IRIS METALS LIMITED — Share Issue/Capital Change 2025

Nov 13, 2025

Appendix 3G - 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

Friday November 14, 2025

The +securities the subject of this notification are:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX 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 14-NOV-2027 EX $0.20	2,750,000	14/11/2025
to be confirmed
New class - code	OPTION EXPIRING 14-AUG-2026 EX $0.00	1,000,000	14/11/2025
to be confirmed
New class - code	OPTION EXPIRING 14-NOV-2026 EX $0.00	1,000,000	14/11/2025
to be confirmed
New class - code	OPTION EXPIRING 14-MAY-2027 EX $0.00	1,000,000	14/11/2025
to be confirmed

Refer to next page for full details of the announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - 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 Registration number ACN 646787135

1.3 ASX issuer code

IR1

1.4 The announcement is

New announcement

1.5 Date of this announcement

14/11/2025

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Appendix 3G - 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:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

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

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)

ASX +security code +Security description New class - code to be confirmed OPTION EXPIRING 14-NOV-2027 EX $0.20 +Security type ISIN code Options Date the +securities the subject of this notification were issued 14/11/2025 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Were any of the +securities issued to +key management personnel (KMP) or an +associate? No 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 to Annexure D of EGM NOM released to ASX on 3/10/2025 https://stocknessmonster.com/announcements/ir1.asx-3A677968/

Options Details

+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.20000000	14/11/2027

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

IR1 : ORDINARY FULLY PAID

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

Refer to Resolution 9 and Annexure H of EGM NOM released to ASX on 3/10/2025

https://stocknessmonster.com/announcements/ir1.asx-3A677968/

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

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Issue details

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Number of +securities

2,750,000

ASX +security code +Security description New class - code to be confirmed OPTION EXPIRING 14-AUG-2026 EX $0.00

+Security type ISIN code Options Date the +securities the subject of this notification were issued 14/11/2025

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

Were any of the +securities issued to +key management personnel (KMP) or an +associate? No

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.

Vesting 14-FEB-2026 Standard terms and conditions as expected for such options

Options Details

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.00000000 14/8/2026

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

IR1 : ORDINARY FULLY PAID

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

Refer to Resolution 9 and Annexure H of EGM NOM released to ASX on 3/10/2025

https://stocknessmonster.com/announcements/ir1.asx-3A677968/

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

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Issue details

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Number of +securities

1,000,000

ASX +security code +Security description New class - code to be confirmed OPTION EXPIRING 14-NOV-2026 EX $0.00

+Security type ISIN code Options Date the +securities the subject of this notification were issued 14/11/2025 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Were any of the +securities issued to +key management personnel (KMP) or an +associate? No 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.

Vesting 14-MAY-2026 Standard terms and conditions as expected for such options

Options Details

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.00000000 14/11/2026

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

IR1 : ORDINARY FULLY PAID

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

Refer to Resolution 9 and Annexure H of EGM NOM released to ASX on 3/10/2025

https://stocknessmonster.com/announcements/ir1.asx-3A677968/

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

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Issue details

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Number of +securities

1,000,000

ASX +security code +Security description New class - code to be confirmed OPTION EXPIRING 14-MAY-2027 EX $0.00

+Security type ISIN code Options

Date the +securities the subject of this notification were issued

14/11/2025

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

Were any of the +securities issued to +key management personnel (KMP) or an +associate? No

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.

Vesting 14-NOV-2026 Standard terms and conditions as expected for such options

Options Details

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.00000000 14/5/2027

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

IR1 : ORDINARY FULLY PAID

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

Refer to Resolution 9 and Annexure H of EGM NOM released to ASX on 3/10/2025

https://stocknessmonster.com/announcements/ir1.asx-3A677968/

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

Section 4.1

IR1 : ORDINARY FULLY PAID=242,526,369, being 231,302,139+5,882,352+5,341,878 Section 4.2 OPTION EXPIRING 30-SEP-2026 EX $0.25=25,097,099 OPTION EXPIRING 30-JUN-2027 EX $0.20=4,000,000 OPTION EXPIRING 14-NOV-2027 EX $0.20=10,000,000

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OPTION EXPIRING 14-MAY-2027 EX $0.00=1,500,000 OPTION EXPIRING 14-NOV-2027 EX $0.00=1,500,000 IR1AX : PERFORMANCE RIGHTS = 14,400,000 comprising 8,400,000 + 6,000,000 as per App 2Ax2 and 3Gx2 released prior to this form

Issue details

Number of +securities

1,000,000

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 4 - +Securities on issue

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

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
IR1 : ORDINARY FULLY PAID	231,302,139
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
IR1AZ : OPTION EXPIRING 24-APR-2027 EX $0.40	10,000,000
IR1AAA : OPTION EXPIRING 24-APR-2026 EX NIL	500,000
IR1AAB : OPTION EXPIRING 24-OCT-2026 EX NIL	500,000
IR1AAC : OPTION EXPIRING 24-APR-2027 EX NIL	500,000
IR1AX : PERFORMANCE RIGHTS	8,400,000
IR1AY : OPTION EXPIRING 14-FEB-2027 EX $0.40	200,000
IR1AV : OPTION EXPIRING 31-DEC-2025 EX $0.40	6,500,000
IR1AW : ORDINARY FULLY PAID EMPLOYEE	25,000
IR1AK : OPTION EXPIRING 31-JAN-2026 EX $1.20	500,000
IR1AP : OPTION EXPIRING 14-JUN-2026 EX $1.50	2,500,000
IR1AAE : OPTION EXPIRING 29-APR-2027 EX NIL	1,500,000
IR1AAF : OPTION EXPIRING 29-OCT-2027 EX NIL	500,000
IR1AAG : OPTION EXPIRING 30-SEP-2027 EX $0.40	2,000,000
New class - code to be confirmed : OPTION EXPIRING 14-NOV-2027 EX $0.20	2,750,000
New class - code to be confirmed : OPTION EXPIRING 14-AUG-2026 EX $0.00	1,000,000

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

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New class - code to be confirmed : OPTION EXPIRING	14-NOV-2026	EX $0.00	1,000,000
New class - code to be confirmed : OPTION EXPIRING	14-MAY-2027	EX $0.00	1,000,000

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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? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

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