Announcement PDF SCALING UP FOR SUCCESS THE TALLEBUNG TIN PROJECT, NSW A LARGE AND GROWING RESOURCE, SET TO BENEFIT FROM CUTTING-EDGE TECHNOLOGY, EFFICIENT DEVELOPENT AND GROWING TIN DEMAND INVESTOR PRESENTATION | NOVEMBER 2025 | 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 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. 2 ASX: SKY DISCLAIMER – IMPORTANT INFORMATION ASX: SKY 3 SKY INVESTMENT SNAPSHOT CREATING A NEW AUSTRALIAN TIN PRODUCER ASX: SKY TALLEBUNG SYDNEY DORADILLA CORNERSTONE ASSET Flagship Tallebung Tin Project in NSW - brownfields asset with substantial JORC Resource & compelling upside QUALITY TEAM Highly regarded board & leadership team with exceptional track record, led by Norm Seckold and Oliver Davies TIN MARKET Compelling market outlook for tin, driven by its irreplaceable use in modern technologies and supply constraints ASSET PIPELINE Building a strong pipeline of emerging development assets that now includes the Doradilla Tin Project VALUE Compelling value proposition with a market capitalisation of just ~$60 million, strongly leveraged to growth NEAR-TERM GROWTH Second 15,000m drill program ongoing to further target resource growth & upgrades – taking the existing deposit to the next level 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 and Fulcrum Lithium Ltd and Director of Uvre 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 (20 November) Market capitalisation Cash (30 Sept 2025) + Capital Raise (Board contribution after shareholder approval) Debt CAPITAL STRUCTURE 824.7M 44.2M ~$0.078 ~$64.3M ~$6.02M +$0.59M Nil SHAREHOLDERS Top 20 holders Board and Management 48.2% 11.8% EXPERT GUIDANCE | SKY’s CONSULTANTS 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, ALS Burnie and ALS Perth engaged to conduct metallurgical testwork. Tallebung Resource Estimation – H&SC modelled and estimated the MRE and Exploration Target. 4 ASX: SKY TIN – IRREPLACEABLE IN MODERN TECHNOLOGIES ASX: SKY 5 The conductive glue in every circuit – tin solder physically connects every component in a circuit board. Used in laptops, TVs, cars and headphones. The invisible ingredient for strength – tin oxide coatings create stronger- scratch resistant glass The gold standard for food preservation – tin is corrosion resistant and non-toxic Powering the future of mobility – critical for the next generation of EV battery anodes. • 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 – April 2024 Increase in tin demand Tin Price ASX: SKY TIN PRICE – INCREASING WITH GLOBAL DEMAND 6 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 2021 GLOBAL TIN SUPPLY BY COUNTRY (TPA) S o u r c e : I T A S o u r c e : I T A 7 ASX: SKY • 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 Tallebung Tin Mine – Aerial Image of Historic Mining and Infrastructure. 8 MAJOR HISTORIC OPERATION TALLEBUNG TIN PROJECT 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. TALLEBUNG TIN PROJECT KEY COMPETITIVE ADVANTAGES 9 ASX: SKY • 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 @ 686.3g/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 EVOLVING HIGH-GRADE TIN-SILVER DISCOVERIES AND EXTENSIONS 10 ASX: SKY GROWING LARGE HARDROCK TIN RESOURCE Schematic Plan View - Tallebung Tin Mine - Highlight drill intercepts and TOMRA ore sorting results. • Recent higher-grade expansion not included in the 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 10x upgrade using TOMRA Ore Sorting – 0.15% = +1.50% Tin 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. 11 ASX: SKY Schematic Cross-Section of existing Shallow High-Grade Zone • 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 = to over 1.50% Tin with 95% tin recovery • Reduced mass means smaller, lower plant costs to produce a saleable tin concentrate • Bulk sample of over 75t of mineralisation was excavated, crushed and ore sorted on a full-scale TOMRA ore sorter to optimise process, culmination of over 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 12 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 13 ASX: SKY TOMRA-HIGH TECHNOLOGY CHANGES THE GAME 14 ASX: SKY • Groundwater Monitoring Bores – 2 years required monitoring now completed • Geochemical Characterisation – Initial deposit characterisation completed, weathering only variable • Weather Station – Installed over 1 year ago and now collected data needed • Biodiversity Study – Initial background study completed with seasonal and detailed studies progressing • Environmental Program waiting on precise mining plans in coming months for final works • Pilot-scale plant testwork providing crucial data to: • Optimising the metallurgical flowsheet, • Produce tin concentrate for end-user marketing, • 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 PROGRESSING WORK PROGRAM: PAVING WAY TO MINING 15 ASX: SKY Tallebung Weather Station Goat-proof fence Weather station and mast • 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 and progress Mining Approvals Drone over the Tallebung Tin Mining Field – Old Crusher and ROM to Southern Open Pit PROGRESSING WORK PROGRAM LARGE-SCALE EXPANSION DRILLING & MINING STUDIES 16 ASX: SKY TALLEBUNG TIN PROJECT LOW-RISK PATHWAY SET TO ADD VALUE QUICKLY 17 ASX: SKY Schematic Plan View - Doradilla Tin Deposit Exploration Target and extensions over geological map. • 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 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. 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 IN WAITING 18 ASX: SKY BUILDING AUSTRALIA’S FUTURE TIN PRODUCTION SKYMETALS.COM.AU ASX: SKY 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. Resource Category Tonnes Grade Contained Metal Mt Tin (%) WO3 (%) Tin (kt) WO3 (mtu) Inferred 10.6 0.14 0.03 15.2 302,106 Indicated 5.00 0.16 0.03 7.93 131,833 Total 15.6 0.15 0.03 23.2 433,940 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. Exploration Target Tonnes Grade Mt Tin (%) Upper 32 0.14 - 0.17 Lower 23 0.14 - 0.17 Table 2 – Tallebung Exploration Target with the upper and lower tonnages and grade range presented. APPENDIX 1: TALLEBUNG MRE AND EXPLORATION TARGET ESTIMATE 20 ASX: SKY Table 3 – Doradilla Tin Deposit: Initial Exploration Target for 2.5km of the total 7.5km strike 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 APPENDIX 2: DORADILLA EXPLORATION TARGET 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. 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). 21 ASX: SKY