Red Metal Limited · ASX:RDM
Red Metal — Corporate Update (February 2024)
23 slides from Red Metal's corporate update, Feb 14, 2024
Slide 1: New Sybella REO Discovery
For personal use only ASX:RDM New Sybella REO Discovery Mount Isa Region Breakthrough Metallurgical Results Favours Low-CAPEX, Low-COST Heap Leach Processing February 2024
Slide 2: Corporate Snapshot
Sybella Discovery Corporate Snapshot ASX Code Shares on Issue Share Price (Date) Market Cap Cash (at 31 Dec 2023) For personal use only RDM 298,353,338 18 $54M $3.4M Board Of Directors & Senior Management Share Price & Trade Volume: 01/06/2022 − 09/02/2024 Rob Rutherford Managing Director Volume Clo
Slide 3: 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 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: A 'World First' in Northwest Queensland
Sybella Discovery A ‘World First’ in Northwest Queensland For personal use only New REO deposit style • Hosted in REO- enriched granite (a low- 12km acid consuming rock) • 12km long x 3km wide • Bulk of REE’s in soluble fluoro-carbonate minerals 5
Slide 6: A 'World First' in Northwest Queensland
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 6
Slide 7: A 'World First' in Northwest Queensland
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 7
Slide 8: A 'World First' in Northwest Queensland
Sybella Discovery A ‘World First’ in Northwest Queensland Boundary Fence East (1000m wide) For personal use only New REO deposit style • Softer weathered granite Soft Rock to 20m in top 20m adds mining and comminution advantages Seismic Refraction Profiles showing interpreted P-wave velocity profile
Slide 9: A 'World First' in Northwest Queensland
Sybella Discovery A ‘World First’ in Northwest Queensland For personal use only Oxidised Granite Transitional - Part Oxidised & Part Fresh Granite Fresh Granite 9
Slide 10: Breakthrough Phase Metallurgical Leach Tests
Sybella Discovery Breakthrough Phase 1 Metallurgical Leach Tests Priority Area For personal use only Successful proof-of- Boundary Fence East Priority Area concept test work • 36 intermittent bottle roll leach tests (IBRT) on Highest MREO Extraction % Lowest Acid Consumption coarse RC-chip samples L
Slide 11: Breakthrough Phase Metallurgical Leach Tests
Sybella Discovery Breakthrough Phase 1 Metallurgical Leach Tests For personal use only Boundary Fence East 78% 79% Successful proof-of- Max 90% Max 90% concept test work • Strong REO extraction 48% Max 64% 44% Max 60% 37kg/t with low levels of Min 22kg/t impurities • Using low levels of sulphuric ac
Slide 12: Breakthrough Phase Metallurgical Leach Tests
Sybella Discovery Breakthrough Phase 1 Metallurgical Leach Tests For personal use only Boundary Fence East Successful proof-of- 78% Max 90% 79% Max 90% concept test work • Low average impurity 48% Max 64% 44% extractions of aluminium Max 60% 37kg/t Min 22kg/t and iron 22% • Low average deleterious M
Slide 13: Breakthrough Phase Metallurgical Leach Tests
Sybella Discovery Breakthrough Phase 1 Metallurgical Leach Tests For personal use only Boundary Fence East Successful proof-of- Oxidised concept test work Fresh • Broadly similar REO and impurity extractions and acid consumption results for both the oxidised and fresh granite samples IBRT, RC chip,
Slide 14: Breakthrough Phase Metallurgical Leach Tests
Sybella Discovery Breakthrough Phase 1 Metallurgical Leach Tests For personal use only Importantly! Boundary Fence East Increasing REO • Results point to simple Extraction (Revenue) processing options potentially involving heap leach methods • Data show significant opportunities to increase revenue
Slide 15: Breakthrough Phase Metallurgical Leach Tests
Sybella Discovery Breakthrough Phase 1 Metallurgical Leach Tests For personal use only Increasing REO Importantly! Boundary Fence East Extraction (Revenue) II. Increasing leach residence time III. Optimising the leach pH Decreasing Acid Comption (Processing Costs) “Sybella showing the processing ben
Slide 16: Deposit Comparison
Sybella Discovery Deposit Comparison Simple Complex For personal use only Low Temperature Leachable High Temperature Sybella Granite-Hosted Clay-Hosted Ionic Hard Rock Carbonatites Main REE Minerals Fluoro-carbonates Ionic adsorption on regolith clays Monazite / apatite / fluoro-carbonates Weak weat
Slide 17: Low Temperature Leachable Projects
Sybella Discovery Low Temperature Leachable Projects For personal use only Extracted ASX Location Project Leach Average Grade (g/t) Extraction (%) Extracted RE (g/t ore) Nd₂O₃ Code Equivalent Proposed pH TREO Pr₆O₁₁ Nd₂O₃ Tb₄O₇ Dy₂O₃ TREO Pr Nd Tb Dy Pr₆O₁₁ Nd₂O₃ Tb₄O₇ Dy₂O₃ g/t¹ Process² RDM Sybell
Slide 18: Accelerated Exploration Programs
Sybella Discovery Accelerated Exploration Programs Mount Isa For personal use only Metallurgical Test Work on Drill Core Underway • Comminution tests • Intermittent bottle-roll leach tests • Size fraction leach tests • Optimisation work • Impurity removal trials • Mineralogical work Step-out drillin
Slide 19: 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 20: 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 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
Slide 22: 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 22
Slide 23: 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