IRIS METALS LIMITED — Capital/Financing Update 2021

Nov 8, 2021

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ASX Release: 9th November 2021

New Tenement Application Prospective for Nickel & Gold – “Providence Project”

Highlights:

• IRIS has made an application for Exploration Lease E29/1152, targeting nickel and gold in the Menzies Mineral Field, Western Australia.

• The Providence Project is approximately 66km[2] in size.

• Upon grant, IRIS intends to systematically explore the project utilizing modern exploration techniques.

• Until grant, IRIS intends on undertaking various site reconnaissance and desktop reviews, to better understand the geological setting and path forward.

IRIS Metals Limited (“ IRIS ” or the “ Company ”) ( ASX:IR1 ) is pleased to announce that it has applied for Exploration Lease E29/1152, 66km[2] in size. The tenement is located in the Menzies mineral field, approximately 35km to the West of the Company’s wholly owned Kookynie gold project ( Figure 1 ).

Executive Director, Tal Paneth, commented: “The application for E29/1152, which lies in close proximity to IRIS’ Kookynie and Leonora tenure, is consistent with the Company strategy of adding potentially high impact assets to the IRIS portfolio. The project was named Providence to reflect the fortuitous way in which it was brought to our attention, for which we would like to thank our Geophysicist. We look forward to methodically exploring this geophysical anomaly.”

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Figure 1: Location of new project application, relative to IRIS’ Kookynie project.

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

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

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The Target

The target was identified by the Company’s Geophysicist as part of the Kookynie aeromagnetic interpretation and analysis activities. Consistent with his geophysical interpretation, the Company will be targeting both nickel and gold mineralisation upon grant.

The new area applied for by IRIS is characterised by a magnetic feature identified when reviewing the recently acquired detailed aeromagnetic data over Kookynie. The feature is associated with a section of dyke near the Kalgoorlie and Kurnalpi terrain boundary proximal to the Moriarty Shear. This location is considered fertile for both nickel and gold mineralisation.

Whilst the majority of the dyke is reverse polarized, at the flexure point at the terrain boundary, the dyke displays normal polarization. This suggests either a fluid mineralising event that has altered the magnetite or subsequent magmatic activity. The feature also includes an annular low surrounding the flexure point potentially resulting from magnetite destruction by hydrothermal fluids. This type of feature is often associated with mineralised intrusions proximal to crustal breaks and terrain boundaries.

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Figure 2: Greyscale Image of the AGC (7X7) of the TMI, centered on the magnetic target.

Next Steps

Together with assessing and analysing existing open file data, between now and the time of grant, the Company intends to complete site reconnaissance and further compile and interpret all geological and geophysical data sets ahead of planning future exploration work.

The Board looks forward to providing further updates on the granting process of the Providence Project.

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

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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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 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