IRIS METALS LIMITED — Capital/Financing Update 2022

Jul 14, 2022

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 July 15, 2022

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	PERFORMANCE RIGHTS - LITHIUM USA - 5	1,000,000	15/07/2022
to be confirmed	YEARS

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

15/7/2022

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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

Refer Appendix 3B dated 23 May 2022 - PERFORMANCE RIGHTS - LITHIUM USA - 5 YEARS

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

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ASX +security code +Security description
New class - code to be confirmed PERFORMANCE RIGHTS - LITHIUM USA - 5 YEARS
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ASX +security code New class - code to be confirmed	+Security description PERFORMANCE RIGHTS - LITHIUM USA - 5 YEARS
+Security type	ISIN code
Other
Date the +securities the subject of this notification were issued
15/7/2022

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02523898-3A594031?access_token=83 ff96335c2d45a094df02a206a39ff4

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

Part of Consulting Agreement with RLL Consulting, L.L.C.

Please provide any further information needed to understand the circumstances in which you are notifying the 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 Appendix 3B dated 23 May 2022 - PERFORMANCE RIGHTS - LITHIUM USA - 5 YEARS. Remaining securities are 2,000,000 Fully Paid Ordinary Shares (IR1). Online form is not picking up new class as per prior lodge App 3B.

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

Issue details

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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

Part of fees for Consulting Agreement with RLL Consulting, L.L.C. as announced on 23 May 2022.

Purpose of the issue

To pay for services rendered

Additional Details

Convertible into 1m shares where a drilling intercept of not less than 10m at 1.25% Li2O

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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	59,625,000
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
IR1AB : ORDINARY FULLY PAID RESTRICTED	300,000
IR1AE : OPTION EXPIRING 15-OCT-2024 EX $0.30	500,000
New class - code to be confirmed : PERFORMANCE RIGHTS - LITHIUM USA - 5 YEARS	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 - Capacity already allowed for further to Appendix 3B released to ASX on 23 May 2022.

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)? N/A

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