Santana Minerals (SMI) RRS Summer Series Melbourne summary

Project Overview

• Major gold discovery in Central Otago, New Zealand, recognized as nationally significant and fast-tracked for approvals, with agreements in place for mining on private farmland.

• Located near Cromwell and Queenstown, with main road access, proximity to Queenstown International Airport, and close to existing gold mining infrastructure.

• Project benefits from cheap hydro power, fresh water supply, and locally available infrastructure and workforce, minimizing need for major camps.

• Four discoveries within 10% of the tenement, with significant exploration upside along the Thomsons Gorge Fault.

• Project is advancing immediately to detailed construction planning, targeting first gold in late 2026, subject to permitting.

Resource and Mining Plan

• Rise and Shine deposit holds 2.2 million ounces at 2.2 g/t, with a probable ore reserve of 1.5 million ounces and a maiden Ore Reserve of 1.18Moz (15.5Mt @ 2.37g/t), with 82% conversion from Indicated resources.

• High-grade, continuous ore body, 450 meters wide, with a 150-meter high-grade core.

• Mining starts with open pit, transitioning to underground by year four, with a nine-year initial mine life and average annual production of 125,000 ounces.

• Open pit mined in five stages/phases, initial grades up to 4 g/t, capped at 3.5 g/t for mill consistency, and underground mining to deliver 230,000–235,000 ounces.

• Five phases of metallurgical testing confirm very high recoveries (92.4% overall, 93% at RAS) using conventional CIL processing.

Financials and Production Profile

• Pre-feasibility study shows NPV over A$1.06 billion (after tax), IRR of 68%, and payback under one year from production.

• All-in sustaining cost of A$1,416/oz, with A$340 million maximum cash drawdown required.

• Free cash flow projected at A$1.8 billion over nine years, with projected revenue of A$4.6 billion and EBITDA of A$3.1 billion.

• Average annual production of 125,000 ounces, with 150,000 ounces in each of the first two years and 1.15Moz of gold expected to be sold.

• Processing plant to start at 1.5 Mtpa, ramping to 2.1 Mtpa, with 93% gold recovery.