Saturn Metals (STN) investor relations material

Project overview and resource base

• Apollo Hill Gold Project holds a 2.24Moz Au Mineral Resource, with 82% in Measured & Indicated categories and a Maiden Ore Reserve of 1.59Moz Au, reflecting an 86% conversion rate from eligible resources.

• The project is strategically located in a prolific gold province in Western Australia, with 100% ownership of approximately 1,000km² of underexplored tenure.

• Pre-Feasibility Study (PFS) supports a 14-year mine life with a 1.77Moz production target and plans for near-term resource and reserve upgrades.

Mining and processing approach

• Bulk, low-strip, open-pit mining with large selective mining units and economies of scale, targeting thick ore zones and low operating costs.

• Heap leaching is the primary processing method, with gold recoveries of 78–88% depending on crush size and ore type.

• PFS pit shell extends to a modest depth of 310m, with strong growth potential as drilling remains open at shallow depths.

Financial highlights and economics

• Project NPV (8%) is A$973M at a base case gold price of A$4,300/oz, with an IRR of 51% and a payback period of 2.3 years.

• Life-of-mine production target is 117.4Mt at 0.47g/t for 1.77Moz contained gold, averaging 106koz per annum.

• C1 cash cost is A$2,369/oz and AISC is A$2,464/oz, with robust free cash flow generation exceeding A$1.9B over the project life.

• Capital cost is A$472M, with efficient infrastructure and processing design for a 10Mtpa operation.