AGM Address and Presentation

Santana Minerals Ltd
Level 1, 371 Queen St
Brisbane, QLD 4000
ABN 37 161 946 989
GPO Box 1305
Brisbane, QLD4000

T: +61 7 3221 7501



26 November 2024

AGM Address and Presentation


Santana Minerals Limited (Santana, ASX/NZX: SMI or the Company) advises that the following will be
delivered at the Annual General Meeting (AGM) to be held today at 9.00am (AEST) / 12.00pm (NZDT).

• Chairman’s Address to Shareholders; and
• Presentation to Shareholders.

This announcement has been authorised for release by the Company Secretary.

































Announcement
ASX:SMI
NZX:SMI

Chairman’s Address
Ladies, Gentlemen, it is my pleasure to chair this, my second AGM of the Company having been
formally appointed to this position on October 23, 2023.
Since the last AGM there have been many changes and events within the Company, I will leave Damian
to elaborate on matters in more detail and on technical detail, however corporately, I note:
1.In line with our transition from an explorer with a wonderful new discovery, a new Board with
a skill set focussed on development and production we have seen the structure of the Board
change significantly. Previous directors, Warren Batt retired at the last AGM, Messrs’ Keevers
and McDonald retired by year end. We started the year afresh with Damian Spring and Sam
Smith joining the Board as executive Directors. Damian appointed as CEO and Sam fulfilling
the role of Corporate Development and Shareholder Relations. This new team was kept on
the rails by the Patriarch of the Company’s key assets in Frederick (Kim) Bunting. Kim’s
guidance, passion, knowledge and general business acumen are a great asset to the Company
and the Board. Suffice to say he is one of the Company’s largest shareholder today.
2.A change of government in late 2023. This was a nice surprise and to be followed with its
proposed fast-track consenting bill that intends to super cede the previous, and clunky, RMA
was a win for the Company. There are no shortcuts here, but certainty and a process where
minor self-interest objections cannot de-rail an economically advantageous development
proposal.
3.The Board exhibited its intent to reward its shareholders with a Bonus Option to reward
existing shareholders. This bonus option which expires in Feb 2025 gives shareholder the right
to acquire shares at 36cps.
Shareholders should look upon this as a quasi-dividend and more
importantly an expression of the current board to reward its shareholders at every
opportunity.
4.We released a Scoping Study assessment for the development of our new RAS discovery in
mid-April 2024. It for the first time exposed the preliminary economics of a mine
development.
5.At an operating level, the hugely positive outcomes of the scoping study were a catalyst for a
substantial and coincidental change in our business status. We had to address the rapid
increase in skill requirements to achieve our business objectives as we advanced to PFS and
Permitting.
6.A capital raising of approximately $30m was completed in late April to sophisticated investors.
All shareholders were offered an opportunity to participate via a parallel SPP. This left the
Company capable of funding itself to a development decision in parallel with exploration
activity.
7.A determined campaign to put the Company, its new discovery at RAS and NZ back on the
international map as a place of promise for mineral exploration, a place worthy of investment
again, was instigated. This achieved strong success and the excitement of the opportunity in
front of the Company saw the share price achieve a high of $2.46 (or $0.82 post-split).
We now have 7 broking houses with international reach covering the Company with more to
come, and the Company is on the international stage.

8. We have refined our Scoping Study with a PFS of significantly greater accuracy released on
November 15, a week and a bit ago. It re-affirmed the fantastic economic contributions the
development of the project can have for our shareholders and indeed, the NZ government
and our nearby communities that will share that economic output in many ways.

9. Our share price, and the only true measure of our performance has performed well. I’m
pleased to advise the low for the year was the day of our last AGM at 25c (share-split adjusted).
Yes, never looked back and reached a peak of 82c following international marketing. Today
we trade at approximately A$0.52 per share, 210% higher over the year, higher when you
consider the quasi-dividend via the bonus option.

10. Our share register shows that approximately 40% of our shareholders have NZ home
addresses. Hence, my highlight for the year and my personal push as Chairman to list on the
NZX. To give the NZ investors the chance to buy their locally grown gold story on their own
exchange in their own time and in their own currency. At this point I wish to acknowledge a
champion of the company, Mr Chris Lee who has been a strong advocate for and a believer in
the Company. Sir, I thank you, your sons and your teams for your belief and support. Many of
our NZ shareholders should also be thanking you.

11. I also acknowledge and thank Mark Petersen, CEO of the NZX, who’s team enabled the listing
and different listing rules aside, made this as smooth a process as possible. Of course, the
Santana engine room in this process was our CFO and Company Secretary, Craig McPherson
who did and continues to do a great job for the Company.

We do have a challenging but exciting year ahead as we seek to finalise our permits to develop the
Bendigo Ophir Project. We also have the task of establishing our financing for the project and moving
to develop the plant and infrastructure.

So, with that brief summary of a busy year, I sincerely thank you, our shareholders for your continued
support and belief in the Company. I also thank my co-directors and our employees, contractors and
consultants who make it happen on the ground and in the Fastlane of business life.

Bendigo-Ophir Gold Project – Annual General Meeting
Developing New Zealand's newest and richest gold mine
November 2024

Disclaimer
Disclaimer
All information contained in this presentation is of a general nature. Potential investors are cautioned against using the content of this
presentation, in isolation, for making investment decisions and should also refer to Santana Minerals Limited (‘Santana’) Annual Reports and
ASX:SMI releases. For further information about Santana visit our website at www.santanaminerals.com.
Best efforts have been made to ensure the accuracy of information contained (at the time of preparation). Where forward targets and/or
assumptions have been included – all such instances are indicative only and subject to alteration and/or cancellation as and when the
management of Santana determines.
Research and advice of a qualified financial advisor or accountant are strongly recommended to anyone considering investing in listed
company securities, including those of Santana.
The Prefeasibility Study, including the production target and the forecast financial information derived from the production target, referred to
in this Presentation (PFS) was released to the ASX on 15 November 2024. This Presentation includes summary excerpts from the PFS and does
not purport to be all-inclusive or complete.
Forward-Looking Statements
This Presentation contains various forward looking statements. Forward-looking statements in this presentation include, but are not limited
to, statements regarding the production target, financial information based on that production target and statements statements with
respect to Santana’s future plans, strategy, activities, events or developments the Company believes, expects or anticipates will or may occur.
By their very nature, forward-looking statements require Santana to make assumptions that may not materialize or that may not be accurate.
The Company has concluded that it has a reasonable basis for providing these forward-looking statements, including the production target
and the forecast financial information included in this Presentation. The detailed reasons for these conclusions are outlined throughout the
ASX releases dated 15 November 2024. However, no assurance can be given that these expectations will prove to have been correct, as actual
results and future events could differ materially from those anticipated in the forward-looking statements. Accordingly, viewers are cautioned
not to place undue reliance on forward-looking statements. Santana does not undertake to update publicly or to revise any of the included
forward-looking statements, except as may be required under applicable securities laws.
To achieve the range of outcomes anticipated in the PFS, the PFS estimates that financing in the order of A$340 million will be required.
Santana believes that there are reasonable grounds for the assumptions it has made in satisfying itself that the requisite funding for the
development of the Project will be available when required. However, Shareholders and prospective investors should be aware that there is
no guarantee Santana will be able to secure this funding as required, and it is possible that the terms available may be dilutive or otherwise
adversely impact the value of Santana’s current shares. Additionally, Santana may explore alternative value-creating strategies, such as
divesting some or all potential revenue streams from precious metals or a full or partial sale of its interest in the Bendigo-Ophir project.
Cautionary Statement – Inferred Resources Included in Production Target
Of the Mineral Resources planned for extraction under the PFS production model approximately 94% is within the Indicated Resources category, with
the balance (6%) being classified within the Inferred Resources category. There is a low level of geological confidence associated with Inferred Mineral
Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production
target itself will be realised.
Competent Persons Statement
The production target and the forecast financial information derived from the production target set out in this presentation were first contained in a
public announcement released to the ASX on 15 November 2024. The Company confirms that all material assumptions underpinning the production
target and the forecast financial information derived from it continue to apply and have not materially changed.
The information in this report that relates to Mineral Resources is based on information contained in the following public announcements:
15 November 2024– ASX Announcement titled “Bendigo-Ophir Pre-Feasibility Study”
2 July 2024 – ASX Announcement titled “Infill drilling increases RAS Indicated category to 1.45Moz”
16 February 2024 – ASX Announcement titled “1.3M ounces upgraded to Indicated category from RAS drilling:”
28 September 2021 – ASX Announcement titled “Bendigo-Ophir Gold Resources Increased 155% to 643k Oz”
The information in this report that relates to Ore Reserves is based on information contained in the public announcement made to the ASX on 15
November 2024.
The information in this report that relates to Exploration Results is based on information contained in the following public announcement:
22 August 2022 – ASX Announcement titled “MDD054 Jewellery Box Re-Assays to 1400 g/t Gold”
A copy of these announcements are available to view on the Santana Minerals Limited website www.santanaminerals.com or on the ASX platform
www.asx.com.au.
The reports were issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original
market announcements referenced above and, in the case of the Mineral Resource estimates, that all material assumptions and technical parameters
underpinning the Mineral Resource estimates in the relevant announcements continue to apply and have not materially changed. The Company
confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market
announcements.
2

Bendigo Ophir Gold Project - Location and Plan
10
Central Otago, one hour drive from
Queenstown
RAS – 1.7km down plunge (and open), 450m
wide, up to 40m thick

Top 20 Continuous Intercepts
Thick, continuous, high-grade – Gram Metres
29.3m @ 14.0 g/t
from 165.8m`
410 g.m Au
MDD054
39.5m @ 5.1 g/t
from 167.5m
201 g.m Au
MDD330
34.5m @ 10.9 g/t
from 269.5m
376 g.m Au
MDD215
11.2m @ 17.4 g/t
from 193.8m
195 g.m Au
MDD016
41.6m @ 8.6 g/t
from 164.4m
358 g.m Au
MDD326
17.1m @ 10.9 g/t
from 177.9m
186 g.m Au
MDD084
42.9m @ 7.3 g/t
from 152.1m
313 g.m Au
MDD051
34.5m @ 5.4 g/t
from 173.5m
186 g.m Au
MDD329
35.4m @ 8.3g/t
from 161.6m
294 g.m Au
MDD332
35.9m @ 5.0 g/t
from 173.1m
180 g.m Au
MDD085
46.0m @ 6.2 g/t
from 179.0m
285 g.m Au
MDD080
40.9m @ 4.1g/t
from 165.2m
168 g.m Au
MDD244
30.7m @ 7.9 g/t
from 170.3m
243 g.m Au
MDD313
18.1m @ 8.7g/t
from 182.9m
157 g.m Au
MDD221
41.8m @ 5.8 g/t
from 167.3m
242 g.m Au
MDD328
25.1m @ 6.2g/t
from 174.9m
156 g.m Au
MDD239
31.7m @ 6.9 g/t
from 183.3m
219 g.m Au
MDD226
19.6m @ 7.6g/t
from 217.4m
150 g.m Au
MDD256
4.0m @ 50.8 g/t
from 168.0m
203 g.m Au
MDD192
16.0m @ 9.1g/t
from 268.1m
146 g.m Au
MDD281

PFS SUMMARY
ROBUST RETURNS
HIGH MARGINHIGH GRADE
LOW HURDLE
RESPONSIBLE
SIGNIFICANT
A$1.06 billion NPV
8
(after tax)
68% IRR (after tax)
<1yr payback (from production)
>3g/t from RAS in early stages
2.3g/t on average for project
150koz pa in Yr1 & Yr2
>A$1,500/oz margin after-tax
After all costs and full depreciation of
CAPEX
Strong environmental focus
Avoid, mitigate, offset strategy
Mining consents in line with strict NZ
criteria
A$340M max cash drawdown
A$1,416/oz Au AISC
Surrounded by existing workforce &
services
Designated by NZ Government
Nationally & regionally significant
Fast Track Approval eligibility
Based on a spot gold price of A$4,000/oz

Very high grades in early years enables fast payback
MDD054 1400 g/t – Jewellery Box
Rich high grade core at RAS
Mining over 3.5 g/t in Yr1
Requires stockpiling and blending
Scheduling to smooth output
Gold Production OP/UG (oz per annum) w/ AISC AUD (primary production years)
1.MDD054 reported to the ASX on 22 August 2022
152
151
138
129
98
185
119
129
45
1,268
1,213
1,287
1,641
2,044
1,302
1,604
1,130
1,709
-
500
1,000
1,500
2,000
2,500
-
20
40
60
80
100
120
140
160
180
200
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9
AISC $/oz
Production (kOz)
Open PitUndergroundAll-in-Sustaining Cost
7
(137)
(204)
341
267
234
178
155
391
212
263
76
20
(14)
(137)
(341)
0
267
501
679
834
1,226
1,438
1,701
1,777
1,797
1,783
(1,500)
(1,000)
(500)
-
500
1,000
1,500
2,000
2,500
(300)
(200)
(100)
-
100
200
300
400
500
Year -2Year -1Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11
Cumulative net cash flow ($'000)
Cash Flow ($'000)
Project Free Cash Flow (inc tax)Cumulative FCF (RHS)
Cash flows from pre-production to conceptual mine closure

Open pit mining at Rise & Shine (RAS) and Srex (SRX)
1Moz
14.4Mt at 2.2g/t
RAS/SRX gold inventory
Mining physicals
8yrs mining
13Mt @ 2.36g/t from RAS
1.4Mt @ 0.68g/t from SRX
94% ore feed is Probable Reserve
Mining method
Five stages of cutbacks
250t class excavators
150t class rear dump trucks
220Mt total rock
40Mt pre-strip
14.4Mt ore
12.5:1 operating strip ratio
Mined gold
982koz Au from RAS
31koz from SRX
>1Moz Au total
Overall grade 2.19g/t
Come-in-Time (CIT) to
be added as supplementary feed
8

Highly profitable investment case
Strong financialsUnitsTotal A$
Revenue$ billion4.6
EBITDA$ billion3.1
Free cash after tax$ billion1.8
Taxes$ million728
After tax NPV$ billion1.06
After tax IRR%68
After tax Paybackyrs.<1
$ Millions
(137)
(204)
341
267
234
178
155
391
212
263
76
20
(14)
(137)
(341)
0
267
501
679
834
1,226
1,438
1,701
1,777
1,797
1,783
(1,500)
(1,000)
(500)
-
500
1,000
1,500
2,000
2,500
(300)
(200)
(100)
-
100
200
300
400
500
Year -2Year -1Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11
Cumulative net cash flow ($'000)
Cash Flow ($'000)
Project Free Cash Flow (inc tax)Cumulative FCF (RHS)
609
605
552
514
393
740
476
515
183
0
100
200
300
400
500
600
700
800
Yr1Yr2Yr3Yr4Yr5Yr6Yr7Yr8Yr9
Revenue per annum A$ millions (main production years)
Cash flows from pre-production to conceptual mine closure
9

Permitting and timeline to first gold
PATHWAY TO FIRST GOLD
10
Timeline subject to permitsQ4/24Q1/25Q2/25Q3/25Q4/25Q1/26Q2/26Q3/26Q4/26
Approvals
Lodge Application
Approval
Process Plant
Detailed engineering
Mobilisation
Earthworks
Plant Construction
Mining
Pioneering
Mobilisation
ELF strip & haul roads
RAS strip & early mining
Bulk Mining
Mobilisation
Pre-strip
Support
Temporary camp
Site access road
Piped water
Power
TSF
Embankment prep
Buttress build
First Gold
Detailed
engineering and
contract awards
period

Proposed mine infrastructure and layout
Project is located on private free-hold farm
land with agreements in place to mine.
Allows a smooth pathway to permitting.
Open pit mine
Project infrastructure includes
Underground
mine
1.5/2.1Mtpa
process plant
Workshops
and stores
Temporary
camp
Tailings
storage facility
(TSF)
Environmental
land fill (ELF)
Water pipeline
Power line to
national grid
Maximum footprint
shown for illustration
purposes only
11

12
RAS is not alone

ROBUST RETURNS
HIGH MARGINHIGH GRADE
LOW HURDLE
RESPONSIBLE
SIGNIFICANT
A$1.06 billion NPV
8
(after tax)
68% IRR (after tax)
<1yr payback (from production)
>3g/t from RAS in early stages
2.3g/t on average for project
150koz pa in Yr1 & Yr2
>A$1,500/oz margin after-tax
After all costs and full depreciation of
CAPEX
Strong environmental focus
Avoid, mitigate, offset strategy
Mining consents in line with strict NZ
criteria
A$340M max cash drawdown
A$1,416/oz Au AISC
Surrounded by existing workforce &
services
Designated by NZ Government
Nationally & regionally significant
Fast Track Approval eligibility
Based on a spot gold price of A$4,000/oz
MOVING IMMEDIATELY TO DETAILED CONSTRUCTION PLANNING

DepositMining methodCategoryCutoff (Au g/t)tonnes (Mt)Au (g/t)koz
RAS
open pit
Indicated
0.25
19.62.31,452
Inferred9.92.0634
Total29.52.22,086
underground
Indicated
1.5
01.90
Inferred2.12.2145
Total2.12.2145
RAS Total
Indicated19.62.31,452
Inferred122.0779
Total31.62.22,231
SRXopen pit
Indicated
0.25
2.60.759
Inferred2.40.973
Total5.00.8132
SREopen pit
Indicated
0.25
0.40.710
Inferred0.10.93
Total0.50.813
CITopen pitInferred0.253.20.881
Totalcombined
Indicated22.62.11,521
Inferred17.71.6936
Total40.31.92,457
The July 2024 RAS Mineral Resource Estimates (MRE) and the SRX and SRE November 2024 MRE is based on work completed by Mr Kerrin Allwood, a Competent Person (CP) who is a Member of The Australasian Institute of Mining and
Metallurgy (AusIMM). Mr Allwood is a Principal Geologist of GeoModelling Limited, Petone, New Zealand and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the
activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Refer to ASX announcement on 16
February 2024 for further detail.
The information in this report that relates to prior 2021 Mineral Resource Estimates (2021 MRE) for CIT, SHR and SRE deposits completed by Ms Michelle Wild (CP) continue to apply and have not materially changed. Refer to ASX
announcement on 28 September 2021 for further detail.
Appendix 1: Mineral Resource Estimate
14

Appendix 2: Ore Reserve Estimate
AreaProvenProbableTotal
MtAu g/tMtAu g/tMtAu g/tAu koz
RAS (open pit)--11.92.4211.92.43928
RAS (Underground)2.33.032.33.03223
SRX(open pit)1.30.701.30.7030
Total--15.52.3715.52.371,181
Bendigo-Ophir
Maiden Ore Reserve
15Mt @ 2.37g/t
1. Please see full PFS Summary and Reserve estimate modifying factors in the disclosures announced to ASX
on 15 November 2024
Note 1: RAS Open pit cut-off grade 0.3 g/t at $US1,650/oz Au price
Note 2: RAS Underground cut-off grade 1.75 g/t at $US1,650/oz Au price
Note 3: SRX Open pit cut-off grade 0.35 g/t at $US2,100/oz Au price
Note 4: Underground Reserves are from the quoted Open pit Resources area
Note 5: The effective date of the Mineral Reserve is 1 November 2024, estimated by Rodney Redden (MAusIMM and CP-Mining), a contractor to Santana Minerals Ltd.
Note 6: Approved consents and required permits are yet to be granted to enable mining of the RAS and SRX deposits.
15