Ann: Completion of Acquisition and $7.5m Capital Raising, page-2

SANTANA COMPLETES $7.5M CAPITAL RAISING AND ACQUISITION OF BENDIGO-OPHIR GOLD PROJECT

3 November 2020. Santana Minerals Limited (Company or Santana) is pleased to announce that it has completed the acquisition of Matakanui Gold Ltd (MGL), 100% owner of the Bendigo-Ophir Gold Project in New Zealand. As per prior announcements, the Company has issued 38,189,017 fully paid ordinary shares (Consideration Shares) to MGL’s former shareholders as consideration for the acquisition.

The Company is also pleased to confirm that it has completed the placement of 37,500,000 fully paid ordinary shares at $0.20 per share to raise $7.5 million (Placement Shares).

The Consideration Shares and Placement Shares were issued pursuant to the approval received from shareholders at a general meeting held on 21 October 2020. At that meeting shareholders also approved a 1:70 share consolidation with shares in the Company now trading on a post consolidation basis.

The Company also confirms the appointment of Mr Warren Batt and Mr Frederick (Kim) Bunting as Non- Executive Directors effective from today. Mr Batt and Mr Bunting bring considerable project and technical experience in the resources sector to Santana. At completion Mr Tony McDonald resigned as a director of the Company. The Board expresses its thanks to Mr McDonald for his contributions to the Company since its initial listing on the ASX in 2013 and wishes him well in his future endeavours.

Commenting on the successful completion of the $7.5M capital raising and the acquisition of the Bendigo- Ophir Gold Project, Mr Pike stated:

“Santana is excited about the growth opportunities that come with the completion of the Bendigo-Ophir Project acquisition and look forward to announcing details of the finalised exploration program shortly”