Iron Bear Resources Ltd (ASX: IBR)

Iron Bear Resources Ltd (ASX: IBR), formerly Cyclone Metals Limited, is an Australian-listed exploration and development company focused on large-scale iron ore assets.

The company's core asset is the Iron Bear Project in the Labrador Trough, Canada. This is a globally recognised iron ore region with established infrastructure and long mining history. The project sits near rail and port access, which is critical for bulk export.

Iron Bear is advancing a magnetite iron ore development with potential to produce both blast furnace and direct reduction (DR) grade products. Magnetite is a magnetic iron oxide. It usually carries a lower iron grade in the ground than the direct shipping ores, so it has to be ground and magnetically separated, and what comes out the other end is a high-grade concentrate. DR grade is the cleaner, higher-iron product a direct reduction plant needs, and direct reduction is the route to steel that uses gas or hydrogen instead of coking coal. That is why DR-grade supply is tied to lower-emission steelmaking.

Beyond iron ore, the company retains exposure to other commodities including gold, copper, lithium, and nickel, providing broader upside across the portfolio.

Samso's coverage of IBR on the ASX, and of CLE before the name changed, includes the maiden pre-feasibility study, the resource growth at Iron Bear and the Vale funding tranches.

Last reviewed 22 September 2026.