Red Metal (RDM) AGM 2025 Presentation summary

Sybella REO project overview

• Granite-hosted rare earth oxide (REO) deposit discovered near Mount Isa, NW Queensland, covering a 12.4km by 3km intrusion, just 20km southwest of Mt Isa.

• Inferred mineral resource estimate of 4.795 Bt at 302 ppm NdPr and 28 ppm DyTb, confirming giant status with potential for higher-grade zones.

• Step-out and infill drilling covered an 8.4km x 3km area, with regular hole spacing and depths up to 240m, supporting resource definition.

• Weathered and fresh granite host rocks are soft to very soft, enabling low-cost, low-energy crushing and mining.

• Bulk of REEs are in soluble fluoro-carbonate minerals, potentially amenable to heap leach processing with low acid consumption.

Metallurgical advancements and product quality

• Bottle roll leach tests on Kary Zone show strong MREO extraction (70-80% NdPr, 40-50% DyTb) at pH 1.7-2.5, with reduced Fe and Al impurities and lower acid consumption at pH >2.

• Maiden mixed rare earth carbonate (MREC) produced with 48.7% TREO, 39.5% as magnetic minerals, and low uranium and thorium impurities.

• Ion exchange breakthrough achieved, separating most impurities and enriching TREO content 9-fold, raising REE recovery from 93% to 99% and enabling higher purity MREC.

• Ion exchange reduces alkali costs, flowsheet complexity, and both operating and capital costs for impurity removal and MREC precipitation.

• Economic optimum for leaching found between pH 1.7-2.5, with further cost reductions from ion exchange technology.

Project development and near-term milestones

• Accelerated R&D programs underway, including column leach tests, mineral scanning, comminution, and geotechnical studies, with results expected in Q1 2026.

• Near-term news flow includes new REO discovery update (Q4 2025), column leach results (Q1-Q2 2026), and infill drilling and scoping study for Mount Isa.

• Additional exploration and drilling programs ongoing at other gold, copper, and zinc projects in the region.

• Project comparison highlights Sybella as a low-temperature, low-capex, non-radiogenic waste, leachable REO deposit, contrasting with high-capex, radiogenic waste projects.

• Peer comparison shows Sybella's MREC product has a high proportion of valuable magnetic REOs and low impurity levels.