IRIS METALS LIMITED — Investor Presentation 2021

Oct 21, 2021

ASX Release: 22[nd] October 2021

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Aeromagnetic Survey Interpretation Highlights the Potential at Kookynie Gold Project

Highlights:

• High resolution aeromagnetic survey has been completed over the entire Kookynie Project.

• Processing and interpretation of aeromagnetic data has identified 24 high priority targets .

• The acquisition of detailed magnetic data and its interpretation facilitates:

• Improved interpretation and modelling of the bedrock geology and structural framework;

• o Accurate delineation of strike extensions to the known mineralised structures; o The identification of new untested structural targets in areas of deeper cover.

• RC Drilling at Kookynie is progressing ahead of schedule with over 4,500 meters already completed. Given rig availability and additional walk-up targets, the Company will continue the drill program for the duration that the rig is booked and on site.

• Initial samples have been dispatched to the laboratory and are pending analysis.

IRIS Metals Limited (“ IRIS ” or the “ Company ”) ( ASX:IR1 ) is pleased to announce the completion of a highresolution aeromagnetic survey over the Company’s Kookynie Gold Project, located approximately 60km south of Leonora, in the gold fields of West Australia.

Chairman, Simon Lill, commented: “The recent interpretation and analysis of the aeromagnetic survey data confirms the high level of prospectivity associated with the IRIS tenement portfolio at Kookynie. Kookynie is a historic high-grade gold field that has experienced little modern day exploration. The Company believes the historic workings only scratched the surface. The aeromagnetic interpretation shows the potential for discoveries and extensions at depth, along strike and beneath areas of alluvial cover. We look forward to systematically testing these new structural features during future drill programs.”

Aeromagnetic and Radiometric Survey

The Company engaged Magspec Airborne Surveys Pty Ltd to conduct a detailed aeromagnetic survey with the intention of confirming and identifying structural target zones capable of hosting high-grade gold mineralisation in Kookynie.

A high resolution airborne magnetic and radiometric survey was flown over all IRIS’ Kookynie and Leonora tenure. Data was collected at 50m line spacing and average sensor height of 30m above ground level. The survey comprised 6,342 line kilometers in total.

Data Interpretation & Analysis

The aeromagnetic data interpretation of the Kookynie airborne geophysical survey has identified 24 high priority structural geological gold targets for evaluation across the IRIS Kookynie project area.

These targets are in addition to the Company’s existing drill ready high grade gold prospects (reflected in Figure 1 below by yellow dots). Noting that as part of the maiden drill program, the Company has only focused on 3 of these historic prospects - Lily , Rise & Shine and Treasure-Whale ; with many targets to be drill tested as part of future drill programs.

Directors

Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Contact Details admin@irismetals.com www.irismetals.com

IRIS Metals Limited ASX: IR1 Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000

ABN 61 646 787 135

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The Kookynie tenement package is underexplored. The aeromagnetic survey data highlights the Company’s belief that utilising modern geophysical techniques has the ability to identify new structural targets and further delineate zones of known mineralisation.

The high-resolution aeromagnetic data acquisition was processed by a highly experienced Geophysicist. The interpretation of the processed images incorporated historic geological datasets and mineral occurrences to further improve the structural and geological mineralising models of the Kookynie Goldfield.

The Company’s geological team has reviewed all new available data and will develop a drill program to systematically test the additional 24 geophysical targets.

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Figure 1: High resolution TMI aeromagnetic survey data covering all of IRIS’ Kookynie tenure with major gold prospects labelled and all significant historical gold occurrences shown as yellow dots.

IRIS Metals Limited Contact Details ASX: IR1 admin@irismetals.com www.irismetals.com Registered Office ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000

Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

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Update to Current Drill Program

IRIS is currently drill testing several advanced gold targets at Kookynie as part of its maiden drill program, including Lily , Rise & Shine and Treasure-Whale . As reported on 29 September 2021, the Company intended to complete a 5,000 meter RC drill program. To date, the Company has already drilled in excess of 4,500 meters, well ahead of schedule and has decided that given rig availability and additional walk-up targets, the Company will look to increase its maiden drill program, for the duration that the rig is on site. The Company will inform the market once the maiden drill program has concluded.

Assays

Assays have been dispatched to the laboratory on a regular basis in order to minimise delays. Thus far, assays have been dispatched for a majority of samples completed, with additional samples to be dispatched as completed. Assays submitted to date are pending.

Leonora Aeromagnetic Interpretation

Interpretation and analysis of Leonora aeromagnetic data will begin shortly and is expected to be available to the Company by the end of Q4.

This release is approved by the Board of IRIS Metals Limited.

Directors

IRIS Metals Limited ASX: IR1

Contact Details admin@irismetals.com www.irismetals.com

Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000

ABN 61 646 787 135

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About IRIS Metals Limited:

IRIS Metals (ASX:IR1) is a West Australian-focused exploration company. Its wholly-owned tenement portfolio includes a compelling landholding in central Kookynie - a gold camp renowned for its historical high grade gold production and bonanza gold grades, and strategic tenure in the highly prospective Tier-1 mining jurisdiction of Leonora. IRIS is pursuing a strategy of rapid prospect evaluation in recognised gold belts with a view to making economic discoveries, thereby enhancing shareholder value.

Forward looking Statements:

This announcement may contain certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These factors include, among other things, commercial and other risks associated with exploration, estimation of resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to IRIS Metals or not currently considered material by the company. IRIS Metals accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information.

Competent Persons Statement:

The information in this announcement that relates to exploration results is based on information reviewed by Chris Connell a Competent Person who is a member of Australian Institute of Geologists and a Non-Executive Director to IRIS Metals Limited. Chris Connell is an exploration geologist with over 25 years’ experience in gold and base metal exploration including gold exploration and resource definition in the Eastern Goldfields and has sufficient experience in the styles of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Chris Connell has consented to the inclusion in this Public Report of the matters based on his information in the form and context in which it appears.

IRIS Metals Limited ASX: IR1

Contact Details admin@irismetals.com www.irismetals.com

Directors Simon Lill, Non-Executive Chairman Tal Paneth, Executive Director Peter Marks, Executive Director Chris Connell, Non-Executive Director David Franks, Company Secretary

Registered Office Level 6, 400 Collins Street MELBOURNE VIC 3000

ABN 61 646 787 135

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JORC Code – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation	Commentary
Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types(eg submarine nodules) may warrant disclosure of detailed information.	• Fixed wing airborne magnetic and radiometric survey using a Cessna 601 aircraft • Magnetometer comprised a Geometrics G-823A with resolution of 0.001nT with a sample rate of 20Hz • Spectrometer comprised RSI RS-500 gamma ray spectrometer with data sample rate at 2Hz • This type of survey identifies shear hosted vein style structures and Intrusion Related Gold (IRG) style alteration. While the magnetic data can be used to identify structures, not all structures will be fertile or worth targeting and depending on the stress field at the time the gold was emplaced, the targets may be adjacent to rather than in the structure.
Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented _and if so, by what method, etc). _	• NA
Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• NA
Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length andpercentage of the relevant intersections logged.	• NA

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Criteria JORC Code explanation	Commentary
Sub- sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• NA
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) andprecision have been established.	• No assay data to report • Instrument used Geometrics G-823A cesium vapour magnetometer • RSI RS500 spectrometer with 2x RSX-4 detectors
Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• NA
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Using an onboard NovAtel OEM 719 DGPS receiver with accuracy of 0.4m RMS • Data was captured in WGS84 UTM
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Survey lines were spaced 50m apart with an average sensor height of 30m above ground level
Orientation of data in • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	• Traverse lines were oriented east-west with north south tie lines • In general traverses were oriented perpendicular to structural trends

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Criteria JORC Code explanation	Commentary
relation to geological structure • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample security • The measures taken to ensure sample security.	• NA
Audits or reviews • The results of any audits or reviews of sampling techniques and data.	• Data was independently verified by ExploreGeo
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation	Commentary
Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Data was collected over;
Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties.	• Minimal historic exploration
Geology • Deposit type, geological setting and style of mineralisation.	• Vein and shear hosted gold mineralisation
Drill hole • A summary of all information material to the understanding of the exploration	• NA

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Information		results including a tabulation of the following information for all Material drill
		holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above sea level in metres) of the
		drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the basis that the information is
		not Material and this exclusion does not detract from the understanding of the
		report, the Competent Person should clearly explain why this is the case.
Data	•	In reporting Exploration Results, weighting averaging techniques, maximum	•	NA
aggregation		and/or minimum grade truncations (eg cutting of high grades) and cut-off grades
methods		are usually Material and should be stated.
	•	Where aggregate intercepts incorporate short lengths of high grade results and
		longer lengths of low grade results, the procedure used for such aggregation
		should be stated and some typical examples of such aggregations should be
		shown in detail.
	•	The assumptions used for any reporting of metal equivalent values should be
		clearly stated.
Relationshi	•	These relationships are particularly important in the reporting of Exploration	•	NA
p between		Results.
mineralisati	•	If the geometry of the mineralisation with respect to the drill hole angle is known,
on widths		its nature should be reported.
and intercept	•	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).
lengths
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of intercepts should	•	NA
		be included for any significant discovery being reported These should include,
		but not be limited to a plan view of drill hole collar locations and appropriate
		sectional views.
Balanced	•	Where comprehensive reporting of all Exploration Results is not practicable,	•	NA
reporting		representative reporting of both low and high grades and/or widths should be
		practiced to avoid misleading reporting of Exploration Results.
Other	•	Other exploration data, if meaningful and material, should be reported including	•	Previously reported
substantive		(but not limited to): geological observations; geophysical survey results;
exploration		geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
data		characteristics; potential deleterious or contaminating substances.
Further	•	The nature and scale of planned further work (eg tests for lateral extensions or	•	Drill testing of structural targets to confirm survey
work		depth extensions or large-scale step-out drilling).
	•	Diagrams clearly highlighting the areas of possible extensions, including the
		main geological interpretations and future drilling areas, provided this information
		is not commercially sensitive.