Announcement PDF • High-grade tin mineralisation intersected in the fifth and final drill-hole of the latest diamond drilling program at the Tallebung Tin Project. Results include: TBD018: 6.65m @ 1.01% tin from 52.35m, including: 2.65m @ 2.46% tin & 0.17% tungsten from 52.35m. • All drill-holes in latest diamond drilling program intersected significant tin mineralisation, further expanding the Tallebung deposit and demonstrating that the mineralisation remains open in all directions. • Major multi-rig Reverse Circulation (RC) drilling program on-track to commence this week with all approvals now received and the drill rig mobilising to site. • This imminent drilling program will advance Tallebung towards commercial development by: • Building on deposit extensions, discovered in the latest diamond drilling results; and • Targeting substantial growth in the existing Mineral Resource Estimate (MRE)1 in terms of size, grade and confidence ahead of mine development studies. SKY Managing Director & CEO Oliver Davies commented: “These high-grade results represent the start of an exciting pattern that we are seeing of higher-grade tin being encountered near and beyond the margins of the existing MRE at Tallebung. The imminent RC drilling program will aim to build on these, further developing the potential of the Tallebung Project. These higher-grade zones continue to improve the future project economics of Tallebung as a potential stable, long-term source of irreplaceable tin for global markets. Ongoing tin production disruptions have seen the tin price climb, peaking at over 60,000AUD/t last week on the LME, exemplifying the need for new, stable sources of tin, such as SKY’s maturing Tallebung Project.” Sky Metals Ltd (ASX: SKY) (‘SKY’ or the ‘Company’) is pleased to report assay results from the fifth diamond drillhole completed as part of the recent diamond drilling program at its flagship 100%-owned Tallebung Tin Project in central NSW. TALLEBUNG PROJECT (EL 6699, SKY 100%) DIAMOND DRILLING PROGRAM Drill-hole TBD018 intersected some of the best visual tin veining encountered at Tallebung to date and this has been confirmed with these latest results. TBD018 was the fifth and final hole in the most recent program with all five (5) diamond drill-holes intersecting zones of strong, shallow tin mineralisation, confirming that the deposit remains open in all directions. 1 For further details on the MRE for the Tallebung Tin Project please see SKY ASX Announcement 23 January 2024. Watch a video summary of this announcement & engage with SKY here SKY METALS LIMITED +61 2 6360 1587 2 HAWTHORN PLACE, ORANGE NSW 2800 WWW.SKYMETALS.COM.AU ABN 46 098 952 035 Figure 1: Plan showing the location of the diamond drill-holes in latest program as well as existing highlight drill intercepts and the boundary of the existing Tallebung MRE shown over geology. TBD018 intersected a shallow, wide quartz veined interval hosting abundant cassiterite (tin-oxide) throughout with grains of wolframite (tungsten) observed, typically associated with the tin mineralisation at Tallebung (see SKY ASX Announcement 1 April 2025). Assays now received for this interval confirm that the hole intersected highgrade tin mineralisation, with results including: TBD014: 6.65m @ 1.01% tin from 52.35m, including: 2.65m @ 2.46% tin & 0.17% W from 52.35m. The recent drilling has successfully identified additional tin-tungsten mineralisation at Tallebung and will also contribute to increasing the Company’s geological understanding of the deposit, improving its geological models and increasing confidence in future upgrades of both the MRE and the Exploration Target. This program has now been completed with all holes drilled using orientated HQ core. 2 EXTENSIVE RESOURCE GROWTH-FOCUSED RC DRILLING PROGRAM A drill rig is mobilising to site this week to commence a Reverse Circulation (RC) drilling program, comprising approximately 70 RC holes for more than 8,000m of drilling. The program is aimed at extending new zones of highergrade tin mineralisation discovered beyond the margins of the known tin resources at Tallebung. A significant number of shallow RC holes are also planned in southern area of the existing MRE to expand the higher confidence Indicated Resources within the MRE in areas where future mining is likely to be focused in the early stages of operations to extract higher-grade, shallow tin mineralisation to facilitate a rapid capital payback. The program is also designed to build on extensions to the higher-grade tin mineralisation discovered in previous drilling programs completed in 2024. This drilling is designed to exploit opportunities to delineate additional shallow, higher grade mineralisation that will also underpin the goal of achieving a faster payback of project CAPEX by incorporating these areas in the early stages of the mine plan. This next program will commence with the drilling of extension drill-holes designed to continue the expansion of the Tallebung deposit. This announcement is authorised for release by the Board of Sky Metals Limited. Investors: Oliver Davies – Managing Director & CEO +61 (0) 430 359 547 Media: Nicholas Read – Read Corporate +61 (0) 419 929 046 JOIN SKY METALS’ INTERACTIVE INVESTOR HUB Visit skymetals.com.au to interact with Sky Metals’ announcements and updates To watch a video summary of this announcement & engage with SKY click here About the Tallebung Tin Project (100% SKY) Tallebung stands as an open-pit, technology enabled, near-term tin development project. Tallebung is uniquely placed to provide secure tin supply, to feed irreplaceable and rapidly expanding tin demand, essential in semiconductors, electronics and solar PV technologies. The Tallebung Tin Project is located at the site of large-scale historical tin mining in central Western NSW where tin was first discovered in the 1890s. SKY is progressively defining a large-scale hardrock tin resource with recent higher-grade tin zones discovered on the margins of the known deposit and exceptional metallurgical performance demonstrated across the entire known deposit. The shallow, open-pit tin veins combined with the ideal nature of the tin, hosted as large, discrete grains of simple tin-oxide (cassiterite minerals), all ideally lends itself to low-cost tin production advantages, including exceptional X-ray based ore sorting performance, demonstrated to upgrade the tin up to 44x, prior to low-cost gravity separation to produce a saleable tin concentrate. 3 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 and director 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. Previously Reported Information The information in this report that references previously reported exploration results is extracted from the Company’s ASX market announcements released on the date noted in the body of the text where that reference appears. The previous market announcements are available to view on the Company's website or on the ASX website (www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Disclaimer This report contains certain forward-looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Sky Metals Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Sky Metals Ltd. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geoscientists. Table 1: Drillhole coordinates (MGA94 Zone 55). Hole ID TBD018 Easting (MGA) 460917 Northing (MGA) 6376181 RL (m) DIP 294 -60 Azimuth (MGA) 250.4 Total Depth (m) 156.4 Comment Table 2: Tallebung Tin Project – Significant Intercepts (TBD018). Hole ID From To Interval Sn W Ag Cu Zn (m) (m) (m) % % g/t % % TBD018 52.35 59 6.65 1.01 0.07 - - - including 52.35 55 2.65 2.46 0.17 - - - including 126.95 132.9 123.9 127.8 142.15 133.85 0.85 9.25 0.95 0.22 0.1 0.51 0.02 0.07 - 15.4 - - 0.66 - 4 Comment Core loss between 55-55.4m at end of interval JORC CODE, 2012 - TABLE 1 Section 1 Sampling Techniques and Data – TALLEBUNG PROJECT (Criteria in this section apply to all succeeding sections) Criteria Explanation Sampling techniques Commentary • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry Drill core sampling is by sawn half core HQ. Nominal sample intervals are 1m with a range from 0.3m to standard measurement tools appropriate to the minerals under investigation, such as downhole 2.0m. gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as All samples were submitted to ALS Orange for preparation and assaying. limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. For diamond drilling standards are insert every 30-50 samples. All sample lab received weights are reviewed and show consistency with core recovery and interval length. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases Each sample will be dried, crushed and pulverised as per standard industry practice. where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a Diamond drilling - core samples were taken at nominally 1m, but with a range between 0.3-2m. HQ core 30 g charge for fire assay’). In other cases, more explanation may be required, such as where samples are cut in halves with 1/2 retained for reference and metallurgical test work and 1/2 submitted there is coarse gold that has inherent sampling problems. Unusual commodities or for assay - dried, crushed and pulverised to 90% passing 75 microns. mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. ALS Orange - Forty-eight elements including Ag, As, Cu, Fe, In, Pb, S, Zn are digested by four-acid digest then analysed by ICPMS (method ME-MS61). Sn and W assays were generated by lithium borate fusion XRF (method ME-MS85) – considered appropriate for these elements and by XRF fusion for +1% ore grade assays. Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, Diamond Drilling completed by drilling HQ core. HQ was drilled end of hole. sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc) HQ core was orientated. Drill sample recovery • • • Sample weights are recorded for each sample. Recoveries were generally excellent and consistent. Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may There is no known relationship between sample recovery and grade. Where samples recoveries are less than 95% there is no relationship observed between grade and sample recovery. Relationships between have occurred due to preferential loss/gain of fine/coarse material sample recovery and grade are not considered significant where recoveries exceeded 95% in fresh rock. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography The total length and percentage of the relevant intersections logged • • 5 Systematic geological and geotechnical logging was undertaken when the holes were originally drilled. Data collected includes: • Nature and extent of lithologies. • Relationship between lithologies. • Amount and mode of occurrence of ore minerals. • Location, extent, and nature of structures such as bedding, cleavage, veins, faults etc. Structural data (alpha & beta) are recorded for orientated core. Geotechnical data such as recovery, RQD, fracture frequency, qualitative IRS, microfractures, veinlets and Criteria Explanation Commentary number of defect sets. For some geotechnical holes the orientation, nature of defects and defect fill are recorded. Both qualitative and quantitative data is collected. Half core (HQ) & ¾ core (PQ) samples are retained in trays for future reference. Sub-sampling techniques and sample preparation • • • • • • Quality of assay data and laboratory tests • • • Verification of sampling • and assaying • • • If core, whether cut or sawn and whether quarter, half or all core taken If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry For all sample types, the nature, quality and appropriateness of the sample preparation technique Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled Samples were dried crushed and pulverised to 90% passing 75 microns. This is considered to appropriately homogenise the sample to allow subsampling for the various assay techniques. Certified Reference Material (CRM) and blanks were inserted at least every 30 samples to assess the accuracy and reproducibility of the drill core results. The results of the standards were to be within ±10% variance from known certified result. If greater than 10% variance the standard and up to 10 samples each side were re-assayed. ALS Orange conducted internal check samples every 20 for multielement assay. Sample sizes are industry standard and considered appropriate The nature, quality and appropriateness of the assaying and laboratory procedures used and Standard assay procedures performed by a reputable assay lab, ALS Orange - Forty-eight elements whether the technique is considered partial or total including Ag, As, Cu, Fe, In, Pb, S, Zn are digested by four-acid digest then analysed by ICPMS (method For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in ME-MS61). Sn and W assays were generated by lithium borate fusion XRF (method ME-MS85) – determining the analysis including instrument make and model, reading times, calibrations considered appropriate for these elements and by XRF fusion for +1% ore grade assays. factors applied and their derivation, etc Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external No geophysical tools were used in the determination of assay results. laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have Certified reference material or blanks were inserted at least every 50 samples. Standards are purchased been established from Certified Reference Material manufacture companies: Standards were purchased in foil lined packets of between 60g and 100g. Different reference materials were used to cover high grade, medium grade, low grade, and trace ranges of elements, with a primary focus on Sn and W. Drill data is compiled and collated and reviewed by senior staff. External consultants do not routinely The verification of significant intersections by either independent or alternative company verify exploration data until resource estimation procedures are deemed necessary. The intersection personnel. calculations were viewed by >1 geological personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical Twinned holes have been used by past explorers to validate the results achieved and have confirmed and electronic) protocols. these historic results. Discuss any adjustment to assay data Drill Hole Data including: meta data, any gear left in the drill hole, lithological, mineral, survey, sampling, magnetic susceptibility was collected and stored as physical and electronic copies or entered directly into an excel spread sheet using drop down codes. When complete the spreadsheet was combined into a master excel spreadsheet as the drill hole database. Assay data was provided by ALS Orange via .csv spreadsheets. The data was validated using the results received from the known certified reference material. Hard copies of the assay certificates were stored with drill hole data such as drillers plods, invoices, and hole planning documents. Assay data is not adjusted. 6 Criteria Location of data points Explanation • • • Commentary Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used Quality and adequacy of topographic control Historic drill hole collars were located using either a licenced surveyor or on a local imperial or metric grid. Conversion of the local grid co-ordinates has been undertaken by previous exploration companies. SKY has used DGPS surveying of drillholes (± 0.1m) to accurately locate them. All coordinates are based on Map Grid Australia Zone 55E, Geodetic Datum of Australia 1994. Historic drill hole collars were located using either a licenced surveyor or on a local imperial or metric grid. SKY has used DGPS surveying of drillholes (± 0.1m) to accurately locate them, or handheld GPS (+/3m). Where handheld GPS has been used, SKY will DGPS them at a later date. Data spacing and distribution • • • Data spacing for reporting of Exploration Results At this stage, drilling of the MRE area of the project has been drilled to at least approximately 80m x 80m Data spacing for reporting of Exploration Results Whether the data spacing, and distribution is down to 40m x 40m for inferred and indicated resources respectively. Outside of the MRE area, data sufficient to establish the degree of geological and grade continuity appropriate for the Mineral spacing is variable as the focus is on geological mapping and identifying new zones of mineralisation. Resource and Ore Reserve estimation procedure(s) and classifications applied Whether sample compositing has been applied The MRE was estimated to inferred and indicated and increases in resource confidence will require tighter spaced drilling, such as some of the drilling completed in this program. Sample Compositing is not applied. Orientation of data in relation to geological structure • Sample security • The measures taken to ensure sample security Sample chain of custody has been managed by the employees of Sky Metals who Commissioned the drilling and transport samples from the drilling rig to assay laboratory. All samples are bagged in tied numbered calico bags, grouped into larger tied polyweave bags, or placed in a stillage box and transported to ALS in Orange by SKY personnel. All sample submissions are documented via ALS tracking system and all assays are reported via email. Sample pulps are returned to site and stored for an appropriate length of time (minimum 3 years). The Company has in place protocols to ensure data security. Audits or reviews • The results of any audits or reviews of sampling techniques and data The Company has external consultants to verify exploration data for the resource estimation process. Further details for the MREs can be found in SKY ASX Announcement 22 Match 2023 and SKY ASX Announcement 23 January 2024. • Whether the orientation of sampling achieves unbiased sampling of possible structures and the Drilling was orientated to cross the mineralisation trend at moderate to high angles. The use of extent to which this is known, considering the deposit type orientated core allows estimates of the true width and orientation of the mineralisation to be made. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced sampling bias, this should be assessed and reported No sample bias due to drilling orientation is known. The structural controls on mineralisation is if material considered well understood and consistent. 7 Section 2 Reporting of Exploration Results – TALLEBUNG PROJECT (Criteria listed in the preceding section also apply to this section) Criteria Explanation Mineral tenement and land tenure status Exploration done by other parties Commentary • Type, reference name/number, location and ownership including agreements or material The Tallebung Project is described by NSW Exploration Licence 6699 issues with third parties such as joint ventures, partnerships, overriding royalties, native The tenement is 100% owned by Stannum Pty Ltd, a 100% owned subsidiary of Big Sky Metals Pty Ltd and a title interests, historical sites, wilderness or national park and environmental settings. 100% owned subsidiary of Sky Metals Ltd. The Tallebung tenement is overlain by Native Title Determination Application No NC12/1 (Federal Court No NSD 415/12). A determination of extinguished native title was received over a portion of the Tallebung Tin Field. An agreement between for the remainder of the tenement where Native Title has not been extinguished, an agreement has been reached between Stannum and the Native Titla Applicant to allow access to the remainder of the tenement. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area Stannum Pty Ltd have previously Commenced a Right to Negotiate Process (RTN) with the claimant group with respect to Application No NC12/1 (Federal Court No NSD 415/12). These negotiations have resulted in a land access agreement to be sign with Stannum Pty Ltd. A determination of extinguished native title was received over a major portion of the Tallebung Tin Field and Stannum has also signed an access agreement with the Native Title Applicant for access to the entire lease. • Acknowledgment and appraisal of exploration by other parties The Tallebung Project area was subject to a modern, large-scale alluvial/colluvial mining by the Tullebong Tin Syndicate in the period 1963-1972. The Tullebong Syndicate Completed a program of 24 short diamond holes in 1968-69 designed to test the lode mineralisation at Tallebung. Pruessag Completed a large-scale assessment of the alluvial tin deposits in 1984-85, including RC drilling, identifying the potential for a large, low grade alluvial deep lead. In recent exploration, YTC Resources (now Aurelia Metals Ltd) completed trenching, diamond drilling, aircore drilling of tailings, and resistivity geophysics (EH4) at the Tallebung tin field. YTC recognised the continued potential for both shallow high grade, and large scale low-grade porphyry-style- tin mineralisation. Geology • Deposit type, geological setting and style of mineralisation The Ordovician aged Tallebung Group sediments in the Tallebung Tin Field area outcrop as a sequence of weakly metamorphosed shales, siltstones, carbonaceous mudstones and minor quartz-rich sandstones. The rocks are tightly folded, striking NNW at around 330o with variable dips. The tin mineralisation is thought to be sourced from the Silurian-aged Erimeran granite, which outcrops 2km south of the Tallebung Tin Field. The Tallebung Tin Field represents a site of significant tin and tungsten production from high grade, quartz lodes and their associated alluvial and deep lead deposits. The field has been worked sporadically from the discovery of lode tin in the 1890’s, through to the large-scale open cut mining of alluvial tin by the Tullabong Tin Syndicate in the period 1963 to 1971. The Tallebung Tin Field contains significant, tin bearing, unconsolidated sediments which are alluvial to elluvial in nature, poorly sorted and contain coarse bedrock fragments up to 15cm in a matrix of sandy/silty clay with some iron oxides and cemented layers. Sediment thickness varies from 5m to 36 metres. The east-trending, tin bearing leads and deep leads draining the Tallebung lode deposits are the dominant source of historic tin production from the field. The Tallebung site is now a large-scale derelict mining environment with approximate at least 1.6km strike of shallow open cuts, large scale tailings dam and decaying mine site housing and infrastructure. The tin and tungsten bearing quartz reefs are located on the western edge of the worked out alluvial open pits. The lodes form a well-developed quartz vein stock work zone extending for approximately at least 1.6km on a 330o trend. Thicker quartz lodes >0.5m have been selectively exploited in historic shafts and shallow open cuts 8 Criteria Explanation Commentary along the trend. Drill hole Information • • Data aggregation methods • • • A summary of all information material to the understanding of the exploration results See body of announcement, specifically Tables 1 and 2. including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level–elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. In reporting Exploration Results, weighting averaging techniques, maximum and/or Where reported, drilling results from the Tallebung Project have been length weighted. Grades greater than minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually 500ppm Tin have been used to calculate intercepts. No high cut-off has been applied for exploration data, Material and should be stated. however, a top cut is used for resource calculations (please see SKY ASX Announcement 22 Match 2023 and SKY Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of ASX Announcement 23 January 2024 for further details). low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. Intercepts are length weighted with no cutting of grades. This may lead to elevation of intercept grades due to The assumptions used for any reporting of metal equivalent values should be clearly stated the presence of a narrow interval of high-grade material. Such high grade zones are reported as included intercepts inside the broader intercept. No metal equivalences quoted. These relationships are particularly important in the reporting of Exploration ResultsAt Tallebung, orientated drill core has been used to allow determination of orientation of structures and if the geometry of the mineralisation with respect to the drill hole angle is known, its mineralisation. Lode orientation of the Tallebung is well constrained by previous drilling and outcrop. Drilling nature should be reported. intercepts lodes at or very close to perpendicular and reported intercepts are therefore estimated true if it is not known and only the down hole lengths are reported, there should be a clear thicknesses. statement to this effect (e.g. ‘down hole length, true width not known’). Relationship between mineralisation widths and intercept lengths • Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Balanced reporting • See body of announcements and previous releases on Tallebung. Where Comprehensive reporting of all Exploration Results is not prac