IRIS METALS LIMITED — Capital/Financing Update 2024

Nov 25, 2024

ASX:IR1 - ASX RELEASE - 26 November 2024

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IRIS METALS SHARE PLACEMENT - UPDATE

IRIS Metals Limited (ASX: IR1) ("IRIS Metals" or "the Company") refers to previous Company announcement[1] whereby the Company advised that it could expect to receive committed funds from Stardust Power Inc. (NASDAQ: SDST) ("Stardust Power") on Tuesday 26[th] November 2024 AEDT.

The funds comprise Stardust Power’s contribution to the recent share placement via the issue of 32,040,000 fully paid ordinary shares at $0.25 per share, raising $8.01 million (before costs) (“ Placement ”), of which $2.5 million comprises Stardust Power’s Tranche 1 allocation.

The Board has been advised by Stardust Power that the funds have now been transferred, and the Company awaits its receipt. Upon receipt, the Cleansing Prospectus will immediately be lodged and the allotment and issuance of all securities under the Placement will progress.

ENDS

This announcement was approved for release by the Board of IRIS Metals Ltd.

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED STATES.

For further information, please contact:

COMPANY

INVESTORS & MEDIA

Peter Marks Melissa Tempra

E. admin@irismetals.com E. melissa@nwrcommunications.com.au

1. ASX: IR1 announcement; IRIS METALS SHARE PLACEMENT – UPDATE, dated 25 November 2024

IRISMETALS.COM

ASX:IR1

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About IRIS Metals (ASX: IR1)

IRIS Metals Ltd (ASX: IR1) is an exploration company with an extensive suite of assets considered to be highly prospective for hard rock lithium located in South Dakota, United States (US). The company’s large and expanding South Dakota Project is in a mining friendly jurisdiction and provides the company with strong exposure to the battery metals space, and the incentives offered by the US government for locally sourced critical minerals.

The Black Hills have a long and proud history of mining dating back to the late 1800s. The Black Hills pegmatites are famous for having the largest recorded lithium spodumene crystals ever mined. Extensive fields of fertile LCT-pegmatites outcrop throughout the Black Hills with significant volumes of lithium spodumene mined in numerous locations.

To learn more, please visit: www.irismetals.com

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 or not currently considered material by the company. IRIS 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.

Not an offer in the United States:

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

IRISMETALS.COM

ASX:IR1