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.

Flagship Iron Bear Project Highlights

1. Asset located in Canada, less than 25km from an open access heavy haul railway and with access to cheap hydropower

2. World class 100% owned iron ore mineral resource of 16.6 billion tonnes @ 29.3% Fe (Inferred and Indicated JORC 2012 compliant)

3. Production of high quality DR1 grade concentrate grading 71.3% Fe and 1.1% SiO2 due to exceptional low impurity ore body

4. Rapid project development plan with bulk samples of DR and BF concentrates available for steel mill clients from Q2 2024

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