• Successful ion exchange trials for low-cost rare earth impurity removal
• Promising gold targets identified at Pardoo and Pulkarrimarra projects
• Maronan Metals investment continues to grow in value

Red Metal's December 2025 quarterly report details progress across its diverse portfolio of exploration projects. At the Sybella rare earth project, innovative ion exchange resin trials successfully enriched the rare earth content and separated impurities, offering significant cost and recovery advantages. Large column leach tests on the main ore types are ongoing, with results expected in Q1 2026. In Western Australia, first drill tests at the Pardoo gold project identified intriguing gold anomalies that may vector towards nearby mineralization, while a four-hole diamond program was completed at the Pulkarrimarra copper-gold project, with assays pending. Red Metal also executed a joint venture with Artemis Resources to drill test the standout Sharon Dam target at the Nullarbor copper-gold project. The company's 88.5 million share investment in Maronan Metals continues to grow in value, with the Maronan silver-rich lead and copper-gold project advancing towards development. Elsewhere, Red Metal progressed exploration at its Gulf, Gidyea, Corkwood, Three Ways, Lawn Hill, and Brunette Downs projects, with several collaborative drilling grant applications lodged with the Queensland government.

Red Metal remains focused on advancing its diverse portfolio of exploration projects, with key priorities including completing large column leach tests at Sybella, follow-up drilling at Pardoo and Pulkarrimarra, and the first drill test at the Nullarbor project. The company will also continue to support the development of the Maronan project through its significant equity stake.