Saturn Metals

What Saturn Metals does

Saturn Metals Limited (ASX:STN) is an Australian gold exploration and development company headquartered in West Perth, Western Australia, focused on advancing the Apollo Hill Gold Project in the Eastern Goldfields approximately 650 km northeast of Perth. The company was incorporated in 2017 and acquired the Apollo Hill tenements from Peel Mining/Apollo Hill Pty Ltd in October 2017. Saturn's sole development asset is the Apollo Hill Gold Project, which comprises a 2.83Moz Mineral Resource (174 Mt @ 0.51 g/t Au) at a 0.20 g/t Au cut-off, with 77% of ounces classified as Measured or Indicated. The project is designed as a standalone large-scale open-pit mine with a 10Mtpa conventional heap leach processing facility, utilizing High Pressure Grinding Rolls (HPGR) for ore comminution, targeting steady-state gold production of approximately 106koz per annum over a 14-year Life-of-Mine with an All-in Sustaining Cost of A$2,464/oz.

The company's business model is a single-asset gold developer targeting future revenue from refined gold sales to commodity traders, refined gold buyers, and offtake partners, with economics highly sensitive to the AUD gold price. The December 2025 Pre-Feasibility Study estimates A$2.5 billion EBITDA, 51% IRR, and A$973M NPV at a Base Case gold price of A$4,300/oz, improving to A$4.9 billion EBITDA, 124% IRR, and A$2.38 billion NPV at the Current Price Case of A$6,200/oz. Pre-production capital is estimated at A$472.4 million, requiring further financing beyond the A$100 million placement closed in July 2026 (cash balance of A$50.2M as of 31 March 2026). The current Definitive Feasibility Study, led by Ausenco and expected to complete during 2026, is intended to convert these economics into a construction-ready project. Saturn holds approximately 1,000 sq km of contiguous tenure across 33 exploration/mining licenses and 77 miscellaneous licenses, with 16 prospects identified to date supporting ongoing exploration optionality.

The company is led by Managing Director Ian Bamborough (ex-Newmont), Non-Executive Chairman Brett Lambert (ex-Western Mining Corporation), and a board combining mining engineering, metallurgical, and finance expertise, with Dundee Corporation as a substantial shareholder represented on the board. Saturn maintains active investor relations through ASX announcements, investor presentations at mining conferences (RIU, Denver Gold Forum, Beaver Creek), and quarterly/annual reporting. As of the data, the company has 1-10 employees and remains pre-revenue, with no commercial gold production yet commenced.

Name

Saturn Metals

Legal name

Saturn Metals Limited

Website

https://saturnmetals.com.au

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Saturn Metals Limited (ASX:STN) is a pre-production gold exploration and development company advancing the 2.83Moz Apollo Hill Gold Project in Western Australia's Eastern Goldfields toward a 14-year open-pit heap leach operation targeting 106koz/annum at A$2,464/oz AISC.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industries

Gold Mining (IMAKAEAA), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Gold exploration
• Gold mining
• Heap leach processing
• Mineral resource development
• Open pit mining

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Gold Production and Sales: Saturn Metals plans to generate revenue through the production and sale of refined gold from the Apollo Hill Gold Project. The Pre-Feasibility Study targets 106koz/pa gold production at an AISC of A$2,464/oz over a 14-year Life-of-Mine. Revenue is commodity-price dependent, with sensitivity analysis at A$4,300/oz (Base Case) and A$6,200/oz (Current Price Case).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Saturn Metals is a gold exploration and development company advancing the 2.83Moz Apollo Hill Gold Project in Western Australia's Eastern Goldfields. The company plans to produce approximately 106,000 ounces of gold per year through a large-scale open-pit mine with a 10Mtpa heap leach processing facility over a 14-year life-of-mine, selling refined gold to commodity traders and offtake partners at prevailing market prices, while currently raising development capital via ASX placements from institutional and sophisticated investors.

Product overview

Saturn Metals Limited (ASX:STN) is a gold exploration and development company focused on the Apollo Hill Gold Project in Western Australia's eastern Goldfields. The company's primary product is the Apollo Hill Gold Project, a large-scale open pit mining operation with heap leach processing designed to produce approximately 106koz/annum over a 14-year life-of-mine. The project sits within approximately 1,000km² of contiguous tenure. Key deliverables include a 2.83Moz Mineral Resource, 1.586Moz Maiden Ore Reserve, and a Pre-Feasibility Study delivering A$2.5 billion EBITDA at A$4,300/oz base case gold price. The company also maintains unquoted options and performance rights (26.12M) as equity instruments.

Differentiator

Problem solved

Functional benefit

Products and services

• Apollo Hill Gold Project A large-scale gold exploration and development project with a 174Mt Mineral Resource at 0.51 g/t Au for 2.83Moz of gold and a Maiden Ore Reserve of 104.6Mt at 0.47 g/t Au for 1.586Moz. Designed as a standalone open-pit mine with a 10Mtpa heap leach processing facility targeting 106koz/annum gold production over a 14-year life-of-mine, located within approximately 1,000 sq km of contiguous tenure in the Eastern Goldfields of Western Australia, approximately 650 km northeast of Perth and 50 km southeast of Leonora.

Quantifiable outcome

• Apollo Hill Gold Resource increased by 590,000 ounces to 2.83 million ounces (ASX Release 3 June 2026)
• +5 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered minor and core.

• West Wyalong Gold Project Joint Venture PartnersminorStrategic or Co-development Partner · 1 May 2020Saturn Metals entered into a Joint Venture Agreement in May 2020 on the West Wyalong Gold Prospect in New South Wales. In April 2026, Saturn announced the sale of the West Wyalong Gold Project, concluding the joint venture arrangement. The project was located in NSW and subject to a JV structure with local partners.
• AusencocoreImplementation/ SI/ Consulting PartnerAusenco has been appointed by Saturn Metals to complete the Definitive Feasibility Studies for the Apollo Hill Gold Project. Ausenco is a leading global engineering and advisory firm specializing in mining and metals projects. This engagement represents a core milestone in advancing Apollo Hill from PFS to DFS, expected to be completed during 2026.
• Bureau VeritascoreTechnology or IntegrationBureau Veritas conducts metallurgical testwork for the Apollo Hill heap leach studies, including High Pressure Grinding Rolls (HPGR) testing at Weir's industrial scale facility. Bureau Veritas has processed Apollo Hill metallurgical samples to optimize gold recovery rates and process design.
• Wongatha Traditional Owners (Wongatha Talarmboe Wadjula Ngura)coreStrategic or Co-development PartnerSaturn Metals signed a Native Title Mining Agreement with the Wongatha Traditional Owners (Wongatha Talarmboe Wadjula Ngura) for the Apollo Hill Gold Project in May 2026. This agreement secures social licence and outlines terms for exploration and mining activities on traditional lands, covering heritage protection, community benefits, and cultural heritage management.

Scale indicators18 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• St Barbara Limited: ASX-listed gold producer with the Atlantic Operation in WA and Leonora processing hub — located ~50km from Saturn's Apollo Hill. Warren Hallam (Saturn NED) also serves as NED of St Barbara. Strong geographic and board-level connection to Saturn Metals' project footprint.
• Genesis Minerals: ASX-listed mid-tier WA gold producer that has grown via acquisition of smaller developers (e.g., Ulysses, Kookynie). Represents the larger incumbent pathway that Saturn Metals could pursue — either as a future acquirer of Saturn or as a comparable target archetype. More advanced in production but operates in the same WA gold landscape.
• Westgold Resources: ASX-listed mid-tier WA gold producer with multiple operations including Bryah, Fortnum, and Tuckabianna. Saturn COO Stuart Ellison was previously GM Operations at Westgold. Direct operational heritage link and a natural strategic acquirer profile for Apollo Hill-style assets.
• Ramelius Resources: ASX-listed mid-tier gold producer with multiple operations in WA including Mt Magnet, Edna May, and the recently acquired Spartan Dalgaranga. A potential strategic acquirer of Saturn Metals given its pattern of acquiring WA gold developers, and a benchmark for the production-stage endpoint of Saturn's current trajectory.

Direct peers

• Capricorn Metals: ASX-listed gold developer/producer advancing the Karlawinda Gold Project in Western Australia. Similar size and stage to Saturn Metals, with comparable PFS-to-production profile, single-asset focus, and WA Eastern Goldfields-style economics. Direct peer in the ASX small-cap gold developer cohort.
• Spartan Resources: ASX-listed WA gold developer advancing the Dalgaranga Gold Project through feasibility and into production. Similar pre-production developer profile, comparable resource size (~2-3Moz), and shared infrastructure and labor market in the WA gold sector.
• Musgrave Minerals: ASX-listed WA gold explorer/developer with the Cue Gold Project in the Murchison region. Brett Lambert (Saturn Chairman) previously held executive positions at Musgrave Minerals. Similar exploration-to-development trajectory, comparable market cap range, and shared institutional investor base.
• Brightstar Resources: ASX-listed WA gold developer pursuing multiple gold projects in the Eastern Goldfields region. Comparable scale, jurisdiction, and developer-stage profile to Saturn Metals. Both target near-term production decisions from PFS-stage assets in the same regional labor and infrastructure market.
• Horizon Minerals: ASX-listed WA gold developer with multiple satellite deposits in the Eastern Goldfields. Warren Hallam (Saturn NED) is also a NED of Horizon Minerals, indicating direct board-level overlap. Comparable size, jurisdiction, and development-stage asset profile.

Emerging players

• Red 5 Limited: ASX-listed gold producer that brought the King of the Hills mine into production in 2022 after a similar PFS-to-production journey. Serves as a relevant case study for the development-stage-to-producer transition Saturn is pursuing, with comparable open-pit, large-scale gold project economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/saturn_metals

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saturn Metals