IRIS METALS LIMITED — Capital/Financing Update 2022

Jun 14, 2022

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ASX Release: 15 June 2022

IRIS Completes Acquisition of the South Dakota Lithium Project

Highlights:

• IRIS completes strategic acquisition of White Rock LLC and associated 100% owned South Dakota Lithium Project (Dewy and Custer), positioning IRIS as the second ASX-listed US hard rock lithium explorer following the highly successful Piedmont Lithium Inc. (ASX:PLL).

• Review of the regional geology has identified additional areas of interest that are contiguous, complementary and strategic – with staking activities currently in progress .

• Strategically located projects , in a Tier 1 Mining District and in close proximity to US EV customers, manufacturers and gigafactories.

• Geology team established and currently on site , undertaking pegmatite mapping, rock chip sampling and planning initial exploration program.

Chairman, Simon Lill, commented: “The securing of the highly prospective tenure in a globally significant jurisdiction through the completion of the White Rock acquisition is transformational to IRIS. It diversifies the Company geographically and by commodity, providing shareholders with exposure into the highly strategic battery metals space. The US in general and South Dakota specifically present a supportive environment for the development of battery metals assets; leaving IRIS ideally positioned to leverage from exploration success. We look forward to commencing work and keeping the market informed of our progress”.

IRIS Metals Limited (“ IRIS ” or the “ Company ”) (ASX:IR1) is pleased to announce the completion of the acquisition of White Rock, LLC (“ White Rock ”), a South Dakota incorporated corporation, which owns 525 lode claims prospective for hard rock lithium, in South Dakota, USA ( refer to ASX announcement 23 May 2022 for further information ).

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Figure 1: Location Map of Dewey and Custer Project

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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Enlarging South Dakota Footprint

IRIS Director, Chris Connell, undertook a recent due diligence visit to South Dakota where he had the opportunity to not only assess the claims subject to this completion announcement, but also inspect numerous other occurrences of pegmatite swarms. Much of this work was performed with the assistance of a recently appointed in-country consultant – RLL Consulting, LLC. Field work was supported by the use of a Laser-Induced Breakdown Spectroscopy (“LIBS”) analyser which can assist with the recognition of spodumene from lithium pegmatite ores.

In conjunction with this field work and other geological reference materials the Board of Directors has agreed to expand IRIS’ South Dakota footprint. Accordingly, the Company is currently in the process of actively staking further claims considered strategic, complementary and accretive to IRIS’ existing tenure. Mr. Connell is currently in transit to South Dakota to supervise this program as well as direct the geological team currently on site in its pegmatite mapping and rock chip sampling activities. IRIS looks forward to updating shareholders of these activities in due course.

Defense Production Act

The invoking of the Defense Production Act by US President Joe Biden, follows proactive activities from many multinationals to establish a powerful US footprint to facilitate every facet of the lithium value chain. The US Government is seeking to provide support, to encourage domestic production of strategic metals, including lithium, seeks to position the US as a global leader in the growing lithium industry and associated industries though is dependent on a timely and secure availability of lithium.

A significant lithium discovery and field will undoubtedly receive substantial support from within the US to move towards production.

Strategic Metal, Strategic Location

South Dakota has a 145 year history of continuous mining, where tenure is secure and maintenance of tenure is favourable. The Black Hills of South Dakota have a history for lithium mining dating back to 1898 when Li-bearing spodumene (contains up to 7% Li₂O), and amblygonite (contains up to 10% Li₂O) were first mined near the township of Custer.

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

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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.

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