Red Metal brings in Chalice Mining on South Australian IOCG hunt

Red Metal Limited ( (AU:RDM) ) has shared an update.

Red Metal Limited has entered into joint venture term sheets with Chalice Mining over two Callabonna Project exploration licences on the northern margin of South Australia’s Curnamona Province. The deals focus on large iron-oxide copper-gold targets defined by magnetic and gravity anomalies in a remote, underexplored region.

Under the agreement for EL 6318, Chalice can earn between 65% and 72.5% of Red Metal’s interest by spending $6 million over four years, including at least two basement drill holes in the first year, while Red Metal’s final stake will depend on Variscan Mines’ election. For EL 6204, Chalice can earn 65% with a $6 million spend over four years and one initial basement drill test, after which Red Metal can retain a 35% contributing interest.

The partnership allows Red Metal to share exploration risk and leverage Chalice’s capabilities while maintaining meaningful exposure to potential large copper-gold discoveries at Callabonna. Preparations are underway for drilling in the 2026 field season, with both parties aiming to test several standout geophysical targets that could significantly enhance the project’s value if successful.

The most recent analyst rating on (AU:RDM) stock is a Hold with a A$0.17 price target. To see the full list of analyst forecasts on Red Metal Limited stock, see the AU:RDM Stock Forecast page.

More about Red Metal Limited

Red Metal Limited is an Australian mineral exploration company focused on discovering large-scale base and precious metal deposits. Its portfolio includes frontier projects in South Australia’s Curnamona Province, targeting iron-oxide copper-gold systems and other geophysically defined prospects with potential for major copper and gold discoveries.

Average Trading Volume: 566,668

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$53.7M

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