Saturn Metals (STN) Investor update summary

Resource upgrade and project scale

• Mineral Resource increased by 26% to 2.83 million ounces (174Mt @ 0.51g/t Au), mainly due to extensive drilling and lateral expansion, with only a minor contribution from higher gold prices.

• 77% of the resource is now in Measured and Indicated categories, surpassing internal targets and providing a robust foundation for the Definitive Feasibility Study and future Ore Reserve updates.

• The resource is contained within a single, large Whittle pit shell, supporting efficient bulk mining with a low strip ratio and a footprint exceeding 1.1 km in width.

• The upgrade is based on 367 new RC and diamond drill holes (62,385m), with significant additions from shallow and lateral positions, including high-grade intercepts such as 4m at 70g/t gold.

• The mine life is expected to extend beyond the previous 14-year estimate, with mineralisation remaining open in multiple directions and ongoing drilling targeting further expansion.

Geological and structural context

• Apollo Hill is hosted in the Archean Wiluna-Norseman greenstone belt, controlled by the Keith-Kilkenny Fault system and associated shear zones.

• The deposit comprises Main Lode and Footwall (Iris) Lodes, with gold hosted in quartz veins and alteration zones across a 3km strike and up to 1,200m width.

• Three principal strain directions (NW-SE, N-S, E-W) focus gold-bearing fluids, with higher grades at their intersections.

• Mineralisation is vein-hosted, with grades increasing with vein density and alteration halos of silica, sericite, and pyrite.

Drilling, sampling, and estimation methodology

• Resource estimate based on 1,979 RC and diamond holes (299,289m), with 1m sampling intervals and rigorous QAQC protocols.

• Estimation uses ordinary kriging with dynamic anisotropy, conditional indicator kriging for internal dilution, and block sizes of 10m x 25m x 10m.

• Bulk densities assigned by rock type and oxidation state, with 1,704 core measurements supporting the model.

• Metallurgical test work confirms heap leach recoveries up to 73.7% from primary ore, with further optimisation ongoing.