RED METAL LIMITED — Capital/Financing Update 2021

Oct 10, 2021

RDM ASX Announcement 23 October 2013

ACN 103 367 684

ASX ANNOUNCEMENT 11 OCTOBER 2021

GULF COPPER-GOLD PROJECT: DRILLING UNDERWAY

Proof-of-concept drill tests of two standout magnetic targets are underway on the Gibson’s Tank tenement in Northwest Queensland (Figure 1).

This project targets several standout magnetic anomalies which Red Metal views as an under explored extension of the Cloncurry terrain offering scope for the discovery of Iron Oxide Copper-Gold (IOCG) breccia systems similar to that hosting the large Ernest Henry deposit further to the south (Figure 2).

Issued Capital:

245,591,743 Ordinary shares

10,975,000 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: +61 2 9281 1805

info@redmetal.com.au www.redmetal.com.au

The drilling will initially test the combined high magnetic and high gravity body GT07, followed by GT04 a high magnetic body located on the margin to a granite (Figure 1).

This two hole drill program is funded by OZ Minerals (ASX: OZL) under the terms of the Greenfields Discovery Alliance and is expected to be completed by midOctober.

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[Figure 1] Gulf Project: Gibson’s Tank 3D oblique topographic view of the total magnetic intensity image (top left) and the residual gravity images from Red Metal’s surveying (bottom right).

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RDM ASX Announcement 11 October 2021

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----- Start of picture text ----- Gibsons Tank IOCG TargetsDrilling Underway----- End of picture text -----

[Figure 2] Three Ways (dark blue), Gulf (red), Gidyea (blue) and Corkwood (brown) Projects: Total magnetic intensity image highlighting regional project locations. Regions of exposed or outcropping geology highlighted as white translucent areas.

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RDM ASX Announcement 11 October 2021

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 +61 (0)2 9281-1805 www.redmetal.com.au

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Rob Rutherford

Managing Director

Russell Barwick Chairman

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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

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