IRON BEAR RESOURCES LTD — Capital/Financing Update 2024

Jan 18, 2024

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

CYCLONE METALS LIMITED

Date of this announcement

Friday January 19, 2024

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Unlisted Options ($0.002 expiring 19/01/2027)	100,000,000	19/01/2024
to be confirmed

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

CYCLONE METALS LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

71095047920

1.3 ASX issuer code

CLE

1.4 The announcement is

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New announcement

1.5 Date of this announcement

19/1/2024

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Refer to Appendix 3B released 9/10/2024

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

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New +securities
ASX +security code +Security description
New class - code to be confirmed Unlisted Options ($0.002 expiring 19/01/2027)
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ASX +security code New class - code to be confirmed	+Security description Unlisted Options ($0.002 expiring 19/01/2027)
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
19/1/2024
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
No

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Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.
Options Details
+Security currency Exercise price Expiry date
AUD - Australian Dollar AUD 0.00200000 19/1/2027
Details of the existing class of +security that will be issued upon exercise or conversion of this new class of
company option
Other
Description
1 fully paid share issued upon the exercise of 1 unlisted option
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Any other information the entity wishes to provide about the +securities the subject of this notification

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Refer to Appendix 3B released 9/10/2024

Issue details

Number of +securities 100,000,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Issue of options to a consultant of the Company to provide lead manager, broker and corporate advisory services

Purpose of the issue To pay for services rendered Additional Details

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
CLE : ORDINARY FULLY PAID	10,471,171,567
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not	quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
CLEAM : OPTION EXPIRING 22-FEB-2025 EX $0.003	30,000,000
CLEAK : OPTION EXPIRING 31-MAR-2024 EX $0.006	25,000,000
CLEAN : OPTION EXPIRING 18-OCT-2024 EX $0.002	100,000,000
CLEAO : OPTION EXPIRING 05-DEC-2026 EX $0.01	210,000,000
CLEAP : OPTION EXPIRING 05-DEC-2025 EX $0.005	240,000,000
CLEAQ : OPTION EXPIRING 05-DEC-2024 EX $0.003	500,000,000
CLEAL : OPTION EXPIRING 30-JUN-2024 EX $0.005	6,250,000
New class - code to be confirmed : Unlisted Options ($0.002 expiring 19/01/2027)	100,000,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

100,000,000 unlisted options

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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