Cyclone Metals has received its first payment of US$6.3 million from Vale as part of their joint development of the Iron Bear iron ore project in Canada.

The company plans to conduct a 24,000-meter drilling campaign from June to November 2025, supported by Vale’s US$18 million Phase 1 funding aimed at de-risking the project. 

Vale has committed up to US$138 million for the Iron Bear project in two phases, earning a 75% interest, with options to acquire the remaining 25% or support Cyclone’s production without dilution.

The project boasts a resource of 16.6 billion tons at 29.3% iron, with pilot tests confirming high-quality direct reduction concentrate at 71.3% iron. This partnership marks a significant step forward in advancing the Iron Bear project.