Investor Presentation - Diggers and Dealers

Diggers and Dealers
August 2025
Bendigo-Ophir Gold Project
Developing New Zealand's newest and richest gold mine

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.

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NZ claims #1 Mining investment spot
Fraser Institute – July 2025

Location – Central Otago Goldfields
▪Long history of gold
mining
▪One hour east of
Queenstown
▪90km West of
OceanaGold’s Macraes
gold mine
▪20min drive from
Cromwell with 8,000
people
▪In the semi-arid central
Otago
▪Private farmland, with
agreements to mine in
place
CROMWELL
GOLD RUSH
HISTORIC
DREDGING
RAS Deposit

Blessed with infrastructure
Bendigo-Ophir
Project RAS
Deposit
Cromwell
8,000 people
Queenstown
International Airport
1hr away
State Highway 8
EASY ACCESS
Borefield
FRESH WATER
5km
66kV Substation
8km from the project
5
Clyde Dam Hydro Power
LOW COST GREEN ENERGY
No FIFO
No airstrips
Clean water
Green hydro power
Low-cost power
Skilled workforce

•A blind discovery
•85,000m+ of
Diamond Drilling
•1.7 km down-
plunge and open
•450m wide
•High-grade core
(150m-200m wide)
(30 - 40m thick)
•Bulk barren waste
pre-strip

The Rise & Shine (RAS)
5
Battery Hill
Rise & Shine Valley
Shepherds Creek
6
Thomson Gorge
Fault/Unconformity
TZ4 Schist
TZ3 Schist
View – Looking South East
ARDGOUR STATION
BENDIGO STATION

Project discoveries
Come In Time
59koz @ 1.5 g/t Au
Rise and Shine (RAS)
2.08Moz @ 2.4 g/t Au
1.21Moz Probable Ore Reserve
Srex
145koz @ 0.9 g/t Au
30koz @ 0.7 g/t Au Ore Reserve
Srex-East
52koz @ 1.1 g/t Au
Combined Total
2.34Moz @ 2.1 g/t Au*
CIT
RSSZ
RAS
SRX
SRE
ASX release 4 March 2025 “RAS Mineral Resource Estimate Review”

▪Blind discovery in 2021
▪450m wide mineralised zone
▪High-grade core up to 150m
wide and 45m thick
▪Traced 1.7km down plunge
and open to North-East
8
Most significant NZ gold discovery in 40 years

Thick, high-grade, continuous ore system
42m @ 8.8g/t
Cross section A – up to 45m thick, 150m wide

10
▪1.7km long
▪Northern Honeypot
results extend HG1
▪Recent drilling at depth
shows system getting
thicker again
▪Underground mining
Reserve conversion
potential
31.9m @ 5.3g/t
“Honeypot” thickening

June ‘25 Updated PFS - Outcomes

Open pit mining for 13+ years
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
12
ASX release 1 July 2025 “Updated PFS – Bendigo Ophir Gold Project”

Underground mining at RAS – an initial 7 years
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
13
ASX release 1 July 2025 “Updated PFS – Bendigo Ophir Gold Project”
Step out
drilling now
underway

Gold production profile
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
14
ASX release 1 July 2025 “Updated PFS – Bendigo Ophir Gold Project”

Bendigo-Ophir Gold Project PFS outcomes
Production profile at 1.2Mtpa
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
15
ASX release 1 July 2025 “Updated PFS – Bendigo Ophir Gold Project”

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
16

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
17

Resistant against price fluctuations
18
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
ASX release 1 July 2025 “Updated PFS – Bendigo Ophir Gold Project”

PROJECT: Bendigo-Ophir Gold Project
Project start date:
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 4Wk 1Wk 2Wk 3Wk 4
Milestone description
Mining Permit NZPAM
Resource Consents
Early Works
Buildings
Mine Entrance Work
Services
Establishment
Pioneering
Haul Road Construction
Process Plant Earthworks
Pads and Dams
Pre-Strip
Large Mining Fleet Starts
Process Plant
Detailed Design
Civil Construction
Commissioning
First Gold
ExpectedPlanned
20272025
Q2SeptQ1Q2Q4Q1Q3Aug
2026
OctNovDec
Permitting and timeline to first gold
PATHWAY TO FIRST GOLD
19
EARLY WORKS
CONSTRUCTION STARTS

Corporate snapshot
Peter Cook
Non-Exec Chair
Geo and mine maker
Damian Spring
CEO & Exec Director
Engineer and NZ local
Kim Bunting
Non-Exec Director
Geo who discovered RAS
Sam Smith
Exec Director, Corporate
Engineer and marketer
Board & Management
Funded to FID
Substantial Ownership
NZ private investors>40%
Institutional investors8%
Board & management8%
Capital Structure
Market
Capitalisation
A$433 million
722 million FPO shares @ A$0.60/share – July 30, 2025
Options
11.7M employees incentives
Cash at Bank, 30 June (net of payables)
A$47.5m
Craig McPherson
CFO & Co-Sec
Finance and compliance
20
Emma Scotney
Non-Exec Director
Lawyer, experienced Director
Avg. Daily Volume (90 days) 1.1millon
0.60

21
Finding
the next
RAS
Christchurch
Dunedin
Queenstown
▪290sqkm of tenure
▪Strong soil
anomalies at DNS
and ORK
▪Stacked tailings
from historic
mining, untested
▪30km of strike
regional exploration
program unfolding
30km
2km of
stacked river
tailings

Investment case summary
▪Nationally significant Fast-track project
▪>$1 billion in taxes and gov’t royalties
▪>1000 job applications so far
▪Biggest NZ gold discovery in 40 years
▪Outstanding PFS economics
▪Construction early 2026
▪Significant discovery upside on highly
fertile tenure
MDD450R – VG interval 1m @ 20.5g/t
ASX release 23 July 2025 – “Rise and Shine – Northern Honeypot Emerges”
ASX release 22 August 2022 – “MDD054 Jewellery Box Re-Assays to 1400 g/t Gold”
MDD054