Ann: Apollo Hill Gold Resource Upgraded to 1.84Moz, page-23

A quick NPV(8) model of 100koz for 10 years at A$1000 margin and A$250M capex is ~ A$400M.

While that might show that it is 'feasible', I agree with Joel's assessment that it isn't financeable in this market. When I look at something like Ausgold though with A$100M market cap (and project metrics not too far off the above), Saturn does seem undervalued. I think there is a big knowledge gap of heap leach economics on the ASX. Most investors looking at grade and saying it is too low.

The other option might be a staged approach to keep early capex down. Some of the shallower parts of the deposit have good grades. Heap leach lends itself to staged approach pretty well, especially when early grades and cashflow are good.