Quarterly Activities/Appendix 5B Cash Flow Report

• Maiden Inferred Mineral Resource of 4.8 billion tonnes of Magnet Rare Earth Oxide (MREO) mineralisation
• Includes 788 million tonnes of weathered granite starting at surface grading 297 ppm NdPr and 28 ppm DyTb
• Potential for large-scale, low-cost operation to supply global demand

Red Metal has announced a globally significant maiden Inferred Mineral Resource of 4.8 billion tonnes of Magnet Rare Earth Oxide (MREO) mineralisation at its Sybella project in Queensland. The resource includes 788 million tonnes of weathered granite starting at surface grading 297 ppm NdPr and 28 ppm DyTb, which represents an advantageous early mining opportunity. The total resource has the potential to supply very large tonnages of near-surface, heap leachable material for many years, enabling any future operation to be run at a very large scale and lowering its unit mining and processing costs. Red Metal will now prioritise early-stage mining, metallurgical and infrastructure studies and begin discussions with governments and potential end users about alternative funding options. Infill drilling to an Indicated Mineral Resource status is also underway on the eastern Kary Zone. In addition to the rare earth discovery, Red Metal has reported progress on its other projects, including drilling at the Gidyea copper-gold project in Queensland, the Lawn Hill zinc-lead-silver and copper-cobalt project in Queensland, and the Brunette Downs copper-cobalt project in the Northern Territory. The company's 44% owned subsidiary, Maronan Metals, has also reported positive results from infill drilling at the Maronan lead-silver and copper-gold project in northwest Queensland.

Red Metal has not provided any high-importance, price-sensitive forward-looking financial metrics or other company-specific metrics in the announcement.

Red Metal has not provided any forward-looking outlook statements in the announcement.