SKY METALS LIMITED — Share Issue/Capital Change 2004

Apr 21, 2004

22 April 2004

The Manager Companies Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

(1 page by email)

Dear Madam

RE: ISSUED CAPITAL

I advise that pursuant to a Share Acquisition Agreement dated 10 July 2002, consideration for the acquisition of the Company's subsidiary, Greenpower Energy Pty Ltd, included Planet Gas Limited shares to the value of \$500,000. The number of shares to be issued was determined by dividing \$500,000 by:

1) The average trading price of the Planet Gas Limited shares over the first five trading days immediately following the listing of those shares on ASX; or

168,800,005

2) The same price at which shares are offered to the public under a Prospectus.

For the purposes of the Company's ASX Listing Application, the maximum number of shares to be issued, being 2,500,000 as determined in accordance with 2) above, was used. The actual number of shares which have been issued in accordance with 1) above is 1,800,000.

Accordingly, the Company's equity securities on issue are:

Security Description	Number on Issue
Quoted Fully Paid Ordinary Shares Unquoted Fully Paid Ordinary Shares	115,300,000
Restricted to 7 November 2004	5,250,000
Restricted to 11 March 2006	48,250,005

Total

Yours sincerely

Peter J. Nightingale Director

pjn2541