Santana Minerals (SMI) AGM 2024 summary

Opening remarks and agenda

• Meeting opened by the Non-Executive Chairman, with introductions of board members and key advisors present both in person and virtually.

• Outlined the hybrid format, formal business order, and opportunity for technical presentations and informal Q&A.

• Focus on the development of the Bendigo-Ophir Gold Project in New Zealand, aiming to establish the country's newest and richest gold mine.

Board and executive committee updates

• Significant board changes included the retirement of several directors and appointment of new executive directors, including the CEO and a new director for Corporate Affairs.

• Acknowledged the ongoing guidance and major shareholding of a long-standing director.

Financial performance review

• Share price increased 210% year-on-year, with a high of AUD 0.82 and a low of AUD 0.25 post-split.

• Successful capital raising of AUD 30 million in April, with additional funds from a bonus option, leaving the company well-funded for development decisions.

• Listed on the New Zealand Stock Exchange to broaden investor access.

• Prefeasibility Study (PFS) projects an after-tax NPV of A$1.06 billion and a 68% IRR, with payback in under one year from production.

• Projected annual revenue exceeds A$700 million in peak years, with cumulative free cash flow after tax of A$1.8 billion over the mine life.

• All-in sustaining cost (AISC) estimated at A$1,416/oz, with margins above A$1,500/oz after tax.

• Maximum cash drawdown required is A$340 million, with robust financials based on a spot gold price of A$4,000/oz.