Name of the Project
Iron Bear iron-ore project.

Location
Near the provincial border of Newfoundland and Labrador, and Quebec, Canada.

Project Owner/s
Australia-based mineral investment, exploration and evaluation company Cyclone Metals.

In February 2025, Cyclone Metals signed a binding commercial agreement with Brazilian multinational corporation Vale regarding the joint development of the project. 

Under the terms of the agreement, Vale has the right to provide up to $138-million of funding for the project in two phases and earn 75% of the project. Should Vale proceed to mine, Vale can elect to acquire the remaining 25% of the Iron Bear project at fair market value or carry Cyclone to production with no dilution.

Project Description
The project has a mineral resource of 16.6-billion tonnes containing 29.3% total iron and 18.2% magnetic iron at a cutoff grade of 12.5% magnetic iron.

The project envisages the production of strategic low-carbon direct reduction pellets with excellent physical and metallisation properties, and ultralow deleterious elements.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
Not stated.

Latest Developments
Cyclone Metals is preparing for a large drilling campaign.

The programme, set to run between June and November this year, will involve drilling a total of 24 000 m, CEO Paul Berend has said.

The company recently received its first payment of $6.3-million from diversified major Vale as part of their joint development of the Iron Bear project.

Vale’s total Phase 1 contribution amounts to $18-million, aimed at derisking the project.

Vale committed in February to provide up to $138-million in funding (in two phases), earning a 75% interest in the project. Should Vale proceed to a decision to mine, the company would have the option to acquire the remaining 25% at fair market value or carry Cyclone to production without dilution.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Cyclone Metals, tel +61 8 9380 9555 or email ir@cyclonemetals.com.