<SEC-DOCUMENT>0001140361-23-030386.txt : 20230620
<SEC-HEADER>0001140361-23-030386.hdr.sgml : 20230620
<ACCEPTANCE-DATETIME>20230620075528
ACCESSION NUMBER:		0001140361-23-030386
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20230620
FILED AS OF DATE:		20230620
DATE AS OF CHANGE:		20230620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Iris Energy Ltd
		CENTRAL INDEX KEY:			0001878848
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C3
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41072
		FILM NUMBER:		231023418

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 12, 44 MARKET STREET
		CITY:			SYDNEY
		STATE:			C3
		ZIP:			NSW 2000
		BUSINESS PHONE:		212-906-1200

	MAIL ADDRESS:	
		STREET 1:		LEVEL 12, 44 MARKET STREET
		CITY:			SYDNEY
		STATE:			C3
		ZIP:			NSW 2000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Iris Energy Pty Ltd
		DATE OF NAME CHANGE:	20210817
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>brhc20054635_6k.htm
<DESCRIPTION>6-K
<TEXT>
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    <div style="text-align: center; font-weight: bold;"><a name="DocsID"></a><font style="font-size: 14pt;">UNITED STATES</font></div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="text-align: center; font-weight: bold;">PURSUANT TO SECTION 13A-16 OR 15D-16</div>
    <div style="text-align: center; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">For the month of June 2023</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">Commission File Number: 001-41072</div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">Iris Energy Limited</div>
    <div style="text-align: center; font-weight: bold;">(Translation of registrant&#8217;s name into English)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Level 12, 44 Market Street</div>
    <div style="text-align: center; font-weight: bold;">Sydney, NSW 2000 Australia</div>
    <div style="text-align: center; font-weight: bold;">+61 2 7906 8301</div>
    <div style="text-align: center; font-weight: bold;">(Address of principal executive office)</div>
    <div>&#160;</div>
    <div>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div>&#160;</div>
    <div style="text-align: center;">Form 20-F &#9746; Form 40-F &#9744;</div>
    <div>&#160;</div>
    <div>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</div>
    <div>&#160;</div>
    <div>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;</div>
    <div> <br>
    </div>
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    <div style="text-align: center; font-weight: bold;">INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K</div>
    <div>&#160;</div>
    <div style="text-align: justify;">On June 20, 2023, Iris Energy Limited (the &#8220;Company&#8221;) released a press release announcing its expansion plan to 9.1 EH/s and revitalization of its high-performance computing (&#8220;HPC&#8221;) data center strategy, and provided a
      limited recourse equipment financing update.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Construction of 80MW of data centers is underway, which is expected to increase the Company&#8217;s potential operating capacity from 5.6 EH/s to 9.1 EH/s, assuming the purchase of Bitmain S19 XP miners. The Company&#8217;s
      near-term focus remains on data center construction, whilst retaining flexibility on timing for miner purchases, which is subject to funding and market conditions. Hashrate figures may change depending on miner procurement selection.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As previously disclosed by the Company, the lender to two wholly owned special purpose vehicle borrowers in relation to limited recourse equipment financing facilities (the &#8220;Non-Recourse SPVs&#8221;) is pursuing remedies
      available to it with respect to such facilities, and has previously appointed PricewaterhouseCoopers as receiver (&#8220;PwC&#8221;) with respect to the two Non-Recourse SPVs. A hearing was held on June 13-15, 2023 in The Supreme Court of British Columbia where
      the lender sought, among other things, declarations to the effect that any difference between revenue generated by the Non-Recourse SPVs through provision of hashpower services to the Company and Bitcoin mined by the Company is collateral securing
      such facilities, as well as substantive consolidation of Group entities, which were vigorously defended by the Company and the Non-Recourse SPVs. A decision by the Court is pending. The receiver, PwC, advised the Court that it is not taking a
      position on the lender&#8217;s application. The Company believes these claims are without merit.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">A copy of the Company&#8217;s press release is furnished hereto as Exhibit 99.1.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">FORWARD-LOOKING STATEMENTS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">This Report on Form 6-K includes &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Iris Energy&#8217;s
      future financial or operating performance. For example, forward-looking statements include but are not limited to the Company&#8217;s business strategy, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking
      statements by terminology such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;can,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;project,&#8221; &#8220;strive,&#8221; &#8220;budget,&#8221; &#8220;forecast,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;target&#8221;, &#8220;will,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221;
      &#8220;scheduled&#8221; or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and
      other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives,
      performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.</div>
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    <div style="text-align: justify;">These forward-looking statements are based on management&#8217;s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important
      factors that may cause Iris Energy&#8217;s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:
      Iris Energy&#8217;s limited operating history with operating losses; electricity outage, limitation of electricity supply or increase in electricity costs, as well as limitations on the availability of electrical supply for Bitcoin mining due to
      restrictions imposed by governmental authorities or otherwise; long term outage or limitation of the internet connection at Iris Energy&#8217;s sites; any critical failure of key electrical or data center equipment; serial defects or underperformance with
      respect to Iris Energy&#8217;s equipment; failure of suppliers to perform under the relevant supply contracts for equipment that has already been procured which may delay Iris Energy&#8217;s expansion plans; supply chain and logistics issues for Iris Energy or
      Iris Energy&#8217;s suppliers; cancellation or withdrawal of required operating and other permits and licenses; customary risks in developing greenfield infrastructure projects; Iris Energy&#8217;s evolving business model and strategy; Iris Energy&#8217;s ability to
      successfully manage its growth; Iris Energy&#8217;s ability to raise additional financing (whether because of the conditions of the markets, Iris Energy&#8217;s financial condition or otherwise) on a timely basis, or at all, which could adversely impact the
      Company&#8217;s ability to meet its capital commitments (including payments due under any hardware purchase contracts or debt financing obligations) and the Company&#8217;s growth plans; the failure of Iris Energy&#8217;s wholly-owned special purpose vehicles to make
      required payments of principal and/or interest under their limited recourse equipment financing arrangements when due or otherwise comply with the terms thereof, as a result of which the lender thereunder has declared the entire principal amount of
      each loan to be immediately due and payable, and is taking steps to enforce the indebtedness and its rights in the Bitcoin miners with respect to certain of such loans and other assets securing such loans, including appointing a receiver with respect
      to such special purpose vehicles, which is expected to result in the loss of the relevant Bitcoin miners securing such loans and has materially reduced the Company&#8217;s operating capacity, and could also lead to bankruptcy or liquidation of the relevant
      special purpose vehicles, and materially and adversely impact the Company&#8217;s business, operating expansion plans, financial condition, cash flows and results of operations; the terms of any additional financing or any refinancing, restructuring or
      modification to the terms of any existing financing, which could be less favorable or require Iris Energy to comply with more onerous covenants or restrictions, any of which could restrict its business operations and adversely impact its financial
      condition, cash flows and results of operations; competition; Bitcoin prices, global hashrate and the market value of Bitcoin miners, any of which could adversely impact its financial condition, cash flows and results of operations, as well as its
      ability to raise additional financing and the ability of its wholly owned special purpose vehicles to make required payments of principal and/or interest on their equipment financing facilities; risks related to health pandemics including those of
      COVID-19; changes in regulation of digital assets; and other important factors discussed under the caption &#8220;Risk Factors&#8221; in Iris Energy&#8217;s annual report on Form 20-F filed with the SEC on September 13, 2022, and the Company&#8217;s Report on Form 6-K filed
      with the SEC on February 15, 2023, as such factors may be updated from time to time in its other filings with the SEC.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this Report on Form 6-K. Any forward-looking statement in this Report on
      Form 6-K speaks only as of the date of such statement. Except as required by law, Iris Energy disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result
      of new information, future events or otherwise.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">INCORPORATION BY REFERENCE</div>
    <div><br>
    </div>
    <div style="text-align: justify;">This Report on Form 6-K (other than the information contained in the press release furnished as Exhibit 99.1 to this Report on Form 6-K) shall be deemed to be incorporated by reference into the registration statements
      on Form S-8 (File Nos. 333-261320, 333-265949 and 333-269201) of Iris Energy Limited and to be a part thereof from the date on which this report is filed to the extent not superseded by documents or reports subsequently filed or furnished.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The information contained in the press release furnished as Exhibit 99.1 to this Report on Form 6-K shall not be deemed &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
      &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company&#8217;s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or
      after the date hereof, except as shall be expressly set forth by specific reference in any such filing.</div>
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    <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
    <div>&#160;</div>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Exhibit</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">No.</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Description</div>
          </td>
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        <tr>
          <td nowrap="nowrap" rowspan="1" style="width: 8%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 90%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0);"><a href="brhc20054635_ex99-1.htm">99.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 90%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Press Release of Iris Energy Limited, dated June 20, 2023</div>
          </td>
        </tr>

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    <div>&#160;</div>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div>&#160;</div>
    <div>Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
    <div>&#160;</div>
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          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Iris Energy Limited</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: middle; padding-bottom: 2px;">Date: June 20, 2023</td>
          <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">By:</td>
          <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Daniel Roberts</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Daniel Roberts</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Co-Chief Executive Officer and Director</div>
          </td>
        </tr>

    </table>
    <div><br>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc20054635_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
    </div>
    <div style="text-align: right;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div>
      <div style="color: rgb(5, 27, 79); font-size: 12pt; font-weight: bold;"> <img src="image00002.jpg"></div>
      <div style="text-align: center; color: #051B4F; font-size: 12pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Iris Energy Announces 9.1 EH/s Expansion Plan and</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Revitalization of HPC Strategy</div>
      <div>&#160;</div>
      <div style="text-align: justify;">SYDNEY, AUSTRALIA, June 20, 2023 (GLOBE NEWSWIRE) -- <u>Iris Energy Limited</u> (NASDAQ: <u>IREN</u>) (together with its subsidiaries, &#8220;Iris Energy&#8221;, &#8220;the Company&#8221; or &#8220;the Group&#8221;), a leading owner and operator of
        institutional-grade, highly efficient Bitcoin mining data centers powered by 100% renewable energy, today announced its expansion plan to 9.1 EH/s and revitalization of its high-performance computing (&#8220;HPC&#8221;) data center strategy, and provided a
        limited recourse equipment financing update.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Key Highlights</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z03730ac3db064900b5085317d9607759" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Childress Phase 1 (first 100MW): construction of remaining 80MW underway, targeting expansion of data center capacity from 5.6 EH/s to ~9.1 EH/s<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> by early 2024<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
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      <table cellspacing="0" cellpadding="0" id="zddffbab21f0e4e60bbcd24e5d0dfe5bd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Childress Phase 2 (second 100MW): long-lead items ordered to unlock ~13.6 EH/s<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
            </td>
          </tr>

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      <table cellspacing="0" cellpadding="0" id="zebebc0b0e1f84241a09b37992c0c901d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Near-term focus on data center construction, retaining flexibility on timing for miner purchases</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z2c6f92de0de64157871b44ca2e20ad7a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Prior HPC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> data center strategy revitalized with early traction for potential use of current sites, as well as additional global sites under development</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: center;"><img src="image00003.jpg">
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;">Iris Energy is pleased to announce the construction of the remaining 80MW of data centers for Phase 1 (first 100MW) at its 600MW Childress site is underway. The additional 4 x 20MW data centers are expected to
        increase the Company&#8217;s potential operating capacity by ~63% (from 5.6 EH/s to 9.1 EH/s<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>) and is targeted for completion by early 2024<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Additional long-lead items also continue to be procured, including for Childress Phase 2 (second 100MW) which is expected to unlock ~13.6 EH/s<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> of data center capacity.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Near-term focus remains on data center construction, whilst retaining flexibility on timing for miner purchases, which is subject to funding and market conditions. The Company remains well capitalized with ~$64m of
        cash<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>, no debt, operating cashflows from its existing 5.6 EH/s, as well as additional optionality from its committed equity facility.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The Company also advises that its previous HPC data center strategy is now a parallel focus. Significant time was invested in exploring the strategy ~3-4 years ago, including signing a strategic memorandum of
        understanding with Dell Technologies in March 2020 to test and develop potential data center solutions for energy intensive compute applications, including leveraging Dell Technologies&#8217; HPC and artificial intelligence expertise. Developments
        continue to accelerate in the sector, including the growth of computing power and clean energy requirements. Recent discussions with market participants have further validated this previous work and that the time may be right to expand into this
        sector, utilizing Iris Energy&#8217;s four existing operating sites and/or its geographically diversified portfolio of additional global sites currently under development. The Company&#8217;s approach to 100% renewable energy has been a key focus for many
        prospective HPC counterparties.</div>
      <div><br>
      </div>
      <hr noshade="noshade" align="left" style="height: 2px; width: 25%; color: #54301A; background-color: #54301A; margin-left: 0px; margin-right: auto; border: none;">
      <div style="font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Assumes purchase of Bitmain S19 XP miners. Additional miners have not yet been purchased and the Company will continue to monitor the market for purchase opportunities. Hashrate figures may change depending
        on miner procurement selection.</div>
      <div style="font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Indicative timing for completion of data centers. All timing references are to calendar years, unless otherwise specified.</div>
      <div style="font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> Refers to the practice of aggregating computing resources to perform computationally intensive operations. Potential applications include AI / machine learning, health care, engineering, aerospace, media
        &amp; entertainment and finance.</div>
      <div style="font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup> Reflects USD equivalent, unaudited preliminary cash, cash equivalents and term deposits as of May 31, 2023.</div>
      <div style="font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5 </sup>Per investor update presentation dated May 10, 2023.</div>
      <div style="color: #051B4F; font-size: 8pt;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: right;"><font style="font-weight: bold;"><br>
            </font></div>
          <div>
            <div style="color: rgb(5, 27, 79); font-size: 12pt; font-weight: bold;"> <img src="image00002.jpg"></div>
          </div>
        </div>
      </div>
      <div style="text-align: justify; font-weight: bold;">Limited recourse equipment financing update</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><a name="z_Hlk138104312"></a>As previously disclosed by the Company, the lender to two wholly owned special purpose vehicle borrowers in relation to limited recourse equipment financing facilities (the &#8220;Non-Recourse
        SPVs&#8221;) is pursuing remedies available to it with respect to such facilities, and has previously appointed PricewaterhouseCoopers as receiver (&#8220;PwC&#8221;) with respect to the two Non-Recourse SPVs. A hearing was held last week in The Supreme Court of
        British Columbia where the lender sought, among other things, declarations to the effect that any difference between revenue generated by the Non-Recourse SPVs through provision of hashpower services to the Company and Bitcoin mined by the Company
        is collateral securing such facilities, as well as substantive consolidation of Group entities, which were vigorously defended by the Company and the Non-Recourse SPVs. A decision by the Court is pending. The receiver, PwC, advised the Court that
        it is not taking a position on the lender&#8217;s application. The Company believes these claims are without merit.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">About Iris Energy</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z45290c2f6b184176a23b87749a8d7f11" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>100% renewables</u>: Iris Energy targets markets with low-cost, under-utilized renewable energy, and where the Company can support local communities</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zd32343b8d33e47fcbfd1bd6fd6b88e66" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Long-term security over infrastructure, land and power supply</u>: Iris Energy builds, owns and operates its electrical infrastructure and proprietary data centers, providing long-term security and operational control over its assets</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zb043d1c226fa4794a7fd6543d2cdabbe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><u>Seasoned management team</u>: Iris Energy&#8217;s team has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centers with cumulative experience in delivering &gt;$25bn in
                energy and infrastructure projects globally</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-weight: bold;"><a name="z_Hlk126867295"></a>Forward-Looking Statements</div>
      <div><br>
      </div>
      <div style="text-align: justify;">This market update includes &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Iris Energy&#8217;s
        future financial or operating performance. For example, forward-looking statements include but are not limited to the Company&#8217;s business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In
        some cases, you can identify forward-looking statements by terminology such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;can,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;project,&#8221; &#8220;strive,&#8221; &#8220;budget,&#8221; &#8220;forecast,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;target&#8221;, &#8220;will,&#8221;
        &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;scheduled&#8221; or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking
        statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to
        expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.</div>
      <div style="text-align: justify; color: #051B4F;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: right;"><font style="font-weight: bold;"><br>
            </font></div>
          <div>
            <div style="color: rgb(5, 27, 79); font-size: 12pt; font-weight: bold;"> <img src="image00002.jpg"></div>
          </div>
        </div>
      </div>
      <div style="text-align: justify;"><a name="z_Hlk126767198"></a>These forward-looking statements are based on management&#8217;s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks,
        uncertainties and other important factors that may cause Iris Energy&#8217;s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking
        statements, including, but not limited to: Iris Energy&#8217;s limited operating history with operating losses; electricity outage, limitation of electricity supply or increase in electricity costs, as well as limitations on the availability of
        electrical supply for Bitcoin mining due to restrictions imposed by governmental authorities or otherwise; long term outage or limitation of the internet connection at Iris Energy&#8217;s sites; any critical failure of key electrical or data center
        equipment; serial defects or underperformance with respect to Iris Energy&#8217;s equipment; failure of suppliers to perform under the relevant supply contracts for equipment that has already been procured which may delay Iris Energy&#8217;s expansion plans;
        supply chain and logistics issues for Iris Energy or Iris Energy&#8217;s suppliers; cancellation or withdrawal of required operating and other permits and licenses; customary risks in developing greenfield infrastructure projects; Iris Energy&#8217;s evolving
        business model and strategy; Iris Energy&#8217;s ability to successfully manage its growth; Iris Energy&#8217;s ability to raise additional financing (whether because of the conditions of the markets, Iris Energy&#8217;s financial condition or otherwise) on a timely
        basis, or at all, which could adversely impact the Company&#8217;s ability to meet its capital commitments (including payments due under any hardware purchase contracts or debt financing obligations) and the Company&#8217;s growth plans; the failure of Iris
        Energy&#8217;s wholly-owned special purpose vehicles to make required payments of principal and/or interest under their limited recourse equipment financing arrangements when due or otherwise comply with the terms thereof, as a result of which the lender
        thereunder has declared the entire principal amount of each loan to be immediately due and payable, and is taking steps to enforce the indebtedness and its rights in the Bitcoin miners with respect to certain of such loans and other assets securing
        such loans, including appointing a receiver with respect to such special purpose vehicles, which is expected to result in the loss of the relevant Bitcoin miners securing such loans and has materially reduced the Company&#8217;s operating capacity, and
        could also lead to bankruptcy or liquidation of the relevant special purpose vehicles, and materially and adversely impact the Company&#8217;s business, operating expansion plans, financial condition, cash flows and results of operations; the terms of
        any additional financing or any refinancing, restructuring or modification to the terms of any existing financing, which could be less favorable or require Iris Energy to comply with more onerous covenants or restrictions, any of which could
        restrict its business operations and adversely impact its financial condition, cash flows and results of operations; competition; Bitcoin prices, global hashrate and the market value of Bitcoin miners, any of which could adversely impact its
        financial condition, cash flows and results of operations, as well as its ability to raise additional financing and the ability of its wholly owned special purpose vehicles to make required payments of principal and/or interest on their equipment
        financing facilities; risks related to health pandemics including those of COVID-19; changes in regulation of digital assets; and other important factors discussed under the caption &#8220;Risk Factors&#8221; in Iris Energy&#8217;s annual report on Form 20-F filed
        with the SEC on September 13, 2022, and the Company&#8217;s report on Form 6 K filed with the SEC on February 15, 2023, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC&#8217;s website at <u>www.sec.gov</u>
        and the Investor Relations section of Iris Energy&#8217;s website at <u>https://investors.irisenergy.co</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this investor update. Any forward-looking statement that Iris Energy
        makes in this investor update speaks only as of the date of such statement. Except as required by law, Iris Energy disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking
        statements, whether as a result of new information, future events or otherwise.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Contacts</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="z2a428d4bc60c48d78b8cdc7bacb9d367" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="font-weight: bold;">Investors</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="font-weight: bold;">Media</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div>Lincoln Tan</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div>Jon Snowball</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div>Iris Energy</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div>Domestique</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div>+61 407 423 395</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div>+61 477 946 068</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div><u>lincoln.tan@irisenergy.co</u></div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify;">To keep updated on Iris Energy&#8217;s news releases and SEC filings, please subscribe to email alerts at <u>https://investors.irisenergy.co/ir-resources/email-alerts</u>.</div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
