Red Metal (RDM) H1 2025 earnings summary

Executive summary

• Reported a net loss after tax of $10,014,110 for the half-year ended 31 December 2024, compared to $4,510,114 in the prior year period.

• Completed first phase of step-out drilling at Sybella REO, defining a globally significant inferred mineral resource.

• Conducted infill drilling and metallurgical test work at Sybella; advanced heritage surveying and drilling at Pardoo, Gidyea, and Lawn Hill projects.

• Maronan Metals Ltd (44% owned) completed infill drilling; early results show wide intercepts of ore-grade silver and lead.

• No significant subsequent events affecting future operations were identified.

Financial highlights

• Net loss after tax increased to $10,014,110 from $4,510,114 year-over-year.

• Basic and diluted loss per share was 1.9 cents, compared to 1.1 cents in the prior year.

• Cash and cash equivalents at 31 December 2024 were $10,803,524, down from $12,205,437 at 30 June 2024.

• Total equity decreased to $10,146,853 from $11,739,026 at 30 June 2024.

• Net cash used in operating activities was $7,345,160 for the half-year, compared to $5,415,753 in the prior year.

Outlook and guidance

• Infill drilling and metallurgical optimisation at Sybella ongoing; assay results from Lawn Hill expected in Q1 2025.

• Heritage surveying and proof-of-concept drilling at Pardoo planned for early 2025 field season.