• Defined a large maiden Inferred Mineral Resource of 4.8 billion tonnes of Magnet Rare Earth Oxide (MREO) mineralisation at Sybella, Queensland
• Initiated infill drilling and metallurgical test work at Sybella to establish an Indicated Mineral Resource
• Progressing exploration at several projects, including Pardoo in Western Australia and Gulf, Gidyea and Corkwood in Queensland

Red Metal Limited has reported its December 2024 quarterly activities, with the key highlight being the definition of a very large maiden Inferred Mineral Resource at its Sybella rare earth project in Queensland. The Mineral Resource Estimate defined 4.795 billion tonnes at 302 ppm NdPr and 28 ppm DyTb, starting at surface and remaining open below 100 metres. This includes a significant Inferred Mineral Resource of 788 million tonnes of Weathered Granite at 297 ppm NdPr and 28 ppm DyTb, representing advantageous early mining opportunities. Infill drilling to establish an Indicated Mineral Resource has been initiated, and pH optimisation tests on the Weathered Granite are underway. The company is also progressing exploration at several other projects, including the Pardoo gold and lithium project in Western Australia, and the Gulf, Gidyea and Corkwood copper-gold projects in Queensland. Additionally, the company's 44% subsidiary, Maronan Metals, continues to report strong infill drill results and progress mine development studies for its Maronan lead-silver and copper-gold project in northwest Queensland.

Red Metal will continue to advance the Sybella rare earth project towards a Mine Scoping Study, focusing on optimising the leach pH, assessing metallurgical and mineralogical variability, and increasing the resource confidence to an Indicated Mineral Resource. The company is also planning to drill and sample coarse, non-pulverised, Weathered Granite for column leach test work.