IRON BEAR RESOURCES LTD — Capital/Financing Update 2023

Dec 4, 2023

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ASX Announcement

5 December 2023

Issue of Securities

Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) advises that it has issued 206,666,640 fully paid ordinary shares ( Shares ) comprising the following:

• 146,666,640 fully paid ordinary shares in respect to the conversion of director debt (refer ASX announcement 16 October 2023), and

• 60,000,000 fully paid ordinary shares for the conversion of debt in relation to the acquisition of Block 103 which has been converted into equity.

In addition, the Company has issued 950,000,000 incentive options as approved by shareholders at the Company’s annual general meeting held on 29 November 2023.

A completed Appendix 2A, Appendix 3G and Appendix 3Y’s has been lodged together with this announcement.

Notice Under Section 708A(5)(e) of the Corporations Act 2001

In respect of the Shares, Cyclone gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Act ) of the following:

1. The Shares were issued without disclosure under Part 6D.2 of the Act;

2. As at the date of this notice, the Company has complied with: (a) the provisions of Chapter 2M of the Act as they apply to the Company; and

3. (b) section 674 and 674(A) of the Act; and

4. As at the date of this notice, there is no information to be disclosed which is excluded information (as defined in section 708A(7) of the Act) that is reasonable for investors and their professional advisers to expect to find in a disclosure document.

Announcement authorised for release by the board of Cyclone.

ENDS

For further information please contact:

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

32 Harrogate Street, West Leederville, WA 6007 ASX: CLE | cyclonemetals.com