Cyclone Metals operational update on Project Iron Bear

Cyclone Metals Ltd (ASX:CLE) has announced the commencement of small scale production of Direct Reduction (DR) pellets, a critical component for green steel production. The company has also completed phase 2 of pilot plant test work, identified potential large outcrops of haematite DSO and magnetite, and collected 18 tons of drill cores for metallurgical testing. The announcement has been approved by the company's board of directors.

Executive Commentary on Project Iron Bear

Paul Berend, CEO of Cyclone Metals, expressed his satisfaction with the progress, highlighting the commencement of DR pellet production and the identification of potential Direct Shipping Ore outcrops. He emphasized the significance of DR pellets in the context of increasing demand due to the construction of direct reduction steel plants in various regions. Berend also conveyed the company's excitement regarding the potential of the newly identified large outcrops, indicating optimism for future developments.

Summary of Project Iron Bear Update

Cyclone Metals' operational update on Project Iron Bear signifies significant progress in the production of DR pellets and the exploration of potential mineral resources. The company's focus on refining the chemistry of the DR pellets, conducting engineering studies, and evaluating the potential of the identified outcrops demonstrates a strategic approach to project development. With the completion of key milestones and ongoing test work, Cyclone Metals aims to establish a joint venture and continue advancing the Iron Bear project towards decision to mine in the coming years. The potential of the newly identified mineral resources presents an optimistic outlook for the company's future endeavors.