Saturn Metals Obtains Mining Lease M31/496, Advancing Apollo Hill Gold Project Development

Grant of Mining Lease M31/496 Eliminates Major Development Obstacle for Apollo Hill

Following completion of the Native Title Mining and Project Agreement in June 2026, Saturn Metals has successfully obtained Mining Lease M31/496 from the Western Australian Department of Mines, Petroleum and Exploration. This regulatory approval was essential for advancing the Apollo Hill Gold Project towards production. The 11,700-hectare lease strategically surrounds Saturn’s existing granted mining leases M31/486 and M39/296, consolidating land tenure across the deposit.

Saturn’s Managing Director Ian Bamborough described the lease grant as "another important milestone in the development of Apollo Hill" that "provides the land tenure required to support the continued advancement of the project." The timing aligns with the company’s development schedule, including the planned release of the definitive feasibility study later in 2026, underscoring steady progress through pre-development phases toward production decision-making based on comprehensive technical and financial data.

Apollo Hill’s Robust Resource and Reserve Base Supports Large-Scale Open Pit Mining

The Apollo Hill Gold Project rests on a significant mineral resource totaling 2.83 million ounces of gold (174 million tonnes at 0.51 g/t) as of June 2026. This includes 87,000 ounces measured, 2.1 million ounces indicated, and 643,000 ounces inferred across oxide, transitional, and fresh oxidation zones. Saturn has converted a portion into a maiden ore reserve of 1.586 million ounces (104.6 million tonnes at 0.47 g/t), established in December 2025 and reaffirmed in the latest update.

The December 2025 pre-feasibility study outlined a production target of 1.77 million ounces from 117.4 million tonnes at 0.47 g/t, demonstrating the project’s operational potential. Saturn highlights Apollo Hill’s potential as a "large tonnage, simple metallurgy, low strip open pit mining operation," favoring conventional open pit mining and straightforward processing. Located about 60 kilometres southeast of Leonora in Western Australia’s established goldfields, the project benefits from nearby infrastructure and significant regional gold deposits.

Strategic Benefits of Mining Lease M31/496 for Expansion and Infrastructure

The Mining Lease M31/496 grant provides Saturn with strategic advantages beyond securing tenure over the current ore reserve. The lease covers prospective ground along strike from Apollo Hill, enabling exploration for additional mineralization within the same geological structure without further tenure applications. This integrated landholding approach reduces future regulatory complexities if resource growth occurs in adjacent areas.

Saturn emphasized that the lease "accommodates efficient development of accompanying infrastructure such as bore fields and road corridors," indicating the tenure includes the footprint needed for operational support systems. This planning reduces risks related to infrastructure constraints or third-party land access. The lease also "provides flexibility for potential resource growth and mine expansion," allowing an expanded operation without triggering new permitting requirements if the definitive feasibility study supports a larger mining inventory.

Definitive Feasibility Study to Deliver Comprehensive Project Economics

Saturn Metals is advancing the Apollo Hill project through a definitive feasibility study, with results expected later in 2026. This detailed engineering and financial evaluation will provide capital and operating cost estimates, production profiles, cash flow projections, and sensitivity analyses essential for investment and production decisions. Building on the December 2025 pre-feasibility study, it will incorporate refined geological models, updated metallurgical testing, and precise infrastructure cost estimates.

The mining lease grant’s timing aligns with the study schedule, confirming tenure as the company finalizes technical development plans. This removes uncertainties that could affect engineering or capital planning. Investors are likely to view the definitive feasibility study release as a pivotal event influencing Apollo Hill’s development outlook and economic viability, determining if project economics support production and the required capital investment for construction.

Native Title Agreement Establishes Regulatory and Community Framework

The mining lease approval follows the June 2026 execution of the Apollo Hill Native Title Mining and Project Agreement between Saturn Metals and relevant Native Title holders. This agreement addresses Aboriginal rights and interests prior to regulatory approval, fulfilling Western Australia’s legal requirements for Native Title engagement in mining authorizations.

Although specific terms were not disclosed, the agreement is described as "landmark," suggesting comprehensive coverage of operational, financial, and cultural heritage matters. Completing this agreement before the lease grant demonstrates Saturn’s successful consultation and negotiation with affected communities, reducing regulatory risks and securing social and legal foundations for mining development in Western Australia.

Prime Western Australian Location Offers Infrastructure and Mining District Benefits

Apollo Hill is situated approximately 60 kilometres southeast of Leonora in Western Australia’s goldfields region, providing operational advantages for future mining. The Leonora district is a well-established mining area with existing power, water, roads, and skilled labor supporting multiple gold operations. Saturn notes the project is "surrounded by good infrastructure and several significant gold deposits," benefiting from regional capital and operational investments.

Proximity to established infrastructure reduces Saturn’s capital expenditure by enabling connection to district power and water systems. The presence of multiple gold mines supports supply chains for equipment, contractors, and consumables. The district’s mining history also ensures established regulatory pathways, workforce programs, and community relationships, lowering execution risks for Apollo Hill’s production phase.

Resource Classification Reflects Development Stage with Confidence Levels

Saturn’s 2.83 million-ounce mineral resource includes 87,000 ounces measured (3.1%), 2.1 million ounces indicated (74.2%), and 643,000 ounces inferred (22.7%), consistent with typical resource definition progression. The emphasis on indicated resources supports detailed engineering and reserve calculations, while inferred resources represent less constrained geological areas.

As the definitive feasibility study advances, additional drilling may upgrade inferred resources to indicated where economically justified. Although no new drilling plans were disclosed, the lease grant provides tenure flexibility for exploration along strike from the main deposit.

100% Ownership Simplifies Development and Maximizes Value for Saturn Shareholders

Saturn Metals holds 100% ownership of Apollo Hill, eliminating complexities and dilution from joint ventures or royalties. This sole ownership ensures full economic benefit from production, subject only to government royalties and taxes. It also streamlines decision-making on development, capital allocation, and operations without partner consent requirements.

This ownership structure facilitates regulatory engagement and allows Saturn to optimize project development according to its strategic and financial priorities. For investors, it means all positive developments at Apollo Hill directly benefit Saturn shareholders without dilution.

Technical Confirmations Validate Resource and Reserve Estimates

Saturn’s update confirms the 2.83 million-ounce mineral resource estimate published on 3 June 2026 remains current, stating no new information materially affects the original assumptions or technical parameters. Similarly, the 1.59 million-ounce ore reserve and 1.77 million-ounce production target estimates from 17 December 2025 remain valid with no adverse changes.

These confirmations comply with Australian Securities Exchange disclosure requirements, ensuring published figures remain reliable for investor consideration. They reflect technical validation rather than new data or interpretations since the original publications.