• JORC 2012-compliant initial Mineral Resource Estimate (MRE) of 2.20 Mt grading 1.05% Li₂O (Indicated) for Beecher Project's Longview pegmatite
• MRE supports fully permitted, near-term production at Longview Mine open pit via restart of operations
• Initial studies show Longview resource is amenable to beneficiation using a conventional DMS and flotation flowsheet, achieving lithium recoveries of up to 80% to produce SC6 spodumene concentrate

Iris Metals Ltd (ASX:IR1) has announced its initial JORC 2012-compliant Mineral Resource Estimate (MRE) of 2.20 Mt grading 1.05% Li₂O (Indicated) at the Beecher Project in the Black Hills of South Dakota, USA. This milestone marks a major step forward as the Company executes its strategy to establish a robust, long-term lithium production portfolio in the US. The Longview pegmatite is one of three identified lithium-bearing pegmatites at the Beecher Project, located approximately 7km south of Custer, South Dakota. Lithium mineralisation is primarily contained in spodumene, with minor amblygonite and lepidolite in a quartzofeldspathic host. The MRE, completed by SLR Consulting (Canada) Ltd, using a lithological model for the zoned pegmatite, combined with IDW2 lithium grade interpolations based on RC and diamond drill hole assay data from IRIS Metals' 2023-2024 exploration programs. An open pit Indicated resource of 1.83 Mt grading 1.05% Li2O and underground Indicated resources of 0.37 Mt grading 1.00% Li2O have been delineated. Initial metallurgical studies have shown that the resources are amenable to beneficiation using a conventional DMS and flotation beneficiation flowsheet achieving lithium recoveries of up to 80% to produce an SC6 spodumene concentrate. The Longview pegmatite is fully permitted, positioning it for rapid near-term production. IRIS Metals is strategically focused on expanding its resource base across its Black Hills lithium portfolio to support a central processing facility as part of its hub-and-spoke model.

IRIS is targeting delivery of multiple MREs in CY2025 including for its Tin Mountain and Edison Projects, as part of its focus on developing a hub-and-spoke production model.

IRIS will continue to aggressively advance drilling at Beecher and other development projects in the Black Hills as the company progresses its hub & spoke operational model towards a project study and investment decision in early 2026. Exploration efforts will continue across the 17,000-hectare land package to unlock additional pegmatite resources, targeting an 8-10 Mt exploration objective to underpin IRIS' long-term production ambitions.