Red Metal (RDM) investor relations material

Executive summary

• Advanced column leach tests at Sybella rare earths project ongoing, with results expected in May 2026; ecological studies initiated.

• Gold vector identified at Pardoo project, with heritage surveying and follow-up drilling scheduled for May.

• Pulkarrimarra project intersected key copper-hosting stratigraphy; follow-up programs planned after BHP withdrawal.

• New joint ventures at Callabonna with Chalice Mining, including commitment to drill three basement targets in the first year.

• Heritage surveying at Pernatty Lagoon and Nullarbor projects in preparation for drilling.

Financial highlights

• Exploration and evaluation payments for the quarter totaled $1,054,000.

• Net cash used in operating activities was $720,000 for the quarter, with $4,314,000 in cash and cash equivalents at quarter end.

• Received $400,000 in government grants and $123,000 in project management and consulting fees.

• Payments to related parties during the quarter amounted to $105,000.

Outlook and guidance

• Sybella project advancing toward pre-feasibility in 2026, with infill drilling and further ecological studies planned.

• Multiple drilling programs scheduled across gold, copper, and rare earth projects in the coming quarter.

• Pending shareholder approval for in-specie distribution of Maronan Metals shares on 8 May 2026.