IRIS METALS LIMITED — Capital/Financing Update 2026

Feb 2, 2026

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

3/2/2026

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 10-FEB-2029 EX $0.2475 2,000,000
confirmed
New class-code to be OPTION EXPIRING 10-FEB-2029 EX $0.2887 2,000,000
confirmed
New class-code to be OPTION EXPIRING 10-FEB-2029 EX $0.2475 16,363,638
confirmed
IR1 ORDINARY FULLY PAID 32,727,276
Proposed +issue date
10/2/2026
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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

3/2/2026

1.6 The Proposed issue is:

A placement or other type of issue

Appendix 3B - Proposed issue of securities

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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 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 10-FEB-2029 EX $0.2475

+Security type

Options

Number of +securities proposed to be issued

2,000,000

Offer price details

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

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Appendix 3B - Proposed issue of securities

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Please describe the consideration being provided for the +securities

Part consideration for Corporate Advisory Services with Bell Potter Securities Limited, comprising: 1. Cash fee of 6% + GST; and 2. 4.0m Options, being these 2.0m options and 2.0m noted below. Valuation based on closing share price of $0.195 as at 29 Jan 2026. Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 245,600.000000 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 0.2475 10/2/2029 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.

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 10-FEB-2029 EX $0.2887

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Appendix 3B - Proposed issue of securities

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+Security type Options Number of +securities proposed to be issued 2,000,000 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 consideration for Corporate Advisory Services with Bell Potter Securities Limited, comprising: 1. Cash fee of 6% + GST; and 2. 4.0m Options, being these 2.0m options and 2.0m noted above. Valuation based on closing share price of $0.195 as at 29 Jan 2026. Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 234,980.000000 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 0.2887 10/2/2029 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. 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 Yes 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

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Appendix 3B - Proposed issue of securities

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Number of +securities proposed to be issued

32,727,276

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 0.16500

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

Attaching +Security

Is the proposed attaching 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

Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +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 ASX that the terms Will the entity be seeking quotation of the 'new' class of of the proposed +securities are appropriate and +securities on ASX? equitable under listing rule 6.1? No No

ASX +security code +Security description New class-code to be confirmed OPTION EXPIRING 10-FEB-2029 EX $0.2475

+Security type

Options

Number of +securities proposed to be issued

16,363,638

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

1 for 2 free attaching options to the shares issued as part of the Capital Raising. Refer to ASX Release dated 3 February 2026. Valuation based on closing share price of $0.195 as at 29 Jan 2026.

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Appendix 3B - Proposed issue of securities

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Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 2,009,455.000000

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

Options details

+Security currency AUD - Australian Dollar Exercise price Expiry date AUD 0.2475 10/2/2029 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. Quantum of options is subject to rounding (down).

Part 7C - Timetable

7C.1 Proposed +issue date 10/2/2026

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? Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

1. 4,000,000 Broker Options (being 2,000,000 x 2 different option types) 2. 7,887,952 Shares as part of the Capital Raising 3.16,363,638 (estimate, subject to rounding) 1 for 2 free attaching options as part of the Capital Raising.

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)? Yes

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Appendix 3B - Proposed issue of securities

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7D.1c ( i ) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A?

1. 24,839,324 Shares as part of the Capital Raising

7D.1c ( ii ) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate

Due to timing requirements and current state of market conditions, it has been necessary to undertake a placement to professional and sophisticated investors.

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? Yes

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

Bell Potter Securities Limited.

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 Bell Potter Securities Limited, comprising: 1. Cash fee of 6% + GST; and

• Options noted in the 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. Tin Mountain: MRE for Lithium and Rubidium;

2. Beecher: MRE for Lithium and Rubidium, Ore Sampling Studies;

3. Finley: Farm-in agreement, Exploration permitting; and

4. Ingersoll: Vendor payments, Exploration drilling program.

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

Refer ASX Release 3 February 2026.

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 cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

Appendix 3B - Proposed issue of securities

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