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





27 January 2026
Quarterly Activities Report
Period ending December 31, 2025
Strong progress was made during the quarter toward establishing New Zealand’s next major gold development at the
Bendigo-Ophir Gold Project (BOGP), with construction targeted for mid-2026.
Key achievements for the Quarter:
▪ The Company’s Fast-track Approvals Act (FTA) application was deemed complete and formally accepted by the
Environmental Protection Authority (EPA) on 24 November 2025.
▪ New Zealand Petroleum and Minerals (NZPAM) granted a 30-year Mining Permit (MMP 61326) giving full legal
rights to extract and process gold from the Rise & Shine (RAS) and adjacent satellite deposits.
▪ Agreements were reached to acquire key freehold land over the BOGP footprint strengthening the Company’s
long-term control, flexibility and security over the project.
▪ Early site works, including installation of water, power, communications and establishment of site access has
progressed in readiness for project construction, upon receipt of FTA consent.
▪ Project finance options and associated Independent Technical Expert (ITE) reviews were significantly advanced
during the quarter.
▪ AUD$85 million of cash and working capital was on hand at the end of the quarter, with no debt.
▪ Exceptional high-grade drilling results from the RAS North Honeypot zone were received, highlighted by hole
MDD487 which returned 8.7m at 30.6g/t Au from 302.3m.
Key events subsequent to the Quarter end:
▪ Significant gold price escalation (to A$7,300/oz at the time of writing) has ballooned the estimated After-Tax
NPV
6.5
of the July 2025 Updated PFS to A$2.77 billion¹ providing further project robustness.
▪ A major step-out drill hole (MDD490) intercept, 465m north of the current defined RAS Mineral Resource
Estimate (MRE) returned 38.6m at 1.70g/t Au from 758.5m extending the ore system down plunge.
Enquiries
Damian Spring
Exec. Director & CEO
dspring@santanaminerals.com

Sam Smith
Exec. Director Corp Affairs & IR
ssmith@santanaminerals.com

ASX RELEASE
ASX:SMI
NZX:SMI

1
These spot price sensitivities are provided for illustrative purposes only and do not replace the economic analysis set out in the Updated PFS 1 July 2025 that
shows metrics at price steps above and below the base-case scenario, as per Table 1 below. A price step showing the impacts of the current gold price on NPV,
IRR and Payback is added in the far-right column.

2







Operational Activities – Bendigo-Ophir Gold Project
The BOGP is a large-scale, long-life gold development located in Central Otago, New Zealand. The Project is
underpinned by the Updated Pre-Feasibility Study completed in June 2025 and comprises a conventional open pit and
underground mining operation supplying a 1.2Mtpa CIL processing facility, with provision for future expansion. The
current development plan delivers approximately 1.25 million ounces of gold over an initial mine life of ~14 years, with
steady-state production of ~120,000 ounces per annum during peak mining periods, supported by a capital-efficient,
staged development strategy.









Figure 1. Gold production forecast from open pit and underground mining based on the Updated PFS - June 2025 metrics
During the quarter, BOGP continued to progress as New Zealand’s most advanced and strategically significant
undeveloped gold asset, with activity characterised by steady execution across permitting, land access, technical and
development readiness workstreams. The Project’s scale, long mine life and location within a stable, well-regulated
jurisdiction continue to underpin its quality and importance within the New Zealand mining sector.
Activities during the period were focused on de-risking the pathway to construction while further demonstrating the
growth potential of the RAS gold system. Key outcomes included the granting of the 30-year Mining Permit
(MMP61326), the lodgement and subsequent acceptance by the EPA of the Project’s FTA application, continued
consolidation of Project landholdings, and targeted exploration programmes designed to extend mineralisation beyond
the current resource footprint.
In parallel, the Company advanced development and financing preparations, including engagement with project
financiers and ongoing refinement of the Project execution plan. Early works progressed during the period, with scope
definition and preparatory activities focused on enabling infrastructure, including raw water pipeline installation, road
widening and access upgrades, and the clearing and preparation of areas required for mine administration facilities.
Operational readiness work also continued, with the technical team modelling mining fleet configurations and
equipment options to optimise capital efficiency and operating performance ahead of construction. Collectively, these
activities reinforce the Project’s maturity and momentum, positioning the BOGP to transition efficiently from
permitting into construction once the remaining statutory approvals are secured.

-10%/oz Base-Case Spot Price +10%/oz
Current
(26/01/26)
A$3,150/oz A$3,500/oz A$4,950/oz A$5,446/oz A$7,300/oz
NPV
6.5%
$601M $780M $1.52b $1.77b A$2.77b
IRR 32% 39% 65% 73% 107%
Payback 3.0Yrs 2.6Yrs 1.7Yrs 1.6Yrs 1.25Yrs
Table 1: Updated PFS – June 2025, Gold Price Sensitivities with Current Gold Price Impact

option to increase ounces per annum with mill upgrade to 1.8Mtpa
-
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

3


Update on Mining Economics
In light of the sustained strength in the gold price, the Company has updated a snapshot of the project economics to
illustrate the sensitivity of the BOGP to prevailing market conditions.
The analysis is based on the existing Updated Pre-Feasibility Study development parameters, including the current
open pit and underground mine plan, a production profile of ~120,000 ounces per annum at peak output, and a pre-
production capital requirement of A$277 million.
The table is presented for illustrative purposes only and is intended to highlight the inherent robustness of the Project’s
economics and its leverage to higher gold prices relative to the base-case assumptions.
Key Financial Assumptions Base-Case AUD July 25 AUD
Current AUD
26/01/26
Gold price $/oz 3,500 4,950 7,300
Exchange rate USD:$ 0.63 0.63 NA
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 9,110
Initial life of mine operating costs
Total open pit mine operating costs AUD 'mil 777 777 777
Total underground mine operating costs AUD 'mil 246 246 246
Total ore processing operating costs AUD 'mil 416 416 416
Total general and admin costs
2
AUD 'mil 158
2
158
2
158
2

Crown royalties (higher of 2% NSR or 10% annual profit) AUD 'mil 232 410 703
Third party royalties – (3 other) AUD 'mil 117 166 137
Total cash operating cost AUD 'mil 1,946 2,173 2,437
Total cash operating surplus (EBITDA) AUD 'mil 2,422 4,004 6,673
Non-cash costs
Life of mine depreciation and amortisation AUD 'mil 480 480 479
1

Total cost of sales AUD 'mil 2,425 2,652 2,916
Historical PP&E AUD 'mil 36 36 36
Net profit before tax (NPBT) AUD 'mil 1,906 3,489 6,158
Corporate tax payable (28.0%) AUD 'mil (546) (983) (1,729)
Estimated net profit after tax (NPAT) AUD 'mil 1,360 2,506 4,429
NPV
6.5
(unleveraged and after-tax) AUD 'mil 780 1,521 2,772
Internal rate of return (IRR) % 39% 65% 107%
Capital Expenditure Requirements




Pre-production capital (incl. 10% contingency) AUD 'mil 277 277 269
1

Sustaining capital expenditure (funded from cash flow)
Plant & infrastructure AUD 'mil
48
48
48
Waste stripping AUD 'mil 78 78 78
Underground mine plant & infrastructure (year 6) AUD 'mil 85 85 85
Closure capex (off-set against salvage value of PP&E) AUD 'mil (0) (0) (0)
Total capex over mine life AUD 'mil 488 488 480
Comparative Metrics (rounded)




Total cash operating cost per ounce AUD / Oz 1,559 1,741 1,953
All in cost (AIC) AUD / Oz 1,950 2,132 2,337
1
Pre-production cost reduced due to land acquisition and nullification of royalty pre-payments, on a decision to mine.
Table 2: Financial Projections, Base-Case and Current Gold Pricing

4


Mining Permit Granted
During the quarter, the Company achieved a major regulatory milestone with the formal granting of the 30-year Mining
Permit for the BOGP by NZPAM, part of the Ministry of Business, Innovation & Employment. The Mining Permit (MMP
61326) shown in Figure 2, granted under the Crown Minerals Act 1991, is one of the two key approvals required to
commence construction of the Project. Its issuance followed NZPAM’s comprehensive review of Santana’s technical,
economic and development documentation and represents a strong endorsement of the Project’s robustness and the
Company’s capability to develop and operate a long-life gold operation in Central Otago.

Figure 2. Tenement map showing Mining Permit, and Exploration/Prospecting Permits, with sections of Bendigo Station and Ardgour Station
currently under binding purchase agreement (striped zones).
The 30-year term of the Mining Permit provides Santana, through its wholly owned subsidiary Matakanui Gold Ltd,
with secure, long-dated legal rights to mine and process gold from the RAS deposit and adjacent deposits within the
BOGP permit area. Securing this tenure materially de-risks the Project by locking in the core mineral rights over the
planned mine life and establishes the legal foundation for project financing and development. With the Mining Permit
now in place, the remaining primary approval required to commence construction is the FTA consent, which has been
submitted, which focuses on environmental and land-use matters.
The Mining Permit also establishes the Crown royalty framework applicable to the Project, being the higher of a 2%
net smelter return or 10% of accounting profits. Based on the Updated Pre-Feasibility Study announced on 1 July 2025
and a more recent gold price of NZ$8,469/oz (equivalent to approximately A$7,300/oz at prevailing exchange rates as
at 26 January 2026), Crown royalties are estimated to total approximately NZ$829 million over the first 14 years of
production.
This underscores the material and long-term economic contribution the BOGP is expected to make to New Zealand,
along with approximately NZ$2.0b in taxes at the same gold price.
During the quarter the Company also applied for an additional exploration permit MPP61533.01 shown in Figure 2
(under application), after intercepting a broad zone of silicified breccia in hole MDD490 at a substantial distance north
of the known RAS mineralisation, that returned assays of 38.6m at 1.70g/t Au from 758.5m.

5


Fast-track Application Submitted & Accepted by EPA
The Company also completed the lodgement of its application for project consents, permits and concessions under
New Zealand’s new FTA Act. The lodgement formally initiates a prescribed statutory timeframe under the FTA and is
expected to result in full mine consents being granted in mid-2026.
The FTA application comprised an extensive suite of baseline studies and mitigation packages designed to ensure the
Project meets and exceeds environmental and regulatory requirements under the Fast-track regime. The submission
comprised more than 9,000 pages of studies prepared by expert environmental and technical consultants, representing
a Company investment of over NZ$8 million and forming the most comprehensive environmental assessment ever
undertaken in the region.
Subsequent to lodgement, the Company received formal confirmation that the application had been accepted by the
EPA. Acceptance by the EPA confirms that the submission satisfies all lodgement requirements under the Act and allows
the application to proceed into the assessment phase. On 21
st
January 2026, the Panel Convener held a conference
with the Company, regulators and mana whenua to gain an understanding of the application to determine the
composition of an independent expert panel and set a date the panel needs to make the decision. Conference
participants submitted a range of between 60 and 100 working days for a decision for the Convener to consider.
Ultimately, the Panel Convener has discretion to set the decision timeframe, and this is expected in early February. The
submitted range indicates a decision in the June or September quarters this year, representing a clear and time-bound
pathway toward securing the remaining primary approval required to commence construction of the BOGP by mid-
2026.
Land Acquisition
During the quarter, the Company entered into a binding agreement to acquire, on a freehold basis, the key portions of
Bendigo Station land directly impacted by the planned BOGP mining operations and associated infrastructure.
Combined with the previously announced Ardgour Station acquisition, this completes the Company’s strategy to secure
freehold ownership of all land required for mine development. Figure 3 below illustrates the striped areas of Bendigo
Station and Ardgour Station that are currently subject to binding purchase agreements.

Figure 3. Land acquisitions on Bendigo Station and Ardgour Station. Striped areas of each station represent land titles currently under binding
purchase agreements.

6


The Bendigo Station land package comprises approximately 797 hectares covering the proposed open pits at the RAS,
SREX, SREX East and Come-in-Time deposits, and related mine infrastructure. As part of the acquisition, the Company
will buy back an average 1.25% net smelter return (NSR) royalty over the first one million ounces of gold produced
from the Bendigo lands, materially enhancing project economics.
As part of the acquisition, the Company exercised its existing option to purchase 92 hectares of strategically located
land to secure corridors for water supply infrastructure and pipelines associated with the proposed mine development.
This land provides long-term certainty for water conveyance and supporting infrastructure required for construction
and operations.
The transactions will be completed by the Company’s wholly owned New Zealand subsidiary and are subject to
Overseas Investment Office approval and the receipt of project consents anticipated under the Fast-track Approvals
Act, enabling a decision to mine. Existing access agreements remain in place pending settlement. The Company intends
to fund the acquisitions from existing cash reserves.
Operational Readiness
During the quarter, the Company advanced a number of workstreams focused on operational readiness and early site
establishment for the Bendigo-Ophir Gold Project.
Early site works advanced during the quarter, including the installation of approximately 3.5 kilometres of water
pipeline from the bore field towards the project site. Works also commenced on upgrades to the public road that will
serve as the primary access route to the project, alongside the initial development of the site access road and
preparation of early building platforms. Together, these activities represent tangible progress toward site readiness
ahead of construction.

Figure 4. Civil crews installing raw water lines, widening roads, and drilling borrow pits.
A request for quotation (RFQ) was released covering laboratory building design, laboratory equipment supply and
installation, and the provision of analytical services, supporting downstream operational and quality-assurance
requirements.
Procurement planning progressed across key operating inputs, with an RFQ issued to explosive suppliers for the supply
of explosives and initiating systems, including an on-site emulsion plant, magazines, amenities, and storage facilities.
In parallel, detailed equipment life-cycle cost models were developed to inform optimal fleet selection and long-term
operating cost outcomes, and construction equipment supply enquiries were released to assess hire, lease, and
purchase alternatives.

7


Financing
During the quarter, the Company progressed its project financing workstream by appointing an Independent Technical
Expert (ITE) and formally commencing the lender technical due diligence process for the BOGP. The early engagement
of the ITE reflects a proactive approach to financing, enabling key technical, operational and ESG aspects of the Project
to be independently reviewed and validated ahead of lender selection and credit assessment.
Initiating the ITE process at this stage is intended to streamline subsequent financing discussions, reduce execution risk
and support an efficient progression toward shortlisting preferred lenders. In parallel, the Company continued internal
preparatory work on its project finance structure and lender engagement strategy, positioning Santana to move quickly
into detailed financing negotiations once the preferred banking group is identified.
Resource Definition Drilling
During the quarter, the Company delivered standout resource upgrade drilling results at RAS North, confirming robust
down-plunge continuity of high-grade mineralisation and materially strengthening the case for additional underground
ounces in future mine planning. Drilling focused on areas currently classified as Inferred material within the HG1
domain. The drilling returned multiple thick, high-grade intercepts (see Figure 5, yellow stars), including:
▪ MDD487 – 8.7m @ 30.6 g/t Au from 302.3m
▪ MDD481 – 13.5m @ 8.6 g/t Au from 450.5m
▪ MDD482 – 21.1m @ 5.3 g/t Au from 435.0m
▪ MDD483 – 27.6m @ 3.5 g/t Au from 447.4m
▪ MDD480 – 19.3m @ 4.0 g/t Au from 474.7m; and
▪ MDD486 – 12.6m @ 4.2 g/t Au from 479.4m

Figure 5. Best intercepts at RAS North during the quarter, showing thick high-grade extensions to the potential underground mine.
A’
A
(previous quarter hole)

8


These results demonstrate strong grade continuity and predictable geometry within the high-grade core of the RAS
system, consistent with the established geological model.
Importantly, the reported intercepts are located up to ~250 metres beyond the limits of the current underground mine
design and provide further evidence that high-grade mineralisation extends materially beyond the existing planned
extraction envelope.
The consistency of grade, thickness and metal density across these intercepts indicates that the HG1 domain remains
coherent and robust beyond current design limits and may support a significant expansion of the underground mine
layout.
RAS Extensions
During and subsequent to the end of the quarter, drilling at RAS North delivered a material down-plunge extension to
the RAS system, significantly strengthening the long-term underground growth potential of the Project. Drill hole
MDD490 intersected a broad mineralised interval of 38.6m @ 1.70g/t Au at a 0.5g/t cut-off (including 13.6m @ 2.42g/t
Au at a 1.5g/t cut-off), confirming the presence of wide, commercially relevant mineralisation 465m beyond drilling
that informs the current Mineral Resource Estimate. The intercept is hosted within the thickest zone of silicified breccia
encountered at RAS to date, demonstrating substantial widening of the mineralised system at depth and reinforcing
confidence in the continuity and scale of mineralisation down-plunge. This result extends the known down-plunge
extent of the RAS system to approximately 2.15km. In response to this emerging growth vector, the Company has
progressed an application with NZPAM for additional exploration tenure north of the existing permit boundary to
ensure the full extent of the system can be systematically tested.

Figure 6. Long section (see section reference on Figure 5) showing step-out drill programme success with thickened mineralisation in MDD490

(previous quarter hole)
(previous quarter hole)

9


Corporate and Appendix 5B Disclosures
Annual General Meeting
The Company held its Annual General Meeting during the quarter, with all resolutions put to shareholders passed.
Shareholders were provided with an update on progress at the BOGP, including recent exploration success at RAS,
advancement of permitting and land access, and continued progress toward development readiness. The Board also
outlined the Company’s strategic priorities for the year ahead, with a focus on resource growth, project de-risking,
financing readiness, and disciplined capital management.
Engagement with shareholders at the meeting was constructive, reflecting strong ongoing support for the Company’s
strategy and development pathway.
Financials
The Company closed the quarter with a cash balance of A$85M net of payables.
The Company’s Appendix 5B (Quarterly Cashflow Report) attached includes an amount in item 6.1 which constitutes
executive ($234k), and non-executive ($75k) directors’ fees paid during the Quarter. In addition, item 6.2 includes an
amount which constitutes project management ($5.2k) and equipment hire fees ($7.2k) paid to directors during the
Quarter.
During the period, the Company spent $10.6m on exploration activities, project studies and project development costs
to advance the BOGP in New Zealand.
In addition, during the period 3,900,000 fully paid ordinary shares were issued upon exercise of employee share
options for a total of $1.193m.

Ends.


Enquiries:
Damian Spring
Exec. Director & CEO
dspring@santanaminerals.com

Sam Smith
Exec. Director Corp Affairs & IR
ssmith@santanaminerals.com

10


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





Table 4: 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.







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

11



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 “RAS Mineral Resource Estimate Review” dated 4 March 2025
• 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, in the Updated
PFS.

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

• ASX Announcement titled “RAS high-grade core expands down plunge” dated 08 September 2025
• ASX Announcement titled “Rise and Shine potentially much bigger” dated 22 September 2025
• ASX Announcement titled “Strong RAS Results and RINA Regional System Fertility” dated 15 October 2025
• ASX Announcement titled “RAS Northern Honeypot Expanded and Sweetened” dated 18 November 2025
• ASX Announcement titled “Exceptional Drill Intercepts at RAS North Honeypot” dated 4 December 2025
• ASX Announcement titled “Step-out drilling unlocks major new extension north of RAS” dated 7 January 2026

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.

12



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 31 DECEMBER 2025

Consolidated statement of cash flows
Current quarter
$A’000
Year to date (6
months)
$A’000
1. Cash flows from operating activities
- -
1.1 Receipts from customers
1.2 Payments for
-
-
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (543) (983)
(e) administration and corporate costs (391) (1,084)
1.3 Dividends received (see note 3) - -
1.4 Interest received 520 1,500
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
(414) (567)

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 (6
months)
$A’000
2. Cash flows from investing activities
- -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (92) (826)
(d) exploration & evaluation (7,047) (13,183)
(e) investments - -
(f) other non-current assets (3,531) (7,233)
2.2 Proceeds from the disposal of:
- - (a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets -
-
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
(10,670) (21,242)

3. Cash flows from financing activities
- 63,000
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 1,193 1,193
3.4 Transaction costs related to issues of equity
securities or convertible debt securities
- (3,028)
3.5 Proceeds from borrowings - 314
3.6 Repayment of borrowings (59) (106)
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
1,134 61,373

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 (6
months)
$A’000
4.
Net increase / (decrease) in cash and
cash equivalents for the period

4.1
Cash and cash equivalents at beginning of
period
99,941 50,450
4.2
Net cash from / (used in) operating
activities (item 1.9 above)
(414) (567)
4.3 Net cash from / (used in) investing activities
(item 2.6 above)
(10,670) (21,242)
4.4
Net cash from / (used in) financing activities
(item 3.10 above)
1,134 61,373
4.5 Effect of movement in exchange rates on
cash held
(5) (28)
4.6
Cash and cash equivalents at end of
period
89,986 89,986

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 2,774 814
5.2 Call deposits 87,212 99,127
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)
89,986 99,941

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
309
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
12
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) 427 427
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 12 vehicles
through Toyota Finance on a secured basis. The facilities are payable monthly and attract
interest at a rate of between 2% (6 vehicles) and 3.5% (6 vehicles) per annum with the last
payments due in September 2026 (3 vehicles), October 2026 (3 vehicles), August 2028 (5
vehicles) and September 2029 (1 vehicle).

8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (414)
8.2
(Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
(7,047)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (7,461)
8.4 Cash and cash equivalents at quarter end (item 4.6) 89,986
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 89,986

8.7
Estimated quarters of funding available (item 8.6 divided by
item 8.3)
(12.09)
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:
N/A
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:
N/A

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:
N/A

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: 27 January 2026...................................................................................


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.