Iron Bear Mineral Resource Estimate

Previous explorers conducted extensive mapping, geophysical surveys, and diamond drilling. In 2011, a first drilling campaign delivered 43 drill holes and 5,662m of drill core; and in 2012 a second drilling campaign returned an additional 72 drill holes and 22,359m of drill core.

In April 2024, Burnt Shirt Pty Ltd (Burnt Shirt), an independent geological consultancy firm, updated the Mineral Resource Estimate for the Iron Bear Project, leveraging all available data.

Cyclone simultaneously commissioned the development of an inversion model which demonstrated a strong correlation between a high-definition aerial magnetic survey over the area and the drilling results. This supported a substantial revision of the Iron Bear Mineral Resource estimate.

The updated Mineral Resource estimate stands at 16.6 billion tonnes classified in accordance with the provisions of the Australian Joint Ore Reserves Committee (the “JORC Code”, Appendix: Table 1)[1].

Iron Bear mineral resource mode – Interpretation: Haren, 2024

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

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

The Competent Person for this Mineral Resource estimate is Mr Jeremy Peters BSc BEng FAusIMM CP (Min, Geo), a full-time employee of Burnt Shirt Pty Ltd., consulting to Cyclone. Mr Peters has more than five years’ experience in the estimation and reporting of Mineral Resources for iron ore mineralisation in Australia and overseas.

Burnt Shirt has assisted CLE in its development of the Iron Bear Project and neither Burnt Shirt nor Mr Peters hold an interest in the Project or CLE. Mr Peters has assumed Competent Person responsibility due to his familiarity with the Project.

For additional information, please refer to the Competent Persons section in this document and the ASX release dated 11th of April 2024.

[1] CLE ASX Release 15 April 2024