Saturn Metals Limited has upsized its Share Purchase Plan to $21.28 million after receiving valid applications well above its initial $5 million target from 1,272 shareholders.

Rather than scaling back applications, the company elected to accept all valid requests, issuing 53,192,500 new fully paid ordinary shares. The funds secured through the plan, combined with a recent $100 million placement, bring total funds raised across the capital-raising program to $121.28 million before costs.

The injection of capital provides a significantly strengthened balance sheet to advance development at the Apollo Hill Gold Project in Western Australia. Proceeds will be allocated toward front-end engineering and design, the procurement of long-lead items, construction readiness, statutory approval costs, site establishment activities, and exploration drilling.

The project hosts a Mineral Resource of 174 million tonnes at 0.51 grams per tonne gold for 2.83 million ounces. Saturn Metals secured the initial $100 million through a two-tranche share placement to accelerate development. The second tranche of the placement remains subject to shareholder approval at a meeting scheduled for 17 September 2026, alongside required approvals from the Foreign Investments Review Board. The company is also targeting the release of a definitive feasibility study for Apollo Hill later in calendar year 2026.

“The response to the SPP has been outstanding and I would like to sincerely thank our shareholders for their strong support as we progress the Apollo Hill Gold Project through development and towards production. 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.”

— Ian Bamborough, Managing Director

Following the completion of the Share Purchase Plan and the broader capital raising program, Saturn Metals remains well-capitalised to execute its upcoming technical and operational milestones at Apollo Hill.

Read the full announcement: Outstanding Shareholder Support Sees SPP Upsized to $21M