Santana Minerals (SMI) 2025 Precious Metals Summit - Beaver Creek summary

Key project highlights

• Bendigo-Ophir Gold Project is the largest New Zealand gold discovery in over 40 years, with over 2Moz at the Rise and Shine (RAS) deposit alone.

• Project benefits from strong infrastructure, low-cost green hydro power, and proximity to skilled workforce and transport.

• Located on private farmland with mining agreements in place, facilitating a smooth permitting process.

• Fast-track permitting enabled by recent legislative changes, with a six-month approval timeframe targeted.

• Over 1,000 job applications received, with more than NZ$1 billion in projected taxes and royalties.

Resource and reserve details

• Total mineral resource of 2.34Moz at 2.1g/t Au, with 1.54Moz Indicated resources and 1.24Moz converted to Probable Reserve.

• Maiden Ore Reserve of 15Mt at 2.58g/t for 1.24Moz, with 93% of open pit ore feed as Probable Reserve.

• RAS open pit: 10.5Mt at 2.78g/t (937koz); RAS underground: 3.2Mt at 2.66g/t (275koz); SRX: 1.3Mt at 0.70g/t (30koz).

• Significant inferred resources remain for future conversion and growth.

Mining and processing plan

• Open pit mining planned for 13.8 years, producing over 1Moz Au at an average grade of 2.53g/t.

• Underground mining at RAS for an initial 7 years, targeting 316koz at 2.66g/t.

• Conventional CIL processing plant with six phases of metallurgical testing, achieving 93% recovery at RAS.

• Option to upgrade mill to 1.8Mtpa to increase production.