Iris Energy Limited 6K Iris Energy Reports Second Quarter Record Results | IREN 9 Feb 22

Exhibit 99.2

Bitcoin mining Done sustainably February 2022 NASDAQ: IREN

Disclaimer 2 Forward-Looking StatementsThis presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Iris Energy’s future financial or operating performance. For example, forward-looking statements include but are not limited to the Company’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 “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled” 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.These forward-looking statements are based on management’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’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’s limited operating history with operating losses; electricity outage, limitation of electricity supply or increase in electricity costs; long term outage or limitation of the internet connection at Iris Energy’s sites; Iris Energy’s evolving business model and strategy; Iris Energy’s ability to successfully manage its growth; Iris Energy’s ability to raise additional capital; competition; bitcoin prices; risks related to health pandemics including those of COVID-19; changes in regulation of digital assets; and other important factors discussed under the caption “Risk Factors” in Iris Energy’s final prospectus filed pursuant to Rule 424(b)(4) with the SEC on November 18, 2021 , as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Iris Energy’s website at https://investors.irisenergy.co.These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. Any forward-looking statement that Iris Energy makes in this presentation 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. Non-IFRS Financial MeasuresThis presentation includes non-IFRS financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin. See Financial Summary for a definition of Adjusted EBITDA and Adjusted EBITDA Margin, along with a reconciliation to net profit/(loss) after income tax expense, the nearest applicable IFRS measure, for the periods presented. We provide Adjusted EBITDA and Adjusted EBITDA Margin in addition to, and not as a substitute for, measures of financial performance prepared in accordance with IFRS. There are a number of limitations related to the use of Adjusted EBTIDA and Adjusted EBITDA Margin. For example, other companies, including companies in our industry, may calculate Adjusted EBITDA and Adjusted EBITDA Margin differently. The Company believes that these measures are important and supplement discussions and analysis of its results of operations and enhances an understanding of its operating performance.All financial information included in this presentation is denominated in USD and references to “$” are to USD unless otherwise stated.Industry and Statistical DataThis presentation includes industry data, statistical data, estimates and other forecasts that may have been obtained from periodic industry publications, third-party studies and surveys, filings of public companies in our industry, internal company surveys, and our review and analysis of market conditions, surveys and industry feedback. Our expectations regarding market and industry data, including expected growth rates, are subject to change based on our ongoing analysis of prevailing market and industry conditions and, as a result, assumptions based on such expectations may not be reliable indicators of future results. We undertake no obligation to update such figures in the future. These sources include government and industry sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Although we believe the industry data to be reliable as of the date of this presentation, this information could prove to be inaccurate. Industry data could be wrong because of the method by which sources obtained their data and because information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties. In addition, we do not know all of the assumptions regarding general economic conditions or growth that were used in preparing the forecasts from the sources relied upon or cited herein. Further, certain financial measures and statistical information in this document have been subject to rounding adjustments. Accordingly, the sum of certain data may not conform to the expressed total.

3 Bitcoin mining. Done sustainably. We build, own and operate specialized data centers to mine BitcoinWe have been using excess renewable energy since 2019 We only enter markets where we can solve a problemWe support local communities

The Four M’s 4 15 EH/scomputing power secured 765MWoperating & under construction >$500mcapital raised to date >$25bnenergy & infrastructure projects delivered Miners Megawatts Money Management ~$870m illustrative mining profit1 100% renewable operations2 $724m market cap3 Operating since 2019 Illustrative annualized run-rate mining profit (revenue less mining pool fees and electricity costs) assuming 15 EH/s is fully installed and operating today based on the Coinwarz Bitcoin Mining Calculator (https://www.coinwarz.com/mining/bitcoin/calculator). Assumes, as a placeholder only, as at February 4, 2022, Bitcoin price of $40k, global hashrate (implied by network difficulty) of ~191 EH/s and transaction fees of ~0.1 BTC per block. Assumes pool fees of 0.5% of mining rewards and mining hardware operates at 100% uptime. These assumptions are likely to be different in the future and users should input their own assumptions. Please see page 17 for further details.Currently 98% directly from renewable energy sources; 2% from purchase of Renewable Energy Certificates (RECs).As at February 4, 2022. More computing power= more Bitcoin mined Computing power requires low-cost, sustainable energy Capital is required to acquire Miners and build Megawatts Experienced Management key to unlocking the Four M’s In a sector that can be opaque, there are four key value drivers

3,135 2,4103 1,921 1,061 724 682 668 490 486 428 Market cap ($m) 1. Miners 5 Source: FactSet and public company filings. Market data as at February 4, 2022. Based on self-mining hashrate as disclosed by Core Scientific.Based on indicated minimum and maximum mining rig purchases under agreement with Bitfury as disclosed by Cipher.Excludes $650m convertible senior notes priced in November 2021.Market Cap / Secured Computing Power multiple calculated as Market Cap divided by product of Secured Computing Power and 100. Sol2023id green 9.8 / liEghtarly 2023green 5.4 ~10 EH/s expected by early 2023One of the largest listed Bitcoin miners with 15 EH/s secured 23.3 ~10 13.8 12.8 8.0 5.2 4.7 3.7 3.4 19.2 Secured Computing Power (EH/s) 15 EH/s secured Antminer S19j Pro & S19j 2023Early 202315.2 15.2 1 2 2.1x 1.0x 1.5x 3.2x 0.5x 0.3x 0.8x 1.0x 1.3x 0.8x Market Cap / Secured Computing Computer (x)4

Site Overview Megawatts (MW) Miners (EH/s) Timing Status Canal Flats (BC, Canada) 30 0.8 Complete Operating Mackenzie (BC, Canada) 50 1.5 Q2-Q3 2022 Under construction Prince George (BC, Canada) 50 1.4 Q3 2022 Under construction 35 1.0 2023 Under construction Panhandle (Texas, US) 100 3.0 Q4 20222 Under construction 265 7.5 2023 Under construction Total (miners secured) 530 15.2 Panhandle (Texas, US) 235 ~73 Potential capacity Total (potential expansion) 765 ~223 2. Megawatts 6 Currently 98% directly from renewable energy sources; 2% from purchase of RECs.Data center buildings targeted for completion by end of 2022; energization of data centers targeted for Q1 2023.Equivalent hashrate potential for the power capacity assuming installation of Bitmain S19j Pro miners. ~10 EH/s expected by early 2023765MW of grid-connected power operating or under construction 100% renewable powered operations since inception1 >1GW additional growth pipeline beyond announced 765MW across Canada, the USA and Asia-Pacific

3. Money 7 Nasdaq IPO Funding >$500mCapital raised to date * * * * * * (*) Iris Energy research coverage ~$300mFurther funding required for 15 EH/s1Additional equity funding not expected Progressing multiple potential funding options including hardware financing and corporate debt>$50m in limited recourse hardware financing already raised to date 1. Indicative estimate assuming $56k Bitcoin price (reflecting average of broker research assumptions for CY22), ~191 EH/s global hashrate (implied by network difficulty) increasing to ~300 EH/s by December 2023 and reinvestment of operating cash flow. >$500 million raised to date, supported by leading global investorsInstitutional-grade IPO – first Bitcoin miner led by bulge bracket banks

4. Management 8 David BartholomewIndependent Chair30+ years’ experience across energy utilities, transportation and industrialsFormer CEO of DUET Group (sold to CKI for $5bn in 2017) Daniel RobertsCo-Founder and Co-CEO15 years’ experience across finance, infrastructure and renewablesPreviously 2nd largest individual shareholder in $6bn infrastructure fund Will RobertsCo-Founder and Co-CEO10 years’ experience across resources, commodities & real assetsPreviously Vice President at Macquarie in Commodities & Global Markets Lindsay WardPresident35+ years’ experience across infrastructure, energy & resourcesPreviously CEO of Palisade Integrated Management Services Chris GuzowskiNon-Executive Director10+ years’ experience in renewables development across Europe & AustraliaFounded Mithra Energy, developing 10+ solar PV projects in Poland Mike AlfredNon-Executive DirectorPreviously CEO of Digital Assets Data, Inc. (sold to NYDIG in 2020)Board member of Crestone Group, LLC, HOHM, Inc., and Eaglebrook Advisors Joanna BrandGeneral Counsel & Company Secretary25 years’ experience in corporate, capital markets, M&A & infrastructurePreviously General Counsel at ME Bank, Jetstar Airways, Billabong & Epic Energy David ShawChief Operating Officer30 years’ experience across energy, utilities and resourcesPreviously SVP Operations Asia-Pacific East at global engineering firm Wood Denis SkrinnikoffChief Technology Officer15+ years’ experience in the cloud & data center service provider spacePrevious data center, M&A and senior leadership experience in listed markets Brian FehrStrategic PartnerAwarded the Order of British Columbia in 2018, BC’s highest recognition35+ years’ experience across construction, fabrication & energy Brian FryStrategic PartnerCo-founded RackForce in 2001 (became Canada’s largest cloud hosting provider)Co-founded IP World, a fibre optic network company in 1999 Iris Energy’s leadership team has delivered >$25 billion in energy & infrastructure projects

Current market valuation 9 Broker price targets imply a ~37-136% premium to current share price $31 $31 $30 $25 $22 $18$13.15 Broker Price Targets ($ per share) Average broker price target: $26 Source: Broker research. Market data as at February 4, 2022. Dec-21 Jan-22 Jan-22 Dec-21 Dec-21 Dec-21 Current share priceFebruary 4, 2022

Additional highlights

Why we own our infrastructure (vs. hosting) 11 Iris Energy Hosting Long-term security Multi-decade access to power and data centers Recontracting / counterparty risk Lower costs Direct access to wholesale power price(higher profitability & improved Bitcoin price resilience) Wholesale power price + hosting fee and/or profit share (lower profitability & lower Bitcoin price resilience) Operational efficiencies Specialized data centers designed in-house(optimized operating performance and enhanced miner life) Lower incentive for investment and optimization (potential for lower performance and reduced miner life) Flexibility Avoid higher power price periods in deregulated markets (lower power cost & improved Bitcoin price resilience) Hosting providers may have security over hardware (limits financing options) Renewable energy Energy infrastructure Data centers Mining hardware(Hosting = mining hardware only)

We build, own and operate our data centers 12 Iris Energy’s high efficiency specialized data centers are designed and built in-houseOur data centers have been designed to optimize operating performance and enhance miner life

We target markets with excess and under-utilized renewables 13 Regulated markets (e.g. British Columbia) Deregulated markets (e.g. Texas) Problem: renewables intermittency creates grid instability Solution: we can support the grid by reducing load during peak periods & increasing load during off-peak periods 6,000 7,000 8,000 9,000 10,000 Total Demand Example intra-day demand Available Peak Demand Demand Problem: declining industrial loads may force power prices up Solution: we can re-introduce load to help keep power prices down Peak Off-peak Power source: BC Hydro We not only use 100% renewables, but only enter markets where we can solve a problem ENVIRONMENTAL

We support local communities 14 Ktunaxa First Nations communities Canal Flats volunteer fire department Local schools and appeals Local hockey clubs SOCIAL

Board of Directors Audit and Risk Committee Corporate Governance Documents We are building an institutional grade platform 15 David Bartholomew (Independent Chair)*Mike Alfred (Non-Executive Director)*Chris Guzowski (Non-Executive Director)*Daniel Roberts (Co-Founder and Co-CEO)Will Roberts (Co-Founder and Co-CEO)(*) Independent director Chris Guzowski (Chair)*David Bartholomew (Financial Expert)*Mike Alfred* Corporate Governance GuidelinesAudit and Risk Committee CharterCode of Business Conduct and Ethics Policies & procedures (selected) Risk ManagementDelegated AuthorityRelated Person TransactionGuidelines for Corporate DisclosureAudit and Non-Audit Services Pre-ApprovalInsider TradingComplaints Majority independent BoardOne diverse director>60 years’ collective Board experience Strong emphasis on proper governance to create sustainable long-term value for shareholders GOVERNANCE

HODL considerations 16 Non-HODL HODL Rationale Immediate ownership of Bitcoin todayPotential to borrow against BitcoinInvestors not required to self-custodyLess complexity for management teams (trading Bitcoin vs. building infrastructure)‘Locking up’ Bitcoin circulating supply Considerations In down markets, double hit to profit and balance sheetRisk of liquidation / margin calls associated with Bitcoin price volatility. e.g. may require sale of Bitcoin and/or equity at unattractive levelsReliance on capital markets to continue funding capex and opexTrust in large corporates and third parties to custody Bitcoin Rationale Self-funding for rapid growth of computing powerReturn on investment today is extremely attractive (>100% cash yields1)Reinvest Bitcoin today to generate more Bitcoin tomorrow: 1 Bitcoin held on balance sheet; or10 x S19j Pro1 (1,000 TH/s) = 1 Bitcoin every ~7 months1 Future optionality to HODL greater amount of Bitcoin, continue reinvesting or distributions (investors could then self-custody)Less dilutive than raising equity to finance capex and opex Considerations Optics of no Bitcoin on balance sheet (some investors with higher time preferences may prefer to see Bitcoin today)Generating greater exposure to Bitcoin via expansionLower risk of margin calls on Bitcoin leverage Today’s strategy is to reinvest Bitcoin to fund rapid expansion to 15 EH/s, building one of the largest listed Bitcoin miners 1. Based on the Company’s average purchase price for its secured hardware and current global hashrate (implied by network difficulty) of ~191 EH/s.

Notes:Please see the Coinwarz Bitcoin Mining Calculator (https://www.coinwarz.com/mining/bitcoin/calculator):Inputs for 10 EH/s: 10,000 PH/s (hashrate), 335MW (power consumption) and $0.04 /kWh (electricity costs) – prefilled link hereInputs for 15 EH/s: 15,000 PH/s (hashrate), 495MW (power consumption) and $0.04 /kWh (electricity costs) – prefilled link hereIllustrative outputs assume, as a placeholder only, as at February 4, 2022, Bitcoin price of $40k, global hashrate (implied by network difficulty) of ~191 EH/s and transaction fees of ~0.1 BTC per block. Assumes pool fees of 0.5% of mining rewards and mining hardware operates at 100% uptimeNet revenue = Gross revenue less mining pool feesMining profit = Net revenue less electricity costsThe illustrative outputs assume nameplate hashrate 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 Illustrative economics 17 Illustrative unit economics (annualized run-rate) Nameplate hashrate 10 EH/s1,2 15 EH/s1,2 Infrastructure capacity ~350MW ~530MW Net revenue3 $695m $1,043m Mining profit4 $578m $870m Early 2023 2023 THE ABOVE INFORMATION IS FOR GENERAL INFORMATION PURPOSES ONLY. THE NET REVENUE AND MINING PROFIT OUTPUTS ARE FOR ILLUSTRATIVE PURPOSES ONLY AND SHOULD NOT BE CONSIDERED FORWARD-LOOKING STATEMENTS AND IRIS ENERGY TAKES NO RESPONSIBILITY FOR ACCURACY OF THIRD PARTY INFORMATION (INCLUDING WEBSITES). NOTE: ONLINE CALCULATOR EXCLUDES ALL OVERHEADS AND FEES (EXCEPT POOL FEES). THE ILLUSTRATIVE NET REVENUE AND MINING PROFIT OUTPUTS ARE BASED ON HISTORICAL INFORMATION WHICH MAY OR MAY NOT MATERIALIZE IN THE FUTURE – AND THERE IS NO GUARANTEE THAT THEY WILL BE ACHIEVED OR THAT MINING HARDWARE WILL OPERATE AT 100% UPTIME. THE ABOVE AND THIS PRESENTATION SHOULD BE READ STRICTLY IN CONJUNCTION WITH THE DISCLAIMER. Assuming hardware operating today5

Illustrative mining profit sensitivities 18 Annualized run-rate Bitcoin price $20k $30k $40k $50k $60k $100k 125 EH/s 624 1,022 1,421 1,819 2,218 3,812 150 EH/s 491 823 1,155 1,487 1,819 3,147 175 EH/s 396 680 965 1,250 1,534 2,673 200 EH/s 325 574 823 1,072 1,321 2,317 225 EH/s 269 491 712 934 1,155 2,040 250 EH/s 225 424 624 823 1,022 1,819 Bitcoin price $20k $30k $40k $50k $60k $100k 125 EH/s 414 680 945 1,211 1,477 2,539 150 EH/s 325 547 768 990 1,211 2,097 175 EH/s 262 452 642 831 1,021 1,780 200 EH/s 215 381 547 713 879 1,543 225 EH/s 178 325 473 621 768 1,359 250 EH/s 148 281 414 547 680 1,211 Notes:Inputs for 10 EH/s: 10,000 PH/s (hashrate), 335 MW (power consumption) and $0.04 /kWh (electricity costs)Inputs for 15 EH/s: 15,000 PH/s (hashrate), 495 MW (power consumption) and $0.04 /kWh (electricity costs)Illustrative outputs assume, as a placeholder only, as at February 4, 2022, Bitcoin price of $40k, global hashrate (implied by network difficulty) of ~191 EH/s and transaction fees of ~0.1 BTC per block. Assumes pool fees of 0.5% of mining rewards and mining hardware operates at 100% uptimeNet revenue = Gross revenue less mining pool feesMining profit = Net revenue less electricity costsThe illustrative outputs assume nameplate hashrate 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 INFORMATION IS FOR GENERAL INFORMATION PURPOSES ONLY. THE NET REVENUE AND MINING PROFIT OUTPUTS ARE FOR ILLUSTRATIVE PURPOSES ONLY AND SHOULD NOT BE CONSIDERED FORWARD-LOOKING STATEMENTS AND IRIS ENERGY TAKES NO RESPONSIBILITY FOR ACCURACY OF THIRD PARTY INFORMATION (INCLUDING WEBSITES). NOTE: ONLINE CALCULATOR EXCLUDES ALL OVERHEADS AND FEES (EXCEPT POOL FEES). THE ILLUSTRATIVE NET REVENUE AND MINING PROFIT OUTPUTS ARE BASED ON HISTORICAL INFORMATION WHICH MAY OR MAY NOT MATERIALIZE IN THE FUTURE – AND THERE IS NO GUARANTEE THAT THEY WILL BE ACHIEVED OR THAT MINING HARDWARE WILL OPERATE AT 100% UPTIME. THE ABOVE AND THIS PRESENTATION SHOULD BE READ STRICTLY IN CONJUNCTION WITH THE DISCLAIMER. Global hashrate 10 EH/s1 15 EH/s2 Global hashrate

Current sites

Site 1: Canal Flats – 0.8 EH/s 20 Location BC, Canada Land 100% owned Power source 100% renewable1 Power capacity 30MW Miners 0.8 EH/s Timing Complete Status Operating 1. Currently 98% directly from renewable energy sources; 2% from purchase of RECs. Specialized data centers Miners operating in our specialized data centers Data center 5 (incl. cable tray system) Data center featuring our unique airflow system

Site 2: Mackenzie – 1.5 EH/s 21 Location BC, Canada Land 100% owned Power source 100% renewable1 Power capacity 50MW Miners 1.5 EH/s Timing Q2-Q3 2022 Status Under construction 1. Expected to be 98% directly from renewable energy sources; 2% from purchase of RECs. Illustrative site layout (incl. potential expansion) First data center structurally complete Miner racking installation inside first data center Main power transformer loaded for rail transport

Site 3: Prince George – 2.4 EH/s 22 Location BC, Canada Land 50 year lease1 Power source 100% renewable2 Power capacity 85MW Miners 2.4 EH/s Timing Q3 2022 / 2023 Status Under construction 30 year lease including 2 x 10 year extensions plus option to purchase within first 10 years.Expected to be 98% directly from renewable energy sources; 2% from purchase of RECs. Illustrative site layout Site grading underway Site grading underway

Site 4: Panhandle – 10.5 EH/s + 7 EH/s1 23 Location Texas, USA Land 100% owned Power source Renewable (TBC)2 Power capacity 600MW Miners 10.5 EH/s + 7 EH/s1 Timing Q4 20223 / 2023 Status Under construction Equivalent hashrate potential for the power capacity assuming installation of Bitmain S19j Pro miners.Renewable power source and mix to be confirmed closer to the time of commissioning.Data center buildings targeted for completion by end of 2022; energization of data centers targeted for Q1 2023. ~32GWinstalled~6GWplannedLoad centres Renewables heavy (Panhandle, West Texas) Significant excess renewable generation32GW of installed capacity (mostly wind & solar), plus 6GW planned ~5GW of load~12GW effective transmission capacity to load centers in Houston and Dallas Illustrative site layout

Significant development pipeline 24 British Columbia Texas Asia-Pacific >1GWadditional growth pipeline Global diversificationCanada, USA & Asia-Pacific Grid connectedrenewables & long-term access to power 765MWoperating and under construction

Financial Summary

348 685 Sep-21 Dec-21 Average operating hashrate (PH/s) Quarterly results 26 241 364 Sep-21 Dec-21 Bitcoin mined 10 20 Sep-21 Dec-21$79m annualized Bitcoin mining revenue ($m) 6 14 Sep-21 Dec-21$57m annualized Adjusted EBITDA ($m)1 1. Adjusted EBITDA is a non-IFRS measure. Please refer to page 27 for reconciliation to the applicable IFRS measure.

27 Adjusted EBITDA reconciliation USD'000 Three months ended Three months ended Six months ended Six months ended 31 December 2021 31 December 2020 31 December 2021 31 December 2020 Bitcoin mining revenue 20,017 1,227 30,387 2,092 Electricity and other site costs(1) (3,041) (721) (4,976) (1,475) Other corporate costs (2,643) (683) (5,490) (1,303) Adjusted EBITDA 14,332 (177) 19,921 (686) Adjusted EBITDA Margin 72% (14%) 66% (33%) Add/(deduct): Other income - 99 - 557 Foreign exchange gains/(loss) (2,610) (641) 85 (486) Share-based payments expense - Founders(2) (4,518) (143) (5,154) (269) Share-based payments expense - executives(3) (416) - (1,636) - IPO one-off expenses (2,693) - (3,094) - EBITDA 4,096 (862) 10,123 (884) Fair value gain/(loss) and interest expense on hybrid financial instruments(4) 73,090 - (418,884) (93) Other finance expense (1,093) (112) (1,932) (65) Interest income - 1 - 2 Depreciation (1,249) (334) (1,961) (676) Net profit/(loss) before tax 74,844 (1,307) (412,654) (1,717) Tax expense (3,136) - (6,221) - Net profit/(loss) after tax 71,708 (1,307) (418,875) (1,717) Electricity and other site costs includes electricity charges, site employee benefits, repairs and maintenance and site utilities.Share-based payments expense includes expenses recorded on Founder options, including (1) Founder price target options (Executive Director Liquidity and Price Target Options) that vested on IPO resulting in A$1.77m expense recorded during the three months ended 31 December 2021. No further amortization will be recorded in relation to these price target options. (2) Founder long-term options (Executive Director Long-term Target Options) which were granted in September 2021 in connection with the IPO with an expense of A$4.45m recorded in the 3 months ended 31 December 2021. These long-term options are currently "out of the money" with an exercise price of US$75 and initial share price vesting conditions of US$370, US$650, US$925 and US$1,850 for each tranche granted. See note 15 of the 31 December 2021 interim financial statements for further information.Share-based payments expense includes expense recorded in relation to incentives issued under the Employee Share Plans, Employee Option Plan and Non-Executive Director Option Plan.Includes fair value losses recorded on SAFE and convertible notes that were converted into ordinary shares upon the Group’s listing on the NASDAQ. The net fair value losses recorded on these instruments represents the movement in the share price from date of issuance of these instruments to the IPO listing price of US$28. All of these instruments converted to ordinary shares on 16 November 2021, the associated fair value gains/(losses) are non-cash movements and do not impact the cash position of the Group. See note 5 of the 31 December 2021 interim financial statements for further information. The Group uses EBITDA and Adjusted EBITDA as a metric that is useful for assessing its operating performance before the impact of non-cash and other items. EBITDA is net profit or (loss) from operations, as reported in profit and loss, before finance income and expense, tax and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for removing certain non-cash and other items, including share-based payment expenses, foreign currency gains/(losses) and one-time transactions. The Group presents its financial statements in Australian dollars (A$). All U.S. dollar balances presented in this presentation have been translated using the noon buying rate of the Federal Reserve Bank of New York on the last working day of each relevant quarter. Non-cash. Founders primarily relate to $75 strike options ($370 - $1,850 share price vesting)Non-cash mark-to-market of convertible notes converted into equity at IPO

Financial performance 28 USD'000 Three months ended 31 December 2021 Three months ended 31 December 2020 Six months ended 31 December 2021 Six months ended 31 December 2020 Revenue Bitcoin mining revenue 20,017 1,227 30,387 2,031 Other income - 99 - 524 Expenses Depreciation and amortization (1,249) (333) (1,961) (652) Electricity charges (2,611) (574) (4,198) (1,137) Employee benefits expense (1,298) (279) (2,469) (573) Share-based payments expense (4,933) (143) (6,789) (260) Impairment of assets - (366) (353) (438) Loss on disposal of assets - - - (193) Professional fees (2,540) (72) (3,572) (145) Other expenses (1,929) (113) (2,968) (194) Operating profit/(loss) 5,457 (555) 8,077 (1,038) Finance expense 71,997 (112) (420,816) (155) Interest income - 2 - 2 Foreign exchange gains/(loss) (2,610) (641) 85 (497) Profit/(loss) before income tax expense 74,844 (1,307) (412,653) (1,688) Income tax expense (3,136) - (6,221) - Profit/(loss) after income tax expense 71,708 (1,306) (418,875) (1,688) The Group presents its financial statements in Australian dollars (A$). All U.S. dollar balances presented in this presentation have been translated using the noon buying rate of the Federal Reserve Bank of New York on the last working day of each relevant quarter. Non-cash Primarily non-cash mark-to- market of convertible notes converted into equity at IPO

Financial position 29 USD'000 31 December 2021 30 June 2021 Assets Cash and cash equivalents 255,296 38,990 Other receivables 4,085 794 Prepayments and other assets 7,733 648 Total current assets 267,114 40,432 Property, plant and equipment 54,790 15,952 Right-of-use assets 1,000 1,405 Goodwill 643 660 Deferred tax asset 7,887 912 Mining hardware prepayments 163,746 75,208 Total non-current assets 228,066 94,137 Total assets 495,180 134,569 Liabilities Trade and other payables 6,010 1,120 Borrowings 16,208 71,986 Embedded derivatives 0 96,716 Income tax liability 6,717 533 Employee benefits 298 109 Total current liabilities 29,233 170,464 Borrowings 15,785 11,853 Deferred tax liability 3,546 1,618 Total non-current liabilities 19,330 13,471 Total liabilities 48,564 183,935 Equity Issued capital 919,778 12,036 Reserves 8,758 1,449 Accumulated losses (481,920) (62,852) Total equity / (deficit) 446,616 (49,366) Total liabilities and equity 495,180 134,569 Primarily non-cash mark-to- market of convertible notes converted into equity at IPO The Group presents its financial statements in Australian dollars (A$). All U.S. dollar balances presented in this presentation have been translated using the noon buying rate of the Federal Reserve Bank of New York on the last working day of each relevant quarter.

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Iris Energy Limited (IREN) 6-KIris Energy Reports Second Quarter Record Results