Red Metal (RDM) Q4 2026 TU earnings summary

Executive summary

• Advanced metallurgical testing at the Sybella Rare Earth Project validated heap leach processing, with strong rare earth extractions and low acid consumption, prompting the commissioning of a pre-feasibility study (PFS).

• Multiple copper-gold and gold exploration projects progressed, with heritage surveys completed and drilling preparations underway across key tenements in South Australia, Queensland, and Western Australia.

• In-specie distribution of Maronan Metals shares to eligible shareholders was completed, with Red Metal retaining a significant equity stake.

Financial highlights

• Net cash from operating activities for the quarter was $75,000, with a year-to-date outflow of $5.15 million.

• Cash and cash equivalents at quarter-end totaled $4.46 million.

• $388,000 was spent on exploration and evaluation during the quarter.

• $137,200 was raised from the exercise of 2.4 million unlisted options.

Outlook and guidance

• The Sybella PFS is expected to deliver a robust economic assessment by year-end or early next year, guiding a definitive feasibility study in 2027.

• Drilling is planned or pending rig availability at multiple copper-gold and gold targets, with several collaborative drilling grants secured.