Red Metal, Black Sand, Yellow Cake

Disclaimer Caution Regarding Forward-Looking Statements Statements regarding the Company s plans with respect to exploring its projects are forward-looking. There can be no assurance that any mineralisation identified will be proven to be economic, that future evaluation work will confirm the viability of deposits identified or that future required regulatory and / or development approvals will be obtained. Such risks and uncertainties are described in periodic filings made by Red Metal Limited with the ASX. The Company disclaims any obligation to update information contained in any forward-looking statement.

Red Metal Surviving a Bear Attack!

Red Metal - Surviving a Bear Attack?

Red Metal - Surviving a Bear Attack? Red Metal structured to explore over long time period Large initial raising in IPO Established additional funding support Strategic Alliance Government grants Well funded joint ventures Raised additional funds while market and cash position strong Maintained small dedicated team with low over heads Joint Venture high value projects (not low value assets) Have not over promised

Red Metal - Surviving a Bear Attack? This strategy can survive down turns in base metal prices or funding as we are currently experiencing Red Metal retain $6.3M in cash Planning a 2-3 year budget with existing funds Well funded joint ventures BHP Billiton, Bemax Down turn will bring many opportunities

Red Metal - 2009 Activity Perth WA Lake Moore 500KM Darwin TENNANT CREEK INLIER Tennant Creek Southern Isa Maitland Urapunga Mallapunyah Peake-Denison J.V. s Algebuckina Brisbane SA Coober Pedy Lakes Frome J.V. Ooldea GAWLER CURNAMONA CRATON PROVINCE Northeast Broken Hill Pernatty Moonta Lagoon J.V. J.V. NSW Sydney Red Metal Projects Copper-Gold-Uranium Zinc-Lead-Silver Zircon-Titanium Sedimentary Uranium McARTHUR BASIN NT Western Isa Mount Isa Adelaide VIC Corkwood Northeast Isa Naraku McKinlay Maronan MOUNT ISA INLIER QLD Melbourne TAS Hobart Silver Lead - Maronan BHPB funded Resource drill out Over $4M expenditure Uranium - Lakes Projects New target concepts Copper Sandy Creek Pernatty Lagoon And others Zircon Barton JV Bemax funded New Opportunities

Red Metal - South Australia

Red Metal - South Australia X X X X X X

Fe oxide CuAuU Models Pernatty Lagoon Breccia Halo: Sericite-hematite -chlorite-carbonate Pluton roof zones Magnetite-rich Deep penetrating structures Dilation zones Alteration halo s 1-2km from ore From: Vic Wall and Stewart Taylor

Fe oxide CuAuU Ore Types Breccia Hematite Breccia Halo Se-Hm Hm-Qz-Se-Ch Cp-Bn Hematite Style Breccia Olympic Dam Ch-Cb-Qz-Fd Cp-Mt-Hm Ch-Cb-Se Mt-Hm-Py Magnetite Style Breccia Ernest Henry Mt-Cb-Kf-Act-Cp Bi-Py-Cb-Mt Gar-Ac Magnetite Breccia or Skarn

Pernatty Lagoon J.V. Breccia Hematite Breccia PN0501, PN 0706 PN0604 Halo Se-Hm PN0708 PN0501 Intense sericite alteration Hm-Qz-Se-Ch Cp-Bn PN0708 Hematite-bornite breccia Ch-Cb-Qz-Fd Cp-Mt-Hm PN0707 Ch-Cb-Se Mt-Hm-Py Bi-Py-Cb-Mt Gar-Ac PN0603 Massive garnet skarn Mt-Cb-Kf-Act-Cp Magnetite Breccia or Skarn

Gawler - Pernatty Lagoon J.V. Oak Dam Torrens Large hydrothermal system 50km south of Carrapateena discovery (905m @ 2.1% Cu, 1.0 g/t Au) 10km west Monax s new Ground Hog discovery High level volcanic system Craton scale structure Intense sericite±hematite alteration typical of halo to large deposit Hematite-bornite-chalcopyrite breccia Magnetite-hematite-chloritecarbonate-chalcopyrite mineralisation Basement Geology Pernatty Lagoon J.V. Red Metal 70% Havilah Resources 30%

Gawler - Pernatty Lagoon J.V. Oak Dam Torrens Large hydrothermal system 50km south of Carrapateena discovery (905m @ 2.1% Cu, 1.0 g/t Au) 10km west Monax s new Ground Hog discovery High level volcanic system Craton scale structure Intense sericite±hematite alteration typical of halo to large deposit Hematite-bornite-chalcopyrite breccia Magnetite-hematite-chloritecarbonate-chalcopyrite mineralisation Total Magnetic Intensity Pernatty Lagoon J.V. Red Metal 70% Havilah Resources 30%

Gawler - Pernatty Lagoon J.V. Intense sericite±hematite alteration typical of halo to large deposit in PN0603, PN0604, PN0501, PN0706, PN0708 Hematite-bornitechalcopyrite breccia over 20 metres in PN0708 edge of system? Magnetite-hematitechalcopyrite in PN0707 large target Significant untested gravity, magnetic and structural targets

Pernatty Lagoon J.V. Magnetic Target Untested Magnetic Source Potential Giant CuPbZnAg Skarn

Pernatty Lagoon J.V. Magnetic Target 30cm @15.2% Cu, 6.9% Zn and 1.8% Pb, 75g/t Ag Broad intervals low-grade PbZn Untested Magnetic Source Potential Giant CuPbZnAg Skarn Massive garnet skarn

Gawler - Pernatty Lagoon J.V. One of only few untested regional magnetic targets in Olympic Dam region All others Major mine or mineralised ironstones Drilled to 1080m to 1300m in 3 holes No magnetic source rocks identified Low-grade lead-zinccopper in calc-silicate altered sediments Unusal garnet skarn Localised high-grade copper-lead-zinc-silver veins Target at 1700-1800m Half drilled

Gawler - Pernatty Lagoon J.V. One of only few untested regional magnetic targets in Olympic Dam region All others Major mine or mineralised ironstones Drilled to 1080m to 1300m in 3 holes No magnetic source rocks identified Low-grade lead-zinccopper in calc-silicate altered sediments Unusual garnet skarn Localised high-grade copper-lead-zinc-silver veins Target at 1700-1800m Half drilled

Gawler - Pernatty Lagoon J.V. Good Fit Better Fit Gravity Model 1 Gravity Model 2 GRV GRV Calc-silicate altered sediments Dense magnetic source >10% magnetite Broad regional zone of calc-silicate alteration can explain the bulk of the regional gravity-high However a deeper, very high density source can be inferred within the calc-silicate alteration coincident with the magnetic target

Gawler Algebuckina and Peake & Denison Large IOCG system below 50-400m of cover similar regional setting to Olympic Dam system. Limited previous drilling Davenport Creek Mt- Bt-Qz-Cp-Bn breccia incl. 3m @ 2.7% Cu Applying detailed gravity surveys several structure controlled magnetic and gravity targets. TMI

Gawler Algebuckina and Peake & Denison

Algebuckina - Drilling 2008/2009 New gravity data funded by Government Known magnetite and hematite associated copper Precollars drilled in 2008 Cover 25-150m Follow-up core drilling to start soon

Black Sands

Red Metal - South Australia

Ooldea/Barton - Heavy Mineral Sands Proven heavy mineral potential High zircon / low clay Prospective shorelines defined Mojave Olabinna Barton Project Prospective stratigraphy defined Headland and deltaic setting 10m @ 1.45% HMS 4m @ 3.81% HMS DTM Image Bemax earning 51% of Barton and Ooldea tenements

Ooldea/Barton - Heavy Mineral Sands Proven heavy mineral potential High zircon / low clay Prospective shorelines defined DTM Image Barton Project Prospective stratigraphy defined Headland and deltaic setting 10m @ 1.45% HMS 4m @ 3.81% HMS Bemax earning 51% of Barton and Ooldea tenements

Yellow Cake

Red Metal - South Australia

Uranium Models Honeymoon, Goulds Dam Giant Kazak Sandstone types? After Heathgate Resources

Lakes and Frome Projects Source Highly radiogenic Mt Painter, Mt Babbage, Olary inliers Granites 40-100ppm U, high K Exposed hematite breccia and granite hosted uranium mineralisation Ore Fluid Pathway Oxidised fluids transport uranium from source region down Tertiary channels (Eyre and Namba Formation sands) Up basement faults Trap Porous, clean, reduced channel facies or lake sediments Uranium Image Exploration Potential Beverly and Four Mile style roll front In-situ leach Airborne TEM recently completed Drilling 2009

Lakes and Frome Projects Source Highly radiogenic Mt Painter, Mt Babbage, Olary inliers Granites 40-100ppm U, high K Exposed hematite breccia and granite hosted uranium mineralisation Ore Fluid Pathway Oxidised fluids transport uranium from source region down Tertiary channels (Eyre and Namba Formation sands) Up basement faults Trap Porous, clean, reduced channel facies or lake sediments Late Time REPTEM Image on Uranium Image Exploration Potential Beverly and Four Mile style roll front In-situ leach Airborne TEM recently completed Drilling 2009

Lakes and Frome Projects Eyre Formation Horst Structure Previously untested channel sand targets in Namba Formation Late Time REPTEM Image on Uranium Image Preliminary processed data Structural and stratigraphic traps Targets in Namba and Eyre Formation Known oxidised sequences

Lakes and Frome Projects - New Targets Paralana Fault Extension mapped into Frome JV Controlling fault at Four Mile? Targeting uranium in channel sands along fault Drilling 2009

Red Metal, Black Sand, Yellow Cake

Maronan Project BHPB Funded Cannington-type Silver-Lead Resource Drill Out Deep Drill Targets

Mt Isa - Cannington Silver-lead-Zinc Targets 100km north Cannington Mine Known Cannington or Broken Hill type Ag-Pb-Zn mineralisation BHP Billiton funded JV Earning 70% Maronan - Red Metal free carried first $40m McKinlay - Red Metal free carried first $10m (PDAI 9%) Significant lead-silver intercepts on Maronan Follow-up drilling in 2008

Mt Isa - Maronan Project Cannington or Broken Hill type Ag-Pb-Zn mineralisation BHP Billiton funded JV Earning 70% Red Metal free carried first $40m Drilling to begin 2008 3 deep drill holes testing depth extension Infill drill out on 100m x100m from 50-500m below surface (6-24 holes dependent upon results)

Red Metal Surviving a Bear Attack!

Red Metal - Surviving a Bear Attack?