IRON BEAR RESOURCES LTD — Capital/Financing Update 2023

Feb 28, 2023

ASX

Announcement

1 March 2023

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ISSUE OF SECURITIES AND BOARD CHANGES

Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ), is pleased to provide an update on the status of the placement and board changes.

Placement

Further to the announcement released by Cyclone on 19 January 2023, Cyclone advises that it has issued 67,200,000 fully paid ordinary shares ( Shares ) to participants of the placement, and 25,000,000 fully paid ordinary shares ( Shares ) to the broker who acted as lead manager of the placement.

The issue of these Shares completes the placement of $1,350,000 (before expenses) as announcement on 19 January 2023.

A completed Appendix 2A has been lodged together with this announcement.

Board Changes

The Board advises that effective 28 February 2023, Non-Executive Director Mr Stirling Ross has resigned as a Non-Executive Director of the Company to allow him to concentrate on his other business interests. The Board would like to thank Mr Ross for his service to the Company and wishes him the best with his future endeavors.

A completed Appendix 3Z 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 (b) section 674 and 674(A) of the Act; and

3. 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

ASX Announcement 1 March 2023

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For further information please contact:

Investor Relations

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

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Cyclone Metals Limited ASX: CLE

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