Santana Minerals Limited (ASX: SMI) ('Santana' or 'the Company') is pleased to announce further significant results from the 100% owned Bendigo-Ophir Project ('the Project'). The Project presently contains a global 1.9Moz inferred gold resource (MRE) in four Rise and Shine Shear Zone (RSSZ) deposits (ASX announcement on 11 July 2022), which remain open down-plunge at depth. Drilling (14,347 metres completed since the MRE) is continuing to expand resource potential (Figure 1). Commenting on the results Executive Director Dick Keevers said: ''RAS continues to please at both ends, deep in the NE and shallower in the SE, more than a kilometre apart. Patience is the go at other prospects, as our drilling probes further SE along the RSSZ. Great expectations.'

Latest Drill Assay Results from RAS

Assays have been received for 5 RAS drillholes; MDD074 and MDD078 from RAS North (northern extension) and MDD072, MDD076, MDD079 from RAS Ridge (South-eastern extension) (Table 1, Figures 1-5, Appendix 1 & 2). The two RAS sub-areas are ~1,000 metres apart and lie at the limits of the presently defined 1.5-kilometre NNE trending down-plunge shoot (

Structural analysis of close-spaced drillholes in the RAS Ridge area is presently underway to assist understanding of controls on mineralisation where a particularly thicker and higher-grade mineralised zone is emerging on the eastern flank, more significant than modelled in the July MRE (Figure 4) The closer-spaced drillholes were designed to provide ~40 metre intercept data on sections for geostatistical purposes to inform optimal drill spacing for raising resource classification from 'inferred' category. Mineralisation on section N5017180 is open both east and west and has been logged in all these close-spaced holes, with assay results pending.

Latest Drill Assay Results from SHR & SRE Deposits

Assays have been received for 2 down-plunge drillholes at SHR & SRE deposits south-east along strike from RAS (Figures 1, 5, Table 2, Appendix 3 & 4). At SHR deposit, MDD077, has 1m @ 0.52g/t Au (0.5g/t Au lower-cut-off) present within the upper 36.1 metres of the RSSZ with 40 metres of assays pending. At SRE deposit, ~500 metres SE of SHR, the balance of assays for MDD075 raise the previously announced intercept (ASX announcement on 18 October 2022) to 11 metres @ 0.65g/t Au (0.5g/t Au lower-cut-off). The width of new down-plunge mineralisation north of SHR and SRE 2021 MRE's is currently 280 metres and 370 metres respectively (Figure 5). Drilling is underway to follow the apparently strengthening SRE mineralisation to the north-east.

Key Conclusions & Forward Programme

The continuation of highly mineralised intercepts being delivered from RAS have been a regular feature since the high-grade RAS shoot was first revealed 18 months ago in April 2021. Drilling in progress at RAS Ridge will assist interpretation of structural controls on mineralization and provide valuable geostatistical data to inform optimal drill spacing to raise MRE classification from 'Inferred' category. To date ~14,300 metres of new drilling in 46 drillholes have been completed since the July MRE database was closed with another RAS MRE upgrade scheduled to commence in December. Broad widths of the down-plunge mineralised zones at SHR and SRE deposits add weight to the already defined multi-million-ounce potential of the RSSZ. Drilling has commenced at Thomsons Saddle (TSD) and Upper Thomsons (UTS) prospects as part of a broader drilling programme to identify another RAS-type deposit in the 30-kilometre length of the Bendigo-Ophir project. This announcement has been authorised for release to the ASX by the Board.

Contact:

Richard Keevers

Executive Director

T: +61 408 873 353

E: rkeevers@westnet.com.au

Cameron Peacock

Investor Relations & Business Development

T: +61 439 908 732

E: cpeacock@santanaminerals.com

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