Quarterly Activities and Cashflow Reports

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




24 July 2025
June quarterly report
The Board of Santana Minerals Ltd (ASX/NZX: SMI, “Santana” or “the Company”) is pleased to report a quarter of strong
momentum across technical, regulatory and strategic fronts at its flagship Bendigo-Ophir Gold Project (BOGP) in
Central Otago, New Zealand. Work completed during the June 2025 quarter culminated in the release of an Updated
Pre-Feasibility Study (Updated PFS) on 1 July 2025, reflecting significant progress in mine design, process plant
configuration and capital efficiency. In parallel, permitting activities under New Zealand’s fast-track regime advanced
substantially, positioning the Project for potential development in early 2026.
Key Highlights
Operations
▪ An Updated PFS was completed incorporating the March 2025 Mineral Resource Estimate (MRE), targeting
extraction of the redefined high-grade (HG1) domain, with reduced pre-strip requirements and processing
plant refinements. At a gold price of A$4,950/oz, the revised mine plan resulted in:
o 1.2Mtpa plant producing 1.25Moz of gold over 13.8 years
o Peak gold production of 120koz per annum
o Net Present Value (NPV
6.5
) of A$1.5 billion
o Internal Rate of Return (IRR) of 65%
o Total cash cost of A$1,741/oz and an All-in-Sustaining-Cost (AISC) of $1,842/oz
o Reduction in capital expenditure required to advance the project into production to A$277 million
including a 10% contingency.
▪ Drilling at RAS South designed to infill material in the Stage 1 pit also intercepted thick zones beneath the pit
shell and outside of current MRE wireframes, adding potential scale to the southern extent of the deposit. Best
results included:
o MDD407 with 33.0m at 2.7g/t from 98m
o MDD418 with 27.0m at 2.3g/t from 153m
o MDD419 with 7.0m at 5.9g/t from 86m
o MDD432 with 8.3m at 2.4g/t from 27.7m
▪ Metallurgical testwork on RAS low-grade material was completed showing strong recoveries of 88.7% with low
reagent consumption. Additional testwork on Srex (SRX) material was also announced showing significantly
improved outcomes with 81.8% recoveries and low reagent consumption.
▪ Mr Paul Miles was appointed to the position of General Manager of Matakanui Gold Ltd strengthening the
project’s operational leadership as it moves toward development.
▪ Ms Cheryl Low was appointed to the position of Environment Manager of Matakanui Gold Ltd to manage the
current consenting phase of the project as it advances approvals and environmental planning for development.
▪ Final preparations for the Fast-track Approvals (FTA) application are well advanced, with submission imminent
and the process expected to enable a decision to mine within six months of lodgement.
▪ De-risking of the BOGP through offer and acceptance to purchase Ardgour Station land upon which half of the
presently defined RAS resource of the MRE is located (subject to Overseas Investment Office approvals).


ASX RELEASE
ASX:SMI
NZX:SMI

2



Corporate & Finance
▪ The Company concluded the quarter with cash of ~A$47.5 million net of payables.

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

3

Operational Activities – Bendigo-Ophir Gold Project (“BOGP”)
The BOGP continues to advance as New Zealand’s largest undeveloped gold asset, underpinned by a growing Indicated
MRE and a new regulatory framework aimed at enabling timely approvals. The Updated PFS marks a key milestone in
advancing the development strategy, ready for execution in January 2026, subject to approvals.
During the June quarter, focus shifted from study-phase concepts to practical mine planning. Key activities included:
redefining pit stages to minimise pre-strip and prioritise near-surface ore, refinement of plant designs and site
establishment requirements for greater capital efficiency, and alignment of technical schedules with the expected
consenting timeline.
Drilling efforts during the quarter supported these activities by focusing on infill of near-surface ore at RAS South and
geotechnical drilling in areas designated as early-stage pit wall boundaries.
Updated PFS 2025
Following the release of the initial PFS in November 2024, the Company undertook a detailed re-evaluation of its
development approach for the BOGP. The resultant Updated PFS incorporates the March 2025 MRE, which significantly
improved confidence in the HG1 (high-grade) domain and supported a shift to a more selective, staged mining strategy.
Key changes include an 8.5 million bcm reduction in pre-strip volumes, earlier access to sustainable mill feed, and a
downsized 1.2Mtpa processing plant optimised for higher grades and potential ore hardness variability. Importantly,
the processing plant has been designed for easy expansion to 1.8Mtpa through the addition of a ball mill, if required.
Underground mining has been deferred to Year 7, reducing upfront complexity and extending the overall initial mine
life by four years.
Under the revised plan, first gold is now targeted within 15 months of construction commencement, eight months
earlier than the previous November 2024 PFS plan.
These changes provide a more robust foundation for permitting, financing, and transition to development and result
in the production of 120koz of gold per annum in the peak mining years.

Table 1. Mineral inventory contained in RAS updated pit stages (1 to 5)
Figure 1 below presents the initial five pit stages in plan-view showing the progression toward the HG1 domain (purple
shape). Pit Stage 1 targets near-surface, lower-grade ore (1.56g/t Au) at RAS South, accessible beneath 7.9 million bcm
of overburden.






Figure 1: Ore Feed Schedule 1.2Mtpa
Open Pit Mining
The RAS open pit is now defined in seven stages, with Stage 1 designed to minimise pre-strip requirements and access
sustainable ore feed as soon as possible. Initial pit stages focus on near-surface, lower grade (LG) material at the
southern end of the deposit, with future cutbacks vectoring toward the HG1 domain. Although this southern area has
a lower average grade than the HG1 domain to the northeast, it provides a practical entry point that allows subsequent
bulk stripping to proceed in parallel, while funding development from gold production. Figure 2 and Figure 3 show the
outline of each of the seven pit stages in plan-view and section-view respectively, with ore zone halos shown in red
(Indicated Resources) and yellow (Inferred Resources). Figure 4 shows the proximity of all seven pit stages in relation
to the HG1 and LG (lower-grade) domains.
-
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
option to increase ounces per annum with mill upgrade to 1.8Mtpa

4



Figure 2: RAS Plan View Showing Pit Stages Against IND/INF Material

Figure 3: RAS Long Section Showing Pit Stages Against IND/INF Material

5



Figure 4: RAS Long Section Showing Pit Stages Against HG1 and LG Domains
The total mineral inventory mined from the RAS open pits is 993koz at an average grade of 2.75g/t:
Type Unit Quantity
Total rock tonnes 211,500,000
Total waste tonnes 200,250,000
Ore tonnes tonnes 11,231,000
Average gold grade g/t 2.75
Total contained ounces oz 993,330
Table 1: RAS Pit Material Movements
The SRX satellite pit remains in the overall open pit schedule with mining commencing in year 13. An additional 30koz
is mined with pit inventories shown in Table 2 below.
Unit Quantity
Total rock mined tonnes 7,344,000
Total waste tonnes 5,916,000
Total ore tonnes 1,428,000
Average gold grade g/t 0.68
Total contained ounces oz 30,674
Stripping Ratio (waste t: ore t) 4.1
Table 2: SRX Open Pit Material

6


Underground Mining
The RAS underground mine design was refined for the Updated PFS, incorporating the March 2025 MRE and revised
stope geometry to better align with the redefined Indicated Resource boundary. While the mining method remains
unchanged, longhole stoping with paste fil, the design now includes enhanced stope shapes and repositioned paste
infrastructure, improving recovery and geotechnical control. Underground development is scheduled to commence in
Year 6, with production beginning in Year 7. The revised inventory totals 3.8Mt at 2.6g/t Au for 316koz, supporting a
seven-year underground production profile that complements the open pit schedule and extends the overall initial
mine life.

Figure 5: RAS Underground Designs
Process Plant Designs
The updated process plant design for the RAS deposit is based on a conventional carbon-in-leach (CIL) flowsheet (see
Figure 6) configured to achieve high gold recoveries with efficient, low-cost operation. The plant is designed for a
nameplate throughput of 1.2Mtpa, incorporating three-stage crushing, ball milling, gravity recovery, and a CIL circuit
with 24-hour residence time. Key design choices prioritise reliability, maintainability, and construction efficiency, with
capacity for future expansion to 1.8Mtpa. The circuit also includes cyanide destruction and arsenic removal systems to
meet stringent environmental standards.

7



Figure 6: Process Plant Flow Sheet Diagram
Gold recovery estimates were also updated during the quarter using a regression-based model derived from
metallurgical testwork, replacing the previous flat recovery assumption of 92.4%. The new model applies a dynamic,
grade-dependent recovery curve across the mine schedule, offering improved alignment with the evolving head grade
profile. The regression analysis shows a strong statistical fit (R² = 0.87), supporting the reliability of forecast recoveries.
The resulting average gold recovery across the life of mine is approximately 93%.
Metallurgical testwork results were also announced from processed SRX samples, showing improved recoveries of
81.8%.
Run of Mine (ROM) material processed by the plant comes from the following sources over the initial life of the project.
Figure 7: Open Pits vs Underground LoM Mill Feed



-
200
400
600
800
1,000
1,200
1,400
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14
Ore Tonnes Mined (kt)
RAS OPRAS UGSRX OP

8


Financial Returns
Financial projections were prepared under the revised development strategy using a base-case gold price of
A$3,500/oz, a current price scenario of A$4,950/oz, and the NZD equivalent of the current price, as summarised in the
table below.
Key Financial Assumptions Base-Case AUD 3-Month AUD 3-Month NZD
Gold price $/oz 3,500 4,950 5,410
Exchange rate USD:$ 0.63 0.63 0.58
Initial Life of Mine Metrics




Gold sales Oz
1.248 million
Initial mine life Yr(s)
13.8
Gold revenue ($’000) AUD 'mil 4,367 6,177 6,751
Initial life of mine operating costs
Total open pit mine operating costs AUD 'mil 777 777 849
Total underground mine operating costs AUD 'mil 246 246 269
Total ore processing operating costs AUD 'mil 416 416 455
Total general and admin costs
2
AUD 'mil 158
2
158
2
172
2

Crown royalties (higher of 2% NSR or 10% annual profit) AUD 'mil 232 410 448
Third party royalties – (3 other) AUD 'mil 117 166 181
Total cash operating cost AUD 'mil 1,946 2,173 2,375
Total cash operating surplus (EBITDA) AUD 'mil 2,422 4,004 4,376
Non-cash costs
Life of mine depreciation and amortisation AUD 'mil 480 480 524
Total cost of sales AUD 'mil 2,425 2,652 2,899
Historical PP&E AUD 'mil 36 36 39
Net profit before tax (NPBT) AUD 'mil 1,906 3,489 3,813
Corporate tax payable (28.0%) AUD 'mil (546) (983) (1,074)
Estimated net profit after tax (NPAT) AUD 'mil 1,360 2,506 2,739
NPV
6.5
(unleveraged and after-tax) AUD 'mil 780 1,521 1,662
Internal rate of return (IRR) % 39% 65% 65%
Capital Expenditure Requirements




Pre-production capital (incl. 10% contingency) AUD 'mil 277 277 302
Sustaining capital expenditure (funded from cash flow)
Plant & infrastructure AUD 'mil
48
48
52
Waste stripping AUD 'mil 78 78 85
Underground mine plant & infrastructure (year 6) AUD 'mil 85 85 93
Closure capex (off-set against salvage value of PP&E) AUD 'mil (0) (0) (0)
Total capex over mine life AUD 'mil 487 487 533
Comparative Metrics (rounded)




Total cash operating cost per ounce AUD / Oz 1,559 1,741 1,903
All in cost (AIC) AUD / Oz 1,950 2,132 2,330
Table 3: Financial Projections, Base-Case and Current Gold Pricing
Notably the BOGP has an NPV
6.5
of A$1.56 billion at recent gold prices (A$4,950/oz), with a pre-production capital
requirement of A$277 million. These financials will be used in the upcoming debt financing phase of the project.

9


Exploration and Resource Definition
Drilling during the June quarter was directed toward mine readiness at RAS, with targeted infill and extensional
programs focused primarily on RAS South. Geotechnical drilling was also completed supporting optimisation of pit
staging and providing key data incorporated into the Updated PFS.
RAS South
At RAS South, infill drilling improved definition in previously wide-spaced, LG zones and confirmed a series of shallow,
low-strip mineralised horizons suitable for early mining. Deeper higher-grade intercepts below the Stage 1 pit, outside
the current Mineral Resource, have also revealed potential new parallel lodes and reinforced the prospectivity of
extensions beneath the Rise and Shine Shear Zone.
Notable intercepts at RAS South include:
o MDD407 with 33.0m at 2.7g/t from 98m
o MDD418 with 27.0m at 2.3g/t from 153m
o MDD419 with 7.0m at 5.9g/t from 86m
o MDD432 with 8.3m at 2.4g/t from 27.7m
These holes are shown in Figure 8, along with MDD414, a geotechnical hole that returned strong mineralisation, and
MDD420, which tested the transitional zone between the HG1 and LG domains, indicating the presence of east/west
jogs or flexures within the mineralised structure.

Figure 8: Plan View of Notable Holes Drilled During the June Quarter
Geotech hole
A
A

10


Figure 9 below shows the numerous intercepts drilled beneath the current Stage 1 pit, and outside of the current MRE.
The grades and thicknesses observed in these assays will inform additional drilling and possible re-classification of RAS
South domains.

Figure 9: Notable Intercepts at RAS South Showing Potential to Reclassify Thickness of LG and/or Future Upgrade to HG1
RAS Geotechnical Drilling
During the quarter, eight geotechnical holes were completed along the eastern and western walls of early-stage pit
designs. Notably, MDD414 intersected 4.0m at 10.5g/t from 240m, while MDD422 returned low-level mineralisation.
These intercepts lie outside the current modelled resource and, while not economic as standalone zones, may offer
future optionality for lateral development from pit wall drives. In addition to their potential commercial value, these
fringe holes informed pit boundary definition and provided data for geotechnical design and wall stability.
Mapping and Regional Exploration
Soil sampling and mapping has intensified beyond the core project area, targeting anomalous geochemical trends,
carbonate alteration (e.g. ankerite), and coincident structural controls consistent with pathfinder signatures observed
around the existing discoveries at RAS, SRX and Come-in-Time (CIT). Part of the mapping process has also targeted
identification of the Thomson Gorge Fault (TGF) as it transects the tenement eastward, beyond Thomsons Saddle
toward Ophir. Approximately 5km of additional TGF mapping has now been completed, informing the next round of
soil sampling to expose new targets for exploration and discovery.

11



Conceptual Mine Closure and Rehabilitation Plan
As part of preparation for the Fast-track approval submission, the Company finalised its conceptual mine closure plans. Figure 9 below shows that mine infrastructure such as the tailings dam and engineered landforms (ELFs) will be rehabilitated
and revegetated to resemble the natural topography while providing habitats for native lizards. Other mine closure and rehabilitation provisions are annotated on the image below, which is generated by expert environmental consultants.
Figure 9. Conceptual Mine Closure Plan

12

Permitting and Fast-track Approvals
Regulatory efforts advanced during the quarter, with the Company progressing its dual-track approvals process for the
BOGP. Following submission of the Mining Permit Application (MPA) to NZ Petroleum & Minerals in March, formally
transitioning the project from exploration to development, the Company has focused on finalising its Fast-track
Approvals (FTA) application. While lodgement was initially targeted for the June quarter, submission was deferred due
to delays in final report delivery by external consultants. Lodgement is now imminent and remains a top priority.
The project’s inclusion in Schedule 2 of the Fast-track Approvals legislation provides a time-bound pathway to secure
full environmental consents, potentially within six months of lodgement. Together with the MPA, the FTA application
forms the core regulatory foundation for enabling construction in early 2026 and first gold production within 15 months
from commencement of construction.
Appointment of General Manager
During the quarter, the Company appointed Mr Paul Miles as General Manager of Matakanui Gold Limited, the New
Zealand-based subsidiary and operator of the BOGP. Mr Miles will lead operational readiness and the transition from
development to production. A highly experienced mining engineer and Otago School of Mines graduate, Mr Miles
brings extensive expertise across open cut and underground operations in both owner-operator and contractor
settings. He is a member of the AusIMM and NZ Institute of Directors, and currently serves on the board of MinEx and
as a trustee of New Zealand Mines Rescue. His appointment strengthens the Company’s commitment to safe, efficient,
and community-focused development of what is set to become New Zealand’s next major gold mine.
Appointment of Environment Manager
Ms Cheryl Low was appointed to the position of Environment Manager during the quarter. Cheryl brings over 20 years
of experience in gold mining and environmental management across government, industry, and consulting. Most
recently, she served in a senior position with the Queensland Department of Environment, where she managed
compliance activities for multiple mining operations, including groundwater assessments, site inspections, and
stakeholder engagement. Cheryl also previously held senior roles in the mining industry, including Group Environment
Manager at Westgold Resources and Environment Manager at Breaker Resources. Her appointment strengthens the
Company’s capability as it advances project approvals and environmental planning for development.
Execution Readiness
Significant progress was made during the quarter to position the BOGP for development. With permitting and technical
workstreams advancing in parallel, the Company has intensified contractor engagement and execution planning.
The revised mine plan, with reduced upfront capital intensity, has enhanced flexibility in funding options and is enabling
more targeted engagement with stakeholders around construction sequencing and delivery readiness. Early works
planning has also progressed, with workstreams initiated for site access, water infrastructure, and accommodation.
With the Updated PFS now released, supporting data, including a revised Ore Reserve Estimate and updated financials,
will form the basis for advancing funding discussions and aligning the project toward a Final Investment Decision (FID)
before the end of the 2025 calendar year.

13


Corporate and Appendix 5B Disclosures
Financials
The Company closed the quarter with a cash balance of A$47.5M net of payables.
The Company’s Appendix 5B (Quarterly Cashflow Report) attached includes an amount in item 6.1 which constitutes
executive ($193k) and non-executive ($75k) directors’ fees paid during the Quarter.
During the period, the Company spent $4.8M on exploration activities and project studies in New Zealand.

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

14


Bendigo-Ophir Project Mineral Resource and Reserve 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 4: Bendigo-Ophir Gold Project Mineral Resource March 2025
Ore Reserve Statement (ORE) as at July 2025:





Table 5: Bendigo-Ophir Gold Project ORE
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.

Cautionary Statement – Inferred Resources Included in Production Target

Of the Mineral Resources planned for extraction under the Updated 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. The production target and the forecast financial information derived from the production target set out in this report 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:

• ASX Announcement titled “Updated Pre-Feasibility Study - Bendigo-OphirGold Project” dated 1 July 2025
• ASX Announcement titled “Improved Metallurgical Outcomes from RAS and SRX” dated 26 June 2025
• ASX Announcement titled “RAS Mineral Resource Estimate Review” dated 4 March 2025
Area Proven Probable Total
Mt Au g/t Mt Au g/t Mt Au g/t Au koz
RAS open pit - - 10.5 2.78 10.5 2.78 937
RAS underground 3.2 2.66 3.2 2.66 275
SRX 1.3 0.70 1.3 0.70 30
Total - - 15.0 2.58 15.0 2.58 1,242

15


• ASX Announcement titled “Bendigo-Ophir Pre-Feasibility Study” dated 15 November 2024
• ASX Announcement titled “Bendigo-Ophir Gold Resources Increased 155% to 643k Oz” dated 28 September 2021

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.

The information in this report that relates to Exploration Results is based on information contained in the following public announcement:

• ASX announcement titled “RAS South Drilling New Gold Intercepts Below PFS Pit” dated 10 April 2025
• ASX announcement titled “Latest Drilling Keeps Extending RAS” dated 7 May 2025
• ASX announcement titled “Shining Brighter RAS Infill Update” dated 16 June 2025

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.

Additional ASX Listing Rule Information
Santana Minerals Limited (‘Santana’) provides the following additional information in accordance with ASX Listing Rule 5.3.3.

Mining tenements held at the end of the Quarter and their location
Name Status Interest Held
New Zealand

Bendigo-Ophir Exploration Permit
Granted 100%
Ardgour Prospecting Permit
Granted 100%
Rise and Shine Mining Permit
Under Evaluation 100%
Cambodia

Snoul Granted
34%
#

# The consolidated entity currently holds a 34% interest in the project (diluting to not less than 12.75% assuming the consolidated entity does not exercise
contribution rights) and is free carried to completion of feasibility study.

Mining tenements acquired during the Quarter and their location
Not applicable.

Mining tenements disposed of during the Quarter and their location
Not applicable.

Beneficial percentage interests held in farm-in or farm-out agreements at the end of the Quarter

Cambodian Project
The consolidated entity’s subsidiary (Subsidiary) is party to an unincorporated joint venture agreement with Southern Gold Limited (SGL) in
respect of the Cambodian Exploration Licences, pursuant to which SGL has a 15% unincorporated joint venture interest in the Cambodian
Exploration Licences, which is free carried until completion of a feasibility study.
The consolidated entity’s subsidiary has also entered into a farm-out and incorporated joint venture agreement with Renaissance Cambodia Pty
Ltd (Renaissance) (Farm-Out Agreement), pursuant to which Renaissance will sole fund US$0.5 million of exploration expenditure on each of
the Cambodian Exploration Licences to earn a 30% shareholding in the Subsidiary. Renaissance can elect to sole fund a further US$1.0 million of
exploration expenditure on each of the two Cambodian Exploration Licences over the following two years, to increase its shareholding in the
Subsidiary to 60%. Upon Renaissance earning a 60% shareholding in the Subsidiary, the consolidated entity may elect to either contribute to
maintain its shareholding in the Subsidiary of 40% or not to contribute, in which case Renaissance may earn a further 25% shareholding in the
Subsidiary, by managing the Subsidiary and providing funding to complete a definitive feasibility study, during which period the consolidated
entity will be free carried.
Renaissance has met the expenditure requirements to earn a 60% interest in the Subsidiary. The consolidated entity has elected not to
contribute and is free carried to a definitive feasibility study.
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the Quarter
Not applicable.

Rule 5.5
ASX Listing Rules Appendix 5B (17/07/20) Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
SANTANA MINERALS LIMITED
ABN Quarter ended (“current quarter”)
37 161 946 989 30 JUNE 2025

Consolidated statement of cash flows
Current quarter
$A’000
Year to date
(12months)
$A’000
1. Cash flows from operating activities
- -
1.1 Receipts from customers
1.2 Payments for
- (51) (a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (405) (1,443)
(e) administration and corporate costs (363) (1,895)
1.3 Dividends received (see note 3) - -
1.4 Interest received 612 1,398
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) - -
1.9 Net cash from / (used in) operating
activities
(156) (1,991)

Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report

ASX Listing Rules Appendix 5B (17/07/20) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows
Current quarter
$A’000
Year to date
(12months)
$A’000
2. Cash flows from investing activities
- -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (24) (468)
(d) exploration & evaluation (4,804) (16,463)
(e) investments - -
(f) other non-current assets - (228)
2.2 Proceeds from the disposal of:
- - (a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets 104 144
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other - -
2.6 Net cash from / (used in) investing
activities
(4,724) (17,015)

3. Cash flows from financing activities
- 10
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities)
3.2
Proceeds from issue of convertible debt
securities
- -
3.3 Proceeds from exercise of options - 36,184
3.4 Transaction costs related to issues of equity
securities or convertible debt securities
- -
3.5 Proceeds from borrowings - 268
3.6 Repayment of borrowings (35) (97)
3.7 Transaction costs related to loans and
borrowings
- -
3.8 Dividends paid - -
3.9 Other (Share Buy-back) - -
3.10 Net cash from / (used in) financing
activities
(35) 36,365

Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report

ASX Listing Rules Appendix 5B (17/07/20) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows
Current quarter
$A’000
Year to date
(12months)
$A’000
4. Net increase / (decrease) in cash and
cash equivalents for the period

4.1 Cash and cash equivalents at beginning of
period
55,355 33,079
4.2 Net cash from / (used in) operating
activities (item 1.9 above)
(156) (1,991)
4.3 Net cash from / (used in) investing activities
(item 2.6 above)
(4,724) (17,015)
4.4 Net cash from / (used in) financing activities
(item 3.10 above)
(35) 36,365
4.5 Effect of movement in exchange rates on
cash held
10 12
4.6 Cash and cash equivalents at end of
period
50,450 50,450

5. Reconciliation of cash and cash
equivalents
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
Current quarter
$A’000
Previous quarter
$A’000
5.1 Bank balances 557 681
5.2 Call deposits 49,893 54,674
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5
Cash and cash equivalents at end of
quarter (should equal item 4.6 above)
50,450 55,355

6. Payments to related parties of the entity and their
associates
Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their
associates included in item 1
268
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
-
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.

Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report

ASX Listing Rules Appendix 5B (17/07/20) Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.
7. Financing facilities
Note: the term “facility’ includes all forms of financing
arrangements available to the entity.
Add notes as necessary for an understanding of the
sources of finance available to the entity.
Total facility
amount at quarter
end
$A’000
Amount drawn at
quarter end
$A’000
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) 192 192
7.4 Total financing facilities - -

7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.
7.3 The company has obtained vehicle finance facilities to fund the purchase of 6 vehicles
through Toyota Finance on a secured basis. The facilities are payable monthly and attract
interest at a rate of 2% per annum with the last payments due in September (3 vehicles)
and October (3 vehicles) 2026.

8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (156)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
(4,804)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (4,960)
8.4 Cash and cash equivalents at quarter end (item 4.6) 50,450
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 50,450

8.7
Estimated quarters of funding available (item 8.6 divided by
item 8.3)
10.17
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:

8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer:

8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer:

Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report

ASX Listing Rules Appendix 5B (17/07/20) Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer:


Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which
comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.


Date: 24 July 2025...................................................................................


Authorised by: The Board of Directors
(Name of body or officer authorising release – see note 4)

Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An
entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is
encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash
Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting
standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”.
If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the
[name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a
disclosure committee, you can insert here: “By the Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial
records of the entity have been properly maintained, that this report complies with the appropriate accounting standards
and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a
sound system of risk management and internal control which is operating effectively.