IRON BEAR RESOURCES LTD — Major Shareholding Notification 2025

May 11, 2025

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 13/12/2024 substantial holder on 11/11/2024 The previous notice was given to the company on 11/11/2024 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	62,650,038	9.02% based on 694,875,517 shares on issue	93,218,808	8.63% based on 1,080,541,426 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
6/12/2024	Cyclone	Issue of 223,423,360 shares by CLE diluting the %interest of The Group	N/a	N/a	The Group
6/12/2024	The Group	Participation in CLE rights issue	$489,100	Fully paid ordinary shares – Increased by 30,568,770	The Group
13/12/2024	Cyclone	Issue of 146,444,111 shares by CLE diluting the %interest of The Group	N/a	N/a	The Group
20/01/2025	Cyclone	Issue of 2,000,000 shares by CLE diluting the %interest of The Group	N/a	N/a	The Group
24/01/2025	Cyclone	Issue of 3,048,438 shares by CLE diluting the %interest of The Group	N/a	N/a	The Group
19/02/2025	Cyclone	Issue of 3,125,000 shares by CLE diluting the %interest of The Group	N/a	N/a	The Group
28/02/2025	Cyclone	Issue of 1,625,000 shares by CLE diluting the %interest of The Group	N/a	N/a	The Group
4/4/2025	Cyclone	Issue of 4,000,000 shares by CLE diluting the %interest of The Group	N/a	N/a	The Group
17/4/2025	Cyclone	Issue of 2,000,000 shares by CLE diluting the %interest of The Group	N/a	N/a	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	56,253,188	56,253,188
JEM	JEM	JEM	Registered holding of the shares	36,953,120	36,953,120

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 PGP EGAS JEM	C/- 32 Harrogate Street, West Leederville, WA, 6007 C/- 32 Harrogate Street, West Leederville, WA, 6007 C/- 32 Harrogate Street, West Leederville, WA, 6007 C/-32 Harrogate Street,WestLeederville,WA, 6007

Signature print name TONY SAGE capacity DIRECTOR	Signature print name TONY SAGE capacity DIRECTOR
	sign here Electronically date 12/05/2025
	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.

• (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.