Cyclone Metals

Quarterly Activities Report and Appendix 5B

Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is focused on developing its flagship Block 103 Magnetite Iron Ore Project. The Company also has investments in several exploration and mining projects, providing exposure to lithium, iron ore, copper and gold, assets globally (refer to Annexure 2) which include shares in listed ASX entities valued at $6.4m as of 30 October 2023.


Block 103 Iron Ore Project

Block 103 Summary

Block 103 magnetite iron ore project (Block 103) is located in the Labrador Trough in Canada next to the town of Schefferville and is within 20km of an open access heavy haul railway directly connected to the Port Sept Isles iron ore export facility (refer Figure 1).

As announced on the 20th of June 2023, Block 103 is a well-advanced project supported by an Inferred Mineral Resource of 7,200 Mt @ 32% Fe which has been reported in accordance with the provisions of both with the JORC 2012 code and the NI 43-101 standards.

Figure 1 - Location of Block 103

A Preliminary Economic Assessment( PEA) study was completed by BBA Inc, of Toronto, in June 2013. This report is publicly available in the SEDAR** database and concludes that a high-quality magnetite concentrate grading 69.5% Fe can be produced through mechanical beneficiation and that blast furnace quality pellets can be produced and shipped to the Sept Isles port for a cash cost of USD 47 /t FOB. For reference, as of 25 October 2023 blast furnace pellets traded at USD 143/t CIF China with shipping costs ~ USD 26 /t which theoretically would deliver a net cash profit of ~USD 70/t. The PEA report envisages a yearly production of 16.6 Mta of blast furnace pellets.

Block 103 benefits from a low stripping ratio of 0.4, is a relatively soft magnetite ore and has access to cheap hydropower – all of which contribute to a low cash cost described above, but more importantly drives an extremely low carbon footprint.

For more detailed information, please refer to the CLE announcement dated 17 April 2023.

** .Filter by search company database, then Document type: Technical report NI 43-101 and Company name: M3 Metals. Date of filling: 2013

Block 103 Quarterly Activities to end of September 2023

Cyclone is pleased to report that its operational activities are on track, and fully aligned with the operational plan disclosed in June 2023. The leadership team is hopeful that all operational milestones planned by end of Q4 2023 will be achieved – which would substantially de-risk the project.

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.

The Conversation (0)


The Directors of Labrador Iron Ore Royalty Corporation (the "Corporation") (TSX: LIF) declared today a quarterly cash dividend of $1.10 per Common Share. The dividend is payable to holders of record at the close of business on June 28, 2024 and is to be paid on July 26, 2024 .

About Labrador Iron Ore Royalty Corporation

The Corporation holds a 15.10% equity interest in IOC directly and through its wholly-owned subsidiary, Hollinger-Hanna Limited, and receives a 7% gross overriding royalty on all iron ore products produced, sold and shipped by IOC and a 10 cent per tonne commission on all iron ore products produced and sold by IOC.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Equinox Resources Limited

Significant 108.5Mt 58.0% Fe DSO Resource Defined at Hamersley Iron Ore Project

Equinox Resources Limited (ASX: EQN) (“Equinox Resources” or the “Company”) is pleased to announce a Mineral Resources Estimate (“MRE”) for Direct Shipping Ore (“DSO”) for the 100% owned Hamersley Iron Ore (“Hamersley” or “Project”) of 108.5Mt at 58% Fe1.

Keep reading...Show less


Labrador Iron Ore Royalty Corporation ("LIORC") announced that Iron Ore Company of Canada ("IOC"), in which LIORC holds a 15.1% equity interest, has declared a dividend to be paid in June.  LIORC's portion of the IOC dividend is U.S. $30.2 million or about CDN. $41.2 million . For further clarity, this announcement refers to the declaration of an IOC dividend to be received by LIORC and is NOT the declaration by LIORC of a dividend to be paid to LIORC shareholders.  LIORC typically declares a second quarter dividend in June based on the total amount of cash expected to be received in the quarter, including the IOC dividend.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Caterpillar's battery-electric haul truck.

BHP and Rio Tinto Join Forces to Test Battery-Electric Haul Trucks in Pilbara Area

Mining giants BHP (ASX:BHP,LSE:BHP,NYSE:BHP) and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) are teaming up to trial battery-electric haul trucks in Western Australia’s Pilbara region as part of their broader ESG strategies.

The collaboration aims to reduce greenhouse gas (GHG) emissions and drive sustainability in the mining sector.

The partnership will see the trial of two Caterpillar (NYSE:CAT) CAT 793 haul trucks starting in the second half of 2024, and two Komatsu (TSE:6301) 930 haul trucks beginning in 2026. BHP will use the Caterpillar haul trucks, while Rio Tinto will focus on the Komatsu models, with the trial outcomes shared between the two companies.

Keep reading...Show less

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


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

Latest Press Releases

Related News