Quarterly Activities and Cashflow Reports

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





31 October 2025
Quarterly Activities Report
Period ending September 30, 2025
The Board of Santana Minerals Ltd (Company) is pleased to present its activities report for Q1 of the 2025/2026
Financial Year.
The quarter was one of significant progress as the Company and its wholly owned operating subsidiary Matakanui Gold
Ltd progressed its flagship asset, the Bendigo-Ophir Gold Project (BOGP) toward commercialisation.
Key achievements for the Quarter include:
▪ The completion and announcement of an Updated Pre-Feasibility Study (PFS) and development plan for the
BOGP delivered outstanding fiscal metrics and a reduced initial capital requirement.
▪ A solid rise in gold prices since the Updated PFS has increased the forecast After-Tax NPV
6.5
to approximately
A$2.05 billion
1
for the initial project plan, based on a gold price of A$6,000/oz (as at 29 October 2025).
▪ Ongoing resource definition and step-out drilling continue to return high-grade intercepts from the Rise &
Shine (RAS) system, which now extends over more than 2 km of strike, with further step-outs underway. A sub-
parallel ore zone has intersected stacked, near-surface mineralisation under the Rise and Shine Valley,
indicating potential for southerly extensions to the planned ultimate pit.
▪ The Company has fulfilled its strategic objective of securing freehold ownership of the land on which key
project infrastructure will be constructed, as well as areas covering the down-plunge extensions of the RAS ore
system planned for future underground mining. This includes legally binding agreements to acquire the
majority (2,880 hectares) of Ardgour Station, conditional upon Overseas Investment Office (OIO) approval. The
acquisition also includes the buy-back of the 1% NSR attached to the existing Access Agreement with the
pastoralist, who has already confirmed support for the proposed mine.
▪ The Company completed a fully underwritten A$60 million capital raising with sophisticated investors through
Canaccord Genuity (Australia), together with a well-supported Share Purchase Plan (SPP) offered to all
shareholders at the same price. These raisings provided sufficient capital for the proposed land purchases,
early construction works, and ongoing working capital, enabling the Company to close the quarter with gross
proceeds of approximately A$100 million.
Key achievements subsequent to the end of the Quarter include:
▪ A legally binding agreement was executed to acquire 889 hectares of freehold land from Bendigo Station,
covering the majority of the defined Mineral Resources to be mined by the Project, together with the buy-back
of the 1.25% NSR royalty on the first one million ounces of gold production from that land. Completion of the
transaction remains subject to consent from the OIO.
▪ Lodgement of the Project’s consent application under the new Fast-track Approvals Act commenced following
the collation of all required technical works and studies, and payment of the application fee, marking a major
milestone toward development and commercialisation.
Enquiries
Damian Spring
Exec. Director & CEO
dspring@santanaminerals.com
Sam Smith
Exec. Director Corp Affairs & IR
ssmith@santanaminerals.com
ASX RELEASE
ASX:SMI
NZX:SMI

2





-10%/oz Base-Case Spot Price +10%/oz Current
A$3,150/oz A$3,500/oz A$4,950/oz A$5,446/oz A$6,000/oz
NPV
6.5%
$601M $780M $1.52b $1.77b A$2.05b
IRR 32% 39% 65% 73% 82%
Payback 3.0Yrs 2.6Yrs 1.7Yrs 1.6Yrs 1.4Yrs
1
Spot gold price sensitivities are provided for illustrative purposes only and do not replace the economic analysis set out in the Updated
PFS, 1 July 2025 that shows metrics at a base-case, and price steps above and below the base-case scenario (as shown in Table 1). An
additional price step has been added showing the impact of the current gold price on NPV, IRR and Payback, added in the far-right column.

Table 1: Updated PFS Gold Price Sensitivities with Current Gold Price Impact

3

Operational Activities – Bendigo-Ophir Gold Project (“BOGP”)
The September quarter marked another period of strong progress for the BOGP, with key milestones achieved across
technical, land acquisition, and engineering workstreams. The Company executed binding agreements to acquire the
freehold land covering the principal mining areas at Bendigo and Ardgour Stations, securing long-term ownership of
the Project area and removing associated royalty obligations. Resource drilling continued to extend the Rise & Shine
deposit, while engineering partnerships with MACA Interquip Mintrex were formalised and early site works advanced
in preparation for future construction readiness.
The quarter culminated in the completion of all technical works and studies required to support the Project’s consent
application, and subsequent to the end of the quarter, the Company commenced lodgement its comprehensive
application with the Environmental Protection Authority (EPA) under the new Fast-track Approvals Act. This represents
a major regulatory milestone for the BOGP and confirms the Project’s readiness to advance toward development within
the prescribed six-month timeframe following acceptance into the Fast-track review process.
Land Acquisitions
During and subsequent to the September quarter, the Company finalised key land transactions critical to the
development of the BOGP. As announced on 2 July 2025 (Bendigo-Ophir Project Land Acquisition) and 16 October 2025
(Key Freehold Land and Royalties Purchased), Santana entered into binding agreements to acquire Ardgour Station and
Bendigo Station freehold land covering the principal mining areas that host the RAS, SREX (SRX), SREX East (SRE) and
Come In Time (CIT) deposits. The acquisitions collectively secure ownership of the lands required for the proposed
mine development, processing facilities and supporting infrastructure, removing long-term tenure uncertainty and
aligning the Project footprint entirely within Company-controlled freehold property.
The acquisition agreements also include the extinguishment of royalties. Based on the Updated PFS metrics released
in July 2025 (using a A$4,950/oz gold price) removal of these royalties would reduce the Project’s All-In Sustaining Cost
(AISC) from A$1,842/oz to approximately A$1,784/oz, representing a material improvement in project margins and
free cash flow generation.
Ownership of the freehold land significantly de-risks the Project across permitting, development, operational and
closure phases, providing direct control over land access and enhances the Company’s ability to potentially secure
additional water rights associated with the acquired properties.
Settlement of the acquisitions remains subject to approval by the New Zealand OIO, which the Company anticipates
receiving notification of prior to the broader project approvals under the Fast-track process.
Updated PFS 2025 - recap
The Updated PFS, released on 1 July 2025, confirmed the BOGP as a large-scale, long-life and technically robust
development, ready to transition from study phase to execution following approvals. The update incorporated the
March 2025 Mineral Resource Estimate, which materially improved confidence in the high-grade (HG1) domain at RAS
and underpinned a more selective, staged mining strategy.
The updated mine plan defined seven RAS open pit stages, producing 11.2 Mt of ore at an average grade of 2.75 g/t
Au for 993 koz, supplemented by a small Srex (SRX) satellite pit adding a further 30 koz. Underground production
commences in Year 7, extending the total mine life to 13.8 years. The underground inventory totals 3.8 Mt at 2.6 g/t
Au for 316 koz, accessed via longhole stoping with paste fill to maximise recovery and maintain geotechnical stability.
Together, the open pit and underground plans support a sustained production profile of approximately 120 koz per
annum during peak years, providing a strong operational base for future expansion.
Processing is based on a conventional 1.2 Mtpa carbon-in-leach (CIL) plant designed for high recoveries (93% at RAS)
and low operating risk, with a straightforward path to expand to 1.8 Mtpa if required. The circuit incorporates three-
stage crushing, ball milling, gravity recovery and CIL with full cyanide detox and arsenic removal to meet New Zealand
environmental standards. Overall, the Updated PFS outlines a capital-efficient, flexible and environmentally robust
operation, positioning the Company to advance permitting, financing and early works ahead of targeted construction
in the first half of 2026.

4



Figure 1: Plan View of Seven RAS Pit Stages

Figure 2: Long Section of RAS Pit Stages

5


Updated PFS Financial Returns
Financial projections were prepared under the revised development strategy using a base-case gold price of
A$3,500/oz and a July 2025 spot price scenario of A$4,950/oz. For illustrative purposes the table below features a
column showing economic outcomes in a current gold price environment of A$6,000/oz
1
, including the potential
extinguishment of royalties associated with the acquisition of Ardgour and Bendigo Station.
Key Financial Assumptions Base-Case AUD July 25 AUD Current AUD
Gold price $/oz 3,500 4,950 6,000
Exchange rate USD:$ 0.63 0.63 NA
Initial Life of Mine Metrics




Gold sales Oz
1.248 million
Initial mine life Yr(s)
13.8
Gold revenue ($’000) AUD 'mil 4,367 6,177 7,486
Initial life of mine operating costs
Total open pit mine operating costs AUD 'mil 777 777 777
Total underground mine operating costs AUD 'mil 246 246 246
Total ore processing operating costs AUD 'mil 416 416 416
Total general and admin costs
2
AUD 'mil 158
2
158
2
158
2

Crown royalties (higher of 2% NSR or 10% annual profit) AUD 'mil 232 410 541
Third party royalties – (3 other) AUD 'mil 117 166 112
Total cash operating cost AUD 'mil 1,946 2,173 2,250
Total cash operating surplus (EBITDA) AUD 'mil 2,422 4,004 5,236
Non-cash costs
Life of mine depreciation and amortisation AUD 'mil 480 480 480
Total cost of sales AUD 'mil 2,425 2,652 2,729
Historical PP&E AUD 'mil 36 36 36
Net profit before tax (NPBT) AUD 'mil 1,906 3,489 4,721
Corporate tax payable (28.0%) AUD 'mil (546) (983) (1,327)
Estimated net profit after tax (NPAT) AUD 'mil 1,360 2,506 3,393
NPV
6.5
(unleveraged and after-tax) AUD 'mil 780 1,521 2,102
Internal rate of return (IRR) % 39% 65% 86%
Capital Expenditure Requirements




Pre-production capital (incl. 10% contingency) AUD 'mil 277 277 269
1

Sustaining capital expenditure (funded from cash flow)
Plant & infrastructure AUD 'mil
48
48
48
Waste stripping AUD 'mil 78 78 78
Underground mine plant & infrastructure (year 6) AUD 'mil 85 85 85
Closure capex (off-set against salvage value of PP&E) AUD 'mil (0) (0) (0)
Total capex over mine life AUD 'mil 487 487 480
Comparative Metrics (rounded)




Total cash operating cost per ounce including royalties AUD / Oz 1,559 1,741 1,803
All in Sustaining Cost (AISC) 1,660 1,842 1,904
All in cost (AIC) AUD / Oz 1,950 2,132 2,188
1
Pre-production CAPEX reduced due to nullification of royalty pre-payments on a decision to mine.
Table 2: Updated PFS Financial Projections, Base-Case and Current Gold Pricing

6


Early Works and Execution Readiness
Significant progress was made during the quarter to position the BOGP for development. Permitted early works are
now underway, including access road widening, site preparation, and installation of key water supply and pipeline
infrastructure, ensuring that enabling works progress in step with the regulatory pathway.

Figure 3: Permitted Early Works – Installation of 1km of Mine Water Pipeline

Figure 4: Site Layout Showing Early Works Component of the Pipeline Alignment in Figure 3
Location of
pipeline shown in
Fig 3.

7


With permitting and technical workstreams advancing in parallel, the Company has also intensified contractor
engagement and execution planning. A key milestone was the signing of an engineering and construction agreement
with MACA Interquip Mintrex, providing a collaborative framework for detailed design, procurement and construction
readiness activities ahead of full project approval and delivery.
Exploration and Resource Definition Drilling
Drilling during the September quarter was directed toward resource expansion and definition at RAS North, targeting
extensions of the high-grade mineralised system beyond the current development envelope. The program comprised
both infill and step-out drilling designed to define geological continuity, improve grade definition, and evaluate the
potential to incorporate additional high-grade material into the prospective underground inventory. Results from this
program are expected to further enhance project scale and demonstrate upside potential relative to the Updated PFS
mine plan.
In parallel, a diamond drill rig continued the RINA sterilisation program, delineating zones suitable for mine
infrastructure placement while simultaneously testing structurally favourable corridors for potential new mineralised
trends.
RAS North Drilling
Drilling at RAS North continued to advance both definition and extensional targets within the northern portion of the
RAS system, confirming sustained high-grade mineralisation beyond the limits of the Updated PFS mine plan and
providing material upside to the future underground inventory.
The infill and resource-definition program returned multiple outstanding intercepts within the HG1 domain, improving
grade continuity and confidence in the HG1 domain. Best results include:
▪ MDD450R with 31.9m @ 5.3g/t Au from 303.1m
▪ MDD469 with 20.0m @ 8.2g/t Au from 396.0m
▪ MDD458 with 11.1m @ 9.6g/t Au from 296.9m
▪ MDD448 with 21.7m @ 4.1g/t Au from 271.3m
▪ MDD439 with 25.9m @ 2.8g/t Au from 482.1m
These results demonstrate consistent thickness and tenor typical of the HG1 core and have successfully upgraded
geological confidence within the northern Inferred zone. The drilling has increased the interpreted width of the high-
grade domain to ~150 metres, representing a ~60 m lateral extension north of the March 2025 HG1 boundary, while
maintaining strong structural and grade continuity.

8



Figure 5: Plan View of Notable Holes Drilled During the September Quarter with Resultant HG1 Expansion Potential
Step-Out Drilling
Step-out drilling further down-plunge continued to highlight the growth potential of RAS, with hole MDD466
intersecting 10.9m @ 3.0g/t Au from 591.1 m (true width 10.1 m), a ~250m down-plunge extension of previous high-
grade mineralisation and approximately 70m below the current underground Reserve.
This intercept confirms the continuation of the RAS system at depth and along strike, reinforcing the potential for long-
term underground resource growth. The hole remains one of the northernmost and deepest intersections to date and
is expected to anchor follow-up step-out drilling planned for the December quarter.
Potential
HG1
Rise and Shine (RAS) Deposit
RAS North
Best Intercepts September Quarter

9



Figure 6: Plan View of RAS Showing Potential HG1 Extensional Hole
RINA Drill Programme – announced subsequent to quarter end
The RINA sterilisation drilling program (25 holes, 7,860m) has expanded geological understanding of the Rise and Shine
Shear Zone (RSSZ), reaffirming it as a district-scale, gold-fertile system that remains largely untested beyond existing
deposits. Drilling across a 2km strike from Ardgour Flats to Thomsons Saddle encountered widespread anomalous gold
values, indicating that mineralisation persists well outside the current resource envelope.
Notably, hole MDD438 (13.1m @ 0.31g/t Au) and MDD406 (scattered gold over 45m) confirm mineralisation continuity
within the RSSZ and below the Thomsons Gorge Fault. Earlier results such as MDD368 (45.1m @ 0.28g/t Au, including
3.1m @ 1.32g/t Au) demonstrate veining styles identical to those hosting high-grade ore at RAS, underscoring the
system’s consistency.
Rise and Shine (RAS) Deposit
RAS North
Step-Out Drill Program

10



Figure 7: Plan View of Main Project Area Showing Anomalous RINA Mineralisation with Three Notable Intercepts
The wide 500m drill spacing, greater than the ~400m width of the RAS orebody, highlights how little of the corridor
has been effectively tested. Combined with recent RAS drilling that shows strong northerly extensions, results suggest
the RSSZ continues to an underexplored northern corridor beyond Shepherds Creek.
These findings reinforce the scale potential of the RSSZ and point to significant upside through systematic follow-up
drilling.
Mapping and Regional Exploration
Soil sampling and geological mapping have continued across the broader project area, extending well beyond the core
deposits. Work continues to target anomalous gold and arsenic trends, carbonate alteration (particularly ankerite), and
structural corridors exhibiting pathfinder signatures comparable to those observed at RAS, SRX and CIT.
Additional soil grids have been completed across several regional prospects, refining the definition of gold and arsenic
anomalies. In parallel, geophysical programs are now underway to integrate these datasets, correlating coincident soil
anomalies, mapped alteration zones and structural interpretations to prioritise new drill targets.
Mapping has also advanced the delineation of the Thomson Gorge Fault (TGF) as it transects eastward beyond
Thomsons Saddle toward Ophir. Approximately 5 km of additional fault trace mapping has been completed, providing
valuable structural context for ongoing soil sampling and the design of the next exploration phase.

11


Permitting and Fast-track Approvals
Subsequent to the end of the quarter, the Company commenced the submission process of its FTA application to the
EPA for processing, including payment of the NZ$390k application fee. The BOGP is listed in Schedule 2 of the FTA Act
as a development of Regional and National Significance, and lodgement of the application marks a major regulatory
milestone for the Company as it advances toward development and financing.
The submission follows completion of all required technical works and studies and reflects years of intensive
environmental, social and engineering investigations across multiple disciplines. The comprehensive application
demonstrates the depth of work undertaken to ensure the Project exceeds the requirements of the new Fast-track
regime.
Processing of the application will commence following formal acceptance by the EPA, with a decision expected within
approximately six months.
This follows the earlier submission of the Mining Permit Application (MPA) to NZ Petroleum & Minerals in March,
formally transitioning the Project from exploration to development. The MPA has advanced through technical
assessment and is expected to be granted in the ensuing quarter.
Together, the FTA and MPA form the core regulatory foundation for development, providing a streamlined and time-
bound pathway toward construction commencement in the first half of 2026 and first gold production within
approximately 15 months of build commencement.
Corporate and Appendix 5B Disclosures
Capital Raise
In August, the Company completed a placement of 103.4 million shares at A$0.58 per share to sophisticated investors,
raising gross proceeds of A$60 million through Canaccord Genuity. This was followed by a Share Purchase Plan (SPP)
with strong participation from existing shareholders, contributing a further A$3.0 million. The capital raising initiatives
have strengthened the Company’s balance sheet and will support early works, permitting, and financing activities
ahead of a Final Investment Decision.
Financials
The Company closed the quarter with a cash balance of A$97M.5 net of payables.
The Company’s Appendix 5B (Quarterly Cashflow Report) attached includes an amount in item 6.1 which constitutes
executive ($191k) and non-executive ($83k) directors’ fees paid during the Quarter. In addition, item 6.2 includes an
amount which constitutes project management ($7.5k) and equipment hire fees ($0.5k) paid to directors during the
Quarter.
During the period, the Company spent $10.5m on exploration activities, project studies and project development costs
to advance the BOGP in New Zealand.

Ends.
Enquiries:
Damian Spring
Exec. Director & CEO
dspring@santanaminerals.com

Sam Smith
Exec. Director Corp Affairs & IR
ssmith@santanaminerals.com

10


Bendigo-Ophir Project Mineral Resource and Reserve Estimate

The Project contains a Mineral Resource Estimate (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 3: Bendigo-Ophir Gold Project Mineral Resource March 2025
Ore Reserve Statement (ORE) as at July 2025:





Table 4: 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.








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

11



Cautionary Statement – Inferred Resources Included in Production Target

Of the Mineral Resources planned for extraction under the Updated 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. 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 Gold Resources Increased 155% to 643k Oz” dated 28 September 2021
• ASX Announcement titled “Drilling Update - RAS is not alone (RINA Program)” dated 02 December 2024
• ASX Announcement titled “Bendigo-Ophir Project Land Acquisition” dated 02 July 2025
• ASX Announcement titled “Rise and Shine Marches North” dated 17 July 2025
• ASX Announcement titled “Rise and Shine - Northern Honeypot Emerges” dated 23 July 2025
• ASX Announcement titled “RAS high-grade core expands down plunge” dated 08 September 2025
• ASX Announcement titled “Rise and Shine potentially much bigger” dated 22 September 2025

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.

The information in this report that relates to Exploration Results is based on information contained in the following public announcement:

• ASX Announcement titled “Drilling Update - RAS is not alone (RINA Program)” dated 02 December 2024
• ASX Announcement titled “Rise and Shine Marches North” dated 17 July 2025
• ASX Announcement titled “Rise and Shine - Northern Honeypot Emerges” dated 23 July 2025
• ASX Announcement titled “RAS high-grade core expands down plunge” dated 08 September 2025
• ASX Announcement titled “Rise and Shine potentially much bigger” dated 22 September 2025

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.

Additional ASX Listing Rule Information
Santana Minerals Limited (‘Santana’) provides the following additional information in accordance with ASX Listing Rule 5.3.3.

Mining tenements held at the end of the Quarter and their location
Name Status Interest Held
New Zealand

Bendigo-Ophir Exploration Permit
Granted 100%
Ardgour Prospecting Permit
Granted 100%
Rise and Shine Mining Permit
Under Evaluation 100%
Cambodia

Snoul Granted
34%
#

# The consolidated entity currently holds a 34% interest in the project (diluting to not less than 12.75% assuming the consolidated entity does not exercise
contribution rights) and is free carried to completion of feasibility study.

Mining tenements acquired during the Quarter and their location
Not applicable.

Mining tenements disposed of during the Quarter and their location
Not applicable.

12



Beneficial percentage interests held in farm-in or farm-out agreements at the end of the Quarter

Cambodian Project
The consolidated entity’s subsidiary (Subsidiary) is party to an unincorporated joint venture agreement with Southern Gold Limited (SGL) in
respect of the Cambodian Exploration Licences, pursuant to which SGL has a 15% unincorporated joint venture interest in the Cambodian
Exploration Licences, which is free carried until completion of a feasibility study.
The consolidated entity’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 which Renaissance will sole fund US$0.5 million of exploration expenditure on each of
the Cambodian Exploration Licences to earn a 30% shareholding in the Subsidiary. Renaissance can elect to sole fund a further US$1.0 million of
exploration expenditure on each of the two Cambodian Exploration 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 entity 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 definitive feasibility study, during which period the consolidated
entity will be free carried.
Renaissance has met the expenditure requirements to earn a 60% interest in the Subsidiary. The consolidated entity has elected not to
contribute and is free carried to a definitive feasibility study.
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the Quarter
Not applicable.

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 2025

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 (440) (440)
(e) administration and corporate costs (693) (693)
1.3 Dividends received (see note 3) - -
1.4 Interest received 980 980
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
(153) (153)

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 (734) (734)
(d) exploration & evaluation (6,136) (6,136)
(e) investments - -
(f) other non-current assets (3,702) (3,702)
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
(10,572) (10,572)

3. Cash flows from financing activities
63,000
63,000
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
(3,028) (3,028)
3.5 Proceeds from borrowings 314 314
3.6 Repayment of borrowings (47) (47)
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
(60,239) (60,239)

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
50,450 50,450
4.2
Net cash from / (used in) operating
activities (item 1.9 above)
(153) (153)
4.3 Net cash from / (used in) investing activities
(item 2.6 above)
(10,572) (10,572)
4.4
Net cash from / (used in) financing activities
(item 3.10 above)
60,239 60,239
4.5 Effect of movement in exchange rates on
cash held
(23) (23)
4.6
Cash and cash equivalents at end of
period
99,941 99,941

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 814 557
5.2 Call deposits 99,127 49,893
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
quarter (should equal item 4.6 above)
99,941 50,450

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
274
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
8
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.

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) 490 490
7.4 Total financing facilities - -

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) (153)
8.2
(Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
(6,136)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (6,289)
8.4 Cash and cash equivalents at quarter end (item 4.6) 99,941
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 99,941

8.7
Estimated quarters of funding available (item 8.6 divided by
item 8.3)
(15.89)
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

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: 31 October 2025...................................................................................


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 wishes 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 view 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.