Saturn Metals Limited
Saturn Metals' 100%-owned Apollo Hill Gold Project in Western Australia holds a 2.83 million ounce gold Mineral Resource (174Mt @ 0.51 g/t Au) and a maiden Ore Reserve of 1.586 million ounces (104.6Mt @ 0.47 g/t Au) -- an 86% conversion rate from eligible Measured/Indicated Resource. A December 2025 Pre-Feasibility Study outlined a 14-year open-pit, heap-leach operation producing ~106,000 oz/year, with a Definitive Feasibility Study targeted for completion in the second half of 2026. The Western Australian government granted Mining Lease M31/496 (~11,700 hectares) in mid-2026 following execution of the Apollo Hill Native Title Mining and Project Agreement.
Lifecycle Milestones
Not in place: mill, tailings facility, grid power.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia, Australia — top-tier, low political-risk mining jurisdiction.
Infrastructure (40%)2.9/10
No confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Apollo Hill Gold Project, Western Australia.
Nearby producing mine (20%)9.1/10
Ulysses (Leonora; incl. Admiral) (Genesis Minerals Limited) is 34 km away -- within regional-platform range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is Dundee Corporation (13.67%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score:6.6/10
Nearest producing mine: Ulysses (Leonora; incl. Admiral) (Genesis Minerals Limited), 34 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director and CEO of Saturn Metals Limited since Aug 2017. Geologist with 25+ years leading exploration, development, and operations; formerly with Newmont Mining and was Managing Director of ASX-listed Spectrum Rare Earths; served on the Northern Territory Mining Board.
Chief Financial Officer of Saturn Metals Limited. Two decades of senior executive experience in Australian resources; strong track record in project and corporate financing totaling A$1.2 billion across six construction projects.
Chief Operating Officer of Saturn Metals Limited. 20+ years mining experience across underground and surface operations in Australia and Southeast Asia; most recently General Manager - Operations for Westgold Resources.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Golden Crane Holdings Limited, a subsidiary of genuine Chinese gold producer Wanguo Gold Group Limited, committed A$48.6 million in cash to Saturn's July 2026 placement and holds 7.15% today (its 53,750,000 Tranche One shares, of 752,184,895 on issue at 25 September 2026). Its remaining 67,716,557 Tranche Two shares, approved by shareholders on 17 September 2026, await Foreign Investment Review Board approval; they would lift it to about 15%. Dundee Corporation is also a substantial holder, with 102,846,430 shares (13.67%). Lion Selection Group, a well-known specialist mining investment company, independently holds around 11.35%. Franklin Resources separately discloses a real 6.87% stake -- a sizeable but generalist position, below the level needed to add further credit here. Four directors bought stock on the open market within the last year, with no selling on record.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Saturn Metals owns 100% of the Apollo Hill gold project in Western Australia, planned as an open-pit, heap-leach operation. Apollo Hill holds 2,187,000 oz of gold in measured and indicated resources (87,000 oz measured and 2,100,000 oz indicated) plus 643,000 oz inferred. The December 2025 pre-feasibility study, which declared a maiden ore reserve of 1.586 Moz (104.6 Mt at 0.47 g/t), shows a pre-tax NPV8% of US$632M (AUD 973M) and a 50.7% pre-tax IRR at US$2,795/oz (AUD 4,300/oz) gold, with pre-production capital of US$307.1M (AUD 472.4M), a 14-year mine life producing about 106,000 oz a year, and an all-in sustaining cost of US$1,602/oz (AUD 2,464/oz). The Western Australian government granted Mining Lease M31/496, about 11,700 hectares, in mid-2026 after a native title agreement was signed, and a definitive feasibility study is targeted for the fourth quarter of 2026.
Saturn Metals' Pre-Feasibility Study for the 100%-owned Apollo Hill Gold Project (delivered 17 Dec 2025) outlines a standalone 10Mtpa bulk open-pit heap-leach operation over an initial 14-year mine life, producing ~106koz/yr at steady state. Base case at A$4,300/oz (US$2,795/oz) gold: NPV8 of A$973M, IRR of 51%, 2.3-year payback and over A$2.5B of EBITDA, at an AISC of A$2,464/oz (A$27.46/tonne). Maiden Ore Reserve of 104.6Mt @ 0.47g/t Au for 1,586,000oz -- an 86% conversion of eligible Measured/Indicated ounces -- inside a Mineral Resource of 174Mt @ 0.51g/t Au for 2,830,000oz. Production target 117.4Mt @ 0.47g/t for 1.77Moz (89% Reserves, 11% Inferred). A Definitive Feasibility Study is targeted for Q4 2026.