IRIS METALS LIMITED — Capital/Financing Update 2022

Jan 23, 2022

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ASX Release: 24[th] January 2022

Proposed Material Acquisition and Voluntary Suspension Update

IRIS Metals Limited (“ IRIS ” or the “ Company ”) ( ASX:IR1 ) wishes to advise in relation to the announcement regarding a potential material acquisition which has led to the suspension of the Company’s securities, IRIS notes that the material transaction could result in ASX determining that the Company has undergone a change of its activities. Accordingly, the Company’s securities will remain suspended until it has either complied with Chapters 1 and 2 of the Listing Rules under Listing Rule 11.1.3, or provided ASX with sufficient information to satisfy ASX that it should not exercise its discretion under Listing Rule 11.1.2 to require the transaction to be conditional on approval by Company’s ordinary security holders, and under Listing Rule 11.1.3 to require the Company to re-comply with Chapters 1 and 2 of the Listing Rules.

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

About IRIS Metals Limited:

IRIS Metals (ASX:IR1) is a West Australian-focused exploration company. Its wholly-owned 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. IRIS is pursuing a strategy of rapid prospect evaluation in recognised gold belts 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.

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

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