IRON BEAR RESOURCES LTD — AGM Information 2025

Nov 23, 2025

==> picture [388 x 126] intentionally omitted <==

“ A World Class Iron Ore Development In Canada”

th AGM 24 of November Project and Corporate Update

CYCLONE METALS LIMITED ASX: CLE 2025 AGM PRESENTATION

Disclaimer

This presentation may contain forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance and may involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. Cyclone has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Cyclone makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

Throughout this presentation all figures are quoted in Australian dollars (A$) unless otherwise stated.

You should not act or refrain from acting in reliance on this presentation material. This overview of the Company does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of Cyclone’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

This presentation does not constitute financial product advice (nor investment, tax, accounting or legal advice) and has been prepared without taking account of any person’s investment objectives, financial situation or particular needs.

==> picture [394 x 540] intentionally omitted <==

----- Start of picture text -----

02
2
ASX: CLE
----- End of picture text -----

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

The Board has defined a new strategic focus for the Company

CYCLONE METALS VISION STATEMENT

Value Model for Stakeholders

Cyclone will deliver exceptional value and benefits for its shareholders, communities and employees, by bringing its world class Iron Bear magnetite project into production , in close collaboration with its global partner, Vale .

Structural Strategic Advantage

The Iron Bear Mining Complex is poised to become a cost leader for the supply of high grade and low carbon iron ore , by leveraging an exceptional resource base, as well as privileged access to infrastructure and renewable power.

Supporting Values and Culture

Cyclone is committed to a laser focus on safe and sustainable mining operations , by leveraging the latest technologies for rehabilitation and dry tailings ; and - promoting operational excellence and integrity above all else .

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

Iron Bear is a world class iron ore project , being jointly developed with Vale, which is positioned to dominate the high value and high growth Direct Reduction iron ore market

IRON BEAR PROJECT HIGHLIGHTS & RECENT DEVELOPMENTS

• 1 Iron Ore Magnetite project located in Canada, less than 35km from an open access heavy haul railway connected to an open access iron ore export port;

• World class mineral resource of 16.6 billion tonnes @ 29.3 Fe% (inferred and indicated JORC 2012 compliant)[1] ;

2

• Pilot Plant production[3] of high quality Direct Reduction[2] concentrates grading 71%

• 3 Fe and 1.1% SiO2 and bulk samples of DR[2] pellets with excellent physical and metallisation properties and ultra-low deleterious elements[4]

• Market consensus is that the ultra high premium DR[2] pellet market will grow by

• 4 86Mta by 2035 (+47% from 2024) due the availability of cheap natural gas in the GCC and decarbonisation initiatives for steel making worldwide

==> picture [33 x 37] intentionally omitted <==

----- Start of picture text -----

5
----- End of picture text -----

• Scoping Study[5] completed in August 2025 delivered :

NPV@8% = USD 9.8bln Production 25 Mta: BF concentrate : 16 Mtpa IRR 18.6% DR[2] Pellets : 9 Mtpa IODEX 62% Fe: USD 90/t

==> picture [33 x 36] intentionally omitted <==

----- Start of picture text -----

6
----- End of picture text -----

Development agreement signed with Vale S.A to provide up to USD 138m to earn 75% of the Iron Bear Project and fully fund Iron Bear until Decision to Mine (DTM).

• 7 Development plan on track for Phase 2 in July 2026. PFS started and planned for completion April 2026

• Refer to ASX announcement 11[th] April 2024 - “Significant Mineral Resource Upgrade for Project Iron Bear”

• DR - Direct Reduction refers to the production of high purity magnetite concentrates necessary for Direct Reduction steel processing critical for low carbon steel production

• Refer to ASX announcement 23[rd] April 2024 - “Pilot plant delivers iron ore concentrate grading 71.3% Fe”

• Refer to ASX announcement 10[th] October 2024 - “Iron Bear completes pilot pellet production run”

• Refer to ASX announcement 11th August 2025 “Iron Bear Project Scoping Study”

==> picture [379 x 477] intentionally omitted <==

----- Start of picture text -----

6
7
----- End of picture text -----

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

Iron Bear has privileged access to infrastructure and 1 hydropower, in proximity to major iron producers

TENEMENTS LOCATION

• The tenements are located in Newfoundland Labrador, approximately 35 km northwest from the town of Schefferville

• The Property consists of 14 contiguous map staked licenses totalling 831 mineral claims of 20,775 ha.

LOCAL RESOURCES AND INFRASTRUCTURE

• Low-cost hydropowe r is available from Menihek and Churchill Falls and the potential for 100% hydropower supply for the Iron Bear mining complex has been confirmed by an AACE 5 study from Hatch

• Heavy haul rail is available and connected to the open access Pointe Noire Iron ore export terminals.

• Iron Ore export of Pointe Noire is directly connected to the heavy haul railway connected to Schefferville. Pointe Noire can accommodate Capesize vessels

• Schefferville is a small mining town with good amenities and infrastructure connected by road to the Iron Bear project

• Daily scheduled air service is available between Schefferville and the cities of Sept-Iles, Quebec City and Montreal.

• Passenger and freight trains run between Schefferville and Sept Isles twice a week

==> picture [361 x 506] intentionally omitted <==

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

2 Iron Bear has a world class JORC[1] compliant mineral resource of 16.7 billion tonnes including 2.15 Bt in the indicated category

MINERAL RESOURCE ESTIMATE[1]

Cut-off 12.5% Magnetic Fe

CATEGORY	Tonnes (Billion)	Total Fe%	Mag Fe%
Indicated	2.15	26.68	18.97
Inferred	14.51	29.44	18.13
TOTAL	16.66	29.34	18.24

• An upgraded mineral resource statement is supported by geophysical analysis, statistical analysis and pilot plant metallurgical test work.

• The ore body characteristics suggests that reasonable prospects exist for eventual economic extraction, with a low stripping ratio and negligible overburden

The Iron Bear resource has an additional Exploration Target[3] of 16 Bt to 21 Bt

MINERAL RESOURCE MODEL[2]

The Iron Bear resource is highly homogenous and continuous

==> picture [343 x 39] intentionally omitted <==

----- Start of picture text -----

0 10 20 30 40 50
Fe% total in mass TOTAL
----- End of picture text -----

1. This mineral resource estimate has been classified in accordance with the provisions of the Joint Australian Joint Ore Reserves Committee ( JORC ) Code.

2. 3D Resource Model Unconstrained. Source Resource Potentials, 2024. Only a portion of this resource was included in the MRE based on proximity of drilling cores

3. Refer ASX announcement 10[th] of April 2024 “Significant Mineral Resource Upgrade For Project Iron Bear” for additional information.

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

3 Metallurgical test work delivered high quality magnetite concentrates with high Fe yields, low silica and very low deleterious elements including manganese*

MAGNETITE CONCENTRATE SPECIFICATIONS

% by weight	Fe	SiO2	Al2O3	CaO	MgO	MnO	P2O5	Stotal	TiO2
DR concentrate	71	1.1	< 0.1	0.07	0.07	0.03	< 0.01	0.005	< 0.01
BF concentrate	69.8	3.4	< 0.1	0.14	0.18	0.06	< 0.01	0.005	0.01
% by weight	K2O	Na2O	V2O5	ZrO2	ZnO	FeO	LOI	Other	Sum
DR concentrate	<0.01	<0.1	<0.01	<0.02	<0.01	29.8	-2.99	0.04	100.6
BF concentrate	<0.01	<0.1	<0.01	<0.02	<0.01	29.8	-2.77	0.05	100.4

• B last F urnace concentrate was achieved at P80 @ 32 microns with a 97.6% recovery of magnetite Fe

• D irect R eduction concentrate was achieved at P80 @ 32 microns with an 80.7% recovery of magnetite Fe

• R everse F lotation concentrate is a saleable waste recovery stream. Recovery is 4.4% of magnetite Fe when reverse flotation is active.

• The sediment source material was a bulk sample of 1.6t with an average magnetite Fe of 17% - representative of the Life Of Mine

• Metallurgical test work was performed by COREM in Quebec city, Canada

• In italic = below detection limits * Manganese is a challenge for most iron ore deposits in the Labrador Trough with IOC being a notable exception

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

3

Iron Bear has produced 300 kg of Direct Reduction (DR) pellets which have world class properties physical and metallisation properties, and ultra-low deleterious elements

IRON BEAR DR PELLETS SPECIFICATIONS

IRON BEAR	PELLETS	B2/B6
				Element		B2/B6
Fired Pellets Chemistry	% Fetot	67.5
	% FeO	0.3		SiO2	%	1.59
	%SiO2	1.6		Al2O3	%	<0.1
	%Al2O3	<0.1		FeTotal (XRF)	%	67.5
				FeO	%	0.3
	%CaO / %SiO2	0.41
				MgO	%	0.12
	%MgO	0.1
				CaO	%	0.65
Compression (kg/pel.)	Avg Std % -140 % -90	462 85 0.0 0.0
				Na2O	%	<0.10
				K2O	%	0.011
				TiO2	%	0.017
				MnO	%	0.04
Mini-Tumble	% -0.5 mm	1.5
				P2O5	%	<0.010
Porosity	%	25.4
				Cr2O3	%	0.031
Satmagan	%	<0.2
				V2O5	%	<0.01
COREM R180	% red. CSAR(kg/pel.)	99.1 151
				ZrO2	%	<0.02
				ZnO	%	<0.010
Linder	%-3.15mm CSAR (kg/pel.) % Met.+	1.0 41 96.6
				LOI	%	<0.10
				STotal	%	<0.01

Only three companies in the world can supply similar DR pellets on the seaborne market: Vale, IOC and Samarco

==> picture [353 x 420] intentionally omitted <==

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

The Direct Reduction pellet market is only 8% of global iron ore consumption in 2024, but is expected to increase to 12% in 2035, representing 86Mta of additional demand

4

Global Steel Production by Process, 2024 Iron Ore Consumption by Product Type

Total = 1,890 Mta, 2024

==> picture [156 x 156] intentionally omitted <==

----- Start of picture text -----

387
20%
180
10%
1323
70%
----- End of picture text -----

Blast Furnace DRI EAF

Blast Furnace • Requires coking coal • (BF) Requires iron ore fines, lumps or BF pellets

Direct • Requires coking coal Reduction (DR) • Requires DR pellets

==> picture [503 x 315] intentionally omitted <==

----- Start of picture text -----

DR Pellet consumption is set
to increase by 86Mt to 2035
2024 2035
180 266
8% 12%
468
20% 466
1251
1328 20% 55%
58%
310 301
14% 13%
Total = 2,290 Mta Total = 2,290 Mta
Fines Lump BF Pellets DR Pellets Fines Lump BF Pellets DR Pellets
----- End of picture text -----

Electric Arc • Requires electricity • Furnace (DR) Requires recycled scrap metal

1. Source: Wood Mackenzie, Global iron ore investment horizon outlook – Q3 2025

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

5 Cyclone Metals completed a scoping study in August 2025 which outlines compelling economics with conservative price assumptions (long term iron ore price USD 90/t CFR*)

FINANCIAL EVALUATION OF BASE CASE SCENARIO 25 Mta PRODUCTION[1]

==> picture [862 x 284] intentionally omitted <==

----- Start of picture text -----

Nominal Life of Mine Cash Flows
Post-tax NPV
8%
8,000
USD 9.79B
7,000
6,000
IRR
5,000
18.6%
4,000
3,000
CAPEX (pre-production) 2,000
USD 4.64B 1,000
0
-1,000
Production 25Mtpa
-2,000
•
BF Concentrate:16Mtpa
• -3,000
DR pellets: 9Mtpa
Revenue Net Cash Flow Discounted Cash Flow
million USD
Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18
----- End of picture text -----

OPEX FOB

• The Scoping Study is based on the solid material assumptions used are detailed throughout this study. Information includes preliminary mine design studies, metallurgical recoveries from existing test work and indicative costs based on budgetary estimates and quotations from several sources.

• BF Concentrate: USD46.1/t

• • DR pellets: USD67.8/t

• The cash flow and economic analysis has been prepared on a 100% of the project basis and are in US Dollars. Cost estimations are considered to be at a scoping study level of accuracy of -25%/+50%.

• Refer to ASX announcement 11th August 2025 “Iron Bear Project Scoping Study”

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

6

Cyclone Metals and Vale executed a Development Agreement to bring the Iron Bear Project to Decision to Mine and provides a clear pathway to production

JOINT VENTURE WITH VALE TO DEVELOP IRON BEAR[1]

Under the terms of the agreement, Vale has the right to provide up to USD138 million of funding to Iron Bear Project in two phases and earn 75% of the project.

Phase 1:

• Contribution of USD18 million to the Project to complete the PFS, drilling program to enhance the resource and conduct environmental baseline studies.

• Upon completion of Phase 1, Vale can trigger Phase 2. If not, Vale doesn’t earn any interest in the Iron Bear Project.

Turnover

38.056 USD billion in 2024

Phase 2:

• If Vale elects to commence Phase 2, Vale will earn 30% equity in Iron Bear JV.

Market Capitalisation 43.75 USD billion as 28/08/2025

• Vale will fund JV development activities up to USD 120 million : including the BFS, environmental impact studies and Impact benefit Agreements with First Nations

Iron Ore production 328 Mt in 2024

• Vale’s interest will increase up to 75% when the second tranche is spent or Vale elects to progress the Project to Decision to Mine.

CAPEX

• 6.0 USD billion in 2024

• • If Vale elects to proceed to Decision to Mine (DTM) , Vale can elect to acquire the remaining 25% of the Project at fair value[2] or Vale can elect to carry Incorporated in Brazil Cyclone to production with no dilution Listed on NYSE, Brazil and Euronext

• 1: Refer to ASX announcement dated 17[th] of February 2025 “Cyclone Metals and Vale execute Development Agreement for the Iron Bear Project”

• 2: Determined as the average of 3 independent valuations which must be within 20% of each other

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

7

The Iron Bear Project underpinned by a clear operational plan to rapidly de-risk the asset and enable Vale to achieve decision to mine in 3 to 4 years

IRON BEAR JV STRATEGIC PLAN As of November 2025[[1]]

==> picture [906 x 411] intentionally omitted <==

----- Start of picture text -----

IRON BEAR JV STRATEGIC PLAN X Operational X Op. milestone X Op. milestone X Op. milestone
As of November 2025 [[1]] milestone achieved started delayed or failed
Jan 2025 July 2025 July 2026 July 2027 July 2028 Decision to Mine
6 months 12 months 12 months 12 months
Discovery and de- Pre-feasibility Study Mitigation studies Feasibility Studies
Decision to Mine
risking studies and capabilities and engagement and Approvals
Due to Innu
first nation
discussions delayed 1 ▪ Scoping study 8 ▪ Pit design and initial 16 ▪ Phase 2 drilling and 24 ▪ Environ. mitigation 32 ▪ Decision to Mine
now unlocked AACE 5 mine layout reserve statement studies (Vale)
2 ▪ Phase 1 drilling 9 ▪ Mine plan for each 17 ▪ Pilot plant set up in 25 ▪ Environmental Impact 33 ▪ Rail /Port access
campaign core scenario Schefferville Assessment granted agreement
3 ▪ Power 10 ▪ Environmental baseline 18 ▪ Process variability 26 ▪ Relevant IBAs 34 ▪ Power supply
study studies test work executed agreement
4 ▪ Rail 11 ▪ VIU [1] model and 19 ▪ Logistics strategic 27 ▪ Mining Lease 35 ▪ Operations approvals
study carbon footprint engagement plan granted (for CAPEX)
5 ▪ Tailings 12 ▪ Core Team recruited 20 ▪ Pre-Feasibility Study 28 ▪ Feasibility Study
study and onboarded completed completed
6 ▪ Op. base setup 13 ▪ Pre-Feasibility Study 21 ▪ Approvals/ permits 29 ▪ Capital Deployment
in Schefferville with 3 base scenarios strategic plan Execution plan
7 ▪ Bulk pellet and 14 ▪ Scoping / resource 22 ▪ Communities IBA [2] 30 ▪ Owners Team recruited
concentrate planning of Feasibility strategic plan and onboarded
samples Study 23 ▪ Environ. impact 31 ▪ Pilot plant set up in
15 ▪ First Nation exploration studies Schefferville
agreements
KEY ACTIVITIES DELIVERABLES
----- End of picture text -----

12 12/5

1. Refer to ASX announcement 31[ST] October 2025

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

Compliance Statements

Mineral Resource Competent Person

The information in this report that relates to Mineral Resources is based on information compiled by Elizabeth Haren, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists. Ms Haren is a full-time employee of Haren Consulting Pty Ltd and a consultant to Iron Block. Ms Haren has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Metallurgy Competent Person

Metallurgy has been reviewed and compiled by Paul Vermeulen MAusIMM, Member Association of Iron and Steel Technology ( MAIST ), a Director of Vulcan Technologies Pty Ltd, who has sufficient experience which is relevant to the method of processing under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Vermeulen consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Vulcan Technologies has assisted CLE in its development of the Iron Bear Project, Vulcan Technologies indirectly holds an interest in CLE, including Performance Rights. Mr Vermeulen has assumed Competent Person responsibility due to his familiarity with the Project.

Mining Competent Person

The information in this report which relates to the mining components underpinning the production target scenarios including pit optimisation, mining methods, mine designs, mine scheduling and mining costs is based on and fairly represents information and supporting documentation evaluated and prepared by Joel van Anen, Principal Mining Consultant of TME Mine Consulting. Mr van Anen is a Member of the Australasian Institute of Mining and Metallurgy ( MAusIMM ) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr van Anen consents to the inclusion of the information in the report in the form and context in which it appears.

Processing Competent Person

Processing information has been reviewed and compiled by Paul Vermeulen MAusIMM, Member Association of Iron and Steel Technology (MAIST), a Director of Vulcan Technologies Pty Ltd, who has sufficient experience which is relevant to the method of processing under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Vermeulen consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Vulcan Technologies has assisted CLE in its development of the Iron Bear Project, Vulcan Technologies indirectly holds an interest in CLE, including Performance Rights. Mr Vermeulen has assumed Competent Person responsibility due to his familiarity with the Project.

==> picture [483 x 540] intentionally omitted <==

----- Start of picture text -----

13
ASX: CLE
----- End of picture text -----

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA

==> picture [924 x 184] intentionally omitted <==

THANK YOU!

• ASX: CLE CYCLONE METALS LTD

PROJECT IRON BEAR | A WORLD CLASS IRON ORE DEVELOPMENT IN CANADA