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R E D M E TA L L I M I T E D ( A S X : R D M ) An Established Australian Explorer Anchored by the Sybella Rare Earths Discovery Corporate Presentation | September 2026
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Weak-acid-soluble mineralogy in an unreactive granite host, supports ambient-temperature heap leaching , with column testing confirming strong NdPr extraction. Why Red Metal, Why Now? Sybella: large-scale, potentially transformational rare earths opportunity in low jurisdictional risk 2 I N V E S T M E N T H I G H L I G H T S A giant deposit with a ~12km x 3km mineralised footprint from surface, zero strip ratio with a formal PFS underway. DRA Global, AMDAD Mining and The Core Group are progressing mining and processing studies, targeting an initial economic assessment (PFS) in late 2026 / early 2027. Drilling on highly sought after copper plays in proven and frontier terrains Advancing toward first economics increasingly derisked Simple processing pathway unique geological setting Maintaining exploration upside parallel “Big Copper” strategy $4.46M cash, no debt, government/R&D funding support, a ~15.4M-share stake in Maronan Metals, plus JV funded exploration across some key copper plays. Funded beyond the PFS
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Proven Explorer, Pending Sybella Rare Earth PFS, Drilling Highly Sought After Copper Plays 3 R E D M E T A L A T A G L A N C E Share Price Last 3 Months Substantial Shareholders *Share price and market cap as at 16 Sep 2026 Also on issue: 37,650,000 unlisted options. ASX CODE RDM SHARES ON ISSUE 387,944,633 SHARE PRICE 16 Sep 2026* 12 cents MARKET CAP* $46.5M CASH (30 JUNE 2026) $4.46M Maronan Metals SHARES HELD ~15.4M (ASX:MMA) 15.4% 3.2% 81.4% Directors/Management Freeport Minerals Others
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Board Of Directors & Senior Management 4 O U R T E A M Geologist with more than 30 years’ Australian and international exploration experience across copper, gold and base metals. Rob previously held senior exploration roles with Phelps Dodge Australasia before founding Red Metal and assembling its core project portfolio. He leads the Company’s exploration strategy, project generation and technical activities. Rob is also founding director of Maronan Metals and played a key roll in the re-discovery of their large Maronan deposit. Rob Rutherford, Managing Director Mining engineer with more than 40 years’ experience across the global resources sector. Russell has held senior executive roles with Newcrest Mining, Placer Dome, Wheaton River Minerals and Goldcorp, contributing to the growth of major international mining businesses. He brings extensive operational, development, corporate and capital markets experience, and currently holds several non-executive director positions across the resources sector. Russell Barwick, Chairman Geologist with more than 40 years’ experience in mineral exploration, corporate management and the development of emerging resources companies. Joshua has provided seed capital and corporate support to a number of successful mining ventures and currently holds several Chairman and non-executive director roles across the resources sector. Joshua Pitt, Non-Executive Director A geologist with a Master’s in Economic Geology and Member of the AIG, Kim has worked with major miners and junior explorers across base and precious metals. He has contributed to discoveries and resource development projects in Australia and Africa, and led technical teams through PEA, PFS, Feasibility Studies and mine development. At Red Metal, he is focused on advancing the Company’s IOCG Cu-Au, gold and broader exploration portfolio. Kim Grey, Exploration Manager Patrick Flint is a qualified accountant and a member of the Australian Institute of Company Directors. Patrick has been involved in the resources sector for the past 25 years as a director or company secretary of ASX and Toronto Stock Exchange listed companies with mineral projects in Australia, Africa and Asia. He has significant experience in the management and administration of publicly listed mineral exploration companies. Patrick Flint, Company Secretary
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A giant, granite-hosted rare earths discovery located near Mount Isa in northwest Queensland Sybella: Flagship Rare Earths Project 5
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6 Sybella: Exposure to Critical Magnet Rare Earths A P R O D U C T S U I T E A L I G N E D T O G L O B A L D E - C A R B O N I S A T I O N & A I D R I V E N D E M A N D G R O W T H Broad magnet rare earth product suite Nd, Pr, Dy and Tb, scope for yttrium and scandium. Exposure to high-growth end markets Permanent magnets for EVs, wind energy, robotics, drones and defence applications. Strategically located in Australia Potential source of non-Chinese rare earth supply, subject to successful feasibility and development. Sybella offers exposure to multiple strategically important rare earths from a single deposit. Sybella
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Sybella: Red Metal’s Flagship Opportunity A D I F F E R E N T K I N D O F R A R E E A R T H D I S C O V E R Y 7 100% owned, stable jurisdiction, in Northwest QLD 20km from Mount Isa within an established mining district with existing infrastructure. Unique, simple rare earth mineralogy Weak-acid-soluble fluoro-carbonate mineralisation in an unreactive granite host. Favourable mining characteristics Starts at surface, zero strip ratio and readily crushed material. Established infrastructure: solar and gas power, highways, jet airport, water, gas, mining city support, rail to coastal port, all within 20km Rapidly advancing towards PFS Development studies underway aiming for publication in late 2026/early 2027 Sybella Project: Satellite imagery overlain by a colour image of the average grade of NdPr oxide to 60 metre down-hole. Large-scale rare earth mineralisation + simple processing characteristics +stable jurisdiction + established infrastructure W H Y I T M A T T E R S
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8 Sybella Project: Geoscience Australia location map, showing other Australian rare earth projects by deposit type and contained resources of rare earths. Sybella Project: Kary Zone Block Model based on ore types. Fresh (1), Transitional (2), Saprock (3), Grus (4). 2km Kary Zone Block Model Refer to Red Metal ASX announcements dated 18 June 2026
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9 Sybella: Scale & Geological Significance A L A R G E , S H A L L O W S Y S T E M W I T H R O O M T O G R O W Refer to Red Metal ASX announcements dated 21 October 2024 and 18 June 2026 ~12km x 3km mineralised footprint Large-scale mineralisation from surface, with zero strip ratio and the system still open. Scale + shallow geometry + open mineralisation = significant development and growth potential 4km Open To Southeast Global Total Inferred Mineral Resource Base 4.795 Bt at 302 ppm NdPr, 28 ppm DyTb including 788 Mt at 297 ppm NdPr, 28 ppm DyTb as Weathered Granite. Highly Leachable Kary Zone 936 Mt (Inferred Resource) at 334 ppm NdPr and 31.7 ppm DyTb to 100 meters depth including; • 182 Mt at 331 ppm NdPr and 30.8 ppm DyTb of Saprock from surface, • 157 Mt at 337 ppm NdPr and 31.9 ppm DyTb of Transitional, and • 598 Mt at 335 ppm NdPr and 31.9 ppm DyTb of Fresh Granite • remains open at depth and to southeast.
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Column Leach Testing Confirms Strong Rare Earth Recoveries 70–78% extraction of NdPr across tested weathered ore types Meaningful recovery of Dy and Tb, supporting a broader magnet rare earth product suite Low acid consumption using weak sulphuric acid at ambient temperature Fresh granite results pending, extending testwork across the broader ore profile 10 S Y B E L L A : M E T A L L U R G Y D E - R I S K I N G T H E O P P O R T U N I T Y Kary Zone Saprock - 10mm Saprock - 20mm Transitional - 10mm Transitional - 20mm Neodymium (Nd) Extraction 71% 70% 76% 75% Praseodymium (Pr) Extraction 72% 71% 78% 76% Dysprosium (Dy) Extraction 41% 40% 39% 40% Terbium (Tb) Extraction 43% 43% 44% 43% Acid Use (kg/t) 27 24 26 23 Refer to ASX announcements dated 18 June 2026 The proposed heap-leach pathway is now supported by column testwork, materially reducing one of Sybella’s key technical risks. 6m columns leach testing in progress
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A Simpler Path to Rare Earths W H Y S Y B E L L A ’ S O R E I S E A S I E R T O P R O C E S S 11 Weak-acid-soluble mineralogy Fluoro-carbonate mineralisation in unreactive granite host enables heap leaching with weak sulphuric acid at ambient temperature. Simpler processing route Crush → Heap Leach → Ion Exchange → MREC Weak acid | Ambient temperature | Conventional equipment Avoids complex high-temperature processing Removes the need for acid-bake or acid-cracking circuits commonly associated with other rare earth ore types. Cleaner mineralogy Unique granite-hosted fluoro-carbonate mineralisation is not associated with the elevated thorium and uranium levels found in monazite and other common rare earth ores. Saprock Transitional Fresh Granite Section View Vertical Scale = 4x Horizontal Scale 100m Templeton Zone Kary Zone 1.5 km Refer to ASX release dated 21 October 2025
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12 Typical Processing Paths for Rare Earths Fluoro-carbonate Granite-Hosted Clay-Hosted Monazite-Apatite Carbonatite Monazite-Apatite Carbonatite
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13 A Simpler Path W H Y S Y B E L L A ’ S O R E I S E A S I E R T O P R O C E S S Simpler processing could mean lower complexity, lower capital intensity and a straightforward, more efficient path to development. Fluoro-carbonate Granite-Hosted Clay-Hosted Monazite-Apatite Carbonatite Monazite-Apatite Carbonatite ✓.✓.
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Sybella: Feasibility Derisking Progress & Catalysts PFS underway: DRA Global, AMDAD Mining and The Core Group engaged to optimise and cost the mining and processing flowsheet. 14 F R O M D I S C O V E R Y T O D E V E L O P M E N T P L A N N I N G First economics targeted late 2026 / early 2027: Initial economic assessment to inform the path toward a 2027 DFS. Technical de-risking continues: Ion exchange, MREC precipitation, geotechnical work and further column leach testing underway, infill and extension drilling planned Commercial pathway advancing: Assessment of potential offtake partners underway.
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Exposure to giant copper-gold, zinc-lead-silver and gold targeting across Australia. Parallel Exploration Upside Maintained: Highly Sought After Portfolio
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Copper Exploration Upside Expert local team Long established “Big Copper” strategy Exposure to giant copper-gold, zinc-lead- silver and gold targeting across Australia. Proven exploration capability The same technical team and exploration strategy that identified and defined Maronan and discovered Sybella. Capital-efficient portfolio JV partners and government grants fund or co-fund a significant portion of exploration activity. A FUNDED EXPLORATION PIPELINE 16 Broader portfolio provides low-cost exploration upside
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17 “Big Copper” A F U N D E D S E A R C H F O R T H E N E X T M A J O R C O P P E R - G O L D D I S C O V E R Y Red Metal South Australian Projects: Grey scale magnetic image with main project locations. Pernatty Lagoon, SA 90% RDM | 5km x 3km untested skarn copper-gold target | 224m @ 0.29% Cu near-miss | 30km south of Carrapateena. Callabonna, SA Chalice Mining JV | Large breccias identified in district | Three priority basement targets committed for drilling. Pernatty Lagoon Interpreted 3D Magnetic Model Refer to ASX release dated 29 January 2026
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18 “Big Copper” Pulkarrimarra, WA 100% RDM | Paterson Province | Maiden drilling intersected favourable copper host stratigraphy. Nullarbor, WA Artemis-funded drilling | Partner can earn 60% through $5M exploration spend Brunette Downs / Mallapunyah, NT Frontier sedimentary-hosted copper-cobalt plays Gulf / Corkwood / Three Ways, QLD Mount Isa Inlier | Multiple IOCG targets along trend from Ernest Henry | Historic intercept of 153m @ 0.41% Cu | Government co-funded drilling | New IOCG breccia system recognised | Portfolio expanded Pulkarrimarra: Paterson Province regional magnetic image with deposits Northwest Queensland and Northern Territory: Major deposits and Red Metal tenement locations A F U N D E D S E A R C H F O R T H E N E X T M A J O R C O P P E R - G O L D D I S C O V E R Y Maronan Metals Moving Towards “Mine Ready” Red Metal 100% IOCG Target Red Metal 100% New IOCG Plays Red Metal 100% Orogenic Copper Red Metal 100% Giant REO Discovery PFS in Progress Red Metal 100% Large Stratabound /Breccia Silver-Lead-Zinc & Copper Red Metal 100% Sedimentary Copper Play Red Metal 100% Sedimentary Copper Play (Refer to ASX release dated 31 July 2026)
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19 Pardoo Gold Play S T R A T E G I C G R O U N D N E A R M A J O R M I N E R A L S Y S T E M Pardoo Project Location: highlighting the Hemi structural corridor and location of the large Hemi gold deposit Pardoo, WA 100% RDM | Hemi structural corridor | Anomalous gold defines a 3km long vector| Drill ready Pardoo drilling section showing gold values and speculated gold target, repeats over 3km trend Refer to ASX release dated 28 January 2026
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A Defined Newsflow Across the Next Two to Three Quarters 20 C A T A L Y S T S & W O R K P R O G R A M E Q3’26 Q4’26 2027 Multiple catalysts across both Sybella and the wider portfolio, shareholders are not waiting on a single event. W H Y I T M A T T E R S Sybella Fresh Granite column leach test results Sybella ion exchange/MREC precipitation testwork; Geotechnical heap-height studies; Further column leach test optimisation Sybella infill/extension drilling Sybella Resource Update First Sybella economic assessment (PFS) Drilling starts at Gulf, Three Ways, Lawn Hill; Artemis-funded Nullarbor drilling Sybella Definitive Feasibility Study to commence Drilling starts at Pernatty Lagoon and Pardoo Chalice funded Callabonna drilling Sybella Big Copper
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Disclaimer 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. This announcement contains references to soluble copper operations and related data derived by other parties and the Company’s comparison with proposed heap leach processing at Sybella. It is important to note that such similarities do not guarantee that the Company will have any success or similar success in delineating a comparable economic deposit on the Company’s tenements. This announcement contains references to rare earth projects, operations and related data derived by other parties and comparison with Sybella of summarised processing flowsheets. It is important to note that such comparisons do not guarantee that the Company will have any success or similar success in delineating a comparable economic deposit on the Company’s tenements. 21 This Presentation was Authorised by the Board of Red Metal. 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 18 June 2026. 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. The information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Robert Rutherford, who is a member of the Australian Institute of Geoscientists (AIG). Mr Rutherford is the Managing Director of the Company. Mr Rutherford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Rutherford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
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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 22 Tau Media Jessica Fertig– Investor Relations ir@redmetal.com.au