Red Metal (RDM) investor relations material

Executive summary

• Achieved a profit after tax of $18.9 million for the half-year ended 31 December 2025, reversing a prior year loss of $10.0 million, primarily due to a $25.5 million gain from the deconsolidation of Maronan Metals Ltd.

• No significant events or circumstances have arisen since period end that would affect future operations or results.

• Continued advancement of the Sybella rare earth oxide project, with successful ion exchange trials and commencement of large column leach test work.

• Progressed exploration at Pardoo, Pulkarrimarra, Three Ways, and Gulf Copper-Gold Projects, with joint ventures and government co-funding.

Financial highlights

• Profit after tax: $18,875,079 (2024: loss $10,014,110), driven by a $25,526,768 gain on deconsolidation of Maronan Metals Ltd.

• Revenue from ordinary activities included $66,153 interest income, $400,000 government grants, and $298,543 project management fees.

• Exploration expenditure reduced to $4.4 million from $7.0 million year-over-year.

• Basic earnings per share: 5.3 cents (2024: loss 1.9 cents).

• Cash and cash equivalents at period end: $4.9 million (30 June 2025: $8.0 million).

Outlook and guidance

• Results from definitive large column leach test work at Sybella expected in Q2 2026.

• Preparations underway for infill and extension drilling at Sybella and follow-up programs at Pardoo in 2026.