• Assay results confirm strong continuity of rare earth oxide mineralization at Sybella project
• Positive results from metallurgical tests, preparing for column leach tests
• Drill testing of Hemi-style gold targets and sedimentary-hosted copper targets at Pardoo and Pulkarrimarra
• Exploration progress at other projects including Lawn Hill, Gulf, Three Ways, and Brunette Downs

Red Metal Ltd released its March 2025 quarterly report, providing updates on its key projects. At the Sybella rare earth project in Queensland, infill drilling confirmed the strong continuity of wide zones of rare earth oxide mineralization, with significant intercepts reported. Metallurgical test work, including bottle roll pH optimization and upcoming column leach tests, are progressing to advance the project towards a Mine Scoping Study. At the Pardoo project in Western Australia, the company is trialing deep penetrating electrical geophysical surveys to assist in drill targeting for Hemi-style gold and pegmatite-hosted lithium mineralization. Drilling of these targets is planned for Q2 2025. The Pulkarrimarra project (previously Great Sandy/Yarrie) in the Paterson Province of WA has also defined Havieron and Winu style gold targets and sedimentary-hosted copper targets for upcoming drill testing. Exploration continued at the company's other projects, including the Lawn Hill base metals project in Queensland, where assays from a recent drill hole highlighted a potential near-miss setting, and the Brunette Downs copper-cobalt project in the Northern Territory, where a magneto-telluric survey confirmed the presence of conductive stratigraphy. The company's 44% owned subsidiary, Maronan Metals, also reported progress at the Maronan silver-lead and copper-gold project in Queensland, with final 2024 drill results received and a Mineral Resource update planned for Q2 2025.

Red Metal did not provide any high-importance, price-sensitive forward-looking financial metrics in the announcement.

Red Metal stated it will continue to advance the Sybella rare earth project towards a Mine Scoping Study, with a focus on optimizing leach parameters, assessing metallurgical and mineralogical variability, and increasing the resource confidence to an Indicated Mineral Resource. The company also plans to commence drilling at the Pardoo and Pulkarrimarra projects in Western Australia during Q2 2025.