Project Grand Port, Gold/Copper/Nickel, New Zealand

  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.
  2. 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

Location of key licenses

Project Nickol River, Gold, Western Australia

Nickol River Project location and tenements, located 10km east of Karratha in the West Pilbara of Western Australia

The Nickol River Project (NRP) comprises seven granted Mining Leases (M47/87, M47/127, M47/401, M47/421, M47/435, M47/455, M47/577), two Prospecting Licences (P47/1524, P47/1812), and five Miscellaneous Licences (L47/686, L47/687, L47/688, L47/689, L47/565 (application)) (refer Figure 4).

This area is highly prospective for gold deposits, although no substantial modern exploration or drilling has been carried out on the Nickol River Project tenements.

Project Wee MacGregor, Copper, Queensland, Australia

Cyclone holds a 20% interest in the Wee Macgregor project which comprises three granted mining licences, ML 2504, ML 2773 and ML 90098. These licences are located approximately 60km southeast of Mt Isa. The Wee Macgregor project (licence ML 2504) has an existing JORC 2012 estimated Inferred Resource of 1.65Mt @ 1.6% Copper and an exploration target of between 1.0 – 1.5Mt @ 2.3 – 3.7% Cu.

Cohiba Minerals Limited (Cohiba), through wholly owned subsidiary Cobalt X Pty Ltd, has earnt an 80% interest in mining licences ML 2504, ML 2773 and ML 90098 under a Farm-in agreement with Cyclone.  The Company retains a 20% interest in the mining licences and a pre-emptive right over the remaining 80%.

The Lady Ethleen tenement (ML 2771) has been 100% retained by Cyclone (Lady Ethleen). The Lady Ethleen tenement has been utilized for a trial mining and processing exercise using a newly developed green leach process known as GlyLeach TM (refer ASX announcement 4 October 2020).

Kukuna Iron Ore Project, Sierra Leone, Africa

The Project is located 120 km northeast of Freetown in the northwest of Sierra Leone and consists of one exploration licence (EL22/2012) covering 68 square km. The licence is located 70km due north of the Marampa Project and the Pepel Infrastructure and comprises rocks known to host specular hematite mineralisation.

The Kukuna Project remains under care and maintenance.

Exploration Projects

Nickol River Project*

CLE – 100%

Western Australia

Wee MacGregor Copper Project

CLE – 20%

Qld, Australia

Grand Port Project*

CLE – 100%

New Zealand

Kukuna Iron Ore Project


Sierra Leone


CuFe Limited (ASX: CUF)

12.75% interest

Iron Ore, copper (Australia)

International Goldfields Limited (Unlisted)

18.82% interest

Gold (Australia / Cote d’Ivoire / Brazil)

European Lithium Limited (ASX: EUR)

4.20% interest

Lithium (Austria)