IRON BEAR RESOURCES LTD — Major Shareholding Notification 2025

Dec 1, 2025

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

Cyclone Metals Ltd (CLE) To Company Name/Scheme ACN/ARSN 095 047 920 1. Details of substantial holder(1) Name EUROPEAN LITHIUM LTD (EUR) ACN/ARSN (if applicable) 141 450 624 There was a change in the interests of the 27/11/2025 substantial holder on The previous notice was given to the 25/11/2025 company on The previous notice was dated 25/11/2025

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	73,059,471	6.61% based on1,105,969,748shares on issue	57,372,486	5.19% based on1,105,969,748shares 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 ofchange	Person whoserelevantinterestchanged	Nature of change (6)	Considerationgiven inrelation tochange (7)	Class and numberof securitiesaffected	Person’s votesaffected
24/11/2025	EUR	On market sale	$14,490.36	Fully paid ordinaryshares – Reducedby 336,985	EUR
25/11/2025	EUR	On market sale	$101,409.85	Fully paid ordinaryshares – Reducedby2,350,000	EUR
27/11/2025	EUR	On market sale	$550,000.00	Fully paid ordinaryshares – Reducedby11,000,000	EUR
1/12/2025	EUR	On market sale	$123,508.68	Fully paid ordinaryshares – Reducedby2,000,000	EUR

4. Present relevant interests

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

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitled to beregistered as holder (8)	Nature of relevantinterest (6)	Class andnumber ofsecurities	Person’s votes
EuropeanLithium Ltd	EuropeanLithium Ltd	European Lithium Ltd	Holder of securities	57,372,486	57,372,486

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
European Lithium Ltd	C/-32 Harrogate Street,WestLeederville,WA, 6007

Signature

TONY SAGE capacity Executive Chairman print name sign here Electronically date 2/12/2025

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.