IRON BEAR RESOURCES LTD — Director's Dealing 2025

Oct 15, 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	Antony Sage
Date of last notice	3 June 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	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Indirect (1): Shares owned by PG Partnership, of which Okewood Pty Ltd, a company in which Mr Sage is a director, is a member. Indirect (2): Securities owned by Okewood Pty Ltd, a company in which Mr Sage is a director. Indirect (3): Securities owned by Mr Antony William Paul Sage + Mrs Lucy Fernandes Sage A/C>, of which Mr Sage is a beneficiary Indirect (4): Jem Holdings Pty Ltd as Trustee for Jem Trust, of which Mr Sage is a beneficiary
Date of change	13 and 14 October 2025

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	Indirect (1): 12,500 Fully Paid Ordinary Shares Indirect (2): 2,500,000 Unlisted Class B Incentive Options ($0.10 expiring 5 December 2025) 2,500,000 Unlisted Class C Incentive Options ($0.20 expiring 5 December 2026) 26,022,599 Listed Options ($0.032 expiring 30/11/2028) Indirect (3): 1,500,000 Fully Paid Ordinary Shares 54,753,188 Fully Paid Ordinary Shares Indirect (4): 36,953,120 Fully Paid Ordinary Shares
Class	Listed Options ($0.032 expiring 30/11/2028)
Number acquired	Nil
Number disposed	3,000,000
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$0.032 each
No. of securities held after change	Indirect (1): 12,500 Fully Paid Ordinary Shares Indirect (2): 2,500,000 Unlisted Class B Incentive Options ($0.10 expiring 5 December 2025) 2,500,000 Unlisted Class C Incentive Options ($0.20 expiring 5 December 2026) 23,022,599 Listed Options ($0.032 expiring 30/11/2028) Indirect (3): 1,500,000 Fully Paid Ordinary Shares 54,753,188 Fully Paid Ordinary Shares Indirect (4): 36,953,120 Fully Paid Ordinary Shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	On market sale

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 which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and 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 detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

Date: 16 October 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3