Red Metal (RDM) investor relations material

Project overview

• Sybella REO Discovery is positioned as a globally unique, giant, weak-acid soluble rare earth deposit in NW Queensland, near Mount Isa, with a vast resource base open at depth and starting at surface, enabling zero strip ratio mining.

• The deposit features weak-acid soluble REO fluoro-carbonates in a low-acid consuming granite host, with ore types that are competent yet easily crushed, ideal for large-scale heap leach processing.

• Exceptional infrastructure includes proximity to Mount Isa, skilled workforce, sealed roads, rail, multiple power options, and local water sources, with strong government support and a 10% refundable tax offset for eligible processing costs.

Processing and metallurgy

• Simple, low-capex, low-opex heap leach processing is possible, with no need for grinding, high-temperature acid bake, or expensive reagents, and no tailings or radionuclide management issues.

• Column leach tests validate strong REO extraction (up to 78% for Praseodymium, 76% for Neodymium), low impurity extraction, and low acid consumption (23–27 kg H₂SO₄/t), with good scalability from lab to column tests.

• Heap leaching at ambient temperature using weak sulphuric acid achieves high recoveries for key rare earths, with simple purification via ion exchange resins and direct sale of high-grade MREC product.

Resource and economics

• Global inferred mineral resource base is 4.795 Bt at 302 ppm NdPr and 28 ppm DyTb, including 936 Mt at 334 ppm NdPr and 31.7 ppm DyTb in the highly leachable Kary Zone, which remains open at depth and to the southeast.

• Market cap as of June 2026 is $65M, with $4.3M cash and $7.5M MMA investment; share price at 16.5 cents.

• Value proposition compares Sybella to world-class copper heap leach operations, with proposed throughput of 10–25 Mt/a, zero waste rock, and estimated recovered value of $29–31/t at current rare earth prices.