Investor Presentation - Precious Metals Summit Beaver Creek

ASX / NZX: SMI
BEAVER CREEK, COLORADO, SEPTEMBER 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, Mining Permit granted
Nov 2025. Reserve of 1.2 M oz @ 2.6g/t Gold
*
Anemerging high-margin gold producer with low
capital hurdle. All-in-cost US$1,680/oz
Draft approval Nov 2026. Final approval due
20 January 2027
Loads of exploration upside.
Well funded and project finance advanced.
Substantial re-rate potential
* Refer Appendix 1

20262023
1.6Moz @ 2.3g/t Au
*
Indicated Resource0.3Moz @ 4.3g/t Au
1.2Moz @ 2.6g/t Au
*
Ore Reserve-
13.8 years @ 1.2Mtpa Mine life-
A$1.5 billion (US$1.1 billion)
at 6.5% & A$4,950/oz (US$3,450/oz)
Project NPV-
FTA Approval 20
th
Jan 2027Permitting-
A$0.56 (US$0.40)Share priceA$0.21 (US$0.14)
A$552 million (US$392 million)Market cap A$113 million (US$72 million)
A$175 million (US$124 million)Cash in bankA$17 million (US$11 million)
4
* Refer Appendix 1
Four years at Beaver Creek

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
5

6
2.3Mozgold
Mineral Resources inside
the mining permit.
RAS
2,080
CIT
59
SRX
145
SRE
52
RAS
SRX
CIT
SRE
TZ3
TZ4
Four gold deposits

A blind discovery
110,000m+ of Diamond Drilling
2.3 km down-plunge and open
Up to 450m wide
High-grade core
(150-200m wide, 30-40m thick)
Bulk barren waste pre-strip
The Rise & Shine (RAS)
7
RAS
LG1
HG1
AA’
OPEN
B
B’

7
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
8

-
20
40
60
80
100
120
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14
Production (kOz)
Open PitUnderground
Future initial 120,000oz producer
SPOT GOLD
US$4,260/oz
AISC
US$1,390/oz
9
CASH OPERATING COST
US$1,270/oz
LOM AVERAGE
AVERAGE ANNUAL
EBITDA
US$260 M
IRR
85%
NPV AFTER TAX
US$1,490 M
6.5% DISCOUNT RATE
PAY BACK
15 months
FROM 1
ST
GOLD
Ounce Profile at 1.2Mtpa
+170% MARGIN
ALL IN COST
US$1,680/oz

Corporate Snapshot
technical & financial capability
NET CASH AT
BANK
~US$125 m
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
CDO & EXEC DIRECTOR
Mining Engineer, IR
Craig McPherson
CFO & CO-SEC
Finance, compliance
LIQUIDITY
3.1m
shares
per day
986m FPO shares @ A$0.56
6.5m Options & Incentives
MARKET CAPITALISATION
~A$550m(US$390 m)
ENTERPRISE VALUE
~A$375m (US$265 m)
10
March 2026
GDXJ300
September 2026

Building a local team
Paul Miles
GENERAL MANAGER
MiningEngineer
Cheryl Low
ENVIRONMENT MANAGER
Environment Scientist
Paul Matheson
MINING MANAGER
Mine Ops Specialist
David Thurstun
TECHNICAL SERVICES
Mining Engineer
Alex Nichol
GEOLOGY MANAGER
Mine Geologist
Christian White
FINANCIALCONTROLLER
Chartered Accountant
Vicki Blakeborough
PEOPLE & CULTURE
HR Specialist
Roger Bain
HEALTH & SAFETY
Mining Engineer
Dave Stretch
PROJECT MANAGER
Mining Engineer
Josh Cowan
CIVIL DESIGNER
Civil Engineer
Katie Barns
PROCESS DESIGN
Metallurgist
Campbell Wheeler
BUILDING CONSTRUCTION
Building Engineer
Al Snow
INFRASTRUCTURE
Mining Engineer
OPERATIONS
CONSTRUCTION
11

Operational Readiness
Management in place
Mining fleet rolling off the production line
Early works:
New exploration base
New access road
Fresh water bore field and 5km of pipeline
11kV power line
•Converting +1400 expressions of interest for work
12

PATH TO APPROVAL AND PRODUCTION
Advanced permitting process & runway to first gold
First gold 2028
OCT 25
Substantive
application
lodged
FEB ‘26
Expert
Panel
Appointed
APR ‘26
s53 Response
filed
27 AUG '26
RFI 11
Response due
20 JAN ‘27
Final FTA Decision
Final Investment
Decision
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 ‘27
Earthworks
commence
JUL ‘27
Bulk pre-strip
commences
13
NZ GOVT TAX+ROYALTY
US$96M
per year
FPERMITTING SPEND
US$13 M
to date

30kmof strike
Strong soil anomalies at
DNS and ORK
Emerging new targets
coming from mapping and
soil sampling
426 km
2
under-explored
Explorationupside
14

InvestmentHighlights
POISED FOR GROWTH
Currently 1x EV:EBITDA
Included in ASX 300 and GDXJ
US$125 million in cash
Advancing debt funding
QUALITY GOLD DEPOSIT
1.2 Moz Reserves
14-year mine life producing up to 120,000 oz/year
RAS ROM gold grade of 2.7g/t
Exploration upside over 400km
2
ROBUST ECONOMICS
Outstanding metrics
Cash operating cost US$1,270/oz
Total All In Cost US$1,680/oz
Set for a strong market re-rate
CLEAR PATH TO PRODUCTION
Decision 20 Jan 2027
Draft decision week of 30 Nov 2026
30-year mining permit in hand
Overseas Investment Office approval to purchase 3,680 ha
BROKER RESEARCH
First Gold 2028
15

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
16

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
17
MtAu g/t
koz
Total
275

18
Cross section A-A’
TZ3 schist
TZ4 schist
LG1
HG1
TZ3
TZ4

TZ3 Schist
TZ4 Schist
OPEN
19
Cross section A-A’
Long section B-B’

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
20
Freehold land –sheep stations