Saturn Metals (STN) 2025 Precious Metals Summit - Beaver Creek summary

Resource growth and quality improvements

• Resource drilling has increased both the quality and quantity of ounces, with positive reconciliation in tonnes, grade, and metal.

• Infill drilling has thickened zones and improved deposit consistency, with significant additions at depth and in the hanging wall.

• The deposit features low stripping ratios and bulk mining potential, with simple scheduling and minimal edge effects.

• Only a small portion is oxide; the majority is fresh rock, which is favorable for heap leach recovery.

• Metallurgical recoveries have exceeded expectations, reaching up to 86% for first-time heap leach material.

Processing, cost structure, and project economics

• The ore is exceptionally clean, with no deleterious elements, enabling simple processing and stacking schedules.

• Pre-feasibility study (PFS) is due in December, targeting 10 million tons per year for 10 years, producing about 122,000 ounces annually.

• Operating costs are estimated at $4.50 per ton mined and an all-in sustaining cost of $24 per ton, with strong margins at current gold prices.

• Projected free cash flow is about $210 million per year at a $3,500 AUD gold price, with potential for a billion-dollar project and rapid payback.

• Process improvements in the PFS include equipment upgrades and refined geometallurgical modeling, enhancing confidence in the processing route.

Exploration and future development

• 65,000 meters of drilling completed this year, revealing high-grade, thick shoots and improved understanding of deposit architecture.

• Infill drilling has connected previously identified high-grade zones, with the Iris lode drawing significant market attention.

• Multiple new exploration targets identified along strike and in the north, with regional efforts ongoing across 16 prospects.

• Acquisition of new ground at Aquarius offers additional exploration potential, believed to host a similar geological system.

• Development schedule includes PFS release in December, immediate commencement of DFS, and initiation of permitting, targeting an 18-month EPA process.