Sky Metals Limited (ASX: SKY), a company focused on the exploration and development of mineral resources, is pleased to announce it has secured binding commitments to raise $20.5 million before costs, through a share placement. The funds will be used to accelerate the development of its 100%-owned Tallebung Tin Project in central NSW.
The placement involved the issue of approximately 132.2 million new fully-paid ordinary shares at $0.155 per share to institutional, sophisticated, and professional investors. Directors of SKY have also committed $496,000 subject to shareholder approval. The placement was completed utilising the company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Bell Potter Securities Ltd acted as Lead Manager, and Morgans Financial Limited and Petra Capital Pty Ltd were co-managers.
Sky Metals plans to allocate the proceeds to several key activities at the Tallebung Project. These include continued resource expansion and in-fill drilling to grow and increase confidence in the recently discovered high-grade tin-silver-tungsten zones, and delivery of an updated Mineral Resource Estimate next quarter to underpin development studies. The company will also complete bulk sampling and metallurgical test work to optimise processing and ore-sorting pathways.
Additionally, funds will progress environmental studies and approvals, support upcoming mining feasibility studies, and advance the Doradilla Project. SKY Managing Director & CEO Oliver Davies expressed gratitude to existing shareholders and welcomed new investors, highlighting the significance of the capital raising in positioning SKY for growth and development. The company expects settlement of the placement to occur on Wednesday, 18 February 2026, with allotment of new shares on Thursday, 19 February 2026.
