• Iris Metals raises $5.5 million via share placement
• Funds to advance critical minerals projects in the United States
• Includes maiden and updated Mineral Resource Estimates, metallurgical studies, and work to commence DSO sales

Iris Metals Ltd (ASX: IR1) has announced that it has received firm commitments to raise A$5.5 million (before costs) via the placement of new fully paid ordinary shares to new and existing institutional and sophisticated investors. The funds will be used to advance the company's various critical minerals projects in the United States, including the completion of maiden and updated Mineral Resource Estimates for lithium and rubidium, advanced metallurgical and process optimisation studies, and the critical work required to commence early direct shipping ore (DSO) sales from the company's permitted Beecher project. Iris Chairman Peter Marks commented that the successful placement reflects strong market confidence in Iris Metals' unique positioning as a near-term, multi-commodity producer of critical minerals in the United States. The placement was conducted at an offer price of A$0.165 per share, which represents a 15.4% discount to the last close price and the 10-day volume weighted average price. Participants in the placement will also receive one free unlisted attaching option for every two new shares allocated, exercisable at a price of A$0.2475 per option with a 3-year expiry. The company has also invited shareholders and investors to join a live Investor Webinar on Wednesday, 4 February 2026 to receive an update on the advancement of its high-grade, multi-commodity critical minerals projects in the United States.

The funds raised will be used to advance Iris Metals' critical minerals projects in the United States, including the completion of maiden and updated Mineral Resource Estimates, advanced metallurgical and process optimisation studies, and work to commence early direct shipping ore sales from the company's permitted Beecher project.