The board of Sky Metals Limited (`SKY' or `The Company') to provide an update on exploration activities at the Tallebung Tin Project in NSW regarding the recent RC drilling completed, with final assays now received. Tallebung project: TIN (EL 6699, SKY 100%) Tallebung Target ­ RC Drilling - Twelve RC drillholes, TBRC020-21 and TBRC026-29, for a total of 2,213m were completed at Tallebung to infill the large extensions to the tin mineralisation intercepted by the RC program in February 2022 and to explore for further extensions to the tin mineralisation. Results were reported previously for TBRC021 and results have now been received for the remining eleven holes, TBRC020 and TBRC026-35.

TBRC020 was drilling to infill mineralisation at Tallebung first intercepted in the previous drilling program by SKY in February 2022. TBRC020 successfully intercepted and significantly extended this mineralisation over 100m down plunge and intercepted multiple lodes. Results included: TBRC020: 15m @ 0.14% tin from 25m, including; 2m @ 0.71% tin from 37m; 13m @ 0.16% tin from 112m including; and 1m @ 1.02% tin from 124m; TBRC026-28 were drilled down dip and under TBRC006 to extend the mineralisation down dip and identify any further mineralised subparallel tin lodes.

All holes intercepted tin mineralisation with TBRC027 and TBRC028 intercepting multiple tin lodes, results included: TBRC026: 2m @ 0.66% tin from 113m. TBRC027: 9m @ 0.14% tin from 76m; 15m @ 0.17% tin from 106 including; 2m @ 0.71% tin from 115m; 15m @ 0.14% tin & 19.8g/t silver from 150m; TBRC028: 4m @ 0.11% tin from 7m; 5m @ 0.09% tin from 76m; 3m @ 0.96% tin from 150m including; 1m @ 2.06% tin from 112m; TBRC029 was drilled to extend the mineralisation intercepted in TBRC021 and TBRC020 down dip. However, due to poor drilling conditions the hole was abandoned before reaching target depth.

TBRC029 still intercepted multiple lodes of tin mineralisation, results included: TBRC029: 9m @ 0.12% tin & 26.8g/t silver from 9m; 2m @ 0.48% tin & 28.5g/t silver from 16m; 7m @ 0.23% tin & 18.8g/t silver from 48m including; 1m @ 0.87% tin from 53m; TBRC030 collared west of previous drilling by SKY near TBRC006 to test further mineralisation up dip and for any lodes below those previously identified. Multiple lodes were intercepted and represents a significant extension of additional mineralisation, results included: TBRC030: 23m @ 0.16% tin from 40m including; 1m @ 1.18% tin from 45m and; 1m @ 0.93% tin from 50m; 9m @ 0.10% tin from 145m; TBRC031 was collared even further to the west and similar to TBRC030 was drilled to target further mineralisation up dip and for any lodes below those previously identified. Only narrow mineralisation was intercepted indicating that the tin mineralisation is decreasing in the footwall to the southwest of the current bulk tonnage mineralisation at Tallebung.

Results included: TBRC031: 1m @ 0.46% tin & 15.4g/t silver from 109m; Two holes were collared from the same pad as TBRC024, these were TBRC032 and TBRC033. These holes were drilled on different azimuths and dips than TBRC024 to test the extent and continuation of the strong tin mineralisation in TBRC024. Both Holes intercepted multiple zones of strong mineralisation, results included: TBRC032: 17m @ 0.15% tin from 65m, including; 1m @ 1.20% tin from 80m; 11m @ 0.16% tin from 109m; 5m @ 0.12% tin from 136m; TBRC033: 3m @ 0.81% tin from 19m, including; 1m @ 2.00% tin from 19m; 7m @ 0.23% tin from 63m including; 2m @ 0.36% tin & 0.10% tungsten from 68m; To explore for further extensions to mineralisation, TBRC034 was drilled to the southeast of TBRC024 to continue to extend mineralisation up dip and along strike at Tallebung (Figure 3).

Strong tin mineralisation was intercepted, significantly extending the mineralisation to the south, results included: TBRC034: 43m @ 0.20% tin from 5m, including; 6m @ 0.43% tin from 5m inlcuding; 1m @ 1.80% tin from 10m and; 2m @ 0.1.12% tin & 0.10% tungsten from 29m and; 1m @ 0.96% tin from 42m; The final hole in this lasted round of drilling, TBRC035, was drilled to extend the strong broad mineralisation in TBRC006 and TBD002 up dip on section. Multiple zones of tin mineralisation were intercepted including a very significant, broad mineralised lode with a high-grade interval towards the hanging wall of the lode, results included: TBRC035: 98m @ 0.10% tin from 3m, including; 10m @ 0.71% tin & 30.1g/t silver from 3m including; 1m @ 3.13% tin, 69.8g/t silver & 0.30% tungsten from 25m and; 1m @ 1.64% tin & 73.4g/t silver from 29m and; 1m @ 1.59% tin, 78.0g/t silver & 0.14% tungsten from 34m; SKY is planning further drilling at Tallebung to follow up these consistent and encouraging results. This will include RC drilling to explore further extensions to those which have been discovered in this latest round of drilling, such as in TBRC034, along with a diamond drilling program to provide orientated core to assist in understanding structural controls on the tin mineralisation at Tallebung.