IRIS METALS LIMITED — Capital/Financing Update 2021

Sep 22, 2021

ASX Release: 23 September 2021

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IRIS Metals Limited Lists on the ASX Following Successful Completion of $7,000,000 Initial Public Offering

Highlights:

• IRIS Metals ( IRIS) commences trading on the ASX under the code ASX:IR1 today at 12:00 PM.

• Listing follows successful completion of $7m Initial Public Offering (IPO), cornerstoned by an entity associated with successful resource entrepreneur and investor, Levi Mochkin.

• Projects are located in close proximity to highly successful regional neighbours, including Genesis Minerals Limited (ASX:GMD) Carnavale Resources Limited (ASX:CAV) and Metalicity Limited (ASX:MCT) in Kookynie and Kin Mining NL (ASX:KIN) in Leonora. All have experienced drilling success in recent months.

• Exploration program set to commence within days to test RC drill ready targets.

Dear Valued Shareholder

Today marks the successful culmination of work carried out by a dedicated and capable team. The ASX listing for IRIS represents a significant milestone for a company with what we believe to be an exciting suite of assets in two gold camps with outstanding potential.

IRIS is well financed to execute on a systematic exploration program at our Kookynie and Leonora tenements after raising the maximum amount of $7M under its recent Prospectus issue.

Our Projects

IRIS will initially focus on the Kookynie gold field, which has a history of bonanza grade intersections. Recent exploration success by our neighbours has confirmed the belief that the ‘old timers’ have left many opportunities behind.

We note that:

• There has been very little drilling and exploration work on our leases since the 1990’s; and

• The historical drilling is rarely below 50 meters.

We look forward to using modern exploration techniques together with more comprehensive and deeper drilling to unlock our projects potential.

Leonora has different characteristics to Kookynie, but is considered a Tier-1 mining district which is currently seeing some consolidation. The Leonora tenements are surrounded by dominant regional players and also have compelling historical drill results deserving of follow up exploration.

We refer you to the Independent Geologists Report on page 98 of the Prospectus for more information on our projects.

IRIS has been fortunate to accumulate a strategic land package in both camps and for that we should acknowledge Managing Director, Tal Paneth, for his hard and dedicated work in consolidating a tenement package characterised by fragmented prospector ownership.

IRIS is also fortunate to have attracted two gold exploration geologists to the opportunity – Mr Chris Connell who is a Non-Executive Director of the Company and contracting geologist, Mr Andrew Wood.

Directors IRIS Metals Limited Contact Details Simon Lill, Non-Executive Chairman ASX:IR1 admin@irismetals.com Tal Paneth, Executive Director www.irismetals.com Peter Marks, Executive Director Registered Office Chris Connell, Non-Executive Director Level 6, 400 Collins Street David Franks, Company Secretary MELBOURNE VIC 3000

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Attractive Capital Structure

The IRIS capital structure is intended to provide shareholders with maximum leverage to exploration success, with the Top 20 Shareholders report accounting for in excess of 80% of IRIS’ issued capital. IRIS is fortunate to have attracted Nasdaq Securities Australia Pty Ltd as a substantial shareholder and we thank them for their support. Nasdaq is a Mochkin Family entity, associated with successful resource entrepreneur and long time investor Levi Mochkin, a recently retired director of Piedmont Lithium Limited (ASX:PLL).

Directors also have a large shareholding, ensuring an alignment of interests with shareholders.

IRIS intends to optimise IPO proceeds through prudent and methodically planned and executed exploration programs as set out in the IPO prospectus. We believe exploration success can only be achieved by utilizing the capital provided by shareholders to explore – and that will be our broad strategy.

A Word from Executive Director, Tal Paneth

I’d like to begin by thanking all shareholders for their support as well as congratulating the IRIS family for achieving an IPO outcome.

IRIS is a unique company. Our corporate culture reflects the strong bonds between management, stakeholders and shareholders. We will continue to work diligently for the success of the company. The board of IRIS will always be available for interactions with stakeholders and shareholders and can be contacted by the company email below.

The uniqueness of the Kookynie gold camp required an innovative approach to doing business. From the outset, it was our intention to forge strong bonds with the prospectors from which the IRIS tenure was acquired. We have, and will continue to, value their local knowledge and consider them an invaluable asset to IRIS; their hands-on experience helping identify previously unmapped structures and guide our geologists to specific areas of interest. This, in turn, we believe gives IRIS an enormous advantage in helping unlock the potential at Kookynie. Beyond their extensive knowledge and desire to assist, we are proud to now consider many of them colleagues as well as shareholders.

Concluding Words

To conclude, your Board and Management team are excited, highly motivated and look forward to a successful future.

We anticipate being able to provide updates and news flow going forward and will keep our shareholders abreast of our progress.

Thank you to the entire IRIS team and all those involved with the IPO process. Thank you to you, the shareholder for placing your trust in us and providing us with the opportunity to create value for you through our various activities.

We look forward to your continued support and for a successful and profitable future together.

Kind regards,

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Simon Lill,

Non Executive Chairman

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 ASX:IR1

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

Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000

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

About IRIS Metals Limited:

IRIS Metals (ASX:IR1) is a West Australian-based gold exploration company. Its wholly-owned tenement package 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 systematically exploring its tenement package with a view to making economic discoveries, thereby enhancing shareholder value.

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 Level 6, 400 Collins Street MELBOURNE VIC 3000