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, and initiated infill drilling and metallurgical studies.

• Maintained focus on copper exploration, with proof-of-concept drilling at Gidyea, Lawn Hill, Gulf, and Three Ways projects, and advanced Pulkarrimarra and Pardoo projects to drill-ready status.

• Secured $465,349 in R&D rebates and $415,000 in government grants, with additional $400,000 awarded for FY2026 drilling.

• Benefited from a 44% interest in Maronan Metals Limited, which advanced the Maronan silver-rich project and completed a preliminary economic assessment.

• Raised $6 million through a share purchase plan, exceeding the initial $2 million target.

Financial highlights

• Loss after tax for FY2025 was $12.4 million, compared to $7.9 million in FY2024.

• Revenue from ordinary activities was $1.78 million, mainly from grants, R&D refunds, and project management fees.

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

• Share-based compensation expense increased to $2.7 million from $0.3 million in FY2024.

• No dividends declared or paid.

Outlook and guidance

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

• Further drilling at copper and gold projects, including follow-up at Gidyea, Gulf, and Lawn Hill, and initial drilling at Pardoo.

• Anticipates final feasibility studies for the Maronan project.

• Continues to seek new exploration opportunities and joint venture partners.