Santana Minerals Advances Bendigo-Ophir Gold Project with Strong Approvals and Exploration Momentum

Regulatory Progress and Land Ownership Secured

Santana Minerals Ltd (ASX:SMI) has moved decisively through the New Zealand Fast-track Approvals (FTA) process for its Bendigo-Ophir Gold Project (BOGP), reaching the consent-conditions workshopping phase after completing intensive expert conferencing. The company agreed to a voluntary pause to supply supplementary information, extending the statutory consent decision deadline to 16 December 2026. This pause aims to refine the final consent conditions, with the application process set to resume in mid-August.

Crucially, the New Zealand Overseas Investment Office granted consent for Santana to purchase approximately 3,680 hectares of freehold farmland at Bendigo and Ardgour Stations. This acquisition not only secures unencumbered land tenure across key mining and infrastructure areas but also buys back significant royalties, materially improving project economics and control.

Exploration Extends Orebody Potential

Exploration drilling delivered promising results that extend mineralisation well beyond current mine designs. At the Rise & Shine (RAS) deposit, drill hole MDD494 intersected 12.0 metres at 1.5 g/t gold, confirming down-plunge continuity of the silicified breccia host rock, a hallmark of the orebody. This reinforces the potential to grow the resource beyond the previously declared Exploration Target of up to 7.7 million tonnes at 2.8 g/t Au.

Nearby, at the Come-in-Time (CIT) deposit, drill hole MDD495 intersected 13.9 metres at 1.1 g/t gold, marking the first identification of the silicified breccia mineralisation at CIT. This discovery suggests the emergence of a RAS-style gold system, enhancing the prospect of a larger district-scale gold camp with upside beyond the current 14-year mine life.

Construction and Operational Readiness Advance

On the infrastructure front, Santana has completed a new administration and exploration building and progressed trenching for essential services such as power, water, sewerage, and communications. The company secured a multi-year lease for a 35-bed accommodation facility in Cromwell to meet construction workforce needs, with plans for additional on-site accommodation underway.

Mine planning is refining open pit and underground designs, with updated production schedules and cut-off grade strategies optimizing the mine plan. Key personnel appointments in mining and technical services have strengthened operational capability, positioning the project for a smooth transition to development upon receipt of approvals.

Strong Financial Position Supports Development

Santana completed the second tranche of its A$130 million equity placement, raising A$17 million, which, combined with a prior Share Purchase Plan, leaves the company with approximately A$188 million in cash. This robust funding base supports ongoing project development, exploration, and advancing lender-ready materials toward a Final Investment Decision (FID).

Project financing discussions continue with prospective lenders, supported by completion of detailed technical and commercial documentation. The company’s Updated Pre-Feasibility Study envisages a 1.2 million tonnes per annum processing plant delivering peak production of around 120,000 ounces of gold annually, with strong economic returns at current gold prices.

Governance Update and Next Steps

Post-quarter, non-executive director Kim Bunting retired after playing a pivotal role in discovering the Rise & Shine deposit and advancing the project. The board expressed appreciation for his contributions.

Looking ahead, Santana aims to resume the FTA application process in August, submit final consent conditions by late August, and maintain the statutory decision timeline, though the New Zealand election introduces some uncertainty over timing. Exploration continues to target resource growth, while project readiness and financing efforts build toward a potential development decision.