Red Metal (RDM) Q4 2025 TU earnings summary

Executive summary

• Advanced metallurgical testing at Sybella project achieved optimal rare earth extractions at low pH, with significant expansion of the Kary Zone surface area and preparations for column leach tests underway.

• Drilling and geophysical surveys progressed across copper-gold and gold-lithium projects in QLD and WA, with government grants supporting exploration at Gulf and Three Ways.

• Maronan Metals (44% owned) upgraded its Starter Zone Mineral Resource Estimate, nearly fully converting Inferred to Indicated resources, with a mining study in progress.

• Cash and cash equivalents at quarter-end totaled $7.99 million, supporting ongoing exploration and project development.

Financial highlights

• Exploration and evaluation payments for the quarter were $1.43 million, including $810,000 by the parent and $619,000 by Maronan Metals.

• Received $390,000 in collaborative drilling grants and a $465,349 R&D tax refund during the quarter.

• Net cash used in operating activities was $961,000 for the quarter, with a year-to-date outflow of $10.1 million.

• Cash and cash equivalents decreased from $8.97 million to $7.99 million during the quarter.

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

Outlook and guidance

• Column leach and comminution studies at Sybella are set to begin next quarter, with results expected to inform mine scoping studies.

• Drilling on Gulf and Three Ways copper-gold targets is scheduled for August 2025, supported by government grants.

• First drill tests at Pardoo gold-lithium project are planned for late August/September 2025, pending rig availability.

• Early-stage mining study results for Maronan Metals' Starter Zone are anticipated shortly.