Improved Metallurgical Outcomes from RAS and SRX

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

T: +61 7 3221 7501



26
th
June 2025

Improved Metallurgical Outcomes from RAS and SRX


Santana Minerals Limited (ASX: SMI) (“Santana” or “the Company”) is pleased to report on another
phase of metallurgical test work. Specific whole ore leach tests were completed on 6 composites of
deemed low grade ore from RAS. Also, an additional 9 optimum leach tests were completed on the
Srex gold deposits.

HIGHLIGHTS

1. Specific metallurgical test-work on RAS mineralisation deemed low-grade (avg. of 0.665g/t
from 6 samples) returned high recoveries (avg of 88.7%), with low regent consumption of
0.3kg/t of NaCN and 0.19kg/t of lime.

An analysis of all previous RAS metallurgical data was statistically analysed. Regression analysis
generated a good correlation R
2
= 0.871. A mathematical formula to estimate residue grades
when related to variable head grades was determined and enables variable percentage
recovery estimate dependent on head grade:

Au Residue (ppm) = 0.0411 x Total Gold (ppm) +0.0671

2. Nine (9) representative composite samples from Srex (SRX) were subjected to suboptimum
leach test work. The samples had an calculated head grade of 1.195g/t and returned
significantly improved outcomes from the small number of previous tests. Metallurgical
recoveries averaged 81.8% with low reagent consumption (0.40kg/t NaCN) and negligible lime
consumption. Gravity gold recovery averaged 38.8%.

Santana’s CEO, Damian Spring said:
“These are fantastic outcomes for our pending project development. High recoveries, low chemical
consumption, fast leaching and moderate power requirements from our RAS and Srex ores provide
great optionality for ore blending from satellite deposits with RAS and an extended operating life.“



ASX RELEASE
ASX:SMI

2

RAS Orebody – Low Grade Ore Metallurgical Testing

Further to statistical analysis of residue grades and the relationship between head grade and residue
a decision was made to assess metallurgical properties of what would be deemed low grade material
planned to be stockpiled separately on a free-on surface basis during mining.

Eight indicative samples were collected from the LG1 and LG2 domains within the proposed RAS open
pit. The assay results ranged from 0.09g/t AU to 0.58 g/t. Based on the low grades two of these were
not subjected to test work as their assay grades were sub-0.15g/t Au with the remainder subjected to
comminution and whole ore leaching at a 106 micron grind size with test work undertaken by ALS
metallurgy Laboratory.

Comminution test work

Sample RAS LG#8 was subjected to Bond Rod Mill index testing and concluded a Bond RWi of
16.6kwh/t slightly lower than the higher-grade ores but discernible due to lower percentage of visual
silicification with the mineralisation.

Leach/Grind test work

Leach tests were completed at a 106 micron (μm) grind size and slurry density of 45% solids in Perth
tap water. An initial pH of 10 (maintained at 9.5-10), 500ppm of NaCN (maintained at 300ppm) with
samples sparged with oxygen at each check point.

The Metallurgical test work was completed by ALS in Perth, Western Australia under the guidance of
expert metallurgical engineers and plant builders, MACA Interquip Mintrex.

Low residues were achieved from all samples after 24 hours of leaching. The average calculated head
grade of all 6 leached samples of low grade was 0.665g/t Au with an average residue of 0.075g/t Au
providing for an estimated weighted average recovery from low grade ore samples of 88.7% or a mean
of 82.9%. A strong correlation between (R
2
= 0.829) calculated head grade and the extent of extraction
was determined.

In line with previous metallurgical testing of RAS, very low cyanide consumption and lime addition is
required with cyanide at 0.30kg/t and lime at 0.19kg/t.

Refer to appendix 1 for summary table detail. ALS consents to the release of these results.

Statistical Analysis on the cumulative RAS Metallurgical dataset.

Santana has completed regression analysis on all met data received to date with a view to establishing
a formula to apply to its planning based on variable monthly head grade in its gold production
estimates. This regression concluded a reasonable fit (R
2
= 0.871) with only two outlier samples from
the expanding dataset removed. from the

A gold recovery residue at varying head grade can be applied to estimate a recovery percentage:

Au Residue (ppm) = 0.0411 x Total Gold (ppm) +0.0671

3


For example at a head grade of 2.5g/t Au a recovery of 93.2% is estimated.

SREX Orebody – Metallurgical Testwork

Srex is a satellite deposit of smaller size and lower grade but serves as a significant supplementary ore
source for the much larger RAS ore processing.

Comminution test work

The Srex ores appears notably softer and less resistant to both impact breakage and abrasion
compared to RAS. Five composite samples underwent comminution testing.

▪ Average Crusher Work Index (CWI) of 5.25 kWh/tonne
▪ A Bond Ball Work index of 17.1 kWh/tonne (range 16.6 – 17.4 kWh/t) classifying the ore as
hard.
▪ SAG Circuit Specific Energy averaging 8.45 kWh/tonne (range 7.72 to 9.16 kWh/t)

Leach/Grind test work

Leach tests were completed on 9 representative composite samples from Srex. Testing was completed
by IMO laboratories at a 106 micron grind and a slurry density of 40% solids. An initial pH of 10
(maintained at 9.5-10), 500ppm of NaCN (maintained at 300ppm) with air used at a dissolved oxygen
level of 8-10mg/l. All leach tests were conducted using Perth tap water.

▪ An optimal grind size of 106 micron (μm) was determined with leach recoveries ranging from
68.3% to 90.9%. Reagent consumption was low at 0.40kg/t of CN and negligible consumption
of lime.
▪ Gravity recoverable gold averaged 37.2% gold (range 22.6% and 54.2%) at 300 micron (μm).

Refer to appendix 2 for summary table detail. Independent Metallurgical Operations Pty Ltd (IMO)
consents to the release of these results.

Ends.
y = 0.0411x + 0.0671
R² = 0.8701
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
0.005.0010.0015.0020.0025.0030.0035.0040.00
Au Residue ppm
Au Total ppm
Au Residue vs Au Total

4


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




Previous Disclosure - 2012 JORC Code
Information relating to Mineral Resources, Exploration Targets and Exploration Data associated with the Company’s
projects in this announcement is extracted from the following ASX Announcements:
• ASX announcement titled “Shiny outcomes from latest metallurgical test work at RAS” dated 2 April 2024
• ASX announcement titled “Infill drilling increases RAS Indicated category to 1.45Moz” dated 2 July 2024

A copy of such announcement is available to view on the Santana Minerals Limited website www.santanaminerals.com.
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. 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.

5

Appendix 1.

Table Leach Results for RAS Low Grade - current phase of metallurgical test work.

6

Appendix 2.

Table of Optimum Leach Results for Srex - current phase of metallurgical test work.




Composite
SRX-MC
SRX-VC1
SRX-VC2
SRX-VC3
SRX-VC4
Leach Test
LT-4
LT-VC1
LT-VC2
LT-VC3
LT-VC4
Calc’d Ore Head Grade
g/t
1.10
0.76
1.24
1.91
0.98
Assay Ore Head Grade
g/t
0.66
0.51
0.46
1.55
1.74
Gravity Gold Recovery
%
22.9%
36.7%
51.5%
44.6%
22.6%
Overall Gold Recovery
%
68.3%
90.9%
83.3%
75.0%
75.3%
Leach Residue Grade
g/t
0.35
0.07
0.21
0.48
0.24
Gravity Au Recovery
g/t
0.25
0.28
0.64
0.85
0.22
Leach Au Recovery
g/t
0.50
0.41
0.39
0.58
0.51
Overall Au Recovery
g/t
0.75
0.69
1.03
1.43
0.73
Composite
SRX-VC5
SRX-VC6
SRX-VC7
SRX-VC8
Leach Test
LT-VC5
LT-VC6
LT-VC7
LT-VC8
Calc’d Ore Head Grade
g/t
0.86
1.05
1.35
1.51
Assay Ore Head Grade
g/t
0.47
1.32
0.90
0.89
Gravity Gold Recovery
%
30.5%
35.5%
36.0%
54.2%
Overall Gold Recovery
%
86.7%
86.1%
86.4%
84.6%
Leach Residue Grade
g/t
0.11
0.15
0.18
0.23
Gravity Au Recovery
g/t
0.26
0.37
0.49
0.82
Leach Au Recovery
g/t
0.48
0.53
0.68
0.46
Overall Au Recovery
g/t
0.74
0.91
1.17
1.28