Red Metal Resources said its wholly owned Chilean subsidiary, Minera Polymet SpA, has entered a renewable five-year lease agreement with local artisanal miner Construcción Minería y Servicios Catalina Ltda. for the Irene and Margarita concessions, part of the Mateo property near Vallenar in Chile's Atacama Region. Under the arrangement, Polymet will receive a 10% royalty on the gross value of minerals extracted, with a guaranteed minimum payment of $1,000 a month starting in the third month after an initial grace period. CMS Catalina is expected to use the first three months to secure permits, complete an explosives storage authorization, obtain an approved exploitation and closure plan, and upgrade road access before ramping deliveries to ENAMI from 1,000 tonnes in the first month after the grace period to a minimum of 2,500 tonnes a month from the third month onward. Red Metal said it retains exploration rights over the property, while mining will be carried out by the lessee and is not supported by a current mineral resource or reserve estimate under NI 43-101. The company also outlined separate next steps at its Carrizal property, including completing an IP survey, integrating the data into a 3D model to refine drill targets, and expecting small-scale miners there to begin delivering ore to ENAMI in the fall of 2026.