Scaling AI Cloud Services  Exceptional customer feedback  “We are seriously impressed by the performance of the hostdevice DMA transfers…the number is 3x bigger than any other hardware setup we have worked with”  12  IREN’s NVIDIA H100 GPU deployment at its Prince George data center  In parallel with growth in Bitcoin mining  Testing on-demand market  Equipment financing presents potential path to scale   $500m GPU financing  April 2024  $2.3bn GPU financing  August 2023 

 >3,000MW power & land portfolio  03 

 AI’s impending power crunch  >3,000MW power & land portfolio presents significant opportunity   14  Source: Morgan Stanley Research (April 2024). $5-$12/Watt range relates to the “time to power” benefit of converting a mining facility to a data center (vs. building a data center without grid access and going through the typical interconnection process).  Data center growth is hampered by grid connection wait times  Morgan Stanley valued access to power at ~$5-12/Watt  3,000MW = 3,000,000,000 Watts  IREN exploring structures to unlock value from its power & land portfolio 

 Financial summary  04 

 Illustrative comparative economics  Bitcoin Mining  AI Cloud Services  Business  Bitcoin network security (Bitcoin rewards sold daily)  GPU compute for AI customers  Hardware  Application-Specific Integrated Circuit (ASIC)  Graphics Processing Unit (GPU)  Monetization1, 2  Per Bitcoin mined  Revenue: Spot price  Electricity Cost: ~$17k  Per GPU hour  Revenue: ~$2.00-$2.50  Electricity Cost: ~$0.06  Annualized hardware profit3  30 EH/s: ~$408m  816 GPU Cluster: ~$14m-$17m  Hardware payback period4  ~12 to 24 months  ~24 months  16  THE ABOVE INFORMATION IS FOR GENERAL INFORMATION and illustrative PURPOSES ONLY. THE BITCOIN MINING AND AI CLOUD SERVICES ANNUALIZED HARDWARE PROFIT OUTPUTS ARE FOR ILLUSTRATIVE PURPOSES ONLY AND SHOULD NOT BE CONSIDERED PROJECTIONS OF IRIS ENERGY’S OPERATING PERFORMANCE. SUCH OUTPUTS ARE BASED ON IMPORTANT ASSUMPTIONS AND HISTORICAL INFORMATION, INCLUDING INFORMATION AND CALCULATIONS FROM THIRD PARTY SOURCES (INCLUDING WEBSITES). WE HAVE NOT INDEPENDENTLY VERIFIED SUCH INFORMATION AND CALCULATIONS, AND SUCH INFORMATION AND CALCULATIONS ARE SUBJECT TO IMPORTANT LIMITATIONS AND COULD PROVE TO BE INACCURATE. THE ILLUSTRATIVE OUTPUTS ARE BASED ON HISTORICAL OR THIRD-PARTY INFORMATION WHICH MAY OR MAY NOT MATERIALIZE IN THE FUTURE (INCLUDING THE ABILITY TO CONTRACT CUSTOMERS AT SUCH PRICING, OR AT ALL) – accordingly, there is no assurance that any illustrative outputs WILL BE ACHIEVED within the timeframes presented or at all OR THAT HARDWARE WILL OPERATE AT 100% UPTIME. The illustrative outputs assume HARDWARE is fully installed and operating today using the above assumptions. These assumptions are likely to be different in the future and users should input their own assumptions. THE ABOVE AND THIS PRESENTATION SHOULD BE READ STRICTLY IN CONJUNCTION WITH THE FORWARD-LOOKING STATEMENTS DISCLAIMER ON PAGE 2.   Note: Refer to assumptions and notes on page 23. 

 AI Cloud Services revenue  17  Continuing to scale 

 Strong cashflow generation  18  Reflects cash generation from our data centers and quality of underlying operations   $47.9m positive operating cashflow  Reinvested into growth  $8.6m positive NPAT  No reliance on Bitcoin revaluation  Consolidated statement of cashflows  Consolidated statement of profit or loss 

 Adjusted EBITDA  19  3Q FY24 vs. 2Q FY24  US$m1  Three months ended March 31, 2024  Three months ended December 31, 2023  Bitcoin mining revenue  53.4  42.0  AI Cloud Service revenue  0.6  -  Other income  0.4  0.5  Electricity charges  (19.8)  (16.7)  Realized gain/(loss) on financial asset  0.1  0.1  Other costs  (12.9)  (12.0)  Adjusted EBITDA  21.8  13.9  Adjusted EBITDA Margin  40%  33%  Reconciliation to consolidated statement of profit or loss  Add/(deduct):  Reversal of impairment of assets  -  0.1  Share-based payment expense -  $75 exercise price options  (2.9)  (3.0)  Share-based payment expense - other  (2.9)  (2.9)  Foreign exchange gain/(loss)  4.7  (4.7)  Other expense items3  (0.2)  (2.5)  Unrealized gain/(loss) on financial asset4  (1.1)  (0.3)  EBITDA  19.4  0.6  Finance expense  (0.1)  (0.0)  Interest income  1.5  0.7  Depreciation  (8.7)  (7.6)  Profit/(loss) before income tax expense for the period  12.1  (6.3)  Income tax (expense)/benefit  (3.5)  1.1  Profit/(loss) after income tax expense for the period  8.6  (5.2)  Adjusted EBITDA increased from $13.9m to $21.8m  Bitcoin mining revenue increased from $42.0m to $53.4m  Increase in average operating hashrate (5.6 EH/s to 6.4 EH/s)  12% or 141 BTC decrease in BTC mined(1,144 BTC to 1,003 BTC)  +45% increase in average price realised per BTC mined($36.8k to $53.2k)  Average net electricity cost2 per BTC mined increased from $(14.1)k to $(19.3)k  Other costs include (3Q FY24):  Employee benefits expenses $(4.3)m   Site operating costs $(2.1)m   Insurance costs $(1.8)m  Professional fees $(1.8)m  Provision for Canadian non-refundable sales tax $(1.4)m   For further detail, see our unaudited interim financial statements for the nine months ended March 31, 2024, included in our Form 6-K filed with the SEC on May 15, 2024.  See slide net electricity costs for a detailed breakdown of amount.   Other expense items include one-off professional fees including legal fees.  Unrealized loss on financial asset represents the change in the fair value of the financial asset recorded in relation to electricity purchased for future usage periods.  

 Adjusted EBITDA  20  3Q YTD FY24 vs. 3Q YTD FY23   US$m  Nine months ended March 31, 2024  Nine months ended March 31, 2023  Bitcoin mining revenue  129.8  41.3  AI Cloud Service revenue  0.6  -  Other income  0.9  3.1  Electricity charges  (55.9)  (19.9)  Realized gain/(loss) on financial asset  3.2  -  Other costs  (36.1)  (32.2)  Adjusted EBITDA  42.5  (7.7)  Adjusted EBITDA Margin  32%  (16%)  Reconciliation to consolidated statement of profit or loss  Add/(deduct):  Gain/(loss) on disposal of subsidiaries  -  3.3  Impairment of assets2  -  (105.2)  Reversal of impairment of assets  0.1  0.0  Share-based payment expense - $75 exercise price options  (8.7)  (8.9)  Share-based payment expense - other  (8.9)  (1.4)  Foreign exchange gain/(loss)  2.3  (2.6)  Other expense items3  (3.4)  (0.2)  Unrealized gain/(loss) on financial asset4  (1.3)  -  EBITDA  22.5  (122.7)  Finance expense  (0.2)  (16.2)  Interest income  2.9  0.5  Depreciation  (23.9)  (24.1)  Profit/(loss) before income tax expense for the period  1.3  (162.6)  Income tax (expense)/benefit  (3.2)  (2.3)  Profit/(loss) after income tax expense for the period  (1.9)  (164.9)  Adjusted EBITDA of $42.5m and Net cash from operating activities of $47.9m for the nine months ended 31 March 2024  Bitcoin mining revenue increased from $41.3m to $129.8m   Increase in average operating hashrate (2.0 EH/s to 5.8 EH/s)  68% or 1,368 BTC increase in BTC mined(2,003 BTC to 3,371 BTC)  +87% increase in average price realised per BTC mined($20.6k to $38.5k)  Average net electricity cost2 per BTC mined increased from $(9.9)k to $(15.4)k  Other costs include (3Q YTD FY24):  Employee benefits expenses $(12.8)m   Site operating costs $(5.9)m   Insurance costs $(4.8)m  Professional fees $(4.3)m  Provision for Canadian non-refundable sales tax $(4.3)m   See slide net electricity costs for a detailed breakdown of amount.   Impairment of assets for the nine months ended March 31, 2023 includes $(15.2) million previously reported as loss on other receivables.   Other expense items include one-off professional fees including legal fees.  Unrealized loss on financial asset represents the change in the fair value of the financial asset recorded in relation to electricity purchased for future usage periods.  

 Consolidated statement of cashflows  21  Net increase in cash and cash equivalents of $190.7m for the nine months ended March 31, 2024  Increase in net cash from operating activities to $47.9m due to increase in average operating hashrate (2.0 EH/s to 5.8 EH/s) coupled with a higher average realized bitcoin price   Increase in net cash used in investing activities to $188.0m due to expansion at Childress data center and purchase of 816 NVIDIA H100 GPUs  Increase in net cash from financing activities to $330.8m with $332.1m received from shares sold under the ATM and ELOC  3Q YTD FY24 vs. 3Q YTD FY23   US$m  Nine months ended March 31, 2024  Nine months ended March 31, 2023  Cash flows from operating activities  Receipts from Bitcoin mining activities  129.4  43.7  Receipts from AI Cloud Service revenue  1.1  -  Receipts from ERS revenue  0.4  -  Payments for electricity, suppliers and employees (inclusive of GST)  (85.9)  (41.1)  Interest received  3.0  0.5  Other revenue  -  0.0  Interest paid  (0.1)  (4.1)  Net cash from/(used in) operating activities  47.9  (1.0)  Cash flows from investing activities  Payments for property, plant and equipment net of hardware prepayments  (112.7)  (93.6)  Payments for computer hardware prepayments  (70.6)  -  Repayments/(advancement) of loan proceeds  -  2.3  Prepayments and deposits  (4.7)  (7.4)  Proceeds from disposal of property, plant and equipment  -  30.6  Deconsolidation of Non-Recourse SPVs  0.0  (1.2)  Net cash from/(used in) in investing activities  (188.0)  (69.3)  Cash flows from financing activities  Capital raising costs  (0.9)  (0.9)  Repayment of borrowings  -  (9.4)  Capital raising receipts  332.1  7.5  Payment of borrowing transaction costs  -  (0.3)  Repayment of lease liabilities  (0.4)  (0.2)  Net cash from/(used in) financing activities  330.8  (3.2)  Net increase/(decrease) in cash and cash equivalents  190.7  (73.5)  Cash and cash equivalents at the beginning of the period  68.9  110.0  Effects of exchange rate changes on cash and cash equivalents  0.1  (3.3)  Cash and cash equivalents at the end of the period  259.7  33.2 

 Balance sheet  22  March 31, 2024  US$m  March 31, 2024  June 30, 2023  Assets  Cash and cash equivalents  259.7  68.9  Other receivables  35.9  6.5  Financial assets at fair value through profit or loss  3.4  -  Prepayments and other assets  11.2  13.8  Total current assets  310.2  89.2  Property, plant and equipment  357.1  241.1  Right-of-use assets  1.6  1.4  Other non-current assets  54.7  0.4  Total non-current assets  413.4  242.8  Total assets  723.6  332.1  Liabilities  Lease liabilities - current  0.2  0.2  Other current liabilities  41.3  23.8  Total current liabilities  41.5  24.0  Lease liabilities - non-current  1.5  1.3  Other non-current liabilities  3.4  1.5  Total non-current liabilities  4.9  2.7  Total liabilities  46.4  26.7  Equity  677.2  305.4  Total equity  677.2  305.4  Total equity and liabilities  723.6  332.1  Cash and cash equivalents of $259.7m  No debt facilities  Total assets of $723.6m  Strong balance sheet to fund future growth  Total equity increased to $677.2m with gross proceeds of $369.9m from 73.5m shares sold under the ATM and ELOC1  Cash increased to $321.5m (as of April 30, 2024)2  Subsequent to March 31, 2024, the Company sold a further 8,172,310 Ordinary shares for aggregate net proceeds of ~$43.5 million. The total number of Ordinary shares as of May 12, 2024 is 146,584,041.  Reflects USD equivalent, unaudited preliminary cash, cash equivalents and term deposits as of April 30, 2024, which includes $71.8m of ATM proceeds from shares issued subsequent to March 31, 2024.  

 Assumptions and notes  23  Page 5  Overall nameplate fleet efficiency of 16 J/TH at 30 EH/s.  Represents indicative electricity cost per bitcoin mined assuming 30 EH/s, nameplate fleet efficiency of 16 J/TH, weighted average power cost of $0.037/kWh ($0.045/kWh in BC and $0.033/kWh in Texas – latter calculated using actual monthly average net power price at Childress during FY24 to date (i.e. July 2023 to March 2024), including ERS revenue and adjusted for now eligible 4CP benefit), current global hashrate of 595 EH/s, block reward of 3.125 BTC per block and transaction fees of 0.3 BTC per block.  Page 7  Reflects average Enterprise value / installed EH/s multiple for MARA, CLSK and RIOT. Data sourced from Bloomberg and public company filings (as of May 10, 2024). Enterprise value = market capitalization + total debt – (cash + digital assets). HODL balances converted at a $63,000 Bitcoin price.  The Company continues to consider a range of funding opportunities such as equity, corporate debt and equipment financing.  Page 9  Bitcoin mined and installed hashrate as reported in April 2024 monthly operating updates. IREN installed hashrate as of May 14, 2024.  Bloomberg market data (as of May 10, 2024).  Page 11  GPU capex reflects purchase of 2,500 NVIDIA H100 GPUs at ~$40k per GPU.  Assumes 1.25kW power draw required for 1 GPU and 2,500 NVIDIA H100 GPUs.  Illustrative Hardware Profit = revenue less assumed electricity costs (excludes all other site, overhead and REC costs). Calculations assume 2,500 GPUs operating at 100% uptime, $0.05/kWh energy price and GPU pricing at mid-point of $2.00 - $2.50 per GPU hour (subject to customer contracts).   Page 16  Electricity Cost per Bitcoin mined reflects assumptions tabled above (indicative electricity cost per bitcoin mined assuming 30 EH/s),   Electricity Cost per GPU hour assumes 1.25kW power draw required for 1 GPU and illustrative $0.05/kWh energy price. $2.00-$2.50 AI Cloud Service illustrative pricing assumption reflects observed AI cloud pricing benchmarks.  Illustrative Annualized Hardware Profit = revenue less assumed electricity costs (excludes all other site, overhead and REC costs). Calculations assume hardware operates at 100% uptime and $0.037/kWh electricity costs. Source: Coinwarz Bitcoin Mining Calculator. Inputs: $63,000 (Bitcoin price), 30,000 PH/s (hashrate), ~595 EH/s (global hashrate), 3.125 BTC (block reward), 0.3 BTC (transaction fees), 0.15% (pool fees), 503MW (power consumption). AI Cloud Services illustrative annualized hardware profit assumes pricing of $2.00-$2.50 per GPU hour.  Hardware payback period calculations based on recent observed ASIC and GPU purchase orders and market pricing benchmarks (based on hardware capex only, e.g. excluding data centers). ASIC capex assumes $18.9/TH pricing. GPU capex assumes $40k per H100 GPU pricing. Hardware payback period calculated based on Hardware Profit, which represents revenue less assumed electricity costs (excludes all other site, overhead and REC costs). ~12 to 24 month Bitcoin Mining payback period based on current Bitcoin mining economics across a range of Bitcoin prices, and historical observed hardware pricing. 

 Additional information  05 

 Consolidated statement of profit or loss  25  3Q FY24 vs. 2Q FY24  US$m  Three months ended March 31, 2024  Three months ended December 31, 2023  Revenue  Bitcoin mining revenue  53.4  42.0  AI Cloud Service revenue  0.6  -  Other income  0.4  0.5  Total Revenue  54.3  42.6  Expenses  Depreciation  (8.7)  (7.6)  Electricity charges  (19.8)  (16.7)  Realized gain/(loss) on financial asset  0.1  0.1  Employee benefits expense  (4.3)  (4.3)  Share-based payments expense1  (5.8)  (6.0)  Reversal of impairment of assets  -  0.1  Professional fees  (2.0)  (2.3)  Site expenses  (2.1)  (1.8)  Other operating expenses  (4.5)  (6.0)  Unrealized gain/(loss) on financial asset  (1.1)  (0.3)  Operating profit/(loss)  6.0  (2.2)  Finance expense  (0.1)  (0.0)  Interest income  1.5  0.7  Foreign exchange gain/(loss)  4.7  (4.7)  Profit/(loss) before income tax expense for the period  12.1  (6.3)  Income tax (expense)/benefit  (3.5)  1.1  Profit/(loss) after income tax expense for the period  8.6  (5.2)  3Q FY24 Profit after income tax of $8.6m, being an increase of $13.8m  Improvement primarily due to increase in Bitcoin mining revenue  Key non-cash items in the 3Q FY24 profit after income tax of $8.6m:  Share-based payment expense of $(5.8)m  Depreciation of $(8.7)m  $(2.9)m of the 3Q FY24 expense relates to amortization of $75 exercise price options which were granted pre-IPO (with $370 to $1,850 initial share price vesting conditions). 

 Net electricity costs   26  Reconciliation of Electricity charges to Net electricity costs   US$m  Three months ended March 31, 2024  Three months ended December 31, 2023  Nine months ended March 31, 2024  Nine months ended March 31, 2023  Electricity charges  (19.8)  (16.7)  (55.9)  (19.9)  Add/(deduct) the following:   Realized gain/(loss) on financial asset  0.1  0.1  3.2  -  ERS revenue (included in Other income)   0.4  0.5  0.9  -  ERS fees (included in Other operating expenses)  (0.0)  (0.0)  (0.1)  -  Net electricity costs   (19.4)  (16.1)  (51.9)  (19.9)  Bitcoin mined (number)  1,003   1,144    3,371    2,003   Net electricity costs per Bitcoin mined ($thousands)  (19.3)  (14.1)  (15.4)  (9.9) 

 www.iren.com  Thank you  27