Cyclone Metals

Quarterly Activities and Cash Flow Report for the Quarter Ended 30 June 2023

Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is an Australian domiciled mineral development and investment company. Cyclone Metals is focussed on developing its flagship iron ore project, Block 103 located in the Labrador Trough in Canada. The Company also has interests in several exploration and mining projects and companies, providing exposure to lithium, iron ore, copper and gold, assets globally (refer to Annexure 2) which include shares in listed ASX entities valued at $7.6m as of 28 July 2023.


Cyclone Metals’ strategy is to acquire and invest in undervalued and/or distressed mineral assets and companies (Projects) and:

  • improve the value of these Projects, through a hands-on approach to management combined with extensive expertise in the mineral asset development process; and
  • retain long-term exposure to these Projects through a production royalty and/or equity interest.

Cyclone Metals aims to deliver Shareholder value by adding value to these undeveloped Projects. If Projects are converted into cash, the Company intends to follow a policy of distributing surplus cash to Shareholders.

Board Changes

On 14 April 2023, the Company announced the appointment of Paul Berend as Executive Director and Chief Executive Officer with effective 1 May 2023. On the same day, the Company announced the resignation of Non-Executive Chairman Terry Donnelly effective 13 April 2023 and the transition of Tony Sage from Executive Director to Executive Chairman. The Board restructure was implemented to align with the future direction of the Company.

Shareholder Meetings

On 6 April 2023, the Company held a general meeting (GM) of shareholders. All resolutions were carried at the GM.

Conversion of Debt

The Company previously entered into loan agreements with European Lithium Ltd (ASX: EUR) and received funds from EUR totalling $2,250,000 (EUR Loans). On 2 June 2023, the Company issued 1,175,256,849 shares to EUR for the conversion of EUR Loans plus accrued interest into equity based on a share conversion price of AUD$0.002.

On 17 April 2023, following receipt of shareholder approval at the GM, the Company issued 161,111,096 fully paid ordinary shares to Directors of the Company to satisfy debts of $241,667.


Click here for the full ASX Release

This article includes content from Cyclone Metals Ltd., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

CLE:AU
The Conversation (0)
Cyclone Metals

Cyclone Metals

Focused on Developing a World-class Iron Ore Asset in Canada, project Iron Bear

australia and china flags side by side.

China Orders Ban of BHP Iron Ore Imports

Commodities giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) opened October with news that state-run iron ore buyer China Mineral Resources Group (CMRG) has placed a purchase halt on its products.According to several local media outlets, the move which has raised concern in Australia, stems from pricing... Keep Reading...
AU$50 and AU$100 notes in a counting machine.

Australian Government Launches AU$500 Million Green Iron Investment Fund

The Australian government is supercharging the country’s green iron industry with the National Development Stream of the Green Iron Investment Fund.In a September 13 statement, Tim Ayres, minister for industry and innovation and minister for science, said that green iron “is a major opportunity... Keep Reading...
Round iron bars in stacks.

Top 10 Iron Ore-producing Countries

Iron ore prices have displayed volatility in the past half decade as the world has dealt with the economic uncertainty surrounding COVID-19 lockdowns, the Russia-Ukraine war, ongoing conflicts in the Middle East and rising trade tensions.Prices for the base metal reached a record high of over... Keep Reading...
Two people in suits shake hands, agreeing to a deal.

Rio Tinto and Hancock Pledge US$1.6 Billion to Advance Hope Downs 2 Iron Ore Project

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and privately owned Hancock Prospecting said on Tuesday (June 24) that they will invest US$1.6 billion to develop the Hope Downs 2 iron ore project in Pilbara, Western Australia. According to Rio Tinto, Hope Downs 2 has received all necessary approvals and is... Keep Reading...
Leader icon on yellow block atop blue icons on white blocks, forming a pyramid.

Leadership Shakeup: Rio Tinto's Stausholm to Step Down Amid Broader Industry Turnover

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) announced on May 22 that Chief Executive Jakob Stausholm will step down later this year following a formal succession plan arranged by the company. While the mining giant has not provided a reason for the leadership transition, a Reuters report suggests the... Keep Reading...
Stack of Australian $100 bills with green and yellow design.

Rio Tinto Spends Record AU$10.3 Billion with Western Australian Suppliers in 2024

Major miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) reported total spending of AU$10.3 billion with Western Australian suppliers in 2024, marking a new record for the company. The commodities giant boosted its spending with suppliers in the state by AU$1.5 billion for the year in a bid to support... Keep Reading...

Latest Press Releases

Related News