• Iris Metals and Rock Zero sign Collaboration Agreement to accelerate lithium refining capacity in the U.S.
• Partnership combines Iris' permitted hard-rock lithium resources with Rock Zero's proprietary refining technology
• Rock Zero achieves >95% lithium extraction from Iris-supplied spodumene concentrate without high-temperature roasting

Iris Metals Limited (ASX: IR1) ('IRIS' or 'the Company'), through its wholly owned subsidiary IRIS Metals Inc, has signed a Collaboration Agreement with Rock Zero Inc. ('Rock Zero'), to accelerate the development of lithium refining capacity in the United States. The partnership combines IRIS' permitted hardrock lithium resources in South Dakota with Rock Zero's proprietary lithium refining technology to pursue domestic non-dilutive government funding opportunities. Rock Zero has achieved exceptional laboratory results using ~6% spodumene concentrate (SC6) supplied by IRIS, successfully extracting >95% Li via a roast-free, hydrometallurgical process. These results highlight significant potential for refining lithium from hardrock sources using Rock Zero's proprietary technology, which offers a low-cost alternative to conventional high-temperature roasting methods. IRIS and Rock Zero will enter good-faith negotiations to deploy Rock Zero's technology near Custer, South Dakota upon successful awarding of non-dilutive government funding and demonstration of commercial viability. This Collaboration Agreement is non-binding and does not obligate either party to enter into any definitive commercial arrangement. Any future commercial agreements will be subject to separate negotiation and execution by both parties.

The partnership between Iris Metals and Rock Zero aims to demonstrate a new generation of refining technology capable of delivering battery-grade lithium salts and critical minerals with a smaller environmental footprint and at materially lower cost, marking a decisive step toward a fully integrated, U.S.-based lithium and critical minerals supply chain.