Saturn Metals (STN) Company Presentation summary

Project overview and resource base

• Apollo Hill project hosts a 2.03Moz JORC-compliant gold resource in a single large deposit, with 100% ownership of ~1,000km² in a prolific gold province near Leonora, Western Australia.

• The resource is characterized by low strip ratios, bulk tonnage, and open pit mining potential, with a simple, low-cost heap leach processing route.

• Consistent resource growth has been achieved, with further near-term upgrades planned and significant exploration upside in underexplored tenements.

• The project’s mineral resource comprises 118.7Mt at 0.53g/t Au, with a cut-off of 0.20g/t, and is open at depth and along strike.

• Peer comparisons place Apollo Hill among the largest bulk tonnage, low-grade, heap leach gold projects globally.

Metallurgy and processing

• Heap leaching tests show excellent gold recoveries: 78% at 8mm crush and 88% at 4mm crush, with simple metallurgy and low reagent consumption.

• Recovery kinetics are strong and predictable, with 75% of gold recovered within 30 days, supporting efficient heap leach management.

• The process flow includes HPGR crushing, agglomeration, and a conventional heap leach circuit.

Economic assessment and financials

• 2023 PEA outlines a 10Mtpa operation over 10 years, producing 1.63Moz gold at an average grade of 0.54g/t, with a 1.5:1 waste-to-ore ratio.

• C1 cash cost is A$1,730/oz (US$1,090/oz), and AISC is A$1,857/oz (US$1,170/oz), with low mining and processing costs per tonne.

• At A$2,665/oz gold, the project delivers an NPV7% of A$388M, IRR of 30%, and a 2.8-year payback; at A$3,500/oz, NPV7% exceeds A$1.08B, IRR 62%, and payback is 1.7 years.

• Market capitalization is A$120M, with a significant value gap to project NPV, and recent capital raisings have strengthened the balance sheet.