Red Metal confirms development progress at Carrizal IOCG

Vancouver, British Columbia--(Newsfile Corp. - July 7, 2026) - RED METAL RESOURCES LTD. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company")  is pleased to provide an operational update on the small-scale mining activities at its Farellon 1/8 mineral concession, part of the Company's Carrizal Copper-Gold-Cobalt Property ("Carrizal" or the "Property") in Chile's Atacama Region. The update follows recent site visits by Red Metal's in-country staff, who will be visiting the operation twice monthly to monitor progress by lease operator Minera KMT SpA ("KMT"). KMT signed a mining agreement with Red Metal (see news release May 14, 2026) leasing the Farellon 1/8 mineral concession for small-scale mining.

Red Metal will collect a 10% sales royalty from KMT on all ore sold to Empresa Nacional de Mineria ("ENAMI"). Highlights Red Metal's in-country staff completed site visits June 18 th and July 1 st , 2026, confirming that mine development by KMT is actively underway at Farellon 1/8, and will continue to visit twice monthly. De-watering of the historic Level 7 workings at the North Mine is approximately 90% complete, restoring access to known high-grade underground copper mineralization.

The South Mine portal has been advanced 10 metres in the direction of a mineralized vein intersected by previous drilling KMT advises that the path to full production operations is ahead of schedule Site Visit and Operational Update During recent site visits, Red Metal's in-country staff met with KMT's mine shift supervisor to review operational activities and report on progress. As part of the Company's ongoing oversight of the lease, Red Metal staff will conduct site visits twice monthly to evaluate progress, take samples and ensure KMT is adhering to all terms of the contract. KMT is currently working on road construction, building camp infrastructure, and advancing underground d