Saturn Metals Locks in $25M to Propel Apollo Hill Gold Project Toward Production

Key Highlights:

• $23M placement backed by Dundee Corporation and Lion Selection Group
• $2M Share Purchase Plan offers retail investors access at discounted price
• Proceeds to fund Pre-Feasibility Study, maiden Ore Reserve and accelerated drilling

Capital Raise Strengthens Saturn’s Position in WA’s Gold Heartland

Saturn Metals Ltd (ASX: STN) has secured a pivotal $25 million in funding to expedite development of its flagship Apollo Hill Gold Project, following a well-supported $23 million placement and the launch of a $2 million Share Purchase Plan (SPP). The placement, priced at $0.215 per share, reflects a 17.3% discount to Saturn’s last closing price of $0.26 on 27 March 2025 and marks a significant milestone as the company shifts from explorer to near-term developer.

The funding, split over two tranches, attracted strong backing from heavyweight institutional investors. Dundee Corporation will lift its holding to 19.99% with a $6.03 million commitment, while Lion Selection Group (ASX: LSX) invested $4 million. The remaining $2 million will be raised through an SPP available to eligible shareholders, priced on equal terms.

Despite today’s share price softening 11.54% to $0.23 amid broader market weakness, Saturn’s long-term outlook remains firmly positive. The company has returned +27.78% over the past year, outperforming the broader ASX 200 and its materials sector peers. Saturn currently holds a market capitalisation of $71 million with 308.88 million shares on issue—set to rise to over 425 million post-placement and SPP completion.

“This raise allows us to take major strides in de-risking Apollo Hill and growing the broader resource base,” said Managing Director Ian Bamborough. “We’re now fully funded to deliver key milestones and unlock value through development and discovery.”

From Resource to Reserve: Apollo Hill Enters Development Phase

Apollo Hill, located 60km southeast of Leonora in Western Australia’s prolific Goldfields, now boasts a JORC Mineral Resource of 2.03 million ounces at 0.53 g/t gold across 118.7Mt. Known for its low strip ratio, simple metallurgy and proximity to infrastructure, the deposit is emerging as a low-cost, large-tonnage, open-pit development opportunity.

The newly secured funds will be used strategically:

• $8.6M to deliver a Pre-Feasibility Study (PFS) later this year
• $4.4M for the Definitive Feasibility Study (DFS)
• $5M for resource and reserve drilling, aimed at converting 874koz of Inferred ounces
• $2.1M allocated for exploration, targeting both extensions and new regional discoveries
• Remaining funds to support tenement management, corporate costs, and working capital

The company is also advancing its exploration strategy across a vast and underexplored land package. Key regional opportunities include greenfield targets within the Leonora district and the high-grade vein system at West Wyalong in New South Wales, where Saturn holds an option to earn 85%.

The SPP opens on 7 April and closes on 28 April, allowing eligible shareholders to apply for up to $30,000 worth of shares. Tranche 1 of the placement settles on 4 April, with Tranche 2 subject to shareholder approval at a general meeting on 16 May.

While short-term market volatility may impact sentiment, the strong institutional support and clear development pathway position Saturn Metals to move confidently toward gold production, potentially transforming the company into the next mid-tier gold producer out of Western Australia.