Cyclone Metals (ASX:CLE) has commenced a Prefeasibility Study (PFS) for the Iron Bear Project in Canada, following the appointment of engineering firm Hatch to lead the study.
The PFS will assess the technical, operational, and financial parameters of a potential development at Iron Bear, building upon the results of a Scoping Study released in August 2025. The study aims to be completed in Q2 2026.
Cyclone, which has a market capitalisation of $66 million, says this marks a milestone in Iron Bear’s development – which has potential to become a strategic sustainable supplier of magnetite concentrate into the global steel market.
CEO Paul Berend says the company is looking forward to advancing Iron Bear through this next phase and showing its economic and strategic potential.
The Iron Bear Magnetite Iron Ore Project, formerly known as the Block 103 Project, covers 7,275 hectares located near the Provincial border of Newfoundland and Labrador and Québec, Canada.
Iron Bear contains a mineral resource of 16.6 billion tonnes @ 29.3% iron and 18.2% magnetite iron.
According to Cognitive Market Research, the global magnetite iron ore market will expand at a compound annual growth rate of 6.20% from 2024 to 2031. This growth is largely driven by the demand for iron ore in the steel industry and the growing need for green steel production methods.
Canada is the world’s eighth largest iron ore producer, with the resource being mined in Québec, Newfoundland, Labrador, and Nunavut.
In 2023, Canadian mine production of iron ore in concentrates and pellets reached 59.4 million tonnes – which represented a 9% decline from the previous year.
Cyclone Metals is an iron ore developer focused on discoveries and development in the Labrador Trough of Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Cyclone Metals
