$IREN: Iris Energy Limited - Ordinary Shares

Iris Energy Limited is an Australian-based, growth-oriented lithium exploration and development company. The company is focused on developing its flagship lithium project, the Mount Pleasant Lithium Project, located in the Pilbara region of Western Australia. The Mount Pleasant Lithium Project is a large-scale, high-grade lithium project with the potential to produce up to 200,000 tonnes of lithium carbonate per year.

Iris Energy was founded in 2017 by a team of experienced mining and finance professionals. The company is led by Managing Director Anthony McCulloch, who has over 20 years of experience in the mining industry. Iris Energy is listed on the Australian Securities Exchange (ASX) under the ticker symbol IREN.

The Mount Pleasant Lithium Project is located in the Pilbara region of Western Australia, which is one of the world's most prospective regions for lithium exploration. The project is situated on a 100%-owned mining lease of 1,200 square kilometers.

The Mount Pleasant Lithium Project has a JORC-compliant mineral resource estimate of 10.6 million tonnes of lithium carbonate equivalent (LCE) at a grade of 1.03% LCE. The project also has a significant exploration upside, with further drilling planned to test the potential for further mineralization.

Iris Energy is currently in the process of developing the Mount Pleasant Lithium Project. The company has completed a feasibility study on the project, which has confirmed the economic viability of the project. The company is now progressing with the environmental approvals process and is targeting first production in 2025.

Iris Energy is well-funded to develop the Mount Pleasant Lithium Project. The company has raised over A$100 million in equity funding to date. Iris Energy is also supported by a strong board of directors with extensive experience in the mining industry.

The lithium market is expected to grow significantly in the coming years, driven by the increasing demand for electric vehicles. Iris Energy is well-positioned to capitalize on this growth, with its large-scale, high-grade lithium project. The company is also well-funded and has a strong management team.

Here are some of the key risks and challenges facing Iris Energy:

• The lithium market is volatile and subject to price fluctuations.
• The development of the Mount Pleasant Lithium Project is subject to a number of risks and challenges, including permitting, financing, and construction.
• Iris Energy is a relatively new company and has limited experience in the lithium industry.

Despite these risks, Iris Energy has a number of strengths that position it well for success. These strengths include:

• The large-scale, high-grade nature of the Mount Pleasant Lithium Project.
• The strong financial backing of Iris Energy.
• The experienced management team of Iris Energy.

Overall, Iris Energy is a well-positioned company with the potential to become a major player in the lithium industry. The company is developing a large-scale, high-grade lithium project with the potential to produce significant quantities of lithium carbonate. Iris Energy is also well-funded and has a strong management team. However, the company faces a number of risks and challenges, including the volatile lithium market and the risks associated with developing a new mine.