Earnings release
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ASX Code: RDM Issued Capital: 386,944,633 Ordinary shares 38,650,000 Unlisted options Red Metal Limited ACN 103 367 684 | Rob Rutherford Managing Director Level 15, 323 Castlereagh Street Sydney NSW 2000 | Ph: +61 2 9281 1805 info@redmetal.com.au www.redmetal.com.au June 2026 QUARTERLY REPORT 31 July 2026 HIGHLIGHTS MAJOR ADVANCED PROJECT Sybella Rare Earth Deposit, QLD • Definitive large column leach test work validates heap leach processing pathway. • Project PFS commissioned using globally credentialled resource consultants. • Optimised ion exchange studies and mixed rare earth carbonate precipitation tests using the current pregnant leach liquors in progress. • Results from ongoing column leach test work of the Fresh Granite mineralisation are due shortly. PRIORITY EXPLORATION PROJECTS Pernatty Lagoon Copper-Gold, SA • New giant copper-gold skarn model developed. • Heritage surveying in preparation for drilling completed. Pardoo Gold, WA • Intriguing vector towards gold mineralisation defined for follow-up drilling. • Heritage surveying in preparation for drilling completed. Gulf, Corkwood and Three Ways Copper-Gold, QLD • Priority copper-gold geophysical targets defined. • Heritage surveying in preparation for drilling completed. CORPORATE Maronan Metals (ASX: MMA) Investment • In-specie distribution to eligible shareholders of one MMA share for every 5.25 Red Metal shares completed. • Tax ruling posted on the Red Metal web site. • Red Metal retains approximately 15.4 million MMA shares.
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RDM ASX Quarterly June 2026 2 MAJOR ADVANCED PROJECT The Sybella Project: Rare Earth Elements, Mount Isa Inlier, QLD This quarter Red Metal announced the successful results of Column Leach Tests (CLT) on coarsely crushed - 10mm and -20mm samples of the partially weathered Kary Zone mineralisation ( refer Red Metal ASX announcement dated 18 June 2026) which provided the impetus to fast-track mine feasibility studies. To that end, Queensland -based DRA Global, AMDAD Mining and Core Group were commissioned to design, optimise and cost a mining and processing flow sheet for heap leach development of the Sybella Project including all supporting infrastructure (refer Red Metal ASX announcement dated 30 July 2026). This work is expected to deliver our first robust economic assessment for the whole project by the end of the year, or early next year, and provide a gap analysis to guide the Definitive Feasibility Study scheduled to commence in 2027. Sybella is a unique granite -hosted ore body characterised by soluble fluoro -carbonate rare earth minerals which stands it apart from the common clay -hosted and monazite dominated deposits. It starts at surface and offers very large tonnage potential with zero strip ratio and is well located just 20 kilometres south west of Mount Isa (Figures 1 and 2). The granite-host is non-acid consuming, clay-poor, competent but very easily crushed making it ideal for stacking into high permeable heaps for acid leaching. Over the last two years, The Core Group have carried out extensive metallurgical testing optimising criteria for rare earth heap leaching leading to the design of a simple process flowsheet and precipitation of a high - quality mixed rare earth carbonate (MREC) product (refer Red Metal ASX announcements dated 8 July 2024, 19 May 2025, 17 November 2025 and 18 June 2026). The successful CLT announced this quarter used weak sulphuric acid at ambient temperatures and achieved strong rare earth extractions on representative large area composite samples of the weathered ore types from the Sybella Kary Zone. They are considered a definitive test of how well each mineralisation type will perform in a larger-scale mine-setting. Results from ongoing CLT on the Fresh Granite mineralisation are due shortly. CLT results on both crush sizes of the Saprock and Transitional mineralisation types achieved high rare earth extractions with low impurities in the pregnant leach solutions and low total -acid consumptions. Standout terminal leach results on the coarse -10mm and -20mm fractions included: Kary Zone Saprock Saprock Transitional Transitional Test ID` CLT-01 CLT-07 CLT-02 CLT-08 Crush Size Fraction -10mm -20mm -10mm -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% Yttrium (Y) Extraction 32% 32% 30% 32% Scandium (Sc) Extraction 24% 20% 13% 12% Acid Consumption Kg H2SO4/t 27 24 26 23 Low Al Impurity Extraction 3.3% 3.1% 4.3% 4.0% Low Fe Impurity Extraction 6.7% 6.1% 11.3% 9.6% Leach Residence Time 140 days 140 days 120 days 120 days These strong rare earth extractions validate Red Metal’s long held hypothesis that the Sybella rare earth mineralisation can be extracted by low-cost heap leach processing.
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RDM ASX Quarterly June 2026 3 Research currently in progress to feed into our maiden PFS study includes: • Optimised ion exchange purification test work using pregnant liquors derived from the current column leach test s. This innovative work will lead to the precipitation of a high-quality mixed rare earth carbonate (MREC) sample that should be indicative of Sybella’s potentially saleable product. • Geotechnical studies to better quantify the heap height. • Additional CLT to further optimise the crush size and heap height. This work includes six metre tall CLT on -20mm ore samples and 2 metre tall CLT using the coarser -30mm crushed ore. [Figure 1] Sybella Project: Location map showing other Australian rare projects by deposit type and contained resources of rare earths on a geological summary map.
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RDM ASX Quarterly June 2026 4 [Figure 2] Sybella: Project location and infrastructure. PRIORITY EXPLORATION PROJECTS The Pernatty Lagoon Project Copper-Gold , Gawler Craton, SA This project is well located just 30 kilometres south of BHP’s large Carrapateena copper-gold deposit (Figure 4) and targets two standout geophysical anomalies designed to test a new copper-gold skarn model in the Gawler Craton, South Australia. Heritage surveying in preparation for drilling was successfully completed during the quarter. H owever, Government approval to start the drilling is dependent upon the execution of a renewed access agreement with the Native Title parties which we anticipate may take 6 months . While negotiations progress, an application for a co-funded drill grant from the South Australian Government under the renewed PACE (Plan for Accelerating Exploration) initiative will be lodged. Our research is testing the potential for a new copper-gold carbonate-replacement or skarn deposit model where the regional Iron Oxide Copper-Gold (IOCG) mineral systems and associated granites invade carbonate host rock types of the Wallaroo Group. Deep mapping, t hree dimensional magnetic and gravity modelling has successfully imaged a previously unrecognised granite intrusion thought to be the local heat and potential metal source driving strong skarn alteration and copper mineralisation in this area (Figure 3). Integration of this deep modelling with the existing drill data has prioritised a previously untested 5 by 3 kilometre magnetic target and a high -amplitude, fault- controlled gravity target for proof-of-concept drilling.
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RDM ASX Quarterly June 2026 5 [Figure 3] Pernatty Lagoon Project: Three-dimensional magnetic inversion model (top) and gravity inversion model (bottom) showing east-west sections viewed facing north to a depth of 5 kilometres, with interpreted geology and near -miss drill holes. Note the large low magnetic granite intrusion and the large untested magnetic target and gravity target near the wide zones of copper mineralisation in historic hole DD18PTH001 (refer Red Metal ASX announcement dated 11 April 2019). Historic hole PN-07-08 terminated above the magnetic target in strongly altered Gawler Range Volcanic (GRV) rocks (refer Red Metal ASX announcement dated 8 May 2007). DD18PTH001 Near miss drill hole 244m at 0.26% Cu including 10.8m at 1.1% Cu Untested Large 5km x 3km Magnetic Target DD18PTH001 Near miss drill hole 244m at 0.26% Cu including 10.8m at 1.1% Cu 3D Magnetic Model 3D Gravity Model Large Untested Gravity Target in Fault Zone
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RDM ASX Quarterly June 2026 6 [Figure 4] Red Metal South Australian Projects: Grey scale magnetic image with main project locations. The Callabonna Projects: Copper-Gold , Curnamona Craton, SA Last quarter Red Metal announced the execution of term sheets for separate joint ventures with Chalice Mining Limited on two of Red Metal’s Callabonna exploration licences (refer Red Metal ASX announcement dated 18 March 2026). The tenements cover standout magnetic and gravity targets located along the northern margin to the Curnamona Province in South Australia (Figures 4 and 5). Wide spaced frontier drilling in this region has defined large hydrothermal breccias typical of an Iron -Oxide Copper-Gold (IOCG) mineral system, but due to its remote location many high -priority targets still remain to be drill tested. Large hematite-style or magnetite-style copper and gold breccia deposits are the exploration priority. Chalice Mining have committed to drill 3 basement drill tests within the first 12 months and have moved quickly with preparations for heritage surveying and drilling.
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RDM ASX Quarterly June 2026 7 [Figure 5] Red Metal Callabonna Project: Residual magnetic (left) and residual gravity (centre) imagery showing key targets (white circles) and encouraging magnetite -rich breccia intersected throughout CAL01 (right). Vertical Gradient Magnetic Residual Gravity Image CAL1 - Magnetite-Calcsilicate-Pyrite Breccia
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RDM ASX Quarterly June 2026 8 GOLD The Pardoo Project: Gold, Pilbara Craton, WA Heritage surveys in preparation for drilling were completed on Pardoo this quarter (Figure 6). Last field season Red Metal drilled two sections , located about 3 kilometres apart , across the separate Pardoo 2 and Pardoo 3 geophysical targets seeking orogenic or Hemi -style gold mineralisation (refer to Red Metal announcement dated 28 January 2026). Assays revealed intriguing weakly anomalous gold values in the younger sedimentary cover sequences located immediately above the basement in all holes (Figures 7). On both drill traverses the gold tenor above the basement unconformity appears to be increasing towards the southeast potentially providing a vector towards nearby gold mineralisation. Preparations for a follow-up drill program assessing the speculated gold potential further towards the southeast along a three kilometre portion of the sheared granite-greenstone are progressing. Drill site access tracks are scheduled to be installed early next quarter. Commencement of drilling is pending rig availability. [Figure 6] Pardoo Project Location: highlighting the Hemi structural corridor and location of the large Hemi gold deposit.
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RDM ASX Quarterly June 2026 9 [Figure 7] Pardoo Project Drill Cross Sections: with summary geological interpretation and thematic gold values highlighting low -level anomalous gold values in the younger sedimentary cover sequences located immediately above the basement rocks. The sections are 3 kilometres apart (refer Red Metal ASX announcement dated 28 January 2026). Note the increasing gold tenor toward the southeast which may be providing a vector to nearby mineralisation. Increasing Gold Tenor Increasing Gold Tenor Speculated location of gold in basement Speculated location of gold in basement Granite Greenstone Granite Greenstone
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RDM ASX Quarterly June 2026 10 COPPER AND GOLD The Pulkarrimarra Project Copper and Gold, Paterson Province, WA Red Metal’s Pulkarrimarra project covers the northward extension of the highly sought after Paterson Province which is home to the tier one Telfer gold mine and the large Nifty copper mine and exciting new discoveries including Winu, Ngapakarra, Havieron and Minyari (Figure 8). Our maiden, four -hole, diamond core drill program completed last season included two holes on the Pulkarrimarra West tenements seeking key stratigraphy for Sedimentary -hosted copper mineralisation and two holes on the Pulkarrimarra East targets for Intrusion-related copper and gold mineralisation (refer to Red Metal ASX announcement dated 20 April 2026). Importantly, stratigraphic drilling on Pulkarrimarra West intersected strongly pyritic and carbonaceous rocks of the Broadhurst Formation which are the favourable hosts for Nifty -style Sedimentary -hosted copper mineralisation. Our first drill test on the Pulkarrimarra East magnetic target YE02 intersected encouraging strong actinolite-feldspar-biotite alteration and vein assemblages interpreted as a possible near-miss setting. Heritage approvals for follow-up programs on each of these regions are being sought. [Figure 8] Paterson Province Pulkarrimarra Project: Magnetic imagery overlain by the recently flown airborne electromagnetic and magnetic survey areas (frosted white) showing the Nifty mine, Telfer mine, Winu and Haverion discoveries and Red Metal’s Pulkarrimarra tenements (red line). Priority geophysical targets are labelled YE01-YE04 on the eastern survey and YW03, YW06, YW10, YW18 on the western survey. Copper -cobalt or copper -gold major deposits and occurrences (green); gold or gold -copper major deposits and occurrences (yellow). Note the exposed basement terrain of older Archaean rocks (buff coloured). Pulkarrimarra 2025 Four-hole diamond core program on YW06, YW18, YE02, YE03
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RDM ASX Quarterly June 2026 11 The Nullarbor Project: Copper-Gold and Nickel Madura/Coompana Provinces WA Red Metal execut ed a joint venture agreement with Artemis Resources (ASX: ARV) on the standout Sharon Dam gravity and magnetic target located within the frontier Nullarbor region of Western Australia (refer Red Metal ASX announcement dated 22 December 2025). Under the agreement Artemis will drill the first proof- of-concept test on this exciting target then have the right to earn 60% of the tenement by spending a total of $5 million over the next three years and Red Metal will retain 40%. Scope for a large IOCG system, intrusion-hosted copper-nickel or niobium and rare earth carbonatite deposit are all in play. Artemis’ high calibre exploration team are working towards completing a heritage survey in preparation for a proof-of-concept drill test during the 2026 field season. The Gulf, Gidyea and Corkwood Projects: Copper-Gold, Mount Isa Inlier, QLD Heritage surveying was completed on the Gulf and Corkwood targets this quarter with site access and drill sumps installed on the Gulf targets in preparation for drilling. The separate Gulf, Gidyea and Corkwood projects (Figure 11) target standout regional geophysical anomalies in an underexplored northern extension of the Cloncurry terrain that offers scope for the discovery of large magnetite or hematite associated IOCG breccia systems similar to the nearby Ernest Henry deposit. Drilling this field season will follow-up on targets where Red Metal’s regional drilling successfully intersected fertile IOCG breccia systems, with Gulf geophysical targets GT07 (Figure 9) and GT06, and the Jimmy’s Creek prospect on the Corkwood project (Figure 10) the priorities. [Figure 9] Gulf Project: Hematite breccia previously drilled on the Gulf target GT07 (refer Red Metal ASX release dated 27 January 2022). Past drilling on the Jimmy’s Creek prospect identified wide inter cepts of copper and gold with some silver mineralisation associated with a weakly magnetic breccia in a felsic volcanic host rock. Better results included 153 metre at 0.41% copper, 0.1g/t gold, 10g/t silver in CW-10-11 with 32 metres of higher grade at 1.16% copper, 0.3g/t gold and 24 g/t silver and, 211 metres at 0.33% copper, 0.2g/t gold in BMD21 (refer to Red Metal ASX announcement dated 27 January 2011). Sustained high gold, silver and copper prices has encouraged Red Metal to remodel th e Jimmy’s Creek prospect seeking wide, higher-grade extensions down-plunge from the existing intercepts (Figure 10). Last quarter, Red Metal was successfully awarded a collaborative drilling grant of $220,000 towards a drill test on Gulf target GT06 from the Geological Survey of Queensland. The start of drilling on the Gulf project is pending the availability of a suitable drill rig.
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RDM ASX Quarterly June 2026 12 [Figure 10] Corkwood Project: Three-dimensional magnetic model viewed facing northeast with drill assay results plot thematically in red (>0.1%-0.5% copper) and pink (>0.5% copper) showing wide intercepts and the interpreted plunge towards the south where the magnetic shell remains largely untested. The Three Ways Project: Copper-Cobalt, Mount Isa Inlier, QLD Remodelling of the magnetic data has prioritised a follow-up drill hole to better test a potential chalcopyrite- pyrrhotite target concept at Three Ways. Heritage surveying and site work in preparation for the follow-up hole was completed this quarter. The Three Ways project is located in covered terrain 130 kilometres along trend from the Dugald River zinc - lead-silver mine (Figure 11) and offers potential for large, structure-controlled, copper deposits similar to the large Mount Isa copper deposit. Drilling in August 2025 attempted to test a magnetic target coincident with a strong conductance anomaly adjacent to a major basin margin fault (refer to Red Metal ASX announcement dated 30 September 2025). The orientation of this drill hole dramatically steepened and veered off-trend towards the north, and appears to have missed the core of the magnetic model which remains largely untested. Minor chalcopyrite (copper sulphide) occurs with some of the weakly magnetic pyrrhotite (iron sulphide). The start of drilling is pending the availability of a suitable drill rig. TWD25006A
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RDM ASX Quarterly June 2026 13 [Figure 11] Northwest Queensland and Northern Territory: Major deposits and Red Metal tenement locations. Maronan Metals Moving Towards “Mine Ready” Red Metal 100% Rare Earth Column Leach Tests In Progress Red Metal 100% Sedimentary Copper Concept Red Metal 100% BB3 Priority Red Metal 100% Drill Follow-up Completed Red Metal 100% GT7 GT6 Priority Red Metal 100% Jimmys Creek Completed
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RDM ASX Quarterly June 2026 14 The Lawn Hill Project: Copper-Silver and Silver-Zinc-Lead, Mount Isa Inlier, QLD Last quarter, Red Metal was successfully awarded a collaborative drilling grant of $220,000 towards a drill test on Bluebush target BB3 from the Geological Survey of Queensland. Heritage surveying ahead of drilling is planned next quarter. This project is located on the Lawn Hill Platform 50 kilometres northeast of the Century zinc -lead mine (Figure 11). It incorporates the advanced Bluebush prospect area where wide spaced, historic core drilling over a 150 square kilometre area has encountered numerous wide intercepts of low-grade zinc, lead and silver mineralisation (Figure 12). Red Metal’s assessment of the historic data has shown that a lmost all drilling at the Bluebush prospect has been directed towards ground electromatic or magnetic targets at the hinge zone to the regional anticline, and finding higher-grade, potentially economic, mineralisation has proved a challenge for past explorers. Red Metal are targeting previously untested high -gravity targets BB1, BB2, BB3 and BB4 in an effort to find large, higher-grade deposits of potentially silver-rich, base metal mineralisation. Unlike many of the historically drilled targets, BB3 is well located on the faulted margin to a regional basement high (or anticline) along which metal -enriched, deeper basin brines may have been focused (Figure 1 2, bottom). Red Metal speculates, that the link to the deeper basin via faults located along the flank of the regional anticline could result in more focused brine flow, and lead to the formation of higher -grade, stratabound or breccia deposits of copper-silver or silver-zinc-lead. OTHER PROJECTS Some of Red Metal’s other projects are briefly summarised below in Table 1. [Table 1] Red Metal Limited: other projects. Project Description Status QUEENSLAND Emu Creek JV Cu-Au & Pb-Zn-Ag Joint venture partner Chinova Resources Pty Ltd is seeking IOCG and Cannington style lead-zinc-silver within trucking distance of the Osborne Mine (Figure 11). Ongoing prospect evaluation NORTHERN TERRITORY Mallapunyah Pb-Zn-Ag & Cu-Ag-Co Application on Aboriginal Land located within the McArthur Basin targeting zinc-lead-silver deposits similar to the giant McArthur River and Century mines as well as sedimentary - hosted styles of copper mineralisation (Figure 11). Land access meeting planned Brunette Downs Cu-Ag-Co A proof-of-concept magneto-telluric survey line completed by Red Metal successfully confirmed the presence of flat - lying conductive stratigraphy that may have potential for sediment-hosted copper-cobalt mineralisation (Figure 11). Heritage surveying in preparation for a stratigraphic drilling hole is planned.
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RDM ASX Quarterly June 2026 15 [Figure 12] Lawn Hill Project, Bluebush Prospect: Top left is an oblique 3D view facing northwest showing historic drilling, high gravity shells (pink-yellow) and high-magnetic shells (brown-grey) from 3D modelling and the previously untested, high-priority, geophysical targets labelled BB1, BB2, BB3 and BB4, and Red Metal’s recent drill hole BBDD24001A on target BB1 (refer Red Metal ASX announcement dated 17 March 2025). Bottom left is a section view down the anticlinal axis showing interpreted seismic section (Teck line BB_SL01) with high density gravity inversion shells (pink). Note the location of the BB3 high-gravity target along the faulted margin to a regional basement high (or anticline) along which metal-enriched, deeper basin brines may have been focused. Potential for the discovery of dense, stratabound or breccia style copper -silver, silver-lead-zinc, and/or iron sulphide mineralisation associated with weakly magnetic pyrrhotite or magnetite is speculated. A B
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RDM ASX Quarterly June 2026 16 MARONAN METALS EQUITY STAKE Red Metal previously held 88.5 million Maronan Metals Limited (MMA) shares, representing 35.2% of the total MMA shares on issue. At the extraordinary general meeting held on 8 May 2026 shareholders voted in favour of the in-specie distribution of the majority of the Company’s shareholding in MMA. Eligible shareholders received one MMA share for every 5.25 Red Metal shares held at the record date (being 14 May 2026). The Australia Taxation Organisation (ATO) issued a Class Ruling setting out the income tax consequences for shareholders of Red Metal who received a return of capital from the Company by way of the in-specie distribution. The Class Ruling (CR 2026/36 Red Metal Limited - in specie return of Maronan Metals Limited shares) was published on 24 June 2026, along with an amendment on 15 July 2026, and can be found on the Company’s website or on the ATO Legal database: https://www.ato.gov.au/law/view/document?docid=CLR/CR202636/NAT/ATO/00001 Shareholders are encouraged to obtain independent professional taxation and financial advice about the consequences of the in-specie distribution and any subsequent disposal of their Red Metal and / or MMA shares. Following the distribution Red Metal retain approximately 15.4 million MMA shares. CORPORATE During the quarter a total of 2,400,000 unlisted options were exercised for total proceeds of $137,200.
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RDM ASX Quarterly June 2026 17 This announcement was authorized by the Board of Red Metal. For further information concerning Red Metal’s operations and plans for the future please refer to our web site for past quarterly reports and recent announcements or contact Rob Rutherford, Managing Director at: Phone +61 (0)2 9281-1805 www.redmetal.com.au Rob Rutherford Russell Barwick Managing Director Chairman 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 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 p arameters underpinning the estimates continue to apply and have not materially changed.
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RDM ASX Quarterly June 2026 18 ADDENDUM TO JUNE 2026 QUARTERLY ACTIVITIES REPORT ASX Additional Information 1. ASX Listing Rule 5.3.1: Exploration and Evaluation Payments during the Quarter w ere $388,000. Full details of exploration activity during the Quarter are set out in this report. 2. ASX Listing Rule 5.3.2: There were no substantive mining production and development activities during the Quarter. 3. ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the Quarter $ 105,000: These payments relate to non -executive director’s fees and the managing director’s salary. Table 1 – Granted exploration tenements held at the end of the Quarter are as follows: Project Tenement Reference Interest % Comment Pulkarrimarra West ELs 45/5185, 45/5186, 45/5187 100 Pulkarrimarra East EL 45/5236 100 Corkwood EPMs 13380, 26032, 27665, 27808 100 Lawn Hill EPMs 25902, 27179, 27224, 28465 100 Gulf EPMs 26434, 26436, 26654, 26655, 26672, 26674 100 Gidyea EPMs 27308, 27309, 27567, 27568 100 Three Ways EPMs 26941, 27371 100 Mount Skipper EPM 19232 100 Emu Creek JV EPM 15385 100 Refer note 1. Sybella EPMs 28001, 28003, 28919 100 Callabonna JV EL 6318 51 Refer note 2. Callabonna JV EL 6204 100 Refer note 3. Pernatty Lagoon JV EL 6014 90 Refer note 4. Punt Hill EL 6035 100 Nullarbor ELs 69/3428, 69/3441 100 Refer note 5 Pardoo ELs 45/5698, 45/5699 100 Brunette Downs ELs 32708, 32714 100 Maronan EPM 13368 100 Notes: 1. Joint venture between Red Metal (diluting to 30%) and Chinova Resources (Osborne) Pty Ltd (earning 70%). No change in inte rest during the quarter. 2. A Heads of Agreement (HOA) between Red Metal (51% earning 70%) and Variscan Mines Limited (49% diluting to 30%). Chalice can earn between 65% and 72.5% of Red Metal’s right under its existing HOA with Variscan Mines. No change in interest during the quarter. 3. In joint venture between Chalice Mines (right to earn 65%) and Red Metals (diluting to 35%). No change in interest during the quarter. 4. Joint venture between Red Metal (90%) and Havilah Resources NL (10%). No change of interest during the quarter. 5. E69/3441 in j oint venture between Red Metal (diluting to 40%) and Artemis Resources Ltd (earning 60%). No change in interest during the quarter. Table 2 – Exploration tenements acquired or disposed of during the quarter are as follows: Project Tenement Reference Status Comment Gulf EPM 26656, EPM26657 Relinquished Yarrie E45/5225 Relinquished
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity RED METAL LIMITED ABN Quarter ended (“current quarter”) 34 103 367 684 30 June 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (388) (4,467) (a) exploration & evaluation (b) development - (241) (c) production (d) staff costs (201) (1,176) (e) administration and corporate costs (133) (1,083) 1.3 Dividends received (see note 3) 1.4 Interest received 45 160 1.5 Interest and other costs of finance paid (3) (7) 1.6 Income taxes paid 1.7 Government grants and tax incentives Government exploration grant R&D tax incentive refund - 847 400 847 1.8 Other (provide details if material) Project management and consulting fees received GST Net Other 19 (122) 11 387 2 32 1.9 Net cash from / (used in) operating activities 75 (5,146) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 (c) property, plant and equipment - (3) (d) exploration & evaluation (e) investments (f) other non-current assets 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment - 4 (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) Advances to Alliance Repayment of advances to Alliance Bonds paid Bonds recovered (37) - - 1 (105) 158 (51) 46 2.6 Net cash from / (used in) investing activities (36) 49 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 137 3,058 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (22) 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 3.9 Other Repayment of lease liabilities Proceeds from issues of equity securities by subsidiary (Maronan Metals Limited) Transaction costs related to issues of equity securities by subsidiary (Maronan Metals Limited) Cash and cash equivalents of Maronan Metals Limited at date of ceasing to be subsidiary (refer below) (26) - - - (96) 16,000 (900) (16,470) 3.10 Net cash from / (used in) financing activities 111 1,570 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4,314 7,991 4.2 Net cash from / (used in) operating activities (item 1.9 above) 75 (5,146) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (36) 49 4.4 Net cash from / (used in) financing activities (item 3.10 above) 111 1,570 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 4,464 4,464 In October 2025 Maronan Metals Limited ceased to be a subsidiary of Red Metal Limited and for accounting purposes exited the Red Metal Group. The above “Year to date” cash flows include the cash flows of Maronan Metals Limited up to the date of exiting the Red Metal Group. 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 2,464 1,814 5.2 Call deposits 2,000 2,500 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,464 4,314
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 105 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 75 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) 75 8.4 Cash and cash equivalents at quarter end (item 4.6) 4,464 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 4,464 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 31 July 2026 Authorised by the Board of Directors Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.