SATURN METALS LIMITED — AGM Information 2021

Nov 23, 2021

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ASX:STN

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Next Generation Gold Company in a Multi Million Ounce Province

Annual General Meeting Ian Bamborough Managing Director 24 November 2021, 1.30pm AWST

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Apollo Hill ‘Greater’ Gold Project Overview, Location and Tenure

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• 60km south-east of Leonora in Western Australia in world class multi million-ounce gold province close to existing gold infrastructure

• Centred around the current 944,000oz JORC Mineral Resource

• Indicated and Inferred JORC Compliant Mineral Resource of 35.9Mt @ 0.8g/t Au reported above a cut-off grade of 0.4g/t Au and reported within an optimised pit shell[1]

• 100% ownership of more than 1,000km² of contiguous exploration ground

• Underexplored large-scale district gold play – historically underdone due to a varied ground ownership and commodity cycles

• Key Gold Fertile Structures including the Keith Kilkenny Lineament

• Good Mining Infrastructure

• Central Strategic Position in the Belt

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**See Saturn Metals Prospectus for details on Royalty +1Moz Production – Hampton Hill Mining Royalty.

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ASX:STN

Corporate Snapshot Well Funded – Strong Register

Substantial Shareholders 23 November 2021

Funds & Institutional	43%
Wythenshawe and Associates	10%
Directors and Management	6%
Top20	67%

Share Price Since Listing in March 2018

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$0.56 23 Nov 21
$0.22 9 Mar 18
Listing Day
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Corporate Metrics	Measure
Funds (Cash figure 30 September 2021)	$5.80M
Shares on Issue	113.08M
Unquoted Options and Performance Options (Directors and Staff Options vesting over three years)	5.01M
Market Capitalisation@ A$0.56 per Share (23 November 2021)	A$63.33M
Enterprise Value	A$57.53M
EV/Resource oz	A$61

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ASX:STN

Apollo Hill – Resource Upgrade (944koz Au) January 2021

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• A Significant Increase

– Open For Further Expansion

• Apollo Hill Indicated and Inferred JORC Compliant Mineral Resource of 35.9 Mt @ 0.8g/t Au for 944,000oz reported above a cut-off grade of 0.4g/t Au and reported within an optimised pit shell[1]

• Expansive gold mineralised system 400m - 500m wide

• Published Resource constrained to maximum 250m depth

• Simple, Big, Low Strip, Large Selective Mining Unit, Lower Unit Cost, Open Pit Potential

Within Three Years of IPO in March 2018 - Saturn Metals has:

• Delivered an additional 439koz;

• Converted 21.2Mt @ 0.8g/t Au for 556koz to an Indicated Mineral Resource representing 59% of the Inferred Mineral Resource; and

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• Delivered and Converted 5.4oz for every metre drilled (good discovery and conversion cost).

• 1Details of the Mineral Resource breakdown by category are presented in the Table; the associated Competent Persons statement and details of the original ASX report that this information was originally published in are detailed on Slide 16 of this presentation.

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Higher Grade Architecture

Even Distribution of Better Grades Across the Deposit

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Intersections captured in the resource include[a] :

• 8m @ 12.9g/t Au from 126m within 14m @ 7.75g/t Au from 120m, and; 5m @ 8.03g/t Au from 111m – AHRC0330.

• 12m @ 9.98g/t Au from 269m; 36m @ 1.32g/t Au from 183m Incl. 11m @ 3.28g/t Au from 208m;

13m @ 1.2g/t Au from 301m Incl. 4m @ 3.63g/t Au from 301m – AHRC0312.

• 9m @ 18.2g/t Au from 301m Incl. 5m @ 32.6g/t Au from 301m – AHRC0362.

• Drilling continues to target higher grade plunging shoots to look for leverage to the deposits overall grade profile.

a Refer Slide 16

Preliminary Whittle pit optimizations using approximated regional mining and processing costs for multiple processing scenarios have been run on the resource model using a gold price of US$1,700/oz to generate a range of pit shells and cut-off grades. A pit shell for a combined mill and heap leach scenario representing a revenue factor of 1.4 was selected as a nominal constraint within which to report the Apollo Hill Mineral Resource, thereby satisfying the JORC Code requirement for a Mineral Resource to have reasonable prospects for

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eventual economic extraction. Other relevant information is described in the JORC Code Table 1 as appropriate. A nominal 0.4 g/t Au lower cut-off grade was selected for all material types. Classification is according to JORC Code Mineral Resource categories. Totals may vary due to rounded figures.

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Leverage Higher Grade Results in Pivotal Positions

Working Towards the Next Resource:

Higher Grade results since the January resource upgrade have included[a] :

• 12m @ 5.75g/t Au from 2m Incl. 8m @ 8.83g/t Au from 6m – AHRC0480

• 8m @ 4.28g/t Au from 72m Incl. 4m @ 8.34g/t Au from 72m – AHRC0477

• 15m @ 2.09g/t Au from 79m Incl. 7m @3.84g/t Au from 87m – AHRC0502

• Drilling successfully targeted leverage points for possible Whittle pit expansion.

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a Refer Slide 16

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Improvement

Trial Grade Control Drilling Provides Demonstrated Improvement

• Strip ratio potential

• Localised grade opportunities

• Mineralisation continuity

• Understanding of mineralisation controls

• Excellent results from the program include[a] :

• 54m @ 3.72g/t Au from 43m Incl. 33m @ 5.80g/t Au from 49m – AHRC0618

• –

• 12m @ 5.79g/t Au from 22m AHRC0535

• 45m @ 1.58g/t Au from 0m Incl. 14m @ 2.88g/t Au from 0m and 12m @ 1.5g/t Au from 28m – AHRC0590

• 65m @ 0.96g/t Au from 43m Incl. 25m @ 1.7g/t Au from 48m inc. 8m @ 3.13g/t Au from 57m – AHRC0610

• 50m @ 1.11g/t Au from 4m Incl. 22m @ 1.63g/t Au from 6m – AHRC0591

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10m @ 3.32g/t
Au from 53m
AHRC0536
33m @ 5.8g/t Au
from 49m within
54m @ 3.72g/t Au
from 43m
AHRC0618
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a Refer Slide 16

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Expansion – Apollo Hill Corridor Step Out Drilling Provides Excellent Results

New Hits – 7m @ 11.18g/t Mineralisation Remains Open Next - Develop the North

ASX:STN

Thick, shallow, and high-grade intersections from recent reverse circulation drilling include[a] :

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• 54m @ 1.34g/t Au from 25m – AHRC0814 • 7m @ 11.18g/t Au from 172m – AHRC0813 • 8m @ 9.47g/t Au from 102m Incl. 3m @ 24.92g/t Au from 102m – AHRC0647 • 19m @ 1.18g/t Au from 26m Incl. 10m @ 2.01g/t Au from 26m – AHRC0621 • 21m @ 1.82g/t Au from 57m - AHRC0646

• 8m @ 9.47g/t Au from 102m - AHRC0647 • 23m @ 1.74g/t Au from 49m Incl. 8m @ 3.20g/t Au from 53m - AHRC0690 • 10m @ 4g/t Au from 89m - AHRC0766 • 10m @ 2.34g/t Au from 136m Incl. 5m @ 4.42g/t Au from 140m – AHRC0768 • 22m @ 1.00g/t Au from 154m – AHRC0789

Since Last Resource Upgrade 1km Extension Added on Ra Tefnut Corridor

Next – Develop the North

1km Extension since last resource upgrade in January 2021 – corridor widening

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a Refer Slide 16

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Expansion – Apollo Hill Corridor Step Out Drilling Planned

– Designed to test for expansions to the system out and below and to target higher strain corridors with better grade.

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ASX:STN
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Planned
400m-600m
1.2km wide system Diamond
Drillholes
Topography
January 2021
Mineral Resource
Pit Shells Higher
Grade
Stacked January
2021
Zones
Mineral
Resource
Block
Centroids
? g/t Au
Look for ?
Expansion ? Look for
Look for Repeats
Extensions
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Metallurgical Differentiation Test Work Has Shown Excellent Gold Extraction Characteristics for Easily Recoverable Gold

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Free Gold Mineralogy Data collected with GeoCore X10

Conventional Mill Option MILL – GRAVITY AND CIL

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• 96.8% gold recovery conventional ( 75µmP80 grind );

• 65.9% recovery by gravity (75µmP80 grind)

• 91.8% achieved at 250µm P80 grind – with 56% by gravity

• 80.3% achieved at 2mmp100 crush, with 47.8% by gravity

• Good Recovery even at lower grades – 97% at 0.25g/t Au 75µmP80

• Potential for lower energy use in grinding.

• BBMWI – 16 kWh/t – average hardness.

• Rapid leach times 8 hours max at 75µmP80

• Low reagent use; cyanide consumption (on average 0.33kg/t) and low lime addition (on average 0.11kg/t)

LEACHING (Heap/Vat)

• Coarse grind size gold recovery is encouraging with high permeability and low agglomeration requirements – column test work after High Pressure Grinding Roller crushing

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• Rapid Leach in Column – Results Achieved in <30 Days

Grind Size	Au Recovery	Recovery after two weeks
-8mm	77%	67%
-4mm	69%	54%

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Regional Potential – Central Strategic Position in Belt Now Being Tested - Under Cover

ASX:STN

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Artemis
9m @ 8.67g/t Au Incl.
3m @ 24.6g/t Au
CALYPSO BBRC0003
10m @ 9.80g/t Au
PHA0369
32m @ 0.49g/t Au
APOLLO
from 68m Incl. 8m
Bobs
The Gap @ 1.41g/t Au from
HILL 84m – AHAC0349
0.94MOZ1 5m @ 2.21g/t Au
from 96m – RDD01
Aphrodite Atlanta
Aircore
Drilling – Current
Phase
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• +1,000km[2 ] of Greenfields land package starting to yield results (60km long position in the greenstone belt)

• 60% of Ground Package Covered and Untested

• New Systems identified in Aircore at Atlanta, and Aphrodite – Follow Up Drilling Just Finished

• Assays Pending – 60 holes for 4,000m

• 4,000 Additional Aircore m’s Planned in 70 Holes

• km Spaced Drill Lines to Target New Gold Systems

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Ground Gravity at the Atlanta Prospect

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Bob’s Regional Air Core Success Follow up RC Drilling Planned

• 3.5km long target – potential for significant concealed gold system

• Significant results include:

• 32m @ 0.49g/t Au from 68m Incl. 8m @

  • 1.41g/t Au from 84m – AHAC0349

• 5m @ 2.21g/t Au from 96m – RDD01

• Close Proximity to Apollo Hill (7km)

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West Wyalong Joint Venture Agreement – Maiden Drill Programme Commenced June 2021 High Grade Vein Opportunity in Tier 1 Australian Gold Provence

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ASX:STN
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• Production from the West Wyalong Goldfield, between 1894 and 1915, ~439,000 oz Au at 36g/t Au[a1]

• West Wyalong mines are shallow by current standards and mineralisation is open down dip and plunge.

• Assays Pending for Two Holes

2.6m @ 1.00g/t Au including 0.7m @ 2.74g/t Au from 393.2m – WWDD0003

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DRILLED
DRILLED
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• ([a1 ] GS1928/007 Geological Survey of New South Wales (1975) Annual Report Compilation, West Wyalong Division – Forbes Sheet R0018585 Table of historic production figures p.41/p42)

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a Refer Slide 16
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Plan and Budget – Next Six Months

Aggressive Campaign – Regular Results Flow on Multiple Fronts Planned:

• Aggressive Drilling Campaign

• • New Discovery Focussed

ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign	ssive Drilling Campaign
Discovery Focussed																					Jan-22 Feb Targetting New Mineralisation Inferred & Indicated Used in Mineral Resource Used in Mineral Resource Mineral Resource New Mineralisation New Mineralisation New Mineralisation Mineral Inventory New Mineralisation
Area/Deposit/Region	Drill/Sample Type	**Jul-21 **			Aug			Sep				Oct		Nov					Dec		**Jan-22 **			Feb		Targetting
Apollo Hill Deposit
Apollo Hill DeepStepRC	Diamond																									New Mineralisation
Apollo Hill Resource Development	RC																									Inferred & Indicated
Apollo Hill Metallurgical Drilling	DD																									Used in Mineral Resource
Apollo Hill Metallurgical Testwork	Samples																									Used in Mineral Resource
Apollo Hill Resource Estimation	Process																									Mineral Resource
Apollo Hill Camp Scale
Apollo Hill Camp	AC																									New Mineralisation
Apollo Corridor	RC																									New Mineralisation
Apollo Hill Regional Drilling
Broad spaced Aircore Lines	AC																									New Mineralisation
West Wyalong JV Ground in NSW
RC/Diamond Proof of Concept	RC/Diamond																									Mineral Inventory
Aircore Northern Areas Extensions	AC																									New Mineralisation
nmetals.com.au

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SATURN METALS 2021 • 0.94Moz Quality Ounces • Strong Results Flowing • Strong Budget • Aggressive Program

ASX:STN ASX:STN

www.saturnmetals.com.au

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Disclaimer & Competent Person Statements

ASX:STN

The Company has prepared this presentation. Whilst the information contained in this presentation has been prepared with all reasonable care from information provided by the Company and from sources, which the Company believes are reliable, no responsibility or liability is accepted by the Company for any errors or omissions or misstatements, however caused.

To the maximum extent permitted by law, the Company, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person thought the use or reliance on anything contained in or omitted in this presentation. Certain information in this presentation refers to the intentions of the Company, but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law.

The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, the Company, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this presentation will actually occur as contemplated.

The Company recommends investors obtain their own independent financial and accounting advice before making any financial investment in reliance upon information contained in this publication.

The information in this report that relates to Exploration Targets, geology, and Exploration Results and data compilation is based on information compiled by Ian Bamborough, a Competent Person who is a Member of The Australian Institute of Mining and Metallurgists. Ian Bamborough is a fulltime employee of the Company. Ian Bamborough has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ian Bamborough consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

1The information on the Apollo Hill JORC Compliant Mineral Resource is extracted from the report entitled ‘Apollo Hill Gold Resource Upgraded to 944,000oz’ created on 28 January 2021 and is available to view on the Saturn Metals Limited website (www.saturnmetals.com.au – ASX Announcements). The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.’[1]

aThis presentation contains exploration results and historic exploration results as originally reported in fuller context in Saturn Metals Limited ASX Announcements, Quarterly Reports and Prospectus - as published on the Company's website. Saturn Metals Limited confirms that it is not aware of any new information or data that materially affects the information on results noted. Announcement dates to refer to include but are not limited to 19/11/21, 29/10/21, 28/10/21, 27/10/21, 19/08/21, 30/07/21, 12/07/21, 21/06/21, 09/06/21, 26/05/21, 14/04/2021, 30/03/2021, 22/03/2021, 04/02/2021, 28/01/2021, 25/01/2021, 22/12/2020, 30/10/2020, 31/07/2020, 21/04/2020 and 31/01/2020.

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