Santana Minerals (SMI) H2 2024 earnings summary

Executive summary

• Achieved significant progress at the Bendigo-Ophir Gold Project, including a major resource upgrade and completion of a robust scoping study for the Rise & Shine (RAS) deposit, supporting rapid advancement to feasibility and permitting stages.

• Share price and market capitalization doubled year-over-year, reflecting increased market recognition of project value.

• Environmental and social baseline studies advanced, with permitting potentially expedited by New Zealand's Fast Track Consenting Bill.

Financial highlights

• Net loss for the year was $2.59M, a significant improvement from $6.87M loss in the prior year.

• Cash and cash equivalents at year-end were $33.07M, up from $17.21M last year.

• Net assets increased to $67.85M from $39.00M year-over-year.

• Capitalized exploration and evaluation expenditure rose to $35.45M from $21.67M.

• No dividends declared or paid.

Outlook and guidance

• Pre-Feasibility Study (PFS) for Bendigo-Ophir scheduled for completion in December 2024, with construction targeted for mid-2025.

• Ongoing drilling at satellite deposits and regional exploration to expand resources.

• Project permitting may be accelerated by new government legislation.