Quarterly Report December 2023

Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is focused on developing its flagship Iron Bear Iron Ore Project. The Company also has investments in several exploration and mining projects, providing exposure to global lithium, iron ore, copper and gold (refer to Annexure 2) which include shares in listed ASX entities valued at $8.12m as of 29 January 2024.

PROJECTS

Iron Bear Iron Ore Project

Iron Bear Project Location

The Iron Bear iron ore project (previous referred to as Block 103 magnetite) is located in the Labrador Trough in Canada next to the town of Schefferville and is less than 25km from an open access heavy haul railway directly connected to the Port Sept Isles iron ore export facilities (refer Figure 1).

Figure 1 - Location of Project Iron Bear

Iron Bear Project Highlights (as of 28/01/2024)

1: www.sedar.com .Filter by search company database, then Document type: Technical report NI 43-101 and Company name: M3 Metals. Date of filling: 2013
2: DRI = Direct Reduction Iron refers to the production of ultra-high grade quality magnetite concentrate

Block 103 Quarterly Activities to end of December 2023

Cyclone is pleased to report that its operational activities are on track and broadly aligned with the operational plan disclosed in June 2023:

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