IRON BEAR RESOURCES LTD — Director's Dealing 2025

Jul 6, 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	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	Indirect
Nature of indirect interest	(a) LJM Capital Corporation Pty Ltd in
(including registered holder)	which Luke Martino has a relevant interest
Note: Provide details of the circumstances giving rise to therelevant interest.	(b) LJM Enterprises (WA) Pty Ltd <LJMSuperfund A/C> in which Luke Martino has
	a relevant interest
Date of change	N/A
No. of securities held prior to change	(a) 2,596,219 fully paid ordinary shares
	(a) 4,585,000 unlisted options ($0.032
	each expiring 30 November 2028)
	(b) 1,005,000 fully paid ordinary shares
Class	N/A
Number acquired	N/A
Number disposed	N/A
Value/Consideration	N/A
Note: If consideration is non-cash, provide details and estimated
valuation

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held aftNature of changeExample: on-market trade, off-issue of securities under dividein buy-back	No. of securities held aftNature of changeExample: on-market trade, off-issue of securities under dividein buy-back	er change(a) 2,596,219 fully paid ordinary shares(a) 4,585,000 unlisted options ($0.032each expiring 30 November 2028)(b) 1,005,000 fully paid ordinary sharesmarket trade, exercise of options,nd reinvestment plan, participationN/A	er change(a) 2,596,219 fully paid ordinary shares(a) 4,585,000 unlisted options ($0.032each expiring 30 November 2028)(b) 1,005,000 fully paid ordinary sharesmarket trade, exercise of options,nd reinvestment plan, participationN/A
	No. of securities held aft	er change	(a) 2,596,219 fully paid ordinary shares(a) 4,585,000 unlisted options ($0.032each expiring 30 November 2028)(b) 1,005,000 fully paid ordinary shares
	Nature of changeExample: on-market trade, off-issue of securities under dividein buy-back	market trade, exercise of options,nd reinvestment plan, participation	N/A

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	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 shareholder	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 shareholder	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 shareholder	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 shareholder	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 shareholder
				meeting andt f		,received shareholder approval for thef bl t t th I
				paymen o aBear Mandate		uccess ee payae pursuan o e ronAgreement and for Directors of the
				Company to participate in any success fee payable bythe Company to the Trustee of the Iron Bear Unit
				Trust pursuant to the Iron Bear Mandate Areement
				g.
	Nature of interest
				The Company has resolved to make a distribution to the
				Iron Bear Unit Trust. The Director holds units in the IronBear Unit Trust.
	Name of registered holder(if issued securities)			LJM Capital Corporation Pty Ltd
	Date of change			4 July 2025
	No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract in			N/A
	relation to which the interest	has changed
	Interest acquired			382144	fully paid ordinary shares
				,
	Interest disosed			N/A
	p
	Value/Consideration			Nh ditibti f h dd l f
		-cash, provide details		on-cas sruon o sares, eeme vaue o$0.043 per share
	Note: If consideration is nonand an estimated valuation
	Interest after change			382,144 fully paid ordinary shares

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

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: 7 July 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3