Saturn Metals (STN) Q3 2025 TU earnings summary

Executive summary

• Achieved a pivotal quarter with a resource upgrade at Apollo Hill, key management appointments, and a successful $23M capital raising to advance project development.

• Sixth consecutive Mineral Resource upgrade at Apollo Hill, now totaling 2.03Moz, with significant drilling results supporting further growth.

• Pre-Feasibility Study (PFS) for Apollo Hill underway, led by Kappes Cassiday & Associates, with completion targeted for Q4 CY2025.

Financial highlights

• Cash position at 31 March 2025 was $4.5 million, down from $9.5 million in the previous quarter.

• Net cash used in operating activities for the quarter was $0.92 million; net cash used in investing activities was $4.04 million.

• $14 million raised from equity securities during the quarter, with a further $23 million capital raising announced at quarter end.

• Estimated quarters of funding available at quarter end was 0.92, but post-quarter capital raising will significantly extend runway.

Outlook and guidance

• PFS for Apollo Hill scheduled for completion in Q4 CY2025, with ongoing drilling and studies to support a maiden Reserve and project development.

• Proceeds from capital raising to fund PFS, exploration, permitting, and project readiness towards an investment decision.

• Ongoing metallurgical, environmental, and geotechnical studies to inform project design and permitting.