IRIS METALS LIMITED — Regulatory Filings 2021

Dec 19, 2021

ASX Release: 20[th] December 2021

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Kookynie Aircore (AC) Drill Program Completed and Company Update

Highlights:

• Aircore drill program successfully completed at Kookynie.

• 76 holes and 1,938 meters have been drilled.

• Larger regional exploration program planned in Kookynie and Leonora for 2022.

IRIS Metals Limited (“ IRIS ” or the “ Company ”) ( ASX:IR1 ) is pleased to announce the completion of its AC drill program at its Kookynie Gold Project, located approximately 60km south of Leonora, in the gold fields of West Australia.

Due to rig efficiency and identification of additional drill ready targets, the AC program concluded with a total of 1,938 meters and 76 holes, 938 meters greater than initial forecast.

Assays

The Company has been informed by the laboratory that assay turnaround time is currently up to 12 weeks and to expect receipt of final assays at the end of Q1 2022.

What’s next at IRIS?

The Company has previously reported the identification of an additional 24 high priority geophysical targets. As noted, these targets are in addition to the Company’s existing suite of drill ready targets, which, together with field observations, will form a much larger regional exploration program for 2022 at Kookynie.

In the very near term, IRIS anticipates the receipt of its Kookynie Maiden RC drill program assays and aeromagnetic interpretation for its Leonora project.

IRIS is currently also finalising its initial on ground exploration plans for Leonora, with plans for commencement in the new year.

As noted in our prospectus and in subsequent various statutory reports, the Company has been, and is currently undertaking assessment of investment in additional resource projects with a view to creating shareholder value. The Company will inform the market should any such transaction be consummated.

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

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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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 ABN Level 6, 400 Collins Street 61 646 787 135 MELBOURNE VIC 3000