Good afternoon to those who are joining us from the East Coast. I'm Nicholas Read from Read Corporate, and on behalf of Saturn Metals, ASX code STN, it's a great pleasure to welcome you to this investor webinar and to host this session. Thanks for joining us. It's what's shaping up to be a particularly exciting period for Saturn. This morning, the company released a couple of important market updates that continue to show the strong momentum that Saturn is building at the Apollo Hill Gold Project in W.A., notably what was the company's largest resource update to date. The announcements reinforce both the scale and the growth potential of Apollo Hill and highlight the ongoing success that the company is enjoying from its drilling programs and its continued progress towards development. Importantly, they support Saturn's strategy of enhancing both the quality and the size of the deposit, while in parallel, advancing feasibility studies. Well, we're very pleased to be joined this morning from Perth by Saturn's Managing Director, Ian Bamborough, who's going to step us through the latest results using his PDF deck and to discuss what they mean for the evolving development story at Apollo Hill. Just a reminder to everyone who's tuned in, this is meant to be an interactive session, so please take full advantage of having Ian on tap here. Please use the Q&A tab on your webinar browser, and once he's finished giving us a quick run-through, we'll take your questions. Ian, great to see you. Congratulations on the resource upgrade. Please step us through it. No, thanks very much for having us on, Nicholas, and a pleasure to be here. Thanks for everybody joining. What I'll do is I'll share a bit of a deck, which is really this morning's, I suppose, resource announcement diagrams. If I do that in PDF, it allows me to kind of draw on things and explain things a little bit. If you'd just bear with me. Just make sure everyone can see that. Okay. That's our Apollo Hill, I suppose, a depiction of our Apollo Hill PFS design drawings. Just gives you some kind of scale of the plant, the crushing plant there at Apollo Hill and the heap leach project. What we're going to do now really, I suppose, is look at that mineral resource and particularly the upgrade today, both in terms of size and quality and how I think that's going to feed into, I suppose, the development plans for the asset but also the future of the company in a positive way. We'll give the standard disclaimer, which has just been updated with the new resource down there at the bottom on our thing. Without sort of a brief reminder of where we are, the Apollo Hill project sitting there in the middle of the Wiluna-Norseman greenstone belt. We'll skip straight to that resource picture. Again, all Saturn's ounces and our exploration has remained dominated by this. It is in one single, simple low -strip pit and in very much a bulk -mining scenario. I suppose the previous mineral resource was 2.24 million ounces, and today's resource is 2.83 million ounces. I'm just going to sort of grammatically or diagrammatically show you where those additions have come from. We're delighted, I suppose, we did use a higher gold price this time of AUD 5,000, but I'm delighted to be able to say the ounces have come from real drilling in predominantly shallow lateral positions and/or even within the previous resource pit where our resource category upgrade drilling has really seen some nice architecture patterns and really seeing the deposit pull together. First of all, we saw shallow additions on the footwall there. I think there was another announcement this morning on the Titan lode, and despite those results this morning not making it into this resource, they are for the next one. You can see that clearly the earlier drill results from this year have actually dragged the resource out and captured that, and of course, the drilling is open to the north and continues. We've been delighted to push up to capture these pods, which have been defined by some higher-grade intercepts. I think we'll have a bit of a look at it in the exploration picture, but 4 m at 70 g per tonne of gold we saw in some of our drilling just maybe four or five weeks ago. We've seen that captured. We've added ounces out here, and we added ounces down the south in these lateral positions and in fact, in the hanging wall. That said, as I mentioned, an absolute tick in terms of the infill drilling. One way to look at it, the first thing I did when we got that new resource model was ask David, our exploration manager, to query the new model inside the old pit. We saw around, just anecdotally, probably about a fifth of the additional ounces come in just within the existing pit, which really speaks to, I suppose, the quality of the drilling and the upgrade that we've done. Of course, this year we've also done a bit of drilling at depth. If I take a bit of a look through that cross-section there, we'll just sort of do a slice through the deposit there and have a look at some of the deposit strengths. First of all, the deposit still sticks out at surface and, in fact, we've been increasing that shallow mineralization at Iris in the footwall. We're still maintaining a low stripping ratio. You can see, for example, ounces coming in the hanging wall, which are helping to keep that down. We've seen the pit drive down at depth. The light gray shell is last year's mineral resource shell and the black shell is this year. Additions have come from, I guess the footwall, extensional drilling on the Iris Lode, hanging wall drilling and of course, really bigging a big chunk of mineralization in at depth. As we move deeper, the material below the pit here, and if I was to put a kind of hard boundary on this, to the left of that line, we've got drilling and some of it along strike. To the right of it, we have these kind of extensional holes which are really modeling the mineralization up. I do think that, if we'd had the time, and we do now in the future, to get a bit more drilling in there. These resource pits can only really drive on our measured, indicated, inferred material. I do think there's a very strong chance of that material converting at depth. I do think that if we'd got that in, we might have even seen that pit shell push a bit further into that, if you want, anchor of the deposit and then that kind of captures more of the hanging wall as well. We've seen ounces come in and I suppose at the very heart of that, you see these thick, robust, big selective mining unit ore zones. Another delightful thing is the drilling density's gone in. We're really starting to see some of these high-grade plunging shoots and architecture and lode vein systems come out of the deposit. To some respect, that's what has helped us maintain our grade despite really pushing the tonnes up using a higher gold price. That can often mean you want to take more and more low-grade material in your cone. I think we're maintaining a very healthy balance now for this bulk mining scenario whilst expanding the footprint. I suppose what's really pleasing is, I think that pit now, across there might be upwards of 1.1 km in width. Where these big heap leach deposits really win, I suppose, is their lateral footprint. Near surface lateral footprint, which allows you to capture a lot of shallow ounces quickly and/or look for options to increase your ounces per vertical meter or your throughput per vertical meter. If anything, this resource is helping us plan for the future of the deposit beyond what we'll put together in the DFS this year. Looking at that in terms of conversion, I think the other huge thing we've done here, when we set off at the last resource, we set the guys a target of drilling the deposit to get about 2 million ounces, or the target was 2 million ounces in Measured and Indicated, the higher confidence categories. We're delighted that we've beat that by just under 10%. Again, you can see the orange and the red there where really you can see where your definitive feasibility study cone is going to be able to drive down on. I suppose if we were looking at a 2 million ounce picture before, we're really pleased to be sort of. Historically we've seen high conversion rates here from resource to reserve and/or from resource into our pre-feasibility mining inventory was about 89%. If the past is an indicator of the future, I think that bodes well for our definitive feasibility study this year. In that you can see the red bits where we've grade controlled three sections of different geology, different modeling domains, different weathering profiles right down to about 100 m depth. Importantly, that's kind of investment spent for your first years of production already. Another win. I think this diagram we published in our last announcement and just to give a sort of feel, I think these are some of our, if you want, kind of more global heap leach peers in production at the moment, and we've always said Saturn's there in terms of the grade scale. Our strip ratio is very low, recovery, and we've done our homework and our local cost structure. I'm just going to take the opportunity to kind of say we've gone from the edge of the pack to move now and, forgive my artistic drawing, but the bubble might be starting to look more like the 3 million-ounce bubble shortly and sit very firmly in the middle of a group in terms. I think we're about 174 million tonnes in this thing now. That 174 million tonnes, at this point, will definitely give potential to expand our mine life in the definitive feasibility study past the 14-year mine life we had in the pre-feasibility. Probably a nice place to finish, or a penultimate slide to finish showing, I suppose, the direction of the asset and the direction of the company and how we're trying to position ourselves on a global heap leach scale. Last but not least, the table was published today and the graphs. It's been nice to see a bit of a kick up in the curve. Whilst maintaining an expanding quality in terms of your measured and indicated material. That's it just in terms of slides. A short brief update. Any questions welcome. Thanks very much, Ian. That was a great run through. Just a reminder to everyone, this is meant to be interactive, so please use that Q&A tab and fire your questions in, and Ian will, I'm sure, be happy to deal with them. Ian, just to kick off with one a couple of people have asked this morning. In terms of the big uplift in ounces as part of this update, how much is due to actual drilling, extending the deposit, and how much to, I guess, the gold price movement, if you like? Yeah. I'll skip back to that, I think, Nick. I'd like to think the majority is due to drilling. We've seen shallow extensional drilling there. Shallow extensional drilling there, which has brought new resources in. We've really pushed the pit out there. We've pushed the pit out there. As mentioned, I think, perhaps there's as much as 100,000 oz actually came in the center of the deposit through modeling improvements, grade improvements. Then at depth, this has been drill-driven. I think when we looked at the resource last year, for example, we ran pits at AUD 3,500- AUD 3,800. The higher gold price didn't push the pits any further. It was just that we'd run out of drilling to push the pits further. Without doing the work, anecdotally, I'd say at least two-thirds of it has been additional drilling and maybe a bit more. You can really see how we've expanded laterally rather than just the cone just go down at depth. On that picture there, we haven't really driven the pit much deeper. Iris has really helped, and that's been higher grade, so of course, the pit's driven there deeper. Economically, it wants to go down for it. It's been more about this kind of lateral push and increasing ounces per vertical meter in the one pit. That's really making the difference. Fantastic. Thanks, Ian. A question has just popped up from a participant. Will a bigger mine inventory increase mine life or support a bigger operation, i.e. greater than 10 million tonnes per annum? Yeah. I'm going to skip to this slide. Just bear with me. In terms of answering that. I'm going to sketch on, to the best ability, what the new kind of pit is probably looking like in terms of our mineralized footprint as published. We've probably captured that. We've definitely captured that. We've probably come out there. That's it. You can see that gray hash, the last expansion. I'll answer it two ways. One, definitely it's added mine life. If we've gone up to 176 million tonnes, there's at least another couple of years there. What's been nice is this kind of footprint out, which potentially allows you to do more tonnage on any given belt, so on any given bench. At the moment, the pre-feasibility scale for about 10 million tonnes per annum. The next kind of scale in heap leach equipment, crushers, trucks, that kind of thing, diggers, is probably about 15 million tonnes per annum. We haven't quite reached that jump. You need to make those kind of economies-of-scale jumps. We're definitely heading that way. If I think about that in cross-section, I'll go back to the cross-section. To be able to maintain high rates of production at depth down here, where the cone's narrow, I need a bigger footprint up here. The fact that we are pushing this way could start widening our production capacity at depth as well. Yes, I think it's been definitely additions, but I think we're heading the right way to perhaps make those next economies of scale jumps. I'll hold off on it. If we go back to this, what's been nice is beyond the pit that I've just sketched on like that, we are still seeing these, recently as well, these extensions to the north. We've just captured that one. We can see these exploration results to the north that suggest the system is going to keep growing. Not kind of. It does to me. In fact, we're actively tracing now with drill rigs to the north, where we look at expanding again a lateral footprint, which could then make us or give us that ability to make that jump to that next scale. Where these big North American deposits, heap leach deposits, really seem is that flat, lateral footprint. In the north at the moment, we've just finished diamond drilling around some of these higher-grade intersections, like the 4 m at 70 g per tonne of gold, but also further around some of these pods that have been captured. We've brought an RC rig in to follow up on the geology there. In fact, the Air core rig, if you really want, is looking at that kind of footprint and exploring to the further north now to really see what's out there. I think these intersections, both in previous years, this last year, and the fact that we actually have the Iris trend continues to push north, is really giving the deposit a new dimension. The potential for scalability here, I think is what's really exciting me. I'm going to go again, because you've asked a good question there, Nick, or the person watching the webinar has. About four weeks ago, we announced our traditional owner agreement, which then allows us to explore other areas of the lease that we haven't. You can see out here some clear indications that the mineralized system does still extend, and there's obvious trends out here which we haven't fully explored yet. I think these systems might trend up here. I think this one's going to come down here. Part of that agreement anticipates us or gives us a vehicle to be able to get out into these areas where historic heritage work had meant that we needed to be a little bit more sensitive, and I think that's also exciting. If you put the north and the south together, and look, it's not going to all happen at once, but we're pushing north now. We're sort of technically, land access-wise, opening up the south. I think Apollo Hill will look very different again in the not-too-distant future. That's very interesting. There's certainly enormous footprint there. Ian, another question just around drilling results. You announced some more results from Titan this morning. Yeah. One of the key developments the last 12 months has been along this Iris trend, where you've started to see these coherent high-grade zones. Yeah. Can you talk us through that a bit more in terms of how your understanding of the deposit has evolved and also the strategic importance of those zones? Yeah. The results from this morning, if you want, didn't make it into this resource picture in terms of timing for cut-off, but they're actually in here. The beautiful thing is, I think if they had made it in, I think this would've made it even stronger. On this diagram, the green bits here, there's potential they might have even been the higher confidence category, the indicated category. I think also on the long section we published, we were starting to see mineralization infilling in here. Now, there are lead indications there. Absolutely, these pods, which we're now sort of seeing the pattern that's controlling them, are starting to repeat along that footwall. I think we're even seeing where they repeat all those geological intersections and the actual elements are coming together even within the deposit. I think to some respect, that's why we managed to maintain the grade across the deposit this year despite still pushing for the bulk story. Yeah, it's open to the north, open to the south. We've got some beautiful lode intersections. Again, all this is published in the last presentation. Up here in the north, you can see some of these purple mineralized intercepts, which we haven't quite fully captured yet because of their drill density. I think a geologist likes to see two structures crossing. Where that one crosses that one's a good one. Where that one crosses that one is a good one, and on we go to the north. Yeah, those kind of crisscross patterns you're seeing in that resource picture, I think are exciting as well. Interesting. Another question here from a viewer, Ian. He says, "How will the timeline work between the DFS, a feed to final investment decision, and your ongoing extensional exploration drilling? Yeah. I'll flick to this. I think that the nice thing about this diagram is it hasn't moved, and it's still not going to move. What we've done really is we set that target of 2 million ounces into measured and indicated to be the basis of the DFS. We've got 2.2 million ounces. It'll probably extend the mine life, like we've said, maybe another couple of years, but it won't fundamentally change the scale of the operation at this point or affect that timeline. The publication of this resource, and we'd just sort of gone into the start of June, it was important to allow us It's the basis of the DFS, and we're not going to keep pushing this out. The traditional owner agreement last month, which let's say was back here, the EPA process, the regulatory approvals, is really about community consultation. It was very important for us to be able to achieve that so we can demonstrate to the EPA that we have been, are being, will be, continue to be involved with the local community, which is where their real focus is. One of their real focuses. Everything's on track, as is on that slide in front of you. I think the ongoing footprint drilling, if you want, really paints a picture of the future. I think of it as more as an understanding of the long-term planning that we need to do here and the strategic planning for the asset. It could be as simple as I know that I need to leave space there for my infrastructure because I do feel as if the pit will ultimately expand there. It could also be that if we continue to grow the deposit the way we are, then the ability to scale up the deposit increases so that when, subject to our definitive feasibility study stage gate project financing, we go into production, and the regulatory approvals, that we leave space in our, I suppose, planning, thinking, engineering for the future. We're on that runway to development now, and I don't want to stop that, but I do need to leave, I suppose, physical space, emotional space, engineering space for what I think this deposit could be. Excellent. Thanks very much, Ian. Some good questions coming in here. From investors, longer term, do you see any indications of high-grade shoots at depth to chase under the main pit? Yeah. I suppose we're actually starting to see indications of higher-grade shoots at shallow depths. I think before we even think about chasing high-grade shoots at depth, the advantage we have here is we might be chasing higher-grade shoots at surface. I think as we really open this deposit up and start grade control drilling it and get on the pit floor, I think there'll be opportunities. I'm always reminded, I think, of the Dome Gold Mine I went to visit when I was a student in Canada, and I think that at the time they were probably mining the thing at about 0.5 g a tonne or 0.5 g cut off. I stood in some I think there was about 30 of us stood in this bucket, and I couldn't understand the economics of it. Years later, probably 30 years later, when we first listed Peel, they had some amazing feeder intersections at depth, down at sort of 1,000 m on that pit. This is a big gold system. I think it's going to be around for years, and I'm pretty sure after working at mines that I know have been running for 100 years or 30 years, you're always finding pleasant surprises and irrespective of our sort of district potential around us as well. In a short, I'm going to try and find some high-grade shoots shallow before I try and find them at depth. Excellent. Thanks, Ian. There's a couple of questions here which I think are linked, so I'll sort of combine them. Given the scale and the higher grades that you've encountered, have you looked into other processing plant options? The related question is, if you see enough high grade, could you add a CIL circuit down the track? Yeah. Look, I think Apollo will always be, given its gold endowment, its bulk mining ability, I think the economics will win out there. Absolutely. If we find a few more of these, as you come across them, once your capital is paid back, I think Round Mountain in Nevada is probably the best example of what's called a segmented heap leach, where now, as a capital journey with time, they probably started with a big dump leach and then a heap leach where they crushed the rock and then a roll -on roll-off pad, and then they've got a small mill. As they find higher -grade opportunities, they'll divert ore to where they get the best and the quickest cash flow, bang -for-buck recovery. Once you've actually opened this up on a pit floor, you'll start to understand some controls, I think, which might offer that opportunity. I do think this has very strong potential to ultimately be a segmented heap leach once that capital is paid back. I think the optionality on this deposit is going to be quite powerful. Our goal at the moment is to keep it as simple from an operating perspective, which really translates to low cost and efficiency. As we understand the deposit more and more, there's no better way to understand these high-grade zones than when you start grade controlling or indeed you're even mapping them on the pit floor. The other thing I need to add a disclaimer on there is we are only just starting to understand these opportunities up here as well. We might not be that far away from seeing something very different again. Yeah. Fantastic. This one should be an easy one, Ian. How many drill rigs do you currently have operating at Apollo Hill? Two. Okay. Yeah. There's one RC and one Air core, and that's been a little bit about all the geological powers being about making sure this resource gets done. We're not afraid of having six or seven on the go. I think, Nick, you've probably been to site when we had about six rigs lined up down at Iris drilling this thing out. I think at the moment it's just been get the diamond drilling in, understand the geological structure. That diamond rig has left, which means we're starting to understand the geological structure. The Air core rig is pushing north. An RC rig has come back in. Let's just sensible build of momentum and drill push. I think the resource also sets the scene for some clear opportunities. We have a published, I suppose, performance incentive target for the staff of 3 million ounces. I think the guys are highly motivated to push on and try and grab that. There's some real obvious opportunities if I go back to here. We have some obvious opportunities here and here. There's very little drilling at the moment in between here. I think even within the resource pit shell, again, or infill drilling that we talked about here this morning, there's some great opportunities irrespective. In a nutshell, I don't think it'll be long before these guys are pushing on for their next target. Yeah. Thanks, Ian. Just a couple of final viewer questions here. Any indications of repeat trends, or, sorry, repeat structures down the main trends, also defined by similar cross-cutting structures, such as the ones around Apollo, bringing in high-grade mineralization? Yeah. Yes, always. I'm going to scribble on this again. Oh, it's not going to let me scribble on it. We haven't gone south. You can see lead intersections here. I think anything's possible in the belt. Yeah, we have drilling as far down south as Erebus. We can trace this gold system. The one you're looking at at the moment in front of you is probably maybe 3 km. I know we have intersections, step-out exploration intersections, 6 km to the south. Anything's possible. We're starting to unlock that structural pattern and technical pattern, and yeah, it's something we never give up on. Thanks, Ian. There's just one last one, which we might start to wrap things up around, but the question is, do you see any Apollo analogues, i.e., not just extensions, on your ground position? It's probably a fair segue into a quick summary of where you're up to with regional exploration, because I know you have some interesting things in the pipeline there, too. Yeah, look, all we've talked about today is this bit here around Apollo Hill. What you're looking at there is our land package, which is about 1,000 sq km. That pattern in front of you with the dots, which is drill intersections. It's not geochemistry. Absolutely is, and I'm going to just do a bit of a quick geological interpretation. That is one big fault system, plumbing system for gold. There's probably 70 km of architecture there. 40% of that land package hasn't had a drill hole yet. You can see some clear opportunities. Probably these two drill holes down here, we're probably looking at kilometers between that one and that one. You can fit a decent deposit in there. I think probably the Sons of Gwalia pit's about 500 m long. One of the things that I think differentiates us is we have a multimillion-ounce deposit now in a multimillion-ounce belt amongst some major Australian players and major international players, be it Gold Fields, Anglo. We've just seen, I suppose, Regis gold merger, Genesis, Northern Star to the south of us and north of us. I think it's exciting. One of the great things in terms of an analogy for Apollo Hill, one of the real obvious opportunities here is Aquarius. If you look at the footprint of that gold system, which is predominantly Air core drilling, it tells you something serious is going on. On this diagram where we released it, a couple of months ago at the RIU in Sydney or a month ago, it's in application. When we announce the traditional owner agreement, the native title mining agreement, it's not just for Apollo Hill, it's for the entire project. That really paves the way for the next steps in access to that opportunity. That ground was previously held by Sumitomo Metal Mining, and for good reason. They put some beautiful drilling into that RC and diamond. I see that Aquarius thing as a brownfields opportunity for Apollo Hill for the company. What you're looking at here, I think, and the intersections were at least analogous with Apollo Hill, and arguably, especially given the early stage of the drilling there, but possibly a bit better, and that does excite me. I think we are a major step closer to getting in and opening that up. I think Apollo Hill is a, if you want, a round mine or a round development opportunity. Aquarius is a brownfields opportunity, which is a gold system of substantial size, which I think we've pretty much got in hand. Beyond that, the greenfields. When I go back to I'm going to skip again to one more slide. The nice thing about this diagram for me is multimillion-ounce deposit, multimillion-ounce deposit, multimillion-ounce deposit, multimillion-ounce deposit. We now have a multimillion-ounce deposit, multimillion-ounce deposit. There's a real opportunity for another one in the belt, and I happen to think the kind of synchronicity of the things and perhaps even some of our drill indications are saying we might already be beyond that journey as well. Yeah. Hope that was a good answer. It sure was. Thanks very much, Ian. Look, that was a great wrap-up. I think we've dealt with all the questions that have come in, so might just ask you to close us out with a couple of thoughts. Yeah, just appreciate everyone watching and keep an eye on the drill rigs. I think we're on the final runway now for our definitive feasibility study. We should see plenty of results flow in terms of exploration as we maintain that effort. Yeah, thanks for everyone's interest and support. Thanks very much, Ian, and congratulations on a great outcome today. Definitely a good day for Saturn Metals, and we look forward to getting you back on here when you have some more news. Thanks for your time and, look, thanks to everyone for joining us at short notice. We had a great audience today and some tremendous questions. We really appreciate that. A recording of this webinar will be released a bit later today on the company website and social channels. Thank you for joining us for this Saturn Metals webinar, and we look forward to being in touch with our next event very shortly. Thanks very much. Have a great day. Thanks, Nicholas. Thanks, everyone. Bye.