IRIS METALS LIMITED — Capital/Financing Update 2025

Apr 16, 2025

Appendix 3B - Proposed issue of securities

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Update Summary Entity name IRIS METALS LIMITED Announcement Type Update to previous announcement Date of this announcement 17/4/2025 Reason for update to a previous announcement Update proposed issue date from 11 April 2025 to 28 April 2025. 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

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Update proposed issue date from 11 April 2025 to 28 April 2025.

1.4b Date of previous announcement to this update

27/2/2025

1.5 Date of this announcement

17/4/2025

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 2/4/2025 Actual No

Comments

Part 7B - Issue details

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 11-APR-2027 EX $0.40

+Security type

Options

Number of +securities proposed to be issued

10,000,000

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Appendix 3B - Proposed issue of securities

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----- Start of picture text ----- Offer price detailsAre the +securities proposed to be issued being issued for a cash consideration?NoPlease describe the consideration being provided for the +securitiesFull consideration for Corporate Advisory Services 12 month mandate with 5 Point 8 Capital Pty Ltd, comprising of 10million Options.Please provide an estimate of the AUD equivalent of the consideration beingprovided for the +securities1,619,000.000000Will all the +securities issued in this class rank equally in all respects fromtheir issue date?YesOptions details+Security currency Exercise price Expiry dateAUD - Australian Dollar AUD 0.4000 11/4/2027Details of the type of +security that will be issued if the option is exercisedIR1 : ORDINARY FULLY PAIDNumber of securities that will be issued if the option is exercised1 IR1 per option exercised.Option expiry date is 2 years from issue, presently assumed to be issued on 11 April 2025.Please provide a URL link for a document lodged with ASX setting out the material terms of the +securitiesproposed to be issued or provide the information by separate announcement.Refer EGM NOM release to the ASX on 27 Feb 2025 (Resolution 4 and Annexure A).https://stocknessmonster.com/news/ir1.asx/2024/----- End of picture text -----

Part 7C - Timetable

7C.1 Proposed +issue date 28/4/2025

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 2/4/2025

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Appendix 3B - Proposed issue of securities

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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

Full consideration for Corporate Advisory Services 12 month mandate with 5 Point 8 Capital Pty Ltd.

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

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