Red Metal Limited (RDM or the Company) is pleased to provide an update on the proposed non-standard partial spin out (Spin Out) and initial public offering (IPO) of Maronan Metals Limited (MMA), its wholly owned subsidiary.

MMA holds a 100% legal and beneficial interest in the Maronan lead-silver copper-gold project (Maronan Project).

MMA IPO and Priority Offer to Red Metal Shareholders

MMA lodged its IPO prospectus with the ASIC on 21 February 2022 (Prospectus). The Prospectus contains an offer of 60,000,000 Shares at an issue price of $0.20 per Share together with one free attaching Primary Option (the terms of which are set out in the Prospectus) for every three Shares subscribed for and issued, to raise $12,000,000 (MMA Offer). Oversubscriptions may be accepted for up to a further 15,000,000 Shares at an issue price of $0.20 per Share, together with one free attaching Primary Option for every three Shares subscribed for and issued, to raise up to a further $3,000,000. Veritas Securities Limited is acting as Lead Manager of the MMA Offer.

MMA is offering Red Metal shareholders in Australia that hold shares in Red Metal at 5:00pm (AEST) on 22 February 2022 (Eligible Shareholders) priority in respect of the first $5,000,000 to be raised under the MMA Offer (Priority Offer). Red Metal shareholders in Australia will receive correspondence later this week providing instructions regarding participation in the Priority Offer. Eligible Shareholders will also have an entitlement to bonus options under a bonus offer on the terms set out in the Prospectus.

The MMA Offer is conditional on the $12 million minimum subscription being reached and ASX granting conditional approval for MMA to be admitted to the Official List.

Contact:

Rob Rutherford

Tel: (0)2 9281-1805

Web: www.redmetal.com.au

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