Presentation - AusIMM NZ Branch Conference

AusIMMNZ Branch Conference
August 2025
Bendigo-Ophir Gold Project
Developing New Zealand's newest and richest gold mine

Disclaimer
2
Disclaimer
Allinformationcontainedinthispresentationisofageneralnature.Potentialinvestorsarecautionedagainstusingthecontentofthis
presentation,inisolation,formakinginvestmentdecisionsandshouldalsorefertoSantanaMineralsLimited(‘Santana’)AnnualReportsand
ASX/NZX:SMIreleases.ForfurtherinformationaboutSantanavisitourwebsiteatwww.santanaminerals.com.
Besteffortshavebeenmadetoensuretheaccuracyofinformationcontained(atthetimeofpreparation).Whereforwardtargetsand/or
assumptionshavebeenincluded–allsuchinstancesareindicativeonlyandsubjecttoalterationand/orcancellationasandwhenthe
managementofSantanadetermines.
Researchandadviceofaqualifiedfinancialadvisororaccountantarestronglyrecommendedtoanyoneconsideringinvestinginlisted
companysecurities,includingthoseofSantana.
ThePrefeasibilityStudy,includingtheproductiontargetandtheforecastfinancialinformationderivedfromtheproductiontarget,referredto
inthisPresentation(PFS)wasreleasedtotheASXon1July2025.ThisPresentationincludessummaryexcerptsfromthePFSanddoesnot
purporttobeall-inclusiveorcomplete.
Forward-LookingStatements
ThisPresentationcontainsvariousforwardlookingstatements.Forward-lookingstatementsinthispresentationinclude,butarenotlimited
to,statementsregardingtheproductiontarget,financialinformationbasedonthatproductiontargetandstatementsstatementswith
respecttoSantana’sfutureplans,strategy,activities,eventsordevelopmentstheCompanybelieves,expectsoranticipateswillormayoccur.
Bytheirverynature,forward-lookingstatementsrequireSantanatomakeassumptionsthatmaynotmaterializeorthatmaynotbeaccurate.
TheCompanyhasconcludedthatithasareasonablebasisforprovidingtheseforward-lookingstatements,includingtheproductiontarget
andtheforecastfinancialinformationincludedinthisPresentation.Thedetailedreasonsfortheseconclusionsareoutlinedthroughoutthe
ASXreleasesdated1July2025.However,noassurancecanbegiventhattheseexpectationswillprovetohavebeencorrect,asactualresults
andfutureeventscoulddiffermateriallyfromthoseanticipatedintheforward-lookingstatements.Accordingly,viewersarecautionednotto
placeunduerelianceonforward-lookingstatements.Santanadoesnotundertaketoupdatepubliclyortoreviseanyoftheincludedforward-
lookingstatements,exceptasmayberequiredunderapplicablesecuritieslaws.
ToachievetherangeofoutcomesanticipatedinthePFS,thePFSestimatesthatfinancingintheorderofA$277millionwillberequired.
Santanabelievesthattherearereasonablegroundsfortheassumptionsithasmadeinsatisfyingitselfthattherequisitefundingforthe
developmentoftheProjectwillbeavailablewhenrequired.However,Shareholdersandprospectiveinvestorsshouldbeawarethatthereis
noguaranteeSantanawillbeabletosecurethisfundingasrequired,anditispossiblethatthetermsavailablemaybedilutiveorotherwise
adverselyimpactthevalueofSantana’scurrentshares.Additionally,Santanamayexplorealternativevalue-creatingstrategies,suchas
divestingsomeorallpotentialrevenuestreamsfrompreciousmetalsorafullorpartialsaleofitsinterestintheBendigo-Ophirproject.
CautionaryStatement–InferredResourcesIncludedinProductionTarget
OftheMineralResourcesplannedforextractionunderthePFSproductionmodelapproximately93%iswithintheIndicatedResourcescategory,with
thebalance(7%)beingclassifiedwithintheInferredResourcescategory.ThereisalowlevelofgeologicalconfidenceassociatedwithInferredMineral
ResourcesandthereisnocertaintythatfurtherexplorationworkwillresultinthedeterminationofIndicatedMineralResourcesorthattheproduction
targetitselfwillberealised.
CompetentPersonsStatement
Theproductiontargetandtheforecastfinancialinformationderivedfromtheproductiontargetsetoutinthispresentationwerefirstcontainedina
publicannouncementreleasedtotheASXon1July2025.TheCompanyconfirmsthatallmaterialassumptionsunderpinningtheproductiontargetand
theforecastfinancialinformationderivedfromitcontinuetoapplyandhavenotmateriallychanged.
TheinformationinthisreportthatrelatestoMineralResourcesisbasedoninformationcontainedinthefollowingpublicannouncements:
4March2025–ASXAnnouncementtitled“RASMineralResourceEstimateReview”
15November2024–ASXAnnouncementtitled“Bendigo-OphirPre-FeasibilityStudy”
28September2021–ASXAnnouncementtitled“Bendigo-OphirGoldResourcesIncreased155%to643kOz”
TheinformationinthisreportthatrelatestoOreReservesisbasedoninformationcontainedinthepublicannouncementmadetotheASXon1July
2025.
AcopyoftheseannouncementsareavailabletoviewontheSantanaMineralsLimitedwebsitewww.santanaminerals.comorontheASXplatform
www.asx.com.au.
Thereportswereissuedinaccordancewiththe2012EditionoftheJORCAustralasianCodeforReportingofExplorationResults,MineralResourcesand
OreReserves.TheCompanyconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectstheinformationincludedintheoriginal
marketannouncementsreferencedaboveand,inthecaseoftheMineralResourceestimates,thatallmaterialassumptionsandtechnicalparameters
underpinningtheMineralResourceestimatesintherelevantannouncementscontinuetoapplyandhavenotmateriallychanged.TheCompany
confirmsthattheformandcontextinwhichtheCompetentPerson’sfindingsarepresentedhavenotbeenmateriallymodifiedfromtheoriginalmarket
announcements.

3
NZ claims #1 Mining investment spot

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

Bendigo-Ophir Gold Project (BOGP)
New Zealand’s most significant single gold discovery of the past four decades.
3
Annual gold
production
Up to 120,000oz
Annual gold
production
Up to 120,000oz
Total Gold
Recovered
1.25Moz
Total Gold
Recovered
1.25Moz
Mine Life
14 years
Mine Life
14 years
Mine revenue
$6.9 Billion
Mine revenue
$6.9 Billion
Open pit lifespan
14 years
Underground
lifespan
7 years
Underground
lifespan
7 years
Direct job creation
+300 people
Direct job creation
+300 people
Indirect job
creation
+700
Indirect job
creation
+700

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
6
Clyde Dam Hydro Power
LOW COST
GREEN ENERGY
No FIFO
No airstrips
Clean water
Green hydro power
Low-cost power
Skilled workforce

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”

8
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

•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
9
Thomson Gorge
Fault/Unconformity
TZ4 Schist
TZ3 Schist
View –Looking South East
A
RDGOUR
S
TATION
BENDIGOSTATION

Bendigo-Ophir Gold Project PFS outcomes
Total A$UnitsStrong financials
6.2$ billionRevenue
4.0$ billionEBITDA
2.5$ billionFree cash after tax
983$ millionTaxes
1.5$ billionAftertax NPV
65%After tax IRR
<1.7yrs.After tax Payback
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
10
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
11

Conventional CIL processing plant
Six phases of metallurgical testing
completed
Very high recoveries at RAS of 93%
32% gravity gold
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
12

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
13
EARLY WORKS
CONSTRUCTION STARTS

14
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

15
RAS pit
lake
TSF
SRX pit
lake
ELF
ELF
CIT ELF
ELF
Mine closure planning

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
>40%NZ private investors
8%Institutional investors
8%Board & management
Capital Structure
A$483 million
826 million FPO shares@ A$0.58/share –22 Aug, 2025
Market
Capitalisation
11.7M employeesincentives
Options
A$99.5m
Cash at Bank,22 August
(net of payables)
Craig McPherson
CFO & Co-Sec
Finance and compliance
17
Emma Scotney
Non-Exec Director
Lawyer, experienced Director
Avg. Daily Volume (90 days) 1.1millon
0.60

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 2026
Significant discovery upside on highly
fertile tenure
ASX release 23 July 2025 –“Rise and Shine –Northern Honeypot Emerges”
ASX release 22 August 2022 –“MDD054 JewelleryBox Re-Assays to 1400 g/t Gold”
MDD054
MDD450R –VG interval 1m @ 20.5g/t

TheinformationinthisreportthatrelatestothisMarch2025RASMineralResourceEstimates(MRE)andtotheNovember2024SRXandSREMRE,isbasedonworkcompletedbyMrKerrinAllwood,aCompetentPerson(CP)whoisa
MemberofTheAustralasianInstituteofMiningandMetallurgy(AusIMM).MrAllwoodisaPrincipalGeologistofGeoModellingLimited,Petone,NewZealandandhassufficientexperiencewhichisrelevanttothestyleofmineralisation
andtypeofdepositunderconsiderationandtotheactivitywhichisbeingundertakentoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe“AustralasianCodeforReportingofExplorationResults,MineralResourcesand
OreReserves”.MrAllwoodconsentstotheinclusioninthisreportofthemattersbasedonhisinformationintheformandcontextinwhichitappears.MrAllwoodandGeoModellingLimitedareindependentofSantanaMineralsLtd.
Theinformationinthisreportthatrelatestoprior2021MineralResourceEstimates(2021MRE)forCITdepositcompletedbyMsMichelleWild(CP)(ASXannouncementon28September2021)continuetoapplyandhavenotmaterially
changed.
Appendix 1: Mineral Resource Estimate
19
Contained Gold (koz)Au grade (g/t)tonnes (Mt)CategoryDeposit
1,5382.518.9Indicated
RAS
5422.27.6Inferred
2,0802.426.5Indicated and InferredRAS Total
591.51.2InferredCIT
54.70.82.2IndicatedSRX
90.51.02.9InferredSRX
1450.95Indicated and InferredSRX Total
10.30.80.4IndicatedSRE
421.21.1InferredSRE
521.11.5Indicated and InferredSRE Total
1,6032.321.5Indicated
BOGP Total
7341.812.7Inferred
2,3372.134.3Indicated and InferredBOGP Total

Ore Reserve Estimate –High Conversions
Bendigo-Ophir
Maiden 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 (MAusIMMand CP-Mining).
Note 6: Approved consents and required permits are yet to be granted to enable mining of the RAS and SRX deposits.
20
TotalProbableProvenArea
Au kozAu g/tMtAu g/tMtAu g/tMt
9372.7810.52.7810.5--RAS open pit
2752.663.22.663.2
RAS
underground
300.701.30.701.3SRX
1,2422.5815.02.5815.0--Total