Red Metal (RDM) investor relations material

Investment highlights

• Sybella rare earths project offers a large-scale, low-risk opportunity with a 12km x 3km mineralised footprint and zero strip ratio, with a pre-feasibility study (PFS) underway.

• Simple processing pathway enabled by weak-acid-soluble mineralogy in granite host, supporting ambient-temperature heap leaching and strong NdPr extraction.

• Well-funded with $4.46M cash, no debt, government and R&D support, and a significant stake in Maronan Metals.

• Parallel exploration strategy targets high-potential copper plays in proven and frontier terrains.

Project overview and resource base

• Sybella is a giant, granite-hosted rare earths discovery near Mount Isa, Queensland, with a global inferred resource of 4.795 Bt at 302 ppm NdPr and 28 ppm DyTb.

• The Kary Zone alone hosts 936 Mt inferred resource at 334 ppm NdPr and 31.7 ppm DyTb, with mineralisation from surface and open at depth and to the southeast.

• The project is strategically located in a stable jurisdiction with established infrastructure, including power, water, and transport.

Metallurgy and processing advantages

• Heap leach column testing confirms 70-78% extraction of NdPr and meaningful Dy/Tb recovery from weathered ore types, with low acid consumption at ambient temperature.

• Unique fluoro-carbonate mineralisation in unreactive granite host allows for a simpler, lower-cost processing route, avoiding complex high-temperature circuits and elevated radioactive elements.

• Processing flowsheet: crush → heap leach → ion exchange → MREC, using conventional equipment.