Santana Minerals (SMI) Investor presentation summary

Project overview and development status

• Bendigo-Ophir Gold Project in New Zealand holds a reserve of 1.2 Moz at 2.6g/t gold, with mining and OIO permits secured and final approval expected by January 2027.

• Project features a 14-year mine life, targeting up to 120,000 oz/year, with first gold production anticipated in 2028.

• All-in sustaining cost is US$1,390/oz and total all-in cost is US$1,680/oz, supporting robust project economics.

• Project NPV after tax is US$1.49 billion at a 6.5% discount rate, with an IRR of 85% and a payback period of 15 months from first gold.

• Substantial exploration upside exists across 426 km², with four gold deposits and significant resource extension potential.

Financials and funding

• Market capitalization is approximately A$550 million (US$390 million), with net cash of US$125 million.

• Project financing requirement is estimated at A$277 million, with advanced debt funding underway.

• Current enterprise value is A$375 million (US$265 million), and liquidity averages 3.1 million shares traded per day.

• Project is included in the ASX 300 and GDXJ indices, with a strong cash position and set for a market re-rate.

• Annual government tax and royalty contributions are projected at US$96 million.

Operations and infrastructure

• Project benefits from low-cost hydro power, clean water, and proximity to major infrastructure, including a substation 8km away.

• No FIFO or airstrips required; skilled residential workforce available locally.

• Operational readiness includes management in place, mining fleet procurement, and early works such as new access roads and water infrastructure.

• Development plan features multi-stage open pit and underground mining, with simple logistics and staged resource extraction.

• Over 1,400 expressions of interest for employment have been received, supporting local job creation.