The slug retrieval apparatus is used with a hole saw with chuck mechanism, after a pilot hole is drilled. The apparatus is fitted within the chuck mechanism and the hole saw then used to cut a hole in the workpiece. The shaft of the apparatus guides the hole saw cut, as would the shaft of a pilot bit. The springs within the slot of the shaft compress within the slot to allow the shaft to pass through the pilot hole drilled in the workpiece. The springs then expand to capture the shaft within the hole. When the slug is cut from the workpiece by the saw, the springs capture the slug until the user compresses the springs to remove the slug. The springs provide for expansion no matter the speed of the apparatus used to drive the hole saw.