Red Metal Limited · ASX:RDM
Red Metal — Investor Presentation (June 2026)
21 slides from Red Metal's investor presentation, Jun 24, 2026
Slide 1: Sybella REO Discovery: The Escondida of Rare Earths
For personal use only ASX:RDM Sybella REO Discovery “The Escondida of Rare Earths” Mount Isa NW Queensland June 2026
Slide 2: Corporate Snapshot
Corporate Snapshot ASX Code For personal use only Board Of Directors & Senior Management Share Price : Last 3 Months RDM Rob Rutherford Managing Director Shares on Issue Russell Barwick Chairman (non exec) 384,644,663 Joshua Pitt Director (non exec) Share Price Kim Grey Exploration Manager 23 June 2
Slide 3: Why Globally Unique - Giant Soluble Rare Earth Deposit
Sybella REO Discovery Why Globally Unique - World First Giant Soluble Rare Earth Deposit For personal use only • Weak-acid soluble REO fluoro-carbonates • Low-acid consuming granite host rock Saprock • Vast resource base, open at depth • Starts at surface, “Zero” strip ratio Transitional • Simple we
Slide 4: Mine Friendly Infrastructure-Rich
Sybella REO Discovery Why Globally Unique - World First Mine Friendly Infrastructure-Rich For personal use only • NW Queensland, 20km southwest Mount Isa • Skilled local workforce • Sealed roads and rail • Good acid options • Local water sources • Multiple power options – Mica Creek, gas pipeline, C
Slide 5: Simple Low-Capex Low-Opex Heap Leach Processing
Sybella REO Discovery Why Globally Unique - World First Simple Low-Capex Low-Opex Heap Leach Processing For personal use only • Easy to coarse crush, weathered and fresh granite ore • Simple large-scale heap leaching processing, >10Mt/a, >20Mt/a >25Mt/a all possible, with “zero waste rock” mining •
Slide 6: Unique Geology and Heap Leach Pathway
Sybella REO Discovery Unique Geology and Heap Leach Pathway Ore Geology For personal use only Ref. Monazite Carbonatite Temp 800 C Apatite #8 Slide 9 Monazite Carbonatite Apatite #9 Slide 9 Clay-Hosted Regolith #10 Slide 9 Ambient Temperature Fluoro- Sybella / RDM Granite Carbonate Ambient Temperatu
Slide 7: Unique Low Capex and Low-Opex Opportunity
Sybella REO Discovery Unique Low Capex and Low-Opex Opportunity Ore Geology For personal use only Monazite/Apatite Monazite Carbonatite (Carbonatite) Temp 800 C Apatite Monazite/Apatite Monazite Carbonatite (Carbonatite) Apatite Ionic ClayRegolith Clay-Hosted (Regolith) Ambient Temperature Fluoro- F
Slide 8: Value Proposition
Sybella REO Discovery Value Proposition For personal use only Stage Market Cap Developer $18.8 Bn Temp 800 C Producer $18 Bn DFS DFS $1.36$1.35 Bn Bn PFS $420 M PFS $450 M Ambient Temperature Sybella / RDM ✓✓ . . Discovery $63 M Discovery $65 M Ambient Temperature 8 LYC, ARU, MEI market capitalisati
Slide 9: Value Proposition: The Escondida of Rare Earths
Sybella REO Discovery Value Proposition “The Escondida of Rare Earths” For personal use only Morenci Escondida Sybella Kary Zone Parameter Soluble Copper Soluble Copper Soluble REO Process Route H2SO4 Heap Leach H2SO4 Heap Leach H2SO4 Proposed Heap Leach Throughput (t/a) 26Mt #1 20Mt #4 Proposed 10-
Slide 10: Large Weak Acid Soluble Resource Base
Sybella REO Discovery Large Weak Acid Soluble Resource Base For personal use only 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. 4km OPEN TO SOUTHEAST Highly Leachable Kary Zone 936 Mt at 334 ppm N
Slide 11: Kary Zone Column Leach Tests: Representative Composites
Kary Zone Column Leach Tests Highly Representative Large Area Composites For personal use only 11 Refer to Red Metal ASX announcements dated 21 October 2024, 19 May 2025, 31 October 2025 and 18 June 2026
Slide 12: Kary Zone Column Leach Tests: Validates Heap Leach Pathway
Kary Zone Column Leach Tests Validates Heap Leach Processing Pathway Strong REO Extraction, Low Impurity Extraction, Low Total Acid Consumption For personal use only Kary Zone Saprock Saprock Transitional Transitional Test ID CLT-01 CLT-07 CLT-02 CLT-08 Crush Size Fraction -10mm -20mm -10mm -20mm Ne
Slide 13: Kary Zone Column Leach Tests: Validates Heap Leach Pathway
Kary Zone Column Leach Tests Validates Heap Leach Processing Pathway Strong REO Extraction, Low Impurity Extraction, Low Total Acid Consumption For personal use only 120 days CLT -10mm and -20mm Strong TREO extraction using weak sulphuric acid at ambient temperature. 120 Days 30 Days 13 Refer to Red
Slide 14: Column Leach Tests: Saprock and Transitional
Kary Zone Column Leach Tests Validates Heap Leach Processing Pathway For Saprock and Transitional and Blends of the Two For personal use only 14 Refer to Red Metal ASX announcements dated 18 June 2026
Slide 15: Column Leach Tests: -10mm and -20mm Crush Sizes
Kary Zone Column Leach Tests Validates Heap Leach Processing Pathway For -10mm and -20mm Crush Sizes For personal use only 15 Refer to Red Metal ASX announcements dated 18 June 2026
Slide 16: Scale-Up from Bottle Roll to Column Leach Tests
Kary Zone Column Leach Tests Validates Heap Leach Processing Pathway Good Scale-Up from Intermittent Bottle Roll Tests To Column Leach Tests For personal use only 16 Refer to Red Metal ASX announcements dated 18 June 2026
Slide 17: What Next?
Sybella REO Discovery What Next? PFS Study For personal use only • Initiate shortly • Aim to deliver towards end of CY2026 Ongoing Metallurgy • 6m tall column leach tests • -30mm , 2m tall column leach tests • Geotechnical test work • Ion exchange on pregnant leach solution from recent column tests
Slide 18: REO Commodity Market
Sybella REO Discovery REO Commodity Market For personal use only CNY/T G7 1,400,000 EU to Guarantee 40% Non-Chinese Supply 1,200,000 Driven by Advances in AI & Quantum Computing EV’s, Robotics and Drones 1,000,000 9,600,000 800,000 600,000 CNY Neodymium Metal Price/Tonne 400,000 1USD = 6.8 CNY Sourc
Slide 19: Disclaimer (1/2)
Disclaimer (1/2) Caution Regarding Forward-Looking Statements. For personal use only 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 word
Slide 20: Disclaimer (2/2)
Disclaimer (2/2) Competent Persons Statement For personal use only 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 las
Slide 21: Red Metal Limited
For personal use only 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 21