Santana Minerals Limited - NEW RESULTS EXTEND POTENTIAL FOR INDICATED CLASSIFICATION IN UPCOMING RAS MRE

Santana Minerals Limited (ASX: SMI) ('Santana' or 'the Company') is pleased to announce further results from the 100% owned Bendigo-Ophir Project ('the Project').

CEO Damian Spring said: 'These new results continue to affirm the consistency of the mineralisation at the Rise and Shine (RAS).

This is particularly important as we seek to increase the amount of resources classified as indicated. The new Mineral Resource Estimate (MRE) is nearing its conclusion with an announcement expected later this quarter, with the results to be incorporated into our Scoping Study on track to be delivered the following quarter.

The update to the MRE is nearing completion with results expected later this quarter. The objective of the infill drilling campaign at RAS this year is to ensure the greatest amount of inferred resources are upgraded to indicated to allow for the completion of our Scoping Study, now expected in the following quarter. Infill drilling continues at RAS Central, north of N5017600 with the aim of including in the prefeasibility study to commence in early 2024. The results from the RC campaign at UTS are encouraging. Samples from the remainder of the 2022/2023 RC program are now being processed through the independent laboratories with results expected over the next two months. A review of these results and the structural settings of the current deposits will feed into the plan to resume regional exploration over this coming summer.

About Santana Minerals Limited Bendigo-Ophir Project

The Bendigo-Ophir Project is located on the South Island of New Zealand within the Central Otago Goldfields.The 292km2 project area comprises Minerals Exploration Permit (MEP) 60311 (252km2 ) issued to 100% owned subsidiary Matakanui Gold Ltd (MGL) and Minerals Prospecting Permit Application (MPPA) 60882 (40km2 ) made by MGL. The Project is located 90 kilometres northwest of OceanaGold Ltd (OGC) Macraes Gold Mine

About Santana Minerals Limited

Bendigo-Ophir Project The Bendigo-Ophir Project is located on the South Island of New Zealand within the Central Otago Goldfields.The 292km2 project area comprises Minerals Exploration Permit (MEP) 60311 (252km2 ) issued to 100% owned subsidiary Matakanui Gold Ltd (MGL) and Minerals Prospecting Permit Application (MPPA) 60882 (40km2 ) made by MGL. The Project is located 90 kilometres northwest of OceanaGold Ltd (OGC) Macraes Gold Mine

These estimates are based on drill results to Jan 2022 and reported in Feb 2023 which the Company interprets has the potential to be further expanded and developed into a low cost per ounce gravity-leach operation, with ore from bulk tonnage open pits or underground sources. The Bendigo-Ophir Resources occur in 4 deposits that are inferred to extend in a northerly direction within the RSSZ which hosts gold mineralisation over a recognised strike length of >20km. The RSSZ occurs at the contact with TZ3 and TZ4 schist units separated by a regional fault (Thomsons Gorge Fault TGF) and dips at a low angle (25-degree) to the north-east. The RSSZ is currently interpreted to have upper shear-hosted gold mineralisation (HWS) 10-40 metres in width above quartz vein and stockwork related gold mineralisation extending >120 metres below the HWS.

Forward Looking Statements

Forward-looking statements in this announcement include, but are not limited to, statements with respect to Santana's plans, strategy, activities, events or developments the Company believes, expects or anticipates will or may occur. By their very nature, forward-looking statements require Santana to make assumptions that maynot materialize or that may not be accurate. Although Santana believes that the expectations reflected in the forward-looking statements in this announcement are reasonable, no assurance can be given that these expectations will prove to have been correct, as actual results and future events could differ materially from those anticipated in the forward-looking statements. Accordingly, viewers are cautioned not to place undue reliance on forward-looking statements. Santana does not undertake to update publicly or to revise any of the included forward-looking statements, except as may be required under applicable securities laws.