OREMAVEN
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2026-11-06
◂ Monitor STN ASX

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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$40.4M Finite
Debt A$0 Net cash A$40.4M
Basic shares 752.2M 2026-09-25
Runway 4.25 quarters Issuer Appendix 5B calculation using A$40.432 million available funding and A$9.524 million quarterly relevant outgoings.

Liquidity

Financial position

Audited 30 June cash was A$40.432m, with A$0.446m lease liabilities and no interest-bearing debt. Subsequently issued placement/SPP shares imply A$81.490m gross new cash through 25 September; the next reported cash balance, fees and intervening spend are not yet disclosed. A further A$39.787m remains conditional on FIRB approval. No committed construction facility is disclosed.

Capital structure

Ownership and dilution

Ordinary shares
752.2M
Fully diluted
774.2M

FY2026 year-end 547,277,045 shares; 6 August placement tranche one added 63,783,443 to 611,060,488; 28 August SPP added 53,192,500 to 664,252,988; 1,181,907 additional ordinary shares arose between 28 August and 25 September (intervening form not locally obtained); 25 September placement quotation added 86,750,000 to 752,184,895. The 99,466,557 further tranche-two shares still awaiting FIRB approval are excluded from issued and fully diluted capital. Fully diluted adds 5,500,000 options and 16,534,684 rights, without assuming vesting or exercise proceeds.

Security classes5
ClassTypeQuantityStrikeExpiry
ASX quoted fully paid ordinary sharesOrdinary Share752.2M——
Options expiring 24 November 2027 at A$0.32Option2.4MA$0.322027-11-24
Options expiring 29 November 2026 at A$0.20Option700KA$0.22026-11-29
Options expiring 25 November 2028 at A$0.68Option2.4MA$0.682028-11-25
Unquoted performance rightsPerformance Right16.5M——
Company guidance2
MetricProjectPeriodLowHighStatus
Definitive Feasibility Study Completionapollo-hillQ4 CY2026—— milestoneCurrent
Updated Ore Reserveapollo-hilllate CY2026—— milestoneCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-06Ann. 2026-07-29RaisingA$25.5M63.8M—Completed—
2026-08-28Ann. 2026-07-29RaisingA$21.3M53.2M—Completed—
2026-09-25Ann. 2026-07-29RaisingA$34.7M86.8M—Completed—
2026-07-29RaisingA$39.8M——Announced—
2025-12-31Ann. 2025-10-08RaisingA$45M77.6M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

FY2026 audited Note 20 and the original May 2026 release establish the live WTAC obligation, but do not disclose its royalty rate or milestone amounts. Annual-report Note 3 records the West Wyalong farm-in/JV as sold on 1 September 2026. No gold offtake, processing contract or commodity/FX hedge terms were identified.

Native title agreement grants a development framework and imposes contingent milestone payments and annual gold production royalties; economics cannot be separately quantified from public terms.

Royalty · Active
Counterparties
Wangkatja Tjungula Aboriginal Corporation RNTBC · Nyalpa Pirniku Native Title Holders
Applies to
Apollo Hill Gold Project · Gold
Economic direction
Burden
Period
From 2026-05-15; no end date stated
Key terms
Annual production-based gold royalty: —
Milestone payments: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Historical West Wyalong farm-in through Titan Metals was extinguished when the tenements were sold to Xpedra on 1 September 2026.

Farm In · Terminated
Counterparties
Peter Goldner · Angus Collins
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Through 2026-09-01; start date not stated
Key terms
Interest earned before disposal: 60 %
Potential maximum prior earn-in: 85 %
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.