IRIS Metals : Quarterly Report for the Period Ended 31 March 2022

ASX Release: 29 April 2022

QUARTERLY REPORT FOR THE PERIOD ENDED 31 MARCH 2022

Highlights:

• • High grade gold intercepts from maiden Reverse Circulation (RC) drill program at the Company's flagship Kookynie Gold project.

• • Aeromagnetic interpretation at Leonora resulted in 7 high priority areas for follow up exploration.

• • Planning undertaken for the 2022 exploration season at Kookynie and Leonora.

• • Substantial work continuing in relation to a strategic acquisition, with an outcome nearing completion.

IRIS Metals Limited ("IRIS" or the "Company") (ASX:IR1) is pleased to provide an overview of the Company's development activities for the quarter ended 31 March 2022.

Maiden Reverse Circulation (RC) Drill Results at Kookynie Gold Project

The Company reported very encouraging high-grade gold intercepts from its maiden RC drill program at Kookynie, with peak intercepts of 22.7g/t Au and 18.3g/t Au at the Lily and Big E prospects.

Additional stand out results include:

Lily Prospect:

• • 8m @ 3.9 g/t Au from 17m, including 1m @ 7.6 g/t Au (LYRC005)

• • 5m @ 6.1 g/t Au from 34m, including 1m @ 22.7 g/t Au (LYRC007)

• • 5m @ 3.0 g/t Au from 26m, including 1m @ 6.7 g/t Au (LYRC006)

• • 6m @ 3.7 g/t Au from 16m, including 1m @12.4 g/t Au (LYRC030)

• • 5m @3.3 g/t Au from 45m, including 1m @ 8.3 g/t Au (LYRC032)

Big E Prospect:

• • 1m @ 18.3 g/t Au from 9m (BERC004)

• • 1m @ 6.6 g/t Au from 15m (BERC002)

Rise and Shine, Treasure, and Whale Prospects:

• • 3m @ 2.9 g/t Au from 42m, including 1m @ 6.1g/t Au (RSRC030)

• • 5m @ 1.3 g/t Au from 55m (RSRC012)

• • 5m @ 1.0 g/t Au from 18m (RSRC016)

• • 1m @ 8.2 g/t Au from 29m (TWRC018)

• • 3m @3.1 g/t Au from 27m, including 1m @ 5.4 g/t Au (TWRC013)

The Company notes that these high grades are in keeping with the tenor of Kookynie as a high-grade gold field. Similarly, recent successful drill results from neighbouring companies highlight the fact that higher grades tend to occur at depth, whereas IRIS' initial RC program was limited to shallow drilling.

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director	www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000

Figure 1: Peak Intercepts of IRIS Metals maiden RC drill program.

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director	www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000

The maiden Aircore (AC) drill program did not record any significant intercepts, however it is important to recognize that the program was limited in size due to rig availability prior to Christmas and that the initial

AC program was only the first part of a much larger regional planned AC program, with further details provided below.

Aeromagnetic Interpretation Completed at Leonora Project

Aeromagnetic data interpretation of the Leonora airborne geophysical survey was successful in its identification of 7 high priority structures geological targets. The Leonora project is underexplored, and the new aeromagnetic data highlights the Company's belief that utilising modern geological techniques can

identify new structural targets and further delineate zones of known mineralisation.

Figure 2: High resolution TMI aeromagnetic survey data covering all IRIS' Leonora tenure.

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director	www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000

2022 Exploration Season

Throughout Q1, the Company has been actively planning its 2022 exploration program at both Kookynie and Leonora - reviewing information, data, undertaking desktop reviews, mapping and ultimately refining the proposed drill programs. Various Programs of Work (POWs) have been lodged with the Department of Mines for both drilling and various geochemical activities.

Kookynie

The Company is highly encouraged by the RC drill results achieved in its maiden RC drill program.

IRIS is fortunate to have one of the largest land positions in the heart of Kookynie, and as noted above, due to the Christmas/New Year period only had a small period within which it could undertake its planned regional AC exploration program.

The Company expects to resume its regional AC program at Kookynie, intended to test targets identified via ground mapping, desktop review and geophysics, in the short term.

In addition, various site reconnaissance ground truthing has led to the identification of additional areas of interest, which now form additional early-stage targets deserving of follow up.

Leonora

Since receipt of aeromagnetic interpretation and delineation of 7 high priority targets, the Company has been using this data in conjunction with historical geochemical data in an effort to further refine and confirm the identified areas of interest.

It is the Company's intention to commence drill testing historic areas of interest as well as new targets delineated at Leonora after it concludes work at Kookynie.

Additional Tenure

On 26 April, the Company received confirmation from the Department of Mines that 2 Exploration leases have been granted.

- E40/407 in Kookynie, adding a further 3km2 to the IRIS' Kookynie land holding.

- E29/1152 in Menzies (the Providence project), which as per the Company's ASX release dated 9/11/2021 was identified by IRIS's geophysicist and deemed prospective for Nickel and Gold.

Corporate

Strategic Acquisition

The concept of the Company entering into future acquisitions which meet its criteria was contemplated in the Company's Prospectus and was reaffirmed in the September 2021 Quarterly Report and Half Yearly Report.

As announced initially on 10 January 2022 and then on 24 January 2022, IRIS advised that it was considering a potential material acquisition. This led to the voluntary suspension of its securities from trading.

The Company held discussions with the ASX in respect of that potential material acquisition. The Company sought to re-structure the potential material acquisition, but due to the uncertainty of the time frame by which this could be achieved in a manner that would satisfy the criteria for the Company to be able to re-

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director	www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000

comply with Chapters 1 and 2 of the ASX Listing Rules, the Company has now made the decision to discontinue with this potential acquisition.

Ordinarily this would allow the Company to seek the re-instatement of its shares to trading on ASX, however during this period the Company identified a new project which it is in negotiations to acquire. As the Company is presently continuing these new discussions, its securities will remain in voluntary suspension pending the outcome of these new negotiations.

The Company will update the market as soon as possible.

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director	www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000