IRON BEAR RESOURCES LTD — Capital/Financing Update 2022

Jun 2, 2022

ASX Announcement

3 June 2022

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Cyclone Secures Exclusive Rights to a World Class Cobalt, Nickel and Manganese Deposit in Cameroon

Highlights

• Nkamouna-Mada Cobalt-Nickel-Manganese Deposit is highly sought after.

• Total non-JORC foreign measured and indicated resource estimate of[*] 120.6 Million tonnes @ 0.23% Co, 0.65% Ni and 1.35% Mn.

• • Total global non-JORC foreign resource estimate of 323 Million tonnes @ 0.21% Co, 0.61% Ni and 1.25% Mn.

• Cyclone has entered into a binding exclusivity agreement with Ewaah Cameroon Ltd to secure the right to purchase 100% of the issued capital of Ewaah’s subsidiary, Camdu Corporation.

• Camdu Corporation has applied for the mining permit that covers the area of a world class cobalt deposit in southeastern Cameroon, the Nkamouna-Mada Project.

Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) is pleased to announce that it has entered into a binding exclusivity agreement with Ewaah Cameroon Ltd ( Ewaah ) to secure the right to purchase 100% of the issued capital of Camdu Corporation Ltd (a company incorporated in Cameroon), which in turn has applied for the mining permit that covers the area of a world class cobalt deposit in southeastern Cameroon, the Nkamouna-Mada Project ( Project ).

The exclusivity agreement has been entered into between Cyclone and Ewaah to secure Cyclone’s exclusive right to acquire the mining permit once it is granted to Camdu Corporation by the relevant mining authority in Cameroon. The mining permit covers an area of 1,645km[2 ] and the Nkamouna and Mada deposits are located within that area. Cyclone will issue 50,000,000 fully paid ordinary shares in the capital of CLE at a deemed issue price of $0.005 per share and 50,000,000 unlisted options ($0.01 expiring 12 months from the date of issue) to Ewaah to secure exclusivity which will be issued within 5 days of the mining permit being granted. The shares will be issued utilising CLE’s existing placement capacity under Listing Rule 7.1. Upon grant, and subject to Cyclone being satisfied with the findings of due diligence it undertakes during the exclusivity period, the parties will negotiate the consideration payable for the acquisition of the Project.

About Nkamouna-Mada Development Asset

The Nkamouna and Mada deposits are located in southeastern Cameroon, approximately 400km from Cameroon’s capital city, Yaoundé. The closest town to the Project site is Lomie, located approximately 26 km to the west-southwest. The closest railroad transport to the Project is located in the town of

• Non-JORC foreign estimate ,June 2 2011 NI43-101 Technical Report ,Geovic Mining Corp, Nkamouna and Mada Deposits, East Province of Cameroon, Africa. The foreign estimates are not reported in accordance with the JORC Code and a competent person has not done sufficient work to classify the foreign estimates as mineral resources in accordance with the JORC Code. It is uncertain that following evaluation and further exploration work that the foreign estimates will be able to be reported as mineral resources in accordance with the JORC Code.

ASX Announcement 3 June 2022

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Belabo, approximately 250 km to the Project site. A paved highway to Ayos, public road to Abong Mbang and private logging roads links to the project site. International airports and modern telecommunication facilities exist at Yaoundé and Douala. The international seaport of Douala has suitable shipping and receiving facilities.

Nkamouna-Mada was identified as a potential deposit in the 1980s. Previous owners, Geovic, through its Cameroon subsidiary, Geovic Cameroon PLC (Geocam) were granted a prospecting permit by the Government of Cameroon in 1995. Geocam undertook various exploration programs that focused on the mineralised zone at Nkamouna and Mada deposits and identified deposits at Rapodjombo, North Mang, South Mang, Messea and Kondong. Geovic were responsible for identifying and perfected technology to economically recover cobalt, nickel and manganese from Nkamouna-Mada and a definitive feasibility study was prepared by SRK Consulting (Lakewood, Colorado), with contributors Lycopodium Minerals Pty Ltd and Knight Piesold of Australia, which can be accessed and read in full on www.sedar.com, company search Geovic Mining Corp, date of release 2 June 2011, or by following this link: https://www.sec.gov/Archives/edgar/data/1398005/000119312511161283/dex991.htm.

Mineral resources and ore reserves were calculated by SRK Consulting Engineers and Scientists, with mineral resources and ore reserves estimated in Sections 15 and 16, which was prepared in accordance with NI43-101 standards and summarised the report published on June 2, 2011 effective as of December 31, 2010.

Set out below are the summary tables of the mineral resource and ore reserve estimates published on page 15-20 of the report, which have been extracted and included in this announcement:

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Table 1: Non-JORC historical estimate* summarised in June 2 2011 NI43-101 Technical Report ,Geovic Mining Corp, Nkamouna and Mada Deposits, East Province of Cameroon, Africa. The resource is stated above a 0.12% cobalt cut-off for ferralite and a 0.23% cobalt cut-off for breccias, constrained above the bedrock surface. (Tally of numbers may vary due to rounding).

*The historical estimates are not reported in accordance with the JORC Code and a competent person has not done sufficient work to classify the historical estimates as mineral resources in accordance with the JORC Code. It is uncertain that following evaluation and further exploration work that the historical estimates will be able to be reported as mineral resources in accordance with the JORC Code.

Cyclone is not in possession of any new information or data relating to the historical estimates that materially impacts on the reliability of the estimates or the Company’s ability to verify the historical estimates as mineral resources or ore reserves in accordance with the JORC Code. A full explanation of the non-JORC historical resource estimates and sources of information are included in the appendix section to this announcement.

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Known CO, NI, MN
deposits Cameroon
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Figure 1: Project Location in Cameroon and location of Nkamouna and Mada Cobalt, Nickel, Manganese Deposits north of Kongo, that Cyclone has assigned a binding exclusivity agreement on. Permit boundary is not current.

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ASX Announcement 3 June 2022

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Cyclone Non-Executive Chairman, Terry Donnelly commented, “To secure the exclusive rights to this asset is a game changer for the Company. The licenses have been highly sought after by many parties in the battery metals space for several years.”

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 Follow us +61 (0) 8 9380 9555 @cyclonemetals ir@cyclonemetals.com cyclone-metals

Competent Persons Statement

The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Member of the Australian Institute of Mining and Metallurgy. Mr Mead is a consultant of the Company. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr Mead consents to the inclusion of this information in the form and context in which it appears in this report.

The information in this report that relates to non-JORC Foreign Estimates is based on information compiled by Mr Edward Mead, a Member of the Australian Institute of Mining and Metallurgy. The information in this announcement provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the Muirs Reef Project. Mr Mead is a consultant of the company. Mr Mead consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. References and source of information:

• June 2 2011 NI43-101 Technical Report ,Geovic Mining Corp, Nkamouna and Mada Deposits, East Province of Cameroon, Africa

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Details of non-JORC Foreign Resource Estimates in relation to ASX LR Chapter 5, for Nkamouna and Mada Projects

Sections 5.10 to 5.12: Requirements applicable to reports of foreign estimates and foreign estimates of mineralisation for material mining projects.

**ASX Listing Rule **	**Reference to previous announcement or compliance incurrent draft **
	For the qualified non-JORC foreign estimates included in this market
	release, Cyclone is not required to comply with Listing Rule 5.6 (JORC
5.10 - An entity reporting historical estimates or foreign estimates of	Code) as all relevant and requested disclosures are stated in the report
mineralisation in relation to a material mining project to the public is	and tabulated below.
not required to comply with rule 5.6 (The JORC Code) provided the
entity complies with rules 5.12, 5.13 and 5.14.
	The Company complies with 5.12, 5.13 and 5.14 requirements for
	statement of non-JORCforeign resource estimates, as tabled below.
5.11- An entity must not include historical estimates or foreign
estimates (other than qualifying foreign estimates) of mineralisation
	Cyclone is not applying any economic analysis or commentary to the
in an economic analysis (including a scoping study, preliminary
	foreign resource estimates in this market release.
feasibility study, or a feasibility study) of the entity’s mineral
resources and orereservesholdings.
5.12 - Subject to rule 5.13, an entity reporting historical estimates or	The same foreign resource estimates were previously reported to the
foreign estimates of mineralisation in relation to a material mining	TSX in June 2011.
project must include all of the following information in a market
announcement and give it to ASX for release to the market.
	The NI 43-101 Summary Report on Muirs was sourced from Sedar
5.12.1 - The source and date of the historical estimates or foreign
	• June 2 2011 NI43-101 Technical Report ,Geovic Mining Corp,
estimates.
	Nkamouna andMadaDeposits,EastProvince ofCameroon,Africa
5.12.2- Whether the historical estimates or foreign estimates use	Reference to the category of mineralisation at the time was defined as
categories of mineralisation other than those defined in Appendix 5A	“Measured”, ‘Indicated” and “Inferred” and comparable to the current
(JORC Code) andifso, anexplanationofthe differences.	JORC Code.
	The foreign estimates for the cobalt, nickel and manganese deposits at
5.12.3 - The relevance and materiality of the historical estimates or	Nkamouna and Mada is relevant and material to Cyclone’s planned
foreign estimates to the entity.	acquisition, as it pertains to a project that could potentially be
	economicallyviableforthe Company.
	The historical data is supported by extensive data reviews, and a site
	visit by the Competent Person in 2007, when most of the drilling,
	trenching and pitting had been completed. A recent visit by a consultant
	geologist to Cyclone also confirms the validity of the drilling, trenching
	and pitting.
5.12.4 - The reliability of the historical estimates or foreign estimates,
including by reference to any of the criteria in Table 1 of Appendix	The Competent Person views the foreign estimates as providing
5A (JORC Code) which are relevant to understanding the reliability	reasonable indications of the potential size and grade of the deposits in
of the historical estimates or foreign estimates.	the area based on the amount of drilling, trenching and pitting
	completed. At Nkamouna; 1,310 Pits for 17,466.34m, Diamond Core
	1034 holes fro 27,215.05m, 176 RC holes for 3,674.5m, have been
	completed that relate to the mineral resource estimate. At Mada; 593
	Pits for 7,283.2m, 928 RC holes for 23,751.1m, have been completed
	thatrelate to themineral resource estimate.
	The non-JORC foreign estimate is based on data from Geovic Mining
	Corp:
	1999 - exploration license covering 5,000 square kilometers granted to
	Geocam by the Government of Cameroon
	1999 to 2003 - exploration programs mainly focused on resource
	delineation at Nkamouna and Mada was conducted. Limited drilling at
5.12.5 - To the extent known, a summary of the work programs on	Rapodjombo was also completed. This limited drilling indicated
which the historical estimates or foreign estimates are based and a	potential for similar resources as found at Nkamouna. Limited
summary of the key assumptions, mining and processing parameters	recognizance drilling was conducted on the other deposits identified by
and methods used to prepare the historical estimates or foreign	prospecting.
estimates.
	2003 - Geocam granted a mine permit by the Government of Cameroon
	for a term of 25 years and an extension, at the option of Geocam, for
	25 years.
	2004 to 2011 - Geovic identified and perfected technology to
	economically recover cobalt, nickel and manganese from Nkamouna -
	Mada.

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	2007 – at the request of the Government of Cameroon, Société
	Nationale d'Investissement du Cameroun (“SNI”) became a
	shareholder of Geocam. SNI also carries the investment of the local
	shareholders. The current investment by the shareholders is
	approximately of US$105 million. As a result of the current
	shareholders of Geocam are:
	2009 - As a result of the deterioration of financial markets the financial
	advisors of Geocam (Standard Chartered Bank) recommended that a
	strategic partner be sought for financing the development of the
	Nkamouna project.
	2010 – A definitive feasibility study was completed by Lycopodium
	Minerals Pty of Australia.
	2011 - An agreement was reached with Jiangxi Rare Metals Tungsten
	Holdings Group Co., Ltd. of China (“JXTC”) to become a strategic
	partner with Geocam for the development of the Nkamouna
	project. Under the terms of the transaction JXTC would have purchased
	51% ownership of the project from the shareholders on a proportional
	basis. As SNI refused to dilute Geovic agreed to assume all of the
	dilution so that the project could advance. SNI refused to execute the
	final Definitive Agreement between JXTC, Geocam and its
	shareholders. As a result the agreement with JXTC terminated in 2014.
	2010 to 2017 - The cobalt price dropped from a high of approximately
	US$25 per pound to less than US$10 per pound at which time the
	project became uneconomic.
	2014 to 2017 – Geovic began exploring a modified processing approach
	to lower both capital and operating prices to make the project economic.
	2017 – GBM Minerals Engineering Consultants (UK) engaged to update
	the Lycopodium feasibility study using the modified processing
	approach developed by Geovic
	2018 to current – Cobalt prices have increased from below UD$10 per
	pound to as high as US$43 per pound and current prices of
	approximately US$37 per pound (London Metals Exchange). This
	increase is a result of increased demand for cobalt, a critical
	component, in batteries for electric cars and the continued and
	worsening instability in the Democratic Republic of Congo which has
	recently been the source of approximately 60% of world cobalt supply.
	From 1999 to present at Nkamouna; 1,310 Pits for 17,466.34m,
	Diamond Core 1034 holes fro 27,215.05m, 176 RC holes for 3,674.5m,
	have been completed that relate to the mineral resource estimate.
	From 1999 to present at Mada; 593 Pits for 7,283.2m, 928 RC holes for
	23,751.1m, have been completed that relate to the mineral resource
	estimate.
5.12.6 - Any more recent estimates or data relevant to the reported	There are no more recent estimates, and Cyclone is planning to convert
mineralisationavailable to the entity.	Nkamouna andMadaforeignestimate to JORC2012.
5.12.7 - The evaluation and/or exploration work that needs to be
	Further exploration field work is required including surveying all historical
completed to verify the historical estimates or foreign estimates as
	drillholes, and bulk metallurgical samples to test newer processing
mineral resources or ore reserves in accordance with Appendix 5A
	technologies.
(JORC Code)
	Cyclone is currently consolidating data so that when the Nkamouna and
	Mada projects are acquired, based on successful execution of a final
	agreement, on ground work can be undertaken to generate a JORC 2012
5.12.8 - The proposed timing of any evaluation and/or exploration	Mineral Resource Estimate. The Company is also looking to update the
work that the entity intends to undertake and a comment on how the	DFS completed by Lycopodium.
entity intends to fund that work.
	Cyclone is an ASX-listed Company and will fund exploration work in
	compliance with listing rules, its constitution, market conditions and
	appropriate shareholderapproval.
5.12.9 - A cautionary statement proximate to, and with equal
	The following cautionary statement has been inserted in the report
prominence as, the reported historical estimates or foreign estimates
	proximal to mention of foreign resources on pages 1, 2: “non-JORC
stating that:the estimates arehistoricalestimates or foreign

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estimates and are not reported in accordance with the JORC Code;	foreign estimate June 2 2011 NI43-101 Technical Report ,Geovic Mining
a competent person has not done sufficient work to classify the	Corp, Nkamouna and Mada Deposits, East Province of Cameroon, Africa
historical estimates or foreign estimates as mineral resources or ore	The foreign estimates are not reported in accordance with the JORC
reserves in accordance with the JORC Code; and it is uncertain that	Code and a competent person has not done sufficient work to
following evaluation and/or further exploration work that the historical	classify the foreign estimates as mineral resources in accordance
estimates or foreign estimates will be able to be reported as mineral	with the JORC Code.It is uncertain that following evaluation and
resources or ore reserves in accordance with the JORC Code	further exploration work that the foreign estimates will be able to be
	reported as mineral resources inaccordance with the JORC Code”.
	Edward Mead, a Geologist and consultant to the Company, is acting as
	the Competent Person for this report - The following statement has been
	included in the Competent Person section:“The information in this
	report that relates to non-JORC Foreign Estimates is based on
5.12.10 - A statement by a named competent person or persons that
	information compiled by Mr Edward Mead, a Member of the
the information in the market announcement provided under rules
	Australian Institute of Mining and Metallurgy. The information in this
5.12.2 to 5.12.7 is an accurate representation of the available data
	announcement provided under ASX Listing Rules 5.12.2 to 5.12.7 is
and studies for the material mining project. The statement must
	an accurate representation of the available data and studies for the
include the information referred to in rule 5.22(b) and (c).
	Nkamouna and Mada Projects. Mr Mead is a consultant to the
	company. Mr Mead consents to the inclusion in this report of the
	matters based on this information in the form and context in which
	it appears.”

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