IRON BEAR RESOURCES LTD — Capital/Financing Update 2024

Oct 31, 2024

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ASX Announcement

1 November 2024

Issue of Securities

Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) advises that it has issued 1,158,539,524 fully paid ordinary shares ( Shares ) comprising the following:

• 75,000,000 fully paid ordinary shares in respect to director participation in the placement (refer ASX announcement 23 July 2024). These shares have been issued following receipt of shareholder approval at the Annual General Meeting of shareholders held on 31 October 2024 ( AGM ) (resolutions 10 to 12); and

• 139,067,575 fully paid ordinary shares to RM Corporate Finance for the placement fee to be settled through the issue of shares. These shares have been issued following receipt of shareholder approval at the AGM (resolution 14); and

• 492,708,250 fully paid ordinary shares to Okewood Pty Ltd for the conversion of debt. These shares have been issued following receipt of shareholder approval at the AGM (resolution 15); and

• 451,763,699 fully paid ordinary shares to European Lithium Ltd for the conversion of amounts owing under a convertible note (refer ASX announcement 4 July 2024). These shares have been issued following receipt of shareholder approval at the AGM (resolution 16).

In addition, the Company has issued 2,371,396,446 unlisted options ($0.0016 expiring 30 November 2028) comprising the following:

• 1,133,896,446 options in respect to the placement (refer ASX announcement 23 July 2024). These options have been issued following receipt of shareholder approval at the AGM (resolution 9); and

• 37,500,000 options in respect to director participation in the placement. These options have been issued following receipt of shareholder approval at the AGM (resolutions 10 to 12); and

• 1,200,000,000 options in respect to eh placement fee payable to RM Corporate Finance Pty Ltd. These options have been issued following receipt of shareholder approval at the AGM (resolution 13).

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 (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.

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

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