors.

Other

The Board of Directors believe a key ingredient of corporate success involves staff retention and motivation, and strives to ensure the interests of its key personnel are aligned with shareholders and the creation of shareholder value.

Accordingly, Zero Exercise Price Options (“ZEPOs") have been used, with various vesting conditions attached based on continuing periods of service, to ensure staff and key personnel retention. The various packages are detailed in accordance with ASX Listing Rule 3.16.4.

A summary of the material terms of Mr. Connell’s and Ledger’s employment agreements are annexed to this announcement.

IRIS Metals Limited ASX: IR1

Contact Details admin@irismetals.com www.irismetals.com

Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000

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Appendix 1: Chris Connell Package

Appendix 1:Chris Connell Package
Cash Component	$20,833.33 per month
Zero Exercise Options (ZEPO’s)	1,500,000 ZEPO’s vesting upon 12 months of service 1,500,000 ZEPO’s vesting upon 24 months of service 2,000,000 ZEPO’s vesting upon 36 months of service
Time expectation	80%

The abovementioned securities will be subject to a shareholder vote at the Company’s upcoming Annual General Meeting (AGM). In the event of a change of control event, the securities are subject to accelerated vesting.

Appendix 2: Ledger Holdings Package

Appendix 2:Ledger Holdings Package
Cash Component	$7,000 per month
Company Options	6,000,000 Options, exercisable at 40c, expiring 31 July 2025
Sign on Shares	1,500,000 Fully Paid Ordinary Shares
Zero Exercise Options (ZEPO’s)	1,500,000 ZEPO’s vesting upon 12 months of service 1,500,000 ZEPO’s vesting upon 24 months of service

The abovementioned securities will be subject to a shareholder vote at the Company’s upcoming Annual General Meeting (AGM). In the event of a change of control event, the securities are subject to accelerated vesting.

Directors

IRIS Metals Limited ASX: IR1

Contact Details admin@irismetals.com

www.irismetals.com

Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000

ABN 61 646 787 135

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This release is approved by the Board of IRIS Metals Limited.

About IRIS Metals Limited:

IRIS Metals (ASX:IR1) is an Australian-based explorer with an extensive suite of assets prospective for gold, nickel and lithium in Western Australia and South Dakota, USA. Its wholly-owned WA tenement portfolio includes a compelling landholding in central Kookynie - a gold camp renowned for its historical high grade gold production and bonanza gold grades, and strategic tenure in the highly prospective Tier-1 mining jurisdiction of Leonora. The hard rock lithium South Dakota Project provides the Company and its shareholders with exposure to the battery metals space in a mining friendly jurisdiction with a history of past production. IRIS is pursuing a strategy of rapid prospect evaluation in recognised mineral fields, with a view to making economic discoveries, thereby enhancing shareholder value.

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 Metals or not currently considered material by the company. IRIS Metals 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.

Directors

IRIS Metals Limited ASX: IR1

www.irismetals.com

Contact Details admin@irismetals.com

Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000