Cyclone Metals Announced the Signing of a Joint Development Agreement with Vale for the Iron Bear Project

ACB News "Australia China Business Online" reported on March 12 that Cyclone Metals Ltd, an ASX-listed iron ore exploration company, confirmed receiving the first payment of $6.3 million (approximately 10 million Australian dollars) from Brazil's Vale for the first phase of funding to jointly develop the Iron Bear iron ore project in Canada. On February 17, Cyclone Metals announced the signing of a joint development agreement with Vale for the Iron Bear project, under which the total payment for the first phase is set at $18 million (approximately 29 million Australian dollars). The Iron Bear project has reserves of 16.6 billion mt, with an iron content of 29.3%. In the future, the pilot plant will produce high-grade direct reduction (DR) concentrates and DR pellets, with DR-grade fine concentrates containing 71.3% iron and 1.1% silicon dioxide.