Saturn Metals Ltd. · ASX:STN
Saturn Metals — Investor Presentation (May 2026)
26 slides from Saturn Metals's investor presentation, May 1, 2026
Slide 1: Apollo Hill Gold Project Pre-Feasibility Study and Company Investor Presentation
Rendered Visualisation of Apollo Hill Gold Project PFS Design Drawings ASX:STN Apollo Hill Gold Project www.saturnmetals.com.au Ian Bamborough Pre-Feasibility Study and Company Managing Director Investor Presentation
Slide 2: Important Information & Disclaimers
IMPORTANT INFORMATION & DISCLAIMERS The following notices and disclaimers apply to this presentation, and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this presentation. This presentation has been authori
Slide 3: Apollo Hill Gold Project: Large Strategically Located Assets
APOLLO HILL GOLD PROJECT Large Strategically Located Assets Central strategic position in a world class multi-million ounce gold province 60km south-east of Leonora in Western Australia 2.24Moz Au Mineral Resource1 in a single large deposit – 82% Measured & Indicated Category Maiden Ore Reserv
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT Share Price Performance & Market Capitalisation Compelling Value – Strong Register $400 $1.00 $350 $0.90 $0.80 Market Cap. $M $300 $0.70 Share Price $250 $0.60 $200 $0.50 $0.40 Corporate Structure $150 $100 $0.30 $0.20 Shares on Issue 546.8M $50 $0.10 $- $- Unquoted Options & Perf
Slide 5: Maiden Ore Reserve, PFS Mining Inventory & Mineral Resource
MAIDEN ORE RESERVE, PFS MINING INVENTORY & MINERAL RESOURCE – HIGH CONFIDENCE Big, Single, Simple, Low Strip, Large Selective Mining Unit, Low Unit Cost, Open Pit Shells • Maiden Ore Reserve 1.59Moz Au • PFS Production Target 1.77Moz Au (89% Proven & Probable Reserves) • Mineral Resource 2.24Moz Au
Slide 6: Resource & Reserve, PFS Inventory & Growth Potential
RESOURCE & RESERVE, PFS INVENTORY & GROWTH POTENTIAL 1.77Moz PFS Mining Inventory – At Surface Bulk Mining Strength Low Strip Life of Mine 2.39:1 Thick ore zones +100m Bulk tonnage Bigger selective mining units, economies of scale and lower operating cost (10m benches – 5m sub benches); Big
Slide 7: Simple Metallurgy – Apollo's Biggest Cost Differentiator
SIMPLE METALLURGY – APOLLO’S BIGGEST COST DIFFERENTIATOR Excellent Gold Extraction Characteristics for Easily Recoverable Gold HEAP LEACHING OF FREE GOLD IN QUARTZ: Gold Grains Efficient & Excellent Low-Cost Recovery Route +78% gold recovery in fresh rock columns at 8mm Crush 86% gold recovery i
Slide 8: 2025 Pre-Feasibility Study
2025 PRE-FEASIBILITY STUDY Production Target – 1.77Moz Annualised Gold Mined by Resource Inventory Initial Target: 10Mtpa for 11 years 180.0 (+3yrs inc. ramp up & ramp down) for 0.64 1.77Moz Au PFS Inventory 160.0 140.0 Life of mine production totals 117.4Mt 0.50 at 0.47 g/t for 1,771,000oz of 120
Slide 9: Simple Metallurgy Leads to Conventional Heap Leach Processing
SIMPLE METALLURGY LEADS TO CONVENTIONAL HEAP LEACH PROCESSING Full Scale Adjusted Stacking and Recovery Parameters in PFS EFFICIENT HEAP LEACHING OF FREE GOLD EASILY LIBERATED FROM QUARTZ VEINS BY HPGR CRUSH TO 8mm P100: PFS uses 73.7% recovery Au Leach Kinetic Curve, 8mm & 160-days Stacking 100%
Slide 10: PFS Economics – A Margin x Volume Business
PFS ECONOMICS – A MARGIN X VOLUME BUSINESS Bulk Mining & Processing Delivers Economies of Scale Low Cost = A$20.36/t Margin x Large Volume Excavator – 29 m3 Bucket (10Mtpa Run Capacity) = Impressive Free Cash Flow Generation A$M A$ /t Processed A$ /oz Payable • C1 Cost A$2,369/oz Mining 1,673 14.25
Slide 11: Capital Cost and Efficiency
CAPITAL COST AND EFFICIENCY Processing – Infrastructure; Capital Investment in Efficiency and Consistent Quality of Product to Pad • Base Load 10Mtpa – 30Ktpd Plant and Infrastructure • A$472M Capex Paid Back in 2.3 Years at A$4,300 Base Case Rendered Visualisation of Apollo Hill Gold Project PFS De
Slide 12: Pre-Feasibility Study – A Financial Result
PRE-FEASIBILITY STUDY – A FINANCIAL RESULT Robust Financials at A$4,300/oz Gold base case, a Healthy Margin The Project demonstrates outstanding financial outcomes including: 2,100 2,000 1,900 1,800 • a Project EBITDA of A$2.5B 1,700 1,600 1,500 • a free cash flow of more than A$1.9B 1,400 1,300 1,2
Slide 13: Pre-Feasibility Study – Sensitivity Analysis
PRE-FEASIBILITY STUDY – SENSITIVITY ANALYSIS Gold Price – Impact on NPV and IRR The base load Apollo Hill asset can drive sustainable long-term cash flow with potential for outstanding financial outcomes 4,000 250% 3,500 200% 3,000 PFS A$6,200 Gold Price Case 2,500 150% IRR (%) 2,000 100% 1,500 PFS
Slide 14: Resource Comparison – Heap Leach Global Stage
RESOURCE COMPARISON – HEAP LEACH GLOBAL STAGE Arrived in a Global Peer Group 0.8 Current Resources firmly place Apollo 0.7 Soledad Mountain, USA Andean Precious Metals Florida Canyon, USA Hill in bulk tonnage economic space: Apollo Hill, AUS Integra Resources 0.6 0.88Moz Saturn Metals 3.07Moz 0.5 2.
Slide 15: Iris Zone: Multiple Higher-Grade Intersections
MULTIPLE HIGHER-GRADE INTERSECTIONS – REPORTED TO THE ASX WITH TIME Lode Gold Architecture 12m @ 9.98g/t & 16m @ 6.35g/t within 11m @ 3.28g/t – 27m @ 4.05g/t - AHRC312 AHRC1220 7m @ 12.38g/t within JANUARY 2020 JUNE 2025 14m @ 6.38g/t - AHRC1174 13m @ 3.60g/t inc. JUNE 2025 8m @ 5.62g/t – AHRC0709 J
Slide 16: Geological Patterns Emerge
GEOLOGICAL PATTERNS EMERGE Orthogonal Gold Trends 3D Oblique View Illustration shows: July 2025 Mineral Resource Block Model >0.75g/t Au July 2025 Mineral Resource Constraining Pit shell 16
Slide 17: New Higher-Grade Extensional Intersections
NEW HIGHER-GRADE EXTENSIONAL INTERSECTIONS Lode Gold Architecture 3D Oblique View Illustration shows: July 2025 Mineral Resource Block Model >0.75g/t Au July 2025 Mineral Resource Constraining Pit shell 17
Slide 18: New Higher-Grade Extensional Intersections: Assays Pending
NEW HIGHER-GRADE EXTENSIONAL INTERSECTIONS Assays Pending & Next Stage Drill Plans 3D Oblique View Illustration shows: July 2025 Mineral Resource Block Model >0.75g/t Au July 2025 Mineral Resource Constraining Pit shell 18
Slide 19: 2026 Excellent Results, Higher Grades North and South
2026 EXCELLENT RESULTS, HIGHER GRADES NORTH AND SOUTH Thicker and Higher Grade Zones Footwall and Northern Positions – Assays Pending Kings Park Woodside BHP Rio Tinto Pan Pacific Hotel AHRC1581 AHRC1377 5m @ 11.92 g/t Au 4m @ 70.03 g/t Au Incl. Incl. AHRC1499 1m @ 49.20 g/t Au 15m @ 5.53 g/t Au 1m
Slide 20: Regional Opportunities: Greenfield Target Areas
REGIONAL OPPORTUNITIES Greenfield Target Areas ~1,000km2 land package, large continuous gold system, large tracts of ground still untested, further regional exploration drilling (20km planned) 325000E 350000E 375000E 400000E 425000E 450000E 475000E Sunrise Dam Apollo Hill 2.24Moz Au Mineral Resource
Slide 21: Regional Opportunities: Gravity Survey 75% Complete
REGIONAL OPPORTUNITIES Gravity Survey 75% Complete – Unlocking Regional Potential Approximately 17,000m on-ground gravity stations to be surveyed & processed in 2026 to provide next data set for geological targeting of Gold 325000E 350000E 375000E 400000E 425000E 450000E 475000E Sunrise Dam Apollo H
Slide 22: Development Plan: Timeline to Production
DEVELOPMENT PLAN Timeline To Production 2026 2027 2028 Definitive Feasibility Study *Operations subject to Financing & Procurement permitting, Native Title negotiations, approvals, funding & investment Regulatory Approvals decision. Construction & Commissioning Ongoing Drill Bit Strategy & Results R
Slide 23: Appendix A: Mineral Resource – Apollo Hill Gold Deposit
APPENDIX A Mineral Resource – Apollo Hill Gold Deposit Mineral Apollo Hill Measured, Indicated & Inferred Mineral Resource Ounces with Time: Resource Tonnes Au Au metal Classification Oxidation (Mt) (g/t) (Kozs) 2,500,000 2,239,000 Oxide 0.04 0.70 1 2,030,000 Measured Transitional 1.3 0.57 24 2,000,
Slide 24: Appendix B: Ore Reserve – Apollo Hill Gold Deposit
APPENDIX B Ore Reserve – Apollo Hill Gold Deposit Mineral Reserve Tonnes Au Au Metal Oxidation Classification (Mt) (g/t) (koz) Oxide 0.0 0.56 0 Proven Transitional 1.4 0.54 24 Fresh 3.4 0.49 54 Subtotal 4.8 0.51 78 Oxide 0.6 0.50 9 Probable Transitional 7.4 0.45 108 Fresh 91.9 0.47 1,391 Subtotal 99
Slide 25: Appendix C: Resource Comparison – Peer Group Data
APPENDIX C Resource Comparison – Peer Group Data Mineral Resource Measured Indicated Inferred Total Source Company Desposit Stage Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces 1 Kinross Gold Corporation Bald Mountain Production 7,131,000 0.90 205,000 172,130,000 0.4
Slide 26: Appendix D: PFS Sensitivity Analysis
APPENDIX D PFS Sensitivity Analysis Gold Price (A$/oz) 3,500 3,800 4,000 4,300 5,000 5,500 6,200 8,000 NPV8% A$M 379 601 750 973 1,493 1,864 2,384 3,721 NPV5% A$M 539 808 987 1,256 1,883 2,152 2,958 4,571 IRR % 25 34 41 51% 58 94 123% 146% Payback years 4.2 3.4 3.0 2.3 1.8 1.6 1.3 0.9 Annual EBITDA