Earnings release
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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 dra Ō 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, culmina Ɵng in the submission of revised consent condiƟons and substanƟal compleƟon of regulatory consultaƟons. The Company is con fident it has delivered a robust and comprehensive applicaƟon, with further maƩers progressively addressed throughout the process. This significant body of work posi Ɵons the Expert Panel to deliver its dra Ō 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, suppor Ɵng 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 compe ƟƟve project financing process following comple Ɵon of independent technical, environmental and social due diligence, with comprehensive lender informa Ɵon 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
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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 proli fic gold-producing region, BOGP is underpinned by a substan Ɵal 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 Sta Ɵons, acquired with Overseas Investment O ffice (OIO) consent, a granted 30-year Mining Permit (MMP61326), and progression through New Zeala nd's Fast-track Approvals (FTA) process. A dra Ō 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 priori Ɵes are increasingly centred on construcƟon readiness and execu Ɵon planning. Key ac ƟviƟes include progressing project financing arrangements, engaging prospec Ɵve construc Ɵon 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).
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3 With construc Ɵon ac ƟviƟes targeted to commence in early 2027, the Company is posi Ɵoning 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 permi ƫng op ƟmisaƟon ac ƟviƟes conƟnue to progress as the Company advances the BOGP towards development in early 2027. While these workstreams remain ongoing, the Project's key opera Ɵng 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 combina Ɵon 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 es Ɵmated 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 authori Ɵes 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 prac Ɵcal consent framework governing the Project's construcƟon, operaƟon and environmental management. The Company accelerated this work during agreed suspensions of the assessment process, submi ƫng revised consent condi Ɵons in late August 2026 and making substanƟal progress in addressing outstanding technical and regulatory ma Ʃers. The Company also commissioned addiƟonal three-dimensional groundwater modelling that would otherwise be done during construc Ɵon once permiƩed to provide further technical assurance and address ma Ʃers 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 con Ɵnued 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 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 option to increase ounces per annum with mill upgrade to 1.8Mtpa
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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 na Ɵonal benefits, with a dra Ō 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 comple Ɵon of the new explora Ɵon 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, connec Ɵng 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 communica Ɵons. Access road development and associat ed drainage works, including culvert installaƟons, were also advanced to improve site accessibility and support future construcƟon acƟviƟes. CollecƟvely, these works con Ɵnue to strengthen the Company's construc Ɵon readiness, establishing cri Ɵcal infrastructure ahead of the commencement of major development ac ƟviƟes, subject to receipt of the necessary approvals.
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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.
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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 opera Ɵonal 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 presenta Ɵons provided the Board with an opportunity to review key development priori Ɵes, assess implementaƟon strategies and engage directly with the teams responsible for delivering the Project. Par Ɵcular emphasis was placed on the integra Ɵon of construc Ɵon, operaƟonal and financing acƟviƟes to support an e fficient transiƟon from permiƫng through to development and ulƟmately producƟon. The sessions reinforced the Company's focus on disciplined project execu Ɵon, organisa Ɵonal readiness and the establishment of the systems, personnel and infrastructure required to advance the BOGP towards construc Ɵon, 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 suppor Ɵng a consistent high-grade ore feed at planned processing rates. Grades have in places been materially higher than modelled, increasing con fidence 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 con Ɵnued to re fine mine planning and development assump Ɵons in conjunc Ɵon with its Independent Technical Experts (ITEs), addressing key technical ma Ʃers including producƟon rates, mine sequencing, geotechnical condiƟons, hydrology and metallurgical performance. Th is work forms an important component of the ongoing technical due diligence process supporƟng the Company's proposed project financing arrangements.
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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 suppor Ɵng stronger grade con Ɵnuity. 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 de finiƟon is par Ɵcularly important given the loca Ɵon 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.
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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, posi Ɵoned between two previously idenƟfied broad high-grade intersec Ɵons. Together with earlier drilling results, these intersec Ɵons support the geological interpreta Ɵon of a substan Ɵal and con Ɵnuous 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 mineralisa Ɵon beneath the exis Ɵng 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).
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9 These deeper intersec Ɵons highlight the poten Ɵal for addi Ɵonal high-grade mineralisa Ɵon beneath the currently defined domains and planned open pit, with further geological evalua Ɵon required to establish their con Ɵnuity and extent. The in fill programme con Ɵnues 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 mineralisa Ɵon in rock chip samples. The latest soil sampling loca Ɵons and iden Ɵfied 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 signi ficantly during the quarter, with the comple Ɵon 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 compe ƟƟve debt financing process, invi Ɵng selected financial ins ƟtuƟons to submit proposals for senior secured project debt facili Ɵes. The Company is targe Ɵng 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.
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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, selec Ɵng preferred banking partners, negoƟaƟng final facility terms and progressing credit approvals, loan documentaƟon and associated security arrangements. Material Contracts: Advancing nego ƟaƟons and finalising commercial terms for key construc Ɵon, mining, processing plant and infrastructure packages, including contractor selecƟon, procurement schedules and long- lead equipment commitments. ConstrucƟon Readiness: Finalising construc Ɵon sequencing, mobilisa Ɵon plans, site establishment requirements and integrated project schedules, while progressing enabling infrastructure and coordina Ɵng contractor interfaces. Recruitment and Opera Ɵonal Readiness: Re fining workforce requirements, recruitment schedules and organisaƟonal structures, with priority appointments aligned to construc Ɵon mobilisa Ɵon. Further development of operaƟonal management systems, procurement controls and reporƟng processes will support the transiƟon into project execuƟon. These workstreams will be coordinated to maintain development momentum and enable the Ɵmely commencement of major construc Ɵon acƟviƟes following receipt of the necessary approvals, comple Ɵon 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 explora Ɵon work and played a signi ficant role in advancing the Project from exploraƟon through to its current development stage. The Board thanks Mr Bun Ɵng 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), e ffecƟve 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 FY 2026 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 Cash flow Report) aƩached includes an amount in item 6.1 which cons Ɵtutes 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.
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11 Ends. Enquiries: Damian Spring Exec. Director & CEO dspring@santanaminerals.com Sam Smith Exec. Director & CDO ssmith@santanaminerals.com
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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 poten Ɵal quan Ɵty and grade of the Explora Ɵon Target are conceptual in nature. There has been insu fficient 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
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11 CauƟonary Statement – Inferred Resources Included in ProducƟon Target Of the Mineral Resources planned for extrac tion under the Updated PFS production mode l approximately 93% is within the Indicate d 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 resu lt 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.
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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 en Ɵty currently holds a 34% interest in the project (dilu Ɵng to not less than 12.75% assuming the consolidated en Ɵty 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 en Ɵty’s subsidiary (Subsidiary) is party to an unincorporated joint venture agreement with Southern Gold Limited (SGL) in respect of the Cambodian Explora Ɵon 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 whic h Renaissance will sole fund US$0.5 million of explora Ɵon 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 en Ɵty 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 de finiƟve 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 en Ɵty 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.
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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
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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)
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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.
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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
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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 w ishes 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 vie w 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.