Santana Minerals (SMI) Diggers & Dealers Mining Forum 2025 summary

Regulatory and Investment Environment

• New Zealand is now the top-ranked region for mining investment attractiveness, surpassing all Australian states, following the Fast-track Approvals Act 2024 and the ratification of the fast track approvals bill in December.

• The new fast track consenting regime offers a one-stop shop for permitting, reducing the process to six months from application.

• The Bendigo-Ophir Project is eligible for fast track consenting, expediting its development timeline.

Project Overview and Location

• The Bendigo-Ophir Project is located near Cromwell in Central Otago, New Zealand's South Island, with a long mining history and agreements in place for private farmland mining.

• The project benefits from proximity to infrastructure, including fresh water, hydropower, skilled workforce, and easy access to Queenstown International Airport, supporting low-cost production.

• Agreements are in place with local landowners, and early works such as road widening and quarrying have commenced.

Resource and Discovery Highlights

• The Rise and Shine (RAS) deposit is the most significant New Zealand gold discovery in 40 years, with 2.08Moz @ 2.4g/t Au and a 1.21Moz probable ore reserve.

• Combined project resources total 2.34Moz @ 2.1g/t Au, with additional discoveries at CIT and Srex.

• The mineralized zone is 450m wide, up to 150m thick, and traced 1.7km down plunge, remaining open to the northeast.

• RAS features a high-grade core (4.5 g/t) that is 150 meters wide and persists over a kilometer, with recent drill results confirming continuity and grade at depth.

• The project area covers only 10% of the broader tenure, with four discoveries to date and further exploration potential along the Thompson Gorge fault line.