IRON BEAR RESOURCES LTD — Director's Dealing 2025

Dec 3, 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	18 July 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 the relevantinterest.	(a) Mrs Anna Sloboda <RCB A/c> (anentity in which Paul Berend has arelevant interest)(b) Mr Paul Henry Berend & Mrs AnnaSloboda <Corona Australis S/F A/C>(an entity in which Paul Berend has arelevant interest)(c) Paul Henry Victor Berend as aTrustee for Tangaroa Trust (an entity inwhich Paul Berend has a relevantinterest)
Date of change	3 December 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	No. of securities held prior to change	No. of securities held prior to change	Direct6,722,122 fully paid ordinary shares937,500 unlisted options ($0.032 eachexpiring 30 November 2028)Indirect(a) 3,480,000 fully paid ordinary shares(b) 1,848,751 fully paid ordinary shares(c)5000000UnlistedClassB	Direct6,722,122 fully paid ordinary shares937,500 unlisted options ($0.032 eachexpiring 30 November 2028)Indirect(a) 3,480,000 fully paid ordinary shares(b) 1,848,751 fully paid ordinary shares(c)5000000UnlistedClassB
			,, Incentive Options ($0.10 expiring 5December 2025)
			5,000,000 Unlisted Class C IncentiveOptions ($0.20 expiring 5 December2026)(c)46,200,000UnlistedOptions($0.032 expiring 30/11/2028)(c) 2,000,000 fully paid ordinary shares
C	lass		Fully paid ordinary shares
N	umber acquired		169,667
N	umber disposed		Nil
VNv	alue/Considerationote: If consideration is non-cash, providealuation	details and estimated	$0.059904 per share
No. of securities held after change	o. of securities held after change		Direct6,722,122 fully paid ordinary shares
			937,500 unlisted options ($0.032 eachexpiring 30 November 2028)
			Indirect(a) 3,480,000 fully paid ordinary shares(b) 2,018,418 fully paid ordinary shares(c)5,000,000UnlistedClassBIncentive Options ($0.10 expiring 5December 2025)5,000,000 Unlisted Class C IncentiveOptions ($0.20 expiring 5 December2026)(c)46,200,000UnlistedOptions($0.032 expiring 30/11/2028)(c) 2,000,000 fully paid ordinary shares
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back			On market purchase of shares

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.

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

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: 4 December 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3