• Definitive large column leach test work progressing at Sybella rare earth project
• Follow-up drilling planned at Pardoo gold project in Pilbara
• Successful joint venture with Chalice Mining on Callabonna copper-gold project

Red Metal has provided an update on its key projects across Queensland, Western Australia, and South Australia. At the Sybella rare earth project in Queensland, the company is progressing definitive large column leach test work, with results anticipated in May 2026. Desk-top ecological studies have also been initiated, and optimized ion exchange purification studies are planned for the next quarter. In Western Australia, the company has defined an intriguing vector towards gold mineralization at the Pardoo project, and a follow-up drill program is planned, with heritage surveying scheduled for May 2026. At the Pulkarrimarra copper-gold project, also in Western Australia, the company's maiden drill program intersected favorable stratigraphy for sediment-hosted copper mineralization, as well as strong alteration assemblages, prompting follow-up programs. In South Australia, Red Metal has executed new joint venture agreements with Chalice Mining on the Callabonna copper-gold project, which includes a commitment to drill three basement targets in the first year. The company has also received government co-funded drilling grants totaling $1.1 million for key targets in Queensland and Western Australia. Additionally, Red Metal has announced plans to distribute the majority of its shareholding in Maronan Metals to its own shareholders, pending approval at an upcoming extraordinary general meeting.