Cyclone Metals (ASX: CLE) Launches Pre-Feasibility Study for Iron Bear. A Realisation of a Green Iron Ore Story creating Shareholder Wealth.
- Noel Ong
- Sep 3
- 6 min read
Announcement
Cyclone Metals Limited (ASX: CLE) has announced a major step forward with the commencement of a Pre-Feasibility Study (PFS) for its 100%-owned flagship Iron Bear Project, located in the Labrador Trough, Canada (Figure 1). The appointment of global engineering firm Hatch to lead the study underscores the project’s significance and the Company’s intention to position Iron Bear as a strategic supplier of high-grade magnetite concentrate for the global steel market.
Figure 1: Project Location Map (source: CLE)
This follows the strong Scoping Study released in August 2025 and represents the transition of Iron Bear into a more advanced phase of development. Cyclone has set a clear timeline, targeting PFS completion in Q2 CY2026.
Cyclone CEO and Managing Director, Paul Berend, commented:
“The launch of the PFS for Iron Bear, predicated by the outstanding results of the Scoping Study, represents a critical step in our strategy to unlock the value of this world-class asset. With increasing global demand for high-grade, low-emission iron ore products, such as blast furnace concentrate and pellets, Iron Bear is uniquely positioned to meet future market needs. We look forward to advancing the project through this next phase and demonstrating its significant economic and strategic potential.”
Key Highlights - A Green Iron Ore Story.
Appointment of Hatch, a leading global engineering firm with extensive experience in large-scale iron ore projects.
PFS Scope will include:
Detailed mine design and scheduling
Advanced metallurgical test work
Processing plant and infrastructure evaluation (including pelletising studies)
Logistics options (rail and slurry pipeline)
Capital and operating cost estimates
Environmental, social, and permitting studies
Marketing studies
Comprehensive risk assessment and mitigation scenarios
Pelletising Expertise – Cyclone has also engaged IDOM, a consulting group specialising in steel and metals industrial plants, to deliver pelletising plant design and cost estimation. With over 60 years of experience and five offices across Canada and the US, IDOM brings both global expertise and local capabilities.
Cyclone’s updated development timeline shows a pragmatic shift in the transition from Phase 1 to Phase 2, moving from April to June 2025 (Figure 2). This adjustment reflects the realities of permitting, approvals, and the sequencing of key operational activities, rather than any fundamental change to the project’s trajectory. Importantly, it also allows for better alignment with Vale’s decision process, which underpins the funding and progression of Iron Bear. With the launch of the Pre-Feasibility Study now formalised as milestone 13, the project remains firmly on track, signalling both momentum and a disciplined approach to managing the complexities of a world-class development.
Figure 2: Updated Development Timeline (highlighting Phase 1 to Phase 2 shift) (source: CLE)
Next Steps
Completion of advanced metallurgical test work.
Progress on mine design, logistics, and pelletising plant studies.
Ongoing stakeholder and environmental permitting workstreams.
Delivery of the PFS in Q2 CY2026, marking the next key de-risking milestone.
These next steps mark the transition of Iron Bear from concept to detailed planning, with a clear focus on technical validation, infrastructure design, and regulatory alignment. Each milestone builds towards the delivery of the PFS in Q2 CY2026, which will serve as a pivotal checkpoint in demonstrating the project’s economic and strategic potential.
Samso Concluding Comments
Cyclone Metals’ Iron Bear project appears to be advancing along a logical roadmap, with the PFS marking a pivotal stage in shaping the project’s future. The dual engagement of Hatch and IDOM signals a commitment to be ticking all the boxes to have technical rigour and market relevance, with a strong focus on sustainability and global competitiveness. The highlight is there is a need to keep the studies that will be in line with any Tier-1 company such as Vale.
Investors looking at this announcement need to be reminded that the Cyclone story is unique with the strategic funding arrangement with Vale, ensuring momentum and credibility as Iron Bear progresses. While there are still challenges to overcome such as, permitting, logistics, and market dynamics, the project appears well-aligned with the broader industry trend of securing low-emission, high-grade iron ore supply.
As a shareholder of the company, the comfort in the process is the understanding that this business at this stage has minimum technical issues as in most cases, the advancement to a mature study such as a PFS, is only open now to Black Swan events. As I have mentioned in my previous blogs on Cyclone Metals, a partnership with a company like Vale does not come with rigorous due diligence that was taken in the earlier stages of the project.
Vale is not a newcomer to the iron ore industry. Vale is not a newcomer to the Green Iron story. Anyone who have had to deal with a Tier-1 company like Vale will know that someone like Vale would not commit its resources and time to a project that they don't have a strong conviction of a positive outcome.
For investors and observers, the Q2 CY2026 PFS milestone will no doubt be a critical marker of value creation. For the believers, the Green Iron Ore story is on track and its aligned with market expectations as one of disciplined advancement, careful partnerships, and strong positioning in the global iron ore narrative. As always, #SamsoNews is about looking past the noise and focusing on the facts that matter.
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