AusIMM Conference Presentation - Rotorua NZ

ASX / NZX: SMI
AusIMMNZ BRANCH CONFERENCE, ROTORUAAUGUST 2026
Fast-tracking
New Zealand's
Newest Major
Gold Project.
Bendigo–Ophir
Gold Project

Disclaimer
Allinformationcontainedinthispresentationisofageneralnature.Potentialinvestorsarecautionedagainst
usingthecontentofthispresentation,inisolation,formakinginvestmentdecisionsandshouldalsoreferto
SantanaMineralsLimited(‘Santana’)AnnualReportsandASX/NZX:SMIreleases.Forfurtherinformationabout
Santanavisitourwebsiteatwww.santanaminerals.com.
Besteffortshavebeenmadetoensuretheaccuracyofinformationcontained(atthetimeofpreparation).Where
forwardtargetsand/orassumptionshavebeenincluded–allsuchinstancesareindicativeonlyandsubjectto
alterationand/orcancellationasandwhenthemanagementofSantanadetermines.
Researchandadviceofaqualifiedfinancialadvisororaccountantarestronglyrecommendedtoanyone
consideringinvestinginlistedcompanysecurities,includingthoseofSantana.
ThePrefeasibilityStudy,includingtheproductiontargetandtheforecastfinancialinformationderivedfromthe
productiontarget,referredtointhisPresentation(PFS)wasreleasedtotheASXon1July2025.ThisPresentation
includessummaryexcerptsfromthePFSanddoesnotpurporttobeall-inclusiveorcomplete.
FORWARD-LOOKING STATEMENTS
ThisPresentationcontainsvariousforwardlookingstatements.Forward-lookingstatementsinthispresentation
include,butarenotlimitedto,statementsregardingtheproductiontarget,financialinformationbasedonthat
productiontargetandstatementswithrespecttoSantana’sfutureplans,strategy,activities,eventsor
developmentstheCompanybelieves,expectsoranticipateswillormayoccur.Bytheirverynature,forward-
lookingstatementsrequireSantanatomakeassumptionsthatmaynotmaterializeorthatmaynotbeaccurate.
TheCompanyhasconcludedthatithasareasonablebasisforprovidingtheseforward-lookingstatements,
includingtheproductiontargetandtheforecastfinancialinformationincludedinthisPresentation.Thedetailed
reasonsfortheseconclusionsareoutlinedthroughouttheASXreleasesdated1July2025.However,no
assurancecanbegiventhattheseexpectationswillprovetohavebeencorrect,asactualresultsandfuture
eventscoulddiffermateriallyfromthoseanticipatedintheforward-lookingstatements.Accordingly,viewersare
cautionednottoplaceunduerelianceonforward-lookingstatements.Santanadoesnotundertaketoupdate
publiclyortoreviseanyoftheincludedforward-lookingstatements,exceptasmayberequiredunderapplicable
securitieslaws.
ToachievetherangeofoutcomesanticipatedinthePFS,thePFSestimatesthatfinancingintheorderofA$277
millionwillberequired.Santanabelievesthattherearereasonablegroundsfortheassumptionsithasmadein
satisfyingitselfthattherequisitefundingforthedevelopmentoftheProjectwillbeavailablewhenrequired.
However,ShareholdersandprospectiveinvestorsshouldbeawarethatthereisnoguaranteeSantanawillbeable
tosecurethisfundingasrequired,anditispossiblethatthetermsavailablemaybedilutiveorotherwise
adverselyimpactthevalueofSantana’scurrentshares.Additionally,Santanamayexplorealternativevalue-
creatingstrategies,suchasdivestingsomeorallpotentialrevenuestreamsfrompreciousmetalsorafullor
partialsaleofitsinterestintheBendigo-Ophirproject.
Of the Mineral Resources planned for extraction under the PFS production model approximately 93% is
within the IndicatedResources 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.
CAUTIONARY STATEMENT —INFERRED RESOURCESIncluded in Production Target
COMPETENT PERSONS STATEMENT
Theproductiontargetandtheforecastfinancialinformationderivedfromtheproductiontargetsetoutin
thispresentationwerefirstcontainedinapublicannouncementreleasedtotheASXon1July2025.The
Companyconfirmsthatallmaterialassumptionsunderpinningtheproductiontargetandtheforecast
financialinformationderivedfromitcontinuetoapplyandhavenotmateriallychanged.
TheinformationinthisreportthatrelatestoMineralResourcesisbasedoninformationcontainedinthe
followingpublicannouncements:
4March2025–ASXAnnouncementtitled“RASMineralResourceEstimateReview”
15November2024–ASXAnnouncementtitled“Bendigo-OphirPre-FeasibilityStudy”
28September2021–ASXAnnouncementtitled“Bendigo-OphirGoldResourcesIncreased155%
to643kOz”
TheinformationinthisreportthatrelatestoOreReservesisbasedoninformationcontainedinthe
publicannouncementmadetotheASXon1July2025.
AcopyoftheseannouncementsareavailabletoviewontheSantanaMineralsLimitedwebsite
www.santanaminerals.comorontheASXplatformwww.asx.com.au.
Thereportswereissuedinaccordancewiththe2012EditionoftheJORCAustralasianCodefor
ReportingofExplorationResults,MineralResourcesandOreReserves.TheCompanyconfirmsthatitis
notawareofanynewinformationordatathatmateriallyaffectstheinformationincludedintheoriginal
marketannouncementsreferencedaboveand,inthecaseoftheMineralResourceestimates,thatall
materialassumptionsandtechnicalparametersunderpinningtheMineralResourceestimatesinthe
relevantannouncementscontinuetoapplyandhavenotmateriallychanged.TheCompanyconfirms
thattheformandcontextinwhichtheCompetentPerson’sfindingsarepresentedhavenotbeen
materiallymodifiedfromtheoriginalmarketannouncements.

Bendigo Ophir Project
Central Otago
3
Bendigo Ophir GoldProject
•A substantial gold discovery on freehold, private land –OIO
consent granted May 2026
•Anemerging high-margin gold producer with low capital
hurdle.
•Final approval due ~20 January 2027.
•Loads of exploration upside.
•Well funded and project finance advanced.
•Substantial re-rate potential

Four deposits–one ore reserve
Come In Time
59koz @ 1.5 g/t Au
Rise and Shine
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 Resources
2.34Moz @ 2.1 g/t Au*
CIT
RSSZ
RAS
SRX
SRE
* Refer Appendix 1
4
1.24Moz Ore Reserve
RAS
SRX
CIT
SRE
OPEN
OPEN
OPEN
OPEN

TZ3 Schist
TZ4 Schist
Long section
OPEN
5

Underground Mining
Down Plunge
Multi-stage Open Pit
Approx 1 Moz
Resource Extension
Simple development plan –open
pit and underground
Stage 1
Stage 5
Stage 4
Stage 3
Stage 2
Decline
6

5
Battery Hill
Rise & Shine Valley
Shepherds Creek
Thomson Gorge
Fault/Unconformity
TZ4 Schist
TZ3 Schist
View –Looking South East
A
RDGOUR
S
TATION
B
ENDIGO
S
TATION
7
Freehold land –sheep stations

Corporate Snapshot
technical capability & financial capacity
NET CASH AT
BANK
~NZ$220m
BOARD & MANAGEMENT
Proven leadership across finance, legal & operations.
Peter Cook
NON-EXEC CHAIR
Geologist, Mineral Economist
Damian Spring
CEO & EXEC DIRECTOR
Mining Engineer, project delivery
Emma Scotney
NON-EXEC DIRECTOR
Lawyer, experienced director
Sam Smith
EXEC DIRECTOR, CORPORATE
DEVELOPMENT OFFICER
Mining Engineer, IR
Craig McPherson
CFO & CO-SEC
Finance, compliance
LIQUIDITY
2.8m
shares
per day
NZ residents
Institutions
986m FPO shares @ NZ$0.66
6.5m Options & Incentives
M AR KE T CAPI TAL I S ATI ON
~NZ$650m
E NTE R PR I S E VALUE
~NZ$430m
8
39%
12%
SHAREHOLDER PROFILE

Base case study
Ounce Profile at 1.2Mtpa
-
20
40
60
80
100
120
140
Year
1
Year
2
Year
3
Year
4
Year
5
Year
6
Year
7
Year
8
Year
9
Year
10
Year
11
Year
12
Year
13
Year
14
Production (kOz)
Open PitUnderground
CAPEX
NZ$302
million
BASE CASE
NZ$3,800/oz
9
Study basis for open pit then underground to feed
1.2 Mtpa plant
A$94m
17.5Mt pre-strip and establishment
A$119m
Process plant and TSF
A$64m
Infrastructure
Initial Mine Development
NZ CORPORATE TAX
NZ$1,074 M
NZ GOVT ROYALTY
NZ$448 M
NZ GOVT ANNUAL TAKE
NZ$110 M/YR

Future initial 120,000oz producer
SPOT GOLD
NZ$7,060/oz
ALL IN COST
NZ$2,590/oz
10
CASH OPERATING COST
NZ$2,100/oz
LOM AVERAGE
+170% margin over total cost
AVERAGE ANNUAL
EBITDA
NZ$434 M
EV:EBITDA
~1.0x
AVERAGE ANNUAL
NPAT
NZ$280 M
IRR
85%
NPV AFTER TAX
NZ$2,470 M
6.5% DISCOUNT RATE
PAY BACK
15 months
FROM 1
ST
GOLD
NZ CORPORATE TAX
NZ$1,440 M
NZ GOVT ROYALTY
NZ$590 M
NZ GOVT ANNUAL TAKE
NZ$145 M/YR

Low-costinfrastructure
Bendigo-Ophir
Project RAS
Deposit
Cromwell
8,000 people
Queenstown
International Airport
1hr away
State Highway 8
EASY ACCESS
Borefield
FRESH WATER
5km
66kV Substation
8km from the project
Clyde Dam Hydro Power
LOW COST
No FIFO
No airstrips
Clean water
Low-cost hydro power
Skilled residential workforce
11

12

13

Employee ramp up
0
50
100
150
200
250
300
350
400
450
500
Feb-27May-27Aug-27Nov-27Feb-28May-28Aug-28Nov-28
Mining
Construction
Administration
Processing
14

Career Opportunities
JOB CATEGORIES
School LeaversTrade TrainedUniversity Degree
Mining –Operations
•
Supervisors* (training required)
•
Machine Operators (OP)
•
Diggers
•
Dozers
•
Trucks
•
Graders
•
Drillers
•
Machine Operators (UG)
•
Jumbo
•
Bogger
•
Truck
•
Long Hole Driller
•
Shotcreter
•
Blast crew / Shot firer *
•
Technicians
Mining –Technical Services
•
Technicians
•
Management **
•
Engineers
•
Surveyors
•
Geologists
•
Geotechnical Engineer
•
Environmental Advisor
Maintenance
•
Auto Electrician
•
Electrician
•
Diesel Fitter
•
Fitter Turner
•
Boiler Maker
•
Maintenance
•
Planner/Engineer*
•
Instrumentation
Processing
•
Process Operators
•
Crush, Convey, Grind
•
Gravity/Leach
•
Electrolysis/Smelting
•
Lab Technicians
•
Tailings Operator
•
Metallurgists
/Process Engineers
•
Chemist
Site/Support Services
•
Training*
•
EmergencyResponse*
•
Stores/Warehousing
•
Logistics
•
Administration
•
Accounting**
•
Community Liaison **
•
Safety **
•
Site Management **
•
HR**
•
IT*
•
Legal
15

P A T H T O A P P R O V A L A N D P R O D U C T I O N
Advanced permitting process & runway to first gold
OCT 25
Substantive
application
lodged
FEB ‘26
Expert
Panel
Appointed
APR ‘26
s53 Response
filed
27 AUG '26
RFI 11
Response due
JAN 2027
Final
Decision
First gold 2028
JUN ‘26
Expert
Hearings
Concluded
NOV 2026
Draft decision
26 JUN ‘26
Application
paused for
workshops and
RFI 11
17 AUG ‘26
Processing of
Application
resumes
FEB 2027
Management
Plans Certified
MAR 2027
Earthworks
commence
JUN ‘27
Bulk pre-strip
commences
16

30kmof strike
Strong soil anomalies at
DNS and ORK
Emerging new targets
coming from mapping and
soil sampling
426 km
2
under-explored
Explorationupside
17

Summary
Outstanding Investment Opportunity
SCALE ESTABLISHED
Major NZ Gold Discovery
DECISION JAN 2026
Approval Pathway Set
LOW-COST LONG-LIFE
Up to 120koz p.a.
NEAR TERM BUILD
First Gold 2028
AFTER-TAX, 6.5% DISCOUNT RATE, A$6,000/oz
NZ$2.5 billion NPV
SIGNIFICANT UPSIDE
Set for a strong market re-rate
AI generated from design
18

•25 September to 3 October
•Cromwell Racecourse
•Principal Sponsor
World Gold Panning
Championships 2026

Mineral ResourcesOre Reserves
Gold in the ground
TheinformationinthisreportthatrelatestothisMarch2025RASMineralResourceEstimates(MRE)andtotheNovember2024SRX
andSREMRE,isbasedonworkcompletedbyMrKerrinAllwood,aCompetentPerson(CP)whoisaMemberofTheAustralasian
InstituteofMiningandMetallurgy(AusIMM).MrAllwoodisaPrincipalGeologistofGeoModellingLimited,Petone,NewZealandand
hassufficientexperiencewhichisrelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtotheactivity
whichisbeingundertakentoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe“AustralasianCodeforReportingof
ExplorationResults,MineralResourcesandOreReserves”.MrAllwoodconsentstotheinclusioninthisreportofthemattersbasedon
hisinformationintheformandcontextinwhichitappears.MrAllwoodandGeoModellingLimitedareindependentofSantanaMinerals
Ltd.
Theinformationinthisreportthatrelatestoprior2021MineralResourceEstimates(2021MRE)forCITdepositcompletedbyMs
MichelleWild(CP)(ASXannouncementon28September2021)continuetoapplyandhavenotmateriallychanged.
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.
Please see full PFS Summary and Reserve estimate modifying factors in the disclosures announced to ASX on 1 July 2025
19
MtAu g/t
koz
Total
275

09
CONTACT
CEO Damian Spring
dspring@santanaminerals.com
Telephone 0800 726 333
community@santanaminerals.com
NZX:ASX SMI
Santanaminerals.com
linkedin.com/company/santana-minerals-ltd
20