Copper/Gold Capital Growth through

Exploration Success

Red Metal - Unique Market AppealAlliance With Phelps Dodge, world largest public trade copper

producer. Australia wide, Cu-Au exploration.

Funding Parallel exploration funding (shared risk). Increased exposure to drilling.

Projects Long pipe line of projects, ~ 24 drill tests year 1. Targeting giant Cu-Au deposits. 6 world class and proven terrains.

Discovery Free carried to decision to mine if discovery meets PDinvestment criteria.

Capital A$12M public raising for 72% equity.

Board Demonstrated expertise in exploration, developmentand public company management.

Growth Highly leveraged to exploration success.

Red Metal - Assets

• Australia-wide Cu exploration alliance

with Phelps Dodge.

• Pipe line drill- ready targets on 33 licences 5 PD-funded

J.V.’s

• Projects are hand- picked in fertile terrain's, >15,000km

• Acquired at bottom of cycle

Olympic Dam

Broken Hill

Prominent Hill

Mt Isa Ernest Henry

Browns

HYC

Century

Nifty

Base metal mines and projectsRed Metal project 100%

CaningtonOsborne

Copper mines and projects

Red Metal managed/ PD-funded J.V.

Gawler Curnamona

Mt Isa

Pine Creek

McArthur Basin

Tennant CreekTenant Creek

Exploration Strategy

• Giant high-grade, copper+gold deposits; IOCG, Mt Isa and Zambian styles. In fertile Early-Middle Proterozoic terrain's. Refined exploration models.

• Deposits containing >1 million tonnes Cu>15% IRR or greater

• Explore in covered portions of highly prospective terrain's.

• Utilise cost effective, new technology.• Undertake drill intensive programs.

• Gawler Craton Moonta J.V. Hawks Nest J.V. Peak & Denison J.V.’s

• Mt Isa Southern Isa - Elizabeth Springs Maronan Corkwood Naraku Others including NE Isa, Western Isa

• Pine Creek Browns J.V.

• Curnamona NE Broken Hill,

• McArthur Basin Urapunga

• Tennant Creek Inlier Tennant Creek Projects

Red Metal - Main Projects

Red Metal 100% Joint Ventures

Fe oxide CuAu - Geological Models

Pluton roof zones

Deep penetrating structures

Dilation zones

Magnetite-rich

Gawler - Strategy

Gawler - Regional Scale

Gawler - Peak Denison J.V.’s• Large IOCG system below

50-400m of cover. • Similar regional setting to

Olympic Dam system.• Limited previous drilling• Reprocessing and re-

interpretation of regional data complete.

• Several structure controlled magnetic and gravity targets.

• PD funding, Red Metal 18%-21% free carried to DTM.

• Drilling in 2004.

Gawler - Peak and Denison J.V.’s

Olympic Dam analogy:discordant NE trending structure,coincident magnetic and gravity,deep seated magmatic source,basement 295m

TMI

Gravity

20km

200m

200m

Basement 100m

Basement 100mRTZ

RTZ/BHPRTZ/BHP

RTZ

RTZ/BHPRTZ/BHP

RTZ

Gawler - Moonta J.V.

Moonta J.V.with Adelaide Res.

8km

• Large IOCG system under shallow cover.

• Historic Cu,Au mines.• Excellent infrastructure.• Reprocessed and re-

interpreted historic and new data.

• Initial RAB drilling completed over Moonta J.V.

• RC and DDH drill targets defined (PD spent > $A1M).

• Drilling initiated Feb 2004.• PD funding, Red Metal 21%

free carried to DTM.

TMI

Gawler - Moonta Ranking Targets

Calcrete Sampling

Gravity Surveying

Gawler - Moonta Deep Drilling

Gawler - Moonta Alford TMI/Calcrete

TMI

Ernest Henry size footprint

Target 81

Target 1Displaced copper in saprolite

Gawler - Moonta Alford Gravity/Calcrete Cu

Gravity

Ernest Henry size footprint

Target 81

Target 1Displaced copper in saprolite

Gawler - Moonta Alford Gravity/Calcrete Au

Gravity

Ernest Henry size footprint

Target 81

Target 1Displaced copper in saprolite

Mt Isa - Regional Scale• Red Metal acquired 100%• Fertile terrain• Re-interpretation of data • Buried geophysical drill

targets with potential for a giant FeOx Cu-Au deposit.

• Public funds raised used to drill test and generate new plays.

• PD retain claw back option up to 70% of major discovery. Red Metal free carried 30-40% to DTM

Mt Isa - Regional Scale• Red Metal acquired 100%• Fertile terrain• Re-interpretation of data • Buried geophysical drill

targets with potential for a giant FeOx Cu-Au deposit.

• Public funds raised used to drill test and generate new plays.

• PD retain claw back option up to 70% of major discovery. Red Metal free carried 30-40% to DTM

Mt Isa - Elizabeth Springs Projects

3D Gravity Model

Mt Isa - Maronan Project

Mt Isa - Corkwood Projects

UntestedUntested MagneticMagneticTargetsTargets

Drill hole withDrill hole with210m @ 0.3% Cu210m @ 0.3% Cu0.2g/t Au0.2g/t Au

TMI Vertical Gradient Magnetics

10km 10km

Mt Isa - Naraku Projects

Tennant Creek - New Project Areas

TMI

>50% exposure

Interpreted deep seated oxidised intrusive plutons

Pine Creek - Browns Geology

Pine Creek - Browns J.V. Concept • Compass/Guardian• Mt Isa or Zambian style

Cu-Co target at depth below known Browns Pb-Co-Cu resource.

• Detailed gravity survey indicates anomalous mass is synclinal axis.

• Drilling soon after listing• PD funded, Red Metal

21% free carried to DTM

Pine Creek - Browns Longitudinal Section

Pine Creek - Browns Residual Gravity

Pine Creek - Browns Gravity and TMI Model

Poor fit

Dense corePoor fit

Dense coreDense keelGood fit

MagneticTarget

Magnetic Model

Gravity Model 3

Gravity Model 2

Gravity Model 1

Pine Creek - Browns Drill Hole in Progress

Preliminary Interpretation

Bas

emen

t

Current hole 03BD03

?

?

?

?

Pelit

es

?

?

Fault zone @ 1055m

?

Marble

Am

phib

olite

Ore

Sha

le

Browns PbCoCuResource

?

Inferred TargetZone

?-400 mN

400 mN

?

Curnamona - NE Broken Hill Project• Tenement adjacent to

Broken Hill Mine• Targets - Mt Isa style Cu,

Strataform styles of Pb-Zn-Ag.

• 2 significant Falcon Gravity anomalies

• Anomalous bedrock Cu surrounding magnetic target

• Red Metal 100% or free carried 30-40% to DTM if PD clawback

• Drilling 2004

Curnamona - Northeast Broken Hill Section

NE Broken Hill Project

Mine Horizon

Broken Hill Mine282.5 Mt @ 12.4% Zn, 5.8% Pb, 115.5g/t Ag

Gravity anomaliesPossibly sourced fromshallow Mine Horizon ?

~ 2km

McArthur Basin - Urapunga Projects

• Fertile terrain• Right stratigraphy• Basement high• Structural antiform• Crustal scale faults• Known stratabound and

epigenetic Cu,Pb,Zn• Proposed airborne TEM

program• Access issues• Red Metal 100% or free

carried 30-40% to DTM if PD clawback Cannington

Mt Isa

Lorretta

Walford

Century

McArthur

Airborne TEM

Copper - Good Time to Make Discovery

Chinese Refined Copper Consumption

0

500

1,000

1,500

2,000

2,500

3,000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

Thou

sand

Ton

s

Source: WBMS

Increased copper consumption in China, improved economic conditions in USA and Japan predicted to result in copper supply deficit and increase Cu prices.

Red Metal - Drilling Schedule

Olympic Dam

Broken Hill

Prominent Hill

Mt Isa Ernest Henry

Browns

HYC

Century

Nifty

Base metal mines and projectsRed Metal project 100%

CaningtonOsborne

Copper mines and projects

Red Metal managed/ PD-funded J.V.

Gawler Curnamona

Mt Isa

Pine Creek

McArthur Basin

Tennant CreekTenant Creek

• List Sept. 2003

• Q4 2003 Browns Moonta Hawks Nest

• First half 2004 Browns J.V. Moonta J.V. Elizabeth Springs NE Broken Hill Maronan Isa - Others

• >24 Drill targets in year 1