IRIS METALS LIMITED — Director's Dealing 2023

Jun 15, 2023

Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX becomes ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	IRIS Metals Limited
ABN	61 646 787 135

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Chris Connell
Date of last notice	28 September 2022

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	(1) Indirect(2) Direct(3) Direct
Nature of indirect interest(including registered holder)	(1) CHRISTOPHER CONNELL <JOUE DE FESSEA/C> (Trustee and beneficiary of Trust)(2) N/A(3) N/A
Date of change	(1.1) N/A(1.2) N/A(1.3) N/A(1.4) N/A(2) N/A(3.1) 14 June 2023(3.2) 14 June 2023(3.3) 14 June 2023(3.4) 14 June 2023(3.5) 14 June 2023

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director's Interest Notice

	Appendix 3YChange of Director's Interest Notice
No. of securities held prior to change	(1.1) 250,000 - SHARES ESCROWED 24M FROMORIGINAL QUOTATION (IE 23 SEPT 2023)(1.2) 1,500,000 - UNLISTED OPTIONS @$0.00EXP 31/07/2025 VEST 12/07/2023(1.3) 1,500,000 - UNLISTED OPTIONS @$0.00EXP 31/07/2025 VEST 12/07/2024(1.4) 2,000,000 - UNLISTED OPTIONS @$0.00EXP 31/07/2025 VEST 12/07/2025(2) 1,250,000 - OPTIONS @$0.30 EXP 15/09/2024ESC 24M FROM ORIGINAL QUOTATION (IE 23SEPT 2023)(3.1) NIL - PERFORMANCE RIGHTS - CLASS A -VESTING 30/06/2024 - ESC 24M(3.2) NIL - PERFORMANCE RIGHTS - CLASS B -VESTING 14/06/2025 - ESC 24M(3.3) NIL - PERFORMANCE RIGHTS - CLASS C -VESTING 31/12/2024 - ESC 24M(3.4) NIL - PERFORMANCE RIGHTS - CLASS D -VESTING 30/06/2025 - ESC 24M(3.5) NIL - PERFORMANCE RIGHTS - CLASS E -VESTING 30/06/2026 - ESC 24M
Class	(1.1) SHARES ESCROWED 24M FROM ORIGINALQUOTATION (IE 23 SEPT 2023)(1.2) UNLISTED OPTIONS @$0.00 EXP31/07/2025 VEST 12/07/2023(1.3) UNLISTED OPTIONS @$0.00 EXP31/07/2025 VEST 12/07/2024(1.4) UNLISTED OPTIONS @$0.00 EXP31/07/2025 VEST 12/07/2025(2) OPTIONS @$0.30 EXP 15/09/2024 ESC 24MFROM ORIGINAL QUOTATION (IE 23 SEPT 2023)(3.1) PERFORMANCE RIGHTS - CLASS A -VESTING 30/06/2024 - ESC 24M(3.2) PERFORMANCE RIGHTS - CLASS B -VESTING 14/06/2025 - ESC 24M(3.3) PERFORMANCE RIGHTS - CLASS C -VESTING 31/12/2024 - ESC 24M(3.4) PERFORMANCE RIGHTS - CLASS D -VESTING 30/06/2025 - ESC 24M(3.5) PERFORMANCE RIGHTS - CLASS E -VESTING 30/06/2026 - ESC 24M

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 2

Appendix 3Y Change of Director's Interest Notice

	Appendix 3YChange of Director's Interest Notice
Number acquired	(1.1) NIL(1.2) NIL(1.3) NIL(1.4) NIL(2) NIL(3.1) 1,000,000 - PERFORMANCE RIGHTS -CLASS A - VESTING 30/06/2024 - ESC 24M(3.2) 1,000,000 - PERFORMANCE RIGHTS -CLASS B - VESTING 14/06/2025 - ESC 24M(3.3) 1,000,000 - PERFORMANCE RIGHTS -CLASS C - VESTING 31/12/2024 - ESC 24M(3.4) 1,000,000 - PERFORMANCE RIGHTS -CLASS D - VESTING 30/06/2025 - ESC 24M(3.5) 1,000,000 - PERFORMANCE RIGHTS -CLASS E - VESTING 30/06/2026 - ESC 24M
Number disposed	(1.1) NIL(1.2) NIL(1.3) NIL(1.4) NIL(2) NIL(3.1) NIL(3.2) NIL(3.3) NIL(3.4) NIL(3.5) NIL
Value/Consideration	(1.1) N/A(1.2) N/A(1.3) N/A(1.4) N/A(2) N/A(3.1) $0.00 - PERFORMANCE RIGHTS - CLASS A- VESTING 30/06/2024 - ESC 24M(3.2) $0.00 - PERFORMANCE RIGHTS - CLASS B- VESTING 14/06/2025 - ESC 24M(3.3) $0.00 - PERFORMANCE RIGHTS - CLASS C- VESTING 31/12/2024 - ESC 24M(3.4) $0.00 - PERFORMANCE RIGHTS - CLASS D- VESTING 30/06/2025 - ESC 24M(3.5) $0.00 - PERFORMANCE RIGHTS - CLASS E- VESTING 30/06/2026 - ESC 24M

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 3

Appendix 3Y Change of Director's Interest Notice

	Appendix 3YChange of Director's Interest Notice
No. of securities held after change	(1.1) 250,000 - SHARES ESCROWED 24M FROMORIGINAL QUOTATION (IE 23 SEPT 2023)(1.2) 1,500,000 - UNLISTED OPTIONS @$0.00EXP 31/07/2025 VEST 12/07/2023(1.3) 1,500,000 - UNLISTED OPTIONS @$0.00EXP 31/07/2025 VEST 12/07/2024(1.4) 2,000,000 - UNLISTED OPTIONS @$0.00EXP 31/07/2025 VEST 12/07/2025(2) 1,250,000 - OPTIONS @$0.30 EXP 15/09/2024ESC 24M FROM ORIGINAL QUOTATION (IE 23SEPT 2023)(3.1) 1,000,000 - PERFORMANCE RIGHTS -CLASS A - VESTING 30/06/2024 - ESC 24M(3.2) 1,000,000 - PERFORMANCE RIGHTS -CLASS B - VESTING 14/06/2025 - ESC 24M(3.3) 1,000,000 - PERFORMANCE RIGHTS -CLASS C - VESTING 31/12/2024 - ESC 24M(3.4) 1,000,000 - PERFORMANCE RIGHTS -CLASS D - VESTING 30/06/2025 - ESC 24M(3.5) 1,000,000 - PERFORMANCE RIGHTS -CLASS E - VESTING 30/06/2026 - ESC 24M
Nature of change	(1.1) N/A(1.2) N/A(1.3) N/A(1.4) N/A(2) N/A(3.1) Allotment of Performance Rights as approvedby shareholders on 5 May 2023(3.2) Allotment of Performance Rights as approvedby shareholders on 5 May 2023(3.3) Allotment of Performance Rights as approvedby shareholders on 5 May 2023(3.4) Allotment of Performance Rights as approvedby shareholders on 5 May 2023(3.5) Allotment of Performance Rights as approvedby shareholders on 5 May 2023

Part 2 - Change of director's relevant interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
Date of change	N/A

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 4

Appendix 3Y Change of Director's Interest Notice

No. and class of securitiesto which interest relatedprior to change	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration	N/A
Interest after change	N/A

Part 3 -[+] Closed period

Part 3 -+Closed period
Were the interests in the securities orcontracts detailed above traded during a+closed period where prior written clearancewas required?	No
If so, was prior written clearance provided toallow the trade to proceed during this period?	N/A
If prior written clearance was provided, onwhat date was this provided?	N/A

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 5