IRON BEAR RESOURCES LTD — Capital/Financing Update 2023

Nov 16, 2023

ASX Announcement

17 November 2023

Block 103 Winter Operations Update

Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) is pleased to provide an update on the development of its flagship Block 103 Magnetite Iron ore Project ( Block 103 ) in Canada.

• 15+ tonnes of additional sediment cores were discovered in sea containers in Schefferville. 10 tonnes of these cores were logged, selected and packaged by a Cyclone team and then shipped to a metallurgical laboratory in Quebec City.

• Metallurgical test work and flow sheet design is ongoing and initial results are encouraging. Final specifications for the blast furnace grade magnetite product (as well as initial flow sheet design) are expected by end of November.

• Cyclone has now collected enough sediment to complete the metallurgical test work program until end of 2024, which includes the production of bulk samples of premium grade DR (Direct Reduction) magnetite concentrates and pellets and the operation of an industrial pilot plant.

• Cyclone completed an initial survey of the existing heavy haul railway connecting Schefferville to Pointe Noire.

Cyclone has successfully completed the winter field operations in Schefferville, Canada and is on track to deliver all the operational milestones planned for Q4 2023

Cyclone CEO, Paul Berend, said: “In spite of the challenging logistics and the extreme weather conditions, we have been able to operate in Schefferville successfully thanks to the active support of the local contractors and people. We are grateful for the help and have been fortunate to locate vast amounts of sediment core in good condition which means that we will be able to complete our bulk test work program without any additional drilling or trenching. This will save us over a year compared to most of our peers.”

During winter field operations the Cyclone team accessed four 40’ sea containers in Schefferville containing around 100t of sediment core from previous drilling campaigns. Two new sea containers were discovered – substantially increasing the amount of sediment available for industrial test work. An estimated 10 tonnes of these cores were logged, selected, packaged and then shipped to our metallurgical laboratory in Quebec City for phase 2 of the industrial test work program. Phase 1 of the test work program is already ongoing and is delivering encouraging initial results. Cyclone expects to be able to communicate the specifications of the blast furnace concentrate and the associated flow sheet with the recovery rates as early as late November 2023. This will be a key factor in determining the economic viability of the massive Block 103 mineral resource.

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

Sea container with Block 103 Core. Weight was ~ 30t tonnes in total with core

==> picture [440 x 263] intentionally omitted <==

Cores inside sea container partially empty

CLE Chief geologist

==> picture [268 x 181] intentionally omitted <==

==> picture [247 x 238] intentionally omitted <==

ASX: CLE | cyclonemetals.com

View of packaged 1m3 bulk bags containing Block 103 sediment being trucked to railway station.

==> picture [448 x 279] intentionally omitted <==

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

ASX: CLE | cyclonemetals.com