Announcement PDF Annual Report For the financialYear ended 30June 2026 ABN 46 098 952 035 SkyMetals Limited and its controlled entities SKY METALS LIMITED and its controlled entities CONTENTS Page Chairman’s Letter 1 Review of Operations 3 Statement of Corporate Governance 14 Directors’ Report 15 Auditor’s Independence Declaration 33 Consolidated Statement of Profit or Loss and Other Comprehensive Income 34 Consolidated Statement of Financial Position 35 Consolidated Statement of Changes in Equity 36 Consolidated Statement of Cash Flows 37 Notes to the Consolidated Financial Statements 38 Consolidated Entity Disclosure Statement 68 Directors’ Declaration 69 Independent Auditor’s Report 70 ASX Additional Information 76 Corporate Directory 79 SKY METALS LIMITED and its controlled entities CHAIRMAN'S LETTER 1 Dear Fellow Shareholders, I am pleased to present the 2026 Annual Report for Sky Metals Limited. FY2026 was a transformational year for SKY, marked by significant progress across our portfolio and, most importantly, the continued advancement of our flagship Tallebung Tin-Tungsten-Silver Project toward development. Throughout the year, we delivered major exploration success, achieved important metallurgical breakthroughs, advanced environmental and permitting activities, and strengthened our position as one of Australia's emerging tin- tungsten-silver development companies. The global outlook for tin and tungsten remains exceptionally compelling. Tin is a critical mineral underpinning modern technology, with demand continuing to be driven by electronics, artificial intelligence infrastructure, semiconductors, renewable energy systems and electric vehicles. Against a backdrop of constrained global supply and increasing recognition of tin's strategic importance, SKY is well positioned to benefit from growing demand for secure and reliable future sources of tin production. At Tallebung, extensive drilling programs completed during the year substantially increased geological confidence in the deposit and identified significant extensions to mineralisation. More than 500 drill holes had been completed by year end, providing the foundation for a materially expanded Mineral Resource Estimate announced shortly after the end of the financial year. These results reinforced our confidence that Tallebung has the scale, grade and continuity required to support future mining development. Importantly, FY2026 also delivered outstanding metallurgical outcomes. Large-scale ore sorting trials demonstrated exceptional tin recoveries and substantial mass rejection, validating a processing pathway that has the potential to materially reduce future capital and operating costs. These results represent a major de-risking milestone and further strengthen the economic potential of the project. At the same time, Tallebung entered the Environmental Impact Statement stage of the NSW State Significant Development approvals process, another key step in advancing the project toward potential near-term production. Beyond Tallebung, we were particularly encouraged by the progress achieved at the Doradilla Project. Metallurgical testwork demonstrated the ability to recover tin into a high-grade saleable concentrate, significantly enhancing the development outlook for what we believe is a highly prospective and underexplored tin district. Continued geological assessment and surface sampling further highlighted the scale potential of the broader Doradilla-Midway-3KEL corridor and reinforced our view that Doradilla has the potential to become a second major tin development asset within the Company's portfolio. Looking ahead, our priorities for FY2027 include: • Advancing Tallebung through ongoing development, environmental and permitting activities associated with the State Significant Development process; • Progressing metallurgical optimisation, concentrate production and associated development studies to support future production decisions; • Continuing targeted drilling programs aimed at further resource growth and conversion; and • Advancing Doradilla through ongoing metallurgical, geological and exploration programs designed to unlock the full potential of this emerging tin district. On behalf of the Board, I would like to sincerely thank our shareholders for their continued support and confidence throughout the year. I also extend my appreciation to our management team, employees, contractors and consultants whose dedication and commitment have delivered another year of strong progress. I would particularly like to recognise Managing Director Mr. Oliver Davies, whose leadership has been instrumental in advancing the Company's strategic objectives, together with Non-Executive Directors Mr. Hill and Mr. Kairaitis, and Company Secretary Mr. Willson for their ongoing contribution to the Company. This year we also welcomed Mr Scott Todd to the Board and I would like to extend our appreciation for the tremendous contributions Mr Todd has already made to SKY and rapidly advancing the Tallebung Project. SKY METALS LIMITED and its controlled entities CHAIRMAN'S LETTER 2 The Board remains excited about the opportunities ahead. With growing resources, successful metallurgical outcomes, significant permitting progress and strong exposure to the tin market, SKY is entering FY2027 in its strongest position to date and remains focused on building long-term shareholder value through the successful development of its Australian critical minerals portfolio. Yours sincerely Norman A. Seckold Chairman SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 3 Corporate Activities • On 15 July 2025, 1.1 million shares were issued to the Managing Director upon the exercise of performance rights, • On 15 July 2025, 5.8 million unlisted performance rights held by the Managing Director and other employees expired, • On 15 July 2025, the Company issued 1.75 million performance rights to employees, • On 22 July 2025, 12.35 million shares were issued to employees and Directors upon the exercise of performance rights, • On 25 July 2025, 5 million shares were issued to Directors upon the exercise of performance rights, • On 31 July 2025, SKY announced a $6.1 million placement to institutional, sophisticated and professional investors, including the Company’s directors, at A$0.065 per share to advance the Tallebung Tin Project. The shares were issued in two tranches; 84.6 million shares were issued on 7 August 2025, and 9.1 million shares were issued on 27 November 2025 subsequent to shareholder approval at the Annual General Meeting held on 10 November 2025, • On 10 September 2025, 781,862 shares were issued upon the exercise of options at $0.064 per share, • On 7 October 2025, 1 million shares were issued to the Managing Director upon the exercise of performance rights, • The Company held its Annual General Meeting on 10 November 2025 with all resolutions carried, • On 27 November 2025, the Company issued 12.55 million performance rights to directors and employees, as approved by shareholders at the 2025 AGM on 10 November 2025, • On 18 December 2025, Mr Scott Todd was appointed as Executive Director, • On 18 December 2025, the Company issued 3.75 million performance rights to Executive Director Mr Scott Todd, • On 12 January 2026, 7.85 million unlisted performance rights to employees and Directors expired, • On 20 January 2026, 26.5 million shares were issued to employees and Directors upon the exercise of performance rights, • On 30 January 2026, 1.1 million unlisted performance rights held by employees expired, • On 30 January 2026, 8.2 million shares were issued to employees and Directors upon the exercise of employee performance rights, • On 13 February 2026, SKY announced a $20.5 million placement to institutional, sophisticated and professional investors, including the Company’s directors, at A$0.155 per share to advance the Tallebung Tin Project. The shares were issued in two tranches; 129 million shares were issued on 18 February 2026, and 3.2 million shares were issued on 4 June 2026 subsequent to shareholder approval at a meeting of shareholders held on 19 May 2026, • The Company held a General Meeting on 19 May 2026 with all resolutions carried, • On 19 May 2026, the Company issued 2.96 million performance rights to employees, and • On 4 June 2026, 0.75 million shares were issued to employees and Director upon the exercise of performance rights. SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 4 Sky Metals Limited (ASX: SKY) is focused on discovering and developing high-value mineral projects in New South Wales, Australia. The Company's portfolio is focussed on the advanced Tallebung and Doradilla projects, providing exposure to growing demand for tin, tungsten and precious metals. SKY’s broader portfolio offers exposure to the tin, gold, copper and base metal markets in the world class mining jurisdiction of NSW. Figure 1: SKY Metals - Project Location Map SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 5 Project Updates TALLEBUNG PROJECT (EL 6699, SKY 100%) EXPLORATION DRILLING & DEPOSIT EXTENSIONS Drilling at the Tallebung Tin‑Tungsten‑Silver Project accelerated throughout FY2026, with major multi‑rig RC and diamond programs focused on resource expansion, in‑fill drilling and geotechnical work to support mine design. The year began with completion of a 143‑hole RC program in the September quarter, then progressed through major follow‑up programs in the December, March and June quarters. By year end more than 500 drill holes had been completed at Tallebung, compared with only 115 holes underpinning the previous Mineral Resource Estimate (‘MRE’), materially improving geological confidence and supporting the updated MRE announced after year end on 13 July 2026. FY2026 drilling consistently returned shallow, high‑grade tin, tungsten and silver mineralisation beyond the previous resource margins and demonstrated continued growth to the south‑east, east and north‑east. Key reported drill intercepts across the year included: TBRC171: 3m @ 686.3g/t Ag & 0.96% Sn from 24m TBRC253: 5m @ 1.63% Sn from 6m, including 1m @ 7.44% Sn & 13.9g/t Ag TBRC218: 6m @ 1.32% W, 20.2g/t Ag & 0.10% Sn from 21m and 10m @ 0.60% W, 80.6g/t Ag & 0.10% Sn from 53m, including 3m @ 1.58% W, 173g/t Ag & 0.18% Sn TBRC263: 21m @ 0.75% Sn & 0.02% W from 27m, including 6m @ 2.40% Sn & 0.03% W TBRC274: 3m @ 604g/t Ag & 0.68% Sn from 24m TBRC302: 25m @ 0.27% Sn, 0.09% W & 17.0g/t Ag from 7m, including 2m @ 0.76% Sn & 0.25% W TBRC304: 24m @ 0.34% Sn & 31.5g/t Ag from 101m, including 4m @ 1.02% Sn & 131g/t Ag TBRC317: 8m @ 1.18% Sn & 0.25% W from 41m, including 3m @ 2.88% Sn & 0.45% W TBRC395: 23m @ 1.14% Sn & 0.03% W from 19m, including 6m @ 2.72% Sn & 0.06% W TBRC410: 17m @ 0.79% Sn & 0.04% W from 47m, including 4m @ 2.27% Sn & 0.02% W TBRC414: 10m @ 0.61% Sn & 27.1g/t Ag from 48m, including 1m @ 2.46% Sn, 0.04% W & 14.8g/t Ag TBRC415: 13m @ 0.48% Sn, 0.03% W & 67.1g/t Ag from 55m, including 5m @ 1.02% Sn, 0.03% W & 164g/t Ag TBRC428: 34m @ 0.27% Sn, 0.03% W & 57.7g/t Ag from 39m, including 10m @ 0.46% Sn, 0.07% W & 166g/t Ag TBRC436: 14m @ 0.58% Sn & 0.04% W from 1m, including 2m @ 0.94% Sn & 0.04% W TBRC438: 16m @ 0.27% Sn, 0.03% W & 15.4g/t Ag from 30m, including 1m @ 2.22% Sn, 0.14% W & 51.6g/t Ag from 42m. These results confirmed both grade and continuity at shallow depths suitable for open pit development and highlighted multiple new mineralised zones not incorporated in the earlier resource model. In particular, drilling late in FY2026 identified a new shallow tin‑tungsten‑silver zone on the north‑eastern margin of the deposit, while southern and south‑eastern drilling extended high‑grade silver‑tin and tin‑tungsten mineralisation beyond the prior MRE envelope. Surface sampling during FY2026 also continued to support drill targeting and resource growth at Tallebung. Rock chips collected from newly identified historical workings south of the current resource envelope returned up to 1.35% Sn and 1.10% Sn with 18.2g/t Ag, confirming continuity of mineralisation at surface and identifying additional high‑priority drill targets along the southern extension. Bulk metallurgical work advanced materially during FY2026 as SKY progressed ore sorting and gravity processing studies aimed at producing marketable tin concentrates and improving flowsheet design. During the September quarter, Stage 1 ore sorting on a 75 tonne bulk sample upgraded tin from 0.17% Sn to 2.32% Sn, a 13x increase, with +94.8% tin recovery. Earlier TOMRA variability work on drill samples also returned strong results, with grade upgrade factors of 4.6x to 6.6x, average tin recovery above 98%, and only 15–24% of feed mass retained as sorted product. A standout double ore sorting result upgraded a 0.10% Sn sample to 4.42% Sn, representing an approximately 44x upgrade with 83% recovery and only 1.9% mass retained. Silver was also upgraded from SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 6 7.44g/t Ag to 75.9g/t Ag, a 10x increase, with more than 80% silver recovery, while tungsten recovery from fines remained under review through additional Dense Medium Separation (‘DMS’) testwork. Figure 1: Plan showing the location of the new drilling results. Drill-hole collars, previously reported highlight drill intercepts and the limits of the existing Tallebung MRE are shown over surface geology. SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 7 BULK SAMPLE ORE SORTING TESTWORK This bulk sampling program represents a critical step in SKY’s strategy to advance Tallebung through ongoing mining studies. The program was designed to replicate real-world mining and processing conditions, enabling SKY to validate and optimise its metallurgical flowsheet at pilot scale. Samples were selected to represent a range of tin grades across the deposit, with the ultimate goal of producing a saleable tin concentrate and supporting off-take discussions with downstream partners (see Figure 1). Figure 1: Plan showing the location of the bulk sampling-trenching sites across the deposit with results from the latest ore sorting testwork shown in orange labels along with the latest drilling results. Previous testwork results and drill-hole intercepts are shown with black labels. The bulk samples were excavated early in 2025 from beneath mineralised zones identified in the recent trenching program (see SKY ASX announcement dated 24 January 2025), using a large excavator and rock hammer to extract 1m deep cuts directly below the excavated trenches. The material was then transported to Condobolin, NSW, where it was crushed to –40mm and screened to separate –7mm fines. SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 8 The 7–40mm fraction was processed through a full-scale TOMRA XRT Ore Sorter in a two-stage circuit, delivering exceptional upgrades in tin grade and showing excellent tin recovery, with the average across the four bulk samples shown below (see SKY:ASX Announcement 18 August 2025): Stage 1 Sorting: Tin upgraded from 0.17% Sn to 2.32% Sn (a 13x increase) with +94.8% Sn recovery total. Stage 2 Sorting: Further upgrade to 10.8% Sn (a further 4.6x increase) with +70% Sn recovery. Importantly, over 93% of mass was rejected in Stage 1, significantly reducing the volume for downstream processing and highlighting the potential for substantial reductions in CAPEX and OPEX for future mining operations at Tallebung. Additionally, the bulk samples were extracted from highly weathered and friable near-surface material, which is likely to be the least favourable zone of the deposit for ore sorting. The nature of this at-surface excavated material, being crushed with limited controls and the transport of the material from site to laboratories across Australia to complete the testwork, are all likely to have contributed to an over-representation of fines (-7mm) material in the program. Despite this, the ore sorting results were exceptional, demonstrating the robustness and scalability of SKY’s flowsheet using the TOMRA ore sorting. The success in upgrading and recovering tin from this challenging material highlights the potential for even stronger performance from deeper, more competent zones of mineralisation, as would be encountered in any future mining operation. Silver and tungsten by-products also demonstrated strong upgrades and recoveries: Stage 1 Sorting: Silver upgraded from 7.44g/t Ag to 75.9g/t Ag (a 10x increase) with +80% Ag recovery. A large proportion of the tungsten reported to the crushing fines and recoveries of tungsten in the processing will be re-evaluated once the results of the DMS testwork on the fines is completed. Both silver and tungsten show strong potential to be valuable by-products at the Tallebung Project. These results validate the scalability and robustness of SKY’s metallurgical flowsheet, confirming the effectiveness of ore sorting – even in highly weathered surface mineralisation. NEXT STEPS IN METALLURGICAL PROGRAM The fines material (-7mm) and the waste from the Stage 2 ore sort will now undergo DMS trials at ALS Perth, followed by pilot-scale gravity processing at ALS Burnie of the products from the ore sorting and DMS testwork. The pilot-scale gravity circuit will be designed to produce a final tin concentrate which will be used in off-take marketing and end-user engagement, supporting SKY’s near-term tin-tungsten-silver production strategy. ENVIRONMENTAL, APPROVALS & DEVELOPMENT PREPARATIONS Development and approvals activities accelerated in parallel with drilling and metallurgy during FY2026. Environmental baseline work progressed across biodiversity, groundwater and geochemical studies, supported by installed monitoring bores and weather station data. During the March quarter, SKY initiated the NSW State Significant Development (‘SSD’) approvals process, engaged environmental consultants, commenced the Scoping Report and appointed an Environmental Manager to advance stakeholder engagement and Environmental Impact Statement work. During the June quarter, submission and subsequent approval of the Scoping Report and issue of the Planning Secretary’s Environmental Assessment Requirements formally advanced Tallebung into the EIS phase of the SSD process, marking a significant de‑risking milestone as the project moved toward near‑term development. SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 9 Figure 3: Planned development and approvals timeline for the Tallebung Project. DORADILLA PROJECT (EL 6258, 100% SKY) A review of historic petrology and metallurgical studies at the Doradilla Tin Deposit during FY2026 confirmed that tin is predominantly hosted in fine cassiterite associated with the Doradilla Tin Target at the south‑western end of the Doradilla‑Midway‑3KEL (‘DMK’) Line. Importantly, this mineralisation has not previously been evaluated using modern flotation techniques, creating scope to reassess the development potential of the project using contemporary processing technology. The key technical advancement during FY2026 was a metallurgical breakthrough reported in the September and December quarters. Testwork on drill core from historical hole DOXD001, over the 29.4m to 38.1m interval within the oxide zone, demonstrated that approximately 78% of tin could be recovered into a high‑grade, saleable tin concentrate. The updated flowsheet used gravity separation to recover around 55% of the tin before further concentration into a saleable concentrate grading approximately 45–55% tin, confirming the potential for Doradilla mineralisation to produce a marketable product. Doradilla was also advanced through updated geological interpretation and surface sampling. An initial Exploration Target defined over 2.5km of the broader 10km strike corridor was reported at 10–15Mt grading 0.32– 0.42% Sn for 32,000 to 63,000 tonnes of contained tin, highlighting the potential scale of the system. During the March quarter, surface rock‑chip sampling further expanded the known mineralised strike and reinforced Doradilla’s potential as a large‑scale tin‑polymetallic project complementary to Tallebung. Highlight Doradilla rock‑chip and historical drill results referred to in the FY2026 quarterly reports included sample MP20250903‑1 returning 3.10% Sn from the historical Wednesday Shaft area, and historical drilling incorporated in the Exploration Target work including DORC001: 11m @ 1.04% Sn from 37m, including 5m @ 1.65% Sn from 42m. These results, together with widespread tin, lead, copper, zinc and indium anomalism identified along the corridor, support the interpretation of a large coherent cassiterite‑rich skarn system with substantial growth potential. SKY continued to collaborate with metallurgical consultants and research institutions including UNSW, ALS Burnie and ANSTO, together with other independent experts, to investigate extraction pathways for tin, rare earth elements and associated polymetallic mineralisation along the DMK Line. Additional analysis indicated rare earth elements reporting to high intensity magnetic fractions with iron, and ongoing work programs included data compilation, geological review, targeted geophysics where required, and planning for drilling to confirm historical SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 10 high‑grade tin intersections, test extensions defined by new surface sampling, and begin systematic drill coverage across priority zones along the greater than 10km corridor. Figure 4: Plan showing the initial Exploration Target area and the extensions to quadruple the Exploration Target strike, overlaid on regional magnetics, strongly indicating that the mineralised strike is continuous over more than 10km of strike and open along strike in both directions. NARRIAH PROJECT (EL 9524, 100% SKY) MAIDEN DIAMOND DRILLING PROGRAM During 2024, compilation of historic datasets highlighted strong potential for near-surface tin–tungsten mineralisation at the Conapaira Mining Reserve, consistent with the extensive historical workings across the area. A site visit in the March Quarter included ground-truthing of historical data, geological mapping, and rock-chip sampling. This confirmed widespread historic workings in close proximity to the Erigolia Granite Margin, where preserved roof pendants provided additional geological evidence of prospectivity. Given the favourable geological setting, rock-chip sampling was conducted across outcrops and mine workings. These returned high-grade tin, tungsten, and silver mineralisation along a strike length exceeding 3 km, with results including: • 1.80% Sn, 13.9 g/t Ag & 0.05% Cu (JN240223-05) • 1.50% Sn, 0.26% W & 14.7 g/t Ag (JN240223-04) • 1.20% Sn & 1.77% W (JN240223-10) GEOPHYSICAL MAGNETICS SURVEY In 2024, a large-scale aeromagnetic survey was flown across a +16 km long prospective corridor within the Narriah Project. Results from this survey are being integrated with the high-grade rock-chip results from the Conapaira Mining Reserve to refine drill targeting for large-scale tin and tungsten mineralisation. SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 11 Notably, most of the hard-rock tin potential across the Narriah Project remains untested by modern exploration. The combination of historic data, recent rock-chip results, and new geophysics will be used to design follow-up drilling aimed at delineating a large-scale, high-grade tin–tungsten system. CULLARIN PROJECT: GOLD–LEAD–ZINC–COPPER (EL 7954, SKY 80%; DVP JV) HUME TARGET – DIAMOND DRILLING AND DHEM Initial drilling at Cullarin successfully validated historical results and confirmed broad zones of high-grade mineralisation. The standout intercept included: • HUD002: 93 m @ 4.24 g/t Au & 1.87% Pb+Zn from 56m Re-assay of historical auger drill pulps also revealed multiple untested gold anomalies. These included the Poplar Prospect, where assays returned up to 9.91 g/t Au, yet no follow-up exploration has been conducted. Given the strong potential of these gold prospects, and SKY’s strategic priority to advance its tin portfolio, the Company remains open to partnering with groups that can accelerate exploration and development at Cullarin. SKY is supportive of further work at Cullarin given its location within a proven 25 km mineralised corridor. IRON DUKE PROJECT: COPPER–GOLD (EL 6064 & 9191, 100% SKY) During FY2026, SKY entered into a binding agreement to divest the non-core Iron Duke Project for up to $1.1 million, subject to a number of conditions precedent, reflecting the Company’s strategic focus on advancing its tin-tungsten-silver development portfolio (see SKY ASX announcement dated 14 May 2026). The transaction provides immediate non-dilutive funding, consolidates the Project with complementary and adjacent copper-gold assets, and retains exposure to future exploration or development success through milestone-linked consideration. The Iron Duke Project is an early-stage copper-gold exploration asset encompassing the Iron Duke Shear Zone, a mineralised structure extending for at least 4 km strike and remaining open to the south. Numerous historic copper workings occur along the zone, including Iron Duke, Christmas Gift, Monarch, Mount Pleasant and Silver Linings. CALEDONIAN PROJECT: GOLD (EL 8920 & EL 9020, 100% SKY) SKY has completed soil sampling, one phase of aircore drilling, two phases of RC drilling, and two diamond drill holes at the Caledonian Target. A review of SKY’s results alongside historic datasets indicates that the mineralisation is best interpreted as a shallow, sub-horizontal blanket of oxide and supergene gold developed over an oxidised skarn. This trend of metallic occurrences is interpreted by SKY as a possible exhalative horizon with potential to host gold–silver and base metal mineralisation. A shallow aircore program of 38 vertical holes (697 m total) was conducted on 50–100 m spacing across the 600 m × 400 m area of defined mineralisation. Significant groundwater inflows prevented most holes from reaching refusal, limiting the ability to adequately test the shallow oxide–supergene concept. These results are being evaluated alongside previous drilling to refine the exploration strategy and focus on near-surface high-grade mineralisation. A gold soil anomaly already delineated at Jerrawa is planned for follow-up. SKY has been notified of plans for a solar farm development in the northern part of EL 8920, which coincides with the Jerrawa Strike. GALWADGERE PROJECT: COPPER–GOLD (EL 6320, 100% SKY) In 2021, SKY announced a maiden JORC-2012 Inferred Mineral Resource at Galwadgere of 3.6 Mt @ 0.82% Cu & 0.27 g/t Au, prepared by H&S Consultants using SKY’s 2020 drilling results together with prior exploration data. A follow-up drilling program has been designed to test extensions to the maiden resource. Soil sampling along strike from the resource has delineated two copper–gold and multi-element pathfinder anomalies. The northern anomaly, covering 200 m × 100 m, is coincident with the historic McDowell’s Mine, while a second anomaly to the south exhibits similar tenor. Both anomalies occur within 3 km of the existing resource and represent high-priority drill targets to support resource growth. SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 12 KANGIARA PROJECT: GOLD (EL 8400 & EL 8573, SKY 80%; DVP JV) The Kangiara Project, located 30 km north-west of Yass, lies within volcanic and volcaniclastic rocks of the Silurian Douro Group and is prospective for gold and base metals. The Kangiara Mine operated during the early 1900s, producing approximately 40,000 tonnes at grades of 16% Pb, 3% Cu, 5% Zn, 280 g/t Ag, and 2 g/t Au from narrow sulphide veins. Subsequent work by Paradigm Metals defined an Indicated and Inferred Mineral Resource at Kangiara. SKY’s more recent desktop studies have identified additional potential for copper–gold mineralisation at the Crosby Prospect. Field investigations are planned in the coming year to further assess this opportunity. SKY METALS LIMITED and its controlled entities REVIEW OF OPERATIONS 13 No Material Changes Sky Metals confirms that it is not aware of any new information or data that would materially affect the information included in market announcements and that all material assumptions and technical parameters in the market announcements continue to apply and have not materially changed. Competent Person 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 Limited 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. Tenement Summary Table 1: Tenement Summary. Holder Equity Licence ID Grant Date Expiry Date Units Area Comment Tarago Exploration Pty Ltd (DVP sub) 80% EL7954 19-6-2012 19-6-2028 51 144 km2 Cullarin Project, SKY: DVP JV Ochre Resources Pty Ltd (DVP sub) 80% EL8400 20-10-2015 20-10-2026 52 147 km2 Kangiara Project, SKY: DVP JV Renewal submitted Ochre Resources Pty Ltd (DVP sub) 80% EL8573 23-5-2017 23-5-2029 17 48 km2 Kangiara Project, SKY: DVP JV Aurum Metals Pty Ltd (SKY sub) 100% EL8920 5-12-2019 5-12-2025 65 183 km2 Caledonian Project Cuprum Aurum Pty Ltd (SKY sub) 100% EL6320 12-10-2004 12-10-2026 14 41 km2 Galwadgere Project Balmain Minerals Pty Ltd (SKY sub