Saturn Metals Limited (ASX: STN) has successfully secured $100 million through a two-tranche share placement to accelerate development at its Apollo Hill gold project. The company issued approximately 250 million shares at a price of $0.40 each. The capital raising saw substantial interest, with the company’s four largest shareholders contributing a combined $42.5 million. Furthermore, the round introduces Golden Crane Holdings Limited as a new cornerstone shareholder, with a total commitment of approximately $48.6 million for a 15% stake in the business.

Beyond the institutional placement, the company is offering an additional $5 million through a non-underwritten share purchase plan for eligible shareholders in Australia and New Zealand. These existing investors are invited to participate at the same $0.40 issue price, with the allotment of those shares scheduled for 28 August 2026. The placement itself is split into two phases: an initial $25 million tranche, followed by a $75 million second tranche that remains subject to shareholder approval at a general meeting slated for 17 September 2026.

The proceeds are earmarked to transition the project from its current stage toward construction and eventual production. Saturn intends to allocate nearly $40 million specifically for the procurement of long-lead items, while approximately $12 million will fund front-end engineering and design work. Remaining capital will be directed toward site establishment, statutory approvals, and ongoing exploration drilling to further evaluate the site’s potential.

Managing Director Ian Bamborough emphasized the significance of the funding for the company’s forward-looking development plans.

"This capital raising has fortified Saturn's balance sheet as we accelerate the Apollo Hill Project through to development and towards production."

"This funding will enable the Company to continue taking important steps along the development pathway with the aim of unlocking the full value potential of the Project."
— Ian Bamborough, Managing Director

The company is now moving toward several critical operational milestones. The current project timeline includes the release of the Apollo Hill Definitive Feasibility Study, which is targeted for later in the 2026 calendar year. Following the upcoming shareholder meeting in September to finalize the second tranche of funding, the developer plans to maintain this momentum by focusing on construction readiness and the permitting process. By prioritizing these engineering and procurement activities, the company aims to move closer to an investment decision for the site. This capital injection provides the necessary financial flexibility to advance these workstreams in tandem with its exploration efforts, ensuring the project remains on a steady path toward its defined development goals throughout the remainder of the year.

Read the full announcement: Strongly Supported $100 Million Placement