Red Metal (RDM) RIU Explorers Conference 2026 summary

Strategic Focus and Upcoming Milestones

• Advancing the Sybella rare earth deposit in Queensland, with definitive column leach test results anticipated by late April, simulating heap leach conditions to optimize processing.

• Maronan Metals spinoff remains a significant asset, with 88.5 million shares held and imminent Mining Development License expected to fast-track project development.

• Additional exploration includes a new unconformity gold anomaly and multiple drill-ready copper projects, with significant drilling planned in major copper provinces in the first half of the year.

• Pending successful leach tests, plans include accelerated mining studies, infill and stepout drilling, flowsheet optimization, and engineering towards a scoping or pre-feasibility study by year-end.

• Gold exploration at Pardoo targets a >3km unconformity gold vector in the Hemi corridor, with drilling scheduled for early Q2.

Rare Earth Market and Project Differentiation

• Rare earth demand is rising due to AI, quantum computing, and EVs, while supply remains geopolitically constrained.

• Sybella deposit features a unique, granite-hosted, soluble bastnäsite mineralogy, enabling low-cost, ambient temperature heap leach processing.

• Project benefits from excellent infrastructure and a low acid-consuming, friable granite host, supporting bulk mining and low CapEx.

• Sybella's simple, low-capex, low-opex processing route offers a competitive advantage over complex, high-temperature REO projects.

• Resource grade is evenly distributed, with vast tonnages starting at surface, supporting simple bulk mining and heap leach processing.

Resource Scale and Metallurgical Advances

• Total inferred mineral resource at Sybella is 4.8 billion tons, with 780 million tons of easily mined weathered ore starting at surface and two higher-grade zones identified.

• Feasibility work focuses on the Carey Zone, optimizing acid strength for leaching and achieving strong rare earth extractions (70%-80% for key elements).

• Ion exchange breakthrough achieved, separating impurities and enriching rare earth oxide content ninefold, reducing processing costs.

• Positive bottle roll leach tests show strong extraction rates for NdPr and DyTb at low acid consumption and optimal pH.

• Ongoing metallurgical optimization includes upfront acid agglomeration and in-heap iron removal to maximize recovery and minimize costs.