Quarterly Activities and Cash Flow Report

• Completed infill drilling at Beecher Project to support updated Mineral Resource Estimate
• Tin Mountain Phase II drilling completed, assays expected in late October to support maiden MRE
• Edison Project Phase I drilling confirmed high-grade lithium mineralization, Phase II drilling planned

IRIS Metals Ltd (ASX:IR1) made significant progress during the quarter ended 30 September 2025, progressing toward near-term lithium production with the largest claim holding in South Dakota's historic Black Hills pegmatite province. Key achievements included Tin Mountain Phase II drilling completed to support a maiden Mineral Resource Estimate (MRE) on track for late 2025 and acquisition of the Ingersoll Project. Infill drilling at the Beecher Project and continued process studies furthered the company's 'Hub & Spoke' model for centralised processing. IRIS also reported final assay results from the Phase I diamond drilling program at the Edison Project, confirming high-grade lithium intersections and expanding the known mineralised pegmatite dike complex. The company secured $4.267 million in a share placement and divested its non-core Kookynie Gold Project to Arika Resources Limited. IRIS optimised its federal mineral claims portfolio, bringing total mineral holdings to 11,347 hectares.

IRIS Metals is targeting a Final Investment Decision on its South Dakota lithium projects in Q1 2026, with a focus on advancing a centralized processing facility and ongoing exploration and development activities.

IRIS Metals continues to advance its South Dakota lithium projects, including planning a Phase II drilling program at the Edison Project, finalizing site selection for a regional processing facility, and initiating exploration permitting on multiple projects in Q4 2025. The company also remains focused on reviewing potential accretive acquisitions in the critical minerals sector.