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Cyclone Metals

Quarterly Activities and Cash Flow Report for the Quarter Ended 30 June 2023

Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is an Australian domiciled mineral development and investment company. Cyclone Metals is focussed on developing its flagship iron ore project, Block 103 located in the Labrador Trough in Canada. The Company also has interests in several exploration and mining projects and companies, providing exposure to lithium, iron ore, copper and gold, assets globally (refer to Annexure 2) which include shares in listed ASX entities valued at $7.6m as of 28 July 2023.

Cyclone Metals’ strategy is to acquire and invest in undervalued and/or distressed mineral assets and companies (Projects) and:

  • improve the value of these Projects, through a hands-on approach to management combined with extensive expertise in the mineral asset development process; and
  • retain long-term exposure to these Projects through a production royalty and/or equity interest.

Cyclone Metals aims to deliver Shareholder value by adding value to these undeveloped Projects. If Projects are converted into cash, the Company intends to follow a policy of distributing surplus cash to Shareholders.

Board Changes

On 14 April 2023, the Company announced the appointment of Paul Berend as Executive Director and Chief Executive Officer with effective 1 May 2023. On the same day, the Company announced the resignation of Non-Executive Chairman Terry Donnelly effective 13 April 2023 and the transition of Tony Sage from Executive Director to Executive Chairman. The Board restructure was implemented to align with the future direction of the Company.

Shareholder Meetings

On 6 April 2023, the Company held a general meeting (GM) of shareholders. All resolutions were carried at the GM.

Conversion of Debt

The Company previously entered into loan agreements with European Lithium Ltd (ASX: EUR) and received funds from EUR totalling $2,250,000 (EUR Loans). On 2 June 2023, the Company issued 1,175,256,849 shares to EUR for the conversion of EUR Loans plus accrued interest into equity based on a share conversion price of AUD$0.002.

On 17 April 2023, following receipt of shareholder approval at the GM, the Company issued 161,111,096 fully paid ordinary shares to Directors of the Company to satisfy debts of $241,667.

Click here for the full ASX Release

This article includes content from Cyclone Metals Ltd., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Cyclone Metals (ASX:CLE)

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