IRON BEAR RESOURCES LTD — Director's Dealing 2025

Jun 16, 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	13 December 2024

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	N/A
No. of securities held prior to change	937,500 Fully paid ordinary shares4,272,500 Unlisted options ($0.032each expiring 30 November 2028)
Class	N/A
Number acquired	N/A
Number disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	N/A
No. of securities held after change	937,500 Fully paid ordinary shares4,272,500 Unlisted options ($0.032each expiring 30 November 2028)

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Nature of change N/A Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, 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.

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.
Name of registered holder(if issued securities)	David Sanders
Date of change	12 June 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	N/A
Interest acquired	445,786 fully paid ordinary shares
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	$0.053 per share
Interest after change	445,786 fully paid ordinary shares

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?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

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: 17 June 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3