IRON BEAR RESOURCES LTD — Director's Dealing 2025

Jul 17, 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	Timothy Turner
Date of last notice	7 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	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving riseto the relevant interest.	(1) Halle Woody Pty Ltd < The Woody S/FA/C>, a company and fund controlled by MrTurner.(2) Marnichar Nominees Pty Ltd ATF theHallemar Trust(3) Timmarin Holdings Pty Ltd ATF TheTimothy Paul Turner Family Trust
Date of change	17 July 2025
No. of securities held prior to change	Indirect: (1)279,225 Fully Paid Ordinary SharesIndirect: (2)2,900,001 Fully Paid Ordinary Shares1,000,000 Unlisted Class B Incentive Options ($0.10expiring 5 December 2025)500,000 Unlisted Class C Incentive Options ($0.20expiring 5 December 2026)6,600,000UnlistedOptions($0.032expiring30/11/2028)

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Class	Fully paid ordinary shares
Number acquired	382,144
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	Non-cash distribution of shares, deemed value of$0.043 per share
No. of securities held after change	Indirect: (1)279,225 Fully Paid Ordinary SharesIndirect: (2)2,900,001 Fully Paid Ordinary Shares1,000,000 Unlisted Class B Incentive Options ($0.10expiring 5 December 2025)500,000 Unlisted Class C Incentive Options ($0.20expiring 5 December 2026)6,600,000UnlistedOptions($0.032expiring30/11/2028)Indirect: (3)382,144 Fully Paid Ordinary Shares
Nature of changeExample: on-market trade, off-market trade, exerciseof options, issue of securities under dividendreinvestment plan, participation in buy-back	On 17 February 2025, the Company announced thatit had entered into an agreement with the Trusteeof the Iron Bear Unit Trust (Iron Bear MandateAgreement).On 5 June 2025, the Company convened ashareholder meeting and received shareholderapproval for the payment of a success feepayable pursuant to the Iron Bear MandateAgreement and for Directors of the Company toparticipate in any success fee payable by theCompany to the Trustee of the Iron Bear UnitTrust pursuant to the Iron Bear MandateAgreement.On 7 July 2025, an Appendix 3Y was releasedannouncing that the Company had resolved tomake a distribution to the Iron Bear Unit Trust inwhich the Director holds units in the Iron Bear UnitTrust.On 17 July 2025, the distribution from the Iron BearUnit Trust was effected and is the subject of thisAppendix 3Y.

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	Detail of contract	On 17 February 2025, the Company announced that ithad entered into an agreement with the Trustee of theIronBearUnitTrust(IronBearMandateAgreement).On 5 June 2025, the Company convened a shareholdermeeting and received shareholder approval for thepayment of a success fee payable pursuant to the IronBear Mandate Agreement and for Directors of theCompany to participate in any success fee payable bythe Company to the Trustee of the Iron Bear UnitTrust pursuant to the Iron Bear Mandate Agreement.	On 17 February 2025, the Company announced that ithad entered into an agreement with the Trustee of theIronBearUnitTrust(IronBearMandateAgreement).On 5 June 2025, the Company convened a shareholdermeeting and received shareholder approval for thepayment of a success fee payable pursuant to the IronBear Mandate Agreement and for Directors of theCompany to participate in any success fee payable bythe Company to the Trustee of the Iron Bear UnitTrust pursuant to the Iron Bear Mandate Agreement.	On 17 February 2025, the Company announced that ithad entered into an agreement with the Trustee of theIronBearUnitTrust(IronBearMandateAgreement).On 5 June 2025, the Company convened a shareholdermeeting and received shareholder approval for thepayment of a success fee payable pursuant to the IronBear Mandate Agreement and for Directors of theCompany to participate in any success fee payable bythe Company to the Trustee of the Iron Bear UnitTrust pursuant to the Iron Bear Mandate Agreement.	On 17 February 2025, the Company announced that ithad entered into an agreement with the Trustee of theIronBearUnitTrust(IronBearMandateAgreement).On 5 June 2025, the Company convened a shareholdermeeting and received shareholder approval for thepayment of a success fee payable pursuant to the IronBear Mandate Agreement and for Directors of theCompany to participate in any success fee payable bythe Company to the Trustee of the Iron Bear UnitTrust pursuant to the Iron Bear Mandate Agreement.	On 17 February 2025, the Company announced that ithad entered into an agreement with the Trustee of theIronBearUnitTrust(IronBearMandateAgreement).On 5 June 2025, the Company convened a shareholdermeeting and received shareholder approval for thepayment of a success fee payable pursuant to the IronBear Mandate Agreement and for Directors of theCompany to participate in any success fee payable bythe Company to the Trustee of the Iron Bear UnitTrust pursuant to the Iron Bear Mandate Agreement.
		the Company to the Trustee of the Iron Bear Unit
		Trust pursuant to the Iron Bear Mandate Agreement.
Nature of interest		The Company has resolved to make a distribution to theIron Bear Unit Trust. The Director holds units in the IronBear Unit Trust. The issue of these shares is disclosedin Part 1 of this Appendix 3Y.
			ar o s ppenx .
Name of registered holder(if issued securities)
	me of registered holderssued securities)	T	immarin Holdings Pty Ltd ATF The Timothy Pauurner Family Trust
Date of change		17 July 2025
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		382,144 fully paid ordinary shares
	: Details are only required for a contract inion to which the interest has changed
Int	erest acquired	Nil
Int	erest disposed	382,144 ful		ly paid ordinary shares
ValNoteand	/Cidti	Non-cash		distribution of shares deemed value		of
	ueonseraon: If consideration is non-cash, provide detailsan estimated valuation	$0.043 p		,er share
Int	erest after change	Nil
	3 –+Closed period
Weabcle	re the interests in the securities or contractove traded during a+closed period where prid?			s detailedior written	No
	arance was requre
If sto	o, was prior written clearance provided to allow			the trade	N/A
	proceed during this period?
If ppro	rior written clearance was provided, on what datvided?			e was this	N/A
	l 2025

Part 3 –[+] Closed period

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

18 July 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3