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ASX:RDM February 2026 THE DEFINITIVE ACID TEST Sybella REO Discovery Mount Isa NW Queensland
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Corporate Snapshot Board Of Directors & Senior Management Rob Rutherford Managing Director Russell Barwick Chairman (non exec) Joshua Pitt Director (non exec) Kim Grey Exploration Manager Patrick Flint Company Secretary Share Price : 13/02/2025 − 12/02/2026 ASX Code RDM Shares on Issue 383,544,663 Share Price 11 February 2026 15 cents Market Cap $57.5M Cash (31 Dec 2025) $4.9M Substantial Shareholders 14.2% 3.3% 83.5% Directors/Management Freeport Minerals Others 2 MMA Investment $44M
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2026 Field Season Near-Term News Flow Booth 41 3 Rare Earth Elements - Sybella • A “World First” REO discovery 20km from Mount Isa • Definitive column leach tests in progress, results early Q2 2026 Silver - ASX:MMA (Value $44M at current price) • 88.5 Million shares in Maronan Metals (50c Market Cap $126M) - MDL pending. Gold - Pardoo • Recently discovered >3km long unconformity gold vector within Hemi structural corridor. Follow-up early Q2 2026 Copper-Gold • Multiple drill ready “Big Copper” (and gold) plays in proven terrains including Olympic Domain, Mount Isa, Paterson, Curnamona. Drilling Pernatty Q2 2026 RDM Market Cap. $57.5M
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Sybella REO Discovery REO Commodity Market 4 REO Demand Exponential v Supply Constrained CNY/T 400,000 600,000 800,000 1,200,000 1,400,000 1,600,000 1,000,000 1,065,000 Source: Trading Economics 1USD = 6.9 CNY Driven by Advances in AI & Quantum Computing CNY Neodymium Price/Tonne
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Sybella REO Discovery Project Comparison 5 Three General REO Project Types Emerging Complex High Temperature Simple Ambient Temperature Leachable Simple Ambient Temperature Leachable Monazite/Apatite Carbonatites/HMS Clay-Hosted Ionic Granite-Hosted “Sybella Discovery” • Mineral concentrate • 800°C acid-cracking • Separate radiogenic Th • Soft clay ore • Vat or tank leach • Using Am-sulphate (pH4) • Filter press pregnant liquor from the clay • Friable/soft crushed granite • Stack into heaps then leached • Using weak H2SO4 • Tap pregnant liquor from base of the heap High Capex Radiogenic Waste High Replacement Capital Low-Mod Capex Low Opex No Radiogenic Waste Low Capex Low Opex No Radiogenic Waste
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Sybella REO Discovery A ‘World First’ in Northwest Queensland Granite-Hosted REO Deposit • 12.4km long 3km wide intrusion • Just 20km SW of Mt Isa • Potential bulk mining, heap leach play • Ammenable to low-Opex, low-Capex REO processing 6 RDM: ASX release dated 21 October 2024 *
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Sybella REO Discovery Potential Low-Opex, Low-Capex Operation Why? • Bulk of REE’s in soluble fluoro- carbonate minerals • Amenable to weak-sulphuric acid leaching at ambient temperature • Granite host rock is low-acid consuming • Fresh and weathered granite are coarse-grained, friable and easily crushed • Grade is evenly distributed • Vast tonnages that start at surface “ Simple Bulk Mining and Heap Leach Processing” 7
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Sybella REO Discovery Vast Tonnages 8 Kary Zone TempletonZone Total Inferred Mineral Resource • 4.795 Bt at 302 ppm NdPr, 28 ppm DyTb (200 ppm NdPr cut-off grade) 136ppm Y Includes Weathered Granite • 788 Mt at 297 ppm NdPr, 28 ppm DyTb (200 ppm NdPr cut-off grade) 133ppm Y 7,691,200N Section View Vertical Scale = 4x Horizontal Scale 1km 100m Kary ZoneTempletonZone 4km Potential For Higher- Grade Zones Plan ViewRDM: ASX release dated 21 October 2025
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Nd Break-Even Cost US/kg Low Production Cost 9 Positive pH Optimisation • Strong MREO extraction at pH 1.7-2.5 • 70-80% NdPr • 40-50% DyTb and Y • Using only 15-25kg/t H2SO4 Opportunity to Maximise • Upfront acid agglomeration • Adjusting the acid strength over the heap’s life • In-heap removal of iron 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 on Drill Chips
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Sybella Discovery Ion Exchange Breakthrough 10 On Pregnant Leach Liquor • Separated a large proportion of impurities (Fe, Al, F) 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. • Reduced REO losses • Offers large processing cost and capital cost advantages with improved REO recovery. After REE Loading & Stripping Waste After Loading Before REE Loading RDM: ASX release dated 17 November 2025 9 x Enrichment in REE Reduced impurities
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Weathered Granite Saprock Fresh Granite Transitional Granite Part Weathered & Part Fresh Sybella Discovery Column Leach Tests on Crushed Core 11 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 In Progress RDM: ASX release dated 23 December 2025
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12 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 The “Definitive Acid Test” • Best simulates the heap leach setting • 11 columns • 10mm and 20mm size fractions • Results early Q2 2026 Potential Market Re-Rate If Successful Sybella Discovery Column Leach Tests on Crushed Core
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13 Mapped Extension to Kary Zone Column Leach Cores Sybella Discovery With Successful Column Tests Accelerate Mining Studies • Infill resource/stepout drilling • Flowsheet design & optimisation • Pit and heap designs • Engineering and costing • Initiate baseline environmental • Towards a Scoping Study or PFS Q3/Q4 2026 Stimulate Investment • Governments / Off-take partners
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Sybella REO Discovery REO Commodity Market 14REO Demand Exponential v Supply Constrained CNY/T 400,000 600,000 800,000 1,200,000 1,400,000 1,600,000 1,000,000 1,065,000 Source: Trading Economics 1USD = 6.9 CNY Driven by Advances in AI & Quantum Computing RDM Market Cap. $55.7M
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2026 Field Season Near-Term News Flow Booth 41 15 Rare Earth Elements - Sybella • A “World First” REO discovery 20km from Mount Isa • Definitive column leach tests in progress, results early Q2 2026 Silver - ASX:MMA (Value $44M at current price) • 88.5 Million shares in Maronan Metals (50c Market Cap $126M) - MDL pending. Gold - Pardoo • Recently discovered >3km long unconformity gold vector within Hemi structural corridor. Follow-up early Q2 2026 Copper-Gold • Multiple drill ready “Big Copper” (and gold) plays in proven terrains including Olympic Domain, Mount Isa, Paterson, Curnamona. Drilling Pernatty Q2 2026 RDM Market Cap. $55.7M
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16 Pardoo “Hemi-style Gold” Potential Unconformity Gold Vector > 3km LongExtension of Hemi Terrain • >3km long unconformity gold vector recently discovered • Same structural corridor • Same interpreted geological setting • Under <100m of cover • Drilling early Q2 2026 Hemi
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17 Pardoo “Hemi-style Gold” Potential Increasing Gold Tenor Increasing Gold Tenor GraniteGreenstone GraniteGreenstone Speculated location of gold in basement > 3km long zone RDM: ASX release dated 28 January 2026
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18 Carrapateena Total Magnetic Image Near miss drill hole 244m @ 0.26% Cu Khamsin Pernatty Lagoon Untested P1 Target 18 Oak Dam Pernatty Near Miss IOCG Concept Giant Copper-Gold Skarn • Proven Gawler Craton • Exploring where large IOCG system intrudes carbonate stratigraphy • Seeking “Antamina” style skarn in the Proterozoic • Recent 3D modelling identified the key granite source • Very large untested magnetic and density targets in a near-miss setting • At 600-900m depth range
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19 Carrapateena Total Magnetic Image Near miss drill hole 244m @ 0.26% Cu Khamsin Pernatty Lagoon Untested P1 Target 19 Oak Dam Pernatty Near Miss IOCG Concept Giant Copper-Gold Skarn • Proven Gawler Craton • Exploring where large IOCG system intrudes carbonate stratigraphy • Seeking “Antamina” style skarn in the Proterozoic • Recent 3D modelling identified the key granite source • Very large untested magnetic and density targets in a near-miss setting • At 600-900m depth range
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2020 Pernatty Near Miss IOCG Concept - Magnetic 3D Magnetic Model, E-W Section Viewed Facing Northwest Possible Granite Intrusion Fault Zone Wallaroo Gp Near miss drill hole 244m at 0.26% Cu including 10.8m at 1.1% Cu Untested Skarn Target 5km x 3km Donnington Granite RDM: ASX release dated 29 January 2026
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2121 Pernatty Near Miss IOCG Concept - Dense 3D Gravity Model, E-W Section Viewed Facing Northwest Fault Zone Wallaroo Gp Near miss drill hole 244m at 0.26% Cu including 10.8m at 1.1% Cu Donnington Granite Untested Gravity Target Possible Granite Intrusion RDM: ASX release dated 29 January 2026
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Disclaimer (1/2) Caution Regarding Forward-Looking Statements. This report contains references to exploration results derived by other parties exploring in other fertile terrains in Australia and includes references to geophysical similarities to those of the Company’s projects. It is important to note that such similarities do not guarantee that the Company will have any success or similar success in delineating a JORC-compliant Mineral Resource on the Company’s tenements. 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. 22
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Disclaimer (2/2) Competent Persons Statement 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. 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 23 December 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. This Presentation was Authorised by the Board of Red Metal. 23
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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 24