IRIS METALS LIMITED — Share Issue/Capital Change 2023

Jan 30, 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

Tuesday January 31, 2023

The +securities the subject of this notification are:

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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 31-JAN-2025 EX $1.50	750,000	31/01/2023
to be confirmed
New class - code	OPTION EXPIRING 31-JAN-2026 EX $1.20	500,000	31/01/2023
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

31/1/2023

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

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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

1) Attaching option for each 2 shares in App 2A on 31/1/23. 2) Options as fees to Lead Manager.

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 +Security description New class - code to be confirmed OPTION EXPIRING 31-JAN-2025 EX $1.50 +Security type ISIN code Options Date the +securities the subject of this notification were issued 31/1/2023 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. N/A Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 1.50000000 31/1/2025 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description

ORD: IR1

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

Standard terms and conditions as expected for option type.

Also in section 4.1 below:IR1 Ord Fully Paid Shares = 62.73m. This is incorrect as does not include the shares issued further to Appendix 2A lodged prior to this form. The correct total is 64.23m (62.73m + 1.5m =64.23m).

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

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

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the market in an Appendix 3B

The allotment is occurring concurrently with the placement documentation.

Issue details

Number of +securities

750,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

1 attaching option for each 2 shares placed as announced in Appendix 2A on 31 Jan 2023

Purpose of the issue

Other

Additional Details

1 attaching option for each 2 shares placed as announced in Appendix 2A on 31 Jan 2023.

New +securities ASX +security code +Security description New class - code to be confirmed OPTION EXPIRING 31-JAN-2026 EX $1.20 +Security type ISIN code Options Date the +securities the subject of this notification were issued 31/1/2023 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. N/A

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

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Options Details

+Security currency

AUD - Australian Dollar

Exercise price Expiry date AUD 1.20000000 31/1/2026

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

Other

Description

ORD: IR1

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

N/A

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

The allotment is occurring concurrently with the placement documentation.

Issue details

Number of +securities

500,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Fees in capacity as Lead Manager to the placement.

Purpose of the issue

To pay for services rendered

Additional Details

Fees in capacity as Lead Manager to the placement.

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Part 4 - +Securities on issue

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	62,730,000
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	18,500,000
IR1AI : OPTION EXPIRING 31-JUL-2025 EX NIL	8,000,000
IR1AG : OPTION EXPIRING 15-SEP-2024 RESTRICTED	2,000,000
IR1AF : PERFORMANCE RIGHTS	1,000,000
New class - code to be confirmed : OPTION EXPIRING 31-JAN-2025 EX $1.50	750,000
New class - code to be confirmed : OPTION EXPIRING 31-JAN-2026 EX $1.20	500,000

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

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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?

750,000 unlisted options 500,000 unlisted 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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