• IRIS Metals achieves milestone with high-grade lithium intersections at the Edison Project, South Dakota
• Early Phase I drilling confirms spodumene-bearing pegmatites, with standout results including 13.4m @ 1.78% Li2O
• Pegmatites remain open at depth, indicating potential for deeper mineralisation

IRIS Metals Limited (ASX: IR1) is pleased to announce initial results of its Phase I diamond drilling program at the Edison Project, South Dakota, USA, confirming high-grade lithium mineralisation at multiple spodumene-bearing pegmatites, which remain open at depth. The Phase 1 drill program comprised 15 diamond drill holes totaling 2,278m, with results from the first four drill holes confirming high-grade lithium within spodumene-bearing pegmatites, including 13.4m @ 1.78% Li2O from 41.5m in EDD-25-001. The pegmatites exhibit varied structural formations with complex structural control, indicating potential for significant lateral and depth extensions. Assays for the remaining 11 drill holes are expected during Q3 2025. The Edison Project's proximity to IRIS's Beecher and Tin Mountain projects supports the Company's 'Hub & Spoke' strategy, enabling centralised processing to optimise costs and accelerate development across the South Dakota portfolio. IRIS has also finalised plans for test mining and bulk sample collection at the Beecher Project, with operations set to commence before the end of June 2025 under the IRIS' active mining permit.

IRIS is moving to quickly grow mineral resources and advance processing studies to advance a multi-mine production unit towards economic analysis in early 2026.

IRIS continues to evaluate and conduct due diligence on potential acquisitions in South Dakota-based tenure to further strengthen its portfolio. All Company activities are currently focused on advancing IRIS' South Dakota portfolio towards near-term development, supporting IRIS' 'Hub & Spoke' strategy for centralised processing across its South Dakota portfolio.