OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor SKY ASX

Sky Metals Limited

PFS Developer · Tin · Tungsten · Silver · Australia Rating locked: sign in to view v8 · sky-20261009t155815-first-fill
Last 2026-11-06
A$0.15
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$148.8M
EV
A$131.3M
Cash
A$17.6M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

8 assets

Core asset

Tallebung Tin-Tungsten-Silver Project

Australia

PFS Developer100% ownedTinTungstenSilver

August 2026 PFS complete, with no Ore Reserve and 34% Inferred material in the production target; an alternative Measured-and-Indicated-only pit supports 4.8 years versus the selected 7.25-year case. DFS, financing, EIS, development consent and mining lease remain outstanding. Theirman tungsten rock chips are early exploration and excluded from mine value.

Developer · PFS developer
Study
PFS
Post-tax NPV (study prices, attributable)
A$309.3md
NPV restated at our deck (attributable)
Locked
IRR
57.2%s
Initial capex (100%)
A$138.8ms
Capital intensity
A$68,025/(t/yr)d
LoM AISC
A$8,003/ts
Mine life
7.2 yrss

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$309.3M8% discount
IRR57.2%Published return
Initial capexA$138.8MPublished capital estimate
Operating cost32.76AUD per ROM tonne C1

Issuer PFS post-tax real NPV at US$45,000/t tin, US$1,500/mtu WO3, US$50/oz silver, AUD:USD 0.70; NSW royalties included; capex excludes contingency. PFS life-of-mine revenue A$1,606.675m, C1 operating cost A$703.51m, pre-tax annual free cash flow A$89.42m, all forecasts rather than actual trading results.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured0.5 Mt0.19% Sn, 0.033% WO3 and 8.3g/t AgTin · Tungsten · Silver2026-07-13
Mineral ResourceIndicated12.3 Mt0.14% Sn, 0.029% WO3 and 8.5g/t AgTin · Tungsten · Silver2026-07-13
Mineral ResourceInferred19.9 Mt0.09% Sn, 0.039% WO3 and 10.1g/t AgTin · Tungsten · Silver2026-07-13
Tenements3
el6699Granted41 km2 · 2027-01-10
el9864Granted17 km2 · 2032-02-06
el9904Granted514 km2 · 2032-05-05
Milestones3
  1. Release Tallebung Pre-Feasibility Study

    Achieved · High materiality

  2. Lodge Environmental Impact Statement and Development Application

    Pending · High materiality

  3. Final investment decision in 2027 subject to consent and funding

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
NSW State Significant Development consentNew South WalesPending—Yes
Mining leaseNew South WalesRequired—Yes
Economic studies1
StudyStageStatusDateSummary
Tallebung Pre-Feasibility StudyPFSCurrent2026-08-103Mtpa open-cut plan, 7.25-year initial life, 21.476Mt ROM; 34% Inferred feed, no declared Ore Reserve. Base A$309.28m post-tax real NPV8 and A$138.77m pre-production capex excluding contingency.

Material

Doradilla Tin Project

Australia

Discovery Drill Stage100% ownedTinRare EarthsOthers

Wholly owned tin exploration target with testwork; no JORC Mineral Resource or economic study. FY2026 annual report lists EL6258 expiry in June 2032.

Exploration · Discovery drill stage
Ownership
100%
Commodity
Snr
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Exploration TargetConceptual exploration target— Mt10-15Mt at 0.32-0.42% Sn; potential 32-63kt contained tinTin2025-07-31
Tenements1
el6258Granted113 km2 · 2032-06-21
Milestones1
  1. Commence target confirmation and expansion drilling

    Pending · High materiality

Other

Narriah Tin-Tungsten Project

Australia

Early Explorer100% ownedTinTungstenSilverCopper

Early-stage exploration portfolio with rock-chip and geophysical targets. FY2026 annual report impaired carrying value in full.

Exploration · Early explorer
Ownership
100%
Commodity
Snr
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements2
el9524Granted262 km2 · 2029-02-08
el9779Granted287 km2 · 2031-05-15

Other

Cullarin Project

Australia

Discovery Drill Stage80% ownedGoldLeadZincCopper

Gold and base-metal discovery portfolio held through the DVP joint venture; SKY is open to partnering. FY2026 annual report confirms DVP JV and 80% attributable ownership; carrying value was fully impaired in FY2026.

Exploration · Discovery drill stage
Ownership
80%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements1
el7954Granted144 km2 · 2028-06-19

Other

Iron Duke Copper-Gold Project

Australia

Early Explorer100% ownedCopperGold

SKY retains 100% ownership while Locksley holds a nine-month option from 14 May 2026. A$100,000 option fee was received and is already in cash; a conditional A$500,000 exercise payment and A$500,000 resource/sale milestone remain potential.

Exploration · Early explorer
Ownership
100%
Commodity
Cur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements2
el6064Granted15 km2 · 2028-03-20
el9191Granted174 km2 · 2027-06-08
Milestones1
  1. Locksley option exercise decision

    Pending · Medium materiality

Other

Caledonian Gold Project

Australia

Discovery Drill Stage100% ownedGoldSilverCopperZincLead

Early-stage gold discovery with solar-farm land-use negotiations affecting follow-up access. FY2026 annual report impaired carrying value in full.

Exploration · Discovery drill stage
Ownership
100%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements1
el8920Renewal Pending183 km2 · 2025-12-05

Other

Galwadgere Copper-Gold Project

Australia

Resource Stage100% ownedCopperGold

Resource-stage copper-gold project with planned expansion drilling but no disclosed economic study. FY2026 annual report impaired carrying value in full.

Resource / scoping · Resource stage
Contained metal (attributable)
29.5k td
Resource grade
0.82% Cu
% Measured + Indicated
0%d
Resource tonnes
3.60 Mt
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred3.6 Mt0.82% Cu and 0.27g/t AuCopper · Gold2021-01-01
Tenements1
el6320Granted41 km2 · 2026-10-12

Other

Kangiara Gold and Base Metals Project

Australia

Resource Stage80% ownedGoldLeadZincCopperSilver

Legacy resource-stage gold and base-metals project held through the DVP joint venture; no current resource quantities are disclosed in the local evidence package. FY2026 annual report confirms DVP JV and 80% attributable ownership; carrying value was fully impaired in FY2026.

Resource / scoping · Resource stage
Contained metal (attributable)
—
Resource grade
—
% Measured + Indicated
—
Resource tonnes
—
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements2
el8400Renewal Pending147 km2 · 2026-10-20
el8573Granted48 km2 · 2029-05-23

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)