This is how I would approach it.
Using the bottom circle first, you know you have a 4" dia circle.
So that means that the circumference is equal to Pi x Diameter, or 3.1416 x 4, which is 12.566" .
Therefore, the bottom of the sheet metal if laid out flat would have an arc that is 12.566" long.
Now, you have to find the hypotenuse of the the complete cone with a side sloping at 11.5°.
To do that you have to visualize the profile of the cone if viewed from the side and it should be easy to see that it would look like a triangle with base equal to the radius of the bottom of the circular base. That is 4"/2 or 2".
You now have all the necessary information to solve for all the triangle sides especially the hypotenuse.
The hypotenuse is equal to the surface length of the cone from the base to its tip if the cone were a complete cone.
Using the cosine formula in trigonometry Cos Angle = base/ hypotenuse), substituting 11.5° and a 2" base, the hypotenuse is equal to 2" /Cos 11.5°, that is 2" /.982, or = 2.037"
That hypotenuse is equal to the radius of the outside arc of the sheet metal that would be formed by the complete cone if it were spread and laid out flat.
The complete circle that would be formed with that same radius would be Pi x 2 x Radius, or 3.1416 x 2 x 2.037, or = 12.799"
We're almost done except for the chopped-off top of the cone measuring 3" in diameter.
It has a base circumference of Pi x 3" or = 9.425"
Using the same Cosine formula, with 11.5° angle for a triangle but with a base equal to the radius (1/2 of 3"),
the hypotenuse for the top triangular profile of the chopped off triangle would be 1.5"/(Cosine 11.5°), that is 1.5/.982, or = 1.527"
So, to lay out your pattern, draw two concentric circular arcs in your sheet metal, an outside arc with a radius of 2.037" and another inside arc with a radius of 1.527"
You may ask, what is the angle of the arcs?
Well since it's only 12.566" out of the whole 12.799" for a whole circle, it is logical to say that it is 12.566/12.799 of 360°, or = 353.45°
All these are just mathematical results but when you actually lay out your sheet metal for cutting you would need to make allowances because the thickness of the metal would make some differences once you start bending it.
BTW, what you are trying to form is actually a frustum of a cone.
Corrections: The figure marked in red is an incorrect value for the Cosine of 11.5° . Cosine 11.5° should be 0.980
All resulting calculations using the incorrect value should be adjusted accordingly.