ASX Announcement

2 May 2019

Excellent Drill Result Confirms New High Grade Lode

Apollo Hill Gold Deposit

Highlights:

13m @ 5g/t Au inc. 4m @ 9.8g/t Au from 74m – returned in RC Hole AHRC0136.

This thick, high-grade, relatively shallow intersection is located on a newly discovered hanging wall splay to the main Apollo Hill deposit.

Drilling remains open in all directions.

Importantly, the intersection sits outside the current resource1 and adds a new higher grade dimension to Apollo Hill gold deposit.

Intersection highlights the potential to increase the scale and quality of the current Mineral Resource of 20.7 million tonnes grading 1.0 g/t Au for 685,000 ounces of gold1.

Program continues with follow-up RC drilling planned.

RC Drilling – Apollo Hill – Late April 2019

1Details of the Mineral Resource breakdown by category are presented in Table 1a (page 7 of this document) along with the associated Competent Persons statement and details of the original ASX report that this information was originally published in.

Saturn Metals Limited (ASX: STN) (“Saturn” or “the Company”) is pleased to announce additional positive drill results from holes 25-30 of the planned 48-hole, 5,900m RC and diamond drilling campaign underway at its 100%-owned Apollo Hill Gold Project, near Leonora in the Western Australian goldfields. (Figure 1 illustrates results in geological cross-section for fuller context.)

In particular, hole AHRC0136 intersected 13m grading 5g/t Au from 74m including 4m grading 9.8g/t from 74m. This intersection provides an excellent opportunity to pursue a new higher- grade structural geology target immediately east of the Apollo Hill Resource. The mineralisation remains open along strike and down dip.

AHRC0136, illustrated in plan view in Figure 2, represents a bold 150m step out into new territory on the hanging wall of the deposit. The result complements the high-grade hanging wall intersection of 10m grading 5.78g/t Au including 5m grading 11g/t Au from 46m (AHRC0124) recently reported by the Company (ASX Announcement 16 April 2019).

An intersection of 9m grading 1.00g/t Au from 31m in AHRC0137 further demonstrates the emergence and importance of the newly discovered hanging wall splays at Apollo Hill.

Drilling into the main Apollo Hill Resource position continues to return strong results. For example, hole AHRC0141 returned 22m @ 1.02g/t Au from 78m including 9m @ 1.5g/t Au from 91m.

Saturn Managing Director Ian Bamborough said: “The intersection returned from AHRC0136 is one of the best ever reported at Apollo Hill. It represents the start of a new direction for the deposit and its future resource growth potential. Holes are being planned to follow up on this excellent result as soon as possible.”

The Company is planning to complete another 4,000m of drilling at Apollo Hill in the coming months. Assay results from the program will be reported as received and incorporated into the next resource update for the Project.

Table 1 below details all the significant results reported in this round of assays. Table 2 lists the reported hole details.

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Figure 1 RC drill results – simplified geological cross-section highlighting the location of new material intersections. A +2g/t Au core zone is now apparent on this cross section. - Grid GDA94Z51. b This document contains exploration results and historic exploration results as originally reported in fuller context in Saturn Metals Limited ASX Announcements (13 September 2018 and 22 May 2018, 16 April 2019 and 29 April 2019), Quarterly Reports and Prospectus, - 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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