IRON BEAR RESOURCES LTD — Capital/Financing Update 2025

Mar 10, 2025

11[th] of March 2025

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ASX Announcement

CLE receives first A$10m from Vale

Further to the announcement released by Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) on 17 February 2025 regarding the execution of a binding development agreement with Vale S.A. ( Vale ) for the joint development of its Iron Bear iron ore project located in Canada, Cyclone is pleased to confirm that Vale has paid funds of USD$6.3m (approximately A$10m) towards the Phase 1 contribution. Total Phase 1 contribution is USD$18m (approximately A$29m) and these funds are allocated to de-risk the Iron Bear project.

The anticipated first tranche of $A10m has now been received, and CLE will receive the complement to the Phase 1 contribution in quarterly payments.

Paul Berend, CEO of Cyclone, commented on the receipt of funds:

“This is a great milestone for the Company and provides us with the necessary funds to develop the Iron Bear project with our partner Vale. We are planning a large drilling program of 24000m between June and November this year, which is very exciting”.

Announcement authorised for release by the board of Cyclone.

ENDS

Website

Cyclone Metals Limited (ASX:CLE) 32 Harrogate Street West Leederville, WA, 6007

Contact +61 8 9380 9555

www.cyclonemetals.com

ir@cyclonemetals.com