Saturn Metals (STN) H2 2026 earnings summary

Executive summary

• Achieved significant growth at Apollo Hill, increasing Mineral Resource by 40% to 2.83Moz and Measured & Indicated resources by 90% to 2.19Moz year-over-year.

• Completed a positive Prefeasibility Study (PFS) and declared a maiden Ore Reserve of 1.59Moz, with a robust 86% conversion rate from eligible resources.

• Advanced the Definitive Feasibility Study (DFS), targeted for completion by end of 2026, and secured key agreements with Native Title holders, enabling final mining lease grant.

• Raised $166 million in equity funding, including a $100 million placement and $21 million from a Share Purchase Plan, strengthening the balance sheet for project development.

Financial highlights

• Net loss for FY2026 was $7.29 million, compared to $5.12 million in FY2025; loss per share improved to $0.01 from $0.02.

• Net assets increased to $122.3 million (up from $83.8 million), driven by share issues and capitalised exploration costs.

• Cash balance at 30 June 2026 was $40.4 million, up from $27.2 million the prior year.

• Raised $45.2 million from share placements during the year, with additional $100 million raised post-year-end.

Outlook and guidance

• DFS for Apollo Hill is well advanced and expected to be completed by end of calendar 2026.

• Funds raised will support front-end engineering, permitting, construction readiness, and further exploration.

• Projected strong free cash flow of $190 million per annum over 12 years of full-scale operations, with payback in 2.3 years at base case gold price.