Santana Minerals (SMI) H2 2025 earnings summary

Executive summary

• Achieved significant progress at the Bendigo-Ophir Gold Project (BOGP), including resource definition, project de-risking, and national recognition under New Zealand's Fast-track Approvals Act, positioning BOGP as a leading undeveloped gold asset in the country.

• Updated Pre-Feasibility Study (PFS) delivered, confirming a 13.8-year mine life, high-margin operation, and robust economics, with a selective high-grade mining strategy and staged pit development.

• Major land acquisition (Ardgour Station) completed post-period, further de-risking project development and aligning land use for mining and infrastructure.

• Strong ESG focus, with comprehensive environmental baseline studies and community engagement, leveraging renewable hydropower to reduce carbon intensity.

Financial highlights

• Net loss for the year was $1.69 million, an improvement from $2.59 million loss in the prior year.

• Cash and cash equivalents at year-end were $50.45 million, up from $33.07 million.

• Net assets increased to $102.60 million from $67.85 million year-over-year.

• Capitalised mineral exploration and evaluation expenditure rose to $54.42 million from $35.45 million.

• No dividends declared or paid for the year.

Outlook and guidance

• Focus in FY26 on completing Fast-track permitting for BOGP, targeting all approvals in H1 2026 and a Final Investment Decision upon consent.

• Early site works and procurement underway to ensure construction readiness; operational production targeted for mid-2027.

• Ongoing exploration and resource growth initiatives to support long-term mine plan.