Presentation - Bell Potter Unearthed

Bendigo-Ophir Gold Project
Developing New Zealand’s Next Major
Gold Project in 2026
ASX/NZX: SMI

Disclaimer
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.

Company 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 IR
Board & Management
Well Funded
Substantial Ownership
>40%NZ private investors
12%Institutional investors
8%Board & management
Capital Structure
A$820 million
836 million FPO shares@ A$0.98/share –6 Feb 2026
Market
Capitalisation
1.2 million shares
Ave. 90 day trading volume
4.5m incentives
Options
A$85m
Cash at Bank,31 December
(net of
payables)
Craig McPherson
CFO & Co-Sec
Finance and compliance
Emma Scotney
Non-Exec Director
Lawyer, experienced Director
$0.98/sh

Low Risk Jurisdiction
Fraser Institute 2025 –NZ outranks
all Australian states
90km west of Macraesin Central
Otago
Private freehold farmland -under
purchase agreements by Santana
Area blessed with infrastructure,
power, water.
Access to skilled labourwith 1000's
of job applications being received

30-Year Mining Permit Granted
30-year mining permit granted
by NZPAM
FTA Resource Consent decision
due 29 October 2026
Legal rights to mine within the
permit
Secures RAS, CIT and SREX
New prospecting permit
application in play to the north
to secure new RAS extensions

Land Agreements Secured
Bendigo and Ardgour land
packages now under binding,
conditional agreements
Agreement reached with
CODC torelocate council
roads
Community benefit fund in
place for local environmental
and social initiatives
Ongoing environmental
studies to ensure robust
protections
Land under purchase agreement
Bendigo
Ardgour

2.3Moz ResourceInside Mining Permit
Come In Time
59koz @ 1.5 g/t Au
Rise and Shine (RAS)
2.08Moz @ 2.4 g/t Au
1.21Moz Probable Ore Reserve
Srex
145koz @ 0.9 g/t Au
30koz @ 0.7 g/t Au Ore Reserve
Srex-East
52koz @ 1.1 g/t Au
Combined Total
2.34Moz @ 2.1 g/t Au*
CIT
RSSZ
RAS
SRX
SRE
* Refer Appendix 1

2.1Moz at RAS Wide Thick & Long

Major RAS Extension
Step-out hole tagged the
orebody 465m away from
MRE drilling
Major zone of mineralised SBX
(42m)
Ore zone now 2.15km long
Potential to add significant
underground mine life

2.1Moz at RAS Long Section

RAS Mining Schematic
1.25Moz bankable
Reserve
993koz in open pits
316koz in
underground so far
Ongoing UG Resource
conversion
Major extensional
intercept with 38.6m
@ 1.70g/t
38.6m
@ 1.7g/t
993koz
316koz

Feasibility Study
Current metrics from Updated PFS 2025
ASX/NZX: SMI

Open Pit at 1.2Mtpa
1.02Moz
12.6Mt at 2.5g/t
RAS/SRX gold inventory
Mining physicals
13.8yrsmining
11Mt @ 2.75g/t from RAS
1.4Mt @ 0.68g/t from SRX
93% ore feed is Probable Reserve
Mined gold
993koz Au from RAS
30koz from SRX
>1Moz Au total
Overall grade 2.53g/t
953koz recovered
13
ASX release 1 July 2025 “Updated PFS –Bendigo Ophir Gold Project”
Mining method
Sevenstages of cutbacks
200t class excavators
90t class rear dump trucks
RAS
211Mt total rock
17.5Mt pre-strip
11.2Mt ore
14.6:1operating strip ratio

Underground Mine Plan
316koz
3.7Mt at 2.7g/t
RAS UG inventory
Mining physicals
7yrsmining
3.7Mt ore
Total development 17km
87% Indicated ore feed
Mining method
Long hole stopingw/paste fill
5.5mW x 5.5mW twin declines
Cable bolts and shotcrete
17km development
2.6Mtpaste fill
171kmof cables
10k m
3
shotcrete
Mined gold
316koz Au
Grade 2.66g/t
295koz recovered
14
ASX release 1 July 2025 “Updated PFS –Bendigo Ophir Gold Project”
Step out
drilling now
underway

Projected Metrics
-
20
40
60
80
100
120
140
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14
Pr
oduction (kOz)
Open PitUnderground
option to increase ounces per annum with mill upgrade to 1.8Mtpa
Metrics at A$6,500/oz
A$2,245/oz
all-in-cost per ounce
A$1,962/oz
all-in-sustaining-cost
A$1,270/oz
C1 cash operating cost
A$277M
CAPEX
A$3.8 billion
after tax free cash
94%
after tax IRR
1.33years
payback from production
A$2.3 billion
after tax NPV
6.5%
Ounce Profile at 1.2Mtpa
ASX release 1 July 2025 “Updated PFS –Bendigo Ophir Gold Project”
Reflected with recent AUD gold price metrics -02/02/2026

CIL Processing1.2 to 1.8Mtpa
16
Six phases of metallurgical testing
completed
Very high recoveries at RAS of 93%
THE PFS DESIGN USES SIMPLE CIL TECHNOLOGY TO GENERATE VERY HIGH RECOVERIES
Three stage crush
Ball millingGravity circuit
CIL
Electrowinning
Gold furnace
1
2
3
4
5
6

Exploration Growth
30km of strike
Strong soil anomalies at
DNS and ORK
Emerging new targets
coming from mapping and
soil sampling
Stacked tailings from
historic mining, untested

Permitting Timeline
Submitted FTA
Accepted by
EPA
CODC Land
Access
Panel
Appointment
&
Decision Date
Set
Decision
Date
Nov
‘25
Dec
‘25
Feb
‘26
Feb
‘26
Oct
‘26
2025
2026

Early Works Underway

Development Timeline
PATHWAY TO FIRST GOLD
PROJECT: Bendigo-Ophir Gold Project
Project start date:
Milestone description
Resource Consents
Early Works
Buildings
Mine Entrance Work
Services
Establishment
Pioneering
Haul Road
Construction
Process Plant Prep.
Pads and Dams
Pre-Strip
Mining Fleet Starts
Process Plant
Detailed Design
Civil Construction
First Gold
Q4
ExpectedPlanned
H1
20262027
Q3Q1Q3Q4Q2

Summary
Biggest NZ gold discovery in 40 years
Permitting underway with an approval
decision on 29 October 2026
120koz per annum low-cost, long-life
producer
Construction beginning in late 2026
Over 350 direct jobs, and over NZ$2billion in
taxes and government royalties
1
Derisked and ready to build
1
Calculated at NZ$7,100/oz, a discount to prevailing gold price at 02/02/2026
ASX release 23 July 2025 –“Rise and Shine –Northern Honeypot Emerges”
ASX release 22 August 2022 –“MDD054 JewelleryBox Re-Assays to 1400 g/t Gold”

Appendix 1: Mineral Resource Estimate
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
TheinformationinthisreportthatrelatestothisMarch2025RASMineralResourceEstimates(MRE)andtotheNovember2024SRXandSREMRE,isbasedonworkcompletedbyMrKerrinAllwood,aCompetentPerson(CP)whoisaMemberofTheAustralasian
InstituteofMiningandMetallurgy(AusIMM).MrAllwoodisaPrincipalGeologistofGeoModellingLimited,Petone,NewZealandandhassufficientexperiencewhichisrelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtothe
activitywhichisbeingundertakentoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe“AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves”.MrAllwoodconsentstotheinclusioninthisreportofthe
mattersbasedonhisinformationintheformandcontextinwhichitappears.MrAllwoodandGeoModellingLimitedareindependentofSantanaMineralsLtd.
Theinformationinthisreportthatrelatestoprior2021MineralResourceEstimates(2021MRE)forCITdepositcompletedbyMsMichelleWild(CP)(ASXannouncementon28September2021)continuetoapplyandhavenotmateriallychanged.

Ore Reserve Table
Bendigo-Ophir
Maiden Ore Reserve
15Mt @ 2.58g/t
1. Please see full PFS Summary and Reserve estimate modifying factors in the disclosures announced to ASX
on 1 July 2025
Note 1: RAS Open pit cut-off grade 0.5g/t at $US2,000/oz Au price
Note 2: RAS Underground cut-off grade 1.7g/t at $US1,650/oz Au price
Note 3: SRX Open pit cut-off grade 0.30 g/t at $US2,100/oz Au price
Note 4: Underground Reserves are from the quoted Open pit Resources area
Note 5: The effective date of the Mineral Reserve is 30 June 2025, estimated under the supervision of Damian Spring (MAusIMMand CP-Mining).
Note 6: Approved consents and required permits are yet to be granted to enable mining of the RAS and SRX deposits.
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