Red Metal Limited · ASX:RDM
Red Metal — Sydney Mining Club (September 2025)
29 slides from Red Metal's conference presentation, Sep 5, 2025
Slide 1: Sybella REO Discovery
For personal use only ASX:RDM Sydney Mining Club Sybella REO Discovery Mount Isa QLD 4 September 2025
Slide 2: REO Demand Exponential v Supply Constrained
Sybella Discovery REO Demand Exponential v Supply Constrained For personal use only Graphic From Report by Adamas Intelligence February 2025 2
Slide 3: Project Comparison: Two General REO Project Categories Emerging
Sybella Discovery Project Comparison Two General REO Project Categories Emerging For personal use only Complex Simple High Temperature Low Temperature Leachable • Monazite/Apatite Carbonatites • Clay-Hosted Ionic • Monazite Heavy Mineral Sands • Clay-Hosted Non-Ionic • Granite-Hosted “Sybella Discov
Slide 4: A 'World First' in Northwest Queensland
Sybella Discovery A ‘World First’ in Northwest Queensland New Granite-Hosted REO Deposit For personal use only • 12.4km long 3km wide intrusion • Just 20km SW of Mt Isa • Potential heap leach option 4 RDM: ASX release dated 21 October 2024
Slide 5: New REO Deposit Style: Granite-Hosted
Sybella Discovery New REO Deposit Style Granite-Hosted For personal use only • Bulk of REE’s in soluble fluoro-carbonate minerals • Host in low acid consuming granite rock • Potentially amenable to heap leach processing “ Metallurgical Nirvana ” 5 RDM: ASX release dated 21 October 2024
Slide 6: Low-Acid Consuming Host Rock
Transitional Weathered 6 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_25S
Slide 7: Step-out and Infill Drilling
Sybella Discovery Step-out and Infill Drilling Drill Coverage For personal use only • 8.4km x 3km area of the granite • 800m x 400m and 400m x 200m hole spacing Large Area • Set depth 60m holes, some locally Composite Samples drilled deeper to 120m and 240m • NdPr > 300pm - two separate zones • Kary
Slide 8: Inferred Mineral Resource Estimate
Sybella Discovery Inferred Mineral Resource Estimate Confirms Giant Status For personal use only • 4.795 Bt at 302 ppm NdPr, 28 ppm DyTb (200 ppm NdPr cut-off grade) Includes Weathered Granite • 788 Mt at 297 ppm NdPr, 28 ppm DyTb (200 ppm NdPr cut-off grade) Potential For Higher-Grade Zones Templet
Slide 9: Seismic Refraction
Sybella Discovery Seismic Refraction For personal use only Grus Weathered Transitional Fresh 9 RDM: ASX release dated 1 February 2024
Slide 10: Weathered or Fresh Granite Easy to Crush
Sybella Discovery Weathered or Fresh Granite Easy to Crush Comminution SMC Tests For personal use only • -10mm crushed rock is “Very Soft” when weathered and “Soft” when fresh • Suitable for simple low energy crushing circuit Boundary Fence East (1000m wide) involving gyratory, jaw and/or cone crush
Slide 11: First Leach Tests - Weathered Granite
Sybella Discovery First Leach Tests - Weathered Granite For personal use only Option 1: Very strong Nd extractions (higher revenue). Subject to successful impurity removal. Reduced aluminium Option 2: Still leaching at end of extractions % at pH2 tests. Need to extend residence Reduced iron time to
Slide 12: Maiden Mix Rare Earth Carbonate (MREC)
Sybella Discovery Maiden Mix Rare Earth Carbonate (MREC) Innovative Impurity Removal For personal use only • pH1.3 -1.7 leachate from weathered granite (high in Fe and Al) • 48.7% TREO MREC Product • 39.5% of TREO as magnetic minerals (Nd, Pr, Dy, Tb) • Potential for premium product • DyTb 21% MREO
Slide 13: Maiden Mix Rare Earth Carbonate (MREC)
Sybella Discovery Maiden Mix Rare Earth Carbonate (MREC) For personal use only Granite-Hosted Ionic Clay OTHERS Fluoro-carbonate % Basket Value of MREO Granite-Hosted Monazite HM Apatite/Monazite Sand Carbonatite Monazite Carbonatite Fluoro-carbonate Carbonatite 13 RDM: ASX release dated 8 July 2024
Slide 14: Kary Zone Metallurgy
Sybella Discovery Kary Zone Metallurgy Bottle Roll pH Optimisation For personal use only • Large area multiple hole composite sample • 0-12m, 12-24m Large Area Composite • Weathered and Transitional Granite Samples • Representative of the Kary Zone • Templeton Zone tests underway Mapped Extension to
Slide 15: Bottle Roll Leach Tests - Kary Zone R&D
Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D Strong MREO extraction Positive pH Optimisation For personal use only at pH 1.7 - 2.5 • Strong MREO extraction at (Improved Revenue) pH 1.7-2.5 • 70-80% NdPr • 40-50% DyTb 15 RDM: ASX release dated 19 May 2025
Slide 16: Bottle Roll Leach Tests - Reduced Fe impurities
Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D Positive pH Optimisation For personal use only • Reduced Fe impurities in pregnant liquor Reduced iron impurity in pregnant liquor at pH >2 (Reduced Costs) 16 RDM: ASX release dated 19 May 2025
Slide 17: Leach Tests - Reduced Al impurities
Sybella Discovery Leach Tests - Kary Zone Positive pH Optimisation For personal use only • Reduced Al impurities in pregnant liquor Reduced aluminium impurity in pregnant liquor at pH >2 (Reduced Costs) 17 RDM: ASX release dated 19 May 2025
Slide 18: Bottle Roll Leach Tests - Reduced acid consumption
Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D Positive pH Optimisation For personal use only • Reduced acid consumption Reduced acid consumption at pH >2 (Reduced Costs) 18 RDM: ASX release dated 19 May 2025
Slide 19: Bottle Roll Leach Tests - Reduced total impurities
Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D Positive pH Optimisation For personal use only • Reduced total impurities in pregnant liquor Reduced total impurities in pregnant liquor at pH >2 (Reduced Costs) 19 RDM: ASX release dated 19 May 2025
Slide 20: Bottle Roll Leach Tests - In-heap iron stripping
Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D Positive pH Optimisation As leach liquor neutralises For personal use only over time the iron impurity is • In-heap pathway to strip removed as goethite (Reducing Costs) the iron impurities 20 RDM: ASX release dated 19 May 2025
Slide 21: Comparative Economic Analysis
Sybella Discovery Bottle Roll Leach Tests - Kary Zone R&D Positive pH Optimisation For personal use only Comparative Economic Analysis • Economic optimum High Production Cost between pH 1.7-2.5 Nd Break-Even Cost US/kg • In-heap pathway to strip the iron impurities Opportunity to Maximise • Adjustin
Slide 22: Break Even NdPr Price vs DoD Floor Price
Sybella Discovery Break Even NdPr Price DoD Floor Price For personal use only Comparative Economic Analysis • Price of Non-Chinese High Production Cost Supply Nd Break-Even Cost US/kg DoD - MP Materials $110 NdPr Floor Price Economic Optimum between pH 1.7 - 2.5 22 MP Materials: NYSE release dated 1
Slide 23: Accelerated R&D Programs
Transitional Weathered 23 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 24: Kary Zone Column Leach Tests
Sybella Discovery Accelerated R&D Programs Kary Zone Column Leach Tests For personal use only • Focus on northern area where LAC bottle roll tests • Parallel bottle rolls on core chips Large Area Composite • 10mm and 20mm size fractions Samples and First Column • Geotechnical columns Leach Cores • A
Slide 25: 2025 Field Season Near-Term News Flow
2025 Field Season Near-Term News Flow For personal use only Project Q3 25 Q4 25 Comments Sybella New REO Column leach Column leach results Mount Isa QLD Discovery (Kary Zone) (Kary Zone) DoD floor price $110/kg NdPr Pardoo Gold Drilling Assay results Hemi types Pulkarrimarra Gold-Copper Drilling Ass
Slide 26: Corporate Snapshot
Sybella Discovery Corporate Snapshot For personal use only ASX Code Board Of Directors & Senior Management Share Price : 04/09/2022 − 04/09/2025 RDM Rob Rutherford Managing Director Russell Barwick Chairman (non exec) Shares on Issue Joshua Pitt Director (non exec) 359,658,006 Kim Grey Exploration M
Slide 27: Disclaimer (1/2)
Disclaimer (1/2) This Presentation was Authorised by the Board of Red Metal. For personal use only Caution Regarding Forward-Looking Statements. This Presentation contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘potential for’, ‘scope for’, ‘opportunity for’
Slide 28: 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 29: 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 29