IRON BEAR RESOURCES LTD — Share Issue/Capital Change 2025

Mar 2, 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

Sunday March 02, 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
CLE	ORDINARY FULLY PAID	1,625,000	28/02/2025

Refer to next page for full details of the announcement

Appendix 2A - Application for quotation of securities

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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

2/3/2025

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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:

Additional +securities in a class that is already quoted on ASX ("existing class")

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Appendix 2A - Application for quotation of securities

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

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

TO (Existing Class) ASX +security code and description CLE : ORDINARY FULLY PAID 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 21/2/2025 21/2/2025 1,125,000 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

28/2/2025

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

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Appendix 2A - Application for quotation of securities

Issue details

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Number of +securities to be quoted
1,125,000
Are the +securities being issued for a cash consideration?
Yes
In what currency is the cash consideration being paid? What is the issue price per +security?
AUD - Australian Dollar AUD 0.03200000
Any other information the entity wishes to provide about the +securities to be quoted
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Existing +securities converting into additional +securities in an existing class
FROM (Existing Class)
ASX +security code and description
CLEAR : OPTION EXPIRING 19-JAN-2027 EX $0.04
TO (Existing Class)
ASX +security code and description
CLE : ORDINARY FULLY PAID
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	21/2/2025	21/2/2025
500,000
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

28/2/2025

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

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Appendix 2A - Application for quotation of securities

Issue details

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Number of +securities to be quoted 500,000 Are the +securities being issued for a cash consideration? Yes In what currency is the cash consideration being paid? What is the issue price per +security? AUD - Australian Dollar AUD 0.04000000 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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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	1,074,541,426
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	9,500,000
CLEAT : OPTION EXPIRING 30-NOV-2028 EX $0.032	373,271,388
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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