Saturn Metals (STN) Investor presentation summary

Project overview and resource base

• Apollo Hill is a large-scale gold development in Western Australia with a 2.83Moz Au mineral resource (174Mt @ 0.51g/t Au), 77% in Measured & Indicated categories as of June 2026.

• Maiden ore reserve stands at 1.59Moz Au (104.6Mt @ 0.47g/t Au), with strong resource-to-reserve conversion (79%).

• The project is 100% owned, covers ~1,000km², and is strategically located in a prolific gold province.

• Near-term plans include a reserve upgrade and delivery of a Definitive Feasibility Study (DFS) in 2026.

Mining and processing approach

• Bulk open-pit mining with low strip ratio (2.39:1) and thick ore zones, using large equipment and 10m benches.

• Simple metallurgy with free gold in quartz, enabling efficient heap leach processing and low reagent use.

• Heap leach column tests show +78% recovery in fresh rock and 86% in oxide/transitional ore at 8mm crush.

• PFS uses 73.7% recovery and a 160-day stacking schedule, with low cement, lime, and cyanide consumption.

Financial highlights and economics

• Pre-Feasibility Study (PFS) NPV (8%) is A$973M at A$4,300/oz gold, with a 14-year mine life and IRR of 51%.

• Project EBITDA totals A$2.5B, free cash flow exceeds A$1.9B, and capital payback is 2.3 years.

• C1 cash cost is A$2,369/oz (US$1,534/oz), AISC is A$2,464/oz (US$1,600/oz), and average annual production is 106koz.

• Capex is A$472M, with a 10Mtpa plant and infrastructure designed for efficiency and rapid payback.

• Sensitivity analysis shows significant NPV and IRR upside at higher gold prices.