Red Metal Limited · ASX:RDM
Red Metal — Shareholder Meeting (November 2025)
31 slides from Red Metal's shareholder meeting presentation, Nov 18, 2025
Slide 1: AGM 2025 Sybella REO Update
For personal use only ASX:RDM AGM 2025 Sybella REO Update Mount Isa NW Queensland November 2025
Slide 2: 2025-2026 Field Season Near-Term News Flow
2025-2026 Field Season Near-Term News Flow For personal use only Project Q4 25 Q1Q2 26 2026 Comments Sybella New REO IX Trials Column leach results Infill drilling, Scoping Mount Isa QLD Discovery Column leach (Kary Zone) Study (Kary Zone) Pardoo Gold First Drilling Final assays Potential follow-up
Slide 3: REO Demand Exponential v Supply Constrained
Sybella Discovery REO Demand Exponential v Supply Constrained For personal use only From Adamas Intelligence Humanoid Robot Revolution Supply Chain Implication 3
Slide 4: Project Comparison: Two General REO Project Types Emerging
Sybella Discovery Project Comparison Two General REO Project Types 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 Discovery”
Slide 5: 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 5 RDM: ASX release dated 21 October 2024
Slide 6: 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 ” 6
Slide 7: Low-Acid Consuming Host Rock
Transitional Weathered 7 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 8: Step-out and Infill Drilling
Sybella Discovery Step-out and Infill Drilling Regular 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 • Ka
Slide 9: Inferred Mineral Resource Estimate Confirms Giant Status
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 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: 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 • 39.5% of TREO as magnetic MREC Product minerals (Nd, Pr, Dy, Tb) • Potential for premium product • DyTb 21% MREO
Slide 12: 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 12
Slide 13: 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 14: Bottle Roll Leach Tests - Kary Zone
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 14 RDM: ASX release dated 19 May 2025
Slide 15: 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) 15 RDM: ASX release dated 19 May 2025
Slide 16: 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) 16
Slide 17: 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) 17 RDM: ASX release dated 19 May 2025
Slide 18: 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) 18
Slide 19: Bottle Roll Leach Tests - In-heap iron removal
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 19
Slide 20: Bottle Roll Leach Tests - 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 21: Ion Exchange Breakthrough: Further Lower Break-Even Cost
Sybella Discovery Ion Exchange Breakthrough Further Lower Break-Even Cost For personal use only Comparative Economic Analysis High Production Cost ~ DoD Floor Price Nd Break-Even Cost US/kg Ion Exchange Breakthrough to Further Lower Break-Even Cost Economic Optimum between pH 1.7 - 2.5 Low Productio
Slide 22: Ion Exchange Breakthrough: What is Ion Exchange
Sybella Discovery Ion Exchange Breakthrough What is Ion Exchange For personal use only • Series of columns which hold beds of ion exchange resin or beads. • The IX resins are regenerated through the loading-stripping process, converting from Na+ form to REE3+ form through loading, then back to Na+ f
Slide 23: Ion Exchange Trials on Pregnant Leach Liquor
Sybella Discovery Ion Exchange Breakthrough Ion Exchange Trials on Pregnant For personal use only 9 x Enrichment in REE Leach Liquor Reduced impurities • Separated a large proportion of impurities such as residual iron After REE Loading & Stripping and aluminium from the rare earth elements (REE). •
Slide 24: Significance of Using IX
Sybella Discovery Ion Exchange Breakthrough Standard 2 Stage Impurity Removal Significance of Using IX For personal use only Soda Ash • Higher REE recovery from leach Heap Leach Lime liquor to mix rare earth carbonate Process Water (MREC) from 93% to 99%, Impurity Removal MREC Precipitation Return S
Slide 25: Accelerated R&D Programs
Transitional Weathered 25 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 26: 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 27: Working Schedule Column Leach and Ionic Exchange Tests
Sybella Discovery Accelerated R&D Programs Working Schedule Column Leach and Ionic Exchange Tests For personal use only 27
Slide 28: 2025-2026 Field Season Near-Term News Flow
2025-2026 Field Season Near-Term News Flow For personal use only Project Q4 25 Q1Q2 26 2026 Comments Sybella New REO IX Trials Column leach results Infill drilling, Scoping Mount Isa QLD Discovery Column leach (Kary Zone) Study (Kary Zone) Pardoo Gold First Drilling Final assays Potential follow-up
Slide 29: 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 30: Disclaimer (2/2) Competent Persons Statement
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 31: Red Metal Limited contact
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 31