IRON BEAR RESOURCES LTD — Capital/Financing Update 2022

Jul 28, 2022

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

CYCLONE METALS LIMITED

Date of this announcement

Friday July 29, 2022

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Unlisted Options ($0.005 expiring 30 June 2024) 6,250,000 28/07/2022 to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

CYCLONE METALS LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

71095047920

1.3 ASX issuer code

CLE

1.4 The announcement is

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New announcement

1.5 Date of this announcement

29/7/2022

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Per Appendix 3B lodged 28 July 2022

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

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New +securities
ASX +security code +Security description
New class - code to be confirmed Unlisted Options ($0.005 expiring 30 June 2024)
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ASX +security code New class - code to be confirmed	+Security description Unlisted Options ($0.005 expiring 30 June 2024)
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
28/7/2022
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
No

Please provide a URL link for a document lodged with ASX setting	Please provide a URL link for a document lodged with ASX setting	out the material terms of the +securities being
issued.
Options Details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.00500000	30/6/2024
Details of the existing class of +security that will be issued upon exercise or conversion of this new class of
company option
Other
Description
Fully paid ordinary shares
Any other information the entity wishes to provide about the +securities the subject of this notification

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B Per appendix 3B released 28 July 2022

Issue details Number of +securities 6,250,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Free attaching options to placement Purpose of the issue To raise additional working capital

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
CLE : ORDINARY FULLY PAID	6,104,236,982
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
CLEAK : OPTION EXPIRING 31-MAR-2024 EX $0.006	25,000,000
CLEAF : OPTION EXPIRING 18-DEC-2022 EX $0.005	5,000,000
CLEAE : OPTION EXPIRING 30-JUN-2023 EX 0.6C	11,200,000
CLEAH : OPTION EXPIRING 16-DEC-2022 EX $0.005	12,222,223
CLEAI : PERFORMANCE RIGHTS	220,000,000
CLEAJ : OPTION EXPIRING 04-FEB-2023 EX $0.005	151,111,110
New class - code to be confirmed : Unlisted Options ($0.005 expiring 30 June 2024)	6,250,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

6,250,000 options

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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