Saturn Metals has delivered a strong Pre-Feasibility Study for its Apollo Hill Gold Project, outlining a 1.77 million ounce production target and maiden Ore Reserve of 1.58 million ounces. The company also completed a well-supported A$45 million share placement, positioning it well for the next development phase.
- Positive PFS with 1.77Moz production target and 1.58Moz maiden Ore Reserve
- 14-year open pit mine with heap leach processing and strong financial metrics
- A$45 million institutional share placement strengthens balance sheet
- Significant exploration results along Iris Trend suggest resource upside
- Plans underway for Definitive Feasibility Study and expanded drilling in 2026
Apollo Hill Project Milestone
Saturn Metals Limited has marked a significant milestone in the development of its Apollo Hill Gold Project in Western Australia with the release of a positive Pre-Feasibility Study (PFS). The study confirms the project’s potential as a long-life, bulk open pit gold mine with heap leach processing, targeting a production of 1.77 million ounces of gold over an initial 14-year life.
The PFS outlines a robust economic foundation, delivering an estimated Net Present Value (NPV) of A$973 million and an Internal Rate of Return (IRR) of 51% based on a conservative gold price of A$4,300 per ounce. At current gold prices near A$7,800 per ounce, these metrics improve dramatically, with the NPV soaring to approximately A$3.5 billion and an IRR exceeding 200%, highlighting the project's strong financial leverage to gold price movements.
Ore Reserve and Production Outlook
Alongside the PFS, Saturn announced its maiden Ore Reserve of 104.6 million tonnes grading 0.47 grams per tonne gold, equating to 1.58 million ounces. This represents a robust conversion rate of 86% from the Indicated and Measured Mineral Resources, underscoring the quality and scale of the deposit.
The project is designed around a 10 million tonnes per annum heap leach processing facility, with steady-state gold production averaging 106,000 ounces annually over 12 years. The low waste-to-ore strip ratio of 2.4, 1 further supports operational efficiency and cost competitiveness.
Exploration Upside and Drilling Success
Exploration drilling during the quarter returned encouraging results, particularly along the Iris Trend, where new higher-grade mineralisation has been delineated over an additional 900 metres. Notable intersections include 3 metres at 3.87 grams per tonne gold, indicating potential to expand the resource and enhance future mine development.
In-fill drilling within the main Apollo Hill resource confirmed continuity and highlighted opportunities to upgrade the resource classification. These results will feed into an updated Mineral Resource Estimate planned for mid-2026, which will inform the upcoming Definitive Feasibility Study (DFS).
Strengthened Financial Position
Saturn successfully completed a A$45 million share placement to institutional and sophisticated investors during the quarter, significantly bolstering its cash position to A$58.63 million at the end of December 2025. This capital injection ensures the company is well-funded to advance the DFS, continue exploration drilling, and progress permitting activities through 2026.
Managing Director Ian Bamborough emphasised the disciplined approach taken in the PFS, noting the strong foundation it provides for the company’s next steps. He highlighted the importance of ongoing engagement with native title holders and regulatory authorities, particularly given the relatively uncommon use of heap leach processing in Western Australia.
Looking Ahead
Saturn plans to maintain momentum with a comprehensive program of metallurgical testing, environmental studies, and engineering work to support the DFS. Exploration will continue to target extensions of the Iris Trend and other prospective areas within the extensive tenement portfolio. The company’s strategic focus remains on unlocking further value from Apollo Hill while navigating permitting and social licence requirements.
Bottom Line?
With a robust PFS and strong financial backing, Saturn Metals is poised to advance Apollo Hill towards production, but upcoming DFS results and permitting progress will be critical to watch.
Questions in the middle?
- How will the Definitive Feasibility Study refine project economics and timelines?
- What are the key permitting risks associated with heap leach processing in WA?
- Can ongoing exploration along the Iris Trend significantly increase the resource base?