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ASX:RDM November 2025 AGM 2025 Sybella REO Update Mount Isa NW Queensland For personal use only
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2025-2026 Field Season Near-Term News Flow Project Q4 25 Q1Q2 26 2026 Comments Sybella New REO Discovery IX Trials Column leach (Kary Zone) Column leach results (Kary Zone) Infill drilling, Scoping Study Mount Isa QLD Pardoo Gold First Drilling Final assays Potential follow-up Hemi types Pulkarrimarra Gold-Copper First Drilling Final assays Potential follow-up Winu/Havieron types Gulf Copper-Gold Grant Application Heritage Step-out drilling IOCG breccia Three Ways Copper Assays Heritage Step-out drilling Isa Style Copper Lawn Hill Copper-Zinc Grant Application Heritage Drilling Zinc/Copper Breccia Pernatty Copper-Gold Heritage Drilling Drilling IOCG Skarn Asset 36% Equity Q4 25 Q1 26 2026 Comments Maronan ASX: MMA Advanced Silver-Lead Copper-Gold Scoping Study Released Raised +16M Grant MDL Resource drilling “Mine Ready” programs Cannington analogue Strong silver play 2 For personal use only
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Sybella Discovery REO Demand Exponential v Supply Constrained 3 * From Adamas Intelligence Humanoid Robot Revolution Supply Chain Implication For personal use only
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Sybella Discovery Project Comparison 4 Two General REO Project Types Emerging Complex High Temperature Simple Low Temperature Leachable • Monazite/Apatite Carbonatites • Monazite Heavy Mineral Sands • Clay-Hosted Ionic • Clay-Hosted Non-Ionic • Granite-Hosted “Sybella Discovery” High Capex Radiogenic Waste Potential Low Capex Potential Low Opex No Radiogenic Waste For personal use only
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Sybella Discovery A ‘World First’ in Northwest Queensland New Granite-Hosted REO Deposit • 12.4km long 3km wide intrusion • Just 20km SW of Mt Isa • Potential heap leach option 5 RDM: ASX release dated 21 October 2024 * For personal use only
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Sybella Discovery New REO Deposit Style Granite-Hosted • Bulk of REE’s in soluble fluoro-carbonate minerals • Host in low acid consuming granite rock • Potentially amenable to heap leach processing “ Metallurgical Nirvana ” 6 For personal use only
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Weathered Granite Base Lower Saprolite Fresh Granite Transitional Granite Part Weathered & Part Fresh Sybella Discovery Low-Acid Consuming Host Rock 7 Sybella_25SBDD006: Spatial Summary (Bin=0.5 MinBin=5% Un-edited sTSA+ 7.05, Mineral Subset) Depth (m) Bin Spectral Contribution 3 6 9 12 15 18 21 24 27 30 33 0 20 40 60 80 100 Mineral Calcite Kaolinite-PX Nontronite Montmorillonite Aspectral Final Mask Sybella_25SBDD006_tsg_tir: Spatial Summary (Bin=0.5 MinBin=5% Un-edited sjCLST 7.08, Mineral Subset) Depth (m) Bin Spectral Contribution 3 6 9 12 15 18 21 24 27 30 33 0 20 40 60 80 100 Mineral Oligoclase Calcite Kaolinite-WX Montmorillonite Albite Microcline Quartz Final Mask Grus Transitional Fresh Weathered For personal use only
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Sybella Discovery Step-out and Infill Drilling 8 RDM: ASX release dated 19 May 2025 Mapped Extension to Kary Zone Large Area Composite Samples Regular Coverage • 8.4km x 3km area of the granite • 800m x 400m and 400m x 200m hole spacing • Set depth 60m holes, some locally drilled deeper to 120m and 240m • NdPr > 300pm - two separate zones • Kary Zone (East) - 4.8km long, up to 1.5km wide, open SE • Templeton Zone (West) - 7.2 km long, 400m-1.6km wide Basis for Inferred Mineral ResourceFor personal use only
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Sybella Discovery Inferred Mineral Resource Estimate 9 Kary Zone TempletonZone Confirms Giant Status • 4.795 Bt at 302 ppm NdPr, 28 ppm DyTb (200 ppm NdPr cut-off grade) Includes Weathered Granite • 788 Mt at 297 ppm NdPr, 28 ppm DyTb (200 ppm NdPr cut-off grade) 7,691,200N Vertical Scale = 4x Horizontal Scale 1km 100m Kary ZoneTempletonZone 4km Potential For Higher-Grade Zones For personal use only
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Sybella Discovery Weathered or Fresh Granite Easy to Crush Comminution SMC Tests • -10mm crushed rock is “Very Soft” when weathered and “Soft” when fresh • Suitable for simple low energy crushing circuit involving gyratory, jaw and/or cone crushers • Should translate into low crushing and mining costs 10 Boundary Fence East (1000m wide) Seismic Refraction Profiles showing interpreted P-wave velocity profile for rock rippability Fresh Weathered Transitional Fresh Weathered For personal use only
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Sybella Discovery Maiden Mix Rare Earth Carbonate (MREC) Peer comparison showing MREO content as percent of TREO content in the final product 11 Innovative Impurity Removal • pH1.3 -1.7 leachate from weathered granite (high in Fe and Al) • 48.7% TREO • 39.5% of TREO as magnetic minerals (Nd, Pr, Dy, Tb) • Potential for premium product • DyTb 21% MREO basket value • Low U 26ppm and Th 3ppm MREC Product 1) Meteoric Resources Limited. (29 February 2024). First Mixed Rare Earth Carbonate ( MREC) Produced for Caldeira REE Project. [ASX Announcement] 2) Ionic Rare Earths Ltd. (20 March 2023). MAKUUTU STAGE 1 DFS CONFIRMS TECHNICAL AND FINANCIAL VIABILITY FOR SUSTAINABLE, LONG-LIFE SUPPLY OF MAGNET AND HEAVY RARE EARTHS, MAIDEN ORE RESERVE ESTIMATE. [ASX Release]. 3) GE21 Consultoria Mineral Ltda. (22 January 2024). Preliminary Economic Assessment CARINA RARE EARTH ELEMENT PROJECT . [NI 43- 101 Technical Report]. Caldeira (1) Scoping Study Mukuutuu (2) Feasibility Carina (3) Pilot Plant Sybella Pre-Scoping Stage: For personal use only
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Sybella Discovery Maiden Mix Rare Earth Carbonate (MREC) 12 Granite-Hosted Ionic Clay OTHERS Monazite Carbonatite Monazite HM Sand Apatite/Monazite Carbonatite Fluoro-carbonate Carbonatite Fluoro-carbonate Granite-Hosted % Basket Value of MREO For personal use only
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Sybella Discovery Kary Zone Metallurgy 13 Bottle Roll pH Optimisation • Large area multiple hole composite sample • 0-12m, 12-24m • Weathered and Transitional Granite • Representative of the Kary Zone • Templeton Zone tests underway RDM: ASX release dated 19 May 2025 Mapped Extension to Kary Zone Large Area Composite Samples For personal use only
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14 Positive pH Optimisation • Strong MREO extraction at pH 1.7-2.5 • 70-80% NdPr • 40-50% DyTb Strong MREO extraction at pH 1.7 - 2.5 (Improved Revenue) RDM: ASX release dated 19 May 2025 Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D For personal use only
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15 Positive pH Optimisation • Reduced Fe impurities in pregnant liquor Reduced iron impurity in pregnant liquor at pH >2 (Reduced Costs) RDM: ASX release dated 19 May 2025 Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D For personal use only
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Sybella Discovery Leach Tests - Kary Zone 16 Reduced aluminium impurity in pregnant liquor at pH >2 (Reduced Costs) Positive pH Optimisation • Reduced Al impurities in pregnant liquor For personal use only
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17 Reduced acid consumption at pH >2 (Reduced Costs) Positive pH Optimisation • Reduced acid consumption RDM: ASX release dated 19 May 2025 Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D For personal use only
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18 Reduced total impurities in pregnant liquor at pH >2 (Reduced Costs) Positive pH Optimisation • Reduced total impurities in pregnant liquor Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D For personal use only
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19 Positive pH Optimisation • In-heap pathway to strip the iron impurities As leach liquor neutralises over time the iron impurity is removed as goethite (Reducing Costs) Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D For personal use only
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20 Positive pH Optimisation • Economic optimum between pH 1.7-2.5 • In-heap pathway to strip the iron impurities Opportunity to Maximise • Adjusting the acid strength over the heaps life Nd Break-Even Cost US/kg Low Production Cost High Production Cost Economic Optimum between pH 1.7 - 2.5 Average Leach pH Comparative Economic Analysis RDM: ASX release dated 19 May 2025 Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D For personal use only
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21 Comparative Economic Analysis Economic Optimum between pH 1.7 - 2.5 Average Leach pH Nd Break-Even Cost US/kg Low Production Cost High Production Cost Ion Exchange Breakthrough to Further Lower Break-Even Cost Further Lower Break-Even Cost Sybella Discovery Ion Exchange Breakthrough ~ DoD Floor Price For personal use only
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Sybella Discovery Ion Exchange Breakthrough 22 What is Ion Exchange • Series of columns which hold beds of ion exchange resin or beads. • The IX resins are regenerated through the loading-stripping process, converting from Na+ form to REE3+ form through loading, then back to Na+ form through stripping with NaCl. • Cheap proven technology • Used in water purification, and metal recovery (such as U Ni Co) For personal use only
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Sybella Discovery Ion Exchange Breakthrough 23 Ion Exchange Trials on Pregnant Leach Liquor • Separated a large proportion of impurities such as residual iron and aluminium from the rare earth elements (REE). • Delivered a final Strip Liquor with very low impurities showing 9 times enrichment of the total rare earth oxide (TREO) content. After REE Loading & Stripping Waste After Loading Before REE Loading RDM: ASX release dated 17 November 2025 9 x Enrichment in REE Reduced impurities For personal use only
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C ombined Tailings Heap Leach Leach Liquor Pond Ion Exchange Process Water Return Limestone MREC Product MREC Precipitation Effluent Treatment Soda Ash Sybella Discovery Ion Exchange Breakthrough 24 Significance of Using IX • Higher REE recovery from leach liquor to mix rare earth carbonate (MREC) from 93% to 99%, • Scope to make a significantly higher purity MREC, • Materially lower alkali costs, • Reduced flowsheet complexity, • Lower operating and capital costs for impurity removal and MREC precipitation. • Further lowers Sybella’s break- even cost Lime Soda Ash MREC ProductIron Tailings Al Tailings Process Water Return Heap Leach Leach Liquor Pond Impurity Removal Stage 1 & 2 MREC Precipitation Standard 2 Stage Impurity Removal Ion Exchange RDM: ASX release dated 17 November 2025 For personal use only
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Sybella_25SBDD006: Spatial Summary (Bin=0.5 MinBin=5% Un-edited sTSA+ 7.05, Mineral Subset) Depth (m) Bin Spectral Contribution 3 6 9 12 15 18 21 24 27 30 33 0 20 40 60 80 100 Mineral Calcite Kaolinite-PX Nontronite Montmorillonite Aspectral Final Mask Sybella_25SBDD006_tsg_tir: Spatial Summary (Bin=0.5 MinBin=5% Un-edited sjCLST 7.08, Mineral Subset) Depth (m) Bin Spectral Contribution 3 6 9 12 15 18 21 24 27 30 33 0 20 40 60 80 100 Mineral Oligoclase Calcite Kaolinite-WX Montmorillonite Albite Microcline Quartz Final Mask Sybella Discovery Accelerated R&D Programs 25 Kary Zone Column Leach Tests • Mineral scanning completed • Additional comminution tests and crushing • Column results Q1 2026 Grus Transitional Fresh Weathered For personal use only
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26 Kary Zone Column Leach Tests • Focus on northern area where LAC bottle roll tests • Parallel bottle rolls on core chips • 10mm and 20mm size fractions • Geotechnical columns • Aeration trials Mapped Extension to Kary Zone Large Area Composite Samples and First Column Leach Cores Sybella Discovery Accelerated R&D ProgramsFor personal use only
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Sybella Discovery Accelerated R&D Programs 27 Working Schedule Column Leach and Ionic Exchange Tests For personal use only
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2025-2026 Field Season Near-Term News Flow Project Q4 25 Q1Q2 26 2026 Comments Sybella New REO Discovery IX Trials Column leach (Kary Zone) Column leach results (Kary Zone) Infill drilling, Scoping Study Mount Isa QLD Pardoo Gold First Drilling Final assays Potential follow-up Hemi types Pulkarrimarra Gold-Copper First Drilling Final assays Potential follow-up Winu/Havieron types Gulf Copper-Gold Grant Application Heritage Step-out drilling IOCG breccia Three Ways Copper Assays Heritage Step-out drilling Isa Style Copper Lawn Hill Copper-Zinc Grant Application Heritage Drilling Zinc/Copper Breccia Pernatty Copper-Gold Heritage Drilling Drilling IOCG Skarn Asset 36% Equity Q4 25 Q1 26 2026 Comments Maronan ASX: MMA Advanced Silver-Lead Copper-Gold Scoping Study Released Raised +16M Grant MDL Resource drilling “Mine Ready” programs Cannington analogue Strong silver play 28 For personal use only
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Disclaimer (1/2) This Presentation was Authorised by the Board of Red Metal. Caution Regarding Forward-Looking Statements. This Presentation contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘potential for’, ‘scope for’, ‘opportunity for’, ‘believes’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are expressed in good faith and believed to have a reasonable basis, and are based on a number of assumptions regarding future events and actions that, as at the date of this Presentation, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the Company’s management. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this Presentation will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Company has no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Presentation, except where required by law. These forward-looking statements are subject to various risk factors that could cause the Company’s actual results to differ materially from the results expressed or anticipated in these statements. 29 For personal use only
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Disclaimer (2/2) Competent Persons Statement The information in this report that relates to Exploration Results and estimates of Mineral Resources for the Sybella Project was previously reported by the Company in compliance with JORC 2012 in various market releases with the last one being dated 19 May 2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in those earlier market announcements and, in the case of the estimate of Mineral Resources all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. 30 For personal use only
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Red Metal Limited Rob Rutherford – Managing Director Level 15, 323 Castlereagh Street Sydney 2000 Ph: +61 (0)2 9281 1805 | Mobile: +61 (0) 429 651 126 admin@redmetal.com.au | www.redmetal.com.au 31 For personal use only