Apollo Hill Overview

The Apollo Hill Project is situated in the heart of the world-class Eastern Goldfields district in Western Australia.

Apollo Hill Project Location

The Project is located approximately 650 km NE of Perth and approximately 50 km SE of the gold mining and processing town of Leonora.

Access to the Project is via the bituminised Goldfields Highway heading northeast from Kalgoorlie. The Project is readily accessible by way of a network of dirt roads, station roads and historical mining tracks.

Several multi-million-ounce gold deposits are known in the district.

Eastern Goldfields Gold Endowment

The Apollo Hill Project comprises 27 highly prospective gold exploration and mining licenses (approximately 967.59 km² of ground), in addition to 66 miscellaneous licenses for water /or infrastructure purposes (approximately 931.74km²).

The Project’s major asset is the the Apollo Hill Gold Deposit which hosts:

Measured, Indicated & Inferred Mineral Resource of 137.1 Mt @ 0.51 g/t Au for 2,239,000 ounces of gold using a cut-off grade of 0.2 g/t Au reported within a constraining pit shell. 82% of the Mineral Resource is classified as Measured or Indicated material.
Ore Reserve (inclusive of dilution and ore loss) of 104.6Mt grading 0.47g/t Au for 1,586,000 ounces of gold (at various cut-off grades dependent upon material type approximating to 0.15g/t Au overall cut-off grade) represents a robust 86% conversion of eligible Indicated and Measured Mineral Resource (July 2025 Mineral Resource) ounces into Ore Reserves.
A mining Production Target of 117.4Mt grading 0.47g/t Au containing 1.77Moz of gold based upon Proven and Probable Ore Reserves (89%) and a mining factor modified portion the current Inferred Mineral Resource (11%).

The Apollo Hill tenements are close to excellent infrastructure and form contiguous tenure.

Apollo Hill Mineral Resource

Strategic Sized Asset

The Measured, Indicated & Inferred Apollo Hill Mineral Resource is 137.1Mt @ 0.51 g/t Au for 2,239,000 ounces of gold reported above a cut-off grade of 0.20g/t Au within an constraining pit shell developed using a A$3,500/oz (US$2,300) gold price and assuming low-cost bulk tonnage mining and heap leach processing. 82% of the Mineral Resource is classified as Measured or Indicated material.

Oblique view 3D Representations of the July 2025 Apollo Hill Mineral Resource model and constraining pit for reporting, with topography.

Apollo Hill Measured, Indicated & Inferred Mineral Resource Ounces with Time:

Complete details of the Mineral Resource (137.1 Mt @ 0.51g/t Au for 2,239,000oz Au) and the associated Competent Persons Statement were published in the ASX Announcement dated 18 July 2025 titled “Apollo Hill Gold Resource Increases to 2.24Moz; 82% Classified as Measured and Indicated”. Saturn reports that it is not aware of any new information or data that materially affects the information included in that Mineral Resource announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Apollo Hill Ore Reserve

Apollo Hill’s Maiden Ore Reserve (inclusive of dilution and ore loss) of 104.6Mt grading 0.47g/t Au for 1,586,000 ounces of gold (at various cut-off grades dependent upon material type approximating to 0.15g/t Au overall cut-off grade) represents a robust 86% conversion of eligible Indicated and Measured Mineral Resource (July 2025 Mineral Resource) ounces into Ore Reserves.

Complete details of the Ore Reserve (104.6Mt @ 0.47g/t Au for 1,586,000oz Au) and the associated Competent Persons Statement were published in the ASX Announcement dated 17 December 2025 titled “Apollo Hill Pre-Feasibility Study and Maiden Ore Reserve”. Saturn reports that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and there have been no adverse material changes.

Complete details of the Production Target (117.4 Mt @ 0.47g/t Au for 1,771,200oz Au), the related Pre-Feasibility Study Financial Results and the associated Competent Persons Statement were published in the ASX Announcement dated 17 December 2025 titled “Apollo Hill Gold Project Pre-Feasibility Study and Maiden Ore Reserve”. Saturn reports that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Apollo Hill Development

Saturn Metals delivered its positive Pre-Feasibility Study (PFS) and Maiden Ore Reserve for the Apollo Hill Deposit on 17 December 2025. With the delivery of the PFS, Saturn Metals intends to immediately commence higher level feasibility studies for the Apollo Hill Project, with a Definitive Feasibility Study expected to be completed during 2026.

In addition, the Company will continue its ongoing programs of Resource, near-mine and regional drilling across its approximately 1,000km² of tenements towards Resource growth and new discoveries. An updated MRE for Apollo Hill is expected to be delivered in mid-2026.

PFS Financial Highlights and Outcomes:

This PFS Base Case using a A$4,300/oz (US$2,795) gold price generates:

More than A$2.5 billion in EBITDA over a 14-year Life-of-Mine
A Net Present Value_8% of A$973 million
An Internal Rate of Return (IRR) of 51%
Rapid payback on capital investment within the first 3 years of production
Strong free cash flow averaging A$190 million per annum from year one of production through year 12.
Steady State Gold Production Target of 106koz/pa from a 10Mtpa heap leach processing facility over a 12-year production schedule.

Apollo Hill Gold Project PFS Design Layout – Rendered Visualisation.

PFS Financials – Base Case Gold Price vs Current Price Case^[1]:

The financial highlights of the Base Case and a ‘Current Price’ Case are compared in the following table to indicate the Project’s potential performance at contemporary gold prices.

[1] Current Price Case of A$6,200/oz is based on the average November 2025 gold price of A$6,282/oz, rounded down to the nearest A$100.

Production Target:

The PFS has produced a mining Production Target of 117.4Mt grading 0.47g/t Au containing 1.77Moz of gold based upon Proven and Probable Ore Reserves (89%) and a mining factor modified portion the current Inferred Mineral Resource (11%).

PFS Study Highlights:

The PFS has outlined a technically and financially robust Project at a A$4,300/oz base case gold price. Figure 2 shows the PFS Project layout.
The PFS Base Case outlines the development of a large-scale open pit mine and 10Mtpa heap leach processing facility.
The Project as described in the PFS has an initial 14-year Life-of-Mine (LOM) including a two-year leach pad drain-down to recover 1.31Moz as its Production Target.
The Waste to Ore Ratio averages a low 2.4:1 over the life of the Project, with allowance for geotechnical factors of safety in wall angles and inclusion of haulage ramps (Figures 3 and 4).
The PFS Base Case generates over A$2.5 billion in EBITDA over the LOM, with strong free cash flow averaging over A$190 million per annum, providing for a rapid payback on capital investment within the first3 years of production.
The Project and Production Target generate a strong 51% Internal Rate of Return and Net Present Value₈ of A$973 million over the LOM. The Project returns a LOM undiscounted, pre-tax free cash-flow of A$1.9B over the 14-year term.

Apollo Hill Open Pit Mine and Heap Leach Processing Gold Project – PFS Design Rendered Visualisation.

All-in Sustaining Cost (AISC) is estimated at A$2,464/oz or A$27.46/tonne, resulting in an Operating AISC Margin of A$20.36/tonne at the Base Case A$4,300/oz gold price.
At the November 2025 average gold price of approximately A$6,200/oz (Current Price Case), the Project as outlined in the PFS would:
- generate A$4.9 billion in EBITDA over the Life-of-Mine;
- provide free cash-flow averaging over A$382 million per annum;
- pay $472M capital back within the first 1.3 years of production; and
- generate a 124% Internal Rate of Return and a Net Present Value^8% of A$2.38 billion over the Life-of-Mine.
The proposed mine plan is underpinned by Proven and Probable Ore Reserves throughout the base case 2.3-year payback period (Figure 5).
Utilising a conventional heap leach mineral processing circuit; the Apollo Hill Gold Project is predicted to achieve extremely competitive on-pad gold recoveries of 73.7% and an on-pad leach time of 160 days.
Capital and operating cost estimates have been built up using international best practice for PFS level studies with indicative quotations, and industry information sourced from relevant suppliers, contractors and consultants and has been calibrated and benchmarked against international and Australian projects and conditions.
The estimated pre-production capital requirement of A$472.4 million (Table 2) comprises:
- A$408M for 10.0Mtpa processing facility and heap leach pad infrastructure.
- A$37.5M for mining area preparation and associated infrastructure.
- A$26.7M for other pre-production costs, site infrastructure and accommodation facilities.

Sensitivity Analysis:

The Project’s key financial metrics are most sensitive to changes in the gold price and metallurgical recovery, while it is more resilient to changes in capital costs. The following table details the sensitivity of the Project to the impact of gold price. Further sensitivity analysis conducted in relation to Operating Costs, Metallurgical Recoveries & Capital Costs were also covered in the PFS with details available in the study announcement –“Apollo Hill Gold Project Pre-Feasibility Study and Maiden Ore Reserve” .

Apollo Hill Camp Scale Opportunity

Greenfield Target Areas

~1,000 km² of greenfields land package (60km long position in the greenstone belt);
16 Prospects discovered to date;
Large tracts of ground package untested;
Regional drilling planned.

Plan view map of Saturn’s completed and planned ground gravity surveys relative to its granted and pending exploration leases, with the Apollo Hill Resource and key prospects illustrated as star symbols. Drill results illustrated as downhole gold max assay results per hole. Major regional structural interpretations illustrated as red lines.

Apollo Hill