Updated Pre-Feasibility Study Presentation

Bendigo-Ophir Gold Project – Updated Pre-Feasibility Study
Developing New Zealand's newest and richest gold mine
Network Presentation
July 2025

Disclaimer
2
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/NZX: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 1 July 2025. 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 1 July 2025. 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$277 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 93% is within the Indicated Resources category, with
the balance (7%) 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 1 July 2025. 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:
4 March 2025 – ASX Announcement titled “RAS Mineral Resource Estimate Review”
15 November 2024– ASX Announcement titled “Bendigo-Ophir Pre-Feasibility Study”
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 1 July
2025.
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.

UPDATED PFS
GRADE UP
MORE GOLD
CAPEX DOWN
CASH MACHINE
LOW COST
RAS open pit mined at 2.75g/t
Overall project grade of 2.54g/t
A$277 million
Down from A$340 million
Recovering 1.25 million ounces
Underground increased to 295koz
A$6.2 billion in gold sales
A$3.5 billion profit before tax
A$2.5 billion in free cash
Cash cost A$1,741/oz
AISC of A$1,842/oz
AIC A$2,216/oz
Based on a current gold price of A$4,950/oz
RESPONSIBLE
Extensive environmental studies
Baseline studies complete, FTA
submission imminent

Bendigo-Ophir Gold Project PFS outcomes
Production profile
13.8 years
initial mine life
16.4Mt @ 2.54g/t
ore mined
1.25Moz of Gold
sold
~500koz Inferred resources
remaining at RAS
120koz pa
peak production
Capital & Operating
A$277M
total pre-production
A$1,741/oz
cash operating cost
A$1,842/oz
all-is-sustaining
A$2,126/oz
total cost per ounce
Financials at Current Gold Price A$4,950
<1.7yrs
simple payback (from
production)
A$6.2 billion
revenue
A$4.0 billion
EBITDA
A$2.5 billion
after tax free cash
A$1.5 billion
NPV
6.5
after tax
65%
IRR after tax
BOGP PFS Outcomes
•Robust economics
•Exceptional margins
•Low hurdles
•Rapid payback
•Growth not yet included
•~500koz Inferred
resources still to be
converted at RAS
•~190koz Inferred at
SRX and CIT
4

Highly profitable investment case
Strong financialsUnitsTotal A$
Revenue$ billion6.2
EBITDA$ billion4.0
Free cash after tax$ billion2.5
Taxes$ million983
After tax NPV$ billion1.5
After tax IRR%65
After tax Paybackyrs.<1.7
Cash flows from pre-production to conceptual mine closure
-
20
40
60
80
100
120
140
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14
Production (kOz)
Open PitUnderground
(43)
(277)
(182)
91
358
597
855
1,070
1,315
1,508
1,762
2,006
2,186
2,431
2,532
2,534
(3,000)
(2,000)
(1,000)
-
1,000
2,000
3,000
(300)
(200)
(100)
-
100
200
300
Year -2Year -1Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14
Cumulative net cash flow
($'000)
Cash Flow ($'000)
Project Free Cash Flow (inc tax)Cumulative FCF (RHS)
Gold production profile
option to increase ounces with mill upgrade to 1.8Mtpa
5

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 mines
Project infrastructure includes
Underground
mine
1.2Mtpa
process plant,
can scale to
1.8Mtpa
Workshops
and stores
Non-process
infrastructure
Tailings
storage facility
(TSF)
Engineered
land fill (ELF)
Water pipeline
Power line to
national grid
Maximum footprint
shown for illustration
purposes only
6

Open pit mining at Rise & Shine (RAS) and Srex (SRX)
1.02Moz
12.6Mt at 2.5g/t
RAS/SRX gold inventory
Mining physicals
13.8yrs mining
11Mt @ 2.75g/t from RAS
1.4Mt @ 0.68g/t from SRX
93% ore feed is Probable Reserve
Mining method
Seven stages of cutbacks
200t class excavators
90t class rear dump trucks
RAS
211Mt total rock
17.5Mt pre-strip
11.2Mt ore
14.6:1 operating strip ratio
Mined gold
993koz Au from RAS
30koz from SRX
>1Moz Au total
Overall grade 2.53g/t
953koz recovered
7

Underground mining at RAS
316koz
3.7Mt at 2.7g/t
RAS UG inventory
Mining physicals
7yrs mining
3.7Mt ore
Total development 17km
87% Indicated ore feed
Mining method
Long hole stoping w/paste fill
5.5mW x 5.5mW twin declines
Cable bolts and shotcrete
17km development
2.6Mt paste fill
171km of cables
10k m
3
shotcrete
Mined gold
316koz Au
Grade 2.66g/t
295koz recovered
8

Conventional CIL processing plant
Six phases of metallurgical testing
completed
Very high recoveries at RAS of 93%

THE PFS DESIGN USES SIMPLE CIL TECHNOLOGY TO GENERATE VERY HIGH RECOVERIES
Three stage crush
Ball millingGravity circuit
CIL
Electrowinning
Gold furnace
1
2
3
4
5
6
9

PRE-PRODUCTION CAPITAL
A$277M
CAPEX and OPEX breakdown
OPERATING COSTS
Mining costA$/t milled62.5
Milling costA$/t milled25.4
G&A (includes site specific items)A$/t milled8.9
C1 Cash costA$/t milled96.8
Royalties/sustaining CAPEXA$/t milled43.6
All-in sustaining cost (AISC)A$/t milled140.4
SUSTAINING CAPITAL EXPENDITURE (funded from cash flow)
Plant and InfrastructureA$48M
Waste strippingA$78M
Underground infrastructure Yr 6A$85M
TotalA$211M
Pre-production: Infrastructure and services $64M
Pre-production: Process plant and TSF $119M
Pre-production: Establishment & pre-strip $94M
Significant cost items (with 10% contingency):
10
Open Pit Pre-Strip Cost
Owners Team
Land
Infrastructure
Earthworks
TSF
Process plant
Equipment
Capex
Contingency

11
Extensive mine
closure planning with
rehabilitation
provisions for ‘end-
of-life’ natural
landforms and water
treatment systems

Resistant against price fluctuations
12
Project NPV
6.5
Sensitivities (‘000) Post Tax – Gold Prices
Strong Base-Case
@
A$3,500/oz
NPV
6.5
A$780M
IRR 38%
Payback 2.6Yrs
(Unleveraged, Post Tax)
50% of Spot
Gold price
-10%/ozBase-CaseSpot Price+10%/oz
A$2,475/ozA$3,150/ozA$3,500/ozA$4,950/ozA$5,445/oz
NPV
6.5%
A$255M$601M$780M$1.52b$1.77b
IRR18%32%38%65%73%
Payback4.9Yrs3.0Yrs2.6Yrs1.7Yrs1.6Yrs
Gold price could halve, and the project is
still very profitable

Permitting and timeline to first gold
PATHWAY TO FIRST GOLD
13
PROJECT: Bendigo-Ophir Gold Project
Legend:
Project start date:
Jul-25
Scrolling increment:
Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4Wk 1Wk 2Wk 3Wk 4
Milestone descriptionStartWeeks
Mining Permit NZPAM1/07/2025
Resource Consents31/12/2025
Early Works
Buildings (Design, Order, Construct)1/07/202524
Mine Entrance Work1/07/202524
Services1/08/202520
Establishment
Mining Fleet Prep/Pioneering15/01/202611
Haul Road Construction15/01/202625
Process Plant Earthworks1/02/20269
Pads and Dams1/03/202644
Pre-Strip
Large Mining Fleet Starts1/04/202640
Process Plant
Detailed Design1/07/202530
Civil Construction15/02/202650
Commissioning1/03/20272
First Gold
15/03/2027
AprMayJun
2027
DecJanFebMarJulAugSepOctNovJulyAugSept
ExpectedPlanned
20252026
OctNovDecJanFebMar

GRADE UP
MORE GOLD
CAPEX DOWN
CASH MACHINE
LOW COST
RAS open pit mined at 2.75g/t
Overall project grade of 2.54g/t
A$277 million
Down from A$340 million
Recovering 1.25 million ounces
Underground increased to 295koz
A$6.2 billion in gold sales
A$3.5 billion profit before tax
A$2.5 billion in free cash
Cash cost A$1,741/oz
AISC of A$1,842/oz
AIC A$2,216/oz
Based on a current gold price of A$4,950/oz
RESPONSIBLE
Extensive environmental studies
Baseline studies complete, FTA
submission imminent
MOVING IMMEDIATELY TO EARLY WORKS AND DETAILED ENGINEERING

Ore Reserves – High conversions
Bendigo-Ophir
Ore Reserve
15Mt @ 2.58g/t
PFS targeted 1.54Moz of Indicated resources and converted 81% (1.24Moz) to a Probable Reserve
1. Please see full PFS Summary and Reserve estimate modifying factors in the disclosures announced to ASX
on 1 July 2025
Note 1: RAS Open pit cut-off grade 0.5g/t at $US2,000/oz Au price
Note 2: RAS Underground cut-off grade 1.7g/t at $US1,650/oz Au price
Note 3: SRX Open pit cut-off grade 0.30 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 30 June 2025, estimated under the supervision of Damian Spring (FAusIMM).
Note 6: Approved consents and required permits are yet to be granted to enable mining of the RAS and SRX deposits.
15
AreaProvenProbableTotal
MtAu g/tMtAu g/tMtAu g/tAu koz
RAS open pit--10.52.7810.52.78937
RAS
underground
3.22.663.22.66275
SRX1.30.701.30.7030
Total--15.02.5815.02.581,242

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.
Appendix 1: Mineral Resource Estimate
16
DepositCategorytonnes (Mt)Au grade (g/t)Contained Gold (koz)
RAS
Indicated18.92.51,538
Inferred7.62.2542
RAS TotalIndicated and Inferred26.52.42,080
CITInferred1.21.559
SRXIndicated2.20.854.7
SRXInferred2.91.090.5
SRX TotalIndicated and Inferred50.9145
SREIndicated0.40.810.3
SREInferred1.11.242
SRE TotalIndicated and Inferred1.51.152
BOGP Total
Indicated21.52.31,603
Inferred12.71.8734
BOGP TotalIndicated and Inferred34.32.12,337