RAS Mineral Resource Estimate Review

1


4
th
March 2025

RAS Mineral Resource Estimate Review:
More Indicated Resources at Higher Grade

The Board of Santana Minerals Limited (SMI, ‘Santana’ or the ‘Company’) is pleased to provide an
update of its Mineral Resource Estimate (MRE) which now incorporates addition infill drilling since the
previous MRE announced to the ASX on 2 July 2024, which supported the Company’s Pre-feasibility
Study (PFS) released to the ASX/NZX on 15 November 2024.
Infill drilling, including 28 drill holes for 7,060 metres at the Rise & Shine (RAS) deposit has enabled a
significantly refined resource model with improved grade domaining and variography. Applying 0.5g/t
cut-off grade and a top cut of 60g/t, the new Indicated Resource has a 7% increase in grade (from
2.35g/t to 2.52 g/t) and a 6.4% increase in contained gold ounces.
Latest MRE:
March 2025 RAS Mineral Resources Estimate (0.5g/t cut-off grade)
Deposit Category Tonnes (Mt) Au (g/t) rounded Contained Gold (koz)
RAS
Indicated 18.9 2.5 1,538
Inferred 7.6 2.2 542
RAS Total Indicated and Inferred 26.5 2.4 2,080

Previous MRE:

Santana CEO, Damian Spring said:
“These refined and revised numbers will have a positive impact on the economics of the project.
The improved domaining enables a more selective mining approach than that applied in our initial PFS.
Consequently, an improved mine extraction plan with lower pre-strip demands and lower pre-
production capital requirements is the anticipated result.
We’re now working on the release of a revised PFS incorporating this data and a revised development
plan for the early years of the project.”



June 2024 RAS Mineral Resources Estimate (0.5g/t cut-off grade)
Deposit Category Tonnes (Mt) Au (g/t) rounded Contained Gold (koz)
RAS
Indicated 19.1 2.4 1,445
Inferred 11.4 2.1 772
RAS Total Indicated and Inferred 30.6 2.3 2,217
Announcement
ASX:SMI
NZX:SMI

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Figure 1. Plan view of RAS showing MRE refinements in Inferred and Indicated domains, with infill drill program
notations.
June 24
Inferred
Domain
March 25
Inferred
Domain
Planned
Drill Holes
to Convert
Inferred to
Indicated
June 24
Indicated
Domain
March 25
Indicated
Domain
Completed
Indicated
Extension
Drill Holes
Ongoing
Indicated
Extension
Drill Holes

Mar ‘25

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RAS Mineral Resource - March 2025 Discussion
This MRE update incorporates a refined wireframe model based upon a more detailed geological
interpretation and more stringent interval selection criteria.
The revised MRE wireframes have also constrained extrapolation of the Inferred Resource in an E-W
extent to improve its reliability and consistency with the geological model.
Figure 2 shows the grade tonnage curve, which illustrates the potential increase in head grade
compared to the June 2024 MRE.


Figure 2. Grade tonnage curve from March 25 MRE
A key feature of the revised MRE is the segregation of a domain representing the high-grade core of
the orebody which exhibits higher grades and a proportionally higher amount of gold (see Figure 3).
Further, the infill drilling applied has more precisely defined the eastern edges of the ore body for
mining.



0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
00.511.522.533.5
Au Grade Above Cutoff (g/t)
Tonnes Above Cutoff
Cut Off Grade (Au g/t)
RAS Grade Tonnage Curve March 2025 vs June 2024
Feb 2025 MREJune 2024 MREFeb 2025 MREJune 2024 MRE
Mar Mar
Tonnes Grade

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Figure 3. High-grade domain (HG1) shown in purple, the focus of mine design.

March ‘25

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March 2025 RAS by Domain (0.5g/t cut-off grade)
Domain Category Tonnes (kt) Au (g/t) rounded Contained Gold (koz)
HG1 Indicated
6,392 4.5 919

Inferred
884 5.5 157
LG1 Indicated
10,713 1.5 514

Inferred
4,697 1.8 275
LG2 Indicated
1,497 1.9 93

Inferred
626 1.8 36
LG3 Indicated
149 1.2 6

Inferred
630 1.7 35
LG4 Inferred
237 2.1 16
LG5 Inferred
93 0.8 2
LG6 Inferred
2 0.8 0
LG7 Indicated
62 0.9 2
Inferred
32 0.7 1
LG8 Indicated
90 1.4 4
Inferred
63 2.1 4
LG9 Inferred
2 0.7 0
West Inferred
342 1.5 17

Table 1. Mineral Resource Estimates by domain (HG=High Grade, LG=Low Grade)
A key advantage of the high-grade domain and its implication to mining is that our early open pit
stages can focus on the high-grade domain ore as a priority while extracting ore from other domains
as a consequence. This will potentially enable much higher feed grades in the early years of ore
processing enabling enhanced fiscal outcomes. Further, lower grade open pit ores can be
supplemented with underground mining ores of a higher grade to maintain annualised output at
consistent levels.
Reasonable Prospect of Eventual Economic Extraction (RPEEE)
The total Mineral Resources Estimates have been validated to comply with Reasonable Prospect of
Eventual Economic Extraction (RPEEE) parameters. Pit shells were generated using a gold price of
A$4,590/oz escalated by 30% to constrain the Open Pittable MRE estimate and reported at 0.5g/t cut-
off grade. Resources beneath the RPEEE pit shell were reported at a 1.5g/t cut-off grade (see Table 2
for tonnes and grade) assuming that underground mine extraction would be required.

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March 2025 RAS Mineral Resources Open Pit & U/G cut-offs
Category Cut-Off (g/t Au) Tonnes (Mt) Au (g/t) rounded Contained Gold (koz)
Open pit
Indicated
0.5
18.9 2.5 1534
Inferred
6.5 2.1 434
Total 25.4 2.4 1,968
Underground
Indicated
1.5
0.03 4.1 4
Inferred
1.08 3.1 108
Total 1.11 3.1 112
Total
Indicated

18.9 2.5 1,538
Inferred
7.6 2.2 542
Total
26.5 2.4 2,080
Table 2. Mineral Resource Estimate for Open pit and Underground*
* Open pit resources may form the basis of underground ore reserves as per the Nov 2024 PFS
Updated Pre-Feasibility Study
The March 2025 MRE and a revised early mining strategy are being incorporated into an updated PFS,
with a focus on reducing waste mining volumes while maintaining steady-state mill feed. Additionally,
following the completion of detailed geotechnical assessments, slightly improved geotechnical
parameters will be applied to the mine design.
The primary objective of the revised PFS is to lower the project's pre-production financial
requirements while maintaining optimal gold production levels and maximising financial returns.
Early Works and Fast-track Approval
The Company remains on track to finalise its substantive baseline studies and environmental effects
assessments, aligning with the standards of the former Resource Management Act (RMA) processes.
Having been invited to submit under Schedule 2 of the new Fast-track Approvals Act (FTA), the
Company will integrate these comprehensive studies into its resource consent submission in April
2025.
Planning for early works is well advanced, focusing on upgrading essential infrastructure such as
power, roads, and electricity ahead of FTA approvals. Consultation with relevant authorities and the
local community, who will directly benefit from these upgrades, is ongoing.
Ends.

This announcement has been authorised for release by the Board.


Enquiries:
Damian Spring
Exec. Director & CEO
dspring@santanaminerals.com
Sam Smith
Exec. Director Corp Affairs & IR
ssmith@santanaminerals.com

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Bendigo-Ophir Gold Project Mineral Resource Estimate
The Project contains a Mineral Resource Estimate (MRE) calculated at a cutoff grade of 0.5 g/t Au with top
cuts applied, as at March 2025:

Deposit Category tonnes (Mt) Au grade (g/t)
Contained
Gold (koz)
RAS
Indicated 18.9 2.5 1,538
Inferred 7.6 2.2 542
RAS Total Indicated and Inferred 26.5 2.4 2,080
CIT Inferred 1.2 1.5 59
SRX Indicated 2.2 0.8 54.7
SRX Inferred 2.9 1.0 90.5
SRX Total Indicated and Inferred 5 0.9 145
SRE Indicated 0.4 0.8 10.3
SRE Inferred 1.1 1.2 42
SRE Total Indicated and Inferred 1.5 1.1 52
BOGP Total
Indicated 21.5 2.3 1,603
Inferred 12.8 1.8 734
BOGP Total Indicated and Inferred 34.3 2.1 2,337
Table 3. Bendigo-Ophir Gold Project Mineral Resource March 2025
Current Disclosure - Competent Persons Statement
The information in this report that relates to this March 2025 RAS Mineral Resource Estimates (MRE) and to the November
2024 SRX and SRE 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”. Mr
Allwood consents to the inclusion in this report of the matters based on his information in the form and context in which
it appears. Mr Allwood and GeoModelling Limited are independent of Santana Minerals Ltd.
The information in this report that relates to prior 2021 Mineral Resource Estimates (2021 MRE) for CIT deposit completed
by Ms Michelle Wild (CP) (ASX announcement on 28 September 2021) continue to apply and have not materially changed.
The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been
materially modified.

Forward Looking Statements
Forward-looking statements in this announcement include, but are not limited to, statements with respect to Santana’s
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 materialise or that may not
be accurate. Although Santana believes that the expectations reflected in the forward-looking statements in this
announcement are reasonable, 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.

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Appendix 1 – Additional Mineral Resource Estimate Information
Drilling and Sampling
The Rise and Shine (RAS) Mineral Resource Estimate (MRE) is based on 23 RC holes (2,068.5 m) and 301 DD holes (83,356.7
m). 73 wet RC samples were omitted from use in the resource estimate due to concerns about downhole sample
contamination and bias due to washing away of fines. Similarly, all 129 legacy ‘blasthole’ samples, 104 surface trench and 15
underground channel samples were omitted from use in the resource estimate due to the absence of documentation
describing sampling methods. 16 Composited RC samples were omitted due to significantly different sample support and
poor geological definition. 4 DD samples were omitted because the core tray was dropped and could not be confidently re-
assembled.

RC drilling was sampled using a three-tier riffle splitter producing a 2kg – 4kg 12.5% sub-sample. DD core was triple tube PQ3
and HQ3. Core orientation is attempted on each DD run and successful unless the rock is broken. DD core is sub-sampled as
half core using a core saw unless friable or unconsolidated in which case a trowel is used. DD core is sampled from
approximately 5 m above the TGF to the end of hole. The TZ3 schist above the TGF is uniformly un-mineralised.

Assaying and QAQC
After the omission of low quality data as described above, 26,608 fire assays (FA), 433 BLEG assays, 631 Photon assays and
149 screen fire assays (SFA) were available for use in the RAS MRE.
All the fire assays were prepared by crushing the entire sample to 80% passing 2mm. Prior to 2019 a 200g rotary split sub-
sample was pulverized in a ring mill to 85% passing 75μm. A 50g charge was then sub-sampled and assayed by fire assay with
AAS analysis. 877 samples were assayed this way. After 2019 the sample preparation procedure was changed so that a 1000g
split (rotary or linear) sub-sample was pulverized in a ring mill to 85% passing 75 um from which a 50g charge was sub-
sampled and fire assayed. 22,513 samples were assayed this way. Where multiple assay results exist for a single sample an
assay method ranking was used to select data for export from the database with BLEG > Photon > SFA > 1000g pulp FA > 200g
pulp FA.
Field duplicates, coarse blanks, pulp standards, pulp duplicates, pulp replicates and umpire laboratory pulp repeats are all
used at a rate of 1 per 20 routine samples to assess sample quality. The results of these QC samples show no material assay
bias. Standards and blanks perform well. Pulp duplicates, pulp repeats and umpire laboratory pulp repeats show no bias but
high variance. The high pulp variance is attributed to the presence of coarse gold forming flakes in the ring mill. The presence
of coarse gold is demonstrated by logged visible gold, optical mineralogy (up to 400 μm) and metallurgical testwork.
The coarse rejects of a further ~5% of samples are re-submitted as QC check samples which involve pulp FAA re-assays by the
original and an umpire laboratory and CREJ re-assayed by 500-gram (+ & -75mu) screen fire assay (SFA), 1kg BLEG
(LeachWELL) and 500-gram Photon analysis (PHA) for gold. The results of these assays showed comparable results to the
paired FA results.
Snowdon Optiro completed a desktop review of the assay methods and QC sample results in February 2023 and concluded
that the sampling and assaying methods are in line with standard industry procedures. Snowden Optiro consider that the
assay data in the supplied database is suitable to be used as the basis for a Mineral Resource Estimate.

Surveying and Density Measurements
Drill collar locations are surveyed by RTK GPS. The surface topography was surveyed by LiDAR. RC downhole surveys are taken
with the Reflex multi-shot tool within the inner stainless-steel tube behind the hammer. All diamond holes have been
surveyed using a north seeking Precision Mining and Drilling or Veracio gyro survey tool with survey records at 1m intervals.
The bulk density of 2,653 core samples from across the BOGP was measured by core immersion. The core was not routinely
wax coated, allowing water to penetrate voids, however the rocks have very low porosity due to metamorphism. 100 samples
of fresh (un-weathered) core were tested by wax coating and by the routine method to check for the effect of the water
ingress on the bulk density measurements. There was no difference in the average value or the CV of the two methods.

Geological Model
Eleven gold grade domains (1 high grade, 10 low grade) were created using Leapfrog software (v 2023.2.0). Areas interpreted
to be geologically continuous were wireframed using the vein model methodology with nominal cut off grades for the high
grade and low grade domains of 1g/t and 0.25g/t respectively. Due to the nuggety nature of the mineralisation some
intervals below these cut off grades were included in the domains. Conversely, sporadic high grade samples also exist within
the low grade domains, but these do not form continuous zones that may be confidently interpreted at the scale of the drill
spacing. Not all mineralisation was included in the geological interpretation. Scattered, discontinuous assays were excluded
from the wireframe model.
Areas of consistent waste within the mineralised wireframes were modelled and removed from the mineralised volume. The
edges of the mineralised wireframes were controlled with a combination of boundary strings and HW/FW control points.
Wireframes were terminated less than 50% of the hole spacing distance beyond the last drill hole intersection. In the HW of
the deposit the Thompsons Gorge Fault (TGF) truncated the mineralised wireframes.

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Oxidation domains were interpreted from logged oxidation and weathering. Weathering is shallow with complete oxidation
typically to 10m depth and partial oxidation a further 10 m – 20 m below.

Resource Estimation
The raw assay data was composited to 2.0m, honouring gold domain boundaries with composites less than 1.0m long
distributed equally within their domain. All statistics, variography and grade interpolation was done using the composited
data.
Domains LG2 to LG9 were combined for statistical and geostatistical analysis. The coefficient of variation (CV) of the
composites at RAS was 3.5 in the high grade domain, 2.8 in LG1 and 5.5 in domains LG2 to LG9 combined.
Outlier grade limits were determined from log histograms, cumulative probability plots, assessment of the reduction in CV
versus metal lost and then checked visually for spatial continuity. The outlier grades were then used to cut extreme grades
prior to use in grade interpolation. The top cuts applied were 60 g/t Au in the high grade domain and 20 g/t Au in the low
grade domains. After top cutting the CV composites reduced to 1.5 in the high grade domain, 2.0 in LG1 and 2.0 in domains
LG2 to LG9 combined.
Variogram models were determined from experimental correlograms of composites below the outlier limit grade for the high
grade, LG1 and LG2-9 combined domains. There are insufficient data in the steep western domain to create robust
experimental variograms, therefore the LG2-9 domain variogram model was appropriately rotated to reflect the geometry of
the steep domain. The variogram model had a relative nugget effects of 55% to 75%. The major axes typically plunged 0 to
10 degrees towards 000 to 010 and were parallel to the intersection of the TGF and splay shears. The semi-major axes plunged
15 to 25 degrees towards 080. The minor axes were orthogonal to the major and semi-major axes. Together, the major and
semi-major axes approximate the orientation of the splay shears. The total ranges were 50 m to 75 m for the major axes, 30
m to 40 m for the semi-major axis and 10 m to 15 m in the minor axis directions.
Parent blocks were 12.5 m (E) by 12.5 m (N) by 5m (vertical), sub-blocked to 2.5 m by 2.5 m by 0. 5m. The block model parent
blocks are approximately 50 % of the typical drill spacing. The parent block size was selected as a compromise between
honouring the domain geometry / volume and minimizing block grade estimation error. The blocks were interpolated by
ordinary kriging of the top cut composites in two passes. The first pass used a minimum of 4 and a maximum of 15 composites
from within a 100m by 100 m by 20 m ellipsoid oriented parallel to the variogram model. A maximum of 3 composites were
used per hole. Gold domain boundaries were treated as hard boundaries. A small proportion of the blocks were not
interpolated by pass 1, mostly in the margins of the LG1 domain at the northern (deepest) end of the mineralisation. A second
interpolation pass using the same parameters as pass one except the search ellipsoid was expanded to 150 m by 150 m by
30 m and the maximum per hole restriction was removed.
Bulk density was interpolated by inverse distance squared weighting into the fresh and partial oxidation domains from 2,202
bulk density measurements. There was insufficient data in the oxide domain to allow interpolation. Bulk density was assigned
to un-interpolated blocks by oxidation domain based on the median values of the bulk density samples in each oxidation
domain, being 2.3 t/m3 in oxide, 2.65 t/m3 in partially oxidized and 2.70 t/m3 in fresh material.
The block model was validated against drilling grades visually in section and in plan, using swath plots and by comparison of
the block model volumes to domain wireframe volumes.

Classification
The MRE was classified using input data quality, confidence in the geological interpretations, estimation pass number, average
distance to composites used, distance to the nearest composite used and the kriging slope of regression (a function of grade
continuity and data (drilling) configuration). In general, indicated resources are reported from continuous zones of un-
ambiguous geological interpretation and in block grades estimated in pass 1 where the nearest composite was less than 25m
away, the average composite distance was less than 40 m and kriging slope of regression was greater than 0.6.

Modifying Factors
The resource reporting cut-off grades (0.5 g/t Au for open pit mining and 1.5 g/t Au for underground mining) and the
assessment of reasonable prospects of eventual economic extraction are based on metallurgical recovery indicated by gravity
/ CIL test work, processing, mining and G & A costs from comparable projects and revenue from a gold price of A$4,590/oz
escalated by 30% to allow for reasonably foreseeable future gold prices within the anticipated 5 to 20-year mine-life. The
open pit resource estimates were constrained at depth by RPEEE pit shells optimised using these economic factors and an
assumed overall pit slope of 45°. Underground resources are reported from continuous zones of sufficient size to justify likely
development costs that are located outside the pit shells.

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Note that the RPEEE pit shell includes all the mineralisation reported as underground mineral Reserves in the recently announced PFS (see figure 4 below).

Figure 4. Long section down plunge looking west showing how open pit and underground resources are reported

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JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation
Commentary
Sampling techniques
Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard measurement
tools appropriate to the minerals under investigation, such as
down hole gamma sondes, or handheld XRF instruments, etc).
These examples should not be taken as limiting the broad
meaning of sampling.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of mineralisation that are
Material to the Public Report.
In cases where ‘industry standard’ work has been done this
would be relatively simple (eg ‘reverse circulation drilling was
used to obtain 1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay’). In other cases more
explanation may be required, such as where there is coarse
gold that has inherent sampling problems. Unusual
commodities or mineralisation types (eg submarine nodules)
may warrant disclosure of detailed information.
This Mineral Resource Estimate (MRE) is estimated from drilling samples collected by reverse circulation
and diamond drilling. ‘Blasthole’, surface trench and underground channel samples were used as an aid
for geological interpretation and domaining but not for grade estimation.
Diamond drill (DD) core samples for laboratory assay are typically 1 metre samples of diamond saw cut ½
diameter core. In the rare cases where the core was friable or unconsolidated, the sample was collected
from one side of the core using a scoop. Where distinct mineralisation boundaries are logged, sample
lengths are adjusted to the respective geological contact. RC samples were sub-sampled at 1.0 m intervals
using either a riffle splitter or a cone splitter mounted below the cyclone. The splitter produced 2 x 12.5%
splits and 1 x 75% split. The two 12.5% splits were used as primary sample and field duplicate (if submitted)
with the 75% split used for logging and then stored at the MGL core yard.
Samples are crushed at the receiving laboratory to minus 2mm (85% passing) and split using a rotary or
linear splitter to provide 1kg for pulverising in a ring mill to -75um. Pulps are fire assayed (FAA) using a 50g
charge with AAS finish. Prior to 2019 only 200g of the crushed material was pulverised. 877 samples were
assayed this way.
Certified standards, blanks and field replicates are inserted with the original batches at a frequency of ~5%
each for QAQC purposes.
All pulps and crush reject (CREJ) are returned from the laboratory to MGL for storage on site. Of these
returned samples, a further ~5% are re-submitted as QC check samples which involve pulp FAA re-assays
by the original and an umpire laboratory and CREJ re-assayed by 500-gram (+ & -75mu) screen fire assay
(SFA), 1kg BLEG (LeachWELL) and 2*500-gram Photon analysis (PHA) for gold.
Where multiple assays exist for a single sample interval, larger samples are ranked in the database: BLEG
> PHA > SFA > FAA.
All returned pulps are analysed for a suite of 31 elements by portable XRF (pXRF).
The sampling, sub-sampling and assaying methods are appropriate to the geology and mineralization being
reported.


Criteria JORC Code explanation Commentary

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Drilling techniques
Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc) and
details (eg core diameter, triple or standard tube, depth
of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method,
etc).
Diamond (DD) and reverse circulation (RC) drilling has been used to inform the MREs being
reported here. All diamond coring was PQ3 size triple tube for holes MDD001 to MDD016. The
DD coring in since MDD016 has all been HQ3 size triple tube. Where PQ3 core size (83mm
diameter) is commenced this is maintained throughout the DD hole until drilling conditions
dictate reduction in size to HQ3 core (61mm diameter). DD pre-collars are drilled open hole
through un-mineralised TZ3 schist to within about 15 m of the mineralisation hangingwall at
which point diamond coring commences.
RC drilling was only carried out where the mineralisation target was less than about 150m
downhole and used a face sample bit with sample collected in a cyclone mounted over a riffle
or cone splitter producing 2 x 12.5% splits and 1 x 75% split. The two 12.5% splits were used as
primary sample and field duplicate (if submitted) with the 75% split used for logging and then
stored at the MGL core yard.
Drillholes are oriented to intersect known mineralised features in a nominally perpendicular
orientation as much as is practicable. A small number of holes are oriented in other directions to
resolve areas of ambiguous geological interpretation.
All drill core is oriented to assist with interpretation of mineralization and structure. Historically a
Trucore orientation tool was used but in November 2024 this was changed for an Axis orientation
tool.

Drill sample recovery
Method of recording and assessing core and chip
sample recoveries and results assessed.
Measures taken to maximise sample recovery and
ensure representative nature of the samples.
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.
DD core sample recoveries are recorded by the drillers at the time of drilling by measuring the
actual distance of the drill run against the actual core recovered. The measurements are
checked by the site geologist. DD core recovery averages 97.7% within the gold estimation
domains.
When poor core recoveries are recorded the site geologist and driller endeavour to immediately
rectify any problems to maintain maximum core recoveries. DD core logging to date indicate ~
94% recoveries.
RC sample recovery is visually estimated and averages 96.2% overall and 97.2% within the gold
domains. All RC samples logged as wet were omitted from use in this MRE. Of the 215 RC
samples within the gold grade domains, 82.3% were logged as dry and 17.7% logged as moist.
Sample grades were plotted against drilling recovery by drilling method and no relationship was
established.
Wet RC samples do show higher grades than dry RC samples. This may be due to wet RC samples
coming from higher grade zones or sampling bias due to the loss of fines in wet samples.
Whatever the cause, this bias was the reason that wet RC samples were omitted from use in

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this MRE.

Criteria JORC Code explanation
Commentary
Logging
Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining
studies and metallurgical studies.
Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
The total length and percentage of the relevant
intersections logged.
All DD holes have been logged for their entire length below upper open hole drilling (nominally
0-450 metres below collar). Data is recorded directly into AcQuire database with sufficient
detail that supports Mineral Resource estimations (MRE).
Logging is mostly qualitative but there are estimations of quartz and sulphide content and
quantitative records of geological / structural unit, oxidation state and water table boundaries.
Oriented DD core allows alpha / beta measurements to determine structural element detail
(dip / dip direction) to supplement routine recording of lithologies / alteration / mineralisation
/ structure / oxidation / colour and other features for MRE reporting, geotechnical and
metallurgical studies.
All RC chips were sieved and logged for lithology, colour, oxidation, weathering, vein
percentage and sulphide minerals.
All core is photographed wet and dry before cutting. Sieved RC chips are also photographed.
100% of all relevant (within the gold grade domains) intersections were logged. The logging is
of sufficient quality and detail for resource estimation.

Sub-sampling techniques
and sample preparation
If core, whether cut or sawn and whether quarter, half or
all core taken.
If non-core, whether riffled, tube sampled, rotary split,
etc and whether sampled wet or dry.
For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-
sampling stages to maximise representivity of samples.
Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field duplicate/second-
half sampling.
Whether sample sizes are appropriate to the grain size
of the material being sampled.
DD core drill samples are sawn in ½ along the length of the core on cut lines marked by
geologists’ perpendicular to structure / foliation or to bisect vein mineralisation for
representative samples whilst preserving the orientation line. One half is dispatched to the
laboratory for assay and the other half retained in core trays at MGL’s core storage facility.
Intervals required for QAQC checks are nominated by geologists and the crushed sample being
split by the laboratory with the two replicated samples then assayed.
QA procedures used to maximise the representivity of sub-samples include the use of a riffle
splitter on the RC rig and cutting DD core perpendicular to the regional foliation. QC procedures
to assess the representivity of sub-sampling include field duplicates, pulp duplicates, standards,
and blanks at a frequency of ~5%. In addition approximately 5% of the mineralised samples are
periodically re-submitted to the primary laboratory and umpire laboratory for re-assay by fire
assay (50g), screen fire assay (200g), BLEG (LeachWELL, 1000g) and photon assay (500g). The
larger re-assay methods provide a check on sub-sampling at the laboratory.
The mass proportion of every 10th sample passing 75um is reported by the laboratory and
monitored to ensure sample preparation quality.
Calculations based on Pitard (1993) show that sub-sample masses are appropriate to gold
particle size and grade, if the size and shape of the gold particles are reduced in the ring mill in
a similar way to the gangue particles.

8


Quality of assay data and
laboratory tests
The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the
technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
FA, BLEG, SFA and PHA are all total gold assays and are appropriate to the RSSZ mineralization.
DD core and RC chip samples for gold assays undergo sample preparation by SGS laboratory
Westport or Macreas. Sample preparation involves drying and crushing of the entire sample to
2 mm followed by milling of a 1000g sub-sample to 75um. The sample is then sent to SGS
laboratory Waihi (if prepared at Westport) where a 50 g sub-sample is assayed by fire assay
with an AAS finish (SGS method FAA505 DDL 0.01ppm Au or FAD505 DDL 1ppm Au & FAD52V
DDL 500ppm Au)If the sample is prepared at Macraes it is anlaysed by the same method at
Macraes. Occasionally, other SGS laboratories (Townsville, Australia), are used from time to
time and follow the same processes. Prior to 2019 the 75um sub-sample was only 200g. For
laboratory QAQC, samples (certified standards, blanks and field replicates) are inserted into
each laboratory batch at a frequency of ~5% respectively. A selection of 5% of retained lab pulps
across a range of grades are sent for re-assay and to an umpire laboratory for cross-lab check
assays.
Portable XRF (pXRF) instrumentation is used onsite (Olympus Innov-X Delta Professional Series
model DPO-4000 equipped with a 4 W 40kV X-Ray tube) primarily to identify arsenical samples
(arsenic correlates well with gold grade in these orogenic deposits). The pXRF analyses a 31-
element suite (Ag, As, Bi, Ca, Cd, Cl, Co, Cr, Cu, Fe, Hg, K, Mn, Mo, Nb, Ni, P, Pb, Rb, S, Sb, Se, Sn,
Sr, Th, Ti, V, W, Y, Zn, Zr) utilising 3 beam Soil mode, each beam set for 30 secs (90 secs total).
pXRF QAQC checks involve regular calibration (every 20 samples) and QAQC analyses of SiO2
blank, NIST standards (NIST 2710a & NIST 2711a), & OREAS standards.
No geophysical tools have been used in this MRE.

9

Verification of sampling
and assaying
The verification of significant intersections by either
independent or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.
Significant gold assays and pXRF arsenic analyses are checked by alternative senior company
personnel. Original lab assays are initially reported and where replicate assays and other QAQC
work require re-assay or screen fire assays, the larger sample results are adopted. To date
results are accurate and fit well with the mineralisation model.
Twinned holes have not been deliberately drilled. Twinned data is available where DD core
holes have been sited adjacent to previous RC drillholes and where DD redrills have occurred.
In such cases the logged geology is similar and the tenor of gold mineralisation comparable.
pXRF multi-element analyses are directly downloaded from the pXRF analyser as csv electronic
files. These and laboratory assay csv files are imported into the database, appended and merged
with previous data.
Since October 2022 all logging has been directly entered into the Acquire database using tablets.
All collar surveys, downhole surveys and assay results are provided digitally and directly
imported into the database. On import into the database validation checks are made for:
interval overlaps, gaps, duplicate holes, duplicate samples and out of range values. The AcQuire
database is stored on a cloud server and is regularly backed up, updated and verified by an
independent qualified person.
The only adjustment made to the data on import to the database is to convert below detection
results to negative the detection limit. Samples with multiple Au results are ranked by assay
method (BLEG > PHA > SFA > FA > other) and on export only the highest ranked method is
exported. Prior to import into Minesight software for resource estimation the data is further
validated as above plus checks on the highest and lowest values. Negative below detection
results are converted to half the detection limit on import into Minesight.

Location of data points
Accuracy and quality of surveys used to locate drill
holes (collar and down-hole surveys), trenches, mine
workings and other locations used in
Mineral Resource
estimation.
Specification of the
grid system used.
Quality and adequacy of topographic control.
All drillhole collar locations are accurate (+/- 50mm) xyz coordinates when captured by an
experienced surveyor using RTK-GPS equipment.
All drill holes reference the NZGD2000 NZTM map projection and collar RLs the NZVD2016 vertical
datum.
DD down hole surveys are recorded continuously with a Precision Mining and Drilling or Veracio
“North-seeking” Gyro downhole survey tool. RC holes are surveyed at 12m intervals using a
Reflex multi-shot camera in a non-magnetic stainless steel rod behind the hammer.
There are very minor historical adits and shafts at RAS. No surveys of these voids exist, although
at least one adit is still accessible. Historical production records total 630.5 tons of ore crushed.
Such small volumes are not material to this MRE.
Topographic control is provided by LiDAR topographic surveys in 2018 and 2021 covering the
entire project area. These are very accurate and suitable for resource estimation.

10

Data spacing and
distribution
Data spacing for reporting of Exploration Results.
Whether the data spacing and distribution is sufficient
to establish the degree of geological and grade
continuity appropriate for the Mineral Resource and
Ore Reserve estimation procedure(s) and classifications
applied.
Whether sample compositing has been applied.
Drill collar locations in steep terrain are dictated to some degree by best access along contour
tracks and gradients that allow safe working access. Drillhole designs take into account this
variation to achieve evenly spaced intercepts at the hangingwall of the mineralisation.
Drillhole intersection spacing on the hangingwall of the mineralisation at RAS varies from 20 m
(EW) by 20 m (NS) in closely spaced areas to 120 m (EW) by 100 m (NS) in widely spaced (inferred)
areas. These spacings are considered appropriate for determination of geological and grade
continuity at the mineral resource categories reported.
Some of the historical RC drilling was sampled as 4 m composites and if the composite result
exceeded a threshold later re-sampled. For a small number of holes the re-sampling did not
happen and these holes were omitted prior to use in statistical analysis and grade interpolation.
There are no composited samples within the gold grade estimation domains and so no
composited samples were used in this MRE.
Sampling and assaying are in one metre intervals or truncated to logged features.

Orientation of data in
relation to geological
structure
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
If the relationship between the drilling orientation and
the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.

Drillholes are oriented to intersect known mineralised features in a nominally perpendicular
orientation as much as is practicable. True widths are estimated perpendicular to mineralisation
boundaries where these limits are known. As the deposits are tabular and lie at low angles,
there is not anticipated to be any introduced bias for resource estimates.
Sample security
The measures taken to ensure sample security.
Company personnel manage the chain of custody from sampling site to laboratory.
DD drill core samples are transported daily from DD rig by the drilling contractor in numbered
core boxes to the Company secure storage facility for logging and sample preparation. After
core cutting, the core for assay is bagged, securely tied, and weighed before being placed in
polyweave bags which are securely tied. Mineralised retained core is stored on racks in secure
locked containers. RC samples are also place in polyweave bags and secured with zip ties.
Polyweave bags with the calico bagged samples for assay are placed in plastic cage pallets,
sealed with a wire-tied cover, photographed, and transported to local freight distributer for
delivery to the laboratory. On arrival at the laboratory photographs taken of the consignment
are checked against despatch condition to ensure no tampering has occurred.

Audits or reviews
The results of any audits or reviews of sampling
techniques and data.
An independent Competent Person (CP) conducted a site audit in January 2021 and December
2022 of all sampling techniques and data management. No major issues were identified, and
recommendations have been followed.

11

In February 2023 Snowdon Optiro completed a desktop review of the assay methods and QC
sample results and in its report concluded that the sampling and assaying methods are in line
with standard industry procedures and that that the assay data in the supplied database is
suitable to be used as the basis for a Mineral Resource.


Section 2 Reporting of Exploration Results

Criteria JORC Code explanation
Commentary
Mineral tenement and
land tenure status
• Type, reference name/number, location and
ownership including agreements or material
issues with third parties such as joint
ventures, partnerships, overriding royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.
• The security of the tenure held at the time of
reporting along with any known
impediments to obtaining a licence to
operate in the area.
Exploration is being currently conducted within Mineral Exploration Permit (MEP) 60311 (252km²)
registered to Matakanui Gold Ltd (MGL) issued on 13
th
April 2018 for 5 years. In 2023 the term
of this permit was extended for a further 5 years until 12 April 2028.
There are no material issues with third parties.
MGL was granted Minerals Prospecting Permit (MPP) 60882 (40km²) to the north of MEP60311 on
30 Nov 2023 for a term of 2 years.
The tenure of the Permits is secure and there are no known impediments to obtaining a licence
to operate.
As gold is a Crown mineral, a royalty is payable to the Crown as either the higher of an ad
valorem royalty of 2% of the net sales revenue or an accounting profits royalty of 10%.
The Project is subject to a 1.5% Net Smelter Royalty (NSR) on all production from MEP 60311
(and successor permits) payable to an incorporated, private company (Rise and Shine Holdings
Limited) which is owned by the prior shareholders of MGL (NSRW Agreement) before
acquisition of 100% of MGL shares by Santana Minerals Limited.
Access arrangements are in place with landowners that provide for current exploration and
other activities, and any future decision to mine. As such, compensation is payable, including
payments of up to $1.5M on a decision to mine, plus total royalties starting at 1% on the net
value of gold produced, increasing to 1.5% and ultimately 2% dependent on location and total
gold produced over the life of the mine. The royalties are also subject to pre-payment of up to
$3M upon commencement of mining operations.

12

Criteria JORC Code explanation
Commentary
Exploration done by other
parties
• Acknowledgment and appraisal of
exploration by other parties.
Early exploration in the late 1800’s and early 1900’s included small pits, adits and cross-cuts
and alluvial mining.
Exploration has included soil and rock chip sampling by numerous companies since 1983 with
drilling starting in 1986. Exploration in the 1990’s commenced with a search for Macraes style
gold deposits along the RSSZ. Drilling included 13 RC holes by Homestake NZ Exploration Ltd in
1986, 20 RC holes by BHP Gold Mines NZ Ltd in 1988 (10 of these holes were in the Bendigo
Reefs area which is not part of the MRE area), 5 RC holes by Macraes Mining Company Ltd in
1991, 22 shallow (probably blasthole) holes by Aurum Reef Resources (NZ) Ltd in 1996, 30 RC
holes by CanAlaska Ventures Ltd from 2005-2007, 35 RC holes by MGL in 2018 and a further 18
RC holes by MGL in 2019 prior to SML acquiring MGL.

Geology
• Deposit type, geological setting and style of
mineralisation.
The RSSZ is a low-angle late-metamorphic shear-zone, presently known to be up to 120m thick.
It is sub-parallel to the metamorphic foliation and dips gently to the north- east. It occurs within
psammitic, pelitic and meta-volcanic schists.
The hangingwall of the RSSZ is truncated by the post metamorphic and post mineralisation
Thomsons Gorge Fault (TGF). The TGF is a regional low-angle fault that separates upper barren
chlorite (TZ3) schist from underlying mineralised biotite (TZ4) schists.
Gold mineralisation occurs in the RSSZ as 4 known deposits with Mineral Resource Estimates
(MRE) – Come-in-Time (CIT), Rise and Shine (RAS), Shreks (SHR) and Shreks-East (SRE). The gold
and associated pyrite/arsenopyrite mineralisation at all deposits occur as stockworks of
brecciated / laminar quartz veinlets within the highly- sheared and silicified schist. The
stockworks are centred on highly silicified shear zones and breccisa (SBX) which control
mineralisation with TGF parallel, moderately east dipping and very steeply east dipping
structures all influencing gold distribution.
Gold mineralisation in the oxide, transition and fresh zones is characterised by free gold with
some coarse, especially in high grade mineralisation.

Drill hole Information
• A summary of all information material to the
understanding of the exploration results
including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole
collar
See appropriate appendices for drillhole details.

13

Criteria JORC Code explanation
Commentary
o elevation or RL (Reduced Level –
elevation above sea level in metres)
of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
• If the exclusion of this information is justified
on the basis that the information is not
Material and this exclusion does not detract
from the understanding of the report, the
Competent Person should clearly explain why
this is the case.

Data aggregation
methods
• In reporting Exploration Results, weighting
averaging techniques, maximum and/or
minimum grade truncations (eg cutting of
high grades) and cut-off grades are usually
Material and should be stated.
• Where aggregate intercepts incorporate
short lengths of high grade results and longer
lengths of low grade results, the procedure
used for such aggregation should be stated
and some typical examples of such
aggregations should be shown in detail.
• The assumptions used for any reporting of
metal equivalent values should be clearly
stated.

Significant gold intercepts are reported on a continuous basis using various gold grade lower
grade cutoffs with a maximum of 3m of internal dilution included. Broad zonation is:
Exploration Results - 0.10g/t Au cut-off defines the wider low-grade halo of mineralisation,
Open Pit Mineral Resource - 0.25g/t Au cut-off represents possible economic open pit
mineralisation Underground Mineral Resource - 1.50g/t Au cut-off is possible economically
underground exploitable Metal unit (MU) distribution, where shown on maps and in tables are
calculated from total drill hole Au * associated drill hole interval metres. pXRF analytical results
reported for laboratory pulp returns are considered accurate for the suite of elements analysed
and the end use of the data.

14

Criteria JORC Code explanation
Commentary
Relationship between
mineralisation widths and
intercept lengths
• These relationships are particularly
important in the reporting of Exploration
Results.
• If the geometry of the mineralisation with
respect to the drill hole angle is known, its
nature should be reported.
• If it is not known and only the down hole
lengths are reported, there should be a clear
statement to this effect (eg ‘down hole
length, true width not known’).

All intercepts quoted are downhole widths. True widths are estimated perpendicular to
mineralisation boundaries where these limits are known. Intercepts are associated with a major
20-120m thick low-angle mineralised shear that is largely perpendicular to the drillhole traces.
Aggregate widths of mineralisation reported up until 2nd June 2023 are drillhole intervals
>0.50g/t Au occurring in apparent low angle stacked zones. Subsequent reporting is on a
continuous basis. There are steeply dipping narrow (1-5m) structures deeper in the footwall
and the appropriateness of the current drillhole orientation will become evident and modified
as additional drill results dictate.

Diagrams
• Appropriate maps and sections (with scales)
and tabulations of intercepts should be
included for any significant discovery being
reported These should include, but not be
limited to a plan view of drill hole collar
locations and appropriate sectional views.

See Figure 1, Figure 3.

Balanced reporting
• Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and high
grades and/or widths should be practiced to
avoid misleading reporting of Exploration
Results.

All significant intercepts have been reported.

Other substantive
exploration data
• Other exploration data, if meaningful and
material, should be reported including (but
not limited to): geological observations;
geophysical survey results; geochemical
survey results; bulk samples – size and
method of treatment; metallurgical test
Not applicable; meaningful and material results are reported in the body of the text.

15

Criteria JORC Code explanation
Commentary
results; bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.

Further work
• The nature and scale of planned further work
(eg tests for lateral extensions or depth
extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of
possible extensions, including the main
geological interpretations and future drilling
areas, provided this information is not
commercially sensitive.
DD infill drilling of existing inferred resources continues along with minor programmes designed
to resolve local geological interpretation uncertainties.
A review of field mapping, soil sampling and geophysical surveys is in progress to determine
new targets for drilling in the project area.
Concurrent to the planned drilling outlined above, additional metallurgical test work,
environmental, geotechnical and hydrological investigations are on-going to support the studies
into a gold mining and processing operation.




Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code explanation Commentary
Database integrity
• Measures taken to ensure that data has
not been corrupted by, for example,
transcription or keying errors, between its
initial collection and its use for Mineral
Resource estimation purposes.
• Data validation procedures used.
Collar location surveys, downhole surveys and assay data are imported into the database
from digital files provided by external providers. Geological logging, sample information and
QAQC sample insertion data are entered directly using picklists into spreadsheets on mobile
devices in the field. All source data is archived for later audits.
All data is validated on import into the database with checks made for interval overlaps,
gaps, duplicate holes, duplicate samples and out of range values. The database structure
uses key fields to ensure there are no duplicate drillholes or samples.
Site visits
• Comment on any site visits undertaken by
the Competent Person and the outcome of
those visits.
• If no site visits have been undertaken
indicate why this is the case.
Mr Allwood has visited the site on 8 occasions between January 2021and May 2024,
inspecting RC and DD drilling, logging, sampling, QC insertion practices and site geology. No
major issues were identified. Some minor recommendations were made, and these have
since been implemented.

16

Criteria JORC Code explanation Commentary
Geological interpretation
• Confidence in (or conversely, the
uncertainty of ) the geological
interpretation of the mineral deposit.
• Nature of the data used and of any
assumptions made.
• The effect, if any, of alternative
interpretations on Mineral Resource
estimation.
• The use of geology in guiding and
controlling Mineral Resource estimation.
• The factors affecting continuity both of
grade and geology.
There is good confidence in the large scale interpretation of the geology. The TGF is easily
recognized in core and has a simple tabular geometry. Structural measurements of vein and
fault orientations from oriented core allow good confidence in the geometry of
mineralisation controlling faults. The drill spacing makes recognizing small scale (<10 m)
variations in geometry, especially the internal grade geometries within the estimation
domains difficult.
The RAS gold grade domains were created using Leapfrog software (v 2023.2.0) using the
vein interpretation function. Intervals were tagged as one of eleven domains based on gold
grade, logged vein type. Ten low grade domains (LG1 to LG9 and the steep western domain)
were created. A single high grade domain was interpreted in the core of the LG1 domain to
enclose a continuous zone of mineralisation above about 1g/t. The high grade domain was
created to prevent the high grade data having excessive influence outside the zone of high
grade mineralisation. Due to the nuggety nature of the mineralisation some intervals below
these cut off grades were included in the domains. Conversely, sporadic high grade samples
also exist within the low grade domains, but these do not form continuous zones that may
be confidently interpreted at the scale of the drill spacing. Not all mineralisation was
included in the geological interpretation. Scattered, discontinuous assays were excluded
from the wireframe model.
Areas of consistent waste within the mineralised wireframes were modelled and removed
from the mineralised volume. The edges of the mineralised wireframes were controlled with
a combination of boundary strings and HW/FW control points.
Wireframes were terminated less than 50% of the hole spacing distance beyond the last drill
hole intersection. In the HW of the deposit the Thompsons Gorge Fault (TGF) truncated the
mineralised wireframes.
The geometry of the main zone immediately below the TGF is well defined with alternative
interpretations unlikely. Alternative interpretations of the gold mineralization geometry
deeper (more than about 40 m) below the TGF and in the steep western domain are
possible. The resource categorization reflects this with areas where alternative
interpretations are likely classified as inferred, regardless of grade estimation quality
measures.
Oxidation domains were interpreted from logged oxidation.
Dimensions
• The extent and variability of the Mineral
Resource expressed as length (along strike
or otherwise), plan width, and depth below
surface to the upper and lower limits of
the Mineral Resource.
At RAS mineralisation has been defined by drilling 1,850 m down plunge (-25° towards 025°)
and is 300 m to 380 m wide. In plan this equates to approximately 1,750 m NNE and 300 m
to 380 m ESE. Mineralisation extends vertically in multiple zones over about 180 m. The
thickest part of the east dipping domain is continuously mineralized over 50 m vertically
below the TGF. Other zones range in thickness from 20 m to 2 m. The deepest part of the

17

Criteria JORC Code explanation Commentary
MRE is at 50 RL or about 590 m below surface. The core of the east dipping domain is very
continuous

Estimation and modelling
techniques
• The nature and appropriateness of the
estimation technique(s) applied and key
assumptions, including treatment of
extreme grade values, domaining,
interpolation parameters and maximum
distance of extrapolation from data points.
If a computer assisted estimation method
was chosen include a description of
computer software and parameters used.
• The availability of check estimates,
previous estimates and/or mine
production records and whether the
Mineral Resource estimate takes
appropriate account of such data.
• The assumptions made regarding recovery
of by-products.
• Estimation of deleterious elements or
other non-grade variables of economic
significance (eg sulphur for acid mine
drainage characterisation).
• In the case of block model interpolation,
the block size in relation to the average
sample spacing and the search employed.
• Any assumptions behind modelling of
selective mining units.
• Any assumptions about correlation
between variables.
This MRE was made by interpolating gold assays composited to 2.0m by ordinary kriging into
a sub-blocked model using Minesight v 16.1.0 software. Geostatistical analysis was carried out
using Leapfrog Edge v 2023.1.0 software.
Domains LG2 to LG9 were combined for statistical and geostatistical analysis. The coefficient
of variation (CV) of the composites at RAS was 3.5 in the high grade domain, 2.8 in LG1 and
5.5 in domains LG2 to LG9 combined.
Outlier grade limits were determined from log histograms, cumulative probability plots,
assessment of the reduction in CV versus metal lost and then checked visually for spatial
continuity. The outlier grades were then used to cut extreme grades prior to use in grade
interpolation. The top cuts applied were 60 g/t Au in the high grade domain and 20 g/t Au in
the low grade domains. After top cutting the CV composites reduced to 1.5 in the high grade
domain, 2.0 in LG1 and 2.0 in domains LG2 to LG9 combined.
Variogram models were determined from experimental correlograms of composites below the
outlier limit grade for the high grade, LG1 and LG2-9 combined domains. There are insufficient
data in the steep western domain to create robust experimental variograms, therefore the
LG2-9 domain variogram model was appropriately rotated to reflect the geometry of the steep
domain. The variogram model had a relative nugget effects of 55% to 75%. The major axes
typically plunged 0 to 10 degrees towards 000 to 010 and were parallel to the intersection of
the TGF and splay shears. The semi-major axes plunged 15 to 25 degrees towards 080. The
minor axes were orthogonal to the major and semi-major axes. Together, the major and semi-
major axes approximate the orientation of the splay shears. The total ranges were 50 m to 75
m for the major axes, 30 m to 40 m for the semi-major axis and 10 m to 15 m in the minor axis
directions.
Parent blocks were 12.5 m (E) by 12.5 m (N) by 5m (vertical), sub-blocked to 2.5 m by 2.5 m by
0. 5m. The block model parent blocks are approximately 50 % of the typical drill spacing. The
parent block size was selected as a compromise between honouring the domain geometry /
volume and minimizing block grade estimation error. The blocks were interpolated by ordinary
kriging of the top cut composites in two passes. The first pass used a minimum of 4 and a
maximum of 15 composites from within a 100m by 100 m by 20 m ellipsoid oriented parallel
to the variogram model. A maximum of 3 composites were used per hole. Gold domain
boundaries were treated as hard boundaries. A small proportion of the blocks were not
interpolated by pass 1, mostly in the margins of the LG1 domain at the northern (deepest) end
of the mineralisation. A second interpolation pass using the same parameters as pass one

18

Criteria JORC Code explanation Commentary
• Description of how the geological
interpretation was used to control the
resource estimates.
• Discussion of basis for using or not using
grade cutting or capping.
• The process of validation, the checking
process used, the comparison of model
data to drill hole data, and use of
reconciliation data if available.
except the search ellipsoid was expanded to 150 m by 150 m by 30 m and the maximum per
hole restriction was removed.
Check estimates were completed on the RAS MRE as follows: combining the LG1 and HG
domains; outlier restriction at 12.5 m; and nearest neighbour interpolation.
In addition, volume – variance analysis using an affine correction was completed to assess
which variants best represented the theoretical grade – tonnage curve.
Previous estimates of the gold MRE at RAS have been made in 2019, 2021, July 2022 and
February 2023, February 2024 and July 2024.
There has been no production from the BOGP to allow reconciliation of the model.
No by-products are assumed.
pXRF Arsenic grades have been estimated in the block models for use in characterizing
waste.
The block model parent blocks are approximately 25% of the typical drill spacing. The parent
block size was selected as a compromise between honouring the domain geometry / volume
and minimizing block grade estimation error.
Open pit mining is assumed with a likely smallest mining unit (SMU) of about 5m by 5m by
5m. Underground mining is also possible, albeit at a higher cut-off grade (around 1.5 g/t Au).
No assumption is made of correlation between variables.
The MRE is geologically controlled by the use of domains interpreted with reference to the
geological model.
The block model was validated against drilling grades visually in section and in plan, using
swath plots, and by comparison of the block model volumes to domain wireframe volumes.
No reconciliation data is available as mining has not commenced.
Moisture
• Whether the tonnages are estimated on a
dry basis or with natural moisture, and the
method of determination of the moisture
content.
Tonnages are estimated on a dry basis. Assays are reported as weight proportion of oven
(110°C) dried samples. Bulk densities were determined from air dried core by immersion.
Cut-off parameters
• The basis of the adopted cut-off grade(s)
or quality parameters applied.
The reporting cut-offs (0.5 g/t) for ‘open pittable’ resources and 1.5 g/t for underground
resources are based on metallurgical recovery indicated by gravity / CIL test work,
processing, mining and G & A costs from comparable projects and revenue from a gold price
of A$4,390/oz escalated by 30% to allow for the reasonable prospects test.
Mining factors or
assumptions
• Assumptions made regarding possible
mining methods, minimum mining
dimensions and internal (or, if applicable,
external) mining dilution. It is always
No allowance has been made for mining dilution or mining recovery.

19

Criteria JORC Code explanation Commentary
necessary as part of the process of
determining reasonable prospects for
eventual economic extraction to consider
potential mining methods, but the
assumptions made regarding mining
methods and parameters when estimating
Mineral Resources may not always be
rigorous. Where this is the case, this
should be reported with an explanation of
the basis of the mining assumptions made.
Metallurgical factors or
assumptions
• The basis for assumptions or predictions
regarding metallurgical amenability. It is
always necessary as part of the process of
determining reasonable prospects for
eventual economic extraction to consider
potential metallurgical methods, but the
assumptions regarding metallurgical
treatment processes and parameters
made when reporting Mineral Resources
may not always be rigorous. Where this is
the case, this should be reported with an
explanation of the basis of the
metallurgical assumptions made.
Metallurgical test work investigating a gravity – CIL process has resulted in combined
recoveries ranging from 86.0% to 97.8% and averaging over 90%. Further work is underway
to determine full processing parameters and economics.
Environmental factors or
assumptions
• Assumptions made regarding possible
waste and process residue disposal
options. It is always necessary as part of
the process of determining reasonable
prospects for eventual economic extraction
to consider the potential environmental
impacts of the mining and processing
operation. While at this stage the
determination of potential environmental
impacts, particularly for a greenfields
project, may not always be well advanced,
the status of early consideration of these
It is assumed that all permits necessary for commercial gold production will be obtained.
Baseline studies are well advanced including:
• surface water flow and quality
• aquatic ecology
• ecology including geckos, skinks, bats, birds, pests and flora
• geochemistry
• hydrology
• socio-economic

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Criteria JORC Code explanation Commentary
potential environmental impacts should be
reported. Where these aspects have not
been considered this should be reported
with an explanation of the environmental
assumptions made.
Other studies have commenced as mine studies advance including noise, traffic, lighting and
visual.
Bulk density
• Whether assumed or determined. If
assumed, the basis for the assumptions. If
determined, the method used, whether
wet or dry, the frequency of the
measurements, the nature, size and
representativeness of the samples.
• The bulk density for bulk material must
have been measured by methods that
adequately account for void spaces (vugs,
porosity, etc), moisture and differences
between rock and alteration zones within
the deposit.
• Discuss assumptions for bulk density
estimates used in the evaluation process of
the different materials.
Bulk density was interpolated by inverse distance squared weighting into the fresh and
partial oxidation domains from 2,653bulk density measurements. There was insufficient data
in the oxide domain to allow interpolation.
Bulk density was assigned to un-interpolated blocks by oxidation domain based on the
median values of the bulk density samples in each oxidation domain.
No difference was found in the median value of bulk density data between mineralised and
un-mineralised samples.
Bulk density was measured by core immersion. The core was not routinely coated, allowing
water to penetrate voids, however the rocks have very low porosity due to metamorphism.
100 samples of fresh (unweathered) core were tested by the routine method and by wax
coating to check for the effect of the water ingress on the bulk density measurements. There
was no difference in the average value or the CV of the two methods. Therefore, MGL
continues to use un-coated core for density determinations.
Classification
• The basis for the classification of the
Mineral Resources into varying confidence
categories.
• Whether appropriate account has been
taken of all relevant factors (ie relative
confidence in tonnage/grade estimations,
reliability of input data, confidence in
continuity of geology and metal values,
quality, quantity and distribution of the
data).
The MRE was classified using input data quality, confidence in the geological interpretations,
estimation pass number, average distance to composites used, distance to the nearest
composite used and the kriging slope of regression (a function of grade continuity and data
(drilling) configuration). In general, indicated resources are reported from continuous zones
of un-ambiguous geological interpretation and in block grades estimated in pass 1 where the
nearest composite was less than 25 m away, the average composite distance was less than 40
m and kriging slope of regression was greater than 0.6.
Resource categorization is based on confidence in the estimation of gold grades only.
The resource classification appropriately reflects the Competent Person’s view of the
deposit.

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Criteria JORC Code explanation Commentary
• Whether the result appropriately reflects
the Competent Person’s view of the
deposit.
Audits or reviews
• The results of any audits or reviews of
Mineral Resource estimates
Earlier iterations of the RAS MRE were reviewed by AMC Consultants in 2023 and RSC
Consultants in 2024.
AMC concluded that the MRE is an adequate representation of average grade and grade
trends but with a degree of local variability not able to be accurately represented in the
model.
RSC concluded that extreme grades were not adequately restricted. This issue has been
addressed by the application of top cuts (previously outlier restriction was used) and the use
of a high grade domain.
Discussion of relative
accuracy/ confidence
• Where appropriate a statement of the
relative accuracy and confidence level in
the Mineral Resource estimate using an
approach or procedure deemed
appropriate by the Competent Person. For
example, the application of statistical or
geostatistical procedures to quantify the
relative accuracy of the resource within
stated confidence limits, or, if such an
approach is not deemed appropriate, a
qualitative discussion of the factors that
could affect the relative accuracy and
confidence of the estimate.
• The statement should specify whether it
relates to global or local estimates, and, if
local, state the relevant tonnages, which
should be relevant to technical and
economic evaluation. Documentation
should include assumptions made and the
procedures used.
• These statements of relative accuracy and
confidence of the estimate should be
The relative accuracy and confidence in the MRE is reflected in the resource classification. No
quantitative assessment of errors has been made.
The RAS MRE is a global estimate intended to give the best global grade – tonnage
relationship, suitable for use in long term planning but not for local (block scale) estimates.
No production data are available for reconciliation as mining has not commenced.

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Criteria JORC Code explanation Commentary
compared with production data, where
available.