Investor Presentation - Resource Rising Stars Conference

Bendigo-Ophir Gold Project
Developing New Zealand's newest and richest gold mine
December 2024 – Resource Rising Stars Conference

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 84% is within the Indicated Resources category, with
the balance (16%) 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

Project location
3
•One hour east of Queenstown
•90km West of OceanaGold’s Macraes
gold mine
•Central Otago region of the South island
•20min drive from Cromwell with 8,000
people
•In the semi-arid Central Otago
•Private farmland, with agreements to
mine in place

Project discoveries
4
Come In Time
81koz @ 0.8 g/t Au
Rise and Shine (RAS)
2.23koz @ 2.2 g/t Au
1.15Moz Probable Ore Reserve
Srex
132koz @ 0.8 g/t Au
73koz @ 0.9 g/t Au Indicated
Srex-East
13koz @ 0.8 g/t Au
Combined Total
2.46koz @ 1.9 g/t Au*
CIT
RSSZ
RAS
SRX
SRE
ASX Release 15 November 2024 - Bendigo-Ophir Gold Project - Pre-Feasibility Study

▪A blind discovery
▪85,000m+ of Diamond
Drilling
▪1.7 km down-plunge
and open
▪450m wide
▪High-grade core (150m-
200m wide)
▪ (30 - 40m thick)
▪Bulk barren waste pre-
strip

The Rise & Shine (RAS)
Section A
Section B
Section C
Long Section
1.7km
5

▪A blind discovery
▪85,000m+ of Diamond
Drilling
▪1.7 km down-plunge
and open
▪450m wide
▪High-grade core (150m-
200m wide)
▪ (30 - 40m thick)
▪Bulk barren waste pre-
strip

The Rise & Shine (RAS)
Section A
Section B
Section C
Long Section
1.7km
6

▪A blind discovery
▪85,000m+ of Diamond
Drilling
▪1.7 km down-plunge
and open
▪450m wide
▪High-grade core (150m-
200m wide)
▪ (30 - 40m thick)
▪Bulk barren waste pre-
strip

The Rise & Shine (RAS)
Section A
Section B
Section C
Long Section
1.7km
7

▪A blind discovery
▪85,000m+ of Diamond
Drilling
▪1.7 km down-plunge
and open
▪450m wide
▪High-grade core (150m-
200m wide)
▪ (30 - 40m thick)
▪Bulk barren waste pre-
strip

The Rise & Shine (RAS)
Section A
Section B
Section C
Long Section
1.7km
8

•A blind discovery
•85,000m+ of
Diamond Drilling
•1.7 km down-
plunge and open
•450m wide
•High-grade core
(150m-200m wide)
(30 - 40m thick)
•Bulk barren waste
pre-strip

Continuous and open at depth
9

•A blind discovery
•85,000m+ of
Diamond Drilling
•1.7 km down-
plunge and open
•450m wide
•High-grade core
(150m-200m wide)
(30 - 40m thick)
•Bulk barren waste
pre-strip

The Rise & Shine (RAS)
5
Battery Hill
Rise & Shine Valley
Shepherds Creek
10

Blessed with infrastructure
Bendigo-Ophir
RAS Gold Project
Cromwell
8,000 people
Queenstown
International Airport
1hr away
No FIFO
No major camps
Main road access
Access to fresh water
Cheap power
State Highway 8
EASY ACCESS
Borefield
FRESH WATER
Clyde Dam Hydro Power
LOW COST GREEN ENERGY
5km
66kV Substation
8km from the project
11

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
ASX Release 15 November 2024 - Bendigo-Ophir Gold Project - Pre-Feasibility Study

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
13

Bendigo-Ophir Gold Project PFS outcomes
Production profile
9.2 years
initial mine life
16.8Mt @ 2.3g/t
ore mined
1.15Moz of Gold
sold
~900koz Inferred resources
remaining
125koz pa
average production over
initial mine life
Capital & Operating
A$340M
total pre-production
cash drawdown
A$66.4/t
C1 cash cost per tonne
milled
A$96.9/t
AISC per tonne milled
A$1,416/oz
AISC per ounce
Financials at Spot Gold Price A$4,075
<1yr
simple payback (from
production)
A$4.6 billion
revenue
A$3.1 billion
EBITDA
A$1.8 billion
after tax free cash
A$1.06 billion
NPV
8
after tax
68%
IRR after tax
BOGP PFS Outcomes
•Robust economics
•Exceptional margins
•Low hurdles
•Rapid payback
•Growth not yet included
•~770koz Inferred
resources still to be
converted at RAS
•~150koz Inferred at
SRX and CIT
14
ASX Release 15 November 2024 - Bendigo-Ophir Gold Project - Pre-Feasibility Study

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
15
ASX Release 15 November 2024 - Bendigo-Ophir Gold Project - Pre-Feasibility Study

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
16

Open pit mining at Rise & Shine (RAS) and Srex (SRX)
1Moz
14.4Mt at 2.2g/t
RAS/SRX gold inventory
Mining physicals
9yrs 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
17

Underground mining at RAS
232koz
2.4Mt at 3.0g/t
RAS UG inventory
Mining physicals
6yrs mining
2.4Mt ore
Total development 12km
96% Indicated ore feed
Mining method
Long hole stoping w/paste fill
5.5mW x 5.5mW twin declines
Cable bolts and shotcrete
12km development
1.9Mt paste fill
36km of cables
17k m
3
shotcrete
Mined gold
235koz Au
Grade 2.99g/t
~770koz Inferred resources at
RAS to be converted
18

Conventional CIL processing plant
Five phases of metallurgical testing
completed
Very high recoveries at RAS of 93%
Overall PFS recovery of 92.4%

THE PFS DESIGN USES SIMPLE CIL TECHNOLOGY TO GENERATE VERY HIGH RECOVERIES
Single stage crush
SAG millingGravity circuit
CIL
Electrowinning
Gold furnace
1
2
3
4
5
6
19

An Approved Fast Track Project
20
Officially
named in the
Bill
Bill becomes
law
Submit
application
PERMITTED
7 October - Santana
officially designated
for Fast Tracking
The Fast Track Approvals Bill – establishes a fast track approvals regime for
projects of regional and national significance. A one-stop-shop review process
covering all relevant Acts within 6 months
Ratified into law by year
end
Feb 25 - Santana to
submit application
6 months permitting
process
Fast Track Information -Environment.govt.nz

Permitting and timeline to first gold
PATHWAY TO FIRST GOLD
21
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

Company snapshot
Peter Cook
Non-Exec Chair
Geo and mine maker
Damian Spring
CEO & Exec Director
Engineer and NZ local
Kim Bunting
Non-Exec Director
Geo who discovered RAS
Sam Smith
Exec Director, IR/Corporate
Engineer and marketer
Board & Management
Well Funded
Substantial Ownership
Frederick (Kim) Bunting6.1%
Board & Management 7.3%
NZ Registered Holders>40%
Capital Structure
Market CapitalisationA$339 million
639.9 million FPO shares @ A$0.53/share - Nov 29, 2024
Options
86M Options at $0.36ps expiry date (28 Feb 2025)
Plus minor employees incentives and broker options
Cash at Bank at Oct 24A$31m+ net
Craig McPherson
CFO & Co-Sec
Finance and compliance
22

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
23

Maiden Ore Reserves – High conversions
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
PFS targeted 1.45Moz of Indicated resources and converted 82% (1.18Moz) to a Probable Reserve
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.
24

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
25