Letter from the Chairman’s Desk

Dear Shareholders,

As the new financial year has begun, I wanted to provide all shareholders with a brief update on recent activities and appointments at IRIS Metals Ltd.

We have made significant progress in recent months, both operationally and in terms of our corporate development. Notwithstanding the ongoing challenges posed by the dynamics of the lithium market, the exploration program at our 100%-owned Beecher Project in South Dakota, USA has continued to yield positive results.

On the operational side, I’d like to welcome two recent senior appointments to the Iris Team, Matt Hartmann and Kevin Smith.

Matt joined us this month as President of U.S. Operations. He brings to IRIS more than 20 years of international mining industry experience across a broad range of commodities, with a focus on critical and battery minerals. Matt’s experience has taken him through the entire lifecycle of mining businesses, from exploration, project studies and development, through to production and reclamation.

At IRIS, Matt will oversee all technical and day-to-day operational aspects at the company’s hard rock lithium projects in South Dakota. His responsibilities also include involvement with the development of strategy and budgets, technical due diligence, and acting as the Company’s market-facing technical lead. We are delighted to bring in a leader of Matt’s skills and experience. Having only recently joined Matt has hit the ground running reviewing all operational aspects of the business.

In June, Kevin Smith was appointed to the IRIS board as a Non-Executive Director. Kevin brings our company over 20 years of experience in metals trading, marketing, strategy and finance. He has helped build several energy and critical minerals businesses and has intimate knowledge of these supply chains. He has also led the development and growth of successful lithium supply businesses globally.

Kevin is based in New York, and as such, he expands IRIS Metals’ commercial presence in the US. Kevin’s skills and experience in US commodities trading, marketing and finance are of great benefit to IRIS as we look to accelerate the growth, development and commercialisation of our South Dakota mining operations. I look forward to Kevin’s experience, skills and network contributing to our increasing efforts to help ensure that Iris becomes a significant US lithium company.

The appointments of Matt and Kevin, along with the ongoing progress of our drill program in South Dakota, underpinned the timing of the recent Australian roadshow, covering Melbourne, Sydney & Perth, where we met with a wide range of stockbrokers, existing shareholders as well as prospective shareholders.  

We look forward to updating all of these groups through future reports, webinars and other media as the Iris story continues to develop.  

Please read on for a brief recap of our recent market announcements and recent coverage of Iris in the news media.

On behalf of the Board, I’d like to thank you for your ongoing support and look forward to keeping you updated over the balance of 2024 and beyond.

Regards,

Peter Marks

Chairman

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