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)

Labrador Iron Ore Royalty Corporation Announces Results of Election of Directors

Labrador Iron Ore Royalty Corporation (the " Corporation ") (TSX: LIF) announced the results of the election of directors at its annual and special meeting of holders of common shares held today by way of a hybrid meeting conducted virtually and in person.

The following nominee directors listed in the Corporation's management information circular dated April 8, 2024 were elected as directors of the Corporation. The vote was conducted by ballot online and in person. The number of common shares voted for or against the election of each director was as indicated below:

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

LABRADOR IRON ORE ROYALTY CORPORATION - RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024

To the Holders of Common Shares of Labrador Iron Ore Royalty Corporation

The Directors of Labrador Iron Ore Royalty Corporation ("LIORC" or the "Corporation") present the first quarter report for the period ended March 31, 2024 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Cyclone Metals

Quarterly Activities Report and Appendix 5B

Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is focused on developing Iron Bear, its 100% owned Iron Ore Project, located in the Labrador Trough region of Canada. The Company also has investments in several exploration and mining projects, providing exposure to lithium, iron ore, copper, and gold (refer to Annexure 2) which include shares in listed ASX entities valued at $5.4m as of 29th April 2024.

Keep reading...Show less
Cyclone Metals

Cyclone Metals Limited (ASX: CLE) – Reinstatement to Quotation

Description

The suspension of trading in the securities of Cyclone Metals Limited (‘CLE’) will be lifted immediately, following the release by CLE of an announcement in relation to results of the pilot plant test work.

Keep reading...Show less
Cyclone Metals

Pilot Plant Delivers Iron Ore Concentrate Grading 71.3% Fe and 1.1% SiO2 with High Yields

Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is pleased to announce the results of Phase 1 of the pilot plant test work for its flagship magnetite Iron Bear project.

Keep reading...Show less
A Rio Tinto sign in front of the Dampier project.

Rio Tinto Delivers Resilient Q1 Performance, Commits to Safety After Plane Crash

Major diversified miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) weathered both operational challenges and a tragic loss to deliver a resilient performance in the first quarter of 2024.

Despite grappling with the aftermath of a devastating plane crash that claimed six lives, including four Diavik diamond mine employees, the company has emerged with stable operational results.

“We delivered stable operating results in the first quarter, including improvements at our bauxite and aluminum businesses, as we navigated seasonal challenges across our global operations. Our full year guidance is unchanged across all our products,” said company CEO Jakob Staushold in a statement.

Keep reading...Show less

Latest Press Releases

Related News

×