Red Metal Limited · ASX:RDM
Red Metal — Conference Presentation (June 2024)
25 slides from Red Metal's conference presentation, Jun 20, 2024
Slide 1: Phase 2 Metallurgical Results Green Light – Sybella REO Discovery
For personal use only ASX:RDM Phase 2 Metallurgical Results Green Light Sybella REO Discovery Mount Isa Region Booth #34 June 2024
Slide 2: Corporate Snapshot
Sybella Discovery Corporate Snapshot For personal use only ASX Code Shares on Issue Share Price (Date) Market Cap Cash (at 31 Mar 2024) RDM 299,485,829 14 $42M $3.0M Board Of Directors & Senior Management Share Price & Trade Volume: 01/06/2022 − 14/06/2024 Volume Close Rob Rutherford Managing Direct
Slide 3: Near-Term News Flow
2024 Near-Term News Flow Booth #34 For personal use only Project Q2 Q3 Q4 Comments Sybella New REO Phase 2 IBRT Results Drill Results Resource Mount Isa QLD Discovery Step-out Drilling Column Leach Trials Definition Towards mine study Impurity Removal Trials Yarrie Copper-Gold Drilling Initiated Dri
Slide 4: A 'World First' in Northwest Queensland
Sybella Discovery A ‘World First’ in Northwest Queensland For personal use only New REO Deposit Style • Just 20 kilometres southwest of Mount Isa with excellent infrastructure options 4
Slide 5: Project Comparison
Sybella Discovery Project Comparison For personal use only Two General REO Project Types Emerging Complex Simple High Temperature Low Temperature Leachable • Monazite/Apatite Carbonatites • Clay-Hosted Ionic • Monazite Heavy Mineral Sands • Clay-Hosted Non-Ionic • Granite-Hosted “Sybella Discovery”
Slide 6: A 'World First' in Northwest Queensland – New REO Deposit Style
Sybella Discovery A ‘World First’ in Northwest Queensland For personal use only New REO Deposit Style • Hosted in REO-enriched granite • 12km long x 3km wide • Bulk of REE’s in soluble 12km fluoro-carbonate minerals • Soluble ore mineral in low acid consuming granite rock “ Metallurgical Nirvana ” 6
Slide 7: A 'World First' in Northwest Queensland – New REO Deposit Style
Sybella Discovery A ‘World First’ in Northwest Queensland For personal use only New REO Deposit Style • Proof-of-concept RC drilling reveals two higher grade REO zones, each about 1km wide 7
Slide 8: A 'World First' in Northwest Queensland – New REO Deposit Style
Sybella Discovery A ‘World First’ in Northwest Queensland For personal use only New REO Deposit Style • Zones open north and south and at depth offering vast tonnage potential 8
Slide 9: Accelerated Exploration Programs
Sybella Discovery Accelerated Exploration Programs For personal use only Metallurgical Test Work on Drill Core in Progress • Intermittent bottle-roll leach tests (Released June) • Comminution tests (Released June) • Impurity removal trials (Due shortly) • Mineralogical work (On going) Step-out Drill
Slide 10: Host Rock
Sybella Discovery Host Rock For personal use only Weathered Granite Transitional - Part Weathered & Part Fresh Granite Fresh Granite 10
Slide 11: Weathered Granite and Fresh Granite
Sybella Discovery Weathered Granite and Fresh Granite Boundary Fence East (1000m wide) For personal use only Mapping Weathered Granite • Using seismic refraction • Softer weathered Soft Rock to 20m granite in top 20m adds mining, comminution and processing advantages Seismic Refraction Profiles show
Slide 12: Successful Bottle Roll Leach Tests
Sybella Discovery Successful Bottle Roll Leach Tests For personal use only Green Light the Discovery • “Define Ore” • For both the fresh and weathered granite • Shown the REO mineralisation is amenable to low-cost, low capital, heap leach processing • Highlighted key pH set points, crush sizes and r
Slide 13: Bottle Roll Leach Tests - Weathered
Sybella Discovery Bottle Roll Leach Tests - Weathered Boundary Fence East Weathered Granite For personal use only Strong Revenue Potential 83% Nd extractions (max 90%) at pH 1.3 (higher revenue) • 83% Nd extraction (max 92%) at pH 1.3 * * * Still leaching REOs after 28 days • Still leaching REOs aft
Slide 14: Bottle Roll Leach Tests - Fresh
Sybella Discovery Bottle Roll Leach Tests - Fresh Boundary Fence East Fresh Granite For personal use only Breakthrough pH 3 Result Still leaching REOs at end of tests. Need to extend residence time to • -15mm crush size terminal REO extractions at weaker acid set points (>pH 3). • Significant drop i
Slide 15: Bottle Roll Leach Tests - Fresh
Sybella Discovery Bottle Roll Leach Tests - Fresh Boundary Fence East Fresh Granite For personal use only Breakthrough pH 3 Result • Very low acid strength effectively “turned off” Fe & Al impurities in pregnant leach solution • Maintain revenue but at Weaker acid significantly reduces iron extracti
Slide 16: Two Processing Options
Sybella Discovery Two Processing Options Boundary Fence East Fresh Granite For personal use only Option 1 • pH 3-3.5, coarse crush size, slow leach time, lower impurities in the pregnant leach solution Option 1: dependent upon and lower acid running column tests to terminal REO extractions consumpti
Slide 17: Two Processing Options
Sybella Discovery Two Processing Options Boundary Fence East Fresh Granite For personal use only Option 2 • pH 1.3-1.7, coarse crush Option 2: dependent upon size, faster leach time, successful impurity removal strong REO extraction (revenue) Option 1: dependent upon • Dependent upon cost running co
Slide 18: Weathered or Fresh Granite Easy to Crush
Sybella Discovery Weathered or Fresh Granite Easy to Crush For personal use only Comminution SMC Tests • -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 19: Heap Leach Examples - Tier Copper
Sybella Discovery Heap Leach Examples - Tier 1 Copper Freeport-McMoRan Morenci BHP Escondida For personal use only Sybella Aspiration Parameter Crushed Heap Leach Oxide Heap Leach • 10-30Mtpa throughput Value Ref. Value Ref. Throughput (mtpa) 26 1 20 4 • 300-400 ppm Nd Equ Head grade (wt% Cu) 0.36 2
Slide 20: Near-Term News Flow
2024 Near-Term News Flow Booth #34 For personal use only Project Q2 Q3 Q4 Comments Sybella New REO Phase 2 IBRT Results Drill Results Resource Mount Isa QLD Discovery Step-out Drilling Column Leach Trials Definition Towards mine study Impurity Removal Trials Yarrie Copper-Gold Drilling Initiated Dri
Slide 21: Disclaimer (1/2)
Disclaimer (1/2) For personal use only This Presentation was Authorised by the Board of Red Metal. 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 22: Disclaimer (2/2)
Disclaimer (2/2) For personal use only The Company has no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Presen
Slide 23: 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 23
Slide 24: REO Supply vs Demand
REO Supply vs Demand (tonnes) For personal use only Mine Supply • China dominates • Red flags Demand • Forecast to double by 2031 https://assets-global.website-files.com/6267a587be31507747a1c8b6/63da79c8238104bb115c0597_OEMs%20presentation_vf.pdf 24
Slide 25: REO Supply vs Demand
REO Supply vs Demand REO Mining REO Separation REE Metals REE Magnets REE Recycling For personal use only Downstream • China dominates • Red flags Demand • Forecast to double by 2031 https://assets-global.website-files.com/6267a587be31507747a1c8b6/63da79c8238104bb115c0597_OEMs%20presentation_vf.pdf