Quarterly Report and Cash Flow for 31 December 2013

Maronan, QLD, Silver-Lead & Copper-Gold

• Red Metal’s first drill hole into the northern hinge zone target discovers thickened horizons of strong Cannington Mine-style lead and silver mineralisation at shallow levels.

• Significant down-hole intercepts included:
  • 2.3m from 459.6m at 9.8% lead, 277 g/t silver;
  • 13.7m from 483.3m at 7.9% lead, 230 g/t silver;
  • 10.1m from 516.9m at 8.9% lead, 202 g/t silver;
  • 15.1m from 548.9m at 5.8% lead, 134 g/t silver.
• Design and budgeting for a follow-up program focusing on the newly discovered lead and silver mineralisation is underway.

Joint Venture Activity

• Partner-funded drilling on the Corkwood, Emu Creek and Barton joint venture projects planned for 2014.

Research and Development

• Cash refund of $1.4 million received in January 2014 following a successful research and development claim.

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