SATURN METALS LIMITED — Capital/Financing Update 2021

Apr 13, 2021

ASX Announcement 14 April 2021

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APOLLO HILL SOUTHERN EXTENSION DELIVERS FURTHER EXCELLENT RESULTS

HIGHLIGHTS

• Thick, shallow, and high-grade intersections from recent reverse circulation drilling include:

• 8m @ 9.47g/t Au from 102m including 3m @ 24.92g/t Au from 102m – AHRC0647

• 19m @ 1.18g/t Au from 26m including 10m @ 2.01g/t Au from 26m – AHRC0621

• 15m @ 1.15g/t Au from 54m including 4m @ 2.96g/t Au from 58m – AHRC0651

• 23m @ 1.10g/t Au from 130m – AHRC0658

• 10m @ 1.12g/t Au from 96m– AHRC0639

• 7m @ 1.40g/t Au from 20m – AHRC0675

• New results show consistency in the +1.4km long and 200m wide southern strike extension to the Apollo Hill mineralised corridor (Figure 1).

• New intercepts further highlight the excellent potential to grow Apollo Hill’s Mineral Resource of 35.9Mt @ 0.8g/t Au for 944,000 oz of gold[1] .

• Only the second round of assays reported from this new area and assays remain pending for a further 30 RC drill holes (4,000m) drilled to test the zone (Figure 1).

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Figure 1 – Location of Ra-Tefnut extensional mineralised corridor

1 Details of the Mineral Resource which currently stands at 35.9 Mt @ 0.8 g/t Au for 944,000 and a breakdown by category are presented in Table 1a (page 5 of this document) along with the associated Competent Persons statement and details of the ASX announcement that this information was originally published in.

1/34 Kings Park Road, West Perth WA 6005

Saturn Metals Limited ABN: 43 619 488 498

www.saturnmetals.com.au info@saturnmetals.com.au

ASX: STN

Saturn Metals Limited (ASX:STN) (“ Saturn ”, “ the Company ”) is pleased to announce further significant results from ongoing RC drilling at the Apollo Hill deposit within its 100%-owned Apollo Hill Gold Project, 60km south-east of Leonora in the Western Australian goldfields.

This drilling is a key part of the Company’s ongoing strategy to grow the Apollo Hill Mineral Resource, which was upgraded to 944,000 ounces on 28 January 2021[1] . Another resource upgrade is planned for later in 2021 after considering results from the next 30,000m of planned drilling across the Apollo Gold camp.

Recent extensional drilling activities, up to 1.4km south of the Apollo Hill resource area, in the Ra -Tefnut corridor, have returned strong results such as 19m @ 1.18g/t Au from 26m including 10m @ 2.01g/t Au in AHRC0621 and 8m @ 9.47g/t Au from 102m in AHRC0647. These results complement assays reported in late March including 12m @ 1.32g/t Au from 124m in AHRC0655 (Saturn ASX Announcement dated 22 March 2021). Importantly, strongly mineralised intersections are being repeatedly returned in shallow extensional positions on this major emerging corridor (Figure 2).

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Figure 2 – Resource extension drilling and results and holes for which assays remain pending relative to the published resource.

(a) This diagram contains exploration results and historic exploration results as originally reported in fuller context in Saturn Metals Limited ASX Announcements 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.

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Figure 3 below illustrates the wide mineralised corridor in cross section. Saturn is increasing its focus on this under-drilled opportunity with assays pending along strike of these results.

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Figure 3 – Simplified geological cross section a-a1 of recent drill results (location illustrated on plan view in Figure 2).

(a) This diagram contains exploration results and historic exploration results as originally reported in fuller context in Saturn Metals Limited ASX Announcements 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.

Saturn Managing Director Ian Bamborough said: “It is great to see the consistency of results being returned along this scalable opportunity. Infill drilling is continuing in this new zone with the aim of adding to our existing resource base and to ultimately creating a mineralised camp of a size that will support a major sustainable mining operation. We look forward to receiving and reporting on the next batch of assays from the 30 additional holes completed to date in this area.”

Appendix 1 lists significant intersections received in the most recent batch of assays. Appendix 2 lists relevant hole details.

This announcement has been approved for release by the Saturn Metals Limited Board of Directors.

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IAN BAMBOROUGH Managing Director

For further information please contact:

Ian Bamborough Managing Director Saturn Metals Limited +61 (0)8 6424 8695 info@saturnmetals.com.au

Luke Forrestal Associate Director Media and Capital Partners +61 (0) 411 479 144

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Competent Persons Statement – Resource:

1The information for the Mineral Resource included in this report 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. Saturn Metals Limited 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. Saturn Metals Ltd 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.

Table 1a* January 2021 Mineral Resource Statement; 0.4 g/t Au cut-off by oxidation domain within a 1.4 revenue factor pit shell to represent reasonable prospects for eventual economic extraction.

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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 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. There is no material depletion by mining within the model area. Estimation is by localised multiple indicator kriging for Apollo Hill zone and the Apollo Hill Hanging-wall zone; estimation of Ra and Tefnut zone used restricted ordinary kriging due to limited data. The model assumes a rotated 5 m by 12.5 m by 5 m RL Selective Mining Unit (SMU) for selective open pit mining. The final models are SMU models and incorporate internal dilution to the scale of the SMU. Technically the models do not account for mining related edge dilution and ore loss. These parameters should be considered during the mining study as being dependent on grade control, equipment and mining configurations including drilling and blasting. Classification is according to JORC Code Mineral Resource categories. Totals may vary due to rounded figures.

Competent Persons Statement – Exploration:

The information in this report that relates to exploration targets and exploration results is based on information compiled by Ian Bamborough, a Competent Person who is a Member of The Australian Institute of Geoscientists. Ian Bamborough is a fulltime employee and Director of the Company, in addition to being a shareholder in 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 his information in the form and context in which it appears.

a This document 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 30/03/2021, 22/03/2021, 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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Appendix 1:

Significant Apollo Hill RC Drill Results

Hole Number	Down Hole Width (m)	Grade (g/t Au)	From (m)
AHRC0595	1	1.32	56
AHRC0597		NSI
AHRC0599	20	0.11	5
	14	0.15	29
AHRC0601	1	5.57	67
AHRC0603	5	0.66	23
AHRC0605		NSI
AHRC0607		NSI
AHRC0617	10	0.48	46
AHRC0619	8	0.95	25
AHRC0621	19	1.18	26
AHRC0622	8	0.54	105
AHRC0623	6	0.38	26
AHRC0624 Inc.	11	0.64	43
	7	0.89	46
	1	1.84	59
AHRC0626	2	1.79	109
AHRC0628	7	0.23	20
	5	0.65	65
AHRC0633	6	0.81	87
AHRC0634	4	1.48	110
AHRC0636	7	0.60	68
AHRC0637	4	0.38	60
AHRC0638		NSI
AHRC0639	10	1.12	96
AHRC0640	1	3.85	56
AHRC0641	2	0.64	45
AHRC0643	11	0.65	66
	2	0.72	28
AHRC0645	2	0.97	50
AHRC0647 Inc.	7	0.67	39
	8	9.47	102
	3	24.92	102
AHRC0649	2	1.41	42
AHRC0651 Inc.	15	1.15	54
	4	2.96	58
	3	0.95	78
AHRC0653	5	0.98	90
AHRC0654	7	0.38	57
AHRC0656	5	0.41	61
AHRC0657	5	1.18	83
AHRC0658	23	1.10	130
AHRC0659	4	0.56	101

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Significant Apollo Hill RC Drill Results (Cont’d)

Hole Number	Down Hole Width (m)	Grade (g/t Au)	From (m)
AHRC0660	10	0.22	32
AHRC0661	1	1.11	150
AHRC0662	2	1.20	34
AHRC0663	2	0.96	45
	3	1.01	41
AHRC0664	4	0.75	70
	4	0.75	84
AHRC0665	8	0.95	63
AHRC0667	11	0.31	61
AHRC0668	1	1.26	115
	1	1.25	11
AHRC0669	4	0.44	79
AHRC0670 Inc.	6	0.70	52
	2	1.43	56
	4	0.64	22
AHRC0672	2	1.16	62
AHRC0674	2	1.38	50
	7	1.40	20
AHRC0675	1	19.35	33
	10	0.40	67
AHRC0677	12	0.39	130
	2	1.50	155
AHRC0680	1	3.59	81
AHRC0681	4	0.45	32
AHRC0682	12	0.34	94
AHRC0683	NSI

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Appendix 2:

Completed and Reported Apollo Hill RC Holes

Hole Number	Easting	Northing	RL (m)	Dip°	Azi°	Depth (m)
AHRC0595	371037	6774649	366	-60	225	80
AHRC0597	370975	6774712	358	-60	225	80
AHRC0599	370995	6774730	357	-60	225	80
AHRC0601	371009	6774743	354	-60	225	80
AHRC0603	371011	6774706	360	-60	225	80
AHRC0605	371028	6774722	359	-60	225	100
AHRC0607	371012	6774665	362	-60	225	80
AHRC0617	372394	6772691	352	-60	225	104
AHRC0619	372320	6772726	352	-60	225	64
AHRC0621	372362	6772769	352	-60	225	110
AHRC0622	370955	6774211	356	-60	225	152
AHRC0623	372345	6772793	352	-60	225	120
AHRC0624	370912	6774168	355	-60	225	104
AHRC0626	370964	6774180	355	-60	225	140
AHRC0628	370947	6774081	354	-60	225	62
AHRC0633	372355	6772903	352	-60	225	152
AHRC0634	371012	6774143	355	-60	225	152
AHRC0636	370942	6774159	355	-60	225	104
AHRC0637	372202	6772837	352	-60	225	64
AHRC0638	370999	6774065	354	-60	225	104
AHRC0639	372272	6772906	352	-60	225	154
AHRC0640	371102	6773974	353	-60	225	80
AHRC0641	372313	6772947	352	-60	225	100
AHRC0643	372219	6772935	352	-60	225	118
AHRC0645	372175	6772928	352	-60	225	112
AHRC0647	372193	6773003	351	-60	225	154
AHRC0649	372201	6772878	352	-60	225	88
AHRC0651	372092	6772988	351	-60	225	100
AHRC0653	372098	6773035	351	-60	225	136
AHRC0654	371812	6773247	351	-60	225	100
AHRC0656	371853	6773285	351	-60	225	160
AHRC0657	372212	6773109	347	-60	225	154
AHRC0658	371911	6773339	351	-60	225	166
AHRC0659	372266	6773162	347	-60	225	154
AHRC0660	371970	6773394	351	-60	225	154
AHRC0661	372321	6773216	348	-60	225	154
AHRC0662	372090	6773507	350	-60	225	154
AHRC0663	372374	6773268	350	-60	225	154
AHRC0664	372031	6773452	351	-60	225	166
AHRC0665	372223	6772900	352	-60	225	118
AHRC0667	372050	6773064	351	-60	225	100
AHRC0668	372404	6772952	351	-60	225	154
AHRC0669	372201	6772950	351	-60	225	124

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Completed and Reported Apollo Hill RC Holes (Cont’d)

Hole Number	Easting	Northing	RL (m)	Dip°	Azi°	Depth (m)
AHRC0670	372455	6772665	352	-60	225	124
AHRC0672	371667	6773503	351	-60	225	130
AHRC0674	371737	6773576	351	-60	225	124
AHRC0675	371772	6773609	350	-60	225	124
AHRC0677	372571	6772755	350	-60	225	166
AHRC0680	372791	6772964	350	-60	225	154
AHRC0681	372524	6772604	352	-60	225	112
AHRC0682	372576	6772657	351	-60	225	124
AHRC0683	371406	6773068	354	-60	225	154

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Appendix 3:

Saturn Metals Project Areas

Apollo Hill (29.15°S and 121.68°E) is located approximately 60km south-east of Leonora in the heart of WA’s goldfields region (Figure 4). The deposit and the Apollo Hill project are 100% owned by Saturn and are surrounded by good infrastructure and several significant gold deposits. The Apollo Hill Project has the potential to become a large tonnage, simple metallurgy, low strip open pit mining operation.

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Figure 4 – Apollo Hill location, Saturn Metals’ tenements and surrounding gold deposits, gold endowment and infrastructure.

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In addition, Saturn has a second quality gold exploration project in Australia. The Company has an option to earn an 85% joint venture interest in the West Wyalong Project (Figure 5), which represents a high-grade vein opportunity on the highly gold prospective Gilmore suture within the famous Lachlan Fold belt of NSW.

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Figure 5 – Regional setting and location of the West Wyalong Gold Project in relation to other gold projects in New South Wales and Victoria (map taken from Saturn ASX announcement on 28 April 2020 where full references are provided).

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Appendix 4:

JORC Code, 2012 Edition – Table 1 – Apollo Hill Exploration Area

Section 1 Sampling Techniques and Data

(Criteria in this section apply to the Apollo Hill, Apollo Hill Hanging-wall and Ra and Tefnut exploration areas all succeeding sections).

Table II Extract of JORC Code 2012 Table 1

Criteria	JORC Code Explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralization that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (e.g. submarine nodules) may warrant disclosure of detailed information.	Measures taken to ensure the representivity of RC sampling include close supervision by geologists, use of appropriate sub-sampling methods, routine cleaning of splitters and cyclones, and RC rigs with sufficient capacity to provide generally dry, reasonable recovery samples. Information available to demonstrate sample representivity includes RC sample weights, sample recovery, sample consistency, field duplicates, standards and blanks. RC holes were sampled over 1 m intervals using a cone-splitter mounted to the RC drill rig. RC samples were analyzed ALS in both Kalgoorlie and Perth and SGS in Kalgoorlie. At the laboratories, the samples were oven dried and crushed to 90% passing 2 mm, and pulverized to 95% passing 106 microns, with analysis by 50 g fire assay. RC samples were generally taken at 1 m interval but if composited were composited to 4 m to produce a 3 kg representative sample to be submitted to the laboratory. If the 4 m composite sample was anomalous (Au>0.16 g/t), the original 1 m samples were retrieved and submitted to the laboratory. In general, the expected mineralized zones are all sampled using 1 m intervals. Diamond core was drilled HQ3 and NQ2 dependent on weathering profile and ground conditions. The core was cut in half using a Corewise diamond saw at the ALS laboratory in Perth, where both half and full core were submitted for analysis. Half and full core samples were taken with a diamond saw, generally on 1 m intervals, dependent on geological boundaries where appropriate (lengths ranging from a minimum 0.3 m to a maximum of 1.2 m). Whole core samples were taken within the zones of mineralization to account for course grained nature of the gold. Sampling was undertaken using STN sampling and QAQC procedures in line with industry best practice, which includes the submission of standards, blanks and duplicates at regular intervals within each submission, for RC and Diamond samples.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Reverse Circulation (RC) drilling used either a 4.5 inch or 5.5 inch face-sampling bit. Diamond core was HQ3 of NQ2 diameter core. All RC drillholes were surveyed by Gyro, every 30 m down hole. All core was oriented using a Reflex orientation tool, which was recorded at the drill site, and all core pieced back together and orientated at the STN core yard at Apollo Hill.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	RC sample recovery was visually estimated by volume for each 1 m bulk sample bag and recorded digitally in the sample database. Very little variation was observed. Measures taken to maximize recovery for RC drilling included use of face sampling bits and drilling rigs of sufficient capacity to provide generally dry, high recovery samples. RC sample weights indicate an average recovery of 85% to 95% and were dry. The cone splitter was regularly cleaned with compressed air at the completion of each rod.

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Criteria	JORC Code Explanation	Commentary
		The RC Drilling was completed using auxiliary compressors and boosters to keep the hole dry and ensure the sample was lifted to the sampling equipment as efficiently as possible. The cyclone and cone splitter were kept dry and clean, with the cyclone cleaned after each drillhole and the splitter cleaned after each rod to minimize down-hole or cross-hole contamination. The 3 kg calico bag samples representing 1 m where taken directly from the cyclone and packaged for freight to Kalgoorlie. The calico represents both fine and coarse material from the drill rig. Diamond core recovery was measured and recorded for each drill run. The core was physically measured by tape and recorded for each run. Core recovery was recorded as percentage recovered. All data was loaded into the STN database. Diamond drilling utilized drilling additives and muds to ensure the hole was conditioned to maximize recoveries and sample quality. There was no observable relationship between recovery and grade, or preferential bias between hole-types observed at this stage. There was no significant loss of core reported in the mineralized parts of the diamond drillholes to date.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	Drillholes were geologically logged by industry standard methods, including depth, colour, lithology, alteration, sulphide and visible gold mineralization and weathering. RC Chip trays and Diamond Core trays were photographed. The logging is qualitative in nature and of sufficient detail to support the current interpretation.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	RC holes were sampled over 1 m intervals by cone-splitting. RC sampling was closely supervised by field geologists and included appropriate sampling methods, routine cleaning of splitters and cyclones, and rigs with sufficient capacity to provide generally dry, high recovery RC samples. Sample quality monitoring included weighing RC samples and field duplicates. Whole core was sent for assay in logged mineralized zones. Half core was submitted in unmineralized surrounding country rock. Assay samples were crushed to 90% passing 2 mm, and pulverized to 95% passing 75 microns, with fire assay of 50 g sub-samples. Assay quality monitoring included reference standards and inter-laboratory checks assays. Duplicate samples were collected every 20 samples, and certified reference material and blank material was inserted every 40 samples. The project is at an early stage of evaluation and the suitability of sub-sampling methods and sub- sample sizes for all sampling groups has not been comprehensively established. The available data suggests that sampling procedures provide sufficiently representative sub-samples for the current interpretation.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Sampling included field duplicates, blind reference standards, field blanks and inter-laboratory checks to confirm assay precision and accuracy with sufficient confidence for the current results, at a rate of 5%. Samples were submitted to ALS in Kalgoorlie and Perth, Nagrom in Perth, and SGS in Kalgoorlie where they were prepared, processed and analyzed via 50 g charge fire assay.

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Criteria	JORC Code Explanation	Commentary
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	No independent geologists were engaged to verify results. STN project geologists were supervised by the company’s Exploration Manager. No adjustments were made to any assays of data. Logs were recorded by field geologists on hard copy sampling sheets which were entered into spreadsheets for merging into a central SQL database. Laboratory assay files were merged directly into the database. The project geologists routinely validate data when loading into the database.
Location of data points	Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	Collars are initially surveyed by hand-held GPS, utilizing GDA94, Zone 51. Final drillhole collars are all surveyed by DGPS by ABIMS & Goldfield Surveyors. All RC and diamond holes were down-hole surveyed using a gyroscopic survey tool. A topographic triangulation was generated from drillhole collar surveys and the close-spaced (50 m) aeromagnetic data.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	Apollo Hill mineralization has been tested by generally 30 m spaced traverses of south- westerly inclined drillholes towards 225°. Across strike spacing is variable. Material within approximately 50 m of surface has been generally tested by 2 m to 30 m spaced holes, with deeper drilling ranging from locally 20 m to greater than 6 m spacing. The data spacing is sufficient to establish geological and grade continuity.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Mineralized zones dip at an average of around 30° to 60° towards the northeast. Detailed orientations of all short-scale mineralized features have not yet been confidently established. The majority of the drillholes were inclined at around 60° to the southwest.
Sample security	The measures taken to ensure sample security.	Apollo Hill is in an isolated area, with little access by the general public. STN’s field sampling was supervised by STN geologists. Sub-samples selected for assaying were collected in heavy-duty poly-woven bags which were immediately sealed. These bags were delivered to the assay laboratory by independent couriers, STN employees or contractors. Results of field duplicates, blanks and reference material, and the general consistency of results between sampling phases provide confidence in the general reliability of the drilling data.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	The Competent Person independently reviewed STN sample quality information and database validity. These reviews included consistency checks within and between database tables and comparison of assay entries with original source records for STN’s drilling. These reviews showed no material discrepancies. The Competent Person considers that the Apollo Hill drilling data has been sufficiently verified to provide an adequate basis for the current reporting of exploration results.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section).

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Apollo Hill Project lies within Exploration License E39/1198, M31/486 and M39/296. These tenements are wholly owned by Saturn Metals Limited. These tenements, along with certain other tenure, are the subject of a 5% gross over-riding royalty (payable to HHM) on Apollo Hill gold production exceeding 1 Moz. M39/296 is the subject of a $1/t royalty (payable to a group of parties) on any production. The tenements are in good standing and no known impediments exist.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Aircore, RC and diamond drilling by previous tenement holders provides around 44% of the estimation dataset. The data is primarily from RC and diamond drilling by Battle Mountain, Apex Minerals, Fimiston Mining, Hampton Hill, Homestake, MPI and Peel Mining.
Geology	Deposit type, geological setting and style of mineralization.	The Apollo Hill project comprises two deposits/trends: the main Apollo Hill deposit in the northwest of the project area, and the smaller Ra-Tefnut Deposits in the south. Gold mineralization is associated with quartz veins and carbonate-pyrite alteration along a steeply north-east dipping contact between felsic rocks to the west, and mafic dominated rocks to the east. The combined mineralized zones extend over a strike length of approximately 2.4 km and have been intersected by drilling to approximately 350 m vertical depth. The depth of complete oxidation averages around 4 m with depth to fresh rock averaging around 21 m.
Drillhole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: easting and northing of the drillhole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar dip and azimuth of the hole down hole length and interception depth hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Any relevant information material to the understanding of exploration results has been included within the body of the announcement or as appendices. No information has been excluded.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	For exploration data, no top-cuts have been applied. All reported RC and diamond drill assay results have been length weighted (arithmetic length weighting). No metal equivalent values are used for reporting exploration results.
Relationship between mineralization widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralization with respect to the drillhole angle is known, its nature should be reported.	All drillhole intercepts are measured in downhole meters, with true widths estimated to be about 60% of the down-hole width. The orientation of the drilling has the potential introduce some sampling bias (positive or negative).

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Criteria	JORC Code Explanation	Commentary
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.	Refer to Figures and Tables within the body of the text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	For any exploration results, all results are reported, no lower cut-off or top-cuts have been applied.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	There is no other substantive exploration data.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Although not yet planned by STN in detail, it is anticipated that further work will include infill and step out drilling. This work will be designed to improve confidence in and test potential extensions to the current resource estimates.

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