Red Metal (RDM) Q3 2025 TU earnings summary

Executive summary

• Advanced exploration at Sybella confirmed strong continuity of rare earth oxide mineralisation, supporting a large Inferred Mineral Resource and progressing toward a Mine Scoping Study.

• Drilling and metallurgical test work at Sybella, Lawn Hill, Pardoo, and Pulkarrimarra projects continued, with key assays and geophysical surveys underway or planned.

• Maronan Metals (44% owned) completed a major drill campaign, reinforcing silver-lead continuity and identifying copper-gold potential; resource update due Q2 2025.

• Received $390,000 in government drilling grants and a $465,349 R&D tax refund, strengthening funding for ongoing exploration.

Financial highlights

• Group cash and cash equivalents at 31 March 2025 totaled $8.97 million, with $4.92 million held by the parent and $4.05 million by Maronan Metals.

• Exploration and evaluation payments for the quarter were $1.78 million, including $601,000 by the parent and $1.18 million by Maronan Metals.

• Net cash used in operating activities for the quarter was $1.80 million; year-to-date net cash used was $9.15 million.

• No substantive mining production or development activities occurred during the quarter.

Outlook and guidance

• Sybella project advancing toward a Mine Scoping Study, with column leach tests and further drilling planned next quarter.

• Drilling at Pardoo and Pulkarrimarra scheduled for Q2 2025; further exploration at Lawn Hill and Gulf projects prioritized.

• Maronan Metals resource update expected in Q2 2025, with ongoing steps toward mine development.

• Estimated funding available for nearly five quarters at current expenditure rates.