Slide 1: The Definitive Acid Test – Sybella REO Discovery
For personal use only ASX:RDM THE DEFINITIVE ACID TEST Sybella REO Discovery Mount Isa NW Queensland February 2026
Slide 2: Corporate Snapshot
Corporate Snapshot ASX Code For personal use only Board Of Directors & Senior Management Share Price : RDM 13/02/2025 − 12/02/2026 Rob Rutherford Managing Director Shares on Issue Russell Barwick Chairman (non exec) 383,544,663 Joshua Pitt Director (non exec) Share Price Kim Grey Exploration Manager
Slide 3: 2026 Field Season Near-Term News Flow
2026 Field Season Near-Term News Flow Booth 41 Rare Earth Elements - Sybella RDM Market Cap. $57.5M For personal use only • 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 Milli
Slide 4: REO Commodity Market
Sybella REO Discovery REO Commodity Market For personal use only CNY/T 1,600,000 1,400,000 1,200,000 1,065,000 1,000,000 800,000 Driven by Advances in AI & Quantum Computing 600,000 CNY Neodymium Price/Tonne 400,000 1USD = 6.9 CNY Source: Trading Economics 4 REO Demand Exponential v Supply Constrain
Slide 5: Project Comparison: Three General REO Project Types
Sybella REO Discovery Project Comparison Three General REO Project Types Emerging For personal use only Simple Simple Complex Ambient Temperature Ambient Temperature High Temperature Leachable Leachable Monazite/Apatite Clay-Hosted Ionic Granite-Hosted Carbonatites/HMS “Sybella Discovery” • Soft cla
Slide 6: A 'World First' in Northwest Queensland
Sybella REO Discovery A ‘World First’ in Northwest Queensland Granite-Hosted REO Deposit For personal use only • 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
Slide 7: Potential Low-Opex, Low-Capex Operation
Sybella REO Discovery Potential Low-Opex, Low-Capex Operation Why? For personal use only • 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,
Slide 8: Vast Tonnages
Sybella REO Discovery Vast Tonnages Total Inferred Mineral Resource For personal use only • 4.795 Bt at 302 ppm NdPr, 28 ppm DyTb (200 ppm NdPr cut-off grade) 136ppm Y Potential For Higher- Includes Weathered Granite Grade Zones • 788 Mt at 297 ppm NdPr, 28 ppm DyTb (200 ppm NdPr cut-off grade) 133p
Slide 9: Bottle Roll Leach Tests on Drill Chips
Sybella Discovery Bottle Roll Leach Tests on Drill Chips Positive pH Optimisation For personal use only Comparative Economic Analysis • Strong MREO extraction High Production Cost at pH 1.7-2.5 Nd Break-Even Cost US/kg • 70-80% NdPr • 40-50% DyTb and Y • Using only 15-25kg/t H2SO4 Opportunity to Max
Slide 10: Ion Exchange Breakthrough
Sybella Discovery Ion Exchange Breakthrough On Pregnant Leach Liquor For personal use only 9 x Enrichment in REE • Separated a large proportion of Reduced impurities impurities (Fe, Al, F) from the rare earth elements (REE). After REE Loading & Stripping • Delivered a final Strip Liquor with very lo
Slide 11: Column Leach Tests on Crushed Core
Transitional Weathered 11 Fresh Grus Sybella_25SBDD006: Spatial Summary (Bin=0.5 MinBin=5% Un-edited sTSA+ 7.05, Mineral Subset) Mineral 100 Calcite Kaolinite-PX Nontronite Montmorillonite 80 Aspectral Bin Spectral Contribution 60 40 20 0 3 6 9 12 15 18 21 24 27 30 33 Depth (m) Final Mask Sybella_25
Slide 12: Column Leach Tests: The Definitive Acid Test
Transitional Weathered 12 Fresh Grus Sybella_25SBDD006: Spatial Summary (Bin=0.5 MinBin=5% Un-edited sTSA+ 7.05, Mineral Subset) Mineral 100 Calcite Kaolinite-PX Nontronite Montmorillonite 80 Aspectral Bin Spectral Contribution 60 40 20 0 3 6 9 12 15 18 21 24 27 30 33 Depth (m) Final Mask Sybella_25
Slide 13: With Successful Column Tests
Sybella Discovery With Successful Column Tests Accelerate Mining Studies For personal use only • Infill resource/stepout drilling • Flowsheet design & optimisation • Pit and heap designs Column Leach Cores • Engineering and costing • Initiate baseline environmental • Towards a Scoping Study or PFS Q
Slide 14: REO Commodity Market
Sybella REO Discovery REO Commodity Market RDM Market Cap. $55.7M For personal use only CNY/T 1,600,000 1,400,000 1,200,000 1,065,000 1,000,000 800,000 Driven by Advances in AI & Quantum Computing 600,000 400,000 1USD = 6.9 CNY Source: Trading Economics REO Demand Exponential v Supply Constrained 14
Slide 15: 2026 Field Season Near-Term News Flow
2026 Field Season Near-Term News Flow Booth 41 Rare Earth Elements - Sybella RDM Market Cap. $55.7M For personal use only • 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 Milli
Slide 16: Pardoo: Hemi-style Gold Potential
Pardoo “Hemi-style Gold” Potential For personal use only Unconformity Gold Vector Extension of Hemi Terrain > 3km Long • >3km long unconformity gold vector recently discovered • Same structural corridor • Same interpreted geological Hemi setting • Under <100m of cover • Drilling early Q2 2026 16
Slide 17: Pardoo: Hemi-style Gold Potential
Pardoo “Hemi-style Gold” Potential For personal use only Increasing Gold Tenor Greenstone Granite Speculated location of gold in basement Increasing Gold Tenor > 3km long zone Greenstone Granite 17 RDM: ASX release dated 28 January 2026
Slide 18: Pernatty: Near Miss IOCG Concept
Pernatty Near Miss IOCG Concept For personal use only Giant Copper-Gold Skarn Khamsin • Proven Gawler Craton Oak Dam • Exploring where large IOCG system Carrapateena intrudes carbonate stratigraphy • Seeking “Antamina” style skarn in the Proterozoic • Recent 3D modelling identified the key Near miss
Slide 19: Pernatty: Near Miss IOCG Concept
Pernatty Near Miss IOCG Concept For personal use only Giant Copper-Gold Skarn Khamsin • Proven Gawler Craton Oak Dam • Exploring where large IOCG system Carrapateena intrudes carbonate stratigraphy • Seeking “Antamina” style skarn in the Proterozoic • Recent 3D modelling identified the key Near miss
Slide 20: Pernatty: Near Miss IOCG Concept – Magnetic
Pernatty Near Miss IOCG Concept - Magnetic For personal use only Untested Skarn Target 5km x 3km Wallaroo Gp Donnington Granite Near miss drill hole 244m at 0.26% Cu including Fault 10.8m at 1.1% Cu Zone Possible Granite Intrusion 3D Magnetic Model, E-W Section Viewed Facing Northwest 20 RDM: ASX re
Slide 21: Pernatty: Near Miss IOCG Concept – Dense
Pernatty Near Miss IOCG Concept - Dense For personal use only Untested Gravity Target Wallaroo Gp Donnington Granite Near miss drill hole 244m at 0.26% Cu including Fault 10.8m at 1.1% Cu Zone Possible Granite Intrusion 3D Gravity Model, E-W Section Viewed Facing Northwest 21 RDM: ASX release dated
Slide 22: Disclaimer (1/2)
Disclaimer (1/2) Caution Regarding Forward-Looking Statements. For personal use only 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
Slide 23: Disclaimer (2/2)
Disclaimer (2/2) Competent Persons Statement For personal use only 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 Geoscienti
Slide 24: 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 24