Red Metal : Yarrie Project - New Copper-Gold Targets, Paterson Province

RDM ASX Announcement 23 October 2013

ASX ANNOUNCEMENT 19 APRIL 2022

ACN 103 367 684

ASX Code: RDM

Red Metal Limited is a minerals exploration company focused on the exploration, evaluation and development of Australian copper-gold and basemetal deposits.

Issued Capital:

245,591,743 Ordinary shares

19,225,000 Unlisted options

Directors:

Rob Rutherford

Managing Director

Russell Barwick

Chairman

Joshua Pitt

Non-executive Director

RED METAL LIMITED Level 15

323 Castlereagh Street Sydney NSW 2000

Ph: [phone]

YARRIE PROJECT UPDATE: NEW COPPER-GOLD TARGET OPORTUNITES IN THE PATERSON PROVINCE, WESTERN AUSTRALIA

The Paterson Province which is home to the tier one Telfer gold mine and large Nifty copper mine has come into renewed prominence with several recent Intrusion-Related Gold-Copper discoveries including those at Winu, Ngapakarra, Havieron and Minyari (Figure 1).

Importantly, the Winu, Ngapakarra and Havieron discoveries are recognized as low amplitude, magnetic bulls eye targets thought to be sourced from weakly magnetic, hydrothermal pyrrhotite (Figures 3 and 4).

Advanced processing of new airborne electromagnetic and magnetic data recently flown over Red Metal's Yarrie project has enabled the interpretation of several high-priority geophysical targets for follow-up exploration (Figure 1).

Of particular interest are two Havieron-like, magnetic bulls eye targets YE01 and YE02, a high resistivity target YE03 and a possible basement conductor YE04, located just 45 kilometres along trend from Rio Tinto's Winu copper and gold discovery (Figures 2 to 4). Regionally, these targets appear to occur along the same crustal structure that controls the Winu, Ngapakarra, Minyari and Havieron deposits (Figure 1) and are situated along the same high gravity ridge as Winu (Figure 4).

Preparations for heritage surveying in anticipation of drilling later in 2022 are underway.

The Yarrie program is funded by OZ Minerals (ASX: OZL) under the terms of the Greenfields Discovery Alliance.

1

[Figure 1] Paterson Province Yarrie Project: Magnetic imagery overlain by the recently flown airborne electromagnetic and magnetic survey areas (frosted white) showing the Nifty mine, Telfer mine, new Winu and Haverion discoveries and Red Metal's Yarrie tenements (red line). Priority geophysical targets are labelled YE1-YE04 on the Yarrie East survey and YW03, YW06, YW10, YW18 on the Yarrie West survey. The Yarrie East targets are interpreted by Red Metal to occur along the same crustal scale structure (dashed yellow line) as the Havieron, Minyari, Winu and Ngapakarra deposits. Copper-cobalt or copper-gold major deposits and occurrences (green circles); gold or gold-copper major deposits and occurrences (yellow circles). Note the exposed basement terrain of older

Archaean rocks (buff coloured polygon).

[Figure 2] Yarrie East Grid: Conductivity depth slice at 250 metres below surface (left) and vertical gradient magnetic image (right)

highlighting interpreted copper-gold target opportunities YE1 to YE4. These previously untested targets are located about 45 kilometres along trend from the Winu deposit (see Figure 4). Red Metal interprets the large, dome shaped, resistive feature (YE3) as a basement high, perhaps related to wide spread silica alteration, and speculates that the flanking magnetic targets (YE1 and YE2) and conductors (YE1 and YE4) may reflect combinations of iron sulphides and/or graphite associated with copper and gold mineralisation. Preparations for proof on concept drill tests on some of these exciting new targets are underway.

YE01

HAVIERON

YE02

[Figure 3] Comparison of magnetic response of Havieron (left) with target YE01 and YE02 (right): Sectional, 2D modelling of the 55nT magnetic anomaly over Havieron predicts a depth below surface of 560m for a body with a width of 140m and a magnetic susceptibility of 0.12 SI units. Modelling of the 10-20nT anomaly over Red Metal's YE02 target predicts a depth below surface of 570m for a body with a width of 274m and a magnetic susceptibility of 0.012 SI units.

RDM ASX Announcement 19 April 2022

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[Figure 4] Yarrie East: Regional vertical derivative RTP magnetic image (left) and vertical gradient Falcon airborne gravity image (right).

This announcement was authorised by the Board of Red Metal. For further information concerning Red

Metal's operations and plans for the future please refer to the recently updated web site or contact Rob

Rutherford, Managing Director at:

Phone [phone]www.redmetal.com.au

Rob Rutherford Managing DirectorRussell Barwick Chairman

_______________________________________________________________________________________________________________________

The information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Robert Rutherford, who is a member of the Australian Institute of Geoscientists (AIG). Mr Rutherford is the Managing Director of the Company. Mr Rutherford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC

Code). Mr Rutherford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears