• Red Metal to distribute majority of its 35.2% stake in Maronan Metals
• Eligible shareholders to receive 1 Maronan share for every 5.25 Red Metal shares
• Red Metal to retain ~15.4 million Maronan shares post-distribution

Red Metal Ltd is pleased to announce that it will convene an extraordinary general meeting (EGM) for shareholders to consider and vote on an in-specie distribution of the majority of the company's 35.2% shareholding in Maronan Metals Limited (MMA). If approved, eligible Red Metal shareholders will receive one MMA share for every 5.25 Red Metal shares held at the Record Date of 14 May 2026. Following the distribution, Red Metal will retain approximately 15.4 million MMA shares. Red Metal's Board unanimously recommends shareholders vote in favor of the distribution, with each director intending to vote any Red Metal shares they hold in favor. Managing Director Rob Rutherford stated that Maronan is gaining recognition as a standout early development opportunity for silver in Australia, with favorable environmental, social, and technical attributes. The distribution will allow Red Metal shareholders to directly invest in Maronan, while also diversifying Maronan's shareholder base and increasing its trading liquidity. Red Metal will continue to focus on advancing its Sybella rare earth element discovery and finding the next big copper deposits in Australia.

Red Metal will continue to focus on advancing its Sybella rare earth element discovery and finding the next big copper deposits in Australia.