IRON BEAR RESOURCES LTD — Share Issue/Capital Change 2025

May 14, 2025

Appendix 2A - Application for quotation of securities

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Announcement Summary

Entity name

CYCLONE METALS LIMITED

Announcement Type

New announcement

Date of this announcement

Thursday May 15, 2025

The +securities to be quoted are:

+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

Total number of +securities to be quoted

ASX +security		Number of +securities to
code	Security description	be quoted	Issue date
New class - code	Listed Options (Expiring 30-Nov-2028 Ex $0.032)	373,271,388	15/05/2025
to be confirmed

Refer to next page for full details of the announcement

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Appendix 2A - Application for quotation of securities

Part 1 - Entity and announcement details

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1.1 Name of entity

CYCLONE METALS LIMITED

We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.

1.2 Registered number type

Registration number

ABN 71095047920

1.3 ASX issuer code

CLE

1.4 The announcement is

New announcement

1.5 Date of this announcement

15/5/2025

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Appendix 2A - Application for quotation of securities

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Part 2 - Type of Issue

2.1 The +securities to be quoted are:

+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

2.2 The +class of +securities to be quoted is:

New +securities in a class that is not yet quoted on ASX ("new class")

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Appendix 2A - Application for quotation of securities

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Part 3C - number and type of +securities to be quoted (new class) where issue has not previously been notified to ASX in an Appendix

3B

Existing +securities converting into a new class FROM (Existing Class) ASX +security code and description CLEAT : OPTION EXPIRING 30-NOV-2028 EX $0.032

TO (New Class) ASX +security code

New class - code to be confirmed

TO (New Class) +Security description

Listed Options (Expiring 30-Nov-2028 Ex $0.032)

TO (New Class) TO (New Class) +Security type ISIN Code Options Please state the number of options The first date the options were The last date the options were that were exercised or other exercised or other +convertible exercised or other +convertible +convertible securities that were securities were converted securities were converted converted 15/5/2025 15/5/2025 373,271,388 Is this all of the options or other +convertible securities on issue of that type (ie have all of those options now been exercised or have all of those convertible securities now been converted)? Yes The right of the holder of the options or other +convertible securities to receive the +underlying securities is being satisfied by: An issue of new +securities

The underlying +securities being received by the holder are: Intended to be, but are not yet, quoted by ASX Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme? No

Issue date

15/5/2025

Will all the +securities issued in this class rank equally in all respects from the issue date? Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? Yes

Distribution Schedule

Provide a distribution schedule for the new +securities according to the categories set out in the left hand column -

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Appendix 2A - Application for quotation of securities

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including the number of recipients and the total percentage of the new +securities held by the recipients in each category.

category.
	Total percentage of +securities held
Number of +securities heldNumber of holders	For example, to enter a value of 50%
	please input as 50.00
1 - 1,000	%
1,001 - 5,000	%
5,001 - 10,000	%
10,001 - 100,000	%
100,001 and over	%
Options Details
+Security currencyExercise price	Expiry date
AUD - Australian DollarAUD 0.03200000	30/11/2028
Details of the type of +security that will be issued if an option is exercised
CLE : ORDINARY FULLY PAID
Number of +securities that will be issued if an option is exercised
One CLE ordinary share will be issued for each option exercised
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities to be
quoted or provide the information by separate announcement.
Cleansing prospectus lodged with the ASX on 14/05/2025 - Refer to section 3.2	for terms of the options
Issue details
Number of +securities to be quoted
373,271,388
Are the +securities being issued for a cash consideration?
No
Please describe the consideration being provided for the +securities
Seeking quotation of the previously unlisted options
Please provide an estimate (in AUD) of the value of the consideration being provided per +security for the
+securities to be quoted
0.000000
Any other information the entity wishes to provide about the +securities to	be quoted

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Appendix 2A - Application for quotation of securities

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Appendix 2A - Application for quotation of securities

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Part 4 - Issued capital following quotation

Following the quotation of the +securities the subject of this application, the issued capital of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (total number of each +class of +securities quoted on ASX following the +quotation of the +securities subject of this application)

+securities subject of this application)
	Total number of
ASX +security code and description	+securities on issue
CLE : ORDINARY FULLY PAID	1,080,541,426
New class - code to be confirmed : Listed Options (Expiring 30-Nov-2028 Ex $0.032)	373,271,388
4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
CLEAR : OPTION EXPIRING 19-JAN-2027 EX $0.04	4,500,000
CLEAA : OPTION EXPIRING 12-MAR-2026 EX $0.04	3,000,000
CLEAO : OPTION EXPIRING 05-DEC-2026 EX $0.20	10,500,000
CLEAP : OPTION EXPIRING 05-DEC-2025 EX $0.10	13,000,000
CLEAU : PERFORMANCE RIGHTS	3,500,000
CLEAT : OPTION EXPIRING 30-NOV-2028 EX $0.032	0
CLEAB : OPTION EXPIRING 30-JAN-2028 EX $0.072	2,000,000

4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)

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