IRON BEAR RESOURCES LTD — Capital/Financing Update 2021

Aug 31, 2021

ASX

Announcement

1 September 2021

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Placement

Further to the announcement released on 23 August 2021, Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) is pleased to announce that it has received firm commitments to raise funds of A$1,225,000 (before expenses) through a placement to sophisticated investors at $0.005 per share ( Placement Shares ).

Funds raised will be applied toward the Company’s proposed work program on the Nickol River Project ( NRP ), costs of the NRP acquisition and for general working capital.

Placement Shares will be issued without shareholder approval relying on the Company’s capacity under Listing Rule 7.1 and 7.1A.

The placement has been managed by a number of brokers who will be paid 6% of the amount raised.

This announcement has been approved by the Company’s board of directors.

Yours faithfully Cyclone Metals Limited

Terry Donnelly Non-Executive Chairman

For further information please contact:

Investor Relations

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