IRIS METALS LIMITED — Capital/Financing Update 2024

Jul 7, 2024

Appendix 3B - Proposed issue of securities

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Announcement Summary

Entity name

IRIS METALS LIMITED

Announcement Type New announcement

Date of this announcement

8/7/2024

The Proposed issue is:

A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
New class-code to be	PERFORMANCE RIGHTS - EXPIRE 18 MTH FROM ISSUE	500,000
confirmed
New class-code to be	PERFORMANCE RIGHTS - EXPIRE 24 MTH FROM ISSUE	500,000
confirmed
New class-code to be	PERFORMANCE RIGHTS - EXPIRE 30 MTH FROM ISSUE	500,000
confirmed

Proposed +issue date 31/7/2024

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of 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 ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ABN

Registration Number

61646787135

1.3 ASX issuer code

IR1

1.4 The announcement is

New announcement

1.5 Date of this announcement

8/7/2024

1.6 The Proposed issue is:

A placement or other type of issue

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Appendix 3B - Proposed issue of securities

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? No

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? New class

Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No No ASX +security code +Security description New class-code to be confirmed PERFORMANCE RIGHTS - EXPIRE 18 MTH FROM ISSUE

+Security type

Performance options/rights

Number of +securities proposed to be issued

500,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Part of Remuneration package for President of U.S. Operations further to ASX Release dated 8 July 2024. Estimate of value is based on closing share price at 5 July 2024, being $0.2675.

Please provide an estimate of the AUD equivalent of the consideration being

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Appendix 3B - Proposed issue of securities

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provided for the +securities 133,750.000000 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Performance options/rights details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.0000 31/1/2026 Details of the type of +security that will be issued if the option is exercised IR1 : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised 1 IR1 share per performance right vested and exercised. Assumes allotment date of 31 July 2024. Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. 1. Terms and conditions standard for securities of this type. 2. 500,000 ZEPOs in IRIS which vest and be convertible following 6 months of continuous employment to IRIS or the Company and expire 18 months after the date of issue. Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No No ASX +security code +Security description New class-code to be confirmed PERFORMANCE RIGHTS - EXPIRE 24 MTH FROM ISSUE

+Security type

Performance options/rights

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Appendix 3B - Proposed issue of securities

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Number of +securities proposed to be issued

500,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Part of Remuneration package for President of U.S. Operations further to ASX Release dated 8 July 2024. Estimate of value is based on closing share price at 5 July 2024, being $0.2675.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

133,750.000000

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

Performance options/rights details

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.0000 31/7/2026

Details of the type of +security that will be issued if the option is exercised

IR1 : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

1 IR1 share per performance right vested and exercised. Assumes allotment date of 31 July 2024.

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. 1. Terms and conditions standard for securities of this type. 2. 500,000 ZEPOs in IRIS which vest and be convertible following 12 months of continuous employment to IRIS or the Company and expire 24 months after the date of issue.

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

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Appendix 3B - Proposed issue of securities

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Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No No ASX +security code +Security description New class-code to be confirmed PERFORMANCE RIGHTS - EXPIRE 30 MTH FROM ISSUE +Security type Performance options/rights Number of +securities proposed to be issued 500,000 Offer price details Are the +securities proposed to be issued being issued for a cash consideration? No Please describe the consideration being provided for the +securities

Part of Remuneration package for President of U.S. Operations further to ASX Release dated 8 July 2024. Estimate of value is based on closing share price at 5 July 2024, being $0.2675.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 133,750.000000 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Performance options/rights details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.0000 31/1/2027 Details of the type of +security that will be issued if the option is exercised IR1 : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised 1 IR1 share per performance right vested and exercised. Assumes allotment date of 31 July 2024. Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. 1. Terms and conditions standard for securities of this type. 2. 500,000 ZEPOs in IRIS which vest and be convertible following 18 months of continuous employment to IRIS or the Company and expire 30 months after the date of issue.

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

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Part 7C - Timetable

7C.1 Proposed +issue date

31/7/2024

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? No

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Part of Remuneration package for President of U.S. Operations further to ASX Release dated 8 July 2024.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

Securities being issued under Listing Rule 7.2 Exemption 13.

Appendix 3B - Proposed issue of securities

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