Saturn Metals Ltd. · ASX:STN

Saturn Metals — Investor Presentation (September 2026)

26 slides from Saturn Metals's investor presentation, September 2026

  1. Slide 1: Apollo Hill Heap Leach Gold: A Scalable Gold Development Opportunity in Western Australia

    APOLLO HILL HEAP LEACH GOLD: A Scalable Gold Development Opportunity in Western Australia ASX:STN www.saturnmetals.com.au Ian Bamborough Managing Director Rendered Visualisation of Apollo Hill Gold Project PFS Design Drawings

  2. Slide 2: 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  2.83Moz Au Mineral Resource1 in a single large deposit – 77% Measured & Indicated Category totalling 2.19Moz A

  3. Slide 3: Corporate Snapshot

    CORPORATE SNAPSHOT Market Performance $400 $0.80 Compelling Value – Strong Register $350 $0.70 Market Cap. $M $300 $0.60 Share Price $250 $0.50 Corporate Structure $200 $150 $0.40 $0.30 Shares on Issue 664.3M $100 $0.20 1 (Tranche 2) + Placement Announced 29 July 2026 +186.2M $50 $0.10 $- $- Unquote

  4. Slide 4: Apollo Hill 2.83Moz Gold Mineral Resource

    APOLLO HILL 2.83MOZ GOLD MINERAL RESOURCE Big, Single, Simple, Large Selective Mining Unit, Low Unit Cost, Open Pit Shell • 2.19Moz in Measured and Indicated Categories • Well positioned for DFS & Reserve Update later in CY2026 Apollo Hill December 2025 Maiden Ore Reserve 1,590,000oz (104.6Mt @ 0.47

  5. Slide 5: Economies of Scale & Low-Cost Mining

    ECONOMIES OF SCALE & LOW-COST MINING From Surface Bulk Mining  Low Strip Life of Mine 2.39:1 in PFS  Bigger selective mining units (10m benches); Big Equipment  PFS Pit Shell A$3,550 (US$2,300)  Thick ore zones +100m  PFS pit shell to 310m – modest depth by current standards  Strong Resource t

  6. Slide 6: Simple Metallurgy – Apollo's Biggest Cost Differentiator

    SIMPLE METALLURGY – APOLLO’S BIGGEST COST DIFFERENTIATOR Excellent Gold Extraction Characteristics for Easily Recoverable Gold HEAP LEACH COLUMN TESTWORK  +78% gold recovery in fresh rock columns at 8mm Crush  86% gold recovery in Oxide and Transitional Columns at 8mm Crush  Flat Grade Recovery C

  7. Slide 7: 2025 Pre-Feasibility Study: Production Target 1.77Moz

    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) 0.64 160.0  Life of mine production totals 117.4Mt 140.0 at 0.47 g/t for 1.77Moz of contained 0.50 gold 120.0 0.47 0.49 0.48

  8. Slide 8: 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 & 160-days Stacking Schedule – Competitive Kinetics 

  9. Slide 9: 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 @ A$4,300 • C1 Cost A$2,369/oz A$M A$ /t Processed A$ /oz Payable (US$1,534/oz) Mining

  10. Slide 10: 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

  11. Slide 11: 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

  12. Slide 12: 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 Current Gold Price ~A$6,100 2,500 150% IRR (%) 2,000 100% 1,500 PFS

  13. Slide 13: Resource Comparison – Heap Leach Global Stage

    RESOURCE COMPARISON – HEAP LEACH GLOBAL STAGE Arrived in a Globally Important Peer Group 0.8 Current Resources firmly place Apollo Florida Canyon, USA Hill in bulk tonnage economic space: 0.7 Soledad Mountain, USA Andean Precious Metals Integra Resources Apollo Hill, AUS 2.95Moz Saturn Metals 0.6 0.

  14. Slide 14: Resource Growth as Geological Patterns Emerge

    RESOURCE GROWTH AS GEOLOGICAL PATTERNS EMERGE Orthogonal Gold Trends 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t Au • June 2026 Mineral Resource Constraining Pit shell • July 2025 Mineral Resource Constraining Pit shell Drilling results reported in ASX Annou

  15. Slide 15: New Higher-Grade Extensional Intersections

    NEW HIGHER-GRADE EXTENSIONAL INTERSECTIONS Lode Gold Architecture; Exploration Intersections show Extensional Potential to the North 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t Au Drilling results reported in ASX Announcements dated: • June 2026 Mineral Reso

  16. Slide 16: The North

    THE NORTH Assays Pending from First Phase AC, RC and Diamond Drilling (5,000m) 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t Au Drilling results reported in ASX Announcements dated: • June 2026 Mineral Resource Constraining Pit shell Hole AA90 10/01/2018 (Pros

  17. Slide 17: The North – Next Steps

    THE NORTH – NEXT STEPS 10,000m of Resource Focused RC and Diamond Drilling Planned Planned Drill Hole Program 'The North' Orange Drill Holes Extensional Resource RC Holes; Red Drill Holes Infill Resource RC Holes 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t A

  18. Slide 18: The South

    THE SOUTH Geological System Extends South – 10,000m of AC, RC and Diamond Drilling Planned 3D Oblique View Illustration shows: • June 2026 Mineral Resource Block Model >0.75g/t Au • June 2026 Mineral Resource Constraining Pit shell Note: Live Geological Interpretation and 3D Animation in VRIFY Durin

  19. Slide 19: Open for Growth in Multiple Directions and at Shallow Depths

    OPEN FOR GROWTH IN MULTIPLE DIRECTIONS AND AT SHALLOW DEPTHS Drilling results reported in ASX Announcements dated: Hole AA90 10/01/18 (Prospectus), AHRC1581 8/04/26, Hole AHRC1292 13/08/25 At Scale: 2.83Moz Resource against St George’s Terrace (Perth, WA) 19

  20. Slide 20: Regional Opportunities

    REGIONAL OPPORTUNITIES Brown Field Prospects and 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

  21. Slide 21: Development Plan

    DEVELOPMENT PLAN Timeline To Production 2026 2027 2028 2029 Definitive Feasibility Study Regulatory Approvals Financing & Procurement Construction & Commissioning Targeting First Gold 2029 Ongoing Drill Bit Strategy & Results Reporting Note: Indicative timetable, subject to change & refinement. Oper

  22. Slide 22: 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

  23. Slide 23: Appendix A: Mineral Resource – Apollo Hill Gold Deposit

    APPENDIX A Mineral Resource – Apollo Hill Gold Deposit Measured, Indicated & Inferred Mineral Resource Ounces with Time: Mineral Resource Tonnes Au Au metal 3,000,000 2,830,000 Classification Oxidation (Mt) (g/t) (Kozs) Oxide 0.1 0.43 1 2,500,000 2,239,000 Measured Transitional 0.7 0.57 13 2,030,000

  24. 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

  25. 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 5,678,000 1.00 188,000 139,266,000 0.5

  26. 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

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