Quarterly Activities And Cash Flow Report For The Quarter Ended 31 March 2023

Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is an Australian domiciled mineral development and investment company. Cyclone Metals has interests in several exploration and mining projects and companies, providing exposure to iron ore copper, gold, lithium, rare earths, uranium and lead-silver-zinc assets globally (refer Figure 1).

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, exploration, evaluation and development; 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.

Placement

On 19 January 2023 the Company announced that it had received firm commitments from institutional and sophisticated investors to raise funds of $1,350,000 (before expenses) at an issue price of $0.0025 per fully paid ordinary share (Placement Shares) (Placement). Barclay Wells Limited was appointed the lead manager for the Placement and will be paid a fee of 6% of the amount raised and be issued 25,000,000 fully paid ordinary shares in the Company (Broker Shares). Funds raised from the Placement will be used towards initial work on the Labrador Project, costs of the Labrador Project transaction and for general working capital purposes. At various dates during the quarter, the Company issued 540,000,000 Placement Shares and 25,000,000 Broker Shares.

Expiry of Securities

On 4 February 2023, a total of 151,111,110 unlisted options with an exercise price of $0.005 each lapsed.

Board Changes

On 1 March 2023, the Company announced the resignation of Non-Executive Director Stirling Ross effective 28 February 2023.

Appendix 5B Quarterly Report and Statement of Cash Flows

The ASX Appendix 5B quarterly report is attached to and lodged with this report. The Company’s Appendix 5B Quarterly Report covers the 3-month period from 1 January 2023 to 31 March 2023.

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