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A S X / N Z X : S M I G O L D C O A S T, Q U E E N S L A N D S E P T E M B E R 2 0 2 6 Fast - tracking New Zealand's Newest Major Gold Project. Bendigo – Ophir Gold Project
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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 . F O R W A R D - L O O K I N G S T A T E M E N T S This Presentation contains various forward looking statements . Forward - 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 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 . 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 . C A U T I O N A R Y S T A T E M E N T — I N F E R R E D R E S O U R C E S I n c l u d e d i n P r o d u c t i o n T a r g e t C O M P E T E N T P E R S O N S S T A T E M E N T 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 .
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Bendigo Ophir Project Central Otago 3 Bendigo Ophir Gold Project 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 * An emerging high - margin gold producer with low capital hurdle. All - in - cost A$2,200/oz Draft approval Nov 2027. Final approval due: 20 January 2027 . Loads of exploration upside. Well funded and project finance advanced. Substantial re - rate potential * Refer Appendix 1
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A blind discovery 110,000m+ of Diamond Drilling 2.1 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) 4 RAS LG1 HG1 A A’ OPEN B B’
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5 Cross section A - A’ TZ3 schist TZ4 schist LG1 HG1 TZ3 TZ4
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TZ3 Schist TZ4 Schist OPEN 6 Cross section A - A’ Long section B - B’
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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 7
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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 8 Freehold land – sheep stations
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Corporate Snapshot technical capability & financial capacity N E T C A S H A T B A N K ~A $ 180 m B O A R D & M A N A G E M E N T Proven leadership across finance, legal & operations. Peter Cook N O N - E X E C C H A I R Geologist, Mineral Economist Damian Spring C E O & E X E C D I R E C T O R Mining Engineer, project delivery Emma Scotney N O N - E X E C D I R E C T O R Lawyer, experienced director Sam Smith E X E C D I R E C T O R , C O R P O R AT E D E V E L O P M E N T O F F I C E R Mining Engineer, IR Craig McPherson C F O & C O - S E C Finance, compliance L I Q U I D I T Y 3.1m shares per day NZ residents Institutions 986 m FPO shares @ A $ 0.53 6.5m Options & Incentives M A R K E T C A P I T A L I S A T I O N ~A $ 520 m E N T E R P R I S E V A L U E ~A $ 340 m 9 39% 12% S H A R E H O L D E R P R O F I L E
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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 Pit Underground C A P E X A $ 277 million B A S E C A S E A $ 3,500/oz 10 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 N Z G O V T T A X + R O YA LT Y A$778 M N Z G O V T A N N U A L T A K E A$56M/Year N P V A F T E R T A X A$770 M 6.5% DISCOUNT RATE
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Future initial 120,000oz producer S P O T G O L D A$6,000/oz A L L I N C O S T A$2,200/oz 11 C A S H O P E R A T I N G C O S T A$1,800/oz LOM AVERAGE +170% margin over total cost A V E R A G E A N N U A L E B I T D A A$369 M E V : E B I T D A ~1.0x A V E R A G E A N N U A L N P A T A$238 M I R R 85% N P V A F T E R T A X A$2,100 M 6.5% DISCOUNT RATE P AY B A C K 15 months FROM 1 ST GOLD N Z C O R P O R A T E T A X A$1,326 M N Z G O V T R O YA LT Y A$543 M N Z G O V T A N N U A L T A K E A$133 M/Year
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Low - cost infrastructure 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 12
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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 20 JAN 2027 Final FTA Decision Final Investment 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 13
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Operational Readiness Management in place Mining fleet rolling of 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 14
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30km of strike Strong soil anomalies at DNS and ORK Emerging new targets coming from mapping and soil sampling 426 km 2 under - explored Exploration upside 15
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Summary Outstanding Investment Opportunity S C A L E E S T A B L I S H E D Major NZ Gold Discovery D E C I S I O N J A N 2 0 2 6 Approval Pathway Set L O W - C O S T L O N G - L I F E Up to 120koz p.a. N E A R T E R M B U I L D First Gold 2028 A F T E R - T A X , 6 . 5 % D I S C O U N T R A T E , A $ 6 , 0 0 0 /o z A$2.1 billion NPV S I G N I F I C A N T U P S I D E Set for a strong market re - rate AI generated from design 16
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09 C O N TA C T CEO Damian Spring dspring@santanaminerals.com Telephone 0800 726 333 community@santanaminerals.com N Z X : A S X S M I Santanaminerals.com linkedin.com/company/santana - minerals - ltd 18
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Mineral Resources Ore Reserves Gold in the ground 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 . 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 Mt Au g/t koz Total 275