IRIS METALS LIMITED — Capital/Financing Update 2021

Dec 14, 2021

ASX Release: 15[th] December 2021

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Commencement of Aircore (AC) Drill Program and Soil Sampling at Kookynie

Highlights:

• Following completion of the initial RC drill program, a first pass regional exploration program has commenced at Kookynie with a short +1,000 meters of Aircore drilling.

• The aircore drilling program is designed to test various structural and geophysical targets.

• This is the first phase of a much larger regional exploration program planned for 2022.

• Multi-element soil sampling has commenced at Treasure-Whale leases, with additional soil programs to be undertaken in the new year.

IRIS Metals Limited (“ IRIS ” or the “ Company ”) ( ASX:IR1 ) is pleased to announce that an aircore drilling, and soil sampling program has commenced at its flagship Kookynie gold project.

The Company has secured the services of a drilling contractor to carry out a short geochemical drilling program before Christmas. This is the first phase of a much larger grass roots exploration program that is scheduled for early 2022. This program is designed to test high priority structural targets identified from the recently completed aeromagnetic survey and geological field mapping.

This program will consist of approximately +1,000 meters of AC drilling, targeting projected strike extensions of the mineralised structures hosting the historical Rise & Shine, Dolly Grey, Whale and OD gold workings. The targets have no history of prior drill testing.

It is anticipated that the immediate drill program will take approximately one week to complete.

Concurrently, an initial soil sampling program has commenced at the Treasure-Whale leases over a >2km[2] area. The initial program forms part of a broader mapping and sampling program aimed at delineating additional target areas for further investigation.

The Company anticipates the receipt of all of its Lily RC assays from the laboratory shortly and looks forward to providing an update to the market in due course.

Executive Director Tal Paneth Commented: “It has been approximately three months since IRIS’ IPO. Since listing, the Company has completed a 5,950 metre RC drill program and finalised the interpretation of a high-resolution aeromagnetic survey at our flagship Kookynie Project. The Company has also applied for the prospective Providence Project in Menzies and is now commencing its first phase of what is a much larger scale regional aircore drilling program scheduled for commencement in early 2022.

We look forward to receiving our maiden RC drilling results and expect to be able to update the market shortly”.

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

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Figure 1: AC rig on site with first drill hole completed .

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Figure 2: Proposed AC drill hole locations. Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

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

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The Board looks forward to also providing further updates on this initial drill program.

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

About IRIS Metals Limited:

IRIS Metals (ASX:IR1) is a West Australian-focused exploration company. Its wholly-owned 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. IRIS is pursuing a strategy of rapid prospect evaluation in recognised gold belts 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.

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 a NonExecutive Director to IRIS Metals Limited. Chris Connell is an exploration geologist with over 25 years’ experience in gold and base metal exploration including gold 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.

IRIS Metals Limited ASX:IR1

Contact Details admin@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

www.irismetals.com

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