Announcement PDF BUILDING AUSTRALIA’S NEXT MAJOR TIN PRODUCER COMPELLING PFS ECONOMICS UNDERPIN LOW-COST, HIGH-MARGIN TIN-TUNGSTEN-SILVER DEVELOPMENT AT TALLEBUNG, NSW INVESTOR PRESENTATION | NOVEMBER 2026 | OLIVER DAVIES, MANAGING DIRECTOR AND CEO ASX: SKY Disclaimer Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward looking information, including risks associated with investments in private and publicly listed companies such as the Company; risks associated with general economic conditions; the risk that further funding may be required but unavailable for the ongoing development of the Company’s projects or future acquisitions; changes in government regulations, policies or legislation; unforeseen expenses; fluctuations in commodity prices; fluctuation in exchange rates; litigation risk; restrictions on the repatriation of earnings by the Company’s subsidiaries; the inherent risks and dangers of mining exploration and operations in general; risk of continued negative operating cashflow; the possibility that required permits may not be obtained; environmental risks; uncertainty in the estimation of mineral resources and mineral reserves; general risks associated with the feasibility and development of each of the Company’s projects; foreign investment risks in Australia; changes in laws or regulations; future actions by government; breach of any of the contracts through which the Company holds property rights; defects in or challenges to the Company’s property interests; uninsured hazards; disruptions to the Company’s supplies or service providers; reliance on key personnel and retention of key employees. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management of the Company made in light of their experience and their perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable. Assumptions have been made regarding, among other things: the Company’s ability to carry on its future exploration, development and production activities, the timely receipt of required approvals, the price of tin, gold, copper and base metals, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No Liability/Summary Information The Company has prepared the Presentation Materials based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in the Presentation Materials. To the maximum extent permitted by law, the Company, its related bodies corporate (as that term is defined in the Corporations Act 2001 (Commonwealth of Australia)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the Presentation Materials or its contents or otherwise arising in connection with it. Post 1989, exploration results detailed in this presentation have previously been reported to the ASX or in the independent geologist report contained in the Prospectus lodged on 18 April 2019. Endowment = current resource plus production. Coordinate system on maps is MGA94 Zone55 unless otherwise stated. Competent Persons Statement The information in this report that relates to Exploration Results and the Doradilla Exploration Target is based on information compiled by Mr. Oliver Davies, who is a Member of the Australasian Institute of Geoscientists. Mr. Oliver Davies is an employee of Sky Metals Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr. Davies consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this report that relates to the MRE Data is based on information compiled by Mr. Chris De-Vitry, who is a Member of the Australasian Institute of Geoscientists and the AUSIMM. Mr. Chris De-Vitry is independent of Sky Metals Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Chris De-Vitry consents to the inclusion in this report of the matters based on his information, in the form and context in which they appear. Cautionary Statement regarding Exploration Targets An Exploration Target of 10 – 15 Mt @ 0.32-0.42% Tin for the Doradilla Project (please see SKY ASX Announcement SKY ASX Announcement 14 July 2025 for details). The potential quantity and grade referred to in this presentation as Exploration Targets are conceptual in nature, as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. SKY will continue drilling of these exploration targets in the coming months with the aim to grow confidence in estimated Exploration Targets. Supporting report and further details on the Exploration Target are included in SKY ASX Announcement 14 July 2025. 2 ASX: SKY DISCLAIMER – IMPORTANT INFORMATION ASX: SKY 3 SKY INVESTMENT SNAPSHOT CREATING A NEW AUSTRALIAN CRITICAL METALS PRODUCER ASX: SKY TALLEBUNG SYDNEY DORADILLA ADVANCED AUSTRALIAN DEVELOPMENT OPPORTUNITY PFS completed at flagship Tallebung Tin-Tungsten- Silver Project, NSW – first production targeted in 2028 COMPELLING PROJECT ECONOMICS High-margin, low-cost operation – average annual EBITDA A$100M-$200M STRONG TIN & TUNGSTEN MARKET FUNDAMENTALS Both metals facing supply constraints with surging and irreplaceable demand driving high prices DORADILLA – AN EMERGING SECOND TIN ASSET Potential for a second world-class tin development opportunity in NSW NEAR-TERM GROWTH AND VALUE-ACCRETION MRE expansion, Project optimisations and improvements, targeted high-grade supplementary feed QUALITY TEAM Highly regarded board & leadership team with exceptional track record, led by Norm Seckold and Oliver Davies NARRIAH EXPERIENCED AND PROVEN MANAGEMENT NORMAN SECKOLD | CHAIRMAN 30+ years in the full-time management of natural resource companies. Past Chairman and Director of listed companies including Bolnisi Gold NL, Timberline Minerals Inc., Perseverance Corporation Ltd, Valdora Minerals NL, Palmarejo Silver and Gold Corp, Kings Minerals NL, Mogul Mining NL, and Santana Minerals Ltd. Currently Chairman Nickel Industries Ltd, Alpha HPA Ltd, Fulcrum Lithium Ltd and Minerals Exploration Ltd. OLIVER DAVIES | MANAGING DIRECTOR At SKY since listing in 2019. Previously in exploration and operational roles with Evolution Mining and Alkane Resources in NSW and Qld. Mr. Davies has worked closely on several successful NSW discoveries including Evolution Mining’s significant expansion at the Lake Cowal Gold Mine and Alkane’s exploration success with the discoveries at Tomingley and Boda. RIMAS KAIRAITIS | NON-EXECUTIVE DIRECTOR 25+ years experience in minerals exploration and resource development in gold, base metals and industrial minerals. Mr. Kairaitis was founding Managing Director and CEO of Aurelia Metals, which he steered from a junior exploration company to a profitable NSW based gold and base metals producer. Mr. Kairaitis is also the founding Managing Director and current Executive Director of Alpha HPA Ltd. RICHARD HILL | NON-EXECUTIVE DIRECTOR 25+ years experience in the mineral resources sector as a geologist and solicitor. Mr. Hill has a successful track record of guiding ASX listed mining companies from the exploration and discovery phase through to development in a range of commodities. These have included past roles as founding Director for Aurelia Metals Ltd and as former Chairman of New World Resources Ltd and Genesis Minerals Ltd as well as current Chairman of Accelerate Resources Ltd. Shares on issue Options & Performance Rights Share price (16 Oct 2026) Market capitalisation Cash (30 Sept 2026) Debt CAPITAL STRUCTURE 994M 12.15M ~$0.17 ~$169M ~$14.5M Nil SHAREHOLDERS Top 20 holders Board and Management 55.3% 12.6% EXPERT GUIDANCE | SKY’s CONSULTANTS Tallebung Environmental Mining Approvals: Accent/EMM, AARC and R.W. Corkery & Co. to expedite and advise on best practice for environmental studies and mining approvals process. Tallebung Metallurgy: Mineral Technologies, Gunn Metallurgy, TOMRA Ore Sorting Solutions, ALS Burnie and ALS Perth advancing studies 4 ASX: SKY SCOTT TODD | EXECUTIVE DIRECTOR +30 years experience across operations, commercial management, and project development. Previous roles include COO at PYBAR, VP at Mitsubishi Development, and NSW Mining Division Manager at Thiess. Most recently, Mr Todd was General Manager – Delivery at North Harbour Clean Energy, navigating major developments through the NSW planning and approvals process. TIN + SILVER + TUNGSTEN – ALL AT TALLEBUNG ASX: SKY 5 Source: https://www.goldbullionaustralia.com.au/live-charts-prices/ SILVER PRICE Source: LME TIN PRICE Tungsten is traded in metric tonne units (mtu), 1 mtu = 10 kg WO3, $3,000/mtu = $300,000/t Source: Fastmarkets, / SMM – APT 88.5% WO3, CIF Rotterdam, US$/MTU TUNGSTEN PRICE • Fundamental structural demand growth – triggering a supply crunch after 30+ years of under-investment • Tin is vital for EVs, Renewable Energy, AI and all electronics • New solar PV tech increases tin use • Tin replacing lead and indium in new PSC solar cells Source: BNEF, Rho Motion, Macquarie Strategy – March 2026 Increase in tin demand Tin Price ASX: SKY 6 TIN PRICE – INCREASING WITH GLOBAL DEMAND Source: MacroMicro, LME – September 2026 ASX: SKY 7 TIN DEMAND – SEMI-CONDUCTOR DRIVE TIN: ESSENTIAL ELECTRIFICATION METAL – GLOBAL SUPPLY DISRUPTIONS 8 ASX: SKY • Inelastic tin price – strong demand underpinned by tin’s irreplaceable role in electronics, increasing demand with AI and EVs • Over 6% of world tin production cut when Alphamin’s Bisie tin mine shut in DRC – M23 rebels still active along with other risks to threaten production as seen in 2025 when production was halted • Heavily disrupted Indonesian tin production decreased by 33% in 2024 and tin concentrate export bans – previously Indonesia accounted for 20% of global tin supply • Limited reliable and ethical sources • Few tin investment opportunities on ASX Source: ITA (March 2026) 9 TALLEBUNG PROJECT PRE-FEASIBILITY STUDY CONFIRMS A SIMPLE, ROBUST AND LOW-RISK PROJECT ASX: SKY Base case US$5,653/t AISC per tin tonne produced (net co-products) Spot case -US$18,935/t AISC per tin tonne produced (net co-products) Highlights • 3Mtpa open cut project with a 1.99:1 strip ratio • Initial mine life of 7.3 years from only 66% of the total MRE • Average annual production of: • 2,040t of tin • 31,700mtu of tungsten trioxide • 315koz of silver • Low capex of A$138.8M, short lead times and 7-month construction schedule • Extensive testwork confirms exceptional ore sorting performance enabling a 500ktpa downstream processing plant • Resource remains open in all directions with drilling recommenced targeting mine life extension for the DFS • Approvals underway with first production targeted for mid-CY2028 Metric Base Case1 Spot Case2 NPV8 (pre-tax) A$438M A$1.0B Annual EBITDA (avg.) A$116M A$221M IRR (pre-tax) 69% 130% Capital payback 18 months 9 months ASIC – All-In Sustaining Cost 1Base case pricing assumptions: US$45,000/t Sn, US$1,500/mtu WO3 and US$50/oz Ag. 2Spot case pricing assumptions: US$56,450/t Sn, US$3,075/mtu WO3 and US$61.90/oz Ag. 10 TALLEBUNG PROJECT PRE-FEASIBILITY STUDY SIMPLE MINING AND PROCESSING ASX: SKY • Simple single open-pit mining operation with a low 1.99:1 life-of-mine strip ratio • +4 years of metallurgical testwork confirm simple, low-risk processing of coarse tin, tungsten and silver mineralisation • Exceptional ore sorting pre-concentration performance demonstrated across multiple test programs • 75t bulk sample sorting testing achieved >90% mass reduction while maintaining high tin, tungsten and silver recoveries • Pre-concentration reduces downstream processing capacity from 3.0Mtpa to ~0.5Mtpa, significantly lowering capital and operating costs • Conventional gravity processing then produces separate tin and tungsten concentrates, plus silver doré Tin 79% Tungsten 60% Silver 50% Conceptual overview of Tallebung mine and infrastructure layout Revenue split by commodity (base case) Metal Recoveries over Life of Mine TIN 61% TUNGSTEN 29% SILVER 10% GROWING LARGE HARDROCK RESOURCE Top: 3D oblique view of updated MRE block model coloured by total NSR with an optimised pit shell. Bottom: Cross-sections showing the block model coloured by total NSR with pit shell looking NNW. • Only ~66% of latest MRE included in the PFS Mine Life • Latest MRE still remains open in all directions • Updated MRE exceeded the previous Exploration Target: • 32.7Mt @ 0.16% Tin Equivalent1 for 36.8kt of contained tin, 1.14M mtu of WO₃ and 9.94Moz of contained Ag • Over 4,000m of drilling completed since the MRE update • Drilling already underway targeting Resource growth and upgrade of MRE confidence to support longer mine life • MRE update demonstrated exceptional conversion of Inferred Resources to Measured and Indicated Resources required to support extended mine life 1For further details on the MRE update and tin equivalent (SnEq) please see SKY ASX Announcement 13 July 2026 and Appendix 1. 11 ASX: SKY • New intercepts show potential for additional shallow, higher-grade tin, tungsten and silver not included in the updated MRE • Multiple shallow target areas identified for continued Resource growth: • Strong tungsten potential confirmed in latest drilling TBRC218: 6m @ 1.66% WO3, 20.2g/t Ag & 0.10% Sn from 21m • Results demonstrate that the deposit remains open in all directions • New results not included in MRE upgrade and PFS also include: TBRC427: 9m @ 0.54% Sn, 0.14% WO3 & 205g/t Ag from 67m TBRC436: 14m @ 0.58% Sn & 0.05% WO3 from 1m GROWING HIGH-GRADE TIN-TUNGSTEN-SILVER DISCOVERIES AND EXTENSIONS 12 ASX: SKY Cross-section of new drilling since MRE update showing newly discovered mineralisation 13 TALLEBUNG PROJECT STRONG CASHFLOWS ASX: SKY Metric Base Case¹ Spot Case² Annual revenue A$222M A$332M Annual operating costs A$98M A$98M AISC per tonne of tin (net of co-products) US$5,653/t –US$18,935/t Average annual EBITDA A$116M A$221M Annual free cashflow (post-tax) A$64M A$138M Pre-tax NPV₈ A$438M A$1.0B IRR 69% 130% Capital payback 18 months 9 months 1 Base case pricing: US$45,000/t Sn, US$1,500/mtu WO3 and US$50/oz Ag. 2 Spot case pricing: US$56,450/t Sn, US$3,075/mtu WO3 and US$61.90/oz Ag. • Brownfields, highly disturbed historical mine site • NSW State Significant Development (SSD) Scoping Report approved, marking a major milestone in the project approvals pathway • Environmental Impact Statement (EIS) studies underway, supporting targeted NSW Government approval in 2027 • Environmental permitting substantially de-risked, with key baseline studies already completed or well advanced: • More than two years of groundwater monitoring completed • Geochemical characterisation completed • Over 12 months of on-site meteorological data collected • Biodiversity studies well advanced to support EIS 14 TALLEBUNG PROJECT RAPIDLY ADVANCING APPROVALS ASX: SKY Tallebung Tin Mine – Aerial Image of Historical Mining and Infrastructure. Year 2026 2027 2028 Quarter Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Month/End of Quarter June September December March June September December March June Project Development Updated MRE Completed Baseline Environmental Studies Completed Release Pre-Feasibility Study Completed Definitive Feasibility Studies Commencing Mining Approvals Submit NSW State Significant Development (SSD) Scoping Report Completed Receive SEARs from NSW Government Completed Prepare Environmental Impact Statement Commencing Mining Lease (ML) Application Community & Stakeholder Consultation Commenced Project Construction Project Infrastructure Licences – Water, Power, etc. Final Investment Decision (FID) Plant Commissioning and Production Ramp-up TALLEBUNG PROJECT FUTURE WORK PLANS 15 ASX: SKY • Definitive Feasibility Study commencing to support a Final Investment Decision • Environmental Impact Statement in preparation, targeting NSW mining approval in 2027 • Drilling resumed to grow the MRE and extend mine life beyond initial 7.3 years • Existing A$14.5M cash balance to fund near-term work program • Active engagement underway with strategic funding and offtake partners to underpin development • New high-grade tungsten discovery confirmed with assays up to 7.44% WO₃, highlighting a new drill-ready target. • Only 20km from Tallebung, enabling rapid, low-cost evaluation and development pathway. • 500m+ mineralised strike defined across multiple trends, open in all directions and offering significant growth potential. • Drilling imminent in coming weeks Theirman Mines Tungsten results over local geology map. LHS Insert: Location of the Theirman Mines Prospect to Tallebung. TALLEBUNG PROJECT THEIRMAN MINE – POTENTIAL HIGH-GRADE ADDITION 16 ASX: SKY For further details on the rock chip results, please refer to SKY ASX Announcement, 8 September 2026 • Low-risk pathway to grow the Tallebung MRE, extending mine life and ultimately increase project NPV • Ongoing processing optimisation targeting higher metal recoveries, boosting future production and revenue • Further capex reductions through plant optimisation and acquisition of second- hand equipment • New near-mine high-grade targets offer potential for supplementary feed, enhancing project economics TALLEBUNG PROJECT NEAR-TERM ACCRETIVE OPPORTUNITES 17 ASX: SKY Drone over the Tallebung Tin Mining Field – Old Crusher and ROM to Southern Open Pit • Strong potential for multiple satellite discoveries around the Tallebung development • +550km² strategic tenure securing the prospective Erimeran Granite mineral system • Mineral endowment demonstrated by the Tallebung and Theirman mines • Numerous historical prospects remain untested by modern exploration, particularly beneath extensive shallow cover • Significant undercover exploration upside with potential for concealed deposits across the holding • Regional magnetics program planned to accelerate target generation and define the next phase of exploration growth Tallebung Project overview with rock chip results and prospects over regional geology TALLEBUNG PROJECT CAMP-SCALE OPPORTUNITY 18 ASX: SKY • Large-scale tin project in north-western NSW • Recent metallurgical breakthrough shows ~78% of tin is recoverable into a saleable concentrate • Initial Exploration Target for 2.5km strike1,2: • Potential to quadruple already large-scale shown by strike extensions: • +5km to the SW in historical drilling and new SKY rock chip sampling • +2.5km to the NE from SKY drilling results • Potential development to complement Tallebung, adding substantial depth to SKY’s tin inventory pipeline • Expansion drilling program planned for the coming months 1For further details on the Exploration Target please see SKY ASX Announcement 14 July 2025 and Appendix 2. 2Please see the Cautionary Statement regarding Exploration Targets in the Disclaimer on Slide 2 and Appendix 2. Exploration Target Tonnage Range Grade Range Contained Metal Mt Tin (%) Tin (t) Total @ 0.20% tin cut-off grade 10 - 15 0.32 - 0.42 32,000 - 63,000 DORADILLA TIN PROJECT A GIANT UNLOCKED 19 ASX: SKY Schematic Plan View - Doradilla Tin Deposit Exploration Target and extensions over magnetics map. • Camp-scale district beyond the +16km DMK mineralised trend • SKY tenure covers the unique and highly prospective Midway Granite mineral system • ~10km x ~20km intrusion associated with widespread, at-surface mineralisation across Doradilla • Multiple additional prospects recognised outside the DMK Line • Substantial exploration upside across a largely underexplored district • Regional Falcon survey to unlock concealed targets and accelerate discovery potential Doradilla Project DMK Line in 1 VD magnetic geophysics with indicated extent of underlying, mineralising Midway Granite. Insert showing conceptual long section along the DMK Line. DORADILLA PROJECT CAMP-SCALE OPPORTUNITY 20 ASX: SKY Doradilla Project prospects with Exploration Target, existing drilling and priority targets over regional geology DORADILLA PROJECT CAMP-SCALE OPPORTUNITY 21 ASX: SKY • Exploration to date focused primarily on +16km DMK corridor • Many historic workings remain largely untested by modern drilling • Priority targets include the Doradilla Extension and extensive mineralised quartz-porphyry dyke swarm • Falcon geophysics to define accurately priority targets and any concealed targets ahead of drilling 1For further details on the Exploration Target please see SKY ASX Announcement 14 July 2025 and Appendix 2. 2Please see the Cautionary Statement regarding Exploration Targets in the Disclaimer on Slide 2 and Appendix 2. • Large-scale tin-tungsten system with camp-scale discovery potential • Multiple historic Sn-WO₃ workings, largely undrilled • All six of SKY’s maiden drill holes intersected near-surface Sn-WO₃ mineralisation • Multiple >1% Sn and >1% WO₃ rock chip results • +16km of prospective strike and largely concealed beneath shallow cover • Second prospective intrusion identified and pegged • High-priority drill targets defined for future follow-up drilling Narriah Project overview with SKY’s rock chip and drillhole results1 over regional geology NARRIAH PROJECT CAMP-SCALE OPPORTUNITY 22 ASX: SKY 1Please refer to SKY ASX announcements dated 5 July 2023 and 24 January 2024 for full JORC disclosure, sampling methodology, assay procedures and Competent Person statements. NARRIAH PROJECT CAMP-SCALE OPPORTUNITY 23 ASX: SKY Narriah Project conceptual long section showing that most prospective zones at Narriah remain to be drill-tested A COMPELLING DEVELOPMENT OPPORTUNITY WITH MULTIPLE NEAR-TERM VALUE CATALYSTS SKYMETALS.COM.AU ASX: SKY PFS completed | Strong project economics | Resource growth | Clear development pathway • Tin discovered in the 1890s and mined into the mid-1980s • Small shafts and open pits mined hard rock tin veins, culminating in large scale alluvial mining production in the 1960s-70s • Infrastructure already in place from previous mining includes: • Powerlines to site • Excellent road access • Hard-rock tin source remains intact and largely unmined • Large-scale tin deposit now defined over 2km and still growing with every hole 25 MAJOR HISTORICAL OPERATION TALLEBUNG PROJECT ASX: SKY Tallebung Tin Mine – Aerial Image of Historical Mining and Infrastructure. TALLEBUNG PROJECT KEY COMPETITIVE ADVANTAGES 26 ASX: SKY • Low-Cost Mining Proposition – Shallow deposit at surface, very low strip ratio and growing with every new drill-hole • Exceptional Upgrade – Ore sorting ideally suited to the deposit – increases grade >10x, removing over 90% of mined mass in high tin recovery bulk testwork • Low-Cost Processing – Simple gravity circuit for a saleable tin concentrate • High Payability on Tin Concentrate – over 90% payability on a +60% tin concentrate, with sample tin concentrate from bulk sample metallurgical program available shortly Tallebung Tin Mine – Drone Photo looking East down the Central Lead Open Pit. 27 TALLEBUNG PROJECT LOW CAPITAL COST TO STRONG CASHFLOWS ASX: SKY Processing Plant layout • Low pre-production capital of A$138.8M (excluding contingency) comprising A$113.4M processing plant and A$26.3M site and mine establishment costs • Conventional off-the-shelf processing equipment supports a simple flowsheet, short lead times and a rapid 7-month construction schedule • Strong infrastructure advantage with grid power at site and local water sources significantly reducing development risk • Well-positioned regional location with Condobolin just ~70km away, providing access to a skilled mining workforce and services • Clear pathway to development, targeting mining approvals in late CY2027 and first production by mid- CY2028 • Low operating costs of ~A$98 million per annum for a 3Mtpa operation, supported by a low strip ratio of 1.99:1 and a simple gravity-based processing flowsheet: • Mining costs of ~A$49 million per annum, equivalent to a life-of-mine average of A$5.45/t mined (ore and waste) using contract mining • Processing costs of A$35 million per annum, or A$11.90/t ROM processed, including A$3.75/t crushing costs before ore sorting and processing • Site operating costs of A$13 million per annum, including power, water supply, freight and site administration • Coarse, near-surface tin-tungsten-silver mineralisation and the absence of large-scale chemical processing support low operating costs, simplified approvals and straightforward project construction and operation 28 TALLEBUNG PROJECT SIMPLE, LOW-COST OPERATION ASX: SKY Simplified flowsheet schematic Tallebung Project - Simplified PFS Flowsheet Mining / ROM Feed 3.0 Mtpa Crushing Rejects / Tailings ~2.5 Mtpa Preconcentration reject / waste ~500 ktpa Ore Sorting + Coarse Gravity Preconcentration Crushing Gravity & Dressing Circuit Ore sorting + Coarse Gravity 3.0 Mtpa -> -0.5 Mtpa Tin Concentrate 10t/day (~3,000t/year) Tungsten Concentrate 1.25t/day (~450t/year) Silver Dore ~1 kOz/day (~350t/year) • Tallebung tin deposit is ideally matched to ore sorting technology • Conservative, Stage 1 bulk TOMRA Ore Sorting testwork demonstrated increases in grade of +1000% and rejects +90% of mass • Resource grade increases from 0.15% tin x 10 = over 1.50% tin with 95% tin recovery • Reduced mass means smaller, lower plant costs to produce a saleable tin concentrate • Bulk sample of +75t of mineralisation was excavated, crushed and ore sorted on a full-scale TOMRA ore sorter to optimise process, culmination of more than 3 years of testwork Accepted Rejected Schematic of a TOMRA XRT Ore Sorter Cassiterite from Tallebung – Scale in mm Dense tin – cassiterite “nuggets” detected by ore sorter and accepted Host rock and quartz vein without tin rejected by ore sorter The image of cassiterite from Tallebung is intended for illustrative purposes only and SKY does not intend to assay this sample. TOMRA-HIGH TECHNOLOGY CHANGES THE GAME 29 ASX: SKY • Extremely effective sorting of Tallebung tin achieved, as tin is ideally present as large, discrete ‘chunks’, easily classified by the TOMRA XRT ore sorter • 75t bulk sample testwork on full-scale ore sorters demonstrate: – Stage 1 Sorting: Tin upgraded from 0.17% Sn to 2.32% Sn (a 13x increase) with +94.8% Sn recovery in total. – Stage 2 Sorting: Further upgrade to 10.8% Sn (a further 4.6x increase on Stage 1) with a +70% Sn recovery. • Over 90% mass reduction significantly reduces any future project CAPEX and OPEX TOMRA-HIGH TECHNOLOGY CHANGES THE GAME 30 ASX: SKY • Groundwater Monitoring Bores – over 2 years of required monitoring now completed • Geochemical Characterisation – Initial deposit characterisation completed, weathering only variable • Weather Station – Installed over 1 year ago with required data collected • Biodiversity Study – Initial background study completed with seasonal and detailed studies progressing • Environmental Program entering formal EIS stage now in preparation for mining approval • Pilot-scale plant testwork providing crucial data to: • Optimising the metallurgical flowsheet • Produce tin concentrate for end-user marketing • Increase confidence in Resource Estimation PROGRESSING WORK PROGRAM: PAVING WAY TO MINING 31 ASX: SKY Goat-proof fence Weather station and mast Tallebung Weather Station Trench T5 while being excavated – looking north towards the edge of the Southern Open Pit with the walls in background Details on the MRE for Tallebung can be found in SKY ASX Announcement 13 July 2026, available at skymetals.com.au. Multi-commodity metal resources within the Tallebung Deposit were defined using a cutoff calculated for a Net Smelter Return (NSR) equation. This equation combines conservative base-case commodity prices, recovery factors for each of Sn, W, and Ag, and concentrate payability factors to classify resources. Tin resources rec