Saturn Metals Ltd. · ASX:STN
Saturn Metals — Investor Presentation (March 2025)
34 slides from Saturn Metals's investor presentation, Mar 31, 2025
Slide 1: Apollo Hill Heap Leach Gold
Not for release to US wire services or distribution in the United States Apollo Hill Heap Leach Gold For personal use only Accelerating Feasibility, Development Plans & Exploration Company Presentation: Ian Bamborough ASX:STN www.saturnmetals.com.au Managing Director
Slide 2: Apollo Hill 'Greater' Gold Project: Large Strategically Located Assets
Apollo Hill ‘Greater’ Gold Project Large Strategically Located Assets • Central position in a world class multi-million ounce gold province 60km south-east of Leonora in Western Australia For personal use only • 2.03Moz Measured, Indicated and Inferred JORC Compliant Mineral Resource1 in a single la
Slide 3: Corporate Snapshot
Corporate Snapshot Strong Register – Compelling Value Corporate Metrics & Share Structure Assets Cash at 31 December 2024 $9.5M EV/Resource oz $33 For personal use only 1 Ordinary Shares on Issue 308M Mineral Resources – Apollo Hill Gold Deposit 2.03Moz 2 Unquoted Options & Performance Rights 24M Ap
Slide 4: Long Term Strategic Sized Asset With Clear Growth Potential
Long Term Strategic Sized Asset With Clear Growth Potential At Scale: 2.03Moz Resource against St George’s Terrace (Perth, WA) For personal use only 234m 2,500m ASX:STN | www.saturnmetals.com.au 4
Slide 5: Apollo Hill – 2.03Moz Au Resource
Apollo Hill – 2.03Moz Au Resource Big, Single, Simple, Low Strip, Large Selective Mining Unit, Low Unit Cost, Open Pit Shell 6772000N 372000E 6774000N 369000E 6773000N 370000E 6774000N For personal use only Apollo Hill February 2025 Mineral Resource 2,030,000oz (119Mt @ 0.53g/t Au at 0.20g/t Au cut-
Slide 6: Apollo Hill 2025 Mineral Resource & PEA Whittle Shell
Apollo Hill 2025 Mineral Resource & PEA Whittle Shell $3,300 Scalability Low Strip Life of Mine Thick ore zones +100m For personal use only Bulk tonnage Bigger selective mining units, economies of scale and lower operating cost (10m benches); Big Equipment Expanded pit shell to 330m – mode
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: Efficient & Excellent Low-Cost Recovery RouteA For personal use only Gold Grains +78% gold recovery in columns at completion at 8mm Crush +88% gold recove
Slide 8: Leach Kinetics and Recovery Performance
Leach Kinetics and Recovery Performance Strong & Timely Curves Predictable Finish for Efficient Management of Heap LeachingA For personal use only A Refer Slide 23 ASX:STN | www.saturnmetals.com.au 8
Slide 9: 2023 Preliminary Economic Assessment
2023 Preliminary Economic Assessment Production Target – 1.63Moz via Conventional Heap Leach Circuit Initial Target: 10Mtpa for 10 years from former 1.84Moz Au Mineral Resource For personal use only Life of mine production totals 93.9 Mt at 0.54 g/t for 1,636,000oz of contained gold Average wast
Slide 10: Preliminary Economic Assessment: Low Cost Per Ore Tonne
Preliminary Economic Assessment Low Cost Per Ore Tonne (A$24/t) = Significant Margin on a Large Volume (10Mtpa) – Bulk Mining & Processing Delivers Economies of Scale • C1 Cost A$1,730/oz (US$1,090/oz) For personal use only • ASIC A$1,857/oz (US$1,170/oz) • Mining A$4.50/t (US$2.84/t) (10m bench – l
Slide 11: Preliminary Economic Assessment: Robust Financials
Preliminary Economic Assessment Robust Financials at A$2,665/oz (US$1,679)*0.63 Exchange Gold base case, a Healthy Margin At more recent gold prices (A$3,500/oz), the Project Gold Price A$/oz 2,665 demonstrates outstanding financial outcomes including: Project EBITDA For personal use only A$M 1,038
Slide 12: Resource Comparison
Resource Comparison Peer Group Soledad Mountain, USA Andean Precious Metals Florida Canyon, USA Current Resources firmly place Apollo Hill, AUS Integra Resources Saturn Metals For personal use only Apollo Hill in bulk tonnage economic space: Moss, USA Grade Golden Vertex Corp Scale Tujuh Bukit,
Slide 13: Pre-Feasibility Study
Pre-Feasibility Study Targeting December Quarter 2025 Delivery • Globally renowned Heap Leach specialist engineering services Solution and Mining Offices Storm Water and Workshops Ponds firm, Kappes Cassiday & Associates appointed to complete PFS Waste Dump • Development focussed, operationally expe
Slide 14: Resource Drill Out
Resource Drill Out 60,000m Drill Phase • Assays reported for 25,000m • 35,000m planned and in For personal use only progress • In-fill and extension ASX:STN | www.saturnmetals.com.au 14
Slide 15: Excellent Results – Apollo Hill
Excellent Results – Apollo Hill Extensional and In-fill Focused Drilling Thick and higher-grade intersections from reverse circulation drilling includeA: • 45m @ 1.04g/t Au from 190m within 89m @ 0.74g/t Au from For personal use only 146m – AHRC1010 • 34m @ 1.29g/t Au from 266m – AHRC0973 • 12m @ 2.
Slide 16: Clear Exploration Potential
Clear Exploration Potential Step Out Drilling • Change in drill For personal use only orientation to target intersection of major gold bearing structures at depth • 4 Drill Holes Planned Phase One • Further economies of scale if successful ASX:STN | www.saturnmetals.com.au 16
Slide 17: Regional Opportunities
Regional Opportunities Greenfield Target Areas • ~1,000km2 land package • 16 Prospects discovered to date For personal use only • Large continuous gold system • Large tracts of ground still untested • 5,000m AC phase in progress; prospective geology in current drilling – Assays Pending • A Further 1
Slide 18: Development Plan
Development Plan Timeline To Full-Scale Production 2025 2026 2027 2028 For personal use only Pre-Feasibility Study Definitive Feasibility Study Full Scale Operations *subject to permitting, approvals, funding & investment decision Financing & Procurement Regulatory Approvals Construction & Commissio
Slide 19: Bulk Sample Mining and Pilot Heap Leach Processing Considerations
Bulk Sample Mining and Pilot Heap Leach Processing Considerations Initial Consideration of Staged Development Concepts • The concept of mining and processing a 1.2Mt bulk sample has been evaluated For personal use only • The concept, at the proposed scale and as a stand-alone excise utilising Compan
Slide 20: Capital Raising
Capital Raising • Up to A$25 million capital raising comprising; • A$23 million two tranche placement, to sophisticated and professional investors, (Placement); and • Up to A$2 million share purchase plan (SPP). Offer Structure • The Placement consists of A$16.6 million to be issued under the Compan
Slide 21: Use of funds
Use of funds A$ million For personal use only Pre-feasibility study – Apollo Hill 8.6 Resource & Reserve drilling 5.0 Definitive feasibility study – Apollo Hill 4.4 Exploration 2.1 Tenement & landholding costs 0.9 Corporation, working capital and expenses 4.0 Total use of funds 25.0 1 Assumes A$2 mi
Slide 22: Offer timetable
Offer timetable1 SPP Record Date 28 March 2025 For personal use only Placement Announcement 31 March 2025 Placement Tranche One Settlement Date 4 April 2025 Placement Tranche One Allotment Date 7 April 2025 General Meeting 16 May 2025 Placement Tranche Two Settlement Date 22 May 2025 Placement Tranc
Slide 23: Important Information Disclaimer & Competent Person Statements
Important Information Disclaimer & Competent Person Statements You are advised to read the following carefully before making any use of the information contained in this presentation (Presentation). This presentation is dated 31 March 2025 and has been prepared by Saturn Metals Limited (STN or the C
Slide 24: Important Information Disclaimer & Competent Person Statements
Important Information Disclaimer & Competent Person Statements LISTING RULE 5.23 DISCLOSURE 1 Complete details of the Mineral Resource (118.7 Mt @ 0.53 g/t Au for 2,030,000 oz Au) and the associated Competent Persons Statement were published in the ASX Announcement dated 12 February 2025 titled “Apo
Slide 25: Important Information Disclaimer & Competent Person Statements
Important Information Disclaimer & Competent Person Statements FORWARD LOOKING STATEMENTS AND FORECASTS This Presentation contains forward-looking statements that are subject to risk factors associated with exploring for, developing, mining, processing and the sale of gold. Forward-looking statement
Slide 26: Appendix A: Mineral Resource – Apollo Hill Gold Deposit
Appendix A Mineral Resource – Apollo Hill Gold Deposit Mineral Resource Tonnes Au Au metal Classification Oxidation (Mt) (g/t) (Kozs) Oxide 0.2 0.58 3 For personal use only Measured Transitional 1.8 0.60 34 Fresh 2.8 0.53 47 Subtotal 4.7 0.55 85 Oxide 1.0 0.50 16 Indicated Transitional 8.3 0.49 131
Slide 27: 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 7,131,000 0.90 2
Slide 28: Appendix C: Risks
Appendix C Risks Set out in this section are potential risks associated with STN, the Offer, the industry in which STN operates and an investment in STN shares. It is not an exhaustive list of every risk faced by STN now or in the future. For personal use only Global economic Changes in global econo
Slide 29: Appendix C: Risks continued
Appendix C Risks continued The Company’s success depends on the continued services of its key personnel. The Company could be adversely affected if any of the key management team ceased to actively participate in the management of the Company or ceased employment with the Company entirely. As there
Slide 30: Appendix C: Risks continued
Appendix C Risks continued Mineral resource and ore reserve estimates are a subjective process based on drilling results, past experience with mining properties and modifying factors, knowledge, industry practice and many other factors. Estimates which are valid when made may change substantially wh
Slide 31: Appendix C: Risks continued
Appendix C Risks continued The Company’s operations are subject to government laws, regulations and policies governing (among other things) taxation, exploration, production, exports, labour standards, occupational health and safety and environmental protection. Any future changes in these laws, reg
Slide 32: Appendix D: International Offer Jurisdictions
Appendix D International Offer Jurisdictions This document does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or so
Slide 33: Appendix D: International Offer Jurisdictions Continued
Appendix D International Offer Jurisdictions Continued The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing mat
Slide 34: Appendix D: International Offer Jurisdictions Continued
Appendix D International Offer Jurisdictions Continued This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted t