Santana Minerals has moved the Bendigo-Ophir Gold Project closer to development, with a draft Fast-track Approvals decision expected in the December quarter and a competitive project debt process now underway. Strong Rise and Shine drilling and an A$179.7 million quarter-end cash balance provide further support, although construction remains conditional on approvals, financing and a final investment decision.
- Draft Fast-track consent decision expected in November or December 2026
- Competitive process launched for senior secured project debt
- Rise and Shine drilling extended the HG1 high-grade core westward
- 24.4m at 10.9 g/t Au and 2m at 89.5 g/t Au reported
- A$179.7 million cash at quarter end, or A$175 million net of payables
Bendigo-Ophir reaches final approval stage
Santana Minerals Ltd (ASX:SMI, NZX:SMI) is approaching the most consequential stretch of its Bendigo-Ophir development plan, with the New Zealand Fast-track Approvals process now in its final stages. The company expects a draft Expert Panel decision in November or December 2026, followed by a final decision scheduled for 20 January 2027.
During the September quarter, Santana submitted revised consent conditions, completed further regulatory consultation and commissioned additional three-dimensional groundwater modelling. The application resumed processing on 16 September, with a specialist conditions writer appointed to help finalise the consent framework. The company said it remained confident in the merits of the project, but the consents have not yet been granted.
The milestone follows the Bendigo-Ophir permit and land deal, which earlier coverage identified as moving the project from study towards construction. Santana is now targeting early 2027 development activity, subject to the required approvals and a Final Investment Decision.
Debt financing moves from preparation to proposals
Santana has formally started a competitive financing process after completing independent technical, environmental and social due diligence. Selected financial institutions have received lender information packages and are being asked to submit proposals for senior secured project debt.
The company expects to select preferred lending partners and advance proposals through credit approval during the December quarter. Definitive facility documentation has not yet been finalised, so the financing process remains an important step rather than a completed funding commitment.
Santana ended the quarter with approximately A$180 million in cash, including A$179.689 million reported in its quarterly cash flow statement, and estimated its position at A$175 million net of payables. It spent A$5.62 million on project development and mining studies, A$3.06 million on environmental and Fast-track work, and A$0.88 million on exploration during the period.
Rise and Shine drilling strengthens early mine feed
Infill drilling at Rise and Shine South has extended the HG1 high-grade core westward in an area scheduled for early open-pit mining. Hole MDD529 returned 20.7 metres at 4.8 grams per tonne of gold, while MDD530 returned 11.0 metres at 8.5 grams per tonne, with the reported intervals supporting improved grade continuity.
The results build on the Rise and Shine infill drilling that earlier coverage said had improved the definition of the high-grade core and pointed to deeper mineralisation. The latest programme also produced 24.4 metres at 10.9 grams per tonne in MDD528 and a 2-metre interval at 89.5 grams per tonne beneath HG1, with visible gold reported in the deeper intercept.
Those deeper results sit within or beneath the LG1 domain and may represent additional stacked, sub-parallel high-grade zones. Santana said further geological evaluation is required to establish their continuity and extent. Three holes remained outstanding at the end of the quarter, meaning the drilling story is not yet complete.
Construction groundwork continues ahead of a decision
On the ground, Santana completed an exploration base at Ardgour Flats, commissioned a raw-water bore connected to about six kilometres of pipeline, and advanced power, water, communications, access road and drainage works. These activities improve site readiness, but do not amount to major mine construction and remain subject to regulatory approval.
The project continues to be guided by the June 2025 Updated Pre-Feasibility Study, which contemplated a 1.2 million tonne per annum carbon-in-leach plant, combined open-pit and underground mining, and peak annual production of about 120,000 ounces over an initial 14-year mine life. Those figures are study outputs, not a revised production forecast from the September quarter.
Santana has also been added to the VanEck Junior Gold Miners ETF, effective 18 September, broadening its exposure to institutional and passive investors. The next material tests are more concrete: the draft consent decision, lender proposals, definitive debt terms and the Final Investment Decision. Until those pieces align, Bendigo-Ophir remains close to development, but not yet committed to construction.
Bottom Line?
Santana has assembled the ingredients for a development decision, but the next quarter must convert regulatory progress and lender interest into approvals, binding finance and an FID.
Questions in the middle?
- Will the Expert Panel’s draft consent conditions materially change the project’s construction or operating requirements?
- Can Santana secure acceptable senior debt terms before the targeted early 2027 development window?
- Will the remaining infill holes lead to an updated resource, reserve or mine plan for the Rise and Shine high-grade zones?