• Completed 56 diamond drill core holes totalling 7,925m at the Beecher Project
• Maiden mineral resource for the Beecher Project to be delivered in Q1 CY25
• Metallurgical test program produced a 6.1% Li2O spodumene concentrate with lithium recovery exceeding 82%
• Successfully completed downstream lithium conversion and production of battery grade LCE

IRIS Metals concluded the 2024 drill program at the Beecher Project, completing 56 diamond drill core holes totalling 7,925m. The company is on schedule to deliver the maiden mineral resource for the Beecher Project in Q1 CY25. Resource drilling also commenced at the Tin Mountain Project in October 2024, finishing in December 2024 with 23 diamond drill core holes completed totalling 1,122m. Metallurgical test work on spodumene-bearing pegmatites from the Beecher Project produced a 6.1% Li2O spodumene concentrate, with lithium recovery exceeding 82%. The testing also produced high purity spodumene concentrate, with samples yielding as low as 0.25% Fe2O3. IRIS Metals successfully completed downstream lithium conversion and production of battery grade LCE with partner ReElement Technologies, demonstrating a fully US-based flowsheet. The company secured firm commitments for a share placement, raising $8 million to drive its lithium exploration and development programs in South Dakota.

IRIS Metals is advancing plans to deliver a maiden mineral resource estimate for the Beecher Project, with completion targeted for Q1 2025. The company is also initiating additional mining and processing studies to evaluate the restart of this brownfields project, including a demonstration mining program planned for early 2025 to collect a bulk sample. IRIS is reviewing multiple avenues for conversion of spodumene concentrate into lithium carbonate or hydroxide within the U.S. and exploring potential partnerships to achieve this objective.