Strong RAS Results and RINA Regional System Fertility

1

15 October 2025

Strong RAS results and RINA regional system fertility
Assay results from the Company’s ongoing drilling programme at RAS North continue to demonstrate strong
grade continuity within the HG1 (high-grade) domain.
Ongoing drilling at RAS North is focused on tightening drill spacing and testing the continuity of high-grade
mineralisation between the established HG1 domain and the recent step-out intercept in MDD466. New
results are defining consistent and predictable geometry and tenor along this northern extension, confirming
that the HG1 structure continues as a coherent, shallow north-plunging shoot. The programme is expected to
upgrade Inferred material to Indicated status and support the addition of underground ounces as the limits of
the RAS system are extended down-plunge. Best results from the most recent five holes include:
▪ MDD474 13.8m @ 8.5g/t Au from 424.2m (true width 12.6m)
▪ MDD473 7.9m @ 6.2g/t Au from 428.1m (true width 7.2m)
▪ MDD479 17.0m @ 2.0g/t Au from 444.0m (true width 15.7m)

Figure 1. Plan view of RAS North showing recent infill intercepts potentially expanding the HG1 domain



Announcement
ASX:SMI
NZX:SMI

MDD466

2


Figure 2. Cross section A-A showing new infill results confirming continuity of HG1 at RAS North
RINA results reinforce regional system fertility
Recent results from the RINA (RAS-is-Not-Alone) sterilisation drill programme provide further information on
the Rise and Shine Shear Zone (RSSZ), confirming it as a fertile, camp-scale gold system that remains largely
untested outside the known deposits.
A total of 25 drillholes (7,860m) were completed across the main project area targeting mineralisation
potential in and around proposed mine infrastructure. Drilling extended from Ardgour Flats in the northwest
to Thomsons Saddle (TSD) in the southeast. Assay results returned anomalous gold mineralisation on wide-
spaced sections over a strike length exceeding 2km, from east of Come-in-Time (CIT) to northwest of Srex (SRX),
confirming that large parts of the corridor remain untested.
The most significant new intersection comes from MDD438, which returned 13.1m @ 0.31 g/t Au from 446.9m
down hole, 700m north of Srex (SRX) within weakly mineralised RSSZ with minor quartz veining. Approximately
600m further east and 1km north of Srex East (SRE), MDD406 intersected scattered mineralisation across a
45m interval below the Thomsons Gorge Fault (TGF).

3


Figure 3. Plan view of RINA results with transposed RAS halo, illustrating high-grade zones of scale could exist between anomalous
intercepts
These new results build on earlier RINA drilling, including MDD368 (700m east of RAS) which returned an
overall assay of 45.1m @ 0.28g/t Au with five anomalous intercepts including 3.1m @ 1.32 g/t Au within
mineralised RSSZ immediately below the TGF.
Core logging of all RINA holes with anomalous mineralisation recorded overprinting by quartz and quartz–
carbonate Type 1, or Type 2 veining synonymous with high-grade mineralisation at RAS.
Drill spacing across the RINA programme averaged ~500m, materially wider than the ~400m width of the RAS
orebody. This spacing underscores how much of the system remains to be tested. Mineralisation is also known
to trend northward, yet the area beyond Shepherds Creek remains virtually unexplored apart from drilling
immediately around RAS which has already confirmed the system is still active.
Forward Drilling Program
Drill rigs are now focused on additional step-out holes north of MDD466 to test for further extensions of the
HG1 domain within the flagship RAS deposit.

Ends.
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
Transposed RAS 10MU Contour
Transposed RAS 10MU Contours

5

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 “Drilling Update - RAS is not alone (RINA Program)” dated 02 December 2024
• ASX announcement titled “MRE Review” dated 4 March 2025
• ASX Announcement titled “Rise and Shine potentially much bigger” dated 22 September 2025
• ASX announcement titled “Updated Pre-Feasibility Study - Bendigo Ophir Gold Project” dated 01 July 2025
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.
Current Disclosure - Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Alex Nichol who is a Member
of the Australian Institute of Geoscientists. Mr Nichol is a full time employee and has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent
Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves.’ Mr Nichol consents to the inclusion in this report of the matters based on their information in the form and context in
which it appears. The Company confirms that the form and context in which the Competent Person’s findings are presented have not
been materially modified. Mr Nichol is eligible to participate in STI and LTI schemes in place as performance incentives for key
personnel.

Forward Looking Statements
Forward-looking statements in this announcement include, but are not limited to, statements with respect to Santana’s 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 materialise or that may not be accurate. Although
Santana believes that the expectations reflected in the forward-looking statements in this announcement are reasonable, 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.

6


Appendix 1 - New RAS Drill holes – New Mineralised Intercepts (top-cut to 100 g/t and at a
0.50 g/t lower cut-off grade with maximum 2m internal dilution)

Appendix 2 - New Drillholes Reported (in bold)
Deposit Hole No
East
NZTM
North
NZTM
RL
Azimuth
(T Avg)
Dip
(Avg)
Length Method Status Results
RAS MDD473 1318286 5018241 627.3
182.9
-76 483.1 OHD Completed Reported
RAS MDD474 1318285 5018239 627.4
211.3
-73 475.0 OHD Completed Reported
RAS MDD476 1318302 5017983 533.2
316.1
-60 370.0 OHD Completed Reported
RAS MDD477 1318430 5018325 617.9
209.1
-69 531.6 OHD Completed Reported
RAS MDD479 1318286 5018240 627.4
154.7
-74 506.2 OHD Completed Reported


















Deposit
Drillhole
From
(m)
Drill Intercept
(m)
Estimated True
Width (m)
Average Gold
Grade (g/t)
Metal Units
(metre x gram/tonne)
RAS
MDD473
428.1 7.9 7.2 6.2
49.0
441.0 4.0 3.7 1.4
5.6
454.0 4.0 3.7 1.9
7.6
MDD474
425.2 13.8 12.6 8.5
117.3
443.0 2.0 1.8 5.4
10.8
463.0 1.0 0.9 1.8
1.8
468.0 1.0 0.9 0.6
0.6
MDD476
327.2 0.8 0.7 2.5
2.0
334.0 5.0 4.0 3.0
15.0
MDD477
478.5 5.5 5.2 3.8
20.9
487.0 1.0 0.9 1.2
1.2
490.0 1.0 0.9 1.3
1.3
504.0 1.0 0.9 0.8
0.8
514.0 3.0 2.8 2.5
7.5
MDD479
442.6 22.4 20.6 1.8
40.3
469.0 1.0 0.9 1.2
1.2

7

Appendix 3 - New RINA Drill holes – New Mineralised Intercepts (top-cut to 100 g/t and at a 0.10
g/t lower cut-off grade with Maximum 2m internal dilution)

Deposit
Drillhole
From
(m)
Drill
Intercept (m)
Estimated
True Width
(m)
Average Gold Grade (g/t)
Metal Units
(metre x
gram/tonne)
RINA
MDD368
ASX Release –
02/12/24
431.9
3.1 2.6 1.32
4.10
444.0
6.0 5.1 0.15
0.88
453.0
5.0 4.2 0.17
0.83
463.0
2.0 1.7 0.32
0.63
467.0
5.0 4.3 0.90
4.50
474.0
3.0 2.6 0.22
0.67
488.0
1.0 0.9 0.41
0.41
MDD397
416.3
0.7 0.7 0.12
0.08
421.0
1.0 1.0 0.12
0.12
425.0
2.0 2.0 0.12
0.24
432.0
1.0 1.0 0.31
0.31
445.0
1.0 1.0 0.10
0.10
460.0
1.0 1.0 0.25
0.25
MDD400
446.0
1.0 1.0 0.14
0.14
466.0
1.0 1.0 0.19
0.19
469.0
1.0 1.0 0.13
0.13
475.0
2.0 2.0 0.24
0.48
486.0
1.0 1.0 0.12
0.12
493.0
1.0 1.0 0.11
0.11
MDD403
454.4
2.7 2.4 0.26
0.69
MDD406
264.0
1.0 0.9 0.27
0.27
273.0
1.0 0.9 0.11
0.11
286.0
3.0 2.8 0.59
1.78
291.0
1.0 0.9 0.44
0.44
294.0
1.0 0.9 0.48
0.48
300.0
1.0 0.9 0.13
0.13
309.0
3.0 2.8 0.29
0.87
MDD424
241.0
1.0 1.0 0.11
0.11
MDD429
188.3
0.7 0.7 0.19
0.13
MDD438
446.9
13.1 12.8 0.31
4.07
MDD440
134.2
0.8 0.8 0.10
0.08
MDD442



131.0
1.0 1.0 0.10
0.10
135.0
4.0 3.9 0.18
0.71
141.0
1.0 1.0 0.18
0.18
155.0
2.0 2.0 0.22
0.43
177.0
1.0 1.0 0.12
0.12

MDD445

138.0
1.0 1.0 0.10
0.10
146.0
1.0 1.0 0.24
0.24
158.0
1.1 1.1 0.14
0.15

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Appendix 4 - New Drillholes Reported (in bold)

Deposit Hole No
East
NZTM
North
NZTM
RL
Azimuth
(Avg)
Dip
(Avg)
Length Method Status Results
RINA MDD368 1318941 5017430 674.6
150.4
-78 491.7 OHD Completed ASX - 02/12/24
RINA MDD397 1319049 5017737 560.6
204.4
-67 464.0 OHD Completed Reported
RINA MDD400 1319493 5017323 584.2
252.4
-77 497.0 OHD Completed Reported
RINA MDD403 1319909 5017018 605.7
251.0
-79 514.0 OHD Completed Reported
RINA MDD406 1320333 5016369 637.8
239.7
-81 315.0 OHD Completed Reported
RINA MDD408 1315961 5019777 396.4
275.0
-67 282.0 OHD Completed Reported
RINA MDD409 1317732 5017841 622.1
262.2
-71 207.0 OHD Completed Reported
RINA MDD411 1320920 5016023 675.7
277.4
-76 324.0 OHD Completed Reported
RINA MDD417 1316349 5019113 491.5
269.9
-67 415.0 OHD Completed Reported
RINA MDD423 1320587 5015765 681.5
275.3
-75 210.0 OHD Completed Reported
RINA MDD424 1315645 5020138 364.0
231.6
-60 265.0 OHD Completed Reported
RINA MDD428 1320719 5015507 704.8
262.9
-76 190.9 OHD Completed Reported
RINA MDD429 1317680 5018371 466.8
259.3
-74 242.0 OHD Completed Reported
RINA MDD434 1315310 5020631 343.8
247.9
-66 398.4 OHD Completed No assays
RINA MDD438 1319747 5016542 796.3
223.4
-77 500.1 OHD Completed Reported
RINA MDD440 1320298 5015035 940.0
218.6
-56 176.2 OHD Completed Reported
RINA MDD442 1320457 5014905 941.0
222.0
-55 180.6 OHD Completed Reported
RINA MDD445 1320535 5014819 943.3
227.2
-54 159.1 OHD Completed Reported

9


JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data

Criteria JORC Code explanation
Commentary
Sampling techniques
Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard measurement
tools appropriate to the minerals under investigation, such as
down hole gamma sondes, or handheld XRF instruments, etc).
These examples should not be taken as limiting the broad
meaning of sampling.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of mineralisation that are
Material to the Public Report.
In cases where ‘industry standard’ work has been done this
would be relatively simple (eg ‘reverse circulation drilling was
used to obtain 1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay’). In other cases more
explanation may be required, such as where there is coarse
gold that has inherent sampling problems. Unusual
commodities or mineralisation types (eg submarine nodules)
may warrant disclosure of detailed information.
The results presented above are from drilling samples collected by diamond drilling.
‘Blasthole’, surface trench and underground channel samples were used as an aid for geological
interpretation and domaining.
Diamond drill (DD) core samples for laboratory assay are typically 1 metre samples of diamond saw cut ½
diameter core. In the rare cases where the core was friable or unconsolidated the sample was collected
from one side of the core using a scoop. Where distinct mineralisation boundaries are logged, sample
lengths are adjusted to the respective geological contact.
RC samples were sub-sampled at 1.0 m intervals using a rotary splitter mounted below the cyclone. The
splitter produced 2 x 30% splits and 1 x 40% split. The two 30% splits were used as primary sample and
field duplicate (if submitted) with the 40% split used for logging and then stored at the MGL core yard.
Samples are crushed at the receiving laboratory to minus 2mm (85% passing) and split using a rotary
splitter to provide 1kg for pulverising in a ring mill to -75um. Pulps are fire assayed (FAA) using a 50g charge
with AAS finish. Prior to 2019 only 200g of the crushed material was pulverised. 877 samples were assayed
this way.
Certified standards, blanks and field replicates are inserted with the original batches at a frequency of ~5%
each for QAQC purposes.
All pulps and crush reject (CREJ) are returned from the laboratory to MGL for storage on site. Of these
returned samples, a further ~5% are re-submitted as QC check samples which involve pulp FAA re-assays
by the original and an umpire laboratory and CREJ re-assayed by 500-gram (+ & -75mu) screen fire assay
(SFA), 1kg BLEG (LeachWELL) and 2*500-gram Photon analysis (PHA) for gold.
Where multiple assays exist for a single sample interval, larger samples are ranked in the database: PHA >
BLEG > SFA > FAA.
All returned pulps are analysed for a suite of 31 elements by portable XRF (pXRF).
The sampling, sub-sampling and assaying methods are appropriate to the geology and mineralization of
the RAS deposit.

10


Criteria JORC Code explanation Commentary
Drilling techniques
Drill type (eg core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (eg core
diameter, triple or standard tube, depth of diamond tails,
face-sampling bit or other type, whether core is oriented and
if so, by what method, etc).
Current drilling techniques are diamond coring (DD) PQ3 and HQ3 size triple tube. Where PQ3 core size
(83mm diameter) is commenced this is maintained throughout the DD hole until drilling conditions dictate
reduction in size to HQ3 core (61mm diameter). DD pre-collars are drilled open hole through un-
mineralised TZ3 schist to within about 15 m of the mineralisation hangingwall, at which point diamond
coring commences.
RC drilling is only carried out where the mineralisation target is less than about 150m downhole and used
a face sample bit with sample collected in a cyclone mounted over a rotary splitter producing 2 x 30%
splits and 1 x 40% split. The two 30% splits were used as primary sample and field duplicate (if submitted)
with the 40% split used for logging and then stored at the MGL core yard.
Drillholes are oriented to intersect known mineralised features in a nominally perpendicular orientation as much
as is practicable. A small number of holes are oriented in other directions to resolve areas of ambiguous
geological interpretation.
All drill core is oriented to assist with interpretation of mineralisation and structure using a Trucore orientation
tool.

Drill sample recovery
Method of recording and assessing core and chip sample
recoveries and results assessed.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Whether a relationship exists between sample recovery and
grade and whether sample bias may have occurred due to
preferential loss/gain of fine/coarse material.
DD core sample recoveries are recorded by the drillers at the time of drilling by measuring the actual
distance of the drill run against the actual core recovered. The measurements are checked by the site
geologist.
When poor core recoveries are recorded the site geologist and driller endeavour to immediately rectify
any problems to maintain maximum core recoveries. DD core logging to date indicate ~96% recoveries.
RC sample recovery is measured as sample weight recovered. RC sample moisture for all RC drilling data
was logged as dry (83.7% of RC samples), moist (12.0%) or wet (4.3%). All samples logged as wet were
omitted from use in this MRE.
The drilling contract used states for any given run, a level of recovery is required otherwise financial
penalties are applied to the drill contractor to ensure sample recovery priority along with production
performance.
Sample grades were plotted against drilling recovery by drilling method and no relationship was
established.
Wet RC samples do show higher grades than dry RC samples. This may be due to wet RC samples coming
from higher grade zones or sampling bias due to the loss of fines in wet samples. Whatever the cause, this
bias was the reason that wet RC samples were omitted from use in this MRE.

11

Criteria JORC Code explanation
Commentary
Logging
Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies and
metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core
(or costean, channel, etc) photography.
The total length and percentage of the relevant intersections
logged.
All DD holes have been logged for their entire sampled length below upper open hole drilling (nominally
0-450 metres below collar). Data is recorded directly into AcQuire database with sufficient detail to
support a Mineral Resource estimation (MRE).
Logging is mostly qualitative but there are estimations of quartz and sulphide content and quantitative
records of geological / structural unit, oxidation state and water table boundaries.
Oriented DD core allows alpha / beta measurements to determine structural element detail (dip / dip
direction) to supplement routine recording of lithologies / alteration / mineralisation / structure /
oxidation / colour and other features for MRE reporting, geotechnical and metallurgical studies.
All RC chips were sieved and logged for lithology, colour, oxidation, weathering, vein percentage and
sulphide minerals.
All core is photographed wet and dry before cutting. Sieved RC chips are also photographed.
100% of all relevant (within the gold grade domains) intersections were logged. The logging is of sufficient
quality and detail for resource estimation.

Sub-sampling techniques and
sample preparation
If core, whether cut or sawn and whether quarter, half or all
core taken.
If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness
of the sample preparation technique.
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
Measures taken to ensure that the sampling is representative
of the in situ material collected, including for instance results
for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the
material being sampled.
Industry standard laboratory sample preparation methods are suitable for the mineralisation style and
involve oven drying, crushing and splitting of samples to 1kg for pulverising to -75um. Pulps are fire
assayed (FAA) using a 50g charge.
50g charge is considered minimum requirement for the coarse nature of the gold. Larger screen fire assays
(SFA), 1kg BLEG (LeachWELL) and 2*500gm Photon Analyses (PHA) are conducted periodically as a QAQC
check.
Field duplicates of RC samples are sub-sampled by a splitter as described above at the time of sampling.
Large diameter (83mm) PQ3 core was maintained (where conditions allow) for DD holes to MDD016 and
subsequently HQ3 (61mm) for drillholes MDD017 onwards.
DD core drill samples are sawn in ½ along the length of the core on cut lines marked by geologists’
perpendicular to structure / foliation or to bisect vein mineralisation for representative samples whilst
preserving the orientation line. Intervals required for QAQC checks are nominated by geologists and the
crushed sample being split by the laboratory with the two replicated samples then assayed.
QA procedures used to maximise the representivity of sub-samples include the use of a cone splitter on
the RC rig and cutting DD core perpendicular to the regional foliation. QC procedures to assess the
representivity of sub-sampling include field replicates, standards, and blanks at a frequency of ~5% and
also cross-lab assay checks at an umpire laboratory.
The mass proportion of every 10th sample passing 75um is reported by the laboratory and monitored to

12

Criteria JORC Code explanation
Commentary
ensure sample preparation quality.
Calculations based on Pitard (1993) show that sub-sample masses are appropriate to gold particle size and
grade, if the size and shape of the gold particles are reduced in the ring mill in a similar way to the gangue
particles.

Quality of assay data and
laboratory tests
The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is
considered partial or total.
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading times,
calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards,
blanks, duplicates, external laboratory checks) and whether
acceptable levels of accuracy (ie lack of bias) and precision
have been established.
SFA and PHA are all total gold assays and are appropriate to the RSSZ mineralization. DD core and RC chip
samples for gold assays undergo sample preparation by SGS laboratory Westport and 50g fire assay with
an AAS finish (SGS method FAA505 DDL 0.01ppm Au or FAD505 DDL 1ppm Au & FAD52V DDL 500ppm Au)
by SGS laboratory Waihi. Other SGS laboratories at Macraes and Townsville and the ALS laboratory in
Townsville, are used from time to time and follow the same processes. For laboratory QAQC, samples
(3*certified standards, blanks and field replicates) are inserted into laboratory batches at a frequency of
~5% respectively. A selection of 5% of retained lab pulps across a range of grades are sent for re-assay and
to an umpire laboratory for cross-lab check assays.
Portable XRF (pXRF) instrumentation is used onsite (Olympus Innov-X Delta Professional Series model
DPO-4000 equipped with a 4 W 40kV X-Ray tube) primarily to identify arsenical samples (arsenic correlates
well with gold grade in these orogenic deposits). The pXRF analyses a 31-element suite (Ag, As, Bi, Ca, Cd,
Cl, Co, Cr, Cu, Fe, Hg, K, Mn, Mo, Nb, Ni, P, Pb, Rb, S, Sb, Se, Sn, Sr, Th, Ti, V, W, Y, Zn, Zr) utilising 3 beam
Soil mode, each beam set for 30 secs (90 secs total). pXRF QAQC checks involve regular calibration (every
20 samples) and QAQC analyses of SiO2 blank, NIST standards (NIST 2710a & NIST 2711a), & OREAS
standards. pXRF QAQC checks involve regular calibration (every 20 samples) and QAQC analyses of SiO2
blank, NIST standards (NIST 2710a & NIST 2711a), & OREAS standards.
No geophysical tools have been used in this MRE.

13

Verification of sampling and
assaying
The verification of significant intersections by either
independent or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
Significant gold assays and pXRF arsenic analyses are checked by alternative senior company personnel.
Original lab assays are initially reported and where replicate assays and other QAQC work require re-assay
or screen fire assays, the larger sample results are adopted. To date results are accurate and fit well with
the mineralisation model.
Twinned data is available where DD core holes have been sited adjacent to previous RC drillholes and
where DD redrills have occurred.
pXRF multi-element analyses are directly downloaded from the pXRF analyser as csv electronic files. These
and laboratory assay csv files are imported into the database, appended and merged with previous data.
Since October 2022 all logging has been directly entered into the Acquire database using tablets. All collar
surveys, downhole surveys and assay results are provided digitally and directly imported into the database.
On import into the database validation checks are made for: interval overlaps, gaps, duplicate holes,
duplicate samples and out of range values. The AcQuire database is stored on a cloud server and is
regularly backed up, updated and verified by an independent qualified person.
The only adjustment made to the data on import to the database is to convert below detection results to
negative the detection limit. Samples with multiple Au results are ranked by assay method (SFA > FA >
other) and on export only the highest ranked method is exported. Prior to import into 3D software the
data is further validated as above plus checks on the highest and lowest values. Negative below detection
results are converted to half the detection limit on import into 3D software.

Location of data points
Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings and
other locations used in
Mineral Resource
estimation.
Specification of the
grid system used.
Quality and adequacy of topographic control.
All drillhole collar locations are accurate (+/- 50mm) xyz coordinates when captured by an experienced
surveyor using RTK-GPS equipment.
All drill holes reference the NZGD2000 NZTM map projection and collar RLs the NZVD2016 vertical datum.
DD down hole surveys are recorded continuously with a North-seeking Gyro downhole survey
tool. Historically RC holes were surveyed at 12m intervals using a Reflex multi-shot camera. Recent holes
also use North-seeking Gyro survey instruments.
There are very minor historical adits and shafts at RAS. No surveys of these voids exist, although at least
one adit is still accessible. Historical production records total 630.5 tons of ore crushed. Such small volumes
are not material to this MRE.
Topographic control is provided by LiDAR topographic surveys in 2018 and 2021 covering the entire project
area. These are very accurate and suitable for resource estimation. From 2025 additional aerial (RTK flight
and ground control) photogrammetry surveys compliment the LiDAR surveys.

14

Data spacing and
distribution
Data spacing for reporting of Exploration Results.
Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
Whether sample compositing has been applied.
Drill collar site locations in steep terrain are dictated by best access allowed by contour tracks with gradients
to allow safe working access and drill pad excavations. Drillhole designs take into account this variation to
achieve evenly spaced intercepts at the hangingwall of the mineralisation.
Drillhole intersection spacing on the hangingwall of the mineralisation is typically 30 m (EW) by 30 m (NS)
but varies from 20 m (EW) by 20 m (NS) in closely spaced areas to 120 m (EW) by 100 m (NS) in widely
spaced (inferred) areas. This spacing is considered appropriate for determination of geological and grade
continuity at the mineral resource categories reported. Exploration step out drill spacings vary but are
designed to intersect geological targets and cover deposit scales of volume (400-700m across strike, 500-
900m down dip).
Some of the RC drilling was sampled as 4m composites and later re-sampled if the composite result
exceeded a threshold. There are no composited samples within the gold grade estimation domains and so
no composited samples were used in this MRE.
Sampling and assaying are in one metre intervals or truncated to logged features.

Orientation of data in
relation to geological
structure
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which this is
known, considering the deposit type.
If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and
reported if material.

Drillholes are oriented to intersect known mineralised features in a nominally perpendicular orientation
as much as is practicable. True widths are estimated perpendicular to mineralisation boundaries where
these limits are known. As the deposits are tabular and lie at low angles, there is not anticipated to be any
introduced bias for resource estimates.
Sample security
The measures taken to ensure sample security.
Company personnel manage the chain of custody from sampling site to laboratory.
DD drill core samples are transported daily from DD rig by the drilling contractor in numbered core boxes
to the Company secure storage facility for logging and sample preparation. After core cutting, the core for
assay is bagged, securely tied, and weighed before being placed in polyweave bags which are securely tied.
Retained core is stored on racks in secure locked containers. RC samples are also place in polyweave bags
and secured with zip ties.
Polyweave bags with the calico bagged samples for assay are placed in plastic cage pallets, sealed with a
wire-tied cover, photographed, and transported to local freight distributer for delivery to the laboratory.
On arrival at the laboratory photographs taken of the consignment are checked against despatch condition
to ensure no tampering has occurred.

15

Audits or reviews
The results of any audits or reviews of sampling techniques
and data.
An independent Competent Person (CP) conducted a site audit in January 2021 and December 2022 of all
sampling techniques and data management. No major issues were identified, and recommendations have
been followed.
In February 2023 Snowdon Optiro completed a desktop review of the assay methods and QC sample
results and in its report concluded that the sampling and assaying methods are in line with standard
industry procedures and that that the assay data in the supplied database is suitable to be used as the
basis for a Mineral Resource.


Section 2 Reporting of Exploration Results

Criteria JORC Code explanation
Commentary
Mineral tenement and
land tenure status
• Type, reference name/number, location and
ownership including agreements or material
issues with third parties such as joint ventures,
partnerships, overriding royalties, native title
interests, historical sites, wilderness or national
park and environmental settings.
• The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
Exploration is being currently conducted within Mineral Exploration Permit (MEP) 60311 (252km²) registered to
Matakanui Gold Ltd (MGL) issued on 13
th
April 2018 for 5 years. In 2023 the term of this permit was
extended for a further 5 years until 12 April 2028.
There are no material issues with third parties.
MGL was granted Minerals Prospecting Permit (MPP) 60882 (40km²) on 30 Nov 2023 for a term of 2 years.
The tenure of the Permits is secure and there are no known impediments to obtaining a licence to operate.
As gold is a Crown mineral, a royalty is payable to the Crown as either the higher of an ad valorem royalty
of 2% of the net sales revenue or an accounting profits royalty of 10%.
The Project is subject to a 1.5% Net Smelter Royalty (NSR) on all production from MEP 60311 (and
successor permits) payable to an incorporated, private company (Rise and Shine Holdings Limited) which
is owned by the prior shareholders of MGL (NSRW Agreement) before acquisition of 100% of MGL shares
by Santana Minerals Limited.
Access arrangements are in place with landowners that provide for current exploration and other
activities, and any future decision to mine. As such, compensation is payable, including payments of up to
$1.5M on a decision to mine, plus total royalties starting at 1% on the net value of gold produced,
increasing to 1.5% and ultimately 2% dependent on location and total gold produced over the life of the
mine. The royalties are also subject to pre-payment of up to $3M upon commencement of mining
operations.

16

Criteria JORC Code explanation
Commentary
Exploration done by other
parties
• Acknowledgment and appraisal of exploration by
other parties.
Early exploration in the late 1800’s and early 1900’s included small pits, adits and cross-cuts and alluvial
mining.
Exploration has included soil and rock chip sampling by numerous companies since 1983 with drilling
starting in 1986. Exploration in the 1990’s commenced with a search for Macraes style gold deposits along
the RSSZ. Drilling included 13 RC holes by Homestake NZ Exploration Ltd in 1986, 20 RC holes by BHP
Gold Mines NZ Ltd in 1988 (10 of these holes were in the Bendigo Reefs area which is not part of the MRE
area), 5 RC holes by Macraes Mining Company Ltd in 1991, 22 shallow (probably blasthole) holes by Aurum
Reef Resources (NZ) Ltd in 1996, 30 RC holes by CanAlaska Ventures Ltd from 2005-2007, 35 RC holes by
MGL in 2018 and a further 18 RC holes by MGL in 2019.

Geology
• Deposit type, geological setting and style of
mineralisation.
The RSSZ is a low-angle late-metamorphic shear-zone, presently known to be up to 120m thick. It is sub-
parallel to the metamorphic foliation and dips gently to the north- east. It occurs within psammitic, pelitic
and meta-volcanic rocks.
The hangingwall of the RSSZ is truncated by the post metamorphic and post mineralisation Thomsons
Gorge Fault (TGF). The TGF is a regional low-angle fault that separates upper barren chlorite (TZ3) schist
from underlying mineralised biotite (TZ4) schists.
Gold mineralisation occurs in the RSSZ at 4 known deposits with Mineral Resource Estimates (MRE) –
Come-in-Time (CIT), Rise and Shine (RAS), Shreks (SHR) and Shreks-East (SRE). The gold and associated
pyrite/arsenopyrite mineralisation at all deposits occur along micro-shears, and in brecciated / laminar
quartz veinlets within the highly- sheared schist. There are several controls on mineralisation with
apparent NNW, N and NNE trending structures all influencing gold distribution. S h e a r d o m i n a t e d
mineralisation within the top 20-40m of the shear zone immediately below the Thomsons Gorge Fault
(TGF). Stacked stockwork vein swarms (SVS) occur deeper in the RSSZ.
Unlike Macraes, the gold mineralisation in the oxide, transition and fresh zones is characterised by coarse
free gold.

Drill hole Information
• A summary of all information material to the
understanding of the exploration results including
a tabulation of the following information for all
Material drill holes:
o easting and northing of the drill hole
collar
o elevation or RL (Reduced Level –
Refer to the body of text.
No material information has been excluded.

17

Criteria JORC Code explanation
Commentary
elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent
Person should clearly explain why this is the case.

Data aggregation
methods
• In reporting Exploration Results, weighting
averaging techniques, maximum and/or minimum
grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be
stated.
• Where aggregate intercepts incorporate short
lengths of high grade results and longer lengths of
low grade results, the procedure used for such
aggregation should be stated and some typical
examples of such aggregations should be shown in
detail.
• The assumptions used for any reporting of metal
equivalent values should be clearly stated.

Significant gold intercepts are reported on a continuous basis using various gold grade lower grade cut-
offs as described below:
Exploration – 0.10g/t Au cut-off with a maximum of 2m continuous internal dilution,
RAS– 0.5g/t Au cut-off with a maximum of 2m continuous internal dilution,
Other Deposits Open Pit – 0.25g/t Au cut-off with a maximum of 2m continuous internal dilution.
Metal unit (MU) distribution, where shown on maps and in tables are calculated from total drill hole Au *
associated drill hole interval metres.
pXRF analytical results reported for laboratory pulp returns are considered accurate for the suite of
elements analysed and the end use of the data.

Relationship between
mineralisation widths and
intercept lengths
• These relationships are particularly important in
the reporting of Exploration Results.
• If the geometry of the mineralisation with respect
to the drill hole angle is known, its nature should
be reported.
• If it is not known and only the down hole lengths
are reported, there should be a clear statement to
this effect (eg ‘down hole length, true width not
known’).
All intercepts quoted are downhole widths. True widths are estimated perpendicular to mineralisation
boundaries where these limits are known.
Intercepts are associated with a major 20-120m thick low-angle mineralised shear that is largely
perpendicular to the drillhole traces.
Aggregate widths of mineralisation reported up until 2
nd
June 2023 are drillhole intervals >0.50g/t Au
occurring in apparent low angle stacked zones. Subsequent reporting is on a continuous basis.
There are steeply dipping narrow (1-5m) structures deeper in the footwall and the appropriateness of the
current drillhole orientation will become evident and modified as additional drill results dictate.

18

Criteria JORC Code explanation
Commentary

Diagrams
• Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.

All significant intercepts have been reported.
Balanced reporting
• Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting
of both low and high grades and/or widths should
be practiced to avoid misleading reporting of
Exploration Results.

All significant intercepts have been reported.
Other substantive
exploration data
• Other exploration data, if meaningful and
material, should be reported including (but not
limited to): geological observations; geophysical
survey results; geochemical survey results; bulk
samples – size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.

Not applicable; meaningful and material results are reported in the body of the text.

19

Criteria JORC Code explanation
Commentary
Further work
• The nature and scale of planned further work (eg
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
DD infill and extensional drilling of existing inferred resources is continuing at BOGP and deeper sub-
vertical structures.
Regional exploration and sterilisation drilling (RINA programme) continues.
A review of field mapping, soil sampling and geophysical surveys is in progress to determine new targets
for drilling in the project area.
Concurrent to the planned drilling outlined above, additional metallurgical test work, environmental,
geotechnical and hydrological investigations are on-going to support the pre-mining studies into a gold
mining and processing operation.