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2026-11-06
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Saturn Metals Limited

DFS Unfunded Developer · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.38
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$285.8M
EV
A$174.4M
Cash
A$40.4M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

1 assets

Core asset

Apollo Hill Gold Project

Australia

DFS Unfunded Developer100% ownedGold

Wholly owned Apollo Hill gold project in DFS after the July grant of key mining lease M31/496. The PFS outlines a 10Mtpa heap-leach plant, but final environmental approval, WTAC royalty quantification and construction financing remain open.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$973M8% discount
IRR51%Published return
Initial capexA$472.4MPublished capital estimate
Operating cost2,464AUD/oz AISC
NPVA$388M7% discount
IRR30%Published return
Initial capexA$304MPublished capital estimate
Operating cost1,857AUD/oz AISC

Unleveraged pre-tax PFS base case at A$4,300/oz gold; absolute currency units.

Superseded updated 2023 PEA at A$2,665/oz gold; absolute currency units.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred174M t0.51 g/t Au; 2.83Moz contained goldGold2026-06-03
Ore ReserveProven and Probable104.6M t0.47 g/t Au; 1.586Moz contained goldGold2025-12-17
Tenements2
apollo-hill-granted-packageGranted1,144.18 km2 · No expiry supplied
m31-496Granted11,736 ha · No expiry supplied
Milestones4
  1. Native Title Mining Agreement executed

    Achieved · High materiality

  2. Mineral Resource increased to 2.83Moz

    Achieved · High materiality

  3. Complete Apollo Hill DFS

    Pending · High materiality

  4. Drilling traced the Apollo Hill gold system one kilometre north of the resource

    Achieved · Medium materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Mining Lease M31/496Western AustraliaGranted—No
State environmental assessment and approvalWestern AustraliaPending—Yes
Economic studies2
StudyStageStatusDateSummary
Updated Preliminary Economic AssessmentScoping StudySuperseded2023-08-17Updated 2023 scoping study superseded by the December 2025 PFS.
Apollo Hill Pre-Feasibility StudyPFSCurrent2025-12-17Current 10Mtpa open-pit heap-leach PFS with 14-year life, A$973m pre-tax NPV8 and 51% IRR at A$4,300/oz gold.