Red Metal (RDM) H2 2025 earnings summary

Executive summary

• Advanced the Sybella rare earth project with a maiden Inferred Mineral Resource Estimate of 4.795 Bt at 302 ppm NdPr, 28 ppm DyTb, confirming its giant status and potential for low-cost heap leach processing.

• Maintained strategic focus on copper exploration, with proof-of-concept drilling at multiple Queensland and Western Australian projects, and secured significant government grants and R&D rebates to support exploration.

• Benefited from a 44% interest in Maronan Metals Limited, which advanced the Maronan silver-rich base and precious metal project, completing a preliminary economic assessment and moving toward feasibility studies.

• Raised $6 million through a share purchase plan, demonstrating strong shareholder support and ensuring funding for ongoing exploration and project development.

Financial highlights

• Loss after tax for the year ended 30 June 2025 was $12.4 million, compared to $7.9 million in 2024.

• Operating cash outflows increased to $10.1 million from $7.5 million year-over-year.

• Cash and cash equivalents at year-end were $8.0 million, down from $12.2 million in the prior year.

• Share-based compensation expenses rose significantly to $2.7 million, reflecting new option grants.

Outlook and guidance

• Plans to advance Sybella with column leach test work, infill resource drilling, and mining studies in FY2026.

• Further drilling and feasibility work at Maronan Metals expected, with optimism for continued project advancement.

• Ongoing exploration across copper, gold, and rare earth projects, supported by government grants and joint venture funding.