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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
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1M
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YTD
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1Y
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$17.6M2025-09-30: 6,022,000 A$2025-12-31: 4,701,000 A$2026-03-31: 20,644,000 A$2026-06-30: 17,591,000 A$ Finite
Debt A$0 Net cash A$17.6M
Basic shares 992.3M 2026-09-24
Runway 5.1 quarters 30 June Appendix 5B reports A$17.591m available funding and 5.1 quarters; audited annual report identifies A$3.591592m bank cash plus A$14m term deposits. Term deposits are accessible with potential forfeited interest and are included once in cash-like liquidity.

Liquidity

Financial position

A$17.591m bank cash and accessible term deposits, no reported bank borrowings or undrawn facilities. FY2026 accounts show A$0.190m office lease liabilities, which are treated within corporate cost rather than as separate project debt. Current liquidity funds studies but is far below the PFS A$138.77m pre-production capex excluding contingency; construction financing and potential dilution are uncommitted.

Capital structure

Ownership and dilution

Ordinary shares
992.3M
Fully diluted
1B

24 September Appendix 3H reports 992,332,674 quoted ordinary shares, 10,000,000 options and 4,570,000 remaining performance rights across five classes after 270,000 rights lapsed. Conservative gross fully diluted denominator is 1,006,902,674, without treasury-stock adjustment; proposed AGM rights are not issued and are excluded.

Security classes3
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid sharesOrdinary Share992.3M——
Unlisted options expiring 20 December 2026; exercise price A$0.075Option10MA$0.0752026-12-20
Aggregate unquoted performance rights outstanding after 24 September lapsesPerformance Right4.6M——

KPI history

Operating metrics · Company

Exploration and evaluation cash spend shown
0802,2001,604,4002,406,6003,208,800September 2025: 2,231,000 AUD exploration expenditureSeptember 2025December 2025: 1,397,000 AUD exploration expenditureDecember 2025March 2026: 2,340,000 AUD exploration expenditureMarch 2026June 2026: 2,865,000 AUD exploration expenditureJune 2026
MetricUnitTrendSeptember 2025December 2025March 2026June 2026
Exploration and evaluation cash spendAUD exploration expenditureSeptember 2025: 2,231,000 AUD exploration expenditureDecember 2025: 1,397,000 AUD exploration expenditureMarch 2026: 2,340,000 AUD exploration expenditureJune 2026: 2,865,000 AUD exploration expenditure2,231,0001,397,0002,340,0002,865,000
Available cash and term depositsAUDSeptember 2025: 6,022,000 AUDDecember 2025: 4,701,000 AUDMarch 2026: 20,644,000 AUDJune 2026: 17,591,000 AUD6,022,0004,701,00020,644,00017,591,000
Operating metric source table8
MetricProjectPeriodPeriod typeValueStatus
Exploration and evaluation cash spendCompanySeptember 2025 quarterQuarter2,231,000 AUD exploration expenditureReported
Exploration and evaluation cash spendCompanyDecember 2025 quarterQuarter1,397,000 AUD exploration expenditureReported
Exploration and evaluation cash spendCompanyMarch 2026 quarterQuarter2,340,000 AUD exploration expenditureReported
Exploration and evaluation cash spendCompanyJune 2026 quarterQuarter2,865,000 AUD exploration expenditureReported
Available cash and term depositsCompanySeptember 2025 quarterPoint In Time6,022,000 AUDReported
Available cash and term depositsCompanyDecember 2025 quarterPoint In Time4,701,000 AUDReported
Available cash and term depositsCompanyMarch 2026 quarterPoint In Time20,644,000 AUDReported
Available cash and term depositsCompanyJune 2026 quarterPoint In Time17,591,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Eis And Development Application Lodgementtallebungby 28 May 2027—— milestoneCurrent
First Productiontallebungmid-2028—— milestoneCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-04Ann. 2026-02-13RaisingOrdinary Fully Paid SharesA$20.5M132.2MA$0.155CompletedA$20.5 million placement before costs at A$0.155 per share, including a director tranche completed after approval.Max 132.2M · Period 2026-02-13 to 2026-06-04 · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-27

FY2026 annual report and August PFS were reviewed for live benefit and burden terms. DVP JV ownership, Locksley option and NSW production royalty are identified; strategic offtake, stream, royalty financing and hedges are discussions, not executed arrangements.

NSW statutory 4% royalty on tin, tungsten and silver revenue in the Tallebung PFS.

Royalty · Active
Counterparties
New South Wales Government
Applies to
Tallebung Tin-Tungsten-Silver Project · Tin · Tungsten · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Production royalty: 4 % of tin tungsten and silver revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Cullarin and Kangiara held through the DVP joint venture at 80% SKY ownership.

Joint Venture · Active
Counterparties
DVP joint venture partner
Applies to
Cullarin Project · Kangiara Gold and Base Metals Project · Gold · Copper · Lead · Zinc
Economic direction
Mixed
Period
Dates not stated
Key terms
SKY attributable ownership: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Nine-month Locksley option over Iron Duke; A$100,000 received, up to A$1.0m further conditional consideration.

Other · Conditional
Counterparties
Locksley Resources Limited
Applies to
Iron Duke Copper-Gold Project · Copper · Gold
Economic direction
Benefit
Period
2026-05-14 to 2027-02-14
Key terms
Non-refundable option fee received: 100,000 AUD
Conditional exercise consideration: 500,000 AUD
Conditional resource or sale milestone: 500,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.