IRIS METALS LIMITED — Capital/Financing Update 2022

Oct 4, 2022

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ASX Release: 5 October 2022

Notice under section 708A(5)(e) of the Corporations Act 2001 (Cth)

IRIS Metals Limited (“ IRIS ” or the “ Company ”) ( ASX:IR1 ) on 5 October 2022 issued the following securities as approved by shareholders at the Annual General Meeting (“ AGM ”) held on 30 August 2022:

• (i) 1.5m fully paid ordinary shares, further to Resolution 12 (part) at the AGM;

• (ii) 15.0m unlisted options exercisable at $0.40, expiring 31 July 2025 and fully vested, further to Resolutions 10, 11 and 12 (part) at the AGM;

• (iii) 3.0m unlisted options exercisable at $0.00 (ZEPOs), expiring 31 July 2025 with vesting conditions, further to Resolutions 12 (part) and 15 at the AGM.

Together “ New Securities ”.

The Company gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ) that:

• 1 The New Securities were issued without disclosure to investors under Part 6D.2 of the Corporations Act.

• 2 This notice is being given under section 708A(5)(e) of the Corporations Act.

• 3 As at the date of this notice, the Company has complied with:

  • (a) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

  • (b) section 674 of the Corporations Act.

• 4 As at the date of this notice, there is no information that is “excluded information” of the type referred to in sections 708A(7) and 708A(8) of the Corporations Act that is required to be disclosed by the Company under section 708A(6)(e) of the Corporations Act.

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

Consultants Levi Mochkin, BDM (Ledger Holdings P/L)

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

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

Jason Ward, Technical

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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 Non-Executive 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.

Directors

Consultants Levi Mochkin, BDM (Ledger Holdings P/L)

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, Executive Director David Franks, Company Secretary

Registered Office

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

Jason Ward, Technical