Red Metal (RDM) Q1 2026 TU earnings summary

Executive summary

• Advanced exploration and metallurgical studies progressed across rare earth, gold, and copper projects in QLD, WA, and SA, with key drilling and test work scheduled or underway.

• Government co-funding secured for multiple drilling programs, supporting ongoing exploration.

• Maronan Metals released a positive Preliminary Economic Assessment and completed a $16 million placement, with Red Metal's stake now classified as an investment in associate.

Financial highlights

• Exploration and evaluation payments totaled $1.75 million for the quarter, including $1.18 million by the parent and $577,000 by Maronan Metals.

• Net cash used in operating activities was $3.01 million for the quarter.

• Cash and cash equivalents at quarter end were $5.19 million, down from $7.99 million at the start of the quarter.

• $2.56 million raised from the exercise of options during and after the quarter.

Outlook and guidance

• Large column leach test work at Sybella scheduled for mid-November 2025, with results expected by end of Q1 2026.

• Assay results from Pardoo and Pulkarrimarra drilling expected next quarter.

• Drilling and field programs to continue at Maronan, with potential to double annual production profile.

• Additional cash inflows anticipated from Maronan Metals' share placement and Red Metal's option exercises.