Announcement PDF 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 forwardlooking 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 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 Tallebung Mineral Resource Estimate and Exploration Target was prepared by Luke Burlet, who is a Member and Chartered Professional (Geology) of the Australasian Institute of Geoscientists. Luke Burlet is a Director of H & S Consultants 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. Burlet consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Cautionary Statement regarding Exploration Targets An Exploration Target of 23 – 32 Mt @ 0.14 – 0.17% Tin has been previously reported for the Tallebung Tin Project and 10 – 15 Mt @ 0.32-0.42% Tin for the Doradilla Project (please see SKY ASX Announcement 23 January 2024 and SKY ASX Announcement 14 July 2025, respectively, 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 expand the MRE and grow confidence in this estimated Exploration Targets. Supporting report and further details on the Mineral Resource Estimate and the definition of the Exploration Target are included in SKY ASX Announcement 23 January 2024 and SKY ASX Announcement 14 July 2025. ASX: SKY 2 CORNERSTONE ASSET QUALITY TEAM NEAR-TERM GROWTH Flagship Tallebung Tin Project in NSW brownfields asset with substantial JORC Resource & compelling upside Highly regarded board & leadership team with exceptional track record, led by Norm Seckold and Oliver Davies Upsized 15,000m drill program well advanced targeting resource growth & upgrades – taking the existing deposit to the next level TIN MARKET ASSET PIPELINE VALUE Compelling market outlook for tin, driven by its irreplaceable use in modern technologies and supply constraints Building a strong pipeline of emerging development assets that now includes the Doradilla Tin Project Compelling value proposition with a market capitalisation of just ~$50 million, strongly leveraged to growth ASX: SKY 3 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, Kings Minerals NL, Mogul Mining NL, Gold Corp and Santana Minerals Ltd. Currently Chairman Nickel Industries Ltd, Alpha HPA Ltd and Fulcrum Lithium Ltd. 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 Chairman of Genesis Minerals Ltd as well as current Chairman of New World Resources Ltd and Accelerate Resources Ltd. CAPITAL STRUCTURE Shares on issue Options & Performance Rights Share price (28 July 2025) Market capitalisation Cash (30 June 2025) Debt 729.2M 41.3M ~$0.071 ~$51.8M ~$3.43M Nil SHAREHOLDERS 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. 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 of the Lake Cowal Gold Resource and Alkane’s exploration success with the discoveries at Tomingley and Boda. Top 20 holders Board and Management 51.7% 11.8% Tallebung Environmental Mining Approvals: R.W. Corkery & Co. to expediate and advise on best practice for environmental studies and mining approvals process. Tallebung Metallurgy – Gunn Metallurgy, TOMRA Ore Sorting Solutions and ALS Burnie engaged to conduct metallurgical testwork. Tallebung Resource Estimation – H&SC modelled and estimated the MRE and Exploration Target. ASX: SKY 4 New solar PV tech increases tin use – tin replacing lead and indium in cells Increase in tin demand Tin is vital for EVs, Renewable Energy, AI and all electronics Tin Price Fundamental structural demand growth – triggering a supply crunch after 30+ years of underinvestment Source: BNEF, Rho Motion, Macquarie Strategy – April 2024 ASX: SKY 5 TIN: ESSENTIAL ELECTRIFICATION METAL – GLOBAL SUPPLY DISRUPTIONS • Inelastic tin price – strong demand underpinned by tin’s irreplaceable role in electronics, increasing demand with AI and EVs • Over 5% of world tin production out when Alphamin’s Bisie tin mine shut in DRC • Heavily disrupted Indonesian tin production decreased by 33% in 2024 – previously Indonesia accounted for 20% of global tin supply • Limited reliable and ethical sources • Few tin investment opportunities on ASX Source: ITA Source: ITA ASX: SKY 6 MAJOR HISTORIC TIN OPERATION TALLEBUNG TIN PROJECT • 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: - Tallebung Tin Mine – Aerial Image of Historic Mining and Infrastructure. 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 ASX: SKY 7 TALLEBUNG TIN PROJECT KEY COMPETITIVE ADVANTAGES Tallebung Tin Mine – Drone Photo looking East down the Central Lead Open Pit. • 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 >5x, removing over 80% of mined mass in high tin recovery 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 ASX: SKY 8 EVOLVING HIGH-GRADE TIN-SILVER DISCOVERIES AND EXTENSIONS • • New intercepts show potential for shallow, higher-grade tin and silver outside the existing MRE Three main shallow target areas for Resource growth: • Southern extensions where TBRC078 intercepted: 11m @ 1.02% Sn & 77.9g/t Ag from 64m • New south-eastern silver discovery in TBRC171: 3m @ 644g/t Ag & 0.96% Sn from 24m • Eastern extensions in TBRC090 which intercepted: 10m @ 0.69% Sn & 23.7g/t Ag from 23m • Results demonstrate that the deposit remains open in all directions – latest drilling program has extended these zones and identified new shallow, high-grade mineralisation • Successful RC program substantially expanding the existing MRE size, confidence and grade with more results to be release over the coming months as drilling continues ASX: SKY 9 GROWING LARGE HARDROCK TIN RESOURCE • Recent higher-grade expansion not included in the existing MRE or Exploration Target estimates • Jan 2024 MRE, Inferred and Indicated, totalling: 15.6 Mt @ 0.15% Tin for 23kt of contained Tin1 • Exploration Target estimated concurrently: 23 – 32 Mt @ 0.14 – 0.17% Tin1,2 • Tin mineralisation highly amenable to 5x upgrade using TOMRA Ore Sorting – 0.15% = +0.70% Tin • 0.70% Tin equates to +2g/t Au or +2% Cu3 • Indicated MRE: 5.00 Mt @ 0.16% Tin for 7.93kt of contained Tin1. • Inferred MRE: 10.6 Mt @ 0.14% Tin for 15.2kt of contained Tin1. 1For further details on the MRE and Exploration Target please see SKY ASX Announcement 23 January 2024 and Appendix 1. 2Please see the Cautionary Statement regarding Exploration Targets in the Disclaimer on Slide 2 and Appendix 1. 3Equating of 0.70% Sn to +2g/t Au or +2% Cu based on spot prices 1/5/2025 of 31,153USD/t, 3,333USD/Oz and 9,118USD/t for tin, gold and copper, respectively. (0.70% Sn x 31,153USD/t Sn)/ 9,118USD/t Cu = 2.39% Cu or +2% Cu. (0.70% Sn x 31,153USD/t Sn)/(3,333USD/Oz/31.1g/Oz) = 2.03g/t Au or +2g/t Au. No assumptions have been made on processing costs or recoveries though it is anticipated that all metals quoted in the deposit will be recovered and sold. Schematic Plan View - Tallebung Tin Mine Highlight drill intercepts and TOMRA ore sorting results. ASX: SKY 10 Cassiterite from Tallebung – Scale in mm • Tallebung tin deposit is ideally matched to ore sorting technology • Conservative TOMRA Ore Sorting increases grade +500% and rejects +80% of mass Dense tin – cassiterite “nuggets” detected by ore sorter and accepted • Resource grade increases from 0.15% Tin x 5 = to over 0.70% Tin with +98% tin recovery Host rock and quartz vein without tin rejected by ore sorter • Recent aggressive ore sorting results shows: ▪ 44x grade increase, 0.10% Tin upgraded to 4.42% Tin ▪ 98% upfront mass rejection ▪ 83% Tin recovery • Reduced mass means smaller, lower plant costs to produce a saleable tin concentrate Schematic of a TOMRA XRT Ore Sorter The image of cassiterite from Tallebung is intended for illustrative purposes only and SKY does not intend to assay this sample. Rejected Accepted ASX: SKY 11 TOMRA– HIGH TECHNOLOGY CHANGES THE GAME • Extremely effective sorting of Tallebung Tin achieved as Tin is ideally present as large, discrete ‘chunks’, easily classified by the TOMRA XRT ore sorter • Initial, conservative ore sorting aimed to accept all rocks with Tin shown in the scan – this gave an average of 5x upgrade with +98% Tin recovery and +80% mass rejection • Latest aggressive ore sorting aim for just large Tin responses and ignored smaller Tin grains – this gave a 44x upgrade with an 83% Tin recovery and 98% mass rejection ASX: SKY 12 TOMRA– HIGH TECHNOLOGY CHANGES THE GAME ASX: SKY 13 PROGRESSING WORK PROGRAM: TRENCHING AND BULK SAMPLING • Six trenches completed with all intercepting tin mineralisation at surface • Four sites selected and bulk samples taken of 1020 tonnes each for bulk metallurgical testwork • Metallurgical testwork includes full-scale TOMRA Ore Sorting trial. Upgraded ore then treated in a pilot-scale gravity plant to produce approximately 100kg of saleable tin concentrate • The pilot-scale testwork will provide crucial data to: • Optimising the metallurgical flowsheet, • Produce tin concentrate for end-user marketing, and • Increase confidence in resource estimation Trench T5 while being excavated – looking north towards the edge of the Southern Open Pit with the walls in background ASX: SKY 14 SHALLOW, HIGHER-GRADE START UP • Shallow, at surface high-grade tin zone identified for fast payback potential at commencement of mining • Results within the high-grade zone include: TBD002: 60.2m @ 0.54% Tin from 12.8m TBD003: 60.55m @ 0.36% Tin from 23m Schematic Cross-Section of Shallow High-Grade Zone Plan View Aerial Image of the Tallebung Project ASX: SKY 15 Large-scale, multi-rig drill out ongoing to expand MRE, increase resource confidence and grow higher-grade discoveries with completion scheduled in the coming months Release updated MRE with addition of higher-grade discoveries, in-fill drilling and bulk sampling data Incorporate new MRE and metallurgical work to underpin mining studies to demonstrate potential project economics Drone over the Tallebung Tin Mining Field – Old Crusher and ROM to Southern Open Pit ASX: SKY 16 MINE PERMITTING: WELL-ADVANCED ENVIRONMENTAL STUDIES • Groundwater Monitoring Bores – Over 18 months of 2 years required monitoring now completed Bore Cap Weather station and mast Goat-proof fence • Geochemical Characterisation – Initial work within the deposit completed to characterise waste management, weathering only variable; Progressing to kinetic column testing to further characterise waste over coming months • Weather Station – Installed approx. 6 months ago to collect 1 year of data needed to show comparable to local weather stations • Biodiversity Study – Initial background study completed with further seasonal and detailed studies following on now Groundwater Monitoring Bore Tallebung Weather Station • Environmental Program now waiting on precise mining plans in coming months for final works ASX: SKY 17 TALLEBUNG TIN PROJECT LOW-RISK PATHWAY SET TO ADD VALUE QUICKLY ASX: SKY 18 DORADILLA TIN PROJECT A GIANT IN WAITING • 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: 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 • Potential to triple already large-scale shown by strike extensions: • +2.5km to the NE from SKY drilling results • +2.5km to the SW in historic drilling not digitised in SKY’s database • Potential development to compliment Tallebung, adding substantial depth to SKY’s tin inventory pipeline 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. Schematic Plan View - Doradilla Tin Deposit Exploration Target and extensions over geological map. ASX: SKY 19 Details on the MRE and Exploration Target for Tallebung can be found in SKY ASX Announcement 23 January 2024, available at skymetals.com.au. Exploration Target The Exploration Target at Tallebung of approximately 23 – 32 Mt at a grade ranging between 0.14 - 0.17 % tin has been defined from the drilling completed prior to the estimate of the most recent MRE and Exploration Target from 23 January 2024. The potential quantity and grade referred to as the Exploration Target is 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. The drilling that was used to estimate the Exploration Target beyond the current MRE has not been completed at sufficient drillhole or sampling density to have these results included in the MRE at Tallebung SKY has completed drilling of this Exploration Target in the months since the estimate was completed. The new drilling results will be included in any updated MRE or Exploration Target, with the aim to expand the MRE and grow confidence in this estimated Exploration Target. At this stage it is not certain what impact the latest drilling results will have in converting the Exploration Target into Inferred or Indicated Resources or if it will increase either the MRE or Exploration Target and work will be ongoing over the coming months to assess these results. Table 1 – Tallebung MRE showing total tonnage, grade and contained metals at a 0.08% Tin cut-off grade. NB: WO3 refers to the Tungsten reported as an oxide as it is likely to be a significant by-product. Additionally, mtu refers to metric tonne units which Tungsten is conventionally reported as, 1 mtu = 10 kg WO3. Resource Category Tonnes Grade Mt Tin (%) Inferred Indicated Total 10.6 5.00 15.6 0.14 0.16 0.15 Contained Metal WO3 (%) Tin (kt) 0.03 0.03 0.03 15.2 7.93 23.2 WO3 (mtu) 302,106 131,833 433,940 Table 2 – Tallebung Exploration Target with the upper and lower tonnages and grade range presented. Exploration Target Tonnes Grade Mt Tin (%) Upper Lower 32 23 0.14 - 0.17 0.14 - 0.17 ASX: SKY 21 Details on the Doradilla Exploration Target can be found in SKY ASX Announcement 14 July 2025, available at skymetals.com.au. Exploration Target The Exploration Target at Doradilla of approximately 10-15 million tonnes (Mt) grading 0.32-0.42% Sn, representing a potential 32,000 to 63,000 tonnes of contained tin. The potential quantity and grade referred to as the Exploration Target is 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. Table 3: Doradilla Tin Deposit: Initial Exploration Target for 2.5km of the total 7.5km strike Exploration Target Tonnage Range Mt Grade Range Tin (%) Contained Metal Tin (t) Total @ 0.20% tin cut-off grade 10 - 15 0.32 - 0.42 32,000 - 63,000 The drilling that was used to estimate the Exploration Target has not been completed at sufficient drillhole or sampling density to have these results included in an MRE. To advance the Exploration Target toward Mineral Resource classification, the following work is planned: • Infill and step-out drilling to confirm continuity and geometry of mineralisation, particularly to follow up: Multiple aircore holes returning intercepts >0.5% Sn over significant widths with confirmed cassiterite-dominate mineralisation and, Newly recognised historic drilling which has not been digitised into SKY’s drilling database. • Metallurgical test work to assess tin recovery from oxide and sulphide zones to continue to build on the excellent results achieved to date. • Culminating in geological modelling and resource estimation in accordance with JORC Code (2012). ASX: SKY 22