Saturn Metals : Significant Exploration Target - Adjacent to Apollo Hill

For personal use only

ASX Announcement

19 November 2021

SIGNIFICANT EXPLORATION TARGET

ADJACENT TO APOLLO HILL

HIGHLIGHTS

Bob's Prospect - 7km East of Apollo Hill

• Significant Aircore (AC) results are defining a large, concealed gold target highlighting potential for a new gold system, 7km east of the Apollo Hill Mineral Resource of 35.9Mt @ 0.8g/t Au for 944,000 oz of gold1 (Figure 2).
• Notable intersections include:
• • 32m @ 0.49g/t Au from 68m including 8m @ 1.41g/t Au from 84m - AHAC0349
  • 44m @ 0.28g/t Au from 84m including 12m @ 0.73g/t Au from 108m and including 4m @ 1.37g/t Au from 116m - AHAC0389
  • 28m @ 0.28g/t Au from 64m including 8m @ 0.53g/t Au from 64m and including 4m @ 0.52g/t Au from 88m - AHAC0372
  • Results are derived from 4m composites and a resample program has been undertaken to highlight the grade distribution within these intersections - assays pending.
• Results complement previous intersections at the target including:
• • 5m @ 2.21g/t Au from 96m - RDD01
  • 7m @ 1.17g/t Au from 63m - CAC074
  • 2m @ 3g/t Au from 129m - CRC003
• Intersections now highlight an under explored 3.5km long geological target on the eastern side of the Apollo Hill Structure, beneath relatively shallow cover (Figure 1).
• A 2,000m follow up Reverse Circulation (RC) drilling program is planned at Bob's Prospect in the coming weeks.

Plate 1 - Quartz veining and shearing - AHAC0372, metre 87- 88 with in 28m @ 0.28g/t Au from 64m, Bob's Prospect, 11 October 2021.

1 Details of the Mineral Resource which currently stands at 35.9 Mt @ 0.8 g/t Au for 944,000 oz Au 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.

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

For personal use only

Saturn Metals Limited (ASX:STN) ("Saturn", "the Company") is pleased to announce significant results from regional AC drilling at Bob's Prospect adjacent to its Apollo Hill deposit within its 100% owned Apollo Hill Gold Project, 60km south-east of Leonora in the Western Australian Goldfields.

This drilling is part of the Company's strategy to find complementary deposits to the Apollo Hill Mineral Resource, which was upgraded to 944,000 ounces on 28 January 20211.

Figure 1 shows a long cross-section of results which remain open at depth and down plunge. Where drill holes have penetrated the relatively thin cover sequence, results highlight a gold target of significant strike length with several areas showing promising grades and thicknesses.

Figure 2 shows a simplified plan view of the current mineralisation footprint across the Apollo Hill Gold Camp. The location of reported significant intersections are also highlighted.

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

Saturn Managing Director, Ian Bamborough said: "Results at Bob's are showing a target of considerable extent, at a relatively early stage of exploration. We are excited by the Prospect's proximity to our Apollo Hill Mineral Resource, the exploration potential it highlights at the mine-camp scale, and to be following up with RC drilling in the coming weeks".

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]

2

r personal use only

Figure 1 - Simplified geological long-cross section a-a1 of recent drill results.

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.

3

r personal use only

Figure 2 - Simplified plan view of the current mineralisation footprint across the Apollo Hill camp.

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.

4

For personal use only

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.

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.

1. 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.

5