IRON BEAR RESOURCES LTD — Major Shareholding Notification 2025

Nov 24, 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 21/11/2025 substantial holder on The previous notice was given to the 30/10/2025 company on The previous notice was dated 30/10/2025

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2)	The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2)	The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2)	The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2)	The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2)	The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2)	The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2)
had a relevantinterest (3)in when lastrequired, andwhen now required, to give a substantial holdingnotice to the company orscheme, are asfollows:
	Class of securities (4)	Previous notice		Present notice
		Person’svotes	Voting power(5)	Person’svotes	Voting power(5)
	Ordinary Fully Paid	94,351,543	8.53% based on	73,059,471	6.61% based on
			1,105,969,748		1,105,969,748
			shares on issue		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	Person whose	Nature of change (6)	Consideration	Class and number	Person’s votes
change	relevant		given in	of securities	affected
	interest		relation to	affected
	changed		change (7)
30/10/2025	EUR	On market sale	$16,200.00	Fully paid ordinary	EUR
				shares – Reduced
				by 300,000
5/11/2025	EUR	On market sale	$43,567.61	Fully paid ordinary	EUR
				shares – Reduced
				by 800,000
10/11/2025	EUR	On market sale	$24,500.00	Fully paid ordinary	EUR
				shares – Reduced
				by 500,000
11/11/2025	EUR	On market sale	$98,000.00	Fully paid ordinary	EUR
				shares – Reduced
				by2,000,000
21/11/2025	EUR	On market sale	$741,042.37	Fully paid ordinary	EUR
				shares – Reduced
				by17,692,072

4. Present relevant interests

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

Holder of	Registered	Person entitled to be	Nature of relevant	Class and	Person’s votes
relevantinterest	holder ofsecurities	registered as holder (8)	interest (6)	number ofsecurities
EuropeanLithium Ltd	EuropeanLithium Ltd	European Lithium Ltd	Holder of securities	73,059,471	73,059,471

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 25/11/2025

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.