Ann: Material Increase in Heap Leach Gold Recoveries, page-3

1. "Excellent average gold recovery of 86% achieved in 95 days, comparing well to global heap leach norms."
   → This directly exceeds their prior PEA assumption of 75% and global average of ~65%, representing a major economic uplift.

2. "Favourable leach kinetics – 86% of the ultimate test extraction result was achieved within ~30 days."
   → Fast recovery improves cash flow and reduces heap residency time.

3. "Gold recovery is materially higher than that used in the Apollo Hill PEA study... highlighting the potential to exceed PEA outcomes in Saturn’s current Pre-Feasibility Study (PFS)."
   → This signals the likelihood of improved economics in the upcoming PFS.

4. "Strong gold recoveries from oxide and transitional materials... offers the potential to positively enhance project economics."
   → This is key because these materials dominate the early years of production (39% in the first 3 years).

5. "Very low reagent consumption... only 0.5kg/t cyanide, negligible lime, and 4.3kg/t cement addition."
   → Low processing costs enhance project margins.

6. "Excellent percolation test results... approximately six times the minimum recommended value for heap leach processing."
   → Validates the practical scalability of the heap leach design.

7. "These impressive and consistently high gold recovery results... deliver a positive impact on the economics of the project."
   → A clear management statement underlining the value impact.