Quarterly Activities & Cashflow Report

• Robust 1.77Moz Production Target and 1.58Moz Maiden Ore Reserve
• Compelling financial returns with A$973M NPV8%, 51% IRR, and rapid payback
• Potential to enhance future development outcomes through exploration upside

Saturn Metals Ltd has published a Pre-Feasibility Study (PFS) for its Apollo Hill Gold Project, confirming the project as a long-life, standalone and scalable bulk open pit mining operation utilizing conventional heap leach processing. The PFS outlines a 14-year Life-of-Mine with a 1.77Moz Production Target and 1.58Moz Maiden Ore Reserve, generating over A$2.5 billion in EBITDA, a Net Present Value8% of A$973 million, and an Internal Rate of Return of 51%. The project is expected to deliver rapid payback within 2.3 years of production and strong free cash flow averaging A$190 million per annum. Steady-state gold production is targeted at 106koz per annum from a 10Mtpa heap leach processing facility. Significant assay results were also returned from drilling along the Iris Trend, highlighting additional exploration upside that could enhance future development outcomes. The company completed a A$45 million capital raising to strengthen its balance sheet and is now fully funded to deliver the Definitive Feasibility Study and progress exploration at Apollo Hill.

The PFS outlines a Production Target of 117.4Mt grading 0.47g/t Au for 1.77Moz of contained gold, with 89% from Proven and Probable Ore Reserves and 11% from a mining factor modified portion of the current Inferred Mineral Resource. The project is expected to produce an average of 106koz of gold per annum over a 12-year production schedule, excluding a 2-year heap leach pad drain-down period.

Saturn Metals is now focused on delivering the Definitive Feasibility Study for the Apollo Hill Gold Project and progressing exploration drilling to unlock further value, building on the positive results from the Pre-Feasibility Study.