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	David Sanders
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	Direct
Nature of indirect interest
(including registered holder)
Note: Provide details of the circumstances giving rise to the
relevant interest.
Date of change	17 July 2025
No. of securities held prior to change	1,383,276 Fully paid ordinary shares
	4,272,500 Unlisted options ($0.032 each
	expiring 30 November 2028)
Class	Fully paid ordinary shares
Number acquired	382,144
Number disposed	Nil
Value/Consideration	Non-cash distribution of shares, deemed
Note: If consideration is non-cash, provide details andestimated valuation	value of $0.043 per share

• 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 after change

1,765,420 Fully paid ordinary shares4,272,500 Unlisted options ($0.032 eachexpiring 30 November 2028)

Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestment plan,participation in buy-back

On17February2025,theCompanyannounced that it had entered into anagreement with the Trustee of the Iron BearUnitTrust(IronBearMandateAgreement).On 5 June 2025, the Company convened ashareholdermeetingandreceivedshareholder approval for the payment of asuccess fee payable pursuant to the IronBear Mandate Agreement and for Directorsof the Company to participate in anysuccess fee payable by the Company to theTrustee of the Iron Bear Unit Trust pursuantto the Iron Bear Mandate Agreement.On 7 July 2025, an Appendix 3Y wasreleased announcing that the Company hadresolved to make a distribution to the IronBear Unit Trust in which the Director holdsunits in the Iron Bear Unit Trust.On 17 July 2025, the distribution from the IronBear Unit Trust was effected and is thesubject 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)	David Sanders

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

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
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 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?

Date: 18 July 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3