Santana Minerals Ltd. · ASX:SMI
Santana Minerals — Diggers and Dealers 2025
22 slides from Santana Minerals's conference presentation, Aug 4, 2025
Slide 1: Bendigo-Ophir Gold Project
For personal use only Bendigo-Ophir Gold Project Developing New Zealand's newest and richest gold mine Diggers and Dealers August 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: NZ claims #1 Mining investment spot
NZ claims #1 Mining investment spot Fraser Institute – July 2025 For personal use only 3
Slide 4: Location – Central Otago Goldfields
Location – Central Otago Goldfields ▪ Long history of gold For personal use only CROMWELL mining GOLD RUSH ▪ One hour east of Queenstown RAS Deposit ▪ 90km West of OceanaGold’s Macraes gold mine ▪ 20min drive from Cromwell with 8,000 people HISTORIC ▪ In the semi-arid central DREDGING Otago ▪ Privat
Slide 5: Blessed with infrastructure
Blessed with infrastructure For personal use only No FIFO Bendigo-Ophir Project RAS No airstrips Deposit Clean water 66kV Substation 8km from the project Green hydro power Low-cost power State Highway 8 Skilled workforce EASY ACCESS Borefield FRESH WATER Cromwell 8,000 people Queenstown Internationa
Slide 6: The Rise & Shine (RAS)
The Rise & Shine (RAS) Battery Hill • A blind discovery For personal use only • 85,000m+ of DiamondBENDIGO Drilling STATION ARDGOUR STATION Rise• & 1.7 kmValley Shine down- plunge and open Shepherds Creek TZ4 Schist • 450m wide TZ3 Schist • High-grade core (150m-200m wide) (30 - 40m thick) Thomson G
Slide 7: Project discoveries
Project discoveries For personal use only Rise and Shine (RAS) RAS 2.08Moz @ 2.4 g/t Au 1.21Moz Probable Ore Reserve Come In Time CIT 59koz @ 1.5 g/t Au Srex SRX 145koz @ 0.9 g/t Au 30koz @ 0.7 g/t Au Ore Reserve Srex-East SRE 52koz @ 1.1 g/t Au Combined Total RSSZ 2.34Moz @ 2.1 g/t Au* ASX release
Slide 8: Most significant NZ gold discovery in years
Most significant NZ gold discovery in 40 years For personal use only ▪ Blind discovery in 2021 ▪ 450m wide mineralised zone ▪ High-grade core up to 150m wide and 45m thick ▪ Traced 1.7km down plunge and open to North-East 8
Slide 9: Thick, high-grade, continuous ore system
Thick, high-grade, continuous ore system For personal use only 42m @ 8.8g/t Cross section A – up to 45m thick, 150m wide
Slide 10: For personal use only
For personal use only ▪ 1.7km long ▪ Northern Honeypot results extend HG1 ▪ Recent drilling at depth shows system getting thicker again ▪ Underground mining Reserve conversion potential 31.9m @ 5.3g/t “Honeypot” thickening 10
Slide 11: June '25 Updated PFS - Outcomes
For personal use only June ‘25 Updated PFS - Outcomes
Slide 12: Open pit mining for 13+ years
Open pit mining for 13+ years 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 from RAS 200t class excava
Slide 13: Underground mining at RAS – an initial years
Underground mining at RAS – an initial 7 years 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 Step out drilling now underway Mining method Mined gold Long hole stoping w/paste fill 316koz Au 5.5mW x 5
Slide 14: Gold production profile
Gold production profile 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 2 Year 3 Y
Slide 15: Bendigo-Ophir Gold Project PFS outcomes
Bendigo-Ophir Gold Project PFS outcomes For personal use only Production profile at 1.2Mtpa 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 •
Slide 16: 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 17: 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 18: 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 19: Permitting and timeline to first gold
Permitting and timeline to first gold PROJECT: Bendigo-Ophir Gold Project For personal use only Expected Planned 2025 2026 2027 Project start date: Aug Sept Oct Nov Dec Q1 Q2 Q3 Q4 Q1 Q2 Scrolling increment: Wk 1 Wk 2 Wk 3 Wk 4 Wk 1 Wk 2 Wk 3 Wk 4 Wk 1 Wk 2 Wk 3 Wk 4 Wk 1 Wk 2 Wk 3 Wk 4 Wk 1 Wk 2 Wk
Slide 20: Corporate snapshot
Corporate snapshot For personal use only Board & Management Funded to FID Peter Cook Kim Bunting Capital Structure Non-Exec Chair Non-Exec Director Geo and mine maker Geo who discovered RAS Market A$433 million Capitalisation 722 million FPO shares @ A$0.60/share – July 30, 2025 Damian Spring Emma S
Slide 21: Finding the next RAS
Finding the next RAS For personal use only ▪ 290sqkm of tenure ▪ Strong soil anomalies at DNS 2km of and ORK stacked river tailings ▪ Stacked tailings from historic 30km mining, untested ▪ 30km of strike Christchurch regional exploration program unfolding Queenstown Dunedin 21
Slide 22: Investment case summary
Investment case summary MDD054 ▪ Nationally significant Fast-track project For personal use only ▪ >$1 billion in taxes and gov’t royalties ▪ >1000 job applications so far ▪ Biggest NZ gold discovery in 40 years ▪ Outstanding PFS economics ▪ Construction early 2026 ▪ Significant discovery upside on