IRON BEAR RESOURCES LTD — Director's Dealing 2025

Dec 7, 2025

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity CYCLONE METALS LIMITED

ABN 71 095 047 920

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Paul Berend
Date of last notice	4 December 2025

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.	(a) Mrs Anna Sloboda <RCB A/c> (an entity inwhich Paul Berend has a relevant interest)(b) Mr Paul Henry Berend & Mrs Anna Sloboda<Corona Australis S/F A/C> (an entity in whichPaul Berend has a relevant interest)(c) Paul Henry Victor Berend as a Trustee forTangaroa Trust (an entity in which Paul Berendhas a relevant interest)
Date of change	(a) 4 December 2025(b) 5 December 2025(c) 4 December 2025(d) 5 December 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Appendix 3YChange of Director’s	Appendix 3YChange of Director’s	Interest Notice
N f iti hld i
	N f iti hld i	h	Dit
	o. o secures e pror	o cange	rec6,722,122 fully pa937500 unlisted	id ordinary sharestions ($0032 eac	h exirin
			,30 November 202Indirect	p .8)	pg
			(a) 3,480,000 fully(b) 2,018,418 fully	paid ordinary sharepaid ordinary share	ss
			(c) 5,000,000 UOptions ($0.10 ex5,000,000 Unliste$020 irin 5	nlisted Class Bpiring 5 December 2d Class C Incentivmbr 2026	Incentive025)e Options
			(. expg(c)46,200,000expiring 30/11/20(c) 2,000,000 full	ecee )UnlistedOptions28)y paid ordinary shar	($0.032es
	Class		(a) fully paid ordin	ary shares
			(b) fully paid ordin(c) fully paid ordin(d) Unlisted Clas	ary sharesary sharess B Incentive Optio	ns ($0.10
			expiring 5 Decem	er 2025)
	Number acquired		(a) 107,934
			(b) 53,034(c) 245,574
	Number disposed		(d) 5,000,000
	Value/ConsiderationN If idi i	h id dil d	(a) $0.062 per sha	re
	ote: conseraton s non-cestimated valuation	s, prove etas an	(b) $0.062 per sha(c) $0.062 per sha	rere
			(d) N/A
	No. of securities held after	change	Direct6967696 fully pa	id ordinary shares
			,,937,500 unlisted30 November 202Indirect3640968 fll	options ($0.032 eac8)id di h	h expiring
			(a) ,, uy(b) 2,018,418 fully5,000,000 Unliste($0.20 expiring 5	pa ornary sarpaid ordinary shared Class C IncentivDecember 2026)	sse Options
			(c)46,200,000expiring 30/11/20	UnlistedOptions28)	($0.032
			(c) 2,000,000 full	y paid ordinary shar	es
	Nature of changeExample: on-market trade, off-moptions, issue of securities unde	arket trade, exercise ofr dividend reinvestment	(a) On market pur(b) On market pur(c) On market pur	chase of shareschase of shareschase of shares
	plan, participation in buy-back		(d) Expiry of optio	ns

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
Date of change	N/A
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

Date: 8 December 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3