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Santana Minerals (SMI) investor relations material
Santana Minerals Corporate presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Approval and schedule
Fast-track application lodged in Oct 2025; draft decision expected in Nov 2026 and final decision scheduled for 20 Jan 2027.
Process included 9 expert hearings, 2 public hearings with 55 submitters, an iwi hearing at Ōtākou Marae and 749 proposed conditions across 530 pages.
Earthworks are scheduled to commence in Mar 2027, bulk pre-strip in Jul 2027 and first gold in 2028.
Project is on freehold private land; Overseas Investment consent was granted in May 2026.
Development plan and economics
Initial plan is open pit followed by underground mining, feeding a 1.2 Mtpa plant; production is projected at up to 120koz p.a.
PFS capital requirement is A$277m, including 17.5Mt of pre-strip and establishment; stated all-in cost is A$2,200/oz.
At A$3,500/oz, after-tax NPV is A$770m; at A$6,000/oz, after-tax NPV is A$2.1bn, both at a 6.5% discount rate.
Average annual EBITDA is A$369m; the presentation cites an EV/EBITDA of ~0.9x.
Ore base and exploration
Ore Reserves total 15.0Mt at 2.58g/t for 1,242koz; Mineral Resources total 34.3Mt at 2.1g/t for 2,337koz.
The PFS production model draws on approximately 93% Indicated and 7% Inferred Resources.
Rise & Shine has 110,000m+ of diamond drilling, extends 2.3km down-plunge and remains open; the mineralised zone is up to 450m wide.
Exploration covers 426km² of under-explored ground and 30km of strike, with strong soil anomalies at DNS and ORK and a new prospecting permit granted.
- Late-stage permitting, strong RAS drilling and A$179.689M cash position development plans.SMI
Q1 2027 TU - Permitted and funded for the next steps, Bendigo-Ophir still awaits consent and project financing.SMI
H2 2026 - Final permit decision for a high-grade gold project is due December 2026, targeting 2027 production.SMI
Diggers & Dealers Mining Forum 2026 - Advancing a 1.2 Moz gold project with strong economics and first production targeted for 2028.SMI
Investor presentation - First gold is targeted for late 2028, with a 1.2 Moz reserve and A$2.1B NPV.SMI
Resources Rising Stars Gold Coast Conference - Permitting, land acquisition, and exploration advances position the project for development.SMI
Q4 2026 TU - Raised A$134.1M, advanced permitting, and extended gold resources for robust project growth.SMI
Q3 2026 TU - Resource upgrade and robust economics drive project momentum, with strong cash reserves.SMI
H2 2024 - Bendigo-Ophir advances with robust PFS, resource growth, and strengthened financial position.SMI
H2 2025
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