IRON BEAR RESOURCES LTD — Capital/Financing Update 2022

Mar 22, 2022

ASX

Announcement

23 March 2022

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Completion of Grand Port Acquisition and Placement

Further to the announcements released on 24 February 2022 and 17 March 2022, Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) is pleased to announce that it has now completed the acquisition of Grand Port Resources Pty Ltd ( Grand Port ) and its wholly owned subsidiaries Midway Resources Limited and Nimitz Resources Limited which together owns or has applications over a diversified portfolio of gold, copper, nickel and PGE assets in New Zealand (the Acquisition ).

Pursuant to the Acquisition, Cyclone agrees to issue a total of 900,000,0000 fully paid ordinary shares in the Company ( Consideration Shares ) of which the first tranche of the Consideration Shares shall be satisfied by the issue of 500,000,000 Consideration Shares ( Tranche 1 Consideration Shares ), and the second tranche of the Consideration Shares shall be satisfied by the issue of 400,000,000 Consideration Shares subject to Cyclone obtaining shareholder approval ( Tranche 2 Consideration Shares ).

Cyclone is also pleased to confirm that it has received funds of A$500,000 (before expenses) through a placement to sophisticated investors at an issue price of $0.005 per share ( Placement Shares ) with one free attaching option for every 4 shares at an exercise price of $0.006 expiring 31 March 2024 ( Placement Options ) (together, the Placement ). Funds raised from the Placement will be applied toward the acquisiton and initial work on the Grand Port projects and for general working capital.

The Placement includes a firm commitment from Cyclone Director Will Scott to subscribe for 10,000,000 Placement Shares to raise funds of $50,000 ( Director Placement Shares ) with 2,500,000 Placement Options ( Director Placement Options ) on the same terms as the Placement, subject to shareholder approval.

The issuance of 90,000,000 Placement Shares is not subject to shareholder approval because it falls within the Company’s additional 10% placement capacity under ASX LR 7.1A. The issuance of 22,500,000 Placement Options and 500,000,000 Tranche 1 Consideration Shares is also not subject to shareholder approval because it falls within the Company’s 15% placement capacity under ASX LR 7.1.

Resolutions to approve the issue of the Tranche 2 Consideraion Shares and Director Placement Shares and Director Placement Options will be put to shareholders at a general meeting planned to be held in or around May 2022.

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

Yours faithfully Cyclone Metals Limited

Terry Donnelly Non-Executive Chairman

ASX Announcement 23 March 2022

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For further information please contact:

Investor Relations

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+61 (0) 8 9380 9555 ir@cyclonemetals.com

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Cyclone Metals Limited ASX: CLE

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