Saturn Metals (STN) H2 2024 earnings summary

Executive summary

• Advanced the Apollo Hill Gold Project, highlighted by a robust Preliminary Economic Assessment (PEA) supporting a 10-year mine life, average annual gold production of 120,000+ ounces, and IRR of 30% at a base case gold price of A$2,665/oz.

• Raised $6 million in October 2023 and $1.7 million via a Share Purchase Plan, followed by a $14 million placement post-year-end to fund ongoing project development.

• Continued regional exploration and resource development drilling, with significant progress in upgrading resource categories and expanding the resource base.

Financial highlights

• Net loss after tax for FY2024 was $2,774,483, an improvement from $3,590,514 in FY2023.

• Net assets increased to $42,809,191 (2023: $37,527,580), driven by share issues raising $7,470,336 net of costs.

• Closing cash balance at 30 June 2024 was $4,111,750 (2023: $3,504,209).

• Market capitalisation at year-end was $44.46 million, with 224,002,477 shares on issue and a share price of $0.195.

Outlook and guidance

• Focus remains on advancing Apollo Hill through feasibility studies and resource upgrades, with ongoing drilling and technical programs.

• The Board intends to continue exploration and development on current projects, acknowledging inherent risks in exploration.