IRIS METALS LIMITED — Capital/Financing Update 2021

Oct 14, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

IRIS METALS LIMITED

Date of this announcement

Friday October 15, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code OPTION EXPIRING 15-OCT-2024 1,000,000 15/10/2021 to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

IRIS METALS LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

61646787135

1.3 ASX issuer code

IR1

1.4 The announcement is

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New announcement

1.5 Date of this announcement

15/10/2021

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Further to employment agreement, under LR 7.1, not under Incentive Scheme. Refer App 3B 15/10/21.

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities
ASX +security code New class - code to be confirmed	+Security description OPTION EXPIRING 15-OCT-2024
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
15/10/2021
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. 1,000,000 unlisted options exercisable at 30 cents and an expiry date 3 years from the issue date, with: (a) 500,000 vesting after 6 months of service; (b) 500,000 vesting after 12 months; and (c) standard general terms and conditions.

Options Details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.30000000	15/10/2024
Details of the existing class of +security that will be issued upon exercise or conversion of this new class of
company option
Other

Description

IR1: ORDINARY FULLY PAID, 1 share from 1 exercised option

Any other information the entity wishes to provide about the +securities the subject of this notification

Please provide any further information needed to understand the circumstances in which you are notifying the

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Refer App 3B lodged 15/10/21. As this 3B not available online yet, this App 3G allots all securities under the noted App 3B.

Issue details

Number of +securities

1,000,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Further to employment agreement, under LR 7.1, not under an Employee Incentive Scheme.

Purpose of the issue

Other

Additional Details

Further to employment agreement, under LR 7.1, not under an Employee Incentive Scheme.

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
IR1 : ORDINARY FULLY PAID	41,249,999
4.2 Unquoted +Securities (Total number of each +class of +securities issued but	not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
IR1AC : ORDINARY FULLY PAID RESTRICTED	36,350,000
IR1AD : OPTION EXPIRING 15-SEP-2024 RESTRICTED	3,750,000
IR1AA : ORDINARY FULLY PAID RESTRICTED	9,350,001
IR1AB : ORDINARY FULLY PAID RESTRICTED	300,000
New class - code to be confirmed : OPTION EXPIRING 15-OCT-2024	1,000,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

1,000,000

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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