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November 2025 2025 Annual General Meeting Fast - track to Construction For personal use only
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Disclaimer 2 Disclaimer All information contained in this presentation is of a general nature . Potential investors are cautioned against using the content of this presentation, in isolation, for making investment decisions and should also refer to Santana Minerals Limited (‘Santana’) Annual Reports and ASX/NZX : SMI releases . For further information about Santana visit our website at www . santanaminerals . com . Best efforts have been made to ensure the accuracy of information contained (at the time of preparation) . Where forward targets and/or assumptions have been included – all such instances are indicative only and subject to alteration and/or cancellation as and when the management of Santana determines . Research and advice of a qualified financial advisor or accountant are strongly recommended to anyone considering investing in listed company securities, including those of Santana . The Prefeasibility Study, including the production target and the forecast financial information derived from the production target, referred to in this Presentation (PFS) was released to the ASX on 1 July 2025 . This Presentation includes summary excerpts from the PFS and does not purport to be all - inclusive or complete . Forward - Looking Statements This Presentation contains various forward looking statements . F orward - looking statements in this presentation include, but are not limited to, statements regarding the production target, financial information based on that production target and statements statements with respect to Santana’s future plans , strategy, activities, events or developments the Company believes, expects or anticipates will or may occur . By their very nature, forward - looking statements require Santana to make assumptions that may not materialize or that may not be accurate . The Company has concluded that it has a reasonable basis for providing these forward - looking statements, including the production target and the forecast financial information included in this Presentation . The detailed reasons for these conclusions are outlined throughout the ASX releases dated 1 July 2025 . However, no assurance can be given that these expectations will prove to have been correct, as actual results and future events could differ materially from those anticipated in the forward - looking statements . Accordingly, viewers are cautioned not to place undue reliance on forward - looking statements . Santana does not undertake to update publicly or to revise any of the included forward - looking statements, except as may be required under applicable securities laws . To achieve the range of outcomes anticipated in the PFS, the PFS estimates that financing in the order of A $ 277 million will be required . Santana believes that there are reasonable grounds for the assumptions it has made in satisfying itself that the requisite funding for the development of the Project will be available when required . However, Shareholders and prospective investors should be aware that there is no guarantee Santana will be able to secure this funding as required, and it is possible that the terms available may be dilutive or otherwise adversely impact the value of Santana’s current shares . Additionally, Santana may explore alternative value - creating strategies, such as divesting some or all potential revenue streams from precious metals or a full or partial sale of its interest in the Bendigo - Ophir project . Cautionary Statement – Inferred Resources Included in Production Target Of the Mineral Resources planned for extraction under the 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 Persons Statement The production target and the forecast financial information derived from the production target set out in this presentation 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 : 4 March 2025 – ASX Announcement titled “RAS Mineral Resource Estimate Review” 15 November 2024 – ASX Announcement titled “Bendigo - Ophir Pre - Feasibility Study” 28 September 2021 – ASX Announcement titled “ Bendigo - Ophir Gold Resources Increased 155 % to 643 k Oz” 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 . A copy of these announcements are available to view on the Santana Minerals Limited website www . santanaminerals . com or on the ASX platform www . asx . com . au . 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 . For personal use only
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Year in Review - 2025 Mining Permit Granted Fast - track Application Submitted Purchase of Lands + Royalties Drilling Step Out Success Updated PFS Comprehensive Baseline Studies For personal use only
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Project fly through 4 For personal use only
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Rise and Shine - RAS 5 A’ A Section A - A’ For personal use only
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N ationally Significant Outstanding PFS Economics Unique NZ Gold Discovery Ready to Develop Low Cost >1000 job applications >NZ$2.3 billion in taxes and royalties Biggest in over 40 years >2Moz at RAS alone NPV of A$2.4 billion Free cash flow of A$3.8 billion 6 months permitting timeframe Fast - track application imminent A$277 million pre - production cost C1 cash cost A$1,267/oz AISC A$1,842/oz AIC A$2,132/oz Based on a current gold price of A$6,540/oz (Discount to 15 October 2025 price) H igh Discovery Upside 30km of strike underexplored Already 3 more satellite deposits Investment Case Summary For personal use only
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Broker Coverage – Equity Markets 7 Price Target per Share Broker Research $1.85 $1.50 $1.15 $1.63 Price Target per Share Broker Research $1.65 $0.95 $1.50 Research provided by seven stockbrokers For personal use only
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Permitting and timeline to first gold Dec 25 Quarter Jun 26 Quarter Sep 27 Quarter Complete Panel Convener Expert Panel Written Comments Response Decision Fast - track Early works Raw water line Entrance Works TGR Widening Long Lead Items Detailed Engineering Mining Fleet Mills and Crushers 16/24MV Transformer Deliveries Pioneering Haul Road Process Plant Pre - strip TSF First Gold Construction For personal use only
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Corporate 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 marketer Board & Management Substantial Ownership >40% NZ private investors 12% Institutional investors 7% Board & management Capital Structure A$723 million 831 million FPO shares @ A$0.87/share – Nov 14, 2025 Market Capitalisation 1.1 million shares Av. 90 - day trading volume 11.7M employees incentives Options A$92m Cash at Bank, 31 October (net of payables) Craig McPherson CFO & Co - Sec Finance and compliance 9 Emma Scotney Non - Exec Director Lawyer, experienced Director $200M $300M $400M $500M $600M $700M $800M Nov 24 Feb 25 May 25 Aug 25 Nov 25 Market Cap For personal use only
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Finding the next RAS 10 290km 2 of tenure 30km of strike regional exploration program unfoldingFor personal use only
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The information in this report that relates to this March 2025 RAS Mineral Resource Estimates (MRE) and to the November 2024 SRX and SRE MRE, is based on work completed by Mr Kerrin Allwood, a Competent Person (CP) who is a Member of The Australasian Institute of Mining and Metallurgy ( AusIMM ) . Mr Allwood is a Principal Geologist of GeoModelling Limited, Petone, New Zealand and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” . Mr Allwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears . Mr Allwood and GeoModelling Limited are independent of Santana Minerals Ltd . The information in this report that relates to prior 2021 Mineral Resource Estimates ( 2021 MRE) for CIT deposit completed by Ms Michelle Wild (CP) (ASX announcement on 28 September 2021 ) continue to apply and have not materially changed . Appendix 1: Mineral Resource Estimate 11 Contained Gold (koz) Au grade (g/t) tonnes (Mt) Category Deposit 1,538 2.5 18.9 Indicated RAS 542 2.2 7.6 Inferred 2,080 2.4 26.5 Indicated and Inferred RAS Total 59 1.5 1.2 Inferred CIT 54.7 0.8 2.2 Indicated SRX 90.5 1.0 2.9 Inferred SRX 145 0.9 5 Indicated and Inferred SRX Total 10.3 0.8 0.4 Indicated SRE 42 1.2 1.1 Inferred SRE 52 1.1 1.5 Indicated and Inferred SRE Total 1,603 2.3 21.5 Indicated BOGP Total 734 1.8 12.7 Inferred 2,337 2.1 34.3 Indicated and Inferred BOGP TotalFor personal use only
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Maiden Ore Reserves – High Conversions Bendigo - Ophir Maiden Ore Reserve 15Mt @ 2.58g/t PFS targeted 1.54Moz of Indicated resources and converted 81% (1.24Moz) to a Probable Reserve 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 (FAusIMM) . Note 6: Approved consents and required permits are yet to be granted to enable mining of the RAS and SRX deposits. 12 Total Probable Proven Area Au koz Au g/t Mt Au g/t Mt Au g/t Mt 937 2.78 10.5 2.78 10.5 - - RAS open pit 275 2.66 3.2 2.66 3.2 RAS underground 30 0.70 1.3 0.70 1.3 SRX 1,242 2.58 15.0 2.58 15.0 - - Total For personal use only