IRON BEAR RESOURCES LTD — Director's Dealing 2025

Jul 3, 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	17 June 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	30 June 2025
No. of securities held prior tochange	(a) 2,150,443 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	445,776
Number disposed	N/A
Value/ConsiderationNote:Ifconsiderationisnon-cash,provide details and estimated valuation	Non-cash distribution of shares, deemed value of $0.053 pershare

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held afterchange

(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

Nature of changeExample: on-market trade, off-markettrade, exercise of options, issue ofsecurities under dividend reinvestmentplan, participation in buy-back

On 17 February 2025, the Company announced that it hadentered into an agreement with the Trustee of the IronBear Unit Trust (Iron Bear Mandate Agreement).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 by theCompany to the Trustee of the Iron Bear Unit Trustpursuant to the Iron Bear Mandate Agreement.On 17 June 2025, an Appendix 3Y was releasedannouncing that the Company had resolved to make adistribution to the Iron Bear Unit Trust in which theDirector holds units in the Iron Bear Unit Trust.On 30 June 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 of this Appendix 3Y.
Name of registered holder(if issued securities)	LJM Capital Corporation Pty Ltd
Date of change	30 June 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 which	445,776 fully paid ordinary shares
interest related prior to change
Note: Details are only required for a contract in
relation to which the interest has changed
Interest acquired	Nil
Interest disposed	445,776 fully paid ordinary shares
Value/Consideration	Non-cash distribution of shares, deemed value of
Note: If consideration is non-cash, provide detailsand an estimated valuation	$0.053 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: 4 July 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3