Saturn Metals (STN) H2 2025 earnings summary

Executive summary

• Achieved a 22% year-over-year increase in Apollo Hill Mineral Resource to 2.24Moz gold, with 82% now classified as Measured and Indicated, supporting a robust Prefeasibility Study (PFS) and inaugural Ore Reserve declaration targeted for late 2025.

• Raised $44.6M net through equity placements and a share purchase plan, boosting cash reserves to $27.2M and market capitalization to $165.5M as of June 2025.

• Advanced metallurgical test work demonstrated 86% gold recovery from oxide and transitional material, exceeding previous assumptions and supporting low-cost heap leach processing.

• Sustained exploration success with significant new high-grade drill intercepts and regional aircore drilling identifying new gold trends.

• Tragically, a contractor fatality occurred in December 2024, prompting ongoing safety reviews.

Financial highlights

• Net loss for FY2025 was $5.12M, compared to $2.77M in FY2024, with loss per share at $0.02 (FY2024: $0.01).

• Net assets increased to $83.8M (FY2024: $42.8M), driven by capital raisings and increased exploration asset capitalization.

• Cash at year-end was $27.2M, up from $4.1M in FY2024.

• Exploration and evaluation assets rose to $58.6M (FY2024: $40.0M).

Outlook and guidance

• PFS and inaugural Ore Reserve for Apollo Hill targeted for release by end of CY2025.

• Ongoing drilling aims to further upgrade resources and test new high-grade zones, with a Definitive Feasibility Study planned for 2026.

• Early-stage permitting and environmental studies underway to expedite potential Stage 1 mining.