Santana Minerals (SMI) Q1 2027 TU earnings summary

Executive summary

• FTA consent process entered its final stages; draft decision expected Nov/Dec 2026 and final decision scheduled for 20 Jan 2027. Development remains subject to approvals, financing and FID.

• Construction readiness advanced through site infrastructure, mine planning and financing preparation, supporting targeted development commencement in Q1 2027.

Financial highlights

• Quarter-end cash and cash equivalents were A$179.689M; reported cash was ~A$180M, or A$175M net of payables.

• Operating cash flow was A$1.006M; investing cash outflow was A$9.596M and financing cash outflow was A$0.054M for the quarter.

• Quarterly expenditure included A$5.62M on project development and mining studies, A$3.06M on environmental and FTA work, and A$0.88M on exploration.

Outlook and guidance

• Construction activities are targeted to commence in early 2027, subject to required approvals, completion of financing arrangements and FID.

• Lender proposals are targeted for evaluation and preferred partner selection during the December quarter, followed by credit approvals and definitive facility documentation.

• June 2025 UPFS parameters guide planning: 1.2Mtpa CIL plant, peak annual production of ~120,000 oz and an initial 14-year mine life.