Saturn Metals Ltd. · ASX:STN
Saturn Metals — Australian Gold Conference 2023
24 slides from Saturn Metals's conference presentation, Aug 29, 2023
Slide 1: Apollo Hill: Heap Leach Gold
Apollo Hill: Heap Leach Gold For personal use only 29 August 2023 Australian Gold Conference ASX:STN Ian Bamborough www.saturnmetals.com.au Managing Director
Slide 2: Apollo Hill 'Greater' Gold Project Overview, Location and Tenure
Apollo Hill ‘Greater’ Gold Project Overview, Location and Tenure • Central Strategic Position in the Belt • 60km south-east of Leonora in Western Australia in world class multi-million ounce gold province close to existing For personal use only gold infrastructure • Centred around the current 1.84Mo
Slide 3: Corporate Snapshot
Corporate Snapshot Strong Register – Compelling Value Corporate Metrics & Share Structure Assets Funds as at 30 June 2023 $3.50M EV/Resource oz A$15 For personal use only Ordinary Shares on Issue 161.03M Mineral Resources – Apollo Hill Gold Deposit 1.84Moz Unquoted Options & Performance Rights 11.80
Slide 4: Apollo Hill Resource Upgrade (1.84Moz Au) June 2023
Apollo Hill – Resource Upgrade (1.84Moz Au) June 2023 Simple, Single, Big, Low Strip, Large Selective Mining Unit, Low Unit Cost, Open Pit Shell 6772000N 372000E Apollo Hill May 2022 6774000N Mineral Resource 1,469,000oz (76Mt @ 0.60g/t Au at 0.23g/t Au cut-off) For personal use only 3D Oblique view
Slide 5: Simple Metallurgy – Apollo's Biggest Cost Differentiator
Simple Metallurgy – Apollo’s Biggest Cost Differentiator Excellent Gold Extraction Characteristics for Easily Recoverable Gold HEAP LEACHING Gold Grains Efficient, Low-Cost Recovery Route For personal use only Excellent recovery – +74% - 85% in columns at completion Flat grade recovery curve – +
Slide 6: Leach Kinetics and Recovery Performance
Leach Kinetics and Recovery Performance Strong Curves and a Predictable Finish For personal use only a Refer Slide 22 ASX:STN | www.saturnmetals.com.au 6
Slide 7: Preliminary Economic Assessment: Production Target 1.63Moz
Preliminary Economic Assessment Production Target – 1.63Moz Initially targeting 10Mtpa for 10 Years from Current Resource • Life of mine production totals 93.9 Mt at For personal use only 0.54 g/t Au for 1,636,000 oz of contained gold. Life of mine waste movement totals 140.7 Mt, equating to an aver
Slide 8: Apollo Hill 2023 Mineral Resource & PEA Whittle Shell
Apollo Hill 2023 Mineral Resource & PEA Whittle Shell Scalability SW NE Only 1.5:1 strip ratio LOM, more 0.35km ounces in shell TOPO BOCO For personal use only Initial strip ratio over the first two TOFR years is 1.2:1 Thick ore zones +100m Bulk tonnage Bigger selective mining units, Drill
Slide 9: Preliminary Economic Assessment: Heap Leach Circuit
Preliminary Economic Assessment Heap Leach Circuit Initially targeting Processing For personal use only Rate of 10Mtpa for 10 Years • Simple Scheduling • Conventional Process • HPGR Crushing Technology • Strong Recovery – Conservative 75% Adopted in PEA Note: Diagram published in ‘Apollo Hill Prelim
Slide 10: Capital Efficiency: 2.8 Year Payback Period
Capital Efficiency 2.8 Year Payback Period Total Pre-Production Capital Mining Offices (A$M) Solution and and Workshops Storm Water Site Infrastructure $ 42.1 Ponds Waste Dump For personal use only Owner Costs $ 7.1 Processing Facilities $ 230.1 Columns and Heap Leach Pad $ 6.5 Elution Plant Open Pi
Slide 11: C1 Cost $1,730/oz & AISC $1,857/oz
Preliminary Economic Assessment C1 Cost $1,730/oz & AISC $1,857/oz Low Cost per tonne and Efficient Cost per ounce – Bulk Mining and Economies of Scale • Mining $4.50/t For personal use only (10m bench – large efficient SMU’s) • Processing $ 9.42/t Note: All values published on this slide are curren
Slide 12: $694M Free Cash Flow and 30% IRR
Preliminary Economic Assessment $694M Free Cash Flow and 30% IRR Financial Highlights: • Robust Financials at A$ 2,665/oz Base Case For personal use only Gold Price A$/oz 2,665 Project EBITDA (earnings before interest, taxes, depreciation & amortisation) A$M 1,038 Free Cash Flow (undiscounted and pr
Slide 13: Preliminary Economic Assessment Sensitivity Analysis
Preliminary Economic Assessment Sensitivity Analysis Gold Price on 01/08/2023 Gold Price on 01/08/2023 (A$ 2,944/oz) IRR % (7%) (A$ 2,944/oz) Cashflow For personal use only Gold Price (+/-10%) $375.4M $1,013.0M Gold Price (+/-10%) 18% 41% OP Costs (+/-15%) $403.2M OP Costs (+/-15%) 19% 40% $985.2M %
Slide 14: Bulk Sample Pit and Scale Up Test Plant Concept Planning and Permitting
Bulk Sample Pit and Scale Up Test Plant Concept Planning and Permitting Design Concept 1Mt @ 0.6g/t Au For 19.5koz mined and 14koz recovered Studies Commenced For personal use only ASX:STN | www.saturnmetals.com.au 14
Slide 15: Bulk Sample Concept
Bulk Sample Concept • 55m @ 2.12g/t Au from 0m – AHRC0897 Grade Control Drilling – Excellent Results from Surface including 19 m @ 5.59g/t Au from 0m 6774000N 6772000N 372000E including 10m @ 10.40g/t Au from 6m • 36m @ 2.34g/t Au from 0m – AHRC0896, For personal use only including 3D 9m @North-West
Slide 16: Bulk Sample Pit and Scaled Up Test Plant Concept
Bulk Sample Pit and Scaled Up Test Plant Concept Planned Infrastructure in same location as Big Project Plant – for later integration Bulk Sample & Scale up Test • Sample Pit For personal use only • Leach Pads • Leach Ponds SCALE-UP SAMPLE Other Capital deferred by planned utilisation of: • Contract
Slide 17: Bulk Sample Concept Grade Control Drilling – Outcropping Higher-Grade Shoots
Bulk Sample Concept Grade Control Drilling – Outcropping Higher-Grade Shoots • Higher-Grade Shoots Intersected • Minimal Non-Mineralised Material in Bulk Sample Pit 6774000N 6772000N 372000E • Highlights Increased Potential for Repeat Shoots Higher-Grade Across the Deposit For personal use only 250m
Slide 18: Resource Extension – Apollo Hill Corridor
Resource Extension – Apollo Hill Corridor Strong Intersections Provide Expansion Opportunities on Multiple Shallow Fronts Thick, shallow, and high-grade For personal use only intersections from reverse circulation drilling includea: • 7m @ 11.18g/t Au from 172m – AHRC0813 • 27m @ 0.51g/t Au from 50m
Slide 19: Resource Comparison Peer Group
Resource Comparison Round Mountain, USA Peer Group Kinross Gold Corporation Apollo Hill, Firmly in Bulk Tujuh Bukit, IDN Merdeka Copper Gold Tonnage Economic Space: Reserves* Apollo Hill, AUS For personal use only Saturn Metals Grade Scale Marrigold, USA SSR Mining Moss, USA Bald Mountain, USA E
Slide 20: Regional Potential – Important Corridor Yielding Results
Regional Potential – Important Corridor Yielding Results Satellite Prospects Developing • ~1,000km2 of Greenfields land package starting to yield results For personal use only • 14 Prospects to date Apollo Hill • Evidence of a continuous gold system outlined in drill 1.84Moz1 intersections over 60km
Slide 21: Development Plan
Development Plan Timeline To Scale Up Bulk Testing and Full-Scale Production 2023 2024 2025 2026 For personal use only Scaled Up Studies Bulk Testing Scaled Up Testing Operations ASX:STN | www.saturnmetals.com.au 21
Slide 22: Disclaimer & Competent Person Statements
Disclaimer & Competent Person Statements GENERAL The Company has prepared this presentation. Whilst the information contained in this presentation has been prepared with all reasonable care from information provided by the Company and from sources, which the Company believes are reliable, no respons
Slide 23: Appendix A: Mineral Resource – Apollo Hill Gold Deposit
Appendix A Mineral Resource – Apollo Hill Gold Deposit Measured Indicated Inferred Mineral Resource Total Lower Cut-off Oxidation state For personal use only Grade Au g/t Tonnes Au Au Metal Tonnes Au Au Metal Tonnes Au Au Metal Tonnes Au Au Metal (Mt) (g/t) (KOz) (Mt) (g/t) (KOz) (Mt) (g/t) (KOz) (M
Slide 24: Appendix B: Resource Comparison – Peer Group Data
Appendix B 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 For personal use only 1 Kinross Gold Corporation Bald Mountain Production 8,381,000 0.7 19