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Docusign 封筒 ID: CA741DAC-AA450-44430-9600 億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Consolidated Annual Financial Report - 30 June 2024

Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Directors’ Report 30 June 2024 3 Directors The following persons were Directors of Iris Energy Limited (d/b/a IREN) during the financial year and at the date of this report: Mr. Daniel Roberts (Executive Director and Co-CEO) (Appointed 6 November 2018) Daniel Roberts is a Co-Founder, Co-Chief Executive Officer and director of Iris Energy Limited (d/b/a IREN). Mr. Roberts has over 20 years’ experience in the finance, infrastructure and renewables industries. Prior to founding Iris Energy Limited (d/b/a IREN), Mr. Roberts was an Executive Director of, and the second largest individual shareholder in, Palisade Investment Partners, an infrastructure funds management business based in Sydney. Prior to Palisade Investment Partners, Mr. Roberts worked at Macquarie Group and PricewaterhouseCoopers in London and Sydney, respectively. Mr. Roberts currently serves on the board of JOLt, a Blackrock-backed electrical vehicle charging business where he is also the second largest individual shareholder. Mr. Roberts has previously served as a board member of various entities involved in airports, ports, gas pipelines, bulk liquid storage businesses, waste treatment facilities and wind and solar farms, including Granville Harbour Wind Farm, Ross River Solar Farm, Northern Territory Airports, Sunshine Coast Airport, ANZ Terminals Pty Ltd and Tasmanian Gas Pipeline. Mr. Roberts holds a Bachelor of Business from University of Technology Sydney and a Master of Finance (Dean’s List) from INSEAD Business School. Mr. Roberts is the brother of William Roberts, who also serves as a Co-Chief Executive Officer of Iris Energy Limited (d/b/a IREN). Mr. William Roberts (Executive Director and Co-CEO) (Appointed 6 November 2018) William Roberts is a Co-Founder, Co-Chief Executive Officer and director of Iris Energy Limited (d/b/a IREN). Mr. Roberts has over 13 years’ experience in finance, real assets and commodities markets, including debt financing and principal investment across resources mining projects, as well as managing foreign exchange and commodity price risks. Prior to founding Iris Energy Limited (d/b/a IREN), Mr. Roberts worked across accounting and banking, resources, commodities and real assets at Macquarie Group, Westpac and Brookfield Multiplex. At Macquarie Group, he co-founded the newly established Digital Assets team. Mr. Roberts holds a Bachelor of Business (Distinction) from the University of Technology Sydney. Mr. Roberts is the brother of Daniel Roberts, who also serves as a Co-Chief Executive Officer of Iris Energy Limited (d/b/a IREN). Mr. David Bartholomew (Chair) (Appointed 24 September 2021) David Bartholomew has served as the Chair of the Board of Iris Energy Limited (d/b/a IREN) since September 2021. Mr. Bartholomew currently serves as a non-executive director on the boards of Atlas Arteria - a global owner and operator of toll roads, Endeavour Energy - a NSW electricity distributor and Keolis Downer - provides public transport operation and maintenance services in Australia and Atmos Renewables (Independent Non-Executive Chair) - an owner and developer of renewable generation assets in Australia and GHD - a global engineering services firm. Mr. Bartholomew is also External Independent Chair of the Executive Price Review Steering Committee of AusNet Services. Mr. Bartholomew’s executive background includes the role of Chief Executive Officer of DUEt Group, where he oversaw the ASX listed company’s transition to a fully internalized management and governance structure and in which he was appointed to the boards of DUET’s portfolio companies including United Energy Distribution (Victorian electricity distribution), Multinet Gas (Victorian gas distribution), the Dampier to Bunbury Natural Gas Pipeline, Energy Developments Limited (remote and waste-to-energy electricity generation) and Duquesne Light (Pittsburgh, USA electricity distribution). He has also held executive roles at Hastings Funds Management, Lend Lease, The Boston Consulting Group and BHP Minerals. Mr. Bartholomew has also served on the boards of Vector Limited, Power and Water Corporation (NT), Dussur (Saudi Arabia), The Helmsman Project, Interlink Roads (Sydney’s M5 Motorway), Statewide Roads (Sydney’s M4 Motorway), Epic Energy (gas transmission), Sydney Light Rail, Port of Geelong, various forestry companies and Nextgen Networks (communications cable network), representing investors managed by Hastings Funds Management. Mr. Bartholomew holds a Bachelor of Economics (Honours) degree from Adelaide University and an MBA from The Australian Graduate School of Management Mr. Christopher Guzowski (Director) (Appointed 19 December 2019) Christopher Guzowski has served on the Board of Iris Energy Limited (d/b/a IREN) since December 2019. Mr. Guzowski has over 15 years’ international experience in renewable energy project development across Europe and Australia. Mr. Guzowski founded Baltic Wind, developing large scale wind farm projects in Europe from greenfield to operations. He also founded Mithra Energy, developing 10+ solar PV projects in Poland since 2012. Mr. Guzowski was the Project Development Director and commercial development partner of Photon Energy, with a major solar PV pipeline under development in Australia. Mr. Guzowski was the Founding Director of ADCCA - Australian Digital Currency Commerce Association and was a founder of ABA Technology in 2014 (Australian blockchain technology). Mr. Guzowski holds a Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Directors’ Report 30 June 2024 4 Bachelor of Business from University of Technology Sydney and an MBA in Energy Management from Vienna University of Economics and Business. Mr. Michael Alfred (Director) (Appointed 21 October 2021) Michael Alfred has served on the Board of Iris Energy Limited (d/b/a IREN) since October 2021. Mr. Alfred is a private investor, advisor, and board member. Previously, he served as the Chief Executive Officer of Digital Assets Data, Inc., a financial technology and data company building enterprise-grade software and data feeds for the digital asset ecosystem, from when he co-founded the company in January 2018 through its sale to New York Digital Investment Group LLC in November 2020. Mr. Alfred has served as an Advisor to the Chief Executive Officer of Amenify, a real estate technology company, since July 2020, and on the Advisory Board of Outerbridge Capital Management, LLC since December 2019. From October 2016 to January 2018, Mr. Alfred was a Managing Director and member of the five-person executive committee for Strategic Insight, Inc., a provider of data and software to the global asset management industry, which was acquired by Institutional Shareholder Services (ISS) in 2019. Prior to that, Mr. Alfred served as the Chief Executive Officer of BrightScope, Inc., a financial information company providing 40.1万analyses and tools for retirement plan participants, sponsors and advisors, from February 2008 until it was acquired by Strategic Insight, Inc. in October 2016. Prior to co- founding BrightScope, Inc., Mr. Alfred served as Co-Founder and Portfolio Manager of Alfred Capital Management, LLC, a registered investment advisor serving high net worth individuals. Mr. Alfred also serves as a principal investor in a variety of industries including technology and consumer products. Mr. Alfred has served on the boards of Crestone Group, LLC, a national artisan bakery, since March 2015 and Eaglebrook Advisors, a tech-driven digital asset management platform for financial advisors and their clients, since September 2019. Mr. Alfred received a Bachelor of Arts degree in History from Stanford University. Sunita Parasuraman (Director) (Appointed 17 July 2023) Sunita Parasuraman has served on the Board of Iris Energy Limited (d/b/a IREN) since July 2023. During her career as a senior technology executive, Ms. Parasuraman has built and scaled world-class teams at Meta (Facebook), VMware, Genentech, and Apple. Ms. Parasuraman most recently served as the Head of Investments, New Product Experimentation at Meta (Facebook) and, prior to that, served as Facebook’s Global Head of Treasury and Head of Treasury for Facebook’s blockchain initiative (Libra). Ms. Parasuraman currently serves on the board of The Baldwin Group (NASDAQ: BWIN), a leading publicly-traded insurance distribution company, where she is a member of its Audit and Technology & Cyber Risk Committees. She also serves on the board of the IIt Bombay Heritage Foundation, where she is Chair of the Nomination & Governance Committee and a member of its Finance Committee. Ms. Parasuraman holds a Bachelor's degree in Engineering from the Indian Institute of Technology (IIT), Bombay, a Master’s degree in Engineering from the University of Pennsylvania and an MBA from the University of California, Berkeley’s Haas School of Business. Company Secretary Cesilia Kim has been the Chief Legal Officer and Company Secretary of Iris Energy Limited (d/b/a IREN) since January 2023. Ms. Kim is a senior executive and lawyer with over 20 years’ experience across renewable energy, water, infrastructure, corporate governance and M&A. Ms. Kim has a strong track record in corporate strategy, major project development and approvals, policy, regulatory reform, governance and risk management. Ms. Kim was most recently Snowy Hydro Limited's Group Executive - External Affairs, Procurement and Legal with a broad commercial and multi- disciplinary remit, including procurement, corporate affairs, regulatory strategy and legal. Prior to this, Ms. Kim was in private practice at Allens Linklaters. Ms. Kim holds a Bachelor of Commerce degree and a Bachelor of Laws (Honors) degree from the University of Sydney, Australia, and is a member of the Australian Institute of Company Directors. Principal activities The Group is an owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by renewable energy. During the year ended 30 June 2024, the Group operated from three sites in Canada at Canal Flats, Mackenzie and Prince George in British Columbia, and from one site in the U.S. at Childress, Texas. Dividends There were no dividends paid, recommended, or declared during the current or previous financial year.

Docusign封筒ID：CA741DAC-AA450-44430-9600億1F2B9DFE9770億アイリスエナジー株式会社（通称IREN）役員報告 2024年6月30日 5
事業レビュー
税引き後のグループの損失額は、28,955,000ドル（2023年6月30日：171,871,000ドル）でした。
主要ビジネス運営メトリクスは以下の通りです：
・ビットコインマイニング売上高が184,087,000ドル（2023年6月30日：75,509,000ドル）
・マイニングから獲得されたビットコインの数量は4,191（2023年6月30日：3,259）
事業状況の大きな変化 ATM施設 2023年9月13日、アイリスエナジー株式会社（通称IREN）はb。ライリーシューリティーズインク、キャントールフィッツジェラルド＆コー、コンパスポイントリサーチアンドトレーディングLLKとAt Market Sales Agreementを締結しました。、カナコードジェニュイティLLC、シティグローバルマーケット株式会社、マッコリーキャピタル（USA）株式会社が2024年3月21日に加わりました（以下、売り手代理者と総称します）。売り上げ契約に基づき、アイリスエナジー株式会社（通称IREN）は提出可能な効力ある登録声明書に登録された額と、我々が目論見書を提出した額、および取締役会または取締役が承認した額数回にわたり、または売買する機会がある額を超えないように、売り手代理者を通じて普通株式をいつでも提供および売却できます。結果として、アイリスエナジー株式会社（通称IREN）は、売り上げ契約に基づき、売り上げ契約の条件に従って、提供可能な普通株式の数量を増やすことができます。2024年6月30日現在、アイリスエナジー株式会社（通称IREN）は、売り上げ契約に基づいて計108,063,868株の株式を合計771,438,000ドルで売却しました。この財務年度中にグループの他に大きな状況変大きな状況変更はありませんでした。財務年度後の事項ビットメインハードウェア購買 2024年8月19日、グループはBitmain Technologies Delaware Limited（以下「Bitmain」）との新しい確定購入契約を締結し、約39,000台のBitmain S21 XPマイナー（約10.5 EH/s）を1THあたり21.5ドルで購入することを決定しました。購入されたマイナーは2024年10月と11月に出荷される予定です。総契約コスト（送料および税金を除く）は、分割で支払う226,395,000ドルです。 2024年6月30日以降、2024年6月30日以降に大きく影響を与えた、または将来の財政年度においてグループの運営、運営の結果、またはグループの事業状況に大きな影響を与える可能性のある、その他の重大な事項または状況はありません大幅な進展取締役会は、グループの運営やその結果等に関するさらなる情報の開示は商業的に機密情報であり、グループにとって損害をもたらし、理不尽な偏見をもたらす可能性があると考えています。環境規制グループの通常業務および物件は、グループが運営する国および地域での健康および安全、環境への汚染物質の排出、または健康、安全、および環境保護要件に関する様々な法律および規制の対象となっています。取締役会は、グループの環境要件の管理には適切なシステムが整っており、それらの環境要件の重大な違反はないと考えています。取締役会会議 2024年6月30日を終了した会計年度中に、企業の取締役会（「理事会」）と監査およびリスク委員会（ARC）の会議の回数、および各委員が出席した会議の回数は以下のようになります：

Docusign封筒ID：CA741DAC-AA450-44430-9600億1F2B9DFE9770百万アイリスエナジーリミテッド（IREN）取締役報告書2024年6月30日8年上記で説明された発行の各種について、毎年のベスト尺日は、その日を含めて上場日年間財務諸表は、同対年大切に秘密を取り扱うの最後に2014年12月31日以前でない限り、関連するディレクターまたは従業員は、ディレクターグループ、職員福利、個人励振引用定義-この提案の解釈、適用、非適用、修正、変更、解約または終了のLTRIPがいつでも認定する権限を持っています。このレポートは、取締役会の決議に基づいて作成されました。デビッド・バートロメウチェア兼共同最高経営責任者ダニエル・ロバーツ28年2024年8月28年2024年8月

Docusign封筒ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億アイリスエナジーリミテッド（通称IREN）財務諸表の注記 2024年6月30日 13 ノート1. 一般情報合併財務諸表は、イリスエナジーリミテッド（通称IREN）としてのグループ、イリスエナジーリミテッド（通称IREN）（以下「会社」または「親会社」という）と、それによって管理される法人を含む、当該年の終了時点、または期間中のグループをカバーしています。会社の株式は、NASDAQでIRENのティッカーシンボルで取引されています。アイリスエナジーリミテッド（通称IREN）は、オーストラリアに設立されています。登記された事務所および主要事業所は以下のとおりです: 登記された事務所主要事業所 Pitcher Partners Level 12、44 Market Street Level 13、664 Collins Street Sydney NSW 2000 Docklands VIC 3008 オーストラリアオーストラリアグループは、ビットコイン、人工知能などの未来を支えるリーディングカンパニーデータセンタービジネスです。合併財務諸表は、2024年8月28日に取締役会の決議に従って発効および承認されました。取締役は合併財務諸表を修正および再発行する権限を持っています。ノート2. 重要な会計方針合併財務諸表の作成に採用された重要な会計方針は以下に示されています。 Going concern グループは、通常の経営活動の継続、資産の実現および負債の清算を前提とする、通常の業務でのキャッシュフローを生成することを根拠として、グループの継続能力に疑問を投げかける重要な不確実性が存在すると判断しましたが、継続能力に関して疑問を投げかけることを結論づけて、グループの合併財務諸表を作成することが適切であると判断しました。グループの運営キャッシュフローは、ビットコインの採掘の経済とグループがビジネス計画を遂行する能力など、いくつかのキー不確実性およびリスクに本質的に関連しています。 2024年6月30日までの年間、グループの税引き後損失は28,955,000ドルでした（2023年：171,871,000ドル）、純営業キャッシュフローは52,716,000ドルでした（2023年：6,045,000ドル）。2024年6月30日時点、グループは净流動資産401,389,000ドル（2023年：净流動資産65,229,000ドル）、净資産1,097,351,000ドル（2023年：净資産305,361,000ドル）を持っていました。グループは、ビットコインを採掘するために特別に設計された採掘ハードウェアを所有しており、将来の成功はビットコインの価値に大きく依存します。価格の持続的な低下がビジネスと運営の結果に悪影響を及ぼす可能性があります。具体的には、ビットコイン採掘事業からの収入は、主に2つの要因に基づいています：（i）成功した採掘されたビットコイン報酬の数と（ii）ビットコインの価値。ビットコイン価格の市場価格の低下、ビットコイン採掘の困難性の増加、規制環境の変化、および/またはその他の固有リスクの逆転は、グループの操作に重大な否定的な影響を与える可能性があります。ビットコイン価格の変動と上記の他の要因の影響を考慮すると、将来の採掘活動が利益を生み出すことを保証することはできず、グループが成長目標を達成するために資本を調達できる可能性があるかどうかもわかりません。これらのリスクと不確実性を緩和する戦略は、運営効率、収入増加、総合採掘収益の向上、営業費用と運転資本要件の管理、潜在的な資本支出の柔軟性の維持、および必要に応じて1 回以上の債務および/または株式資本調達を通じて追加資金を確保することです。グループの継続的な活性と、その負債と義務を果たすために義務を果たす能力が、従って複数の要因に大きく依存しています。これらの要因は、今後12か月間のキャッシュフロー予測の作成を準備する際に考慮されています。例えば次のものを含み、グループの持続可能性を検討しました: - 最近のビットコインの経済を含むベースケースシナリオ、ビットコイン価格とグローバルハッシュレート; - カナダのブリティッシュコロンビア州にある3つの稼働サイト、160MWの設置定格容量、80MW Mackenzie、50MW Prince George、30MW Canal Flats; - テキサス州チャイルドレスにある第4の稼働サイト、2024年7月31日時点で設置定格容量100MW、2024年12月31日時点で350MWに増加; - グループの成長目標を達成するために必要な追加資金の確保。主要な前提は、ビットコイン価格とグローバルのハッシュレートの範囲を使用してストレステストされています。グループは、業務と資本支出のキャッシュフローを柔軟に維持することを目指して、現実的に意味がある範囲で、内部のキャッシュフロー監視と予測分析を継続的に行って潜在的な流動性リスクを特定し、適切に対応しています。その結果、グループは、グループの継続能力に影響を与える可能性のある出来事や状況に関連する重大な不確実性が存在すると結論付け、それによって、グループが通常の事業活動の中で資産を実現し負債を果たすことができないかもしれないということが明らかになる可能性があり、したがって、グループは、合併財務報告書を承認した日から少なくとも1年間はその義務を果たし、これにより、連結された財務諸表を継続するという前提で合併された財務諸表を準備しました。準備の基礎これらの合併財務諸表は、オーストラリア会計基準（AASBs）に従ってオーストラリア会計基準委員会（AASB）によって発行されたものです。歴史的原価ベース合併財務諸表は、歴史的原価ベースで作成されており、損益計算書上のファーバリューの財務資産および負債を除く。重要な会計上の見積もり合併財務諸表の作成には、一定の重要な会計上の見積もりを使用する必要があります。これには、経営陣がグループの会計方針を適用する過程で判断を行う必要があります。より高い判断の度合いまたは複雑性がある領域、または仮定や見積もりが合併財務諸表にとって重大な要素である領域は、ノート3で開示されています。親会社情報「2001年法」と一致して、これらの財務諸表は、連結エンティティの結果のみを提示します。親会社に関する補足情報は、ノート35に開示されています。親会社の開示。四捨五入会社はASIC Corporations（金融/取締役報告書の丸め）Instrument 2016/191で言及された種類の会社です。このInstrumentに従って、オーストラリアドルで表記されたすべての財務情報は、特に明示されていない限り、最も近い千に丸められています。

Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 2. Material accounting policies (continued) 15 Principles of consolidation The principles outlined below are guided by AASb 10 ‘Consolidated Financial Statements’ and pertain to the preparation of consolidated financial statements for Iris Energy Limited and its subsidiaries. The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Iris Energy Limited as at 30 June 2024 and 30 June 2023 and the results of all subsidiaries for the years ended 30 June 2024 and 30 June 2023. Subsidiaries are all those entities over which the Group has control (as listed in note 27). The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Where the Group loses control over a subsidiary, it derecognizes the assets including goodwill and liabilities in the subsidiary together with any cumulative translation differences recognized in equity. The Group recognizes the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Intercompany transactions, balances and unrealized gains on transactions between entities in the Group are eliminated upon consolidation. Accounting policies of subsidiaries align to the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognized directly in equity attributable to the parent. Operating segments Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ("CODM"). The CODm is responsible for the allocation of resources to operating segments and assessing their performance. Functional and presentation currency The functional currency of the Parent is Australian dollars, whilst the presentation currency of the Group is in US dollars. Some subsidiaries have a functional currency other than Australian dollars which is translated to the presentation currency. The presentation currency of US dollars has been adopted to suit the needs of the primary users of the financial statements. Transactions in currencies other than an entity’s functional currency are initially recorded in the functional currency by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than an entity’s functional currency are retranslated at the foreign exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss. Foreign exchange differences that arise on the translation of monetary items that form part of the net investment in a foreign operation are recognized in the foreign currency translation reserve in the consolidated statements of financial position. Non- monetary assets and liabilities that are measured in terms of historical cost in currencies other than an entity’s functional currency are translated using the exchange rate at the date of the initial transaction. Foreign operations The assets and liabilities of foreign operations are translated into US dollars using the relevant exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into US dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognized in other comprehensive income through the foreign currency translation reserve in equity. The foreign currency reserve, reflecting the cumulative translation differences, is recognized in the consolidated statements of profit or loss when the foreign operation or net investment is disposed of. Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 2. Material accounting policies (continued) 16 Revenue and other income recognition The Group recognizes revenue and other income as follows: Revenue from contracts with customers The Group recognizes revenue under AASb 15, “Revenue from Contracts with Customers” ("AASb 15"). The core principle of this standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: • Step 1: Identify the contract with the customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when the Company satisfies a performance obligation In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets AASb 15’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met: The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following: • Variable consideration • Constraining estimates of variable consideration • The existence of a significant financing component in the contract • Non-cash consideration • Consideration payable to a customer Variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate. Bitcoin mining revenue The Group operates data center infrastructure supporting the verification and validation of Bitcoin blockchain transactions in exchange for Bitcoin, referred to as “Bitcoin mining”. The Group’s revenue is derived from providing computing power (hashrate) to mining pools. The Company has entered into arrangements, as amended from time to time, with mining pool operators to provide computing power to the mining pools. The provision of computing power to mining pools is an output of the Company’s ordinary activities. The Company has the right to decide the point in time and duration for which it will provide computing power. As a result, the Company’s enforceable right to compensation only begins when, and continues as long as, the Company provides computing power to the mining pool. The contracts can be terminated at any time by either party without substantive compensation to the other party for such termination. Upon termination, the mining pool operator (i.e., the customer) is required to pay the Company any amount due related to previously satisfied performance obligations. Therefore, the Company has determined that the duration of the contract is less than 24 hours and that the contract continuously renews throughout the day. The Company has determined that this renewal right is not a material right as the terms, conditions, and compensation amounts are at then market rates. There is no significant financing component in these transactions.

Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 2. Material accounting policies (continued) 17 In exchange for providing computing power, which represents the Company’s only performance obligation, the Company is entitled to non-cash consideration in the form of cryptocurrency, calculated under the Full Pay Per Share ("FPPS") payout methods which contain three components, (1) a fractional share of the fixed cryptocurrency award from the mining pool operator (referred to as a “block reward”), (2) transaction fees generated from (paid by) blockchain users to execute transactions and distributed (paid out) to individual miners by the mining pool operator, and (3) mining pool operating fees retained by the mining pool operator for operating the mining pool. The Company’s total compensation is the sum of the Company’s share of (a) block rewards and (b) transaction fees, less (c) mining pool operating fees. 1. The block reward earned by the Company is calculated by the mining pool operator based on the proportion of hashrate the Company contributed to the mining pool to the total network hashrate used in solving the current algorithm. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool. 2. Transaction fees refer to the total fees paid by users of the network to execute transactions. Under FPPS, the Company is entitled to a pro-rata share of the total network transaction fees. The transaction fees paid out by the mining pool operator to the Company is based on the proportion of hashrate the Company contributed to the mining pool to the total network hashrate. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool. 3. Mining pool operating fees are charged by the mining pool operator for operating the mining pool as set forth in a rate schedule to the mining pool contract. The mining pool operating fees reduce the total amount of compensation the Company receives and are only incurred to the extent that the Company has generated mining revenue pursuant to the mining pool operators’ payout calculation. Because the consideration to which the Company expects to be entitled for providing computing power is entirely variable (block rewards, transaction fees and pool operating fees), as well as being non-cash consideration, the Company assesses the estimated amount of the variable non-cash consideration to which it expects to be entitled for providing computing power at contract inception and subsequently, to determine when and to what extent it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is subsequently resolved. For each contract under the FPPS payout method, the Company recognizes the non- cash consideration on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as the contract inception. The Group measures the non-cash consideration received at the fair market value of the Bitcoin received. Management estimates fair value on a daily basis, as the quantity of Bitcoin received multiplied by the price quoted on Kraken on the day it was received. Management considers the prices quoted on Kraken to be a level 1 input under AASb 13 Fair Value Measurement. The Group did not hold any Bitcoin on hand as at 30 June 2024 (30 June 2023: Nil). AI cloud services revenue The Group generates AI cloud services revenue through the provision of AI cloud services to clients. Revenue is measured at the fair value of the consideration received or receivable for services, net of discounts and sales taxes. The steps involved in recognizing AI cloud services revenue are set out as follows: • AI cloud services revenue is recognized as service revenue rateably over the enforceable term of individual contracts which is typically the stated term. The Company satisfies its performance obligation as these services are provided over time. This method best represents the transfer of services. • Transaction price is determined as the list price of services (net of discounts) that the Company delivers to its customers, considering the term of each individual contract, and the ability to enforce and collect the consideration. • Usage revenue (overage and consumption-based services) is recorded as AI cloud services revenue in the month the usage is incurred/service is consumed by the customer, based on a fixed agreed upon amount per unit consumed. Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 2. Material accounting policies (continued) 18 Other income Other income is recognized when it is probable that the economic benefits will flow to the Group, and the amount of income can be reliably measured. Other income is measured at the fair value of the consideration received or receivable. Gains from the sale of other assets are recognized when the control of the asset has been transferred, and it is probable that the entity will receive the economic benefits associated with the transaction. Income tax The income tax expense for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognized for prior periods, where applicable. Deferred tax assets and liabilities are recognized for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: • when the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or • when the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognized for deductible temporary difference only if the Group considers it probable that future taxable amounts will be available to utilize those temporary differences and losses. The carrying amount of recognized and unrecognized deferred tax assets are reviewed at each reporting date. Deferred tax assets recognized are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognized deferred tax assets are recognized to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of deferred tax assets and deferred tax liabilities recognized in the statement of financial position and the amount of other tax losses and temporary differences not recognized. In such circumstances, some or all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to the consolidated statement of profit or loss and other comprehensive income. Current and non-current classification Assets and liabilities are presented in the consolidated statement of financial position based on current and non-current classification. An asset is classified as current when it is either expected to be realized or intended to be sold or consumed in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when it is either expected to be settled in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current.

Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 2. Material accounting policies (continued) 19 Cash and cash equivalents Cash and cash equivalents includes cash at bank, deposits that can be withdrawn without notice held with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Financial assets Financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortized cost, fair value through profit or loss, or fair value through other comprehensive income depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided. Financial assets are derecognized when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off. Financial Instrument Fair Value through Profit & Loss ("FVTPL") The Group recognizes the electricity financial assets at fair value on initial recognition. After initial recognition, financial instruments measured at FVTPL are remeasured at fair value at each reporting date. Any gains or losses arising from changes in the fair value of these instruments are recognized immediately in profit or loss. A financial instrument measured at FVTPL is derecognized when the contractual rights to the cash flows from the instrument expire or when the Group transfers substantially all the risks and rewards of ownership of the instrument. The Group measures the fair value of prepaid electricity using the forward price approach. The fair value is calculated by multiplying the quantity of electricity prepaid by a forward price for the Energy Reliability Council of Texas (“ERCOT”) West Load Zone market, which is the principal market for our electricity transactions. The forward prices are provided by OTC Global Holdings and reflect the expected future prices of electricity based on current market conditions and observable market data. The forward prices used to measure the fair value of prepaid electricity are classified as Level 2 inputs under AASb 13. Financial assets at amortized cost A financial asset is measured at amortized cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest. The financial assets at amortized cost include cash and cash equivalents and other receivables (except sales tax receivables). Impairment of financial assets The Group recognizes a loss allowance for expected credit losses on financial assets which are either measured at amortized cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group’s assessment at the end of each reporting period as to whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognized is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. Property, plant and equipment Property, plant and equipment is measured at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 2. Material accounting policies (continued) 20 Depreciation is calculated on a straight-line basis to write off the net cost (less residual value where applicable) of each item of property, plant and equipment (excluding land) over their expected useful lives as follows: Buildings 20 years Plant and equipment 3-10 years Mining hardware1 2 - 4 years High-performance computing ("HPC") hardware 5 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. An item of property, plant and equipment is derecognized upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Development assets consist of data center sites under development. Development assets are not depreciated until they are available for use. Once an asset becomes available for use, it is transferred to another category within property, plant and equipment and depreciated over its useful economic life. Mining and HPC hardware includes both installed hardware units and units that have been delivered but are in storage, yet to be installed. Depreciation of mining hardware commences once units are onsite and available for use. Repair and maintenance costs incurred are expensed to ‘other operating expenses’ in the consolidated statements of profit or loss. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less, and leases of low value assets. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. A right-of-use asset is recognized at the commencement date of a lease. The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right-of-use assets includes the amount of the lease liability recognized, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated from the commencement of the lease on a straight- line basis over the shorter of the lease term and the estimated useful lives of the assets. At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amount expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. 1 During the year ended 30 June 2024, the Group reduced the useful life of its Bitmain Antminer S19jPros and Antminer S19 Pros (together the “S19j Pros”), refer to Note 14. All other models are depreciated over 4 years.

Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 2. Material accounting policies (continued) 21 In calculating the present value of the lease payments, the Group uses the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group has applied judgement to determine the lease term for contracts which include renewal and termination options. Goodwill Goodwill arises on the acquisition of a business. Goodwill is not amortized. Instead, the cash-generating unit ("CGU") to which goodwill has been allocated is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Impairment of other non-financial assets At the end of reporting period, property, plant and equipment and right-of-use assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. An impairment loss is recognized in the profit or loss for the amount by which the asset’s carrying amount exceeds its recoverable amount, where the recoverable amount is the higher of an asset’s fair value less costs of disposal ("FVLCOD") or the value in use ("VIU"). In assessing VIU, the estimated future cash flows of the asset are discounted to their present value using a discount rate that reflects the risks specific to the asset or the CGU to which the asset belongs and relevant market assessments. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets. A recognized impairment loss on an asset is subject to reversal if there is a subsequent change in the variables and assumptions that were used to calculate the asset’s recoverable amount. Such a reversal is executed only when the asset’s estimated recoverable amount exceeds its current carrying amount. However, the adjusted carrying amount after reversal must not exceed the asset’s carrying amount that would have been determined (net of depreciation and amortization) had no impairment loss been recognized for the asset in prior years. Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. However, due to their short-term nature, they are not discounted. Financial liabilities Trade and other payables are initially recognized at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortized cost using the effective interest method. The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. Finance costs Finance costs attributable to qualifying assets are capitalized as part of the asset. All other finance costs are expensed using the effective interest rate method. Provisions Provisions are recognized when the Group has a present (legal or constructive) obligation as a result of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 2. Material accounting policies (continued) 22 obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognized as a finance expense. Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Share-based payments Equity-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares and restricted stock units ("RSUs"), that are provided to employees in exchange for the rendering of services. The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes-Merton option pricing model and Monte-Carlo simulations which take into account the exercise price, the term of the option or the RSU, the impact of dilution, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option, together with non- vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. The cost of equity-settled transactions are recognized as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognized in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognized in previous periods. Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum, an expense is recognized as if the modification has not been made. An additional expense is recognized, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If equity-settled awards are cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), this is treated as an acceleration of vesting and the amount that otherwise would have been recognized for services received over the remainder of the vesting period will be recognized immediately through share- based payments expense in the profit or loss. Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億アイリスエナジーリミテッド（通称IREN）財務諸表ノート 2024年6月30日注2. 重要な会計方針（続き） 23 公正価値は、市場参加者が資産や負債の価格設定に使用すると仮定した前提に基づいて測定されます。非金融資産の公正価値測定は、最も高いおよび最良の利用方法に基づき、連続的な使用または第三者への売却による価値の最大化によって決定されます。公正価値を測定するために、適切な価値評価手法が用いられ、十分なデータが利用可能であり、関連する観測可能な要素の使用が最大化され、観測できない要素の使用が最小限に抑えられています。公正価値で測定される資産および負債は、測定に使用される入力の重要度を反映する公正価値の階層に分類されます。分類は各報告日に見直され、階層間の移行は、公正価値測定において重要な最低レベルの入力の再評価に基づいて決定されます。公正価値の階層間の移行は、それらが発生した報告期末に認識されます。継続的および非継続的な公正価値測定については、グループ内に内部専門知識が使用できない場合や、評価が重要と見なされる場合、外部の評価者が使用されることがあります。外部の評価者は、市場知識と信頼性に基づいて選択されます。資産または負債の公正価値が一期から別の期に大きく変動した場合、最新の評価に適用された主要な要素の検証と、該当する場合には外部データとの比較などを含む分析が行われます。発行済株式普通株は、会社の所有権を表し、現金またはその他の金融資産で買い戻す義務がないため、株式に分類されています。新株発行に直接関連する増加コストは、所得税相当額を差し引いたものとして、収益から控除されます。一株当たり利益基本的な一株当たり利益基本的な一株当たり利益は、アイリスエナジーリミテッド（通称IREN）の所有者に帰属する利益を、財政年度中に発行済みの普通株式の加重平均数で除算することによって計算されます。公正価値ベースの負債転換インストルメントによる新しい株式の発行が予定されている場合、発行済株式数も調整されます。希薄化後の一株当たり利益希薄化後の一株当たり利益は、基本的な一株当たり利益の決定に使用される数字を調整し、償還に関連した利子やその他の金融費用の所得税効果を考慮に入れることで計算されます。また、希薄化後の一株当たり利益では、希薄化のためのポテンシャルな普通株式に関する利子やその他の金融費用の所得税効果、および償還に関連しないとして発行されると想定される株式の加重平均数を考慮に入れます。外貨翻訳リザーブこのリザーブは、米国ドルへの外国オペレーションの財務諸表の翻訳から生じる為替差額を認識するために使用されます。株式報酬リザーブこのリザーブは、社員や取締役に提供される株式の価値とその他の関係者に提供される報酬の一部として提供される株式利益の価値を認識するために使用されます。消費税（"GST"）およびその他の類似する税金収益、費用、および資産は、関連するGSTの額を差し引いた額が認識されますが、GSTが税務当局から回収できない場合を除きます。この場合、それは資産の取得コストの一部として、または費用の一部として認識されます。売掛金および買掛金は、GSTの額を含めて記載されます。税務当局から回収可能なGSTの純額は、財務位置諸表のその他の売掛金または買掛金に含まれています。キャッシュフローは、原則として総額で提示されます。税務当局から回収可能な、または税務当局に支払われる、投資活動または財務活動から生じる現金流のGST部分は、営業キャッシュフローとして提示されます。 Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億アイリスエナジーリミテッド（通称IREN）財務諸表ノート 2024年6月30日注2. 重要な会計方針（続き） 24 承諾と未決定事項は、税務当局から回収可能な、または税務当局に支払われる、GSTの額を差し引いた額で開示されます。コンピューターハードウェアの前払費用コンピューターハードウェアの前払費用は、グループがまだ受け取っていないマイニングおよびHPCハードウェアの購入のために支払った金額を表しています。これらの前払費用は、関連する購入契約で設定された支払スケジュールに従っています。政府補助金政府からの補助金は、補助金が受領される合理的な保証がある場合およびグループが条件を遵守することを期待している場合に、その公正価値で認識されます。補助金の条件に応じて、受領した補助金は繰延され、直線的に認識されることがあります。金額の丸めこの報告書の金額は、最も近い千ドルに丸められています。または、特定の場合では、最も近いドルに丸められています。新しいまたは変更された会計基準および解釈の採用グループは、報告期間に義務付けられたすべての新しいまたは変更されたAASBおよび解釈を採用しています。まだ義務付けられていない新しいまたは変更された会計基準または解釈は、早期に採用されていません。グループは、まだ有効ではない最近発行された基準または既存の基準の修正が、グループの連結財務諸表には実質的な影響を与えないと考えています。注3. 重要な会計上の判断、見積および仮定連結財務諸表の作成には、経営陣が、連結財務諸表に記載された金額に影響を与える判断、見積、および仮定を行う必要があります。経営陣は、資産、負債、時限付き負債、収益および費用に関する判断、見積、および仮定を継続的に評価しています。経営陣は、歴史的な経験とその他のさまざまな要因、将来の出来事に対する期待などを基に、判断、見積、および仮定を行い、その際、状況に適切だと信じています。その結果生じた会計上の判断および見積は、あまりにも関連する実績とはほとんど一致しないでしょう。次の財務年度内に資産および負債の帳簿価額に重大な調整を引き起こす可能性のある判断、見積、および仮定は以下に記載されています。株式報酬取引グループは、従業員との間での株式決済取引のコストを、取引が行われた日の株式の公正価値に基づいて測定します。公正価値は、ブラック-ショールズ-マートンオプションプライシングモデルおよびモンテカルロシミュレーションを使用して計算されます。これらのモデルにおけるキーの入力には、波動性、発行日の株価、予想される期間、リスクフリーレートなどが含まれています。評価モデルに使用される主要な入力についての詳細な情報と主要な仮定については、注31を参照してください。資産の有用寿命の見積グループは、その有形固定資産について、見積額、残余価値、および関連する減価償却費を決定しています。有用寿命が、技術革新やその他の出来事の結果によって大幅に変更される可能性があります。有用寿命が以前に見積された寿命よりも短い場合、減価償却費は増加し、または技術的に廃れたまたは戦略的でない資産は取消されるか、または減損されるでしょう。非金融資産の減損グループは、減損が発生するかもしれない特定の条件を評価することにより、非金融資産（無形資産は除く）の減損を毎報告日に評価します。減損のトリガーが存在する場合、資産の回収可能額が決定されます。これには、FVLCODでの資産の価値を評価したり、鍵となる見積と仮定を組み込んだVIUモデルを使用することが含まれます。報告日には、資産の追加の減損を必要とするようなトリガーは存在しませんでした。

Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 25 Note 3. Critical accounting judgements, estimates and assumptions (continued) Deferred tax Deferred tax assets relating to temporary differences and unused tax losses are recognized only to the extent that it is probable that the future taxable profit will be available against which the benefits of the deferred tax can be utilized. At the reporting date, deferred tax assets have only been recognized to the extent of deferred tax liabilities if they are related to the same tax jurisdiction. Deferred tax assets in relation to losses have not been recognized in the consolidated statement of financial position and will not be recognized until such time when there is more certainty in relation to the availability of future taxable profits. Income tax Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of deferred tax assets and deferred tax liabilities recognized in the consolidated statement of financial position and the amount of other tax losses and temporary differences not yet recognized. In such circumstances, some or all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to profit or loss or other comprehensive income/(loss). Going concern The assessment of going concern requires management to make judgements based on projections of the operating cash flows generated by the Group, which is subject to a number of key assumptions. The Group has determined there is material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis. Refer to Note 2 for further information. Provisions Provisions are recorded for present obligations arising from past events where settlement is expected to result in an outflow of resources. The Group has recorded provisions for sales tax at the best estimate of expenditure required to settle the obligation. Management makes assessments of provisions based on the expectations of probability of outcome and expectations of settlement which is inherently subject to uncertainty. Refer to Note 18 for further information. Functional currency determination The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of functional currency is conducted through an analysis of the consideration factors identified in IAS 21 “The Effects of Changes in Foreign Exchange Rates” and may involve certain judgements to determine the primary economic environment. The Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment. Significant changes to those underlying factors could cause a change to the functional currency. Note 4. Operating segments Identification of reportable operating segments The Group is organized into different business activities: • Bitcoin mining: The Group owns and operates ASIC hardware used to mine Bitcoin. The revenue depends on the number of Bitcoin received from the mining pool each day and the Bitcoin price. • AI cloud services: The Group owns and operates HPC hardware and generates revenue by providing third-party customers with remote access to these HPC hardware. However, the Group's CODm assesses the business performance and primarily makes resource allocation decisions based on the Group as a whole, rather than by individual business lines or geographical regions. The Group’s internal reporting used by the CODm is structured as a single integrated business and thus does not contain discrete financial information on separate business activities. Therefore, in accordance with AASb 8 Operating Segments, the Group has determined that it has only one reportable segment.

Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 41 Note 21. Issued capital (continued) Genuity LLC, Citigroup Global Markets Inc. and Macquarie Capital (USA) Inc. as Sales Agents pursuant to the Sales Agreement and filed a new prospectus supplement relating to the offer and sales of its ordinary shares under the Sales Agreement, which reflected an increase of $200,000,000 in the aggregate offering price, from an aggregate of up to $300,000,000 under the previously filed prospectus supplement relating to the offer and sale of ordinary shares under the Sales Agreement (“the ATm Facility”). As a result, in accordance with the terms of the Sales Agreement, Iris Energy Limited (d/b/a IREN) may offer and sell its ordinary shares having an aggregate offering price of up to $500,000,000. On 15 May, 2024, Iris Energy Limited (d/b/a IREN) filed a new registration statement, including an accompanying prospectus, that provided Iris Energy Limited (d/b/a IREN) with the option, but not the obligation, to sell up to an aggregate of $50000万 of its Ordinary shares pursuant to the Sales Agreement. As at 30 June 2024, 108,063,868 shares have been issued under the ATm facilities raising total gross proceeds of approximately $771,438,000. An additional $5,191,000 was raised through the sale of 463,089 shares from trades which were executed in June 2024 and subsequently issued and settled in July 2024. Committed Equity Facility On 23 September 2022 Iris Energy Limited (d/b/a IREN) entered into a share purchase agreement with b. Riley Principal Capital II, LLC (“b. Riley”) to establish a committed equity facility (“ELOC”), pursuant to which Iris Energy Limited (d/b/ a IREN) may, at its option, sell up to US$10000万 of ordinary shares to b. Riley over a two-year period. A resale registration statement relating to shares sold to b. Riley under the ELOC was declared effective by the SEC on 26 January 2023. During the year ended 30 June 2024, 12,887,814 shares were issued under the facility raising gross proceeds of $51,417,000. On February 15, 2024, Iris Energy Limited (d/b/a IREN) terminated the Purchase Agreement and the Registration Rights Agreement and on February 16, 2024, Iris Energy Limited (d/b/a IREN) filed a post-effective amendment to the registration statement on Form F-1 related to this offering, which deregistered all remaining shares on such registration statement, terminating the offering. Loan-funded shares As at 30 June 2024, there are 1,496,768 (30 June 2023: 1,954,049) restricted ordinary shares issued to management under the Employee Share Plans as well as certain non-employee founders of Podtech Innovation Inc. The total number of ordinary shares outstanding (including the loan funded shares) is 187,864,454 as at 30 June 2024 (30 June 2023: 66,701,526). Capital risk management The Group’s objectives when managing capital is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Capital is regarded as total equity, as recognized in the consolidated statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, issue new debt or sell assets to reduce debt. Note 22. Dividends There were no dividends paid, recommended or declared during the current or previous financial year.

Docusign 封筒 ID: CA741DAC-AA450-44430-96 億 1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) 資金合計に関する注記 2024年6月30日 47 注記26. コミットメント (続き) コミットされた金額は以下の通り支払われます: マイニングハードウェアのコミットメント 2024年6月30日 2023年6月30日米ドル’000 米ドル’000 残基日から12ヵ月後の支払金額: - - その他のコミットメント残基日から12ヵ月後の支払金額: - - 合計コミットメント 194,641 7,481 残基日から12ヵ月以内の支払金額: 116,982 - 残基日から12ヵ月以内の支払金額: 77,659 7,481

Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 31. Share-based payments (continued) 51 The recourse on the loan is limited to the lower of the initial amount of the loan granted to the employee and the proceeds from the sale of the underlying shares. Employees are entitled to exercise the voting and dividend rights attached to the shares from the date of allocation. If the employee leaves the Company within the vesting period, the shares may be bought back by the Company at the original issue price and the loan is repaid. Loan-funded shares have been treated as options as required under AASb 2 Share-based Payments. Vesting of instruments granted under the Employee Share Plans are dependent on specific service thresholds being met by the employee. 2021 Executive Director Liquidity and Price Target Options On 20 January 2021, the Board approved the grant of 1,000,000 options each to entities controlled by Daniel Roberts and William Roberts (each an Executive Director) to acquire ordinary shares at an exercise price of $3.868 (A$5.005) with an expiration date of 20 December 2025. All ‘Executive Director Liquidity and Price Target Options’ vested on completion of the IPO on 17 November 2021. Employee Option Plan The Board approved an Employee Option Plan on 28 July 2021. The terms of the Employee Option Plan are substantially similar to the Employee Share Plan, with the main difference being that the incentives are issued in the form of options and loans are not provided to participants. If the employee leaves the Company within the vesting period of the options granted, the Board retains the absolute discretion to cancel any unvested options held by the employee. Vesting of options granted under the Employee Option Plan is generally dependent on specific service thresholds being met by the employee. Non-Executive Director Option Plan The Board approved a Non-Executive Director Option Plan ("NED Option Plan") on 28 July 2021. The terms of the NED Option Plan are substantially similar to the Employee Option Plan. Vesting of instruments granted under the NED Option Plan is dependent on specific service thresholds being met by the Non-Executive Director. Where an option holder ceases to be a Director of the Company within the vesting period, the options granted to that Director will vest on a pro-rata basis of the associated service period. The Board retains the absolute discretion to cancel any remaining unvested options held by the option holder. $75 Exercise Price Options On 18 August 2021, the Group’s shareholders approved the grant of 2,400,000 long-term options each to entities controlled by Daniel Roberts and William Roberts to acquire ordinary shares at an exercise price of $75 per option ("$75 Exercise Price Options"). These options were granted on 14 September 2021, and have a contractual exercise period of 12 years. The options are subject to customary adjustments to reflect any reorganization of the Company’s capital, as well as adjustments to vesting thresholds including any future issuance of ordinary shares by the Company. The $75 Exercise Price Options will vest in four tranches following listing of the Company, if the relevant ordinary share price is equal to or exceeds the corresponding vesting threshold and the relevant executive director has not voluntarily resigned as a director of the Company. The initial vesting thresholds are detailed below based on 24,195,092 ordinary shares outstanding at the time of issuance: • If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $370: 600,000 Long-term Target Options will vest • If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $650: 600,000 Long-term Target Options will vest • If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $925: 600,000 Long-term Target Options will vest • If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $1,850: 600,000 Long-term Target Options will vest The VWAP vesting thresholds may also be triggered by a sale or takeover of the Company based upon the price per ordinary share received in such transaction. Docusign Envelope ID: CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited (d/b/a IREN) Notes to the consolidated financial statements 30 June 2024 Note 31. Share-based payments (continued) 52 The option holder is entitled to receive in its capacity as a holder of the options, a distribution paid by the Company per ordinary share as if the vested options were exercised and ordinary shares issued to the option holder at the relevant time of such distribution. 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") In June 2022, the Board approved a new long term incentive plan under which participating employees generally have been granted RSUs in two equal tranches after three and four years of continued service, including a portion the vesting of which is also subject to the achievement of specified performance goals over this time period. RSUs issued under the new long term incentive plan are subject to other terms and conditions contained in the plan. Under the terms of the plan, the Board maintains sole discretion over the administration, eligibility and vesting criteria of instruments issued under the 2022 LTIP. During the year ended 30 June 2023, the following grants were made under the 2022 LTIP: • 1,594,215 RSUs to certain employees and key management personnel (‘KMP’) of the Group were issued RSUs of which 50% of each individual’s RSU grant will vest after 3.25 years and the remaining 50% will vest after 4.25 years, subject to the following criteria which is tested at the end of each respective vesting period: ◦ 80% vesting based on continued service with the Group over the vesting period; and ◦ 20% vesting based on total shareholder return (‘TSR’) against a peer group of Nasdaq listed entities (and continued service over the vesting period). • 305,630 RSUs to the nominated entity of each of Daniel Roberts and William Roberts which are subject to a sole vesting condition and will immediately vest when the daily closing share price of the of the ordinary shares of Company exceeds $28 for 10 trading days out of any 15 consecutive full trading day period following the grant date. • Daniel Roberts and William Roberts also received a Co-Founder and Co-Chief Executive Officer grant of 713,166 to each of the nominated entity, which have time-based vesting conditions and will vest in three equal tranches on 1 July 2024, 1 July 2025 and 1 July 2026 • 108,559 RSUs to certain Non-Executive Directors. These RSUs vested within 10 days of the release of the consolidated Group financial statements for the year ended 30 June 2023. During the year ended 30 June 2024, there were no grants made under the 2022 LTIP. 2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") In June 2023, the Board approved a revised long term incentive plan under which participating employees have been granted RSUs in three tranches, the first two tranches being time-based vesting conditions and the third tranche being performance-based vesting conditions. RSUs issued under the revised long term incentive plan are subject to other terms and conditions contained in the plan. Under the terms of the plan, the Board maintains sole discretion over the administration, eligibility and vesting criteria of instruments issued under the 2023 LTIP. During the year ended 30 June 2024, the following grants were made under the 2023 LTIP: • 3,194,491 RSUs to certain employees and key management personnel (“KMP”) of the Group were issued RSUs of which: ◦ 809,883 RSUs are subject to time-based vesting conditions and will vest after one years; ◦ 809,883 RSUs are subject to time-based vesting conditions and will vest after two years; ◦ 1,574,725 RSUs are subject to performance-based vesting conditions and will vest after three years based on total shareholder return measured against the Nasdaq Small Cap Index ("NQUSS") (and continued service over the vesting period). • 120,303 RSUs to certain Non-Executive Directors. These RSUs will vest within 10 days of the release of the consolidated Group financial statements for the year ended 30 June 2024 or in any event by no later than 31 December 2024.

Docusign エンベロープ ID：CA741DAC-AA450-44430-9600億1F2B9DFE9770億 Iris Energy Limited（通称IREN）財務諸表附属書 2024年6月30日 61 ノート37. 報告期間後の出来事 Bitmainハードウェアの購入グループは、2024年8月16日にBitmain Technologies Delaware Limited（以下「Bitmain」）との新しい確定購入契約に調印し、約39,000台のBitmain S21 XPマイナー（約10.5 EH/s）を1台あたり21.5ドル/THの価格で購入することになりました。購入したマイナーは2024年10月と11月に出荷予定です。総契約費用（出荷費用と税金を除く）は2億2639万5000ドルで、分割払いです。 2024年6月30日以降、グループの業務、業績、将来の財務年度の状況に重大な影響を与えるまたは与える可能性のある他の事項や状況はありません。