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:

+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and 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 30-SEP-2026 EX $0.25	25,097,088	14/11/2025
to be confirmed
New class - code	OPTION EXPIRING 30-JUN-2027 EX $0.20	4,000,000	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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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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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX

Previous Appendix 3B details:

Announcement Date and	Announcement Title	Selected Appendix 3B to submit quotation
Time		request
11-Sep-2025 09:02	Update - Update - Proposed issue of	A placement or other type of issue
	securities - IR1

2.3a.2 Are there any further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B?

No

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Part 3A - number and type of +securities the subject of this notification (existing class or new class) where issue has previously been notified to ASX in an Appendix 3B Placement Details ASX +security code and description new unquoted class of security Date the +securities the subject of this notification were issued 14/11/2025 Any other information the entity wishes to provide about the +securities the subject of this notification As approved by shareholders on 7 November 2025 (Resolutions 2 & 4). Issue details Number of +securities 25,097,088 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities In connection with the capital raising in the App 3B lodged 11/09/25, one (1) free attaching option is issued for every two (2) new shares under the Placement (Tranches 1 & 2). ASX +security code and description new unquoted class of security Date the +securities the subject of this notification were issued 14/11/2025 Any other information the entity wishes to provide about the +securities the subject of this notification As approved by shareholders on 7 November 2025 (Resolution 5).

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Issue details

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Number of +securities

4,000,000

Were the +securities issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

The Corporate Advisor Options will be offered for nil cash consideration, as part of the Corporate Advisory Mandate with Lodge Corporate Pty Ltd.

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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 30-SEP-2026 EX $0.25 +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

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 Resolutions 2 & 4 and Annexure A of EGM NOM released to ASX on 3/10/2025

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

Options Details

+Security currency

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.25000000 30/9/2026

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

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

Issue details

Number of +securities

25,097,088

ASX +security code

+Security description

New class - code to be confirmed OPTION EXPIRING 30-JUN-2027 EX $0.20

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+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

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 Resolution 5 and Annexure B of EGM NOM released to ASX on 3/10/2025

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

Options Details

+Security currency

AUD - Australian Dollar

Exercise price Expiry date AUD 0.20000000 30/6/2027

Expiry date

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

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 (as per App 2A's released prior to this form).

Issue details

Number of +securities

4,000,000

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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 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 30-SEP-2026 EX $0.25	25,097,088
New class - code to be confirmed : OPTION EXPIRING 30-JUN-2027 EX $0.20	4,000,000

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

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