Red Metal (RDM) H2 2026 earnings summary

Executive summary

• Advanced the Sybella rare earth deposit toward development, with significant metallurgical breakthroughs supporting efficient heap-leach extraction and a maiden Pre-Feasibility Study underway.

• Distributed the majority of Maronan Metals Limited shares to shareholders, retaining a 4.91% stake, following a successful Preliminary Economic Assessment and Mineral Development Licence for Maronan.

• Maintained a strong exploration focus across Australia, leveraging joint ventures and government co-funding for copper, gold, and base metal projects.

• Ended the year in a sound financial position, aided by option exercises, R&D tax incentives, and government grants.

Financial highlights

• Reported profit after tax of $19.17 million for FY2026, compared to a $12.42 million loss in FY2025, driven by a $25.53 million gain on deconsolidation of Maronan Metals.

• Income from ordinary activities rose to $3.47 million from $1.78 million year-over-year.

• Cash and cash equivalents at year-end were $4.46 million, down from $7.99 million in the prior year.

• Share-based compensation expense totaled $796,968, with 26.3 million options exercised during the year.

Outlook and guidance

• Pre-Feasibility Study for Sybella expected to deliver first robust economic assessment by year-end, with a Definitive Feasibility Study scheduled for 2027.

• Continued focus on advancing Sybella and active exploration across the tenement portfolio, with plans to secure further joint venture partners and government support.