Slides
Page 1
ASX:STN Apollo Hill Gold Project www.saturnmetals.com.au Pre-Feasibility Study and Company Investor Presentation Rendered Visualisation of Apollo Hill Gold Project PFS Design Drawings Ian Bamborough Managing Director Sydney 10th & Brisbane 12th February 2026 For personal use only
Page 2
2 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 authorised for release to the Australian Securities Exchange (“ASX”) by the Board of directors of Saturn Metals Limited (“Board”). GENERAL The Company has prepared this presentation. Whilst the information contained in this presentation has been prepared with all reasonable care from information provided by the Company and from sources, which the Company believe are reliable, no responsibility or liability is accepted by the Company for any errors or omissions or misstatements, however caused. To the maximum extent permitted by law, the Company, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person thought the use or reliance on anything contained in or omitted in this presentation. Certain information in this presentation refers to the intentions of the Company, but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. NOT AND OFFER & NOT FINANCIAL PRODUCT ADVICE This Presentation does not constitute or contain an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Saturn Metals Limited. This Presentation is not a disclosure document under Australian law or under any other law and does not purport to contain all the information any reader or prospective investor may require to make an investment decision and does not contain all the information required by Australian law or any other law to be disclosed in a prospectus. This Presentation may not be released to US wire services or distributed in the United States. The distribution of this Presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this Presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws. FORWARD LOOKING STATEMENTS & FORECASTS This presentation may include forward-looking statements. Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “likely”, “nominal”, “conceptual”, “propose”, “will”, “forecast”, “estimate”, and similar expressions. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Saturn Metals. Neither the Company, its officers nor any other person gives any warranty, representation, assurance or guarantee that the events or other matters expressed or implied in this presentation (including the forward-looking statements) will actually occur. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward- looking statements. Any forward-looking statement in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Saturn Metals does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based. COMPETENT PERSON’S STATEMENT Information in this report that relates to Exploration Targets, geology, and exploration results and data compilation is based on information compiled by: • Ian Bamborough, a Competent Person who is a Member of The Australian Institute of Mining and Metallurgists. Mr Bamborough is a fulltime employee of the Company in addition to being a shareholder of the Company. Mr Bamborough has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bamborough consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. • David Smith, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr Smith is a full-time employee of the Company, in addition to being a shareholder of the Company. Mr Smith has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Smith consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. LISTING RULE DISCLOSURE • 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. • 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. IMPORTANT INFORMATION & DISCLAIMERS For personal use only
Page 3
3 Large Strategically Located Assets Central strategic position in a world class multi-million ounce gold province 60km south-east of Leonora in Western Australia 2.24Moz Au Mineral Resource1 in a single large deposit – 82% Measured & Indicated Category Maiden Ore Reserve1 1.59Moz Au representing a strong ounce Resource to Reserve conversion of 86% of eligible resources in a single large deposit PFS delivered Net Present Value(8%) of $973M over 14 year Mine Life on 1.77Moz Production Target1 Near term Resource & Reserve upgrades are planned 100% ownership of ~1,000km² of underexplored district gold tenure APOLLO HILL GOLD PROJECT 1.Refer to ‘Listing Rule Disclosure’ – Slide 2. For personal use only
Page 4
4 Compelling Value – Strong Register CORPORATE SNAPSHOT Corporate Structure Shares on Issue 546.8M Unquoted Options & Performance Rights 26.9M Market Capitalisation – A$0.52 per Share $284.3M Trading Liquidity (01/10/25 - Present) ~1.80M shares/ day Register Composition 2 Share Price Performance & Market Capitalisation Assets Cash (31 December 2025) $58.6M Enterprise Value $225.7M EV/Resource oz $101 Ore Reserves 3 1.59Moz Au Mineral Resources 3 2.24Moz Au Apollo Hill Project NPV8% 3 at A$4,300 Gold $973M 1. All figures current as at 9 February 2026 unless otherwise disclosed. 2. ‘Register Composition’ as at 9 January 2026. 3. Refer to ‘Listing Rule Disclosure’ – Slide 2. Project NPV v EV $747M Value Gap (4.3x) $2,158M Value Gap (10.5x) Apollo Hill Gold Project PFS NPV (A$6,200 Gold Sensitivity Case) Apollo Hill Gold Project PFS NPV (A$4,300 Gold) Saturn Metals EV For personal use only
Page 5
5 Big, Single, Simple, Low Strip, Large Selective Mining Unit, Low Unit Cost, Open Pit Shells MAIDEN ORE RESERVE, PFS MINING INVENTORY & MINERAL RESOURCE – HIGH CONFIDENCE Strong Resource to Reserve Conversion – 86% of Eligible Measured and Indicated Ounces • Maiden Ore Reserve 1.59Moz Au • PFS Production Target 1.77Moz Au (89% Proven & Probable Reserves) • Mineral Resource 2.24Moz Au (82% Measured & Indicated Resources) Note: Includes dilution Ore loss and other mining modifying factors such as ramp design. Apollo Hill December 2025 Maiden Ore Reserve 1,590,000oz (104.6Mt @ 0.47g/t Au at ~0.15g/t Au cut-off) PFS Production Target 1,770,000oz (117.4Mt @ 0.47g/t Au at ~0.15g/t Au cut-off) Note: Refer to ‘Listing Rule Disclosure’ – Slide 2, in relation to the Maiden Ore Reserve, PFS Production Target and Mineral Resource detailed on this slide. For personal use only
Page 6
6 1.77Moz PFS Mining Inventory – At Surface Bulk Mining Strength Low Strip Life of Mine 2.39:1 Thick ore zones +100m Bulk tonnage Bigger selective mining units, economies of scale and lower operating cost (10m benches – 5m sub benches); Big Equipment PFS pit shell to 310m – modest depth by current standards A$3,550 Pit Shells (~US$2,300) Gold – Well below Current Gold Price ~A$7,000 (~US$5,000) Strong Potential for Growth – Drilling open at relatively shallow depths RESOURCE & RESERVE, PFS INVENTORY & GROWTH POTENTIAL Mining block model & Resource block model in cross section. Note: Refer to ‘Listing Rule Disclosure’ – Slide 2, in relation to the PFS Production Target detailed on this slide. For personal use only
Page 7
7 Excellent Gold Extraction Characteristics for Easily Recoverable Gold SIMPLE METALLURGY – APOLLO’S BIGGEST COST DIFFERENTIATOR Gold Grains Data collected with GeoCore X10 *Animated/Video Slide During Presentation Note: Results obtained from column leach tests across Apollo Hill’s geology, grade range and geography at P100 8mm HPGR Crush and P100 4mm HPGR Crush. Metallurgical results previously published to the ASX 01/08/22, 25/07/23, 17/08/23, 28/05/24, 12/02/25 & 17/12/25. HEAP LEACHING OF FREE GOLD IN QUARTZ: Efficient & Excellent Low-Cost Recovery Route +78% gold recovery in fresh rock columns at 8mm Crush 86% gold recovery in Oxide and Transitional Columns at 8mm Crush +88% gold recovery in fresh rock columns at 4mm Crush Simple fresh rock, free gold in quartz mineralogy; easy liberation, strong percolation, low reagent use, low agglomeration – 8mm Crush, fresh rock means good heap strength and percolation characteristics Great AgglomeratesFor personal use only
Page 8
8 Production Target – 1.77Moz Initial Target: 10Mtpa for 11 years (+3yrs inc. ramp & ramp down) for 1.77Moz Au PFS Inventory Life of mine production totals 117.4Mt at 0.47 g/t for 1,771,000oz of contained gold Average waste to ore ratio of 2.39 to 1 Simple Flat Production Schedule 106koz per annum recovered in low- cost production scenario LOM recovered gold 1.305Moz Conventional Heap Leach Processing 2025 PRE-FEASIBILITY STUDY Note: Refer ‘Listing Rule Disclosure’ – Slide 2, in relation to the PFS Production Target detailed on this slide. 0.37 0.47 0.49 0.45 0.48 0.43 0.46 0.46 0.45 0.45 0.47 0.50 0.64 - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Ounces (Koz) Annualised Gold Mined by Resource Inventory Inferred - oz Indicated - oz Measured - oz Au Grade (g/t) For personal use only
Page 9
9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 20 40 60 80 100 120 140 160 180 Au Extraction Days Au Leach Kinetic Curve, 8mm Oxide Mafic Schist (Transition) Basalt \ Dolerite (Transition) Mafic Schist (Fresh) Basalt \ Dolerite (Fresh) Full Scale Adjusted Stacking and Recovery Parameters in PFS SIMPLE METALLURGY LEADS TO CONVENTIONAL HEAP LEACH PROCESSING EFFICIENT HEAP LEACHING OF FREE GOLD EASILY LIBERATED FROM QUARTZ VEINS BY HPGR CRUSH TO 8mm P100: Au Extraction 80% 90% 70% 60% PFS uses 73.7% recovery & 160-days Stacking Schedule – Competitive Kinetics 4 x 10m High Heap Leach Lifts Low Reagent Use - 3.1kg/t cement agglomeration - 0.3kg/t lime - 0.3 kg/t NaCn Primary Leach Cycle Secondary Leach Cycle Note: Metallurgical results previously published to the ASX 01/08/22, 25/07/23, 17/08/23, 28/05/24, 12/02/25 & 17/12/25. Heap Leach Drippers in Action Rendered Visualisation of Apollo Hill Gold Project PFS Design Drawings For personal use only
Page 10
10 Bulk Mining & Processing Delivers Economies of Scale PFS ECONOMICS – A MARGIN X VOLUME BUSINESS • C1 Cost A$2,369/oz (US$1,534/oz) • ASIC A$2,464/oz (US$1,600/oz) • Mining of Ore A$4.23/t (10m SMU’s with 5m flitch) • Processing A$8.72/t A$M A$ /t Processed A$ /oz Payable Mining 1,673 14.25 1,282 Processing 1,020 8.72 780 Site G&A 169 1.45 129 C1 On-site Cash Costs 2,862 24.42 2,191 Refining & Transport 3 0.03 2 Royalties 229 1.96 176 C1 Off-site Cash Costs 232 1.99 178 Total C1 Cash Costs 3,094 26.41 2,369 Sustaining Capex (excludes closure costs) 123 1.05 95 AISC 3,217 27.46 2,464 Excavator – 29 m3 Bucket Low Cost = A$20.36/t Margin x Large Volume (10Mtpa Run Capacity) = Impressive Free Cash Flow Generation Note: Refer ‘Listing Rule Disclosure’ – Slide 2. Pre-Feasibility Study Financial Results were published in the ASX Announcement dated 17 December 2025 titled “Apollo Hill Gold Project Pre-Feasibility Study and Maiden Ore Reserve”. For personal use only
Page 11
11 Processing – Infrastructure; Capital Investment in Efficiency and Consistent Quality of Product to Pad CAPITAL COST AND EFFICIENCY Tertiary Screens Coarse Ore Stockpile, reclaim tunnel And Feeders Fine Ore Bin and Cement Silos Secondary Cone Crusher to 32mm Primary Gyratory Crusher to 121mm Tertiary HPGR Crusher to 8mm Agglomeration Drums Conveyor Crushed and Agglomerated Product to Pad ROM Pad Radial Stacker • Base Load 10Mtpa – 30Ktpd Plant and Infrastructure • A$472M Capex Paid Back in 2.3 Years at A$4,300 Base Case Secondary Screens Heap Leach Pad Phase 3 Lift 1, Cell 1 Heap Leach Pad Phase 1 Lift 4 Processing and Non- Processing (NPI) Capital Cost ASM Process Plant 177 Heap Leach Pad, Site Prep and Bulk Earthworks 66 Bore Field 29 NPI, Site Accommodation and Airstrip 66 Project Indirects, EPCM, Owners Costs 52 Contingency 18 Sub-total 408 Leach Irrigation Pipes and Drippers Mining Area & associated Infrastructure Capital Cost ASM Mining Pre-Establishment including Indirects and Owners Costs 38 Grade Control Ore and Ore and Waste Mined 5 Sub-total 43 Other Pre-Production Costs Capital Cost ASM Vehicles, Plant, Equipment - Owners Team 4 Buildings and Facilities, Operational OHS and Community Support 18 Sub-total 21 Grasshopper Transfer Conveyors Rendered Visualisation of Apollo Hill Gold Project PFS Design Drawings Apollo Hill Open Pit Note: Refer ‘Listing Rule Disclosure’ – Slide 2. Pre-Feasibility Study Financial Results were published in the ASX Announcement dated 17 December 2025 titled “Apollo Hill Gold Project Pre-Feasibility Study and Maiden Ore Reserve”. For personal use only
Page 12
12 Robust Financials at A$4,300/oz Gold base case, a Healthy Margin PRE-FEASIBILITY STUDY – A FINANCIAL RESULT The Project demonstrates outstanding financial outcomes including: • a Project EBITDA of A$2.5Bn • a free cash flow of more than A$1.9B • Average Annual Production (Yrs1-12) of 106koz • an NPV8% of A$973M • an IRR of 51% • Average Annual Pre Tax Cashflow of 190M (excludes capital costs) • AISC of 2,464$/oz • LOM Production Target 1.3Moz Au Recovered (600) (500) (400) (300) (200) (100) - 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 A$M Free Cash Flow - Cummulative Capital Payback 2.3 Years Note: Refer ‘Listing Rule Disclosure’ – Slide 2. Pre-Feasibility Study Financial Results were published in the ASX Announcement dated 17 December 2025 titled “Apollo Hill Gold Project Pre-Feasibility Study and Maiden Ore Reserve”. For personal use only
Page 13
13 0% 50% 100% 150% 200% 250% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 3,750 4,000 4,250 4,500 4,750 5,000 5,250 5,500 5,750 6,000 6,250 6,500 6,750 7,000 7,250 7,500 7,750 8,000 IRR (%) NPV8 (A$M) Gold Price (A$ /oz)NPV8 IRR Gold Price – Impact on NPV and IRR PRE-FEASIBILITY STUDY – SENSITIVITY ANALYSIS The base load Apollo Hill asset can drive sustainable long-term cash flow with potential for outstanding financial outcomes PFS Base Case Gold Price A$4,300 PFS A$6,200 Gold Price Case Note: Refer ‘Listing Rule Disclosure’ – Slide 2. Pre-Feasibility Study Financial Results were published in the ASX Announcement dated 17 December 2025 titled “Apollo Hill Gold Project Pre-Feasibility Study and Maiden Ore Reserve”. For personal use only
Page 14
14 3.25Moz 3.07Moz 2.24Moz 2.16Moz 0.88Moz 0.88Moz 0.53Moz - 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 - 50 100 150 200 250 300 Grade Au g/t Deposit Size - Million Tonnes Arrived in a Global Peer Group Current Resources firmly place Apollo Hill in bulk tonnage economic space: RESOURCE COMPARISON – HEAP LEACH GLOBAL STAGE Refer to Appendix D (Slide 24) of this presentation for details of source data. | * Reserve only, gold heap leach portion Florida Canyon, USA Integra Resources Marrigold, USA SSR Mining Tujuh Bukit, IDN Merdeka Reserves* Moss, USA Mako Mining Corp Apollo Hill, AUS Saturn Metals Bald Mountain, USA Kinross Gold Corporation Grade Scale Strip Ratio Recovery Cost Structure Soledad Mountain, USA Andean Precious Metals For personal use only
Page 15
15 3D Rendering of Saturn’s Bulk Sample & Pilot Plant Engineering Drawings Lode Gold Architecture MULTIPLE HIGHER-GRADE INTERSECTIONS – REPORTED TO THE ASX WITH TIME 11m @ 6.29g/t within 38m @ 2.18g/t – AHRC1199 JULY 2025 54m @ 3.72g/t inc. 33m @ 5.80g/t – AHRC0618 MARCH 2021 7m @ 4.48g/t within 18m @ 2.14g/t – AHRC1226 JULY 2025 13m @ 3.60g/t inc. 8m @ 5.62g/t – AHRC0709 JULY 2021 12m @ 9.98g/t & 11m @ 3.28g/t – AHRC312 JANUARY 2020 16m @ 6.35g/t within 27m @ 4.05g/t - AHRC1220 JUNE 2025 7m @ 12.38g/t within 14m @ 6.38g/t - AHRC1174 JUNE 2025 9m @ 5.22g/t Au – AHRC0758 JULY 2021 10m @ 5.78g/t Au inc. 5m @ 11g/t Au – AHRC0124 APRIL 2019 22m @ 3.30g/t – FRP0250 1998 – see Prospectus 37m @ 2.02g/t inc. 12m @ 4.55g/t – AHRC0906 MARCH 2023 IRIS ZONE See ASX Announcements dated: 16/04/2019, 14/01/2020, 30/03/2021, 12/07/2021, 20/06/2025, 01/07/2025 and Saturn Metals Limited Prospectus 3D Oblique View Illustration shows: July 2025 Mineral Resource Block Model >0.75g/t Au July 2025 Mineral Resource Constraining Pit shellAnimated Slide During Presentation 250m GDA 94 Z51 For personal use only
Page 16
16 Over,30,000m RC and diamond planned January and February 2026 • Targeting Interpreted Strike Extensions, Geological Structure Intersections and Drilling Gaps TARGETING RESOURCE GROWTH & CONVERSION 3D Oblique View Illustration shows: July 2025 Mineral Resource Block Model >0.75g/t Au July 2025 Mineral Resource Constraining Pit shell July 2025 Mineral Resource Drill Hole Data Set – Assays > 0.1g/t AuAnimated Slide During Presentation 250m GDA 94 Z51 For personal use only
Page 17
17 Thick Higher Grade Zones in the South (Footwall) IRIS TEFNUT ZONES – 2025 EXCELLENT RESULTS, HIGHER GRADES IN THE SOUTH At Scale: 2.24Moz Resource against St George’s Terrace (Perth, WA) For personal use only
Page 18
18 Over 30,000m of planned RC drilling is targeting near - surface mineralisation extensions and resource in - fill Thick and higher-grade intersections from reverse circulation drilling include: • 36m @ 1.92g/t Au from 335m including 22m @ 3.08g/t Au from 335m – AHRC1143 • 27m @ 4.05g/t Au from 53m including 16m @ 6.35g/t Au from 56m – AHRC1220 • 41m @ 1.23g/t Au from 248m including 10m @ 4.12g/t Au from 268m – AHRC1112 • 21m @ 1.79g/t Au from 116m including 8m @ 4.05 g/t Au from 123m – AHRC1145 • 72m @ 0.78g/t Au from 266m including 12m @ 3.57g/t Au from 294m – AHRC1115 • 14m @ 6.38g/t Au from 184m including 7m @ 12.38g/t Au from 187m – AHRC1174 • 6m @ 13.53g/t Au from SURFACE (0m) – AHRC1222 • 16m @ 2.68g/t Au from 111m – AHRC1121 • 23m @ 1.23g/t Au from 130m including 9m @ 2.79g/t Au from 144m – AHRC1190 • 11m @ 6.29g/t Au from 69m within 38m @ 2.18g/t Au from 48m – AHRC1199 • 10m @ 6.11g/t Au from 73m within 20m @ 3.60g/t Au from 64m – AHRC1270 • 10m @ 3.69g/t Au from 37m within 31m @ 1.07g/t Au from 37m – AHRC1200 • 8m @ 4.94g/t Au from 156m within 12m @ 3.40g/t Au from 156m – AHRC1219 • 8m @ 4.85g/t Au from 54m within 22m @ 2.19g/t Au from 52m – AHRC1272 • Further drilling underway RECENT EXCELLENT RESULTS – APOLLO HILL Note: Results released in ASX Announcements dated: 22/04/2025, 19/06/2025, 27/06/2025, 21/06/2026 For personal use only
Page 19
19 Greenfield Target Areas ~1,000km2 land package, large continuous gold system, large tracts of ground still untested, further regional exploration drilling (20km planned) REGIONAL OPPORTUNITIES Apollo Hill 2.24Moz Au Mineral Resource Aquarius Second Fortune Deep South Sunrise Dam Ulysses 325000E 350000E 375000E 400000E 475000E450000E425000E 6775000N6750000N For personal use only
Page 20
20 Gravity Survey Planned to Commence Feb. 2026 – Unlocking Regional Potential Approximately 17,000 on-ground gravity stations to be surveyed and processed in 2026 to provide next data set for geological targeting of Gold REGIONAL OPPORTUNITIES Apollo Hill 2.24Moz Au Mineral Resource Aquarius Second Fortune Deep South Sunrise Dam Ulysses 325000E 350000E 375000E 400000E 475000E450000E425000E 6775000N6750000N For personal use only
Page 21
21 2026 2027 2028 Timeline To Production DEVELOPMENT PLAN Definitive Feasibility Study Construction & Commissioning Regulatory Approvals *Operations subject to permitting, Native Title negotiations, approvals, funding & investment decision. Financing & Procurement 30,000m in progress with multiple Drill Rigs Ongoing Drill Bit Strategy & Results Reporting Note: Indicative timetable, subject to change and refinement. For personal use only
Page 22
22 Mineral Resource – Apollo Hill Gold Deposit APPENDIX A Notes: • The model is reported above the 2025 nominal RF1.0 pit optimization shell (ah202506_ps31_rf1_run7_tr, AUD3,550) for definition of "reasonable prospects for eventual economic extraction" (RPEEE) and 0.20 g/t Au lower cut-off grade for all material types. There is no depletion by mining within the model area. Estimation is by ordinary kriging (OK) for all mineralised zones. The model currently assumes a 10 mE x 25 mN x 10 mRL SMU for bulk open pit low-selectivity mining with grade domains defined using CIK on 5 mE x 12.5 mN x 5 mRL blocks. Processing is by heap leach. The model does not account for mining related edge dilution and ore loss. These parameters should be considered during the mining study as being dependent on grade control, equipment and mining configurations including drilling and blasting. • Classification is according to JORC Code Mineral Resource categories. Measured is assigned only to areas having RC grade control drilling. • Densities are assigned according to key lithological units and weathering oxidation states with values ranging from 1.7 to 2.9 t/m3. • Totals may vary due to rounded figures. • Complete details of the Mineral Resource (137.1Mt @ 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 Measure 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 there have been no adverse material changes. Mineral Resource Classification Oxidation Tonnes (Mt) Au (g/t) Au metal (Kozs) Measured Oxide 0.04 0.70 1 Transitional 1.3 0.57 24 Fresh 3.5 0.52 59 Subtotal 4.8 0.54 83 Indicated Oxide 0.7 0.51 11 Transitional 7.1 0.50 113 Fresh 99.7 0.51 1,629 Subtotal 107.4 0.51 1,753 Inferred Oxide 0.1 0.50 1 Transitional 0.9 0.49 15 Fresh 23.8 0.51 387 Subtotal 24.8 0.51 403 Grand Total 137.1 0.51 2,239 505,000 685,000 781,000 944,000 1,469,000 1,839,000 2,030,000 2,239,000 - 500,000 1,000,000 1,500,000 2,000,000 2,500,000 2017 2018 2019 2021 2022 2023 2025 Feb 2025 Jul Gold Ounces Inferred Indicated Measured Total Ounces Apollo Hill Measured, Indicated & Inferred Mineral Resource Ounces with Time: For personal use only
Page 23
23 Ore Reserve – Apollo Hill Gold Deposit APPENDIX B Mineral Reserve Classification Oxidation Tonnes Au Au Metal (Mt) (g/t) (koz) Proven Oxide 0.0 0.56 0 Transitional 1.4 0.54 24 Fresh 3.4 0.49 54 Subtotal 4.8 0.51 78 Probable Oxide 0.6 0.50 9 Transitional 7.4 0.45 108 Fresh 91.9 0.47 1,391 Subtotal 99.8 0.47 1,508 Grand Total 104.6 0.47 1,586 Notes: • 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. For personal use only
Page 24
24 Resource Comparison – Peer Group Data APPENDIX C Mineral Resource Mineral Reserve * Notes: Sources Excludes Stockpiles Reserve Only - Gold Heap Leach Portion 1. 2024 Annual Mineral Reserve and Resource Statement, Quoted at 31 Dec 2024, Sourced 9 Feb 2026, https://s2.q4cdn.com/496390694/files/doc_financials/2024/q4/2024-AMRRS-Reports-Final.pdf 2. Mineral Reserve and Mineral Resource Estimates – from Integra Resources website, Quoted at 31 Dec 2023, Sourced 9 Feb 2026, https://integraresources.com/asset/florida-canyon-mine/ 3. Reserves and Resources Statement, from website, Quoted at 31 Dec 2024, Sourced 9 Feb 2026, https://ssrmining.com/_resources/pdfs/Reserves-and-Resources.pdf?v=0.1 4. Mineral Resource Estimate – from Mako Mining Corp website, Quoted at 18 Dec 2025, Sourced 9 Feb 2026, https://www.makominingcorp.com/news-media/press-releases/index.php?content_id=1100 5. Golden Queen Mineral Reserve and Resource Statement, Quoted at 30 Sept 2023, Sourced 9 Feb 2026, https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2024/03/07212428/2023-Sept-30-Mineral-Reserves- and-Resources.pdf 6. Merdeka Copper Gold Consolidated Minerals Resources and Reserves Statement, Quoted at 31 Dec 2024, Sourced 9 Feb 2026, https://merdekacoppergold.com/wp-content/uploads/2025/04/Merdeka-Consolidated-MROR-31- December-2024-vFF-2.pdf Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces 6 Merdeka Copper Gold Tujuh Bukit * Production 2,000,000 0.39 25,078 41,500,000 0.38 507,017 43,500,000 0.38 531,452 Source Company Desposit Stage Proven Probable Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces 1 Kinross Gold Corporation Bald Mountain Production 7,131,000 0.90 205,000 172,130,000 0.40 2,478,000 51,303,000 0.30 571,000 230,564,000 0.44 3,254,000 2 Integra Resources Florida Canyon Production 77,000,000 0.35 854,000 95,800,000 0.72 2,215,000 172,800,000 0.55 3,069,000 3 SSR Mining Marigold Production 147,310,000 0.40 1,910,000 18,031,000 0.43 249,000 165,341,000 0.41 2,159,000 4 Mako Mining Corp Moss Production 9,550,000 0.36 112,000 47,521,000 0.35 534,000 12,326,000 0.31 122,000 69,397,000 0.34 768,000 5 Andean Precious Metals Soledad Mountain Production 2,667,000 0.99 86,000 39,147,000 0.58 736,000 3,625,000 0.45 53,000 45,439,000 0.60 875,000 Inferred TotalSource Company Desposit Stage Measured Indicated For personal use only
Page 25
25 PFS Sensitivity Analysis APPENDIX D 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 A$M 126 157 178 210 283 335 408 596 LOM EBITDA A$M 1,514 1,890 2,141 2,516 3,393 4,020 4,896 7,151 LOM Free Cash A$M 893 1,269 1,520 1,896 2,774 3,401 4,278 6,535 Operating AISC Margin A$/t 11.82 15.03 17.16 20.36 27.84 33.18 40.65 59.87 Notes: • Complete details of the Sensitivity Analysis conducted in relation to the Apollo Hill Pre-Feasibility study 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 have not materially changed. For personal use only