Saturn Metals (ASX:STN) has raised $21.28 million through its share purchase plan (SPP), accepting all valid applications to support development and exploration at the Apollo Hill Gold Project in Western Australia.
The offer attracted applications from 1,272 shareholders, more than four times its original $5 million target. Saturn elected not to scale back subscriptions and will issue 53,192,500 shares at $0.40 each.
Combined with the recently announced $100 million placement, the SPP would take total proceeds from the capital raising program to $121.28 million before costs, subject to completion of the placement’s second tranche.
That tranche remains conditional on Foreign Investment Review Board approval and shareholder approval at a meeting scheduled for 17 September.
Saturn says it plans to direct the funds towards front-end engineering and design, long-lead equipment procurement, construction readiness, statutory approvals, site establishment, and exploration drilling.
Managing Director Ian Bamborough says the additional funding will allow development work and exploration to progress together.
“The additional applications received – well in excess of our $5 million target – will allow the company to continue taking important steps along the development pathway while at the same time maintaining exploration momentum, with the aim of unlocking the full value of the project,” Bamborough says.
Apollo Hill hosts a mineral resource estimate of 174 million tonnes @ 0.51 grams per tonne gold (Au) for 2.83 million ounces (Moz).
Its ore reserve stands at 104.6Mt @ 0.47g/t Au for approximately 1.59Moz, established through the December 2025 Prefeasibility Study.
Following the SPP and completion of the placement’s second tranche, Saturn expects to have approximately 850.47 million shares on issue.
Saturn Metals is a gold explorer and developer focused on its wholly owned Apollo Hill Project, approximately 60km southeast of Leonora in Western Australia’s Goldfields region.
Write to France Pinzon at Mining.com.au
Images: Saturn Metals
