IRIS METALS LIMITED — Capital/Financing Update 2025

Jul 30, 2025

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

31/7/2025

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

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Maximum Number of
ASX +security code +Security description +securities to be issued
New class-code to be OPTION EXPIRING 30-SEP-2026 EX $0.25 22,155,923
confirmed
New class-code to be OPTION EXPIRING 30-SEP-2026 EX $0.25 2,941,176
confirmed
New class-code to be OPTION EXPIRING 30-JUN-2027 EX $0.20 4,000,000
confirmed
IR1 ORDINARY FULLY PAID 5,882,352
Proposed +issue date
10/10/2025
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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

31/7/2025

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? Yes 7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 3/10/2025 Estimated

Comments

Shareholder approval in respect of:

1. 22,155,923 (est) 1:2 free attaching options as part of capital raising under LR 7.1;

2. 5,882,352 shares related party under LR 10.11;

3. 2,941,176 1:2 free attaching options to related party as part of capital raising under LR 10.11; and

4. 4,000,000 Broker Options under LR 7.1.

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 OPTION EXPIRING 30-SEP-2026 EX $0.25

+Security type

Options

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Appendix 3B - Proposed issue of securities

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Number of +securities proposed to be issued

22,155,923

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

Please describe the consideration being provided for the +securities
In respect of the capital raising in the App 3B released prior to this form, for each	two (2) New Shares issued under the
Placement, one (1) free attaching option.
Please provide an estimate of the AUD equivalent of the consideration being
provided for the +securities
578,681.000000
Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes
Options details
+Security currency Exercise price	Expiry date
AUD - Australian Dollar AUD 0.2500	30/9/2026
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 option exercised.
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.
Standard terms and conditions of an option of this type.
Options to be issued are subject to rounding.
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)?
Existing class

Details of +securities proposed to be issued

ASX +security code and description

IR1 : ORDINARY FULLY PAID

Number of +securities proposed to be issued

5,882,352

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Appendix 3B - Proposed issue of securities

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Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? Yes In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.08500

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

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 OPTION EXPIRING 30-SEP-2026 EX $0.25 +Security type Options Number of +securities proposed to be issued 2,941,176 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

In respect of the capital raising in this App 3B, in respect of the 5,882,352 shares to the related party, for each two (2) New Shares issued under the Placement, one (1) free attaching option.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 76,819.000000

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Appendix 3B - Proposed issue of securities

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

	Options details
	+Security currency	Exercise price	Expiry date
	AUD - Australian Dollar	AUD 0.2500	30/9/2026
	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 option exercised.
	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.
	Standard terms and conditions of an option of this type.
	Options to be issued are subject to rounding.
	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 New class-code to be confirmed	+Security description OPTION EXPIRING 30-JUN-2027 EX $0.20
	+Security type
	Options
	Number of +securities proposed to be issued
	4,000,000
	Offer price details
	Are the +securities proposed to be issued being issued for a cash consideration?

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Appendix 3B - Proposed issue of securities

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No
Please describe the consideration being provided for the +securities
Part consideration for Corporate Advisory Services with Lodge Corporate Pty Ltd, comprising:
1. Cash fee of 6% + GST; and
2. Options noted above.
Please provide an estimate of the AUD equivalent of the consideration being
provided for the +securities
183,320.000000
Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes
Options details
+Security currency Exercise price Expiry date
AUD - Australian Dollar AUD 0.2000 30/6/2027
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 option exercised.
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.
Standard terms and conditions of an option of this type.
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Part 7C - Timetable 7C.1 Proposed +issue date 10/10/2025

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? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 3/10/2025

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes

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

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Appendix 3B - Proposed issue of securities

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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? Yes

7E.1a Who is the lead manager/broker?

Lodge Corporate Pty Ltd.

7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

Part consideration for Corporate Advisory Services with Lodge Corporate Pty Ltd, comprising:

1. Cash fee of 6% + GST; and

2. Options noted in this App 3B.

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

N/A

Part 7F - Further Information

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

1. Cap Raise 1:2 free option

2. 5,882,352 shares part raise for drilling & exploration, feasibility & other studies, regulatory & registration fees and working cap & offer costs

3. Cap Raise 1:2 free option

4. 4m options part fees for Corp Adv Services

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

Valuation of options based on Black Scholes model, including closing share price as at 30 June 2025 of $0.11

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:

The publication of a +disclosure document or +PDS involving the same class of securities as the +securities proposed to be issued that meets the requirements of section 708A(11) or 1012DA(11)

Appendix 3B - Proposed issue of securities

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