IRON BEAR RESOURCES LTD — Capital/Financing Update 2024

Jul 3, 2024

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ASX Announcement

4 July 2024

Convertible Note and Conversion of Debt

Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) advises that it has entered into a convertible note agreement with its largest shareholder European Lithium Ltd (ASX: EUR) for $350,000. The Company will use proceeds from the convertible note financing to fund operating expenses at its flagship Block 103 / Iron Bear Magnetite Iron Ore Project ( Block 103 / Iron Bear ) in Canada.

• The key components of the convertible note financing are as follows:

  • $350,000 (being the face value of the note) to be paid to the Company at the time of entering into the facility

  • Interest rate of 10.0% per annum

  • The repayment date is 31 December 2024

  • Subject to receipt of shareholder approval by no later than 30 November 2024, EUR will have the right to convert the convertible loan note and associated capitalised interest into new ordinary shares, at a conversion price of $0.0008 per share

  • If shareholder approval is not received, Cyclone is required to repay the face value of the note, and associated capitalised interest on the repayment date

Conversion of Director Debt

Cyclone advises that it has come to an agreement with Okewood Pty Ltd to convert $236,500 of current debt into equity (subject to regulatory approval) ( Debt Conversion ):

Creditor	Service of Description	Debt to be	Shares to be
		converted	issued
Okewood Pty Ltd	Tony Sage director fees and	$236,500	236,499,960
	office lease payments

The debt will be converted based on a share price of $0.001 per share representing the Company’s current share price. Given the Debt Conversion relates to amounts owing to a Director of the Company, the Debt Conversion is subject to shareholder approval at the Company’s next general meeting or annual general meeting.

Announcement authorised for release to ASX by the Board of Cyclone Metals.

ENDS

For further information please contact:

Investor Relations

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

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