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Advance Metals and Sky Metals plan combined gold explorer, targeting $6m ASX IPO

JMM

Key Facts:

• Advance Metals and Sky Metals have signed a non-binding term sheet to combine their Australian gold projects in a new company that will seek to list on the ASX.

• The new company would hold more than 2,000km² of tenure across Victoria and New South Wales, including the high-grade gold discoveries at Myrtleford and Cullarin.

• Advance would get 30 million shares in the new company (about 37.5%) and SKY would get 15 million shares (about 18.75%), both at a deemed price of $0.20 a share.

• The new company is targeting a $6 million IPO and an ASX listing in the first half of 2027, with a priority offer of up to $3 million for eligible AVM and SKY shareholders.

• Both managing directors say a dedicated gold explorer would let each parent company focus more sharply on its core assets.

13 November 2026 – Perth, WA | Advance Metals Limited (ASX:AVM) and Sky Metals Limited (ASX:SKY) 

Advance Metals Limited (ASX:AVM) and Sky Metals Limited (ASX:SKY) have signed a non-binding term sheet to combine their Australian gold project interests into a new company, which will seek admission to the ASX.

The new company would bring together Advance’s Myrtleford and Beaufort Gold Projects in Victoria and SKY’s Cullarin, Kangiara and Caledonian Projects in New South Wales. Together they cover more than 2,000km² in the Lachlan Fold Belt and include the high-grade Happy Valley and Hume gold discoveries.

Advance and SKY will transfer their project interests in exchange for 30 million and 15 million shares respectively, at a deemed $0.20 a share. No cash will be paid. These shares are expected to be held in escrow for 24 months from listing. PAC Partners will be lead manager on the targeted $6 million IPO.

“By providing these assets with dedicated management, capital and exploration focus, we believe their potential can be more effectively realised,” said Advance Managing Director and CEO Adam McKinnon.

Sky Metals Managing Director Oliver Davies said the deal would give the projects dedicated funding and a single exploration focus, while SKY concentrates on its core tin-tungsten development portfolio.

The deal still has to clear several conditions, including due diligence, formal agreements, shareholder and regulatory approvals, and ASX approval. The parties aim to satisfy these by March 2027. There is no certainty that the transaction or IPO will proceed.

Contact details:

Jane Morgan

Investor & Media Relations Manager 

Advance Metals Limited

+ 61 (0) 405 555 618 [email protected]

 

Dr Adam McKinnon

Managing Director and CEO

Advance Metals Limited

+61 (0) 411 028 958 [email protected]