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





16 October 2026

Quarterly Activities Report
Period ending September 30, 2026
The Board of Santana Minerals Ltd (Santana, or Company) is pleased to present its acƟviƟes report for the first quarter
of the 2026/2027 financial year. The quarter’s acƟviƟes moves the Company toward the cusp of project development,
subject to receiving its Fast-track Approvals Act (FTA) resource consents expected in draŌ form in the ensuing
December quarter.
Key achievements:
 The Fast-track Approvals Act (FTA) process entered its final stages, following an extensive programme of
technical, environmental and regulatory engagement, culminaƟng in the submission of revised consent
condiƟons and substanƟal compleƟon of regulatory consultaƟons. The Company is confident it has delivered
a robust and comprehensive applicaƟon, with further maƩers progressively addressed throughout the process.
This significant body of work posiƟons the Expert Panel to deliver its draŌ decision in November/December
2026 in line with the purposes of the Act “to facilitate the delivery of infrastructure and development projects
with significant regional or naƟonal benefits”
1
.
 ConstrucƟon readiness progressed with compleƟon of the exploraƟon base, commissioning of the raw water
bore, installaƟon of site services and access infrastructure, alongside detailed mine scheduling, pre-stripping
opƟmisaƟon and advancement of key supply agreements, supporƟng targeted commencement of
development in Q1 2027.
 The Rise and Shine (RAS) high-grade core (HG1) expanded westward following infill drilling in areas scheduled
for early mining, with significant intercepts including 20.7m @ 4.8 g/t Au (MDD529) and 11.0m @ 8.5 g/t Au
(MDD530), confirming improved grade conƟnuity and strengthening confidence in the early-stage mine plan.
 AddiƟonal excepƟonal high-grade gold intercepts in the infill program included 24.4m @ 10.9 g/t Au and 2.0m
@ 89.5 g/t Au (MDD528), together with 11.3m @ 7.3 g/t Au (MDD530) beneath the HG1 and within the LG1
domain, highlighƟng the potenƟal for addiƟonal stacked high-grade mineralisaƟon.
 The Company formally commenced a compeƟƟve project financing process following compleƟon of
independent technical, environmental and social due diligence, with comprehensive lender informaƟon
packages issued to selected financial insƟtuƟons seeking proposals for senior secured project debt faciliƟes.
 Santana was added to the VanEck Junior Gold Miners ETF (GDXJ), effecƟve 18 September 2026, and presented
to investors at Diggers and Dealers, the AusIMM Rotorua conference, Resources Rising Stars and the Precious
Metals Summit, broadening its insƟtuƟonal audience.
 The Company closed the quarter with an es
Ɵmated cash posiƟon net of payables of A$175M, leaving it well
funded as it advances the Project towards development.
Enquiries
Damian Spring
Exec. Director & CEO
dspring@santanaminerals.com
Sam Smith
Exec. Director & CDO
ssmith@santanaminerals.com

ASX RELEASE
ASX:SMI
NZX:SMI

1
SecƟon 3 of the Fast-track Approvals Act 2024 (NZ) – The Purpose of the Act

2


Bendigo-Ophir Gold Project (BOGP)
The Company conƟnues to progress its 100%-owned BOGP in Central Otago, New Zealand, towards development, with
the Project recognised as one of the country's most significant undeveloped gold assets.
Situated within a historically prolific gold-producing region, BOGP is underpinned by a substanƟal 2.3Moz Indicated
and Inferred mineral resource base, aƩracƟve project economics and a favourable operaƟng jurisdicƟon. The Project's
development credenƟals are further strengthened by agreements to purchase ~3,680 hectares of freehold land across
Bendigo and Ardgour StaƟons, acquired with Overseas Investment Office (OIO) consent, a granted 30-year Mining
Permit (MMP61326), and progression through New Zealand's Fast-track Approvals (FTA) process. A draŌ decision is
anƟcipated in November/December 2026, with a final decision scheduled for 20 January 2027.

Figure 1. Santana project locaƟon, South Island New Zealand
As the Project approaches this important regulatory milestone, the Company's prioriƟes are increasingly centred on
construcƟon readiness and execuƟon planning. Key acƟviƟes include progressing project financing arrangements,
engaging prospecƟve construcƟon and service providers, and preparing early works programmes to facilitate an
efficient transiƟon into development following receipt of the necessary approvals and a Final Investment Decision (FID).

3


With construcƟon acƟviƟes targeted to commence in early 2027, the Company is posiƟoning BOGP to become a
significant, long-life gold producer in New Zealand, supported by considerable exploraƟon potenƟal across its broader
390 km² tenement porƞolio.
BOGP Pre-Development AcƟviƟes
Technical and permiƫng opƟmisaƟon acƟviƟes conƟnue to progress as the Company advances the BOGP towards
development in early 2027. While these workstreams remain ongoing, the Project's key operaƟng and economic
parameters conƟnue to be guided by the June 2025 Updated Pre-Feasibility Study (UPFS).
The UPFS proposes a 1.2Mtpa carbon-in-leach (CIL) processing facility, supported by a combinaƟon of open pit and
underground mining, with peak annual gold producƟon of approximately 120,000 ounces over an esƟmated, iniƟal 14-
year mine life. Using an assumed gold price of approximately A$5,750/oz, the Project demonstrates strong economic
returns, including an esƟmated aŌer-tax Net Present Value (NPV6.5) of A$1.9 billion and an Internal Rate of Return
(IRR) of 78%.
The forecast annual gold producƟon profile in the UPFS is presented in Figure 1 below.









Figure 2. Gold producƟon forecast from open pit and underground mining based on the Updated PFS metrics (June 2025)
During the September quarter, the Company focused on the following key workstreams:
FTA Approval Progress
The Company undertook an intensive programme of technical, legal and regulatory engagement to advance the BOGP's
consent applicaƟon towards the final decision-making phase. Working closely with its advisers, regulatory authoriƟes
and iwi, the Company conƟnued to strengthen its applicaƟon through the refinement of proposed consent condiƟons
and associated management plans, systemaƟcally addressing maƩers arising from expert conferencing, hearings and
ongoing regulatory consultaƟon.
A significant focus was the development of a comprehensive, robust and pracƟcal consent framework governing the
Project's construcƟon, operaƟon and environmental management. The Company accelerated this work during agreed
suspensions of the assessment process, submiƫng revised consent condiƟons in late August 2026 and making
substanƟal progress in addressing outstanding technical and regulatory maƩers. The Company also commissioned
addiƟonal three-dimensional groundwater modelling that would otherwise be done during construcƟon once
permiƩed to provide further technical assurance and address maƩers raised during the assessment process,
supplemenƟng the extensive environmental studies already completed.
Processing of the applicaƟon resumed on 16 September 2026, with the Expert Panel appoinƟng a specialist condiƟons
writer to assist in finalising the consent framework. Throughout September, the Company conƟnued to respond
comprehensively to requests for further informaƟon and clarificaƟon, including maƩers relaƟng to the implementaƟon
of proposed condiƟons, economic analysis and specific land-use and infrastructure consideraƟons.

-
20
40
60
80
100
120
140
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9 Year 10 Year 11 Year 12 Year 13 Year 14
Production (kOz)
Open PitUnderground
option to increase ounces per annum with mill upgrade to 1.8Mtpa

4


The FTA process has now entered its final stages, and the Company remains confident in the merits of the Project and
its significant regional and naƟonal benefits, with a draŌ decision anƟcipated in November/December 2026 and the
final decision scheduled for 20 January 2027.

Figure 3. BOGP under FTA applicaƟon, situated on private farmland within granted Mining Permit (MMP61326).
ConstrucƟon Readiness
During the quarter, the Company conƟnued to advance construcƟon readiness acƟviƟes at the Project, with a focus on
establishing essenƟal site infrastructure and services to support the transiƟon into mine development.
Key milestones included the compleƟon of the new exploraƟon base on Ardgour Flats, now occupied by the geology
team and formally opened by New Zealand’s Minister for Resources, Hon Shane Jones, subsequent to quarter end. The
Company also successfully commissioned the raw water supply bore, connecƟng to approximately 6km of pipeline
infrastructure installed predominantly during the previous quarter to service the mine site. These developments
represent further progress in establishing the essenƟal infrastructure and on-site capabiliƟes required to support the
next phase of Project development.
Site enabling works also progressed, including trenching and installaƟon of essenƟal services infrastructure comprising
power, water and communicaƟons. Access road development and associated drainage works, including culvert
installaƟons, were also advanced to improve site accessibility and support future construcƟon acƟviƟes.
CollecƟvely, these works conƟnue to strengthen the Company's construcƟon readiness, establishing criƟcal
infrastructure ahead of the commencement of major development acƟviƟes, subject to receipt of the necessary
approvals.

5



Figure 4. ExploraƟon base established and operaƟonal, with the geology team working on site to support ongoing exploraƟon.

Figure 5. Grand opening of the new exploraƟon base (post quarter end), aƩended by the Minister of Resources, Hon. Shane Jones.

6



Figure 6. Successful commissioning test of the raw water pipeline manifold at Bendigo Aquifer bore.
Project Planning
During the quarter, the Board convened in Cromwell for a series of detailed technical and operaƟonal presentaƟons
delivered by the Company's execuƟve management and project teams. The sessions provided a comprehensive review
of the Project's development readiness, including construcƟon planning and sequencing, organisaƟonal structure and
recruitment, operaƟonal systems, mine planning and project financing.
The presentaƟons provided the Board with an opportunity to review key development prioriƟes, assess
implementaƟon strategies and engage directly with the teams responsible for delivering the Project. ParƟcular
emphasis was placed on the integraƟon of construcƟon, operaƟonal and financing acƟviƟes to support an efficient
transiƟon from permiƫng through to development and ulƟmately producƟon.
The sessions reinforced the Company's focus on disciplined project execuƟon, organisaƟonal readiness and the
establishment of the systems, personnel and infrastructure required to advance the BOGP towards construcƟon,
subject to receipt of the necessary approvals and a Final Investment Decision.
Advanced Mine Planning
Mine scheduling was confirmed by the quarter’s infill drilling results. Assays from the 12-hole infill programme, which
is closing drill spacing across the southern RAS area targeted for early open pit mining, are confirming pre-producƟon
mining posiƟons and supporƟng a consistent high-grade ore feed at planned processing rates. Grades have in places
been materially higher than modelled, increasing confidence in the high-grade ore that will underpin the early years
of producƟon, and a potenƟal addiƟonal stacked high-grade lens is being evaluated in future geological modelling.
In parallel, the Company conƟnued to refine mine planning and development assumpƟons in conjuncƟon with its
Independent Technical Experts (ITEs), addressing key technical ma
Ʃers including producƟon rates, mine sequencing,
geotechnical condiƟons, hydrology and metallurgical performance. This work forms an important component of the
ongoing technical due diligence process supporƟng the Company's proposed project financing arrangements.

7


Rise and Shine (RAS) – Pre-development Infill Drilling
Infill drilling at RAS South during the quarter delivered excepƟonal high-grade gold intercepts, improving confidence in
the conƟnuity and grade of the HG1 domain targeted for early open pit mining, while also demonstraƟng potenƟal for
expansion of the high-grade mineralised system.
A key outcome of the programme has been the expansion and improved definiƟon of the high-grade core, with closer-
spaced drilling to 21m supporƟng stronger grade conƟnuity. Importantly, the latest drilling has enabled HG1 to be
confidently extended further west (see Figure 6).
This interpretaƟon is supported by significant intercepts from MDD529 and MDD530, including:
 MDD529: 20.7m @ 4.8 g/t Au from 168.8m (17.5m true width).
 MDD530: 11.0m @ 8.5 g/t Au from 182.0m (9.7m true width).
The improved geological definiƟon is parƟcularly important given the locaƟon of HG1 within the early mining
sequence, providing greater confidence in the grade and conƟnuity of ore scheduled for iniƟal producƟon.

Figure 7. HG1 interpreted to extend west in areas scheduled for early open pit mining.

8


ExcepƟonal high-grade results and emerging stacked mineralisaƟon
Beyond the westward expansion of HG1, drilling delivered excepƟonal high-grade and bonanza-grade gold intercepts,
most notably in MDD528, which returned 24.4m @ 10.9 g/t Au from 165.7m, posiƟoned between two previously
idenƟfied broad high-grade intersecƟons. Together with earlier drilling results, these intersecƟons support the
geological interpretaƟon of a substanƟal and conƟnuous high-grade mineralised domain within the RAS deposit.
Significant intercepts include:
 MDD528: 24.4m @ 10.9 g/t Au from 165.7m (20.2m true width).
 MDD504: 15.5m @ 7.7 g/t Au from 185.0m (12.2m true width).
 MDD524A: 7.0m @ 6.4 g/t Au from 170.0m (6.6m true width).
 MDD525: 9.0m @ 3.9 g/t Au from 184.0m (7.8m true width).

Figure 8. Strong high-grade intercepts in the HG1 infill programme, closing drill spacing to approximately 20m.
Of addiƟonal interest, several holes also intersected high-grade mineralisaƟon beneath the exisƟng HG1 and within
the LG1 domain, suggesƟng the presence of addiƟonal stacked, sub-parallel high-grade zones. These include:
 MDD528: 2.0m @ 89.5 g/t Au from 197.0m (1.7m true width), containing abundant visible gold.
 MDD530: 11.3m @ 7.3 g/t Au from 234.0m (10.0m true width).
 MDD504: 4.2m @ 14.5 g/t Au from 211.8m (3.3m true width).

9


These deeper intersecƟons highlight the potenƟal for addiƟonal high-grade mineralisaƟon beneath the currently
defined domains and planned open pit, with further geological evaluaƟon required to establish their conƟnuity and
extent.
The infill programme conƟnues to strengthen the geological understanding of the early mining area and support
refinement of the mine plan. Three holes remained outstanding at the end of the quarter.
Regional ExploraƟon
Regional exploraƟon acƟviƟes conƟnued during the quarter, with geological mapping and soil sampling advancing the
idenƟficaƟon and prioriƟsaƟon of targets for future exploraƟon and potenƟal drilling. Encouraging results are emerging
at Alta (ALT), Perry’s Creek (PCK) and Bendigo Reefs (BDR), where anomalous gold-in-soil results are supported by
coincident gold mineralisaƟon in rock chip samples. The latest soil sampling locaƟons and idenƟfied anomalies are
presented in Figure 7 below.

Figure 9. Plan view of current soil sample locaƟons in the main project area.
Project Financing
Project financing advanced significantly during the quarter, with the compleƟon of independent technical,
environmental and social due diligence and preparaƟon of comprehensive lender informaƟon packages. This extensive
body of work enabled the Company to formally commence a compeƟƟve debt financing process, inviƟng selected
financial insƟtuƟons to submit proposals for senior secured project debt faciliƟes. The Company is targeƟng the
selecƟon of preferred lending partners and progression of financing proposals through credit approval during the
December quarter, ahead of finalising the debt process and advancing definiƟve facility documentaƟon.

10


Forward Work Programme
The Company's forward work programme will focus on converƟng the progress achieved across permiƫng, financing
and project planning into the commercial and operaƟonal arrangements required to commence development.
Key acƟviƟes over the coming months will include:
 FTA Approvals: Responding to any remaining Expert Panel requests, reviewing the draŌ decision and proposed
consent condiƟons, and preparing for the implementaƟon of consent obligaƟons following determinaƟon.
 Project Financing: EvaluaƟng lender proposals, selecƟng preferred banking partners, negoƟaƟng final facility
terms and progressing credit approvals, loan documentaƟon and associated security arrangements.
 Material Contracts: Advancing negoƟaƟons and finalising commercial terms for key construcƟon, mining,
processing plant and infrastructure packages, including contractor selecƟon, procurement schedules and long-
lead equipment commitments.
 ConstrucƟon Readiness: Finalising construcƟon sequencing, mobilisaƟon plans, site establishment
requirements and integrated project schedules, while progressing enabling infrastructure and coordinaƟng
contractor interfaces.
 Recruitment and OperaƟonal Readiness: Refining workforce requirements, recruitment schedules and
organisaƟonal structures, with priority appointments aligned to construcƟon mobilisaƟon. Further
development of operaƟonal management systems, procurement controls and reporƟng processes will support
the transiƟon into project execu
Ɵon.
These workstreams will be coordinated to maintain development momentum and enable the Ɵmely commencement
of major construcƟon acƟviƟes following receipt of the necessary approvals, compleƟon of financing arrangements
and FID.
Corporate and Appendix 5B Disclosures
Non-ExecuƟve Director ReƟrement
On 20 July 2026, Kim BunƟng reƟred from the Board of Directors. Mr BunƟng was instrumental in the discovery of the
Rise and Shine deposit following years of dedicated exploraƟon work and played a significant role in advancing the
Project from exploraƟon through to its current development stage. The Board thanks Mr BunƟng for his outstanding
contribuƟon to the Company and wishes him every success in the future.
Market Profile and Investor Engagement
The Company was included into the VanEck Junior Gold Miners ETF (GDXJ), effecƟve at the close of trading on 18
September 2026, following the fund’s semi-annual index review and rebalance (ASX announcement of 17 September
2026), providing access to a broader base of insƟtuƟonal and passive investors.
During the quarter the Company presented to investors at Diggers and Dealers (4 August), the AusIMM Branch
Conference in Rotorua (25 August), the Resources Rising Stars Gold Coast Conference (9 September) and the Precious
Metals Summit in Beaver Creek (23 September). The FY2026 Annual Report and Appendix 4G were released on 29
September 2026.
Financials
The Company closed the quarter with a cash balance of approximately A$180M (A$175M net of payables).
The Company's Appendix 5B (Quarterly Cashflow Report) aƩached includes an amount in item 6.1 which consƟtutes
execuƟve ($431k, including STI awards of $234k) and non-execuƟve ($61k) directors' fees paid during the Quarter.
During the period, the Company spent A$5.62M on project development and mining studies, A$3.06M on
environmental and FTA process and A$0.88M on exploraƟon acƟviƟes.

11



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

Sam Smith
Exec. Director & CDO
ssmith@santanaminerals.com

10


Bendigo-Ophir Project Mineral Resource and Reserve EsƟmate
The Project contains a Mineral Resource EsƟmate (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 1: Bendigo-Ophir Gold Project Mineral Resource March 2025
Ore Reserve Statement (ORE) as at July 2025:





Table 2: 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.

ExploraƟon Target
The Company has previously announced an ExploraƟon Target for the northern extension of the Rise and Shine (RAS)
deposit, ranging from 3.6Mt @ 1.9 g/t Au (0.52Moz) to 7.7Mt @ 2.8 g/t Au (1.48Moz), addiƟonal to the exisƟng Mineral
Resource EsƟmate.
The potenƟal quanƟty and grade of the ExploraƟon Target are conceptual in nature. There has been insufficient
exploraƟon to esƟmate a Mineral Resource, and it is uncertain whether further exploraƟon will result in the esƟmaƟon
of a Mineral Resource.

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


CauƟonary Statement – Inferred Resources Included in ProducƟon 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.

Competent Person Statement

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 Pre-Feasibility Study” dated 15 November 2024
 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
Pre-Feasibility Study.

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

 ASX Announcement titled “Infill drilling continues to upgrade RAS high-grade core” dated 3 September 2026
 ASX Announcement titled “Bonanza Gold Hits from RAS Stage 1 Area” dated 27 July 2026
 ASX Announcement titled “High-grade gold drill results support early-stage mine plan” dated 7 July 2026

Information relating to Exploration Targets associated with the Company’s projects in this announcement is extracted from the following ASX Announcement:

 ASX Announcement titled “New Exploration Target Unlocked at RAS” dated 10 February 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.

12


AddiƟonal ASX LisƟng Rule InformaƟon
Santana Minerals Limited (‘Santana’) provides the following addiƟonal informaƟon in accordance with ASX LisƟng Rule 5.3.3.

Mining tenements held at the end of the Quarter and their locaƟon
Name Status Interest Held
New Zealand

Bendigo-Ophir ExploraƟon Permit
Granted 100%
Ardgour ProspecƟng Permit
Granted 100%
Rise and Shine Mining Permit
Granted 100%
Cloudy Peak ProspecƟng Permit
Under evaluaƟon 100%
Cambodia

Snoul Granted
34%
#

# The consolidated enƟty currently holds a 34% interest in the project (diluƟng to not less than 12.75% assuming the consolidated enƟty does not exercise
contribuƟon rights) and is free carried to compleƟon of feasibility study.

Mining tenements acquired during the Quarter and their locaƟon
Not applicable.

Mining tenements disposed of during the Quarter and their locaƟon
Not applicable.

Beneficial percentage interests held in farm-in or farm-out agreements at the end of the Quarter

Cambodian Project
The consolidated enƟty’s subsidiary (Subsidiary) is party to an unincorporated joint venture agreement with Southern Gold Limited (SGL) in
respect of the Cambodian ExploraƟon Licences, pursuant to which SGL has a 15% unincorporated joint venture interest in the Cambodian
ExploraƟon Licences, which is free carried unƟl compleƟon of a feasibility study.
The consolidated enƟty’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 exploraƟon expenditure on each of
the Cambodian ExploraƟon Licences to earn a 30% shareholding in the Subsidiary. Renaissance can elect to sole fund a further US$1.0 million of
exploraƟon expenditure on each of the two Cambodian ExploraƟon 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 enƟty 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 definiƟve feasibility study, during which period the consolidated
enƟty will be free carried.
Renaissance has met the expenditure requirements to earn a 60% interest in the Subsidiary. The consolidated enƟty has elected not to
contribute and is free carried to a definiƟve 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 30 SEPTEMBER 2026

Consolidated statement of cash flows
Current quarter
$A’000
Year to date (3
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 (581) (581)
(e) administration and corporate costs (1,513) (1,513)
1.3 Dividends received (see note 3) - -
1.4 Interest received 3,100 3,100
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
1,006 1,006

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 (3
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 (35) (35)
(d) exploration & evaluation (9,561) (9,561)
(e) investments - -
(f) other non-current assets - -
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
(9,596) (9,596)

3. Cash flows from financing activities
- -
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 - -
3.4 Transaction costs related to issues of equity
securities or convertible debt securities
- -
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings (54) (54)
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
(54) (54)

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 (3
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
188,333 188,333
4.2
Net cash from / (used in) operating
activities (item 1.9 above)
1,006 1,006
4.3 Net cash from / (used in) investing activities
(item 2.6 above)
(9,596) (9,596)
4.4
Net cash from / (used in) financing activities
(item 3.10 above)
(54) (54)
4.5 Effect of movement in exchange rates on
cash held
- -
4.6
Cash and cash equivalents at end of
period
179,689 179,689

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 2,202 1,563
5.2 Call deposits 77,487 51,770
5.3 Bank overdrafts - -
5.4 Other (Term Deposits) 100,000 135,000
5.5 Cash and cash equivalents at end of
quarter (should equal item 4.6 above)
179,689 188,333

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
492
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
-
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) 236 236
7.4 Total financing facilities 236 236

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) 1,006
8.2
(Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
(9,561)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (8,555)
8.4 Cash and cash equivalents at quarter end (item 4.6) 179,689
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 179,689

8.7
Estimated quarters of funding available (item 8.6 divided by
item 8.3)
(21.00)
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: 16 October 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.