Santana Minerals : Quarterly Activities and Cashflow Reports

QUARTERLY REPORT

PERIOD ENDING 31 DECEMBER 2021

onlyOPERATIONAL UPDATE

During the December quarter exploration activities were again focused on the advancement of the Company's 100% owned Bendigo-Ophir Project ("the Project") in Central Otago, New Zealand.

Having delivered a material upwards revision to the Project's Mineral Resource Estimate (MRE) in the useSeptember quarter (JORC Inferred Resource increased from 252k oz to 643koz across 4 deposits along the Rise & Shine Shear Zone (RSSZ)) the quarter's drilling activities were focused on extension drilling at the

Rise & Shine (RAS) deposit.

Material results across the quarter north of the RAS MRE are summarised below:

• MDD014:

personal		o 50.7 metres @ 3.10 g/t Au between 174.3 and 230 metres with:
	o 33.7 metres @ 4.35 g/t of gold from 174.3 metres including:
	▪ 5.7 metres @ 11.19 g/t Au from 174.3 metres
		▪ 4.0 metres @ 12.60 g/t Au from 187.0 metres
		▪ 14.0 metres @ 2.13 g/t Au from 193.0 metres
		o 17.0 metres @ 0.62 g/t of gold from 213 metres
	•	MDD015:
		o 23.7 metres @ 1.35 g/t of gold from 195.4 metres and:
		o 11.0 metres @ 0.48 g/t of gold from 231.0 metres
	•	MDD016:
		o 13.0 metres @ 12.06 g/t of gold from 192.9 metres including
		▪ 57.5, 47.3 and 43.5 g/t of gold between 194.7 and 198.7 metres and:
		o 8.9 metres @ 0.64 g/t of gold from 210.1 metres
	•	MDD017:
		o 1.0 metre @ 15.01 g/t of gold from 208.0 metres
For	•	MDD018:
	o 2.0 metres @ 8.91 g/t of gold from 190.5 metres
•	MDD020:
		o 23.0 metres @ 0.87 g/t of gold from 183.0 metres
		o further assays for the remainder of the drillhole received after the quarter enhanced
		this intercept to 42.0 metres @ 0.80 g/t of gold from 183.0 metres.
	•	MDD021R:
		o 25.6 metres @ 3.11 g/t of gold from 269.4 metres with:

1. further assays for the remainder of the drillhole received after the quarter enhanced this intercept to 42.6 metres @ 2.30 g/t of gold from 269.4 metres.

Santana Minerals Limited	ABN 37 161 946 989
Level 15, 344 Queen Street, Brisbane QLD 4000	∙	GPO Box 1305, Brisbane QLD 4000
Tel: [phone]		∙	Web: www.santanaminerals.com

Further material results post-quarter are summarised below:

only	•	MDD019R
	o 25.6 metres (aggregate thickness) @ 1.29 g/t of gold between 187.0 metres and 259
	metres including:
	▪ 6.0 metres @ 0.49 g/t gold from 187 metres
	▪ 9.0 metres @ 0.42 g/t gold from 213 metres
	▪ 6.7 metres @ 1.42 g/t gold from 228 metres
	▪ 4.0 metres @ 4.20 g/t gold from 253 metres
•	MDD025:
	o (current incomplete drillhole, assays pending)

1. Coarse visible gold (VG) from 262.1 metres hosted in similar VG rich brecciated quartz stockwork veins to MDD021R

useRAS Drilling - Extension drilling beyond existing 2021 Mineral Resource Estimate (MRE)

Resource drilling on nominal 120 metre by 80 metre centres has extended RAS shoot mineralisation north at least 400 metres down-plunge beyond the 2021 MRE. (Figures 1 & 2). MDD012 and MDD017 appear to close off mineralisation to the west but mineralisation remains open to the north and east.

Mineralisation within the RAS shoot typically occurs over a vertical interval of 40-80 metres with personalconcentration of gold in the upper 10-20-metre-thick hanging wall shear (HWS) with grades of 1-5 g/t gold.

Mineralisation is also in high-grade stockwork zones below the HWS as in the 13 metres at an average grade of 12.6 g/t Au intersected in MDD016 (ASX announcement on 23rd December 2021). The RAS shoot has now been defined over 1000 metres down plunge from outcrop.

Drilling at RAS has been further accelerated since early January with an additional rig (operating 24/7) testing northern and eastern extensions. At the time of this report an additional 4,145 metres have been completed in 16 holes beyond those included in the September 2021 RAS MRE. A further 10,000 metres of drilling is planned over the next 6 months to test RAS mineralisation a further 300 metres northwards as well as define the margins. Extension drilling at Come-in-Time (CIT) will also commence once the margins of the RAS resource extension are established.

For

Figure 1 RSSZ 2021 Deposits & Resource Halos

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RAS Extension drill hole Results - Implications for additional resources

Drillholes MDD012, MDD013, MDD014 and MDD019R lie on the northern boundary of the newly defined RAS MRE inferred resource halo (Figure 2, Drill section N5017360). These holes were not included in the onlyMRE and the average grade of all except MDD012 which was subgrade (<0.25g/t Au closing off

mineralisation west) exceed the average 1.40 g/t Au grade of the 287Koz RAS gold resource (MRE).

Respective aggregate thicknesses and grades are 42.7m @ 1.77 g/t Au, 50.7m @ 3.10g/t Au and 25.6m @ 1.29g/t Au and the intercepts span 270 metres east-west across the RAS axis. This drill section (N5017360) has a NS envelope of influence of 120 metres (60 metres north of the existing MRE and 60 metres south into the resource halo) where these higher grades and widths have positive implications for the next MRE upgrade.

useDrillholes MDD015, MDD016 and MDD020, collared 120 metres north of the RAS MRE (drill section N5017480) have respective intercepts of 23.7 metres @ 1.35 g/t Au, 13.0 metres @ 12.06 g/t Au (which includes Bonanza Grades of 57.5, 47.3 and 43.5 g/t Au) and 42.0 metres @ 0.80 g/t Au. These intercepts

pan 170 metres across the RAS shoot and are open both east and west.

Four drillholes, MDD017, MDD018, MDD022 and MDD023R were drilled on section N5017600 240 metres north of the MRE. MDD017 and MDD018 drilled on the western margin of the RAS shoot intersected narrow high-grade mineralisation of 1 metre @ 15.01 g/t Au and 2 metres @ 8.91 g/t Au with assays pending for

drillholes MDD022 and MDD023R to the east. MDD017 weak mineralisation appears to close off the RAS personalshoot in the west.

For

Figure 2 RAS Resource Extension Drilling - Section Influence & Gold Metal Units

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The northernmost drillholes to date, MDD021R and MDD025 lie 360 metres north of the RAS MRE on section N5017720. MDD021R intersected multiple zones of coarse visible gold associated with quartz rich breccia and arsenopyrite stockwork (Figure 3) returning 42.6 metres @ 2.30 g/t Au. MDD025 is currently being drilled ~ 100 metres west of MDD021R and has intersected similar quartz rich breccia with visible gold (Figure 4).

onlyThese drillholes extend RAS mineralisation 400 metres NNE from the 2021 MRE for a total down-plungelength of ~1,000 metres. and remain open north where drilling will focus on extending potential gold resources down-plungewith the benefit of favourable down-slopetopography (Figure 5).

usepersonal Figure 3 RAS drillhole MDD021R - Coarse visible gold in cut core @ 283.7 metres (8.34 g/t Au) For

Figure 4 RAS drillhole MDD025 - Coarse visible gold in un-cutcore @ 262.7 metres

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use only
personal
	Figure 5 RAS Down-Plunge Section Geology & Gold Grade Halos

Metallurgical Testwork Follow Up

Further leach testwork on gravity products are being conducted as a follow-on from encouraging preliminary leach testwork and gravity recoverable gold (GRG) in fresh sulphide bearing mineralisation as previously

r	ported (ASX announcement on 27th October 2021). Presently KCAA metallurgical consultants are
r	viewing geochemical characteristics of the mineralisation intersected in the four RSSZ Deposits to tailor
the next stage of Metallurgical testwork.
Key Conclusions
For

The 16 holes drilled since the release of the September 2021 MRE upgrade have been highly encouraging and show a strong mineralised trend at RAS now continuing for over 1km to the north-east from outcrop and the Eureka mine workings in the south. During the Quarter, RAS mineralization has been extended 400 metres down plunge from the 2021MRE with impressive thicknesses of mineralization in the HWS and confirm mineralization over shoot widths of up to 270 metres. The thick lower grade (0.8 - 2.3 g/t) in the HWS complement bonanza grades up to 57 g/t intersected in footwall stockwork vein swarms.

The visible gold in brecciated quartz in MDD025 (currently being drilled) is collared ~100 metres west of MDD021R (42.6 metres @ 2.3 g/t gold) indicating the RAS shoot maintains its broad width down plunge.

Mineralisation on all northern drill sections remains open both east and west and down-plunge to the north. Drilling further north and east at RAS will continue to focus on determining the limits of the shear hosted and quartz-arsenopyrite stockwork veins in this new strongly mineralised gold system.

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