1. WORLD CLASS IRON ORE PROJECT: mineral resource of 16.6 billion tonnes containing 29.3% total Fe and 18.2% magnetic Fe, cut-off grade 12.5% magnetic Fe.
  1. MINING FRIENDLY JURISDICTION AND PROXIMITY TO INFRASTRUCTURE: Iron Bear located in Canada, less than 25km from an open access heavy haul railway with proximity to low cost to hydro-power
  1. HIGH QUALITY PRODUCT: Production of high quality 70.6% Fe DR2 grade concentrate with silica below 1.2% in industrial pilot plant
  1. LOW OPEX: Estimated OPEX of USD 35.6/t3 FOB4 Pointe Noire for blast furnace concentrate due to access to low-cost hydropower
  1. STRATEGIC TIER 1 ASSET: iron ore asset with flexible development scenarios and the potential to ramp up production to over 100 Mta
  1. FAST TRACK TO RAPID PROJECT DEVELOPMENT underpinned by the supply of bulk samples of DR and BF concentrates to mill clients by Q2 2024

About The Iron Bear Project

Cyclone Metals owns and operates the Iron Bear magnetite iron ore project, formerly known as the Block 103 Project.

The Iron Bear Project consists of ten licenses totalling 7,275 ha on 291 graticular Mineral Claims under the applicable Labrador and Newfoundland mining regulation, located near the Provincial border of Newfoundland and Labrador (NL) and Quebec (QC), approximately 30 km northwest of the town of Schefferville, QC and 1,200 km by air northeast of Montréal, QC.

Since the project acquisition in April 2023[1], our team has commissioned metallurgical testing of drill core obtained by previous operators in 2011 and 2012 drilling campaigns and stored on site. Information from these drilling campaigns has been used to support detailed reinterpretation of geophysical data and historical mapping using modern modelling techniques.

[1]Refer CLE Announcement, 17 April 2023

Historical work

Previous explorers conducted mapping, geophysical surveys, and diamond drilling. In 2011 this comprised 43 drill holes for 5,662 m and in 2012, drilling of 72 drillholes for 22,359 m. This drilling was completed along grid lines 500 m to 600 m apart.

The results of this work were used to estimate a historic mineral resource of 7.2 billion tonnes of iron mineralised material at a total iron content (FeTOT) of 29.2% and magnetically separable iron content (MagFe) of 18.9% by mass, as determined by Davis Tube test work.

Iron Bear Mineral Resource Estimate

Cyclone Mineral Resource estimate is based on data collected by CapEx Mining Ltd and modified by detailed compilation and interpretation of high-resolution geophysics and geology and geological work conducted by Burnt Shirt Pty Ltd.

Cyclone commissioned the development of an inversion model which demonstrated an excellent correlation between the high-grade magnetic survey, the drilling results, down hole magnetic susceptibility data and provided reliable estimates of the mineral resource volumes.

Cyclone has undertaken pilot-plant scale metallurgical testing of drill core[1] and in the opinion of the Competent Person, the results of this work indicate reasonable prospects for eventual economic extraction.

An Exploration Target[2] has been postulated, based on detailed geophysical interpretation and geological mapping and surface sampling in areas where there has not historically been any drilling.

Optimisation pit shells used for Mineral Resource classification – Intrepretation: Haren, 2024

Category Tonnes (Billion) Total Fe% Magnetic Fe%
Indicated 2.15 28.68 18.97
Inferred 14.51 29.44 18.13
Total 16.66 29.34 18.24
Exploration Target      
From 16 24 16
To 21 33 22

[2] : Refer CLE Announcements, 14 December 2023 and 28 November 2023

[3] : As defined by Clause 17 of the JORC Code

Iron Bear Mineral Resource Estimate at 12.5% magnetic Fe cut-off grade


Based on the metallurgical test work of phase 1, Cyclone has completed the design of an optimised process flow sheet. The associated mass and energy balances have been defined and calibrated to reflect a full-scale process plant and this information is being integrated into an updated economic study which has been March 2024 (milestone 10).

However, this design needs to be further refined and calibrated based on industrial scale test work. For this reason, Cyclone has commissioned Corem to build an industrial pilot in their facilities in Quebec City based which replicates the optimised process flow sheet outlined above. In addition, Cyclone has conditioned and shipped to Corem an additional ten tonnes of Iron Bear sediment to feed this pilot plant (refer to Field operations in Schefferville, Canada, November 2023). The pilot plant will produce approximately two tonnes of bulk samples of blast furnace grade and direct reduction concentrate. These concentrate samples will be used for pelletizing test work planned to start in May 2024 (milestone 8), and also to provide bulk samples of Iron Bear concentrates to steel mills for validation and metallurgical test work.

Iron Bear pilot plant setup at COREM facilities

As mentioned previously, this is a critical element of Cyclone’s strategy, as steel mills know that most iron ore juniors, who claim to be able to produce high grade products, are rarely (if ever) capable of providing proof of their claims in the shape of bulk 200kg-300kg product samples. We are committed to successfully demonstrate our capabilities to steel mills to produce sustainably low carbon iron ore concentrate


Access to cheap hydropower is the biggest single cost driver for the production of magnetite concentrate and is critical for the success of Project Iron Bear. The CLE team has completed a detailed study to evaluate the opportunity to leverage the Menihek hydro-plant which is located approximately 130 km away from the Iron Bear mineral resource.

Location of key infrastructure facilities

Whilst the Menihek hydro-plant currently only provides ~20MW to Schefferville via two 69kV powerlines, we estimate that unutilised capacity at the hydro-plant should be able to produce up to 200MW for a total CAPEX which is estimated not exceed USD 145m. This would most likely be reflected in an increase in electricity price of ~ USD 1ct/kWh assuming a take or pay agreement. For reference, the power requirements of Project Iron Bear are estimated to be roughly ~150MW at full production