• JORC 2012-compliant initial Mineral Resource Estimate of 2.20 Mt grading 1.05% Li₂O (Indicated) for the Beecher Project's Longview pegmatite
• Phase I drilling at Tin Mountain Project confirmed significant high-grade lithium and caesium intersections
• Ongoing exploration drilling planned across Beecher, Tin Mountain, and Edison Projects in 2025

Iris Metals Ltd (ASX: IR1) reported its quarterly activities and cash flow report for the period ending 31 March 2025. The key highlights include:Beecher Project, USA:- Iris Metals announced an initial JORC 2012-compliant Mineral Resource Estimate (MRE) of 2.20 Mt grading 1.05% Li₂O (Indicated) for the Longview pegmatite, one of three identified lithium-bearing pegmatites at the Beecher Project.- The MRE supports primary open-pit mining operations, with secondary underground operations, aligning with Iris Metals' low-cost, high-grade operational strategy.- The company is finalizing plans for a Q2 2025 mining demonstration and bulk sample collection for advanced metallurgical test work to further validate the beneficiation potential of the resource.Tin Mountain Project, USA:- Phase I diamond drilling program confirmed high-grade lithium and caesium mineralization, with notable intersections including 5.2m @ 2.05% Li₂O and 1.0m @ 1.54% Cs₂O.- The drilling results demonstrated that the pegmatite extended down-dip under cover and remained open at depth, with the area beneath historical underground workings identified as a priority exploration target for Phase II.Ongoing Activities:- Iris Metals is currently drilling at its Edison Project and has additional drilling planned at the Beecher and Tin Mountain Projects.- An expanded airborne geophysics program will be initiated to target areas within the extensive Federal lands exploration package and define drill-ready targets for a late 2025 permitting effort.- The company continues to evaluate and conduct due diligence on potential acquisitions in South Dakota to further strengthen its portfolio.The company remains 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, with key upcoming deliverables including bulk sampling, additional MREs, and a comprehensive project study.

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. The company will complete a number of technical programs and studies in 2025 to rapidly advance its assets towards production, including bulk sampling, additional Mineral Resource Estimates, and a comprehensive project study.