IRON BEAR RESOURCES LTD — Director's Dealing 2025

Jul 7, 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	4 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 therelevant interest.	(a) Mrs Anna Sloboda <RCB A/c> (an entity inwhich Paul Berend has a relevant interest)(b) Mr Paul Henry Berend & Mrs Anna Sloboda<Corona Australis S/F A/C> (an entity in whichPaul Berend has a relevant interest)(c) Paul Henry Victor Berend as a Trustee forTangaroa Trust (an entity in which Paul Berendhas a relevant interest)
Date of change	N/A

• 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	Direct4,917,552 fully paid ordinary shares937,500 unlisted options ($0.032 each expiring30 November 2028)Indirect(a) 3,480,000 fully paid ordinary shares(b) 1,848,751 fully paid ordinary shares(c) 5,000,000 Unlisted Class B IncentiveOptions ($0.10 expiring 5 December 2025)5,000,000 Unlisted Class C Incentive Options($0.20 expiring 5 December 2026)(c)46,200,000UnlistedOptions($0.032	Direct4,917,552 fully paid ordinary shares937,500 unlisted options ($0.032 each expiring30 November 2028)Indirect(a) 3,480,000 fully paid ordinary shares(b) 1,848,751 fully paid ordinary shares(c) 5,000,000 Unlisted Class B IncentiveOptions ($0.10 expiring 5 December 2025)5,000,000 Unlisted Class C Incentive Options($0.20 expiring 5 December 2026)(c)46,200,000UnlistedOptions($0.032	Direct4,917,552 fully paid ordinary shares937,500 unlisted options ($0.032 each expiring30 November 2028)Indirect(a) 3,480,000 fully paid ordinary shares(b) 1,848,751 fully paid ordinary shares(c) 5,000,000 Unlisted Class B IncentiveOptions ($0.10 expiring 5 December 2025)5,000,000 Unlisted Class C Incentive Options($0.20 expiring 5 December 2026)(c)46,200,000UnlistedOptions($0.032
			expiring 30/11/2028)2000000 fll id di h
			c) ,, uy pa ornary sares
C	lass		N/A
Number acquired		N/A
Number disposed		N/A
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation		N/A
No. of securities held after change		Direct4,917,552 fully paid ordinary shares937,500 unlisted options ($0.032 each expiring30 November 2028)Indirect(a) 3,480,000 fully paid ordinary shares(b) 1,848,751 fully paid ordinary shares(c) 5,000,000 Unlisted Class B IncentiveOptions ($0.10 expiring 5 December 2025)5,000,000 Unlisted Class C Incentive Options($0.20 expiring 5 December 2026)(c)46,200,000UnlistedOptions($0.032expiring 30/11/2028)
			(c) 2,000,000 fully paid ordinary shares
Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestmentplan, participation in buy-back
	ature of changexample: on-market trade, off-market trade, exercise of		/A
	ptions, issue of securities under dividend reinvestmentlan, participation in buy-back

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	On 17 February 2025, the Company announced that it
	had entered into an agreement with the Trustee of the
	IronBearUnitTrust(IronBearMandate
	Agreement).
	On 5 June 2025, the Company convened a shareholder
	meeting and received shareholder approval for the
	payment of a success fee payable pursuant to the Iron
	Bear Mandate Agreement and for Directors of the
	Company to participate in any success fee payable by
	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 the
	Iron Bear Unit Trust. The Director holds units in the Iron
	Bear Unit Trust.
Name of registered holder	Paul Henry Victor Berend
(if issued securities)
Date of change	4 July 2025
No. and class of securities to which	N/A
interest related prior to change
Note: Details are only required for a contract in
relation to which the interest has changed
Interest acquired	1,804,570 fully paid ordinary shares
Interest disposed	N/A
Value/Consideration	Non-cash distribution of shares, deemed value of
Note: If consideration is non-cash, provide detailsand an estimated valuation	$0.043 per share
Interest after change	1,804,570 fully paid ordinary shares

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: 8 July 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3