Santana Minerals Ltd. · ASX:SMI
Santana Minerals — Technical Presentation (July 2025)
15 slides from Santana Minerals's technical presentation, Jul 1, 2025
Slide 1: Bendigo-Ophir Gold Project – Updated Pre-Feasibility Study
Bendigo-Ophir Gold Project – Updated Pre-Feasibility Study Developing New Zealand's newest and richest gold mine 1 July 2025
Slide 2: Disclaimer
Disclaimer 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 extraction under the PFS produ
Slide 3: Updated PFS
UPDATED PFS 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 RESPONSIBLE Cash cost A$1,74
Slide 4: Bendigo-Ophir Gold Project PFS outcomes
Bendigo-Ophir Gold Project PFS outcomes Production profile BOGP PFS Outcomes 13.8 years 16.4Mt @ 2.54g/t 1.25Moz of Gold 120koz pa • Robust economics initial mine life ore mined sold peak production ~500koz Inferred resources • Exceptional margins remaining at RAS • Low hurdles Capital & Operating •
Slide 5: Highly profitable investment case
Highly profitable investment case Gold production profile option to increase ounces with mill upgrade to 1.8Mtpa 140 120 Production (kOz) 100 Strong financials Units Total A$ 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 Year 4 Year 5
Slide 6: Proposed mine infrastructure and layout
Proposed mine infrastructure and layout Project is located on private free-hold farm 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 1.2Mtpa mine process pl
Slide 7: Open pit mining at Rise & Shine (RAS) and Srex (SRX)
Open pit mining at Rise & Shine (RAS) and Srex (SRX) 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 excav
Slide 8: Underground mining at RAS
Underground mining at RAS 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 2.66g/t 17km developmen
Slide 9: Conventional CIL processing plant
Conventional CIL processing plant 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 furnace 9
Slide 10: CAPEX and OPEX breakdown
CAPEX and OPEX breakdown PRE-PRODUCTION CAPITAL 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 Pre-production: Establ
Slide 11: Resistant against price fluctuations
Resistant against price fluctuations 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 $600M $780M $1.52b $1.77b A$3,500/oz IRR 18% 32% 38% 65
Slide 12: Permitting and timeline to first gold
Permitting and timeline to first gold 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 Wk 3 Wk 4 Wk 1 Wk 2 Wk
Slide 13: Moving immediately to early works and detailed engineering
MOVING IMMEDIATELY TO EARLY WORKS AND DETAILED ENGINEERING 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
Slide 14: Ore Reserves – High conversions
Ore Reserves – High conversions PFS targeted 1.54Moz of Indicated resources and converted 81% (1.24Moz) to a Probable Reserve Area Proven Probable Total Bendigo-Ophir Maiden 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 3.2 2.66 3.2 2.66
Slide 15: Appendix 1: Mineral Resource Estimate
Appendix 1: Mineral Resource Estimate Deposit Category tonnes (Mt) Au grade (g/t) Contained Gold (koz) 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 SRX Total Indicated an
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