Saturn Metals : Significant Gold System Confirmed 7km East of Apollo Hill

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ASX Announcement

27 January 2022

SIGNIFICANT GOLD SYSTEM CONFIRMED 7KM

EAST OF APOLLO HILL

HIGHLIGHTS

Bob's Prospect

• Reverse Circulation (RC) results have confirmed a large 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).
• Results include:
• • 5m @ 6.82g/t Au from 130m - AHRC0825
  • 5m @ 3.15g/t Au from 168m - AHRC0827
  • 8m @ 1.04g/t Au from 153m - AHRC0822
  • 4m @ 1.85g/t Au from 132m - AHRC0826
• Results improve on and complement recent, and previous best, intersections at the target of:
• • 32m @ 0.49g/t Au from 68m including 8m @ 1.41g/t Au from 84m - AHAC0349
  • 5m @ 2.21g/t Au from 96m - RDD01
• Of only six holes drilled in December 2021, before the end of the field season, four returned significant results and all holes returned reportable results (Appendix 1).
• Results from this latest round of drilling showed improving grade vectors, which remain open.
• Mineralisation is associated with quartz veining and shearing in a dolerite host rock (Plate 1); a different geological setting to Apollo Hill, but one known to be a favourable for high grade mineralisation across the West Australian Goldfields.
• Intersections further highlight the so far under explored 3.5km long geological target beneath relatively shallow cover (Figure 1) on the eastern side of the Apollo Hill 'Super Structure' (Figure 2).
• A 4,000m follow up RC drilling program is planned.

Plate 1 - RC Chip Tray, quartz veining and shearing - AHRC0825, 5m @ 6.82g/t Au from 130m, Bob's Prospect, December 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 6 of this document) along with the associated Competent Persons statement and details of the ASX announcement that this information was originally published in.

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Saturn Metals Limited (ASX:STN) ("Saturn", "the Company") is pleased to announce significant results from initial RC drilling at Bob's Prospect adjacent to its Apollo Hill deposit within the 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 soon to be upgraded Apollo Hill Mineral Resource which currently stands at 944,000 ounces1.

Figure 1 shows a long cross-section of results at Bob's. Importantly, newly defined higher-grade gold vectors remain open at depth and down plunge. Results highlight a gold target of significant strike length with several areas also showing promising thicknesses. Figure 1 also shows an inset simplified plan view of the current mineralisation footprint relative to the Apollo Hill Mineral Resource footprint; the Bob's anomaly is of considerable scale.

Figure 2 shows the location of the new intersections on the greater gold prospective 'Apollo Hill Super Structure', a sizeable area of structural and geological complexity, interpreted to represent an excellent target for additional gold mineralisation. In addition to planned follow up RC drilling, a 10,000m Aircore (AC) program is currently underway across other targets on this terrain with the aim of finding additional new prospects and mineralisation on this 'Camp Scale' opportunity.

Figure 3 shows a geological cross section of the Bob's Prospect. A wide mineralised corridor is now evident with multiple stacked lodes interpreted.

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: "Improving results at Bob's continue to show a target of considerable size with increasing grade vectors and promising geology. Drilling remains open along strike and down plunge of key intersections. The Company has planned RC follow up at Bob's and is proceeding with AC step out programs on the greater 'Camp Scale' opportunity. We are excited by the Prospect's proximity to our Apollo Hill Mineral Resource and the exploration potential highlighted in the surrounding geology. Work will continue in the in the coming weeks". The Company will report on progress as assay batches are received and processed.

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 +61 (0)8 6234 1114 info@saturnmetals.com.au

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Figure 1 - Simplified geological long-cross section A-A1 of recent drill results - higher grade gold vectors apparent.

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.

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Figure 2 - Plan view of the current mineralisation footprint across the Apollo Hill camp with new results highlighted - merged aeromagnetic and gravity geophysics back-ground highlights the geological complexity and multiple exploration targets at the 'Camp Scale'; location of Figure 3 cross section a-a1 highlighted on diagram.

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.

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Figure 3 - Geological cross section - a-a1 of Bob's Prospect; wide mineralised corridor and multiple stacked lodes noted; location of cross section a-a1 illustrated on Figure 2.

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.

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