Doradilla (100% SKY)

Giant Tin System Unlocked with New Metallurgical Flowsheet and Rapidly Expanding Scale

The Doradilla Tin Project is a 100% owned, large scale tin project located in north western New South Wales. Doradilla hosts a regionally extensive tin polymetallic system, with the Doradilla Tin Zone now confirmed to extend over more than 10 kilometres of strike, positioning it as a highly compelling second tin development opportunity alongside SKY’s flagship Tallebung Tin Project.

Recent exploration results have materially expanded the scale and potential of Doradilla, demonstrating that only a small portion of the system has been tested to date.

High Grade Tin Confirmed Over >10km Strike

In February 2026, SKY reported high grade tin polymetallic mineralisation from surface rock chip sampling, significantly extending the known mineralised footprint at Doradilla. A standout result returned:

• 3.10% Sn, 3.03% Pb, 0.33% Cu, 0.27% Zn & 159ppm In
(Sample MP20250903 1 – Wednesday Shaft area)

These results extend the confirmed mineralised strike to over 10km, a substantial increase from the 2.5km strike length on which the initial Exploration Target was defined. The Doradilla system remains open in all directions, highlighting the potential for a very large tin system.

Exploration Target Defined on a Fraction of the System

Previous work at Doradilla defined an initial Exploration Target across just 2.5km of the now >10km mineralised corridor, highlighting the early stage nature of exploration relative to the scale potential:

Exploration Target (JORC 2012):

The potential quantity and grade of the Exploration Target are conceptual in nature. As such, there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code 2012¹.

1 Please refer to SKY ASX Announcement 31 July 2025 for further details.

This Exploration Target was defined before the recent confirmation of strike extensions, reinforcing the upside potential for significant expansion with systematic drilling.

Proven High Grade Drilling Results

Drilling completed by SKY and previous explorers has already demonstrated the presence of high grade tin mineralisation within the Doradilla system, including:

• DORC001: 11m @ 1.04% Sn from 37m
– including 5m @ 1.65% Sn from 42m

These results, combined with the new surface sampling, confirm both grade and continuity within the system.

Excellent Metallurgical Performance

Metallurgical testwork completed in 2025 delivered a major de risking milestone for Doradilla, unlocking this extremely large-scale project with results demonstrating:

• ~78% tin recovery in new flowsheet developed by SKY
• Production of a saleable tin concentrate
• Compatibility with SKY’s updated processing flowsheet

These results confirm that Doradilla mineralisation is well suited to modern processing, supporting its potential as a future development asset.

Geology and System Scale

Doradilla hosts skarn style tin polymetallic mineralisation associated with the regionally extensive DMK Line, a calc silicate unit developed after limestone and marl. Mineralisation is interpreted to be genetically linked to the emplacement of a fractionated A type granite batholith, providing a strong geological framework for a large, coherent mineral system.

Recent geological interpretation indicates that folding of the mineralised corridor may significantly increase the effective strike length, further enhancing scale potential.

Clear Path to Multiply SKY’s Future Tin Portfolio

With high grade tin confirmed over a rapidly expanding footprint, SKY is advancing Doradilla toward its next phase of exploration, including:

• Targeted drilling to follow up historical high grade intersections
• Drill testing of new priority zones identified from surface sampling
• Systematic evaluation of the broader 10km mineralised corridor
• Ongoing metallurgical optimisation to support future development studies

Strategic Role Within SKY Metals

Doradilla represents a growth opportunity with potential to expand into one of the worlds’ largest tin projects, significantly bolstering SKY’s portfolio in the future and offering:

• A second, large scale tin development pathway
• Significant exploration upside with proven grade and metallurgy
• Strong alignment with global demand for secure tin supply

Together with Tallebung, Doradilla positions SKY as a multi asset Australian tin developer with scaleable growth potential.