IRON BEAR RESOURCES LTD — Major Shareholding Notification 2024

Nov 10, 2024

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme CYCLONE METALS LIMITED (“CLE”) ACN/ARSN 112 731 638 1. Details of substantial holder(1) Name OKEWOOD PTY LTD (“OKEWOOD”) PG PARTNERSHIP (“PGP”) EGAS SUPERANNUATION FUND A/C (“EGAS”) JEM HOLDINGS PTY LTD AS TRUSTEE FOR JEM TRUST (“JEM”) COLLECTIVELY THE ‘GROUP’ ACN/ARSN (if applicable) OKEWOOD – 053 910 133 PGP – 053 910 133 EGAS – N/a JEM – N/a There was a change in the interests of the 23/03/2022 substantial holder on 6/1/2021 The previous notice was given to the company on 6/1/2021 The previous notice was dated

2. Previous and present voting power

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person’svotes	Voting power(5)	Person’svotes	Voting power(5)
Ordinary Fully Paid	314,764,763	6.95% based on 4,532,236,982 shares on issue	62,650,038	9.02% based on 694,875,517 shares on issue

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
6/1/2021	The Group	Typographical error contained in the substantial shareholder notice lodged 6/1/2021	N/a	Fully paid ordinary shares – Reduced by2,250,000	The Group
2/9/21	Cyclone	Issue of 245,000,000 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
17/9/21	Cyclone	Issue of 2,000,000 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
11/10/21	Cyclone	Issue of 100,000,000 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
14/10/21	Cyclone	Issue of 11,666,667 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
16/12/21	Cyclone	Issue of 62,222,223 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
4/2/22	Cyclone	Issue of 151,111,110 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
23/3/22	Cyclone	Issue of 590,000,000 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
23/5/22	Cyclone	Issue of 410,000,000 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
28/7/22	Cyclone	Issue of 12,500,000 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
27/1/23	Cyclone	Issue of60,000,000 shares by CLE	N/a	N/a	The Group

		diluting the %interest ofthe group
22/2/23	Cyclone	Issue of 472,800,000 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
1/3/23	Cyclone	Issue of 92,200,000 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
17/4/23	Cyclone	Issue of 2,340,911,096 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
17/4/23	The Group	Conversion of debt following receipt of shareholder approval at the General Meeting held on 6 April 2023	$0.0015 per share	Fully paid ordinary shares – Increased by 111,111,095	The Group
28/4/23	Cyclone	Issue of 6,600,000 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
2/6/23	Cyclone	Issue of 1,175,256,849 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
6/10/23	The Group	Off market transfer of shares	$0.001 per share	Fully paid ordinary shares – Increased by 160,000,000	The Group
5/12/23	Cyclone	Issue of 206,666,640 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
5/12/23	The Group	Conversion of debt following receipt of shareholder approval at the Annual General Meeting held on 29 November 2023	$0.001 per share	Fully paid ordinary shares – Increased by 146,666,640	The Group
7/2/24	The Group	Loss of control over entity Okewood Pty Ltd with Receivers and Managers appointed in respect of certain assets of OkewoodPtyLtd	N/A	Fully paid ordinary shares – Reduced by 730,292,498	The Group
20/3/24	The Group	Gain of control over entity Okewood Pty Ltd with Receivers and Managers retiring in respect of certain assets of Okewood PtyLtd	N/A	Fully paid ordinary shares – Increased by 730,292,498	The Group
11/4/24	The Group	On market purchase of shares	$0.001 per share	Fully paid ordinary shares – Increased by 30,000,000	The Group
30/7/24	Cyclone	Issue of 2,267,792,891 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
1/11/24	Cyclone	Issue of 1,158,539,524 shares by CLE diluting the %interest ofthe group	N/a	N/a	The Group
1/11/24	The Group	Conversion of Debt following approval at the AGM held on 31 October 2024	$0.0008 per share	Fully paid ordinary shares – Increased by 492,708,250	The Group
6/11/24	Cyclone	Consolidation of capital (refer to AGM NOM released to the AX on 1 October 2024 – Resolution 17)	N/a	Fully paid ordinary shares – Reduced by13,202,628,465	The Group
6/11/24	The Group	Consolidation of capital (refer to AGM NOM released to the AX on 1 October 2024 – Resolution 17)	N/a	Fully paid ordinary shares – Reduced by1,190,350,710	The Group

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person’s votes
PGP	PGP	PGP	Registered holding of the shares	12,500	12,500
EGAS	EGAS	EGAS	Registered holding of the shares	38,002,125	38,002,125
JEM	JEM	JEM	Registered holding of the shares	24,635,413	24,635,413

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name andACN/ARSN(ifapplicable)	Nature ofassociation N/A
N/A

6. Addresses

The addresses of persons named in this form are:

Name Address Okewood C/- 32 Harrogate Street, West Leederville, WA, 6007 PGP C/- 32 Harrogate Street, West Leederville, WA, 6007

EGAS JEM

C/- 32 Harrogate Street, West Leederville, WA, 6007 C/- 32 Harrogate Street, West Leederville, WA, 6007

Signature

TONY SAGE print name

sign here Electronically

capacity DIRECTOR

date 11/11/2024

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”.

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.