IRON BEAR RESOURCES LTD — Regulatory Filings 2021

Oct 3, 2021

ASX Announcement

4 October 2021

==> picture [198 x 67] intentionally omitted <==

Nickol River SAM Geophysics Survey Underway

Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) is pleased to advise that Sub-Audio Magnetics (SAM) surveying has commenced at the Nickol River Gold Project to explore for additional gold bearing shears and structures, and to better define known structures associated with historical gold mining.

The Nickol River Gold Project is located approximately 13km east of Karratha in the Pilbara region of Western Australia.

Cyclone has appointed Gap Geophysics Australia Pty Ltd to conduct the SAM survey, targeting areas which have produced historical gold production.

Commenting on the commencement of exploration, Cyclone Metals Director Will Scott said:

“The SAM survey is the first modern exploration technique to be applied to Nickol River since gold was first identified in 1889. The project has had coarse gold recovery/mining since 1889 to the present day, and has the potential to represent a deeper primary gold system which is evidenced by outcropping hard rock gold occurrences. Limited exploration, and a lack of drilling, creates significant opportunities, and I look forward to the results of SAM which has also delivered positive results for other companies in the Karratha area.

The survey is expected to take approximately four weeks to complete with a further six weeks for interpretation by Southern Geoscience Consultants.

==> picture [477 x 318] intentionally omitted <==

Photo 1: SAM Surveying Underway at the Nickol River Gold Project

ASX Announcement 4 October 2021

==> picture [143 x 48] intentionally omitted <==

This announcement has been approved by the Company’s board of directors.

Yours faithfully Cyclone Metals Limited

Terry Donnelly Non-Executive Chairman

For further information please contact:

Investor Relations +61 (0) 8 9380 9555 ir@cyclonemetals.com

Follow us @cyclonemetals cyclone-metals

Competent Persons Statement

The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Mead is a consultant to the company and employed by Doraleda Pty Ltd. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr Mead consents to the inclusion of this information in the form and context in which it appears in this report.

Cyclone Metals Limited ASX: CLE

Page: 2 of 2