Saturn Metals (STN) investor relations material

Project overview and development progress

• Advancing a large-scale heap leach gold mine in the Leonora Goldfield, targeting a 14-year mine life and 106,000 oz annual production, with a 2.83Moz Au resource as of June 2026 and 77% in Measured & Indicated categories.

• The project is strategically located in a multi-million-ounce gold province, with 100% ownership of ~1,000km² of underexplored tenure and robust infrastructure including camp and airstrip.

• All resources are in a single, low-strip, large mining unit, supporting low operating costs and efficient mining, with thick ore zones and strong resource-to-reserve conversion.

• Metallurgy is simple, with gold as grains in quartz, enabling high recoveries and low energy use; heap leach testwork shows +78% recovery in fresh rock and 86% in oxide/transitional material at 8mm crush.

• The operation is designed for margin through volume, with a 10-million-ton plant and economies of scale, and a maiden ore reserve of 1.59Moz Au expected by December 2025.

Financial metrics and cost structure

• All-in sustaining costs are highly competitive, with AISC at A$2,464/oz, margin of about AUD 20 per ton, and free cash flow potential of AUD 200 million per year at 10 Mtpa.

• Capital expenditure is estimated at AUD 470 million, with a payback period of 2.3 years and IRR of 51% at AUD 4,300 gold price.

• Pre-tax NPV is just under AUD 1 billion (NPV8% A$973M), and the project is highly leveraged to gold price movements.

• Sensitivity analysis shows strong performance compared to global peers in terms of size, grade, and cost structure, with robust economics at higher gold prices.

• Minimal variance between PEA and PFS provides confidence for the upcoming definitive feasibility study.

Resource growth and exploration upside

• Resource base increased by 600,000 oz this year, now totaling 2.2 million oz Measured and Indicated, with ongoing extensional drilling in the north and south.

• Infill and step-out drilling have delivered high-grade intersections and extended mineralization north and south, with 20km of additional drilling planned.

• Exploration footprint now covers up to 3 million oz, with aggressive drilling underway to target a potential 5-million-oz system.

• New ground granted to the south, previously held by Sumitomo, offers a 26 km strike length and significant brownfields opportunity.

• 40% of the tenement package remains undrilled, with recent intersections confirming further resource potential and regional opportunities including greenfield targets.