Regulatory Hurdles Ahead Despite Santana’s Strong Progress at Bendigo-Ophir Gold Project

Strategic Advances at Bendigo-Ophir

Santana Minerals Ltd has delivered a strong start to the 2025/2026 financial year, showcasing significant strides toward commercialising its flagship Bendigo-Ophir Gold Project (BOGP) in New Zealand. The company’s updated Pre-Feasibility Study (PFS), released earlier this year, has been bolstered by a rising gold price environment, lifting the after-tax net present value (NPV) to approximately A$2.05 billion based on a spot gold price of A$6,000 per ounce. This improved economic outlook is underpinned by a reduced initial capital requirement, enhancing the project’s financial attractiveness.

Central to Santana’s progress has been the consolidation of land ownership critical to the project’s footprint. Binding agreements to acquire the majority of Ardgour Station (2,880 hectares) and Bendigo Station (889 hectares) have been executed, subject to Overseas Investment Office (OIO) approval. These acquisitions not only secure long-term tenure but also extinguish existing royalties, improving project margins and reducing the all-in sustaining cost (AISC) per ounce of gold. The removal of royalties is expected to reduce AISC from A$1,842 to approximately A$1,784 per ounce, a meaningful enhancement for future cash flow generation.

Exploration and Resource Growth

Exploration drilling at the Rise & Shine (RAS) deposit continues to deliver encouraging results, extending high-grade mineralisation over more than 2 kilometres of strike. Recent step-out drilling has intersected substantial gold grades, including intercepts such as 31.9 metres at 5.3 g/t and 20 metres at 8.2 g/t, confirming the potential for underground resource growth beyond the current mine plan. Additionally, a sub-parallel ore zone beneath the Rise and Shine Valley suggests further southerly extensions to the planned open pit, indicating upside to the project’s scale and mine life.

Complementing these results, the RINA sterilisation drilling program has expanded geological understanding of the Rise and Shine Shear Zone, revealing widespread anomalous gold values across a 2-kilometre strike length. This underexplored corridor offers promising targets for future exploration and resource expansion, reinforcing the district-scale potential of the BOGP.

Capital and Construction Readiness

Financially, Santana has fortified its position through a fully underwritten placement raising A$60 million from sophisticated investors, supplemented by a well-supported Share Purchase Plan raising an additional A$3 million. These funds are earmarked for land acquisitions, early construction works, and ongoing working capital, enabling the company to close the quarter with approximately A$100 million in cash.

Operationally, early works are underway, including access road upgrades and installation of water infrastructure, laying the groundwork for full-scale construction targeted for the first half of 2026. The company has also formalised engineering and construction agreements with MACA Interquip Mintrex, setting a collaborative framework for detailed design and procurement activities ahead of project execution.

Regulatory Milestones

On the regulatory front, Santana has commenced lodgement of its comprehensive Fast-track Approvals application with New Zealand’s Environmental Protection Authority. This submission marks a significant milestone, as the BOGP is recognised as a development of regional and national significance under the new Fast-track Approvals Act. The streamlined approval process aims to deliver a decision within six months, aligning with the company’s timeline for construction commencement and first gold production within approximately 15 months thereafter.

Meanwhile, the Mining Permit Application, submitted earlier in the year, is progressing through technical assessment and is expected to be granted imminently, further de-risking the project’s path to development.

Looking Ahead

Santana Minerals’ comprehensive approach; combining robust technical studies, strategic land ownership, strong financial backing, and regulatory engagement; positions the Bendigo-Ophir Gold Project on a clear trajectory toward becoming a significant gold producer. While regulatory approvals remain subject to final consent, the company’s progress signals a maturing project ready to transition from development to production in the near term.