Red Metal Limited (ASX:RDM) has disclosed changes to the relevant interests of two directors, Russell Barwick and Joshua Pitt, following the exercise of options at 3.3 cents per share, with both transactions resulting in the disposal of 1,500,000 options and the acquisition of 1,500,000 ordinary shares each.

Key Points

  • Director Russell Barwick exercised 1,500,000 options at 3.3 cents per share on 12 November 2026, increasing his ordinary share holding to 7,562,912 shares.
  • Director Joshua Pitt exercised 1,500,000 options at 3.3 cents per share on 6 November 2026, increasing his ordinary share holding to 33,017,887 shares.
  • Both directors disposed of 1,500,000 options exercisable at 3.3 cents expiring 18 November 2026 as part of the transactions.
  • Neither transaction occurred during a closed period requiring prior written clearance.

Russell Barwick Option Exercise and Updated Holdings

According to the filing, director Russell Barwick's change of interest was recorded on 12 November 2026. Prior to the change, Barwick held 6,062,912 ordinary shares along with options across three tranches. Following the exercise of 1,500,000 options at 3.3 cents per share, his holding increased to 7,562,912 ordinary shares. Barwick retains 2,500,000 options exercisable at 7.3 cents expiring 10 November 2027 and 2,500,000 options exercisable at 13.3 cents expiring 16 November 2028. His interests are held directly and indirectly through Eilie Sunshine Pty Ltd and Ellerslie Holdings Pty Ltd, companies controlled by Barwick and his associates.

Joshua Pitt Option Exercise and Updated Holdings

Director Joshua Pitt's change of interest was recorded on 6 November 2026. Prior to the transaction, Pitt held 31,517,887 ordinary shares along with the same three option tranches as Barwick. Following the exercise of 1,500,000 options at 3.3 cents per share, his ordinary share holding increased to 33,017,887 shares. Pitt retains 2,500,000 options exercisable at 7.3 cents expiring 10 November 2027 and 2,500,000 options exercisable at 13.3 cents expiring 16 November 2028. His interests are held directly and indirectly through Perth Capital Pty Ltd and Wythenshawe Pty Ltd, companies controlled by Pitt and his associates.

Closed Period and Nature of Transactions

The filing states that neither transaction was conducted during a closed period where prior written clearance was required, with both directors confirming this was not applicable. In both cases, the nature of the change is described as ordinary shares issued on the exercise of options. The consideration for both transactions was 3.3 cents per ordinary share. The previous director interest notices for both Russell Barwick and Joshua Pitt were each dated 2 December 2025, according to the filing.