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	Luke Martino
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 circumstancesgiving rise to the relevant interest.	(a) LJM Capital Corporation Pty Ltd in which Luke Martinohas a relevant interest(b) LJM Enterprises (WA) Pty Ltd <LJM Superfund A/C> inwhich Luke Martino has a relevant interest
Date of change	17 July 2025
No. of securities held prior tochange	(a) 2,596,219 fully paid ordinary shares(a) 4,585,000 unlisted options ($0.032 each expiring 30November 2028)(b) 1,005,000 fully paid ordinary shares
Class	Fully paid ordinary shares
Number acquired	382,144
Number disposed	N/A
Value/ConsiderationNote:Ifconsiderationisnon-cash,provide details and estimated valuation	Non-cash distribution of shares, deemed value of $0.043 pershare

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

	No. ofhn	No. ofhn
		No. ofhn	securities held after	(	a) 2,978,363 fu4585000	lly paid ordinalitd ti	ry shares$0032	h ii 30
		cage		(N(	) ,,ovember 202b) 1,005,000 fu	unse opo8)lly paid ordina	ns (. eary shares	exprng
		Nt	f h		n 17 Februar	2025 the C	man annou	ced that it had
		aureExample:trade, esecurities	o cangeon-market trade, off-marketxercise of options, issue ofunder dividend reinvestment		entered intoBear Unit Tru	,an agreemenst (Iron Bear	pyt with the TrusMandate Agree	tee of the Ironment).
		plan, part	icipation in buy-back	O	n 5 June 20meeting an	25, the Compd received s	any convenedhareholder ap	a shareholderproval for the
					payment ofBear MandaCompany to	a success feete Agreemenparticipate in a	payable pursut and for Dirny success fee	ant to the Ironectors of thepayable by the
				Company to the Trustee of the Iron Bear Unit Trustpursuant to the Iron Bear Mandate Agreement.On 7 July 2025, an Appendix 3Y was released announcingthat the Company had resolved to make a distribution tothe Iron Bear Unit Trust in which the Director holds units inthe Iron Bear Unit Trust.On 17 July 2025, the distribution from the Iron Bear UnitTrust was effected and is the subject of this Appendix 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.

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.
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.
Name of registered holder(if issued securities)	LJM Capital Corporation Pty Ltd
Date of change	17 July 2025

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

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
Interest acquired	Nil
Interest disposed	382,144 fully paid ordinary shares
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	Non-cash distribution of shares, deemed value of$0.043 per share
Interest after change	Nil

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: 18 July 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3