AGM Address and Presentation

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



19 November 2025

AGM Address and Presentation


Santana Minerals Limited (Santana, ASX/NZX: SMI or the Company) advises that the following will be
delivered at the Annual General Meeting (AGM) to be held today at 10:00am (AWST) / 3:00pm (NZDT).

• Chairman’s Address to Shareholders; and
• Presentation to Shareholders.

Shareholders wishing to attend the AGM may do so in person or online as follows:

• In Person: Westralia Square 2, Level 5, 143 St Georges Terrace, Perth WA 6000
• Online: https://meetings.openbriefing.com/SMI25

Ends.
This announcement has been authorised for release by the Board.
Enquiries:
Damian Spring Sam Smith
Exec. Director & CEO Exec. Director Corp Affairs & IR
dspring@santanaminerals.com ssmith@santanaminerals.com























Announcement
ASX:SMI
NZX:SMI

Chairman’s Address

My fellow shareholders, the 2025 FY has been a successful one. We have progressed our Bendigo-
Ophir Gold Project, powered by the wonderful Rise & Shine (or RAS as we abbreviate it) discovery
towards the holy grail of long-term profitable gold production.

Our scoping study and subsequent pre-feasibility study revealed very strong commercial metrics.
These have been further turbo-charged by a rising gold price to the highest levels in the metal’s free-
market history.

During the year we applauded the focussed commitment shown by the current New Zealand
government, and in particular Ministers Bishop and Jones, to see the Fast Track Approvals Act achieve
royal ascent on December 23, 2024. A new bill and a new format for industry which provided a clear
path for economic development. The Fast Track framework gives nationally significant projects a
single, coordinated pathway — cutting duplication, tightening timeframes, and keeping the process
focused on what genuinely matters. It restores predictability to New Zealand’s investment
environment and ensures high-value developments aren’t stalled by unnecessary procedural drag.

Along with a diverse group of industries and development projects, the mining sector and our project
was able to apply itself within this new legislation. After joining a long line of applicants, the efforts
and determination of our CEO, Damian Spring enabled us to be invited onto a select list of projects
deemed to be of major economic significance to NZ. We were invited onto this list, referred to as
Schedule 2 and were actually named in the legislation. This provided us a conditional pathway to
achieve development consents within a prescribed time frame.

Put bluntly, the framework is meant to stop major projects being knocked off course by narrow
objections. It brings the focus back to what actually matters: balancing real environmental
considerations with the wider economic gains in jobs, investment, and long-term national value.

After a testing period for all of us, we closed out October 2025 with a major step forward: our full
consent application is now lodged. This moves the project firmly into the completeness and decision
phase, with clear timeframes ahead. The full 9,400-page submission will be available online for any
shareholder who wants to explore the detail behind this significant milestone.

Building a social and statutory licence for a project of this scale will always bring complexity. We’ve
engaged with a broad spectrum of stakeholders, each bringing their own expectations to the table.
Our job has been to navigate those pressures constructively, stay disciplined around what’s
appropriate, and ensure any commitments are grounded in fair, transparent, region-wide economic
benefit over the life of the project.

Subsequent to our year end, our team has delivered again with improved economics from an updated
feasibility study with a revised development plan and of course, turbo charged by higher gold prices.
We have executed our strategy to future proof our project for shareholders with two strategic land
and coincident royalty buy-backs.

I’m pleased to say we have two binding conditional contracts to own the lands our project will operate
within on a freehold basis. These will eventually replace and supersede our previous access
agreements over the same lands. Importantly, the coincident buy-back or internalisation of these
royalties will lower our overall operating costs and should endorse them to one of the lowest in
Oceana, Australasia and indeed, the world.

Shareholders, we have a great project, a great opportunity, and a great team who can deliver for you
and all the stakeholders of the project.

The market too is awakening. Over the 2025 financial year we witnessed a 55% increase in our share
price. You can add to that a further 65% gain since the year end. In both periods we have outperformed
the gold price which rose 40% over the financial year and has risen a further 28% since.

And while these results are strong, we see them as only the beginning — our momentum is building,
and we expect to deliver even stronger performance as this exceptional project moves into
commercialisation.

Today we have 7 analysts covering our stock with an average price target just under $1.50/share and
nearly double where it trades today.

In the year forward our focus turns to financing, and then construction with an aim to be producing
gold bars mid-late calendar year 2027.

Once achieved, we will have witnessed an extraordinary feat for the mining sector and for the
reputation for New Zealand as a development destination. A new discovery going from discovery to
production in just over 5 years.

Before I move on to the business of the meeting, I want to take this opportunity to thank all our
shareholders: past, present and emerging, for the loyalty and trust they bestow on us as your
directors. On behalf of the whole board and our management I say a big thank you. We recognise that
we are merely custodians of your money and faith and I can assure you that we will always strive to
deliver the best for you as shareholders.

Thank you.

November 2025
2025 Annual General Meeting
Fast-track to Construction

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.

Year in Review -2025
Mining Permit
Granted
Fast-track
Application
Submitted
Purchase of
Lands + Royalties
Drilling Step
Out Success
Updated PFS
Comprehensive
Baseline Studies

Project fly through
4

Rise and Shine -RAS
5
A’
A
Section A-A’

Nationally
Significant
Outstanding PFS
Economics
Unique NZ Gold
Discovery
Ready to
Develop
Low Cost
>1000 job applications
>NZ$2.3 billion in taxes and
royalties
Biggest in over 40 years
>2Moz at RAS alone
NPV of A$2.4 billion
Free cash flow of A$3.8 billion
6 months permitting timeframe
Fast-track application imminent
A$277 million pre-production cost
C1 cash cost A$1,267/oz
AISC A$1,842/oz
AIC A$2,132/oz
Based on a current gold price of A$6,540/oz
(Discount to 15 October 2025 price)
HighDiscovery
Upside
30km of strike underexplored
Already 3 more satellite deposits
Investment Case Summary

Broker Coverage –Equity Markets
7
Price Target per ShareBroker Research
$1.85
$1.50
$1.15
$1.63
Price Target per ShareBroker Research
$1.65
$0.95
$1.50
Research provided by seven stockbrokers

Permitting and timeline to first gold
Dec 25 Quarter
Jun 26 Quarter
Sep27 Quarter
Complete
Panel
Convener
Expert
Panel
Written
Comments
Response
Decision
Fast-track
Early works
Rawwater
line
Entrance
Works
TGR
Widening
LongLead
Items
Detailed
Engineering
Mining
Fleet
Mills and
Crushers
16/24MV
Transformer
Deliveries
Pioneering
Haul Road
Process Plant
Pre-strip
TSF
FirstGold
Construction

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
Substantial Ownership
>40%NZ private investors
12%Institutional investors
7%Board & management
Capital Structure
A$723 million
831 million FPO shares@ A$0.87/share –Nov 14, 2025
Market
Capitalisation
1.1 million shares
Av. 90-day trading volume
11.7M employeesincentives
Options
A$92mCash at Bank,31 October
(net of payables)
Craig McPherson
CFO & Co-Sec
Finance and compliance
9
Emma Scotney
Non-Exec Director
Lawyer, experienced Director
$200M
$300M
$400M
$500M
$600M
$700M
$800M
Nov 24Feb 25May 25Aug 25Nov 25
Market Cap

Finding the
next RAS
10
290km
2
of tenure
30km of strike regional
exploration program unfolding

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
11
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

Maiden Ore Reserves –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 (FAusIMM).
Note 6: Approved consents and required permits are yet to be granted to enable mining of the RAS and SRX deposits.
12
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