Investor Presentation
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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.
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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
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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.
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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
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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
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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
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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
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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
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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.
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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
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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
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TOMRA– HIGH TECHNOLOGY CHANGES THE
GAME
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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
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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
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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
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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
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TALLEBUNG TIN PROJECT
LOW-RISK PATHWAY SET TO ADD
VALUE QUICKLY
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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.
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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
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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).
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