• Spectral scanning defines key regolith boundaries for metallurgical sampling at Sybella rare earths project
• First drill tests on Hemi-style gold targets completed at Pardoo project in WA
• Diamond drilling underway on high-priority gold targets at Pulkarrimarra project in WA

During the September 2025 quarter, Red Metal made progress across its portfolio of rare earths, gold, and copper-gold projects. At the Sybella rare earths project in Queensland, spectral scanning of drill cores defined key regolith boundaries to guide metallurgical sampling. Advanced comminution studies and innovative ion exchange resin tests were also initiated to optimise future processing. At the Pardoo gold project in Western Australia, the company completed its first RC drill program on Hemi-style targets, with assays expected next quarter. In the Paterson Province of WA, Red Metal commenced a four-hole diamond drill program at its Pulkarrimarra project, testing both copper-cobalt and high-priority gold targets. Drilling is currently in progress on the gold target YE02, which is situated along trend from Rio Tinto's Winu discovery. Elsewhere, Red Metal's 35.8% owned subsidiary Maronan Metals released a positive Preliminary Economic Assessment on the shallow Starter Zone of its lead-silver and copper-gold project in Queensland. The company also received co-funded drilling grants from the Western Australian and Queensland Governments during the quarter.