Santana Minerals (SMI) H2 2026 earnings summary

Executive summary

• FY26 advanced Bendigo-Ophir from pre-feasibility toward development: a 30-year mining permit was secured, the Fast-track application progressed, land approval was obtained, and early works began. Final consent remains pending.

• The project’s Updated PFS outlines a 13.8-year initial mine life, average annual production of ~90,000 oz and peak output of 120,000 oz; first gold is targeted in 2028, subject to approvals, financing and execution.

• Cash reserves rose to A$188.3m and net assets to A$282.2m at 30 June 2026, largely reflecting equity raisings and continued project investment.

Financial highlights

• FY26 net loss was A$1.408m versus A$1.692m in FY25; basic and diluted loss per share improved to 0.16 cents from 0.25 cents.

• Net financing income increased to A$5.172m from A$1.642m, primarily reflecting interest income of A$5.259m versus A$1.664m.

• Operating cash outflow was A$2.269m; investing cash outflow was A$48.794m, including A$48.048m of capitalised exploration and evaluation expenditure.

• Capitalised exploration and evaluation expenditure rose to A$96.341m from A$54.421m; FY26 expenditure was A$48.151m, partly offset in the carrying value by foreign exchange movements.

Outlook and guidance

• A Fast-track draft decision is due November 2026 and the final decision is scheduled for 20 January 2027; a favourable outcome and completion of financing and other conditions would enable FID and construction.

• Full-scale construction is planned to start immediately after consent, with first gold targeted in 2028; both timelines remain conditional on approvals, funding and Board decisions.

• Exploration and resource-definition drilling are planned to support reserve conversion and extend mine life beyond the PFS case of 13.8 years.