Name of the Project
Iron Bear iron-ore project.

Location
Near the provincial border of Newfoundland and Labrador, as well as 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 has marked a substantial derisking milestone, with a study by global engineering group Hatch confirming that the iron-ore mine and concentrator complex can be fully powered by renewable energy. 

The study also evaluated power solutions for the nearby town of Schefferville, Quebec.

The Hatch-led analysis assessed three staged development scenarios for Iron Bear’s power requirements.

The initial 120 MW requirement for a ten-million-tonne-a-year concentrator (Phase 1) would be met by a 60 MW hydroplant at Menihek and a 280 MW wind farm, supported by a 10 MWh battery energy storage system. This would require capital expenditure (capex) of C$806-million to C$2.22-billion. 

Phase 2 would scale up to a 25-million-tonne-a-year operation requiring 250 MW at a capex of C$1.68-billion to C$6.7-billion, while Phase 3 would support 50-million tonnes a year of output with a 500 MW demand and a capex investment of C$3.2-billion to C$8.9-billion.

In the latter stages, the additional energy would be delivered through new high-voltage connections to the Churchill Falls hydroelectric facility, operated by Newfoundland and Labrador Hydro.

Key Contracts, Suppliers and Consultants
Hatch (renewable energy study).

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