Sky Metals Limited · ASX:SKY
Sky Metals — Investor Presentation (November 2026)
33 slides from Sky Metals's investor presentation, Nov 10, 2026
Slide 1: Building Australia's Next Major Tin Producer
ASX: SKY rsonal use only BUILDING AUSTRALIA’S NEXT MAJOR TIN PRODUCER COMPELLING PFS ECONOMICS UNDERPIN LOW-COST, HIGH-MARGIN TIN-TUNGSTEN-SILVER DEVELOPMENT AT TALLEBUNG, NSW INVESTOR PRESENTATION | NOVEMBER 2026 | OLIVER DAVIES, MANAGING DIRECTOR AND CEO
Slide 2: Disclaimer – Important Information
ASX: SKY DISCLAIMER – IMPORTANT INFORMATION 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 asso
Slide 3: SKY Investment Snapshot
SKY INVESTMENT SNAPSHOT CREATING A NEW AUSTRALIAN CRITICAL METALS PRODUCER rsonal use only ADVANCED AUSTRALIAN COMPELLING PROJECT DEVELOPMENT OPPORTUNITY ECONOMICS PFS completed at flagship Tallebung Tin-Tungsten- High-margin, low-cost operation – average Silver Project, NSW – first production targe
Slide 4: Experienced and Proven Management
EXPERIENCED AND PROVEN MANAGEMENT NORMAN SECKOLD | CHAIRMAN RICHARD HILL | NON-EXECUTIVE DIRECTOR CAPITAL STRUCTURE rsonal use only 30+ years in the full-time management of natural 25+ years experience in the mineral resources sector as a geologist and solicitor. Mr. Hill has a successful track reco
Slide 5: Tin + Silver + Tungsten – All at Tallebung
TIN + SILVER + TUNGSTEN – ALL AT TALLEBUNG TIN PRICE TUNGSTEN PRICE rsonal use only Tungsten is traded in metric tonne units (mtu), 1 mtu = 10 kg WO3, $3,000/mtu = $300,000/t Source: LME Source: Fastmarkets, / SMM – APT 88.5% WO3, CIF Rotterdam, US$/MTU SILVER PRICE Source: https://www.goldbullionau
Slide 6: Tin Price – Increasing with Global Demand
TIN PRICE – INCREASING WITH GLOBAL DEMAND rsonal use only Increase in tin demand Tin Price Source: BNEF, Rho Motion, Macquarie Strategy – March 2026 • Fundamental structural demand growth – triggering a supply crunch after 30+ years of under-investment • Tin is vital for EVs, Renewable Energy, AI an
Slide 7: Tin Demand – Semi-Conductor Drive
TIN DEMAND – SEMI-CONDUCTOR DRIVE rsonal use only Source: MacroMicro, LME – September 2026 ASX: SKY 7
Slide 8: Tin: Essential Electrification Metal – Global Supply Disruptions
TIN: ESSENTIAL ELECTRIFICATION METAL – GLOBAL SUPPLY DISRUPTIONS Source: ITA (March 2026) • Inelastic tin price – strong demand rsonal use only underpinned by tin’s irreplaceable role in electronics, increasing demand with AI and EVs • Over 6% of world tin production cut when Alphamin’s Bisie tin mi
Slide 9: Tallebung Project Pre-Feasibility Study Confirms Simple, Robust, Low-Risk Project
TALLEBUNG PROJECT PRE-FEASIBILITY STUDY CONFIRMS A SIMPLE, ROBUST AND LOW-RISK PROJECT rsonal use only Highlights Metric Base Case1 Spot Case2 • 3Mtpa open cut project with a 1.99:1 strip ratio • Initial mine life of 7.3 years from only 66% of the total MRE NPV8 (pre-tax) A$438M A$1.0B • Average ann
Slide 10: Simple Mining and Processing
TALLEBUNG PROJECT PRE-FEASIBILITY STUDY SIMPLE MINING AND PROCESSING Metal Recoveries over Life of Mine Revenue split by commodity (base case) • Simple single open-pit mining operation with a low rsonal use only 1.99:1 life-of-mine strip ratio TIN 61% Tin 79% • +4 years of metallurgical testwork con
Slide 11: Growing Large Hardrock Resource
GROWING LARGE HARDROCK RESOURCE • Only ~66% of latest MRE included in the PFS Mine Life rsonal use only • Latest MRE still remains open in all directions • Updated MRE exceeded the previous Exploration Target: • 32.7Mt @ 0.16% Tin Equivalent1 for 36.8kt of contained tin, 1.14M mtu of WO₃ and 9.94Moz
Slide 12: Growing High-Grade Tin-Tungsten-Silver Discoveries and Extensions
GROWING HIGH-GRADE TIN-TUNGSTEN-SILVER DISCOVERIES AND EXTENSIONS • New intercepts show potential for additional shallow, higher-grade tin, rsonal use only tungsten and silver not included in the updated MRE • Multiple shallow target areas identified for continued Resource growth: • Strong tungsten
Slide 13: Strong Cashflows
TALLEBUNG PROJECT STRONG CASHFLOWS Metric Base Case¹ Spot Case² rsonal use only Annual revenue A$222M A$332M Annual operating costs A$98M A$98M AISC per tonne of tin US$5,653/t –US$18,935/t (net of co-products) Average annual EBITDA A$116M A$221M Annual free cashflow A$64M A$138M (post-tax) Pre-tax
Slide 14: Rapidly Advancing Approvals
TALLEBUNG PROJECT RAPIDLY ADVANCING APPROVALS rsonal use only • Brownfields, highly disturbed historical mine site • NSW State Significant Development (SSD) Scoping Report approved, marking a major milestone in the project approvals pathway • Environmental Impact Statement (EIS) studies underway, su
Slide 15: Future Work Plans
TALLEBUNG PROJECT FUTURE WORK PLANS Year 2026 2027 2028 • Definitive Feasibility Study Quarter Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 rsonal use only commencing to support a Month/End of Quarter June September December March June September December March June Final Investment Decision Updated MRE Completed Proj
Slide 16: Theirman Mine – Potential High-Grade Addition
TALLEBUNG PROJECT THEIRMAN MINE – POTENTIAL HIGH-GRADE ADDITION rsonal use only • New high-grade tungsten discovery confirmed with assays up to 7.44% WO₃, highlighting a new drill-ready target. • Only 20km from Tallebung, enabling rapid, low-cost evaluation and development pathway. • 500m+ mineralis
Slide 17: Near-Term Accretive Opportunities
TALLEBUNG PROJECT NEAR-TERM ACCRETIVE OPPORTUNITES • Low-risk pathway to grow the Tallebung rsonal use only MRE, extending mine life and ultimately increase project NPV • Ongoing processing optimisation targeting higher metal recoveries, boosting future production and revenue • Further capex reducti
Slide 18: Tallebung Camp-Scale Opportunity
TALLEBUNG PROJECT CAMP-SCALE OPPORTUNITY • Strong potential for multiple satellite discoveries rsonal use only around the Tallebung development • +550km² strategic tenure securing the prospective Erimeran Granite mineral system • Mineral endowment demonstrated by the Tallebung and Theirman mines • N
Slide 19: Doradilla Tin Project – A Giant Unlocked
DORADILLA TIN PROJECT A GIANT UNLOCKED • Large-scale tin project in north-western NSW rsonal use only • Recent metallurgical breakthrough shows ~78% of tin is recoverable into a saleable concentrate • Initial Exploration Target for 2.5km strike1,2: Exploration Tonnage Range Grade Range Contained Met
Slide 20: Doradilla Project Camp-Scale Opportunity
DORADILLA PROJECT CAMP-SCALE OPPORTUNITY • Camp-scale district beyond the rsonal use only +16km DMK mineralised trend • SKY tenure covers the unique and highly prospective Midway Granite mineral system • ~10km x ~20km intrusion associated with widespread, at-surface mineralisation across Doradilla •
Slide 21: Doradilla Project Camp-Scale Opportunity
DORADILLA PROJECT CAMP-SCALE OPPORTUNITY • Exploration to date focused rsonal use only primarily on +16km DMK corridor • Many historic workings remain largely untested by modern drilling • Priority targets include the Doradilla Extension and extensive mineralised quartz-porphyry dyke swarm • Falcon
Slide 22: Narriah Project Camp-Scale Opportunity
NARRIAH PROJECT CAMP-SCALE OPPORTUNITY • Large-scale tin-tungsten system with camp-scale rsonal use only discovery potential • Multiple historic Sn-WO₃ workings, largely undrilled • All six of SKY’s maiden drill holes intersected near-surface Sn-WO₃ mineralisation • Multiple >1% Sn and >1% WO₃ rock
Slide 23: Narriah Project Camp-Scale Opportunity
NARRIAH PROJECT CAMP-SCALE OPPORTUNITY rsonal use only Narriah Project conceptual long section showing that most prospective zones at Narriah remain to be drill-tested ASX: SKY 23
Slide 24: A Compelling Development Opportunity with Multiple Near-Term Value Catalysts
rsonal use only A COMPELLING DEVELOPMENT OPPORTUNITY WITH MULTIPLE NEAR-TERM VALUE CATALYSTS PFS completed | Strong project economics | Resource growth | Clear development pathway ASX: SKY SKYMETALS.COM.AU
Slide 25: Major Historical Operation – Tallebung Project
MAJOR HISTORICAL OPERATION TALLEBUNG PROJECT • Tin discovered in the 1890s and mined into the mid-1980s rsonal use only • 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 minin
Slide 26: Key Competitive Advantages
TALLEBUNG PROJECT KEY COMPETITIVE ADVANTAGES • Low-Cost Mining Proposition – Shallow rsonal use only 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 mas
Slide 27: Low Capital Cost to Strong Cashflows
TALLEBUNG PROJECT LOW CAPITAL COST TO STRONG CASHFLOWS • Low pre-production capital of A$138.8M (excluding rsonal use only contingency) comprising A$113.4M processing plant and A$26.3M site and mine establishment costs • Conventional off-the-shelf processing equipment supports a simple flowsheet, sh
Slide 28: Simple, Low-Cost Operation
TALLEBUNG PROJECT SIMPLE, LOW-COST OPERATION • Low operating costs of ~A$98 million per annum for Tallebung Project - Simplified PFS Flowsheet rsonal use only a 3Mtpa operation, supported by a low strip ratio of Ore Sorting + Coarse 1.99:1 and a simple gravity-based processing Crushing Gravity Preco
Slide 29: TOMRA – High Technology Changes the Game
TOMRA-HIGH TECHNOLOGY CHANGES THE GAME Cassiterite from Tallebung – • Tallebung tin deposit is ideally matched to ore sorting rsonal use only Scale in mm technology Dense tin – cassiterite “nuggets” detected by ore sorter and accepted • Conservative, Stage 1 bulk TOMRA Ore Sorting testwork demonstra
Slide 30: TOMRA – High Technology Changes the Game
TOMRA-HIGH TECHNOLOGY CHANGES THE GAME • Extremely effective sorting of Tallebung rsonal use only 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: Ti
Slide 31: Progressing Work Program: Paving Way to Mining
PROGRESSING WORK PROGRAM: PAVING WAY TO MINING • Groundwater Monitoring Bores – over 2 years of Weather station rsonal use only required monitoring now completed and mast • Geochemical Characterisation – Initial deposit characterisation completed, weathering only variable • Weather Station – Install
Slide 32: Appendix 1: Tallebung MRE
APPENDIX 1: TALLEBUNG MRE Table 1 – Tallebung MRE showing total tonnage, grade and contained metals at a US$20/t NSR cut-off grade. NB: Previous MRE cut-off of 0.08% Sn without any WO3 or Ag credits equates to a ~US$23/t NSR at the base case Tin price of US$37500/t. Additionally, WO3 refers to the T
Slide 33: Appendix 2: Doradilla Exploration Target
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. rsonal use only Exploration Target The Exploration Target at Doradilla of approximately 10-15 million tonnes (Mt) grading 0.32-0.42% S