Santana Minerals Ltd. · ASX:SMI
Santana Minerals — Technical Presentation (July 2025)
16 slides from Santana Minerals's technical presentation, Jul 2, 2025
Slide 1: Bendigo-Ophir Gold Project – Updated Pre-Feasibility Study
For personal use only Bendigo-Ophir Gold Project – Updated Pre-Feasibility Study Developing New Zealand's newest and richest gold mine Network Presentation July 2025
Slide 2: Disclaimer
Disclaimer For personal use only Disclaimer Cautionary Statement – Inferred Resources Included in Production Target All information contained in this presentation is of a general nature. Potential investors are cautioned against using the content of this Of the Mineral Resources planned for extracti
Slide 3: Updated PFS
UPDATED PFS For personal use only Based on a current gold price of A$4,950/oz GRADE UP CAPEX DOWN MORE GOLD RAS open pit mined at 2.75g/t A$277 million Recovering 1.25 million ounces Overall project grade of 2.54g/t Down from A$340 million Underground increased to 295koz LOW COST CASH MACHINE RESPON
Slide 4: Bendigo-Ophir Gold Project PFS outcomes
Bendigo-Ophir Gold Project PFS outcomes For personal use only Production profile BOGP PFS Outcomes 13.8 years 16.4Mt @ 2.54g/t 1.25Moz of Gold 120koz pa • Robust economics initial mine life ore mined sold peak production ~500koz Inferred resources • Exceptional margins remaining at RAS • Low hurdles
Slide 5: Highly profitable investment case
Highly profitable investment case Gold production profile For personal use only option to increase ounces with mill upgrade to 1.8Mtpa 140 120 Production (kOz) 100 Strong financials Units Total A$ 80 Revenue $ billion 6.2 60 40 EBITDA $ billion 4.0 20 - Free cash after tax $ billion 2.5 Year 1 Year
Slide 6: Proposed mine infrastructure and layout
Proposed mine infrastructure and layout Project is located on private free-hold farm For personal use only land with agreements in place to mine. Allows a smooth pathway to permitting. Maximum footprint shown for illustration Project infrastructure includes purposes only Open pit mines Underground 1
Slide 7: Open pit mining at Rise & Shine (RAS) and Srex (SRX)
Open pit mining at Rise & Shine (RAS) and Srex (SRX) For personal use only RAS/SRX gold inventory Mining physicals 13.8yrs mining 1.02Moz 11Mt @ 2.75g/t from RAS 1.4Mt @ 0.68g/t from SRX 12.6Mt at 2.5g/t 93% ore feed is Probable Reserve Mining method Mined gold Seven stages of cutbacks 993koz Au fro
Slide 8: Underground mining at RAS
Underground mining at RAS For personal use only RAS UG inventory Mining physicals 7yrs mining 316koz 3.7Mt ore Total development 17km 3.7Mt at 2.7g/t 87% Indicated ore feed Mining method Mined gold Long hole stoping w/paste fill 316koz Au 5.5mW x 5.5mW twin declines Cable bolts and shotcrete Grade 2
Slide 9: Conventional CIL processing plant
Conventional CIL processing plant For personal use only Six phases of metallurgical testing completed Very high recoveries at RAS of 93% THE PFS DESIGN USES SIMPLE CIL TECHNOLOGY TO GENERATE VERY HIGH RECOVERIES 1 Three stage crush 2 Ball milling 3 Gravity circuit 4 CIL 5 Electrowinning 6 Gold furna
Slide 10: CAPEX and OPEX breakdown
CAPEX and OPEX breakdown PRE-PRODUCTION CAPITAL For personal use only Capex A$277M Equipment Contingency Open Pit Pre-Strip Cost Significant cost items (with 10% contingency): Pre-production: Infrastructure and services $64M Owners Team Land Pre-production: Process plant and TSF $119M Process plant
Slide 11: Extensive mine closure planning with rehabilitation
For personal use only Extensive mine closure planning with rehabilitation provisions for ‘end- of-life’ natural landforms and water treatment systems 11
Slide 12: Resistant against price fluctuations
Resistant against price fluctuations For personal use only Project NPV6.5 Sensitivities (‘000) Post Tax – Gold Prices 50% of Spot Strong Base-Case -10%/oz Base-Case Spot Price +10%/oz Gold price @ A$2,475/oz A$3,150/oz A$3,500/oz A$4,950/oz A$5,445/oz NPV6.5% A$255M $601M $780M $1.52b $1.77b A$3,500
Slide 13: Permitting and timeline to first gold
Permitting and timeline to first gold For personal use only PROJECT: Bendigo-Ophir Gold Project Legend: Expected Planned 2025 2026 2027 Project start date: Jul-25 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Scrolling increment: Wk 1 Wk 2 Wk 3 Wk 4 Wk 1 Wk 2
Slide 14: Moving immediately to early works and detailed engineering
MOVING IMMEDIATELY TO EARLY WORKS AND DETAILED ENGINEERING For personal use only Based on a current gold price of A$4,950/oz GRADE UP CAPEX DOWN MORE GOLD RAS open pit mined at 2.75g/t A$277 million Recovering 1.25 million ounces Overall project grade of 2.54g/t Down from A$340 million Underground i
Slide 15: Ore Reserves – High conversions
Ore Reserves – High conversions PFS targeted 1.54Moz of Indicated resources and converted 81% (1.24Moz) to a Probable Reserve For personal use only Area Proven Probable Total Bendigo-Ophir Ore Reserve 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 15Mt @ 2.58g/t RAS 3.
Slide 16: Appendix 1: Mineral Resource Estimate
Appendix 1: Mineral Resource Estimate Deposit Category tonnes (Mt) Au grade (g/t) Contained Gold (koz) For personal use only Indicated 18.9 2.5 1,538 RAS 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
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