Santana Minerals (SMI) Diggers & Dealers Mining Forum 2026 summary

Regulatory and permitting progress

• Application for environmental permits submitted under New Zealand's fast track legislation, with a final decision expected by December 16, 2026.

• The fast track process has seen 26 projects approved, including significant mining operations, and is designed to expedite permitting.

• Project received Overseas Investment Office consent for land purchase, extinguishing landowner royalties.

• The permitting process is transparent and ongoing, unaffected by the upcoming general election.

Project development and resource details

• The Bendigo-Ophir Gold Project is a high-margin, low-capital gold development on freehold land in Central Otago.

• Four deposits span a 5 km strike, with the main RAS deposit containing 2.1 million ounces at 2.4 g/t and a reserve of 1.2 million ounces at 2.75 g/t.

• High-grade core (HG1) extends nearly 2 km down plunge, with consistent high-grade intercepts and significant exploration upside.

• Development plan includes staged open pit mining followed by underground extensions, leveraging similarities to the long-running Macraes mine but with higher grades and free-milling ore.

Financials and operational outlook

• Well-funded with AUD 185 million in cash and an enterprise value of AUD 280 million.

• PFS based on AUD 3,500/oz gold price, targeting 1.2 Mtpa plant and 120,000 oz/year production by year three.

• All-in costs just over AUD 2,200/oz, with average EBITDA of AUD 360 million and a 170% margin over cost.

• Infrastructure advantages include proximity to highways, water, and low-cost hydroelectric power.

• After-tax NPV of AUD 2.1 billion, representing a potential 7x re-rate from current enterprise value.