IRIS METALS LIMITED — Share Issue/Capital Change 2023

Jul 9, 2023

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

IRIS METALS LIMITED

Date of this announcement

Monday July 10, 2023

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	OPTION EXPIRING 10-JUL-2026 EX $1.50	300,000	10/07/2023
to be confirmed
New class - code	OPTION EXPIRING 10-JUL-2026 EX $2.00	300,000	10/07/2023
to be confirmed
New class - code	OPTION EXPIRING 10-JUL-2027 EX $2.50	300,000	10/07/2023
to be confirmed

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity 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 notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

61646787135

1.3 ASX issuer code

IR1

1.4 The announcement is

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New announcement

1.5 Date of this announcement

10/7/2023

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Strategic Corporate Adviser Mandate with Harvis Advisory PL - Refer to ASX Release dated 29/6/23.

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities
ASX +security code New class - code to be confirmed	+Security description OPTION EXPIRING 10-JUL-2026 EX $1.50
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
10/7/2023
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. Refer ASX Release dated 29 June 2023. Standard terms and conditions.

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 1.50000000 10/7/2026 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description IR1 Ordinary Fully Paid Shares

Any other information the entity wishes to provide about the +securities the subject of this notification

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Refer App 3B released on 29/6/23. This App 3G issues 3 x 300,000 options, with 300,000 shares (IR1) unissued.

Issue details

Number of +securities 300,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Strategic Corporate Adviser Mandate with Harvis Advisory Pty Ltd - Refer to ASX Release dated 29 June 2023. Purpose of the issue To pay for services rendered Additional Details New +securities ASX +security code +Security description New class - code to be confirmed OPTION EXPIRING 10-JUL-2026 EX $2.00 +Security type ISIN code Options Date the +securities the subject of this notification were issued 10/7/2023 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Refer ASX Release dated 29 June 2023. Standard terms and conditions.

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Options Details

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 2.00000000 10/7/2026

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

Other

Description

IR1 Ordinary Fully Paid Shares

Any other information the entity wishes to provide about the +securities the subject of this notification

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Refer App 3B released on 29/6/23. This App 3G issues 3 x 300,000 options, with 300,000 shares (IR1) unissued.

Issue details

Number of +securities

300,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Strategic Corporate Adviser Mandate with Harvis Advisory Pty Ltd - Refer to ASX Release dated 29 June 2023.

Purpose of the issue

To pay for services rendered

Additional Details

New +securities

ASX +security code +Security description

New class - code to be confirmed OPTION EXPIRING 10-JUL-2027 EX $2.50

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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+Security type ISIN code Options

Date the +securities the subject of this notification were issued

10/7/2023

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

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Refer ASX Release dated 29 June 2023. Standard terms and conditions.

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 2.50000000 10/7/2027

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

Other

Description

IR1 Ordinary Fully Paid Shares

Any other information the entity wishes to provide about the +securities the subject of this notification

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Refer App 3B released on 29/6/23. This App 3G issues 3 x 300,000 options, with 300,000 shares (IR1) unissued.

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Issue details

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Number of +securities

300,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Strategic Corporate Adviser Mandate with Harvis Advisory Pty Ltd - Refer to ASX Release dated 29 June 2023.

Purpose of the issue

To pay for services rendered

Additional Details

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Part 4 - +Securities on issue

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Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
IR1 : ORDINARY FULLY PAID	79,730,000
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
IR1AC : ORDINARY FULLY PAID RESTRICTED	36,350,000
IR1AD : OPTION EXPIRING 15-SEP-2024 RESTRICTED	3,750,000
IR1AE : OPTION EXPIRING 15-OCT-2024 EX $0.30	500,000
IR1AH : OPTION EXPIRING 31-JUL-2025 RESTRICTED	1,500,000
IR1AI : OPTION EXPIRING 31-JUL-2025 EX NIL	10,000,000
IR1AJ : OPTION EXPIRING 31-JAN-2025 EX $1.50	750,000
IR1AK : OPTION EXPIRING 31-JAN-2026 EX $1.20	500,000
IR1AF : PERFORMANCE RIGHTS	1,000,000
IR1AM : ORDINARY FULLY PAID RESTRICTED	5,500,000
IR1AN : PERFORMANCE RIGHTS RESTRICTED	12,000,000
IR1AL : ORDINARY FULLY PAID RESTRICTED	4,000,000
IR1AP : OPTION EXPIRING 14-JUN-2026 RESTRICTED	2,500,000
IR1AO : OPTION EXPIRING 14-JUN-2025 RESTRICTED	750,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities
IR1AQ : OPTION EXPIRING 14-JUN-2025 EX $1.50	7,500,000
IR1AR : OPTION EXPIRING 31-JUL-2025 EX $0.40	17,000,000
New class - code to be confirmed : OPTION EXPIRING 10-JUL-2026 EX $1.50	300,000
New class - code to be confirmed : OPTION EXPIRING 10-JUL-2026 EX $2.00	300,000
New class - code to be confirmed : OPTION EXPIRING 10-JUL-2027 EX $2.50	300,000

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

900,000 options, being three tranches of 300,000 options.

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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