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
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YTD
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1Y
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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

Narrative and provenance

Research & Sources

AI Analyst Report

The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.

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Chronological evidenceSource-document inventory31 documents
STN eligible local market close on 25 September 2026Market Data · HighExtracted

Latest eligible local ASX closing observation selected by miners.reference_price for 2026-09-26.

Document ID
market-close-2026-09-25
Published UTC
2026-09-25T06:00:00Z
Projects
—
Commodities
—
Open original source ↗
Appendix 2A Placement Tranche Two QuotationCorporate Action · HighExtracted

A further 86,750,000 placement shares were quoted at A$0.40. Issued ordinary shares are 752,184,895; 99,466,557 placement shares remain subject to FIRB approval.

Document ID
quotation-2026-09-25
Published UTC
2026-09-24T14:00:00Z
Projects
—
Commodities
—
Open original source ↗
Drilling Extends Apollo Hill Gold System 1km North of Current ResourceOperations · HighExtracted

Wide-spaced drilling traces mineralization 1km beyond the current resource; a 10,000m infill program is underway ahead of a planned resource update, with no new resource reported.

Document ID
drilling-north-2026-09-21
Published UTC
2026-09-20T14:00:00Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Resources Rising Stars Gold Coast Conference TranscriptPresentation · MediumExtracted

Accessible transcript of 10 September conference remarks; management referred to approximately A$150m cash, seemingly a pro-forma statement given later FIRB-dependent shares, and said environmental submissions were imminent.

Document ID
conference-transcript-2026-09-10
Published UTC
2026-09-10T14:00:00Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Annual Report 2026Results · HighExtracted

Audited FY2026 accounts, current executive roster, WTAC obligations, mining lease, subsidiary ownership, and September West Wyalong disposal.

Document ID
annual-report-2026-09-03
Published UTC
2026-09-02T14:00:00Z
Projects
—
Commodities
—
Open original source ↗
Appendix 2A SPP QuotationCorporate Action · HighExtracted

ASX quotation of 53,192,500 SPP shares takes issued ordinary shares to 664,252,988.

Document ID
spp-quotation-2026-08-28
Published UTC
2026-08-27T14:00:00Z
Projects
—
Commodities
—
Open original source ↗
Outstanding Shareholder Support Sees SPP Upsized to A$21MFinancing · HighExtracted

SPP accepted A$21.277 million subscriptions and issued 53,192,500 shares at A$0.40, above the A$5 million target.

Document ID
spp-results-2026-08-28
Published UTC
2026-08-27T14:00:00Z
Projects
—
Commodities
—
Open original source ↗
Application for quotation of securities - STNFinancing · HighExtracted

Quotation of 63,783,443 placement shares at A$0.40, taking ordinary shares to 611,060,488.

Document ID
quotation-2026-08-06
Published UTC
2026-08-06T00:02:52Z
Projects
—
Commodities
—
Open original source ↗
Update - Proposed issue of securities - STNFinancing · MediumExtracted

Placement update adding Petra Capital underwriting of the share purchase plan.

Document ID
placement-update-2026-08-03
Published UTC
2026-08-02T22:32:33Z
Projects
—
Commodities
—
Open original source ↗
Presentation - Diggers and DealersPresentation · MediumExtracted

Diggers and Dealers presentation restating current project, PFS and placement facts.

Document ID
presentation-2026-08-03
Published UTC
2026-08-02T22:32:13Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Quarterly Activities and Cashflow ReportResults · HighExtracted

June 2026 quarterly: resource growth to 2.83Moz, A$40.432 million cash, 4.25 quarters runway and permitting progress.

Document ID
quarterly-2026-07-31
Published UTC
2026-07-30T23:07:09Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
FNArena Summary of Canaccord Genuity Saturn Metals CoverageOther · MediumPartial

Accessible dated FNArena summary of a 30 July 2026 Canaccord note, not the full broker report. It gives 96koz/year average recovered production over the first 12 years versus PFS lifetime average of 106koz/year; periods differ, so this is a schedule challenge rather than a direct discrepancy.

Document ID
canaccord-summary-2026-07-30
Published UTC
2026-07-29T14:00:00Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Proposed issue of securities - STNFinancing · HighExtracted

Proposed A$100 million placement plus an up-to-A$5 million share purchase plan at A$0.40 per share.

Document ID
placement-proposal-2026-07-29
Published UTC
2026-07-28T23:56:45Z
Projects
—
Commodities
—
Open original source ↗
Key Apollo Hill Mining Lease GrantedPermitting · HighExtracted

Mining Lease M31/496 was granted over approximately 11,700 hectares, including the current reserve and PFS production target.

Document ID
mining-lease-2026-07-21
Published UTC
2026-07-20T14:00:00Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Company Presentation - Rule SymposiumPresentation · MediumExtracted

Issuer presentation summarising the 2.83Moz resource, PFS economics, liquidity and 2026 DFS plan.

Document ID
presentation-2026-07-07
Published UTC
2026-07-06T23:55:56Z
Projects
apollo-hill
Commodities
gold
Notification of cessation of securities - STNCorporate Action · LowExtracted

Notification that 2,798,572 performance rights lapsed on 30 June 2026.

Document ID
cessation-2026-07-01
Published UTC
2026-07-01T00:23:25Z
Projects
—
Commodities
—
Open original source ↗
Notification regarding unquoted securities - STNCorporate Action · LowExtracted

Issue of 704,808 performance rights and post-event security counts.

Document ID
unquoted-issue-2026-07-01
Published UTC
2026-07-01T00:25:00Z
Projects
—
Commodities
—
Open original source ↗
Notification of cessation of securities - STNCorporate Action · LowExtracted

Cancellation of 237,168 options as part of the same cashless exercise.

Document ID
cessation-2026-06-12
Published UTC
2026-06-12T06:55:32Z
Projects
—
Commodities
—
Open original source ↗
Application for quotation of securities - STNCorporate Action · LowExtracted

Quotation of 462,832 ordinary shares following a cashless option exercise.

Document ID
quotation-2026-06-12
Published UTC
2026-06-12T06:55:27Z
Projects
—
Commodities
—
Open original source ↗
Native Title Mining Agreement Signed for Apollo HillEconomic Arrangement · HighExtracted

Agreement with WTAC for native title, cultural heritage, milestone payments and annual production-based gold royalties; commercial rates were not disclosed.

Document ID
wtac-agreement-2026-05-15
Published UTC
2026-05-14T14:00:00Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Quarterly Activities and Cashflow ReportResults · MediumExtracted

March 2026 quarterly reporting A$50.2 million cash and ongoing DFS and permitting work.

Document ID
quarterly-2026-04-30
Published UTC
2026-04-29T23:27:21Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Notification of cessation of securities - STNCorporate Action · LowExtracted

Notification that 81,517 performance rights lapsed on 31 March 2026.

Document ID
cessation-2026-04-09
Published UTC
2026-04-09T07:22:29Z
Projects
—
Commodities
—
Open original source ↗
Ausenco Appointed to Complete Definitive Feasibility StudiesStudy · MediumExtracted

Ausenco appointed to complete the Apollo Hill DFS, targeted for Q4 CY2026.

Document ID
dfs-appointment-2026-03-26
Published UTC
2026-03-25T22:12:23Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Half Year AccountsResults · MediumExtracted

Half-year accounts to 31 December 2025 confirming cash, liabilities and the issued-share bridge.

Document ID
half-year-2026-03-11
Published UTC
2026-03-11T06:22:02Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Quarterly Activities & Cashflow ReportResults · MediumExtracted

December 2025 quarterly confirms the PFS, Ore Reserve, A$58.63 million cash and completed A$45 million placement.

Document ID
quarterly-2026-01-30
Published UTC
2026-01-29T22:30:34Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Apollo Hill Pre-Feasibility Study and Maiden Ore ReserveStudy · HighExtracted

Apollo Hill PFS and maiden Ore Reserve: 1.586Moz reserve, A$973 million pre-tax NPV8%, 51% IRR and A$472.4 million initial capex.

Document ID
pfs-2025-12-17
Published UTC
2025-12-16T21:34:50Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Quarterly Activities and Cashflow ReportResults · MediumExtracted

September 2025 quarterly reporting A$22.08 million cash and a subsequent A$45 million placement.

Document ID
quarterly-2025-10-08
Published UTC
2025-10-07T22:09:30Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Annual Report to shareholdersResults · MediumExtracted

Audited FY2025 accounts and operating review covering Apollo Hill development, liquidity, capital raisings and tenure risks.

Document ID
annual-report-2025-09-11
Published UTC
2025-09-11T02:33:57Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Kappes Cassiday Appointed to Complete Feasibility StudiesStudy · MediumExtracted

Kappes Cassiday and Associates appointed for Apollo Hill pre-feasibility work.

Document ID
pfs-contractor-2025-01-30
Published UTC
2025-01-29T22:22:57Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Updated Preliminary Economic AssessmentStudy · MediumExtracted

Updated Apollo Hill scoping study with revised scheduling and a A$388 million pre-tax NPV7% at A$2,665/oz gold.

Document ID
pea-update-2023-08-17
Published UTC
2023-08-17T05:53:06Z
Projects
apollo-hill
Commodities
gold
Open original source ↗
Apollo Hill Preliminary Economic AssessmentStudy · MediumExtracted

Original Apollo Hill preliminary economic assessment, later clarified and superseded by the 17 August 2023 update and the 2025 PFS.

Document ID
pea-2023-08-07
Published UTC
2023-08-06T22:53:14Z
Projects
apollo-hill
Commodities
gold
Evidence facts111
pea.original.npv7Original PEA pre-tax NPV7

390000000 AUD

2023-08-07
pea.original.capexOriginal PEA pre-production capital

304000000 AUD

2023-08-07
pea.updated.npv7Updated PEA pre-tax NPV7

388000000 AUD

2023-08-17
pea.updated.irrUpdated PEA pre-tax IRR

30 %

2023-08-17
pea.updated.goldUpdated PEA gold price

2665 AUD/oz

2023-08-17
pea.updated.resourceApollo Hill Mineral Resource

1839000 oz Au

2023-06-28
pfs.contractorPFS contractor

Kappes Cassiday and Associates None

2025-01-30
fy25.cashCash and cash equivalents

27178806 AUD

2025-06-30
fy25.sharesOrdinary shares

459660222 shares

2025-06-30
q1fy26.cashCash at quarter end

22080000 AUD

2025-09-30
q1fy26.placementPlacement proceeds announced

45000000 AUD

2025-10-08
pfs.reserve.tonnesMaiden Ore Reserve tonnage

104600000 t

2025-12-17
pfs.reserve.gradeMaiden Ore Reserve grade

0.47 g/t Au

2025-12-17
pfs.reserve.goldMaiden Ore Reserve contained gold

1586400 oz Au

2025-12-17
pfs.production.goldPFS mining inventory contained gold

1771200 oz Au

2025-12-17
pfs.recovered.goldLife-of-mine recovered gold

1305848 oz Au

2025-12-17
pfs.annual.productionAverage annual recovered gold production

106318 oz Au/year

2025-12-17
pfs.lifeLife of mine including drain-down

14 years

2025-12-17
pfs.gold.basePFS base gold price

4300 AUD/oz

2025-12-17
pfs.npv8PFS pre-tax unleveraged NPV8

973000000 AUD

2025-12-17
pfs.irrPFS pre-tax unleveraged IRR

51 %

2025-12-17
pfs.capexPre-production capital

472400000 AUD

2025-12-17
pfs.aiscLife-of-mine AISC

2464 AUD/oz

2025-12-17
pfs.recoveryLife-of-mine average gold recovery

73.7 %

2025-12-17
pfs.npv.3500PFS NPV8 at A$3,500/oz

379000000 AUD

2025-12-17
pfs.npv.5000PFS NPV8 at A$5,000/oz

1493000000 AUD

2025-12-17
pfs.npv.6200PFS NPV8 at A$6,200/oz

2384000000 AUD

2025-12-17
pfs.npv.8000PFS NPV8 at A$8,000/oz

3721000000 AUD

2025-12-17
q2fy26.cashCash at quarter end

58625131 AUD

2025-12-31
q2fy26.placement.sharesPlacement shares issued

77586207 shares

2025-12-31
hy26.cashCash and cash equivalents

58625131 AUD

2025-12-31
hy26.sharesOrdinary shares

546537968 shares

2025-12-31
hy26.liabilitiesTotal liabilities

2959423 AUD

2025-12-31
dfs.contractorDFS contractor

Ausenco None

2026-03-26
dfs.targetDFS target

Q4 CY2026 None

2026-03-26
rights.lapsed.mar26Performance rights lapsed

81517 rights

2026-03-31
q3fy26.cashCash at quarter end

50191000 AUD

2026-03-31
wtac-agreement-2026-05-15-f01Native Title agreement counterparty

Wangkatja Tjungula Aboriginal Corporation RNTBC None

2026-05-15
wtac-agreement-2026-05-15-f02Milestone payments included

True None

2026-05-15
wtac-agreement-2026-05-15-f03Production-based royalty on gold included

True None

2026-05-15
options.cancelled.jun12Options cancelled in cashless exercise

237168 options

2026-06-12
shares.option.conversionOrdinary shares issued on cashless option exercise

462832 shares

2026-06-12
shares.after.jun12Ordinary shares after quotation

547277045 shares

2026-06-12
rights.lapsed.jun26Performance rights lapsed

2798572 rights

2026-06-30
rights.issued.jun26Performance rights issued

704808 rights

2026-06-30
rights.after.jul1Performance rights on issue

19333256 rights

2026-07-01
presentation.resourceApollo Hill Mineral Resource

2830000 oz Au

2026-06-03
presentation.cashCash

40432000 AUD

2026-06-30
mining-lease-2026-07-21-f01Mining Lease M31/496 granted

True None

2026-07-02
mining-lease-2026-07-21-f02Mining Lease M31/496 area

11700 ha

2026-07-21
placement.tranche2.sharesProposed Tranche Two placement shares

186216557 shares

2026-07-29
placement.pricePlacement and SPP issue price

0.4 AUD/share

2026-07-29
spp.maximum.sharesMaximum SPP shares

12500000 shares

2026-07-29
canaccord-summary-2026-07-30-f01Canaccord modeled average recovered gold production over first 12 years

96000 oz Au/year

2026-07-30
canaccord-summary-2026-07-30-f02Canaccord modeled 14-year 10Mtpa heap-leach operation

14 years; 10Mtpa None

2026-07-30
q4fy26.cashCash at quarter end

40432000 AUD

2026-06-30
q4fy26.runwayEstimated quarters of funding available

4.25 quarters

2026-06-30
resource.june26.tonnesApollo Hill Mineral Resource tonnage

174000000 t

2026-06-03
resource.june26.gradeApollo Hill Mineral Resource grade

0.51 g/t Au

2026-06-03
resource.june26.goldApollo Hill Mineral Resource contained gold

2830000 oz Au

2026-06-03
resource.june26.miMeasured and Indicated contained gold

2190000 oz Au

2026-06-03
tenure.granted.areaGranted exploration and mining lease area

1144.18 km2

2026-06-30
permit.epa.referralEPA referral timing

September quarter 2026 None

2026-06-30
spp.underwrittenSPP underwriting

Up to A$5 million by Petra Capital with no underwriting fee None

2026-08-03
placement.total.sharesTotal announced placement shares

250000000 shares

2026-07-29
placement.total.proceedsTotal announced placement proceeds

100000000 AUD

2026-07-29
gold.current.issuerIssuer-stated current gold price

5800 AUD/oz

2026-08-03
placement.tranche1.sharesTranche One placement shares quoted

63783443 shares

2026-08-06
shares.currentOrdinary shares after quotation

611060488 shares

2026-08-06
options.ajOptions expiring 2 February 2027 at A$0.25

1000000 options

2026-08-06
options.anOptions expiring 24 November 2027 at A$0.32

2400000 options

2026-08-06
options.akOptions expiring 29 November 2026 at A$0.20

1700000 options

2026-08-06
options.aoOptions expiring 25 November 2028 at A$0.68

2400000 options

2026-08-06
rights.currentPerformance rights on issue

16534684 rights

2026-08-06
spp-quotation-2026-08-28-f01SPP shares quoted

53192500 shares

2026-08-28
spp-quotation-2026-08-28-f02Ordinary shares after SPP quotation

664252988 shares

2026-08-28
spp-results-2026-08-28-f01SPP proceeds received

21277000 AUD

2026-08-28
spp-results-2026-08-28-f02SPP shares issued

53192500 shares

2026-08-28
spp-results-2026-08-28-f03SPP issue price

0.4 AUD/share

2026-08-28
annual-report-2026-09-03-f0130 June cash and cash equivalents

40431652 AUD

2026-06-30
annual-report-2026-09-03-f0230 June lease liabilities

445726 AUD

2026-06-30
annual-report-2026-09-03-f0330 June ordinary shares

547277045 shares

2026-06-30
annual-report-2026-09-03-f04FY2026 net loss

-7285905 AUD

2026-06-30
annual-report-2026-09-03-f05FY2026 exploration cash spend

26322874 AUD

2026-06-30
annual-report-2026-09-03-f06Tenement commitments within one year

2007136 AUD

2026-06-30
annual-report-2026-09-03-f07WTAC milestone and annual production royalty commitments

True None

2026-06-30
annual-report-2026-09-03-f08West Wyalong tenements sale consideration

650000 AUD

2026-09-01
annual-report-2026-09-03-f09Managing Director

Ian Bamborough None

2026-09-03
annual-report-2026-09-03-f10Chief Financial Officer

Grant Dyker None

2026-09-03
annual-report-2026-09-03-f11Company Secretary

Natasha Santi None

2026-09-03
annual-report-2026-09-03-f12DFS completion target

Q4 CY2026 None

2026-09-03
annual-report-2026-09-03-f13Titan Metals subsidiary ownership

100 %

2026-06-30
conference-transcript-2026-09-10-f01Management statement of approximate cash after placement

150000000 AUD

2026-09-10
conference-transcript-2026-09-10-f02Management said environmental submissions were imminent

True None

2026-09-10
conference-transcript-2026-09-10-f03Management indicated reserve update and DFS later in calendar 2026

late CY2026 None

2026-09-10
drilling-north-2026-09-21-f01Northward extension of mineralised system

1 km

2026-09-21
drilling-north-2026-09-21-f02Infill RC drill program

10000 m

2026-09-21
drilling-north-2026-09-21-f03Current resource still 2.83Moz

2830000 oz Au

2026-09-21
market-close-2026-09-25-f01Raw close

0.505 AUD/share

2026-09-25
market-close-2026-09-25-f02Adjusted close

0.505 AUD/share

2026-09-25
market-close-2026-09-25-f03Trading volume

1065734 shares

2026-09-25
market-close-2026-09-25-f04Market data provider

market data provider via miners.collect_stock_prices None

2026-09-25
market-close-2026-09-25-f05Security basis

one ASX STN ordinary share None

2026-09-25
quotation-2026-09-25-f01Placement Tranche Two shares issued

86750000 shares

2026-09-25
quotation-2026-09-25-f02Placement issue price

0.4 AUD/share

2026-09-25
quotation-2026-09-25-f03Issued ordinary shares after quotation

752184895 shares

2026-09-25
quotation-2026-09-25-f04Tranche Two shares remaining FIRB conditional

99466557 shares

2026-09-25
quotation-2026-09-25-f05Options expiring November 2027

2400000 options

2026-09-25
quotation-2026-09-25-f06Options expiring November 2026

700000 options

2026-09-25
quotation-2026-09-25-f07Options expiring November 2028

2400000 options

2026-09-25
quotation-2026-09-25-f08Performance rights outstanding

16534684 rights

2026-09-25
Conflicts requiring judgment1
  • Apollo Hill 2023 PEA pre-tax NPV7

    The 17 August release explicitly updates and clarifies the 7 August PEA; its A$388 million NPV7 supersedes A$390 million.