Saturn Metals : Exciting Regional Drill Results - Apollo Hill Gold Project

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ASX Announcement

16 June 2022

EXCITING REGIONAL DRILL RESULTS -

APOLLO HILL GOLD PROJECT

Saturn Metals' strategy of exploring for complementary gold deposits adjacent to the newly upgraded 1.47Moz ounce Apollo Hill Mineral Resource1 continues to show promising results at multiple Prospects (Figure 1).

SUMMARY

Bob's Prospect - 7km east of the Apollo Hill Mineral Resource

• Follow up Reverse Circulation (RC) drilling at Bob's has returned several exciting intersections and further vectors for higher grade mineralisation.
• Results include:
• • 10m @ 2.96g/t Au from 126m - AHRC0834
  • 3m @ 3.41g/t Au from 215m - AHRC0833
• Results extend mineralisation along strike from previously reported significant intersections, which include 5m @ 6.82g/t Au - AHRC0825 and 5m @ 3.15g/t Au - AHRC0827 (ASX 27 January 2022).
• Further RC drilling is planned.

Hercules - 17km south-east of the Apollo Hill Mineral Resource

• Aircore and RC drilling following up on earlier significant intersections including 20m @ 2.27g/t Au from 24m - AHAC0925 (ASX 19 May 2022) has increased the strike length of the Hercules mineralised zone to over 3km with important new intersections including:
• • 4m @ 4.57g/t Au from 54m - AHRC0836
  • 4m @ 1.97g/t Au from 64m - AHAC1006
  • 4m @ 1.44g/t Au from 40m within 20m @ 0.57g/t Au from 24m - AHAC0997
• Infill drilling is planned around higher-grade intersections where drilling is still broadly spaced.

Aquarius - 25km south-east of the Apollo Hill Mineral Resource

• New Aircore drilling results at Aquarius show coherent zones of mineralisation that warrant further drilling; significant intersections include:
• • 4m @ 1.86g/t Au from 64m within 9m @ 0.69g/t Au from 64m - AHAC0763
  • 4m @ 1.26g/t Au from 72m within 12m @ 0.63g/t Au from 68m - AHAC0746
• Follow up drilling is planned around, and underneath, robust intersections where mineralisation remains open.

Artemis - 10km north-west of the Apollo Hill Mineral Resource

• Step out Aircore drilling along trend from discovery hole AHAC0672 (4m @ 4.08g/t Au from 40m within 33m @ 0.73g/t Au from 24m AHAC0672) (ASX 31 March 2022) has lengthened the Artemis system to 800m in strike.
• Significant new intersections returned from the broad space drilling completed to date include:
• • 4m @ 0.49g/t Au from 40m and 4m @ 0.53g/t Au from 60m - AHRC0880
  • 8m @ 0.25g/t Au from 36m - AHAC0920
• Further infill Aircore drilling is planned to accurately target a newly interpreted structural corridor immediately to the west of the recent results.

1 Details of the Mineral Resource which currently stands at 76.6 Mt @ 0.6 g/t Au for 1,469,000 oz Au and a breakdown by category are presented in Table 1a (page 10) of this document) along with the associated Competent Persons statement and details of the ASX announcement that this information was originally published in.

Saturn Metals Limited	9 Havelock Street, West Perth WA 6005	www.saturnmetals.com.au
ABN: 43 619 488 498	ASX: STN	[e-mail]

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Saturn Metals Limited (ASX:STN) ("Saturn", "the Company") is pleased to announce significant results from Reverse Circulation (RC) and Aircore (AC) drilling across its 100% owned, 1,000km2 Apollo Hill Gold Project, 60km south-east of Leonora in the Western Australian Goldfields.

Further exploration of the Apollo Hill Super-Structure and regionally gold prospective Keith Kilkenny Shear is developing several important new gold systems. Figure 1 shows the Prospects in relation to the Apollo Hill Mineral Resource and the wider Saturn Metals tenement package.

Figure 1 - Prospect locations in relation to the Apollo Hill Mineral Resource, Apollo Hill Super-Structure and Keith-Kilkenny Shear

Saturn Managing Director, Ian Bamborough said: 'These additional positive drill results are providing important vectors for ongoing exploration at these four sizable gold Prospects. I look forward to the next round of drilling which will a) follow up on some very strong intersections, and b) target new areas on our land package based on an ever-refining geological interpretation. The latest results continue to support our view that Saturn's extensive land holding has the potential to host additional significant gold deposits in complement to our 1.47Moz Apollo Hill Mineral Resource'.

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Bob's Prospect

Extensional RC drilling has continued to build on the understating understanding of the mineralisation along Bob's 3.5km strike length with higher gold vectors remaining open for additional drill targeting (long- section in Figure 2).

Figure 3 shows a cross section of the Bob's Prospect highlighting the improvement in continuity of the mineralisation.

Hercules

Results from AC drilling at Hercules have increased the strike length of mineralisation in both north and south directions. The system is now over 3km long. A significant gold trend is displayed in Figure 4 as gold gram metre (gold grade in g/t x interval downhole width) contours. Drilling is still widely spaced, particularly around better results (20m @ 2.27g/t Au from 24m - AHAC0925) where high priority follow up AC drilling is planned; (planned drilling areas also shown on Figure 4).

In addition, two RC holes have been completed under significant AC intersections at Hercules. Results have been returned for AHRC0837 (4m @ 4.57g/t Au from 54m) in fresh rock indicating that mineralisation is present and open at depth.

Aquarius

Figures 5 and 6 show cross-sections of AC results at Aquarius. Several promising intersections are now forming zones of coherent mineralisation hidden under cover at this prospect. Infill AC drilling and deeper RC drilling are planned to follow up on promising intersections at this emerging gold system which is now over 2km in strike length (Figure 1).

Artemis

Follow up drilling along strike of hole AHAC0672 (4m @ 4.08g/t Au from 40m within 33m @ 0.73g/t Au from 24m) has delineated a mineralised trend which is now over 800m in strike length. Importantly, drilling along the Artemis gold system, which lies 10km directly along trend from the Apollo Hill Mineral Resource is still widely spaced and further infill and extensional AC drilling is planned to target some now obvious gaps in the drilling (Figure 7).

Appendix 1 lists all significant results from this phase of drilling including significant intersections from reconnaissance drilling at other areas on the Apollo Hill land package. Appendix 2 lists reported hole details.

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

IAN BAMBOROUGH

Managing Director

For further information please contact:

Ian Bamborough

Managing Director Saturn Metals Limited [phone] [e-mail]

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Figure 2 - Simplified geological long-cross section A-A' of Bob's Prospect - higher grade gold vectors apparent open for further drill testing

1. This diagram contains exploration results and historic exploration results as originally reported in fuller context in Saturn Metals Limited's 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 - Southeast-northwestcross-sectionB-B' of recent drilling results at Bob's - mineralisation trends improving

1. 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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