Red Metal Limited · ASX:RDM
Red Metal — Investor Presentation (September 2026)
22 slides from Red Metal's investor presentation, September 2026
Slide 1: An Established Australian Explorer Anchored by the Sybella Rare Earths Discovery
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
Slide 2: Why Red Metal, Why Now?
Simple processing pathway unique geological setting I NV E STM E N T H IG H L IG H TS Weak-acid-soluble mineralogy in an unreactive granite Why Red Metal, host, supports ambient-temperature heap leaching , with column testing confirming strong NdPr extraction. Why Now? Advancing toward first economi
Slide 3: Red Metal at a Glance
R E D M E TAL AT A G L AN C E ASX CODE Proven Explorer, Pending Sybella Rare Earth RDM PFS, Drilling Highly Sought After Copper Plays SHARES ON ISSUE 387,944,633 Share Price SHARE PRICE 16 Sep 2026* Last 3 Months 12 cents *Share price and market cap as at 16 Sep 2026 Also on issue: MARKET CAP* 37,65
Slide 4: Board Of Directors & Senior Management
OUR TEAM Board Of Directors & Senior Management Rob Rutherford, Russell Barwick, Joshua Pitt, Managing Director Chairman Non-Executive Director Geologist with more than 30 years’ Australian Mining engineer with more than 40 years’ Geologist with more than 40 years’ experience in and international ex
Slide 5: Sybella: Flagship Rare Earths Project
Sybella: Flagship Rare Earths Project A giant, granite-hosted rare earths discovery located near Mount Isa in northwest Queensland 5
Slide 6: Sybella: Exposure to Critical Magnet Rare Earths
A P RO D U C T S U I T E A L I G N ED TO G LO BA L D E - CA RB ON I S AT I ON & A I D R I V E N D E M A N D G RO W T H Sybella: Exposure to Critical Magnet Rare Earths Sybella offers exposure to Broad magnet rare earth product suite multiple strategically important Nd, Pr, Dy and Tb, scope for yttri
Slide 7: Sybella: Red Metal's Flagship Opportunity
A D IF F E R E N T K I N D OF R A R E E A RT H D IS CO VE R Y Sybella: Red Metal’s Flagship Opportunity 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 flu
Slide 8: Kary Zone Block Model
Sybella Project: Kary Zone Block Model based on ore types. Fresh (1), Transitional (2), Saprock (3), Grus (4). Kary Zone Block Model 2km Sybella Project: Geoscience Australia location map, showing other Australian rare earth projects by deposit type and contained resources of rare earths. Refer to R
Slide 9: Sybella: Scale & Geological Significance
A L ARGE, SHAL LOW SYSTEM WI TH ROOM TO GRO W Sybella: Scale & Geological Significance 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. ~12km x 3km mineralised footprint Large-scale mineralisation fr
Slide 10: Column Leach Testing Confirms Strong Rare Earth Recoveries
SYB EL L A : META LLURGY D E-RISK IN G TH E O PPO RT UN IT Y The proposed heap-leach pathway is now supported by column testwork, materially Column Leach Testing Confirms reducing one of Sybella’s key technical risks. Strong Rare Earth Recoveries Saprock - Saprock - Transitional - Transitional - Kar
Slide 11: A Simpler Path to Rare Earths
W H Y S YB E LL A’S OR E IS E AS I ER TO P R OC ES S A Simpler Path to Rare Earths Weak-acid-soluble mineralogy Fluoro-carbonate mineralisation in unreactive granite host enables Saprock heap leaching with weak sulphuric acid at ambient temperature. Simpler processing route Transitional Crush → Heap
Slide 12: Typical Processing Paths for Rare Earths
Monazite-Apatite Carbonatite Typical Processing Paths Monazite-Apatite Carbonatite for Rare Earths Clay-Hosted Fluoro-carbonate Granite-Hosted 12
Slide 13: A Simpler Path
WHY SYBELL A’S ORE IS E AS I E R TO P R OC E SS Monazite-Apatite Carbonatite A Simpler Path Monazite-Apatite Carbonatite Simpler processing could mean lower complexity, lower capital intensity and a straightforward, more efficient path to development. Clay-Hosted ✓✓. . Fluoro-carbonate Granite-Hoste
Slide 14: Sybella: Feasibility Derisking Progress & Catalysts
FR O M D ISC OVER Y TO D EV ELO PM ENT P L AN N IN G Sybella: Feasibility Derisking Progress & Catalysts PFS underway: DRA Global, First economics Technical de-risking Commercial pathway AMDAD Mining and The Core targeted late 2026 / continues: Ion exchange, advancing: Assessment of Group engaged to
Slide 15: Parallel Exploration Upside Maintained: Highly Sought After Portfolio
Parallel Exploration Upside Maintained: Highly Sought After Portfolio Exposure to giant copper-gold, zinc-lead-silver and gold targeting across Australia.
Slide 16: Copper Exploration Upside
A FUNDED EXPLORATION PIPELINE Broader portfolio provides low-cost exploration upside 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 technic
Slide 17: "Big Copper": Pernatty Lagoon and Callabonna
A FUN D ED SE AR C H FOR TH E NE X T M A JOR COP PE R-GOL D DI SCOV ER Y “Big Copper” Pernatty Lagoon, SA 90% RDM | 5km x 3km untested skarn copper-gold target | 224m @ 0.29% Cu near-miss | 30km south of Carrapateena. Pernatty Lagoon Interpreted 3D Magnetic Model Callabonna, SA Chalice Mining JV | L
Slide 18: "Big Copper": Pulkarrimarra, Nullarbor, Gulf
A FUN D ED SE AR C H FOR TH E NE X T M A JOR COP PE R-GOL D DI SCOV ER Y “Big Copper” Pulkarrimarra, WA 100% RDM | Paterson Province | Maiden drilling intersected favourable copper host stratigraphy. Red Me tal 100% Nullarbor, WA Large Stratabound /Breccia Silver-Le ad-Zinc & Copper Red Me tal 100%
Slide 19: Pardoo Gold Play
S TRATE GI C G RO UN D N E AR M A JOR MI N ER A L SYS TE M Pardoo Gold Play Pardoo, WA 100% RDM | Hemi structural corridor | Anomalous gold defines a 3km long vector| Drill ready Pardoo Project Location: highlighting the Hemi structural corridor and location of the large Hemi gold deposit Pardoo dri
Slide 20: A Defined Newsflow Across the Next Two to Three Quarters
C A TA LY ST S & W O R K P R O G R A M E W H Y I T M AT TE R S A Defined Newsflow Across Multiple catalysts across both Sybella and the wider portfolio, shareholders are not waiting the Next Two to Three Quarters on a single event. Q3’26 Q4’26 2027 Sybella Fresh Granite column Sybella infill/extensi
Slide 21: Disclaimer
This Presentation was Authorised Disclaimer by the Board of Red Metal. Competent Persons Statement Caution Regarding Forward-Looking Statements. The information in this report that relates to This Presentation contains forward-looking statements which are identified by words such as ‘may’, ‘could’,
Slide 22: Contact
Tau Media Jessica Fertig– Investor Relations ir@redmetal.com.au 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