Corporate Presentation February 2025

Fortunate to have made the most significant new gold
discoveryin NZ in decades
Rise & Shine prospect in our Bendigo-Ophir project (2.5Moz
and growing)
NZ open for business with new Fast-track Approvals Law
First PFS completed, on track to go from discovery to
production in 5 years
Capable of being one of the lowest cost gold producers in
Australasia
Corporate Presentation February 2025
Bendigo-Ophir Project

Disclaimer
Disclaimer
Allinformationcontainedinthispresentationisofageneralnature.Potentialinvestorsarecautionedagainstusingthecontentofthis
presentation,inisolation,formakinginvestmentdecisionsandshouldalsorefertoSantanaMineralsLimited(‘Santana’)AnnualReportsand
ASX:SMIreleases.ForfurtherinformationaboutSantanavisitourwebsiteatwww.santanaminerals.com.
Besteffortshavebeenmadetoensuretheaccuracyofinformationcontained(atthetimeofpreparation).Whereforwardtargetsand/or
assumptionshavebeenincluded–allsuchinstancesareindicativeonlyandsubjecttoalterationand/orcancellationasandwhenthe
managementofSantanadetermines.
Researchandadviceofaqualifiedfinancialadvisororaccountantarestronglyrecommendedtoanyoneconsideringinvestinginlisted
companysecurities,includingthoseofSantana.
ThePrefeasibilityStudy,includingtheproductiontargetandtheforecastfinancialinformationderivedfromtheproductiontarget,referredto
inthisPresentation(PFS)wasreleasedtotheASXon15November2024.ThisPresentationincludessummaryexcerptsfromthePFSanddoes
notpurporttobeall-inclusiveorcomplete.
Forward-LookingStatements
ThisPresentationcontainsvariousforwardlookingstatements.Forward-lookingstatementsinthispresentationinclude,butarenotlimited
to,statementsregardingtheproductiontarget,financialinformationbasedonthatproductiontargetandstatementsstatementswith
respecttoSantana’sfutureplans,strategy,activities,eventsordevelopmentstheCompanybelieves,expectsoranticipateswillormayoccur.
Bytheirverynature,forward-lookingstatementsrequireSantanatomakeassumptionsthatmaynotmaterializeorthatmaynotbeaccurate.
TheCompanyhasconcludedthatithasareasonablebasisforprovidingtheseforward-lookingstatements,includingtheproductiontarget
andtheforecastfinancialinformationincludedinthisPresentation.Thedetailedreasonsfortheseconclusionsareoutlinedthroughoutthe
ASXreleasesdated15November2024.However,noassurancecanbegiventhattheseexpectationswillprovetohavebeencorrect,asactual
resultsandfutureeventscoulddiffermateriallyfromthoseanticipatedintheforward-lookingstatements.Accordingly,viewersarecautioned
nottoplaceunduerelianceonforward-lookingstatements.Santanadoesnotundertaketoupdatepubliclyortoreviseanyoftheincluded
forward-lookingstatements,exceptasmayberequiredunderapplicablesecuritieslaws.
ToachievetherangeofoutcomesanticipatedinthePFS,thePFSestimatesthatfinancingintheorderofA$340millionwillberequired.
Santanabelievesthattherearereasonablegroundsfortheassumptionsithasmadeinsatisfyingitselfthattherequisitefundingforthe
developmentoftheProjectwillbeavailablewhenrequired.However,Shareholdersandprospectiveinvestorsshouldbeawarethatthereis
noguaranteeSantanawillbeabletosecurethisfundingasrequired,anditispossiblethatthetermsavailablemaybedilutiveorotherwise
adverselyimpactthevalueofSantana’scurrentshares.Additionally,Santanamayexplorealternativevalue-creatingstrategies,suchas
divestingsomeorallpotentialrevenuestreamsfrompreciousmetalsorafullorpartialsaleofitsinterestintheBendigo-Ophirproject.
CautionaryStatement–InferredResourcesIncludedinProductionTarget
OftheMineralResourcesplannedforextractionunderthePFSproductionmodelapproximately84%iswithintheIndicatedResourcescategory,with
thebalance(16%)beingclassifiedwithintheInferredResourcescategory.ThereisalowlevelofgeologicalconfidenceassociatedwithInferredMineral
ResourcesandthereisnocertaintythatfurtherexplorationworkwillresultinthedeterminationofIndicatedMineralResourcesorthattheproduction
targetitselfwillberealised.
CompetentPersonsStatement
Theproductiontargetandtheforecastfinancialinformationderivedfromtheproductiontargetsetoutinthispresentationwerefirstcontainedina
publicannouncementreleasedtotheASXon15November2024.TheCompanyconfirmsthatallmaterialassumptionsunderpinningtheproduction
targetandtheforecastfinancialinformationderivedfromitcontinuetoapplyandhavenotmateriallychanged.
TheinformationinthisreportthatrelatestoMineralResourcesisbasedoninformationcontainedinthefollowingpublicannouncements:
15November2024–ASXAnnouncementtitled“Bendigo-OphirPre-FeasibilityStudy”
2July2024–ASXAnnouncementtitled“InfilldrillingincreasesRASIndicatedcategoryto1.45Moz”
16February2024–ASXAnnouncementtitled“1.3MouncesupgradedtoIndicatedcategoryfromRASdrilling:”
28September2021–ASXAnnouncementtitled“Bendigo-OphirGoldResourcesIncreased155%to643kOz”
TheinformationinthisreportthatrelatestoOreReservesisbasedoninformationcontainedinthepublicannouncementmadetotheASXon15
November2024.
TheinformationinthisreportthatrelatestoExplorationResultsisbasedoninformationcontainedinthefollowingpublicannouncement:
22August2022–ASXAnnouncementtitled“MDD054JewelleryBoxRe-Assaysto1400g/tGold”
AcopyoftheseannouncementsareavailabletoviewontheSantanaMineralsLimitedwebsitewww.santanaminerals.comorontheASXplatform
www.asx.com.au.
Thereportswereissuedinaccordancewiththe2012EditionoftheJORCAustralasianCodeforReportingofExplorationResults,MineralResourcesand
OreReserves.TheCompanyconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectstheinformationincludedintheoriginal
marketannouncementsreferencedaboveand,inthecaseoftheMineralResourceestimates,thatallmaterialassumptionsandtechnicalparameters
underpinningtheMineralResourceestimatesintherelevantannouncementscontinuetoapplyandhavenotmateriallychanged.TheCompany
confirmsthattheformandcontextinwhichtheCompetentPerson’sfindingsarepresentedhavenotbeenmateriallymodifiedfromtheoriginalmarket
announcements.
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Corporate snapshot
Capital Structure
Shares659.5 million
Market CapA$330million
Options ($0.36b4 28/2/25)67.3 million
Employee incentive12.8 million
Cash at Bank$35.6 million
Option conversion (assume 90%)$21.8 million
Enterprise Value$272.6 million
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AustraliaASX: SMI New Zealand NZX: SMI
$0.53 $0.60
Last Trade (5/2/25) Last Trade(5/2/25)
Avg. Daily Trade ASX (90 days) 1.52millon
Board of Directors
Peter Cook (NE Chair)Geo & Min. Econ
Damian Spring (Exec & CEO)Mining Engineer
Sam Smith(Exec Corp/IR)Mining Engineer
KimBunting (NED)Geologist
Emma Scotney (NED)Lawyer
MajorShareholders
NZ largeprivate investors18.9%
Australianlarge private investors17.4%
Institutional investors5.5%
Board & management8%

RAS, a new discovery
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•Over 8 million ounces produced in the 1860’s gold rush
with dredging and sluicing
•The old timers exposed the mineralisationbut couldn’t
chase it under cover
•Discovery holes under cover on the Rise & Shine shear
zone were made in early 2021
•By early 2024 the Rise & Shine orebody had grown to 2.2
million ozand development studies commenced
•Initial PFS for development completed by the end of 2024
Adjacent to an historical alluvial gold field

Initial PFS on part of RAS only
Rise & Shine (RAS) –Current Mineral Resource Estimate
Indicated: 19.6Mt @ 2.3g/t for 1.452Moz
Inferred: 12Mt @ 2.0g/t for 779koz
Total RAS MRE: 31.6Mt @ 2.2g/t for 2.23Moz
Only the Indicated Resource (circled) was assessed with
infill drilling. We are continuing to upgrade and expand
Inferred Resources at RAS, SRX and CIT.
Srex(SRX), SrexEast (SRE) & Come in Time (CIT) –MRE
SRX Indicated: 2.6Mt @ 0.7g/t for 59koz
SRX Inferred: 2.4Mt @ 0.9g/t for 73koz
SRE Indicated: 0.4Mt @ 0.7g/t for 10koz
SRE Inferred: 0.1Mt @ 0.9g/t for 3koz
CIT Inferred: 3.2Mt @ 0.8g/t for 81koz
Total BOGP MRE: 40.3Mt@ 1.9g/t for 2.45Moz

Stage 1 PFS outcomes
Stage 1 PFS Key Financial OutcomesBase Case AUDCurrent Price
Gold PriceA$2,884/ozA$4,550/oz
Key Project Metrics
Gold Produced1.15 Million Oz1.15 Million Oz
Initial Mine Life9.2 years9.2 years
Gold RevenueA$3.32 BillionA$5.23 Billion
Open Pit Mining CostA$617 millionA$617 million
Underground Mining CostA$152 millionA$152 million
Processing CostsA$288 millionA$288 million
General and Admin CostsA$64 millionA$64 million
Royalties –Gov’tA$170 millionA$360 million
Royalties –Third PartyA$89 millionA$141 million
Total Operating Cost (C2)A$1.38 BillionA$1.62 Billion
Total Operating Cost per Ounce A$1,203/ozA$1,410/oz
Project Free Cash FlowA$1.94 BillionA$3.61 Billion
Deprec’nand Amort. (100% excl. closure)A$544 millionA$544 million
Total Cost (all in) A$1.92 BillionA$2.17 Billion
Total Cost per Ounce A$1,671/ozA$1,883/oz
Net Profit Before Tax (NPBT)A$1.39 BillionA$3.07 Billion
Maximum Corporate Tax (30%)A$422 millionA$881 million
After Tax ProfitA$972 millionA$2.19 Billion
Financial MeasuresBase Case AUDCurrent Price
Initial NPV 8% (unleveraged and after-
tax)
A$533 millionA$1.32 Billion
IRR42%81%
Payback1.67 Yr(s)0.75 Yr(s)
NPV per shareA$0.81/shareA$2.00/share
....and that’s only half the story!
•Still 780koz of Inferred Resource to be upgraded.
•RAS remains open at down plunge (only 550m deep).
•Additional projects at Srex, SrexEast, Come-in-Time.
•Regional exploration over other anomalies underway.

RAS, a simple tabular ore system
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A blind discovery
100,000m+ of Diamond Drilling
1.7 km down-plunge and open
400m wide
High-grade core
-150m-200m wide
-30 -40m thick
-contains 70% of the metal
Barren waste overburden

RAS typical cross sections
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Cross Section A
Cross Section B
Cross Section C

Consistent thick high-grade core
9

Moderate terrain for open pit mining
Rise and Shine
Fault/Unconformity
TZ4 Schists
TZ3 Schists

Simple metallurgy flowsheet CIL
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
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2
3
4
5
6
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Blessed with infrastructure
Bendigo-Ophir
RAS Gold Project
Cromwell
7,000 people
Major services
Queenstown
International Airport
65km
No FIFO
No major camps
Main road access
Access to fresh water
Cheap power
Private grazing land
Landowner agreements
State Highway 8
EASY ACCESS
Borefield
FRESH WATER
5km
66kV Substation
8km from the project
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Clyde Dam Hydro Power
LOW COST GREEN ENERGY

An Approved Fast-track Project
13
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-shopreview process
covering all relevant Acts within 6 months
Ratified into law 12/24Mar/Apr 25 -Santana to
submit application
6 months permitting
process (prescribed)
Current thinking –Shovel ready by September and 12 months to first gold

Funding –Strategy/Requirements
14
Combination of debt and equity –a decision for 6-8 months time
Currently well funded –expected cash at end of Feb ’25A$50 million
Working Capital Requirement to first Production:
•Infrastructure, Services, Land, Set-up
•Process Plant
•Pre-production Mining (incl. pre-strip)
Sub total
(A$83 million)
(A$123 million)
(A$135 million)
(A$341 million)
Debt finance (70%)A$250 million
Equity (30%)A$100million
Working capital buffer/overrunA$59 million
Currentburn rate (exploration & studies) per monthA$1.5million

Investment opportunity
Australian Listed Peers (ASX)
ProducersDevelopers
CapricornEmeraldOraBandaBellevuePantoroGenesisGold Road
SANTANA
SpartanPredictiveDe Grey
Market CapA$Bn3.32.91.61.60.83.72.8
0.34
1.80.85.0
Net Cash less debtA$Mn31323354-1999222174
30
27229786
CY 2024 Prod'nOz107,169116,718 83,254 142,095 80,852 158,165 143,635
125,000
223,000269,000530,000
CY 2024 AISC A$/oz1,5481,3892,5712,2592,4472,4642,211
1,412
1,5711,7981,295
Mining ReservesMoz4.020.550.191.510.963.301.62
1.15
0.403.056.00
EV/Oz ProductionA$/oz27,784 22,776 19,123 11,472 8,752 21,862 18,110
$2,560
6,8732,7777,926
Source: CanaccordGenuity-Perth Feb 25

THANK YOU
Corporate Presentation February 2025
Bendigo-Ophir Project
Broker CoveragePrice Target
Canaccord$1.30
Bell Potter$1.07
Euroz Hartleys$0.95
Shaw & Partners$1.14
Blue Ocean Equities$1.25
Argonaut$1.00