Cyclone Metals : Secures Exclusive Rights to Deposit in Cameroon

ASX Announcement

3 June 2022

Belabo, approximately 250 km to the Project site. A paved highway to Ayos, public road to Abong Mbang and private logging roads links to the project site. International airports and modern telecommunication facilities exist at Yaoundé and Douala. The international seaport of Douala has suitable shipping and receiving facilities.

onlyNkamouna-Mada was identified as a potential deposit in the 1980s. Previous owners, Geovic, through its Cameroon subsidiary, Geovic Cameroon PLC (Geocam) were granted a prospecting permit by the Government of Cameroon in 1995. Geocam undertook various exploration programs that focused on the mineralised zone at Nkamouna and Mada deposits and identified deposits at Rapodjombo, North Mang, South Mang, Messea and Kondong. Geovic were responsible for identifying and perfected technology to economically recover cobalt, nickel and manganese from Nkamouna-Mada and a definitive feasibility study was prepared by SRK Consulting (Lakewood, Colorado), with contributors Lycopodium Minerals Pty Ltd and Knight Piesold of Australia, which can be accessed and read in full

useon www.sedar.com, company search Geovic Mining Corp, date of release 2 June 2011, or by following this link: https://www.sec.gov/Archives/edgar/data/1398005/000119312511161283/dex991.htm.

Mineral resources and ore reserves were calculated by SRK Consulting Engineers and Scientists, with mineral resources and ore reserves estimated in Sections 15 and 16, which was prepared in accordance with NI43-101 standards and summarised the report published on June 2, 2011 effective as of December 31, 2010.

Set out below are the summary tables of the mineral resource and ore reserve estimates published on personalpage 15-20 of the report, which have been extracted and included in this announcement:

For

Cyclone Metals Limited

ASX Announcement

3 June 2022

Table 1: Non-JORC historical estimate* summarised in June 2 2011 NI43-101 Technical Report ,Geovic Mining Corp, Nkamouna and Mada Deposits, East Province of Cameroon, Africa. The resource is stated above a 0.12% cobalt cut-off for ferralite and a 0.23% cobalt cut-off for breccias, constrained above the bedrock surface. (Tally of numbers may vary due to rounding).

only*The historical estimates are not reported in accordance with the JORC Code and a competent person has not done sufficient work to classify the historical estimates as mineral resources in accordance with the JORC Code. It is uncertain that following evaluation and further exploration work that the historical estimates will be able to be reported as mineral resources in accordance with the JORC Code.

Cyclone is not in possession of any new information or data relating to the historical estimates that materially impacts on the reliability of the estimates or the Company's ability to verify the historical estimates as mineral resources or ore reserves in accordance with the JORC Code. A full explanation of the non-JORC historical resource estimates and sources of information are included in the appendix

usesection to this announcement. personalFor

Figure 1: Project Location in Cameroon and location of Nkamouna and Mada Cobalt, Nickel, Manganese

Deposits north of Kongo, that Cyclone has assigned a binding exclusivity agreement on. Permit

boundary is not current.

Cyclone Metals Limited

ASX Announcement

3 June 2022

Cyclone Non-Executive Chairman, Terry Donnelly commented, "To secure the exclusive rights to this asset is a game changer for the Company. The licenses have been highly sought after by many parties in the battery metals space for several years."

This announcement has been approved by the Company's board of directors.

inf rmation compiled by Mr Edward Mead, who is a Member of the Australian Institute of Mining and Metallurgy. Mr Mead is a consultant of the Company. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Re ources and Ore Reserves' (the JORC Code). Mr Mead consents to the inclusion of this information in the form and context in which it appears in this report.

The information in this report that relates to non-JORC Foreign Estimates is based on information compiled by Mr Edward Mead, a Member of the Australian Institute of Mining and Metallurgy. The information in this announcement rovided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the Muirs Reef Project. Mr Mead is a consultant of the company. Mr Mead consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. References and source of

Cyclone Metals Limited

ASX Announcement

3 June 2022

Details of non-JORC Foreign Resource Estimates in relation to ASX LR Chapter 5, for Nkamouna and Mada Projects

Sections 5.10 to 5.12: Requirements applicable to reports of foreign estimates and foreign estimates onlyof mineralisation for material mining projects.

ASX Listing Rule

5.10 - An entity reporting historical estimates or foreign estimates of mineralisation in relation to a material mining project to the public is n t required to comply with rule 5.6 (The JORC Code) provided the entity complies with rules 5.12, 5.13 and 5.14.

use5.11- An entity must not include historical estimates or foreign stimates (other than qualifying foreign estimates) of mineralisation

in an economic analysis (including a scoping study, preliminary fea ibility study, or a feasibility study) of the entity's mineral

re ources and ore reserves holdings.

5.12 - Subject to rule 5.13, an entity reporting historical estimates or foreign estimates of mineralisation in relation to a material mining project must include all of the following information in a market anno ncement and give it to ASX for release to the market.

5.12.1 - The source and date of the historical estimates or foreign

personalestimates.

5.12.2- Whether the historical estimates or foreign estimates use

c tegories of mineralisation other than those defined in Appendix 5A (JORC Code) and if so, an explanation of the differences.

5.12.3 - The relevance and materiality of the historical estimates or foreign estimates to the entity.

5.12.4 - The reliability of the historical estimates or foreign estimates, including by reference to any of the criteria in Table 1 of Appendix

5A (JORC Code) which are relevant to understanding the reliability of the historical estimates or foreign estimates.

For5.12.5 - To the extent known, a summary of the work programs on which the historical estimates or foreign estimates are based and a summary of the key assumptions, mining and processing parameters and methods used to prepare the historical estimates or foreign estimates.

Cyclone Metals Limited