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:

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.

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CLE:AU

Rio Tinto Reaches 4 Billion Tonnes of Iron Ore Shipped to China

Fifty-one years after dispatching its first shipment, Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has sent a cumulative total of 4 billion tonnes of iron ore from the Pilbara region in Western Australia to China.

According to a press release from the major diversified miner, this landmark shipment was dispatched on July 19 from Dampier Port, headed for China Baowu Steel Group, the world’s largest steel producer.

To give an idea of scale, Rio Tinto said 4 billion tonnes of iron ore is sufficient to produce the steel required for approximately 45,000 Sydney Harbour Bridges, or over 23,000 Beijing National Stadiums.

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IOC Restarting Operations in Labrador City

On July 12, 2024 more than 7,000 residents of Labrador City (including more than 2,000 Iron Ore Company of Canada ("IOC") employees) were ordered by provincial authorities to evacuate the town due to the threat of nearby forest fires. That evacuation order was officially lifted on Monday July 22, 2024 and IOC has begun the process of restarting iron ore operations in Labrador City . In addition, IOC has announced that it has donated CAN$125,000 to the Canadian Red Cross to support relief efforts in connection with the recent wildfires in the Labrador West region and has committed an additional CAN$75,000 to support community organizations assisting with the recovery phase.

News Provided by Canada Newswire via QuoteMedia

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Rio Tinto and Ngarluma to Build Solar Farm to Power Pilbara Iron Ore Operations

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Ngarluma Aboriginal Corporation (NAC) announced on Monday (July 15) that they will join hands to pursue the development of an 80 megawatt solar farm.

The project is the first initiative under a memorandum of understanding that seeks to explore opportunities for renewable energy projects on Ngarluma Country, located in Western Australia's Pilbara region.

The solar farm is expected to sit next to the Yurralyi Maya power station, one of Rio Tinto’s four major power plants in Western Australia. Once complete, it is projected to reduce the company’s CO2 footprint to 120,000 tonnes per year.

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LABRADOR IRON ORE ROYALTY CORPORATION - RIO TINTO RELEASES IOC PRODUCTION AND SALES INFORMATION

Rio Tinto released its operations review for the second quarter ending June 30, 2024 which included Iron Ore Company of Canada (IOC) production and sales information. Specifically, Rio Tinto announced that in the second quarter of 2024, IOC had total saleable iron ore production of 3.72 million tonnes, comprised of 2.14 million tonnes of pellets and 1.58 million tonnes of concentrate for sale (CFS). Rio Tinto also announced that IOC had total iron ore sales in the second quarter of 2024 of 4.13 million tonnes, comprised of 2.45 million tonnes of pellets and 1.68 million tonnes of CFS. Comparisons to prior quarters and Rio Tinto's commentary on the changes can be found in Rio Tinto's quarterly operational report which is posted on their website. Please note that the IOC sales tonnages are calculated slightly differently for the Labrador Iron Ore Royalty Corporation's (LIORC) royalty. Rio Tinto's full year production guidance for IOC remains unchanged at 16.7 to 19.6 million tonnes.

News Provided by Canada Newswire via QuoteMedia

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Labrador City ordered evacuated as wildfire approaches

Iron Ore Company of Canada is initiating a safe and coordinated temporary shut down of its operations in response to the Provincial Government's evacuation order for Labrador City . The order stems from extreme fire behaviour that has occurred yesterday and is expected to continue into today. The fire has the potential to grow significantly closer to Labrador West over the next 24 to 48 hours.

About Labrador Iron Ore Royalty Corporation

News Provided by Canada Newswire via QuoteMedia

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Quarterly Report December 2023

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