Santana Minerals (SMI) Q2 2026 TU earnings summary

Executive summary

• Advanced permitting and land acquisition for the Bendigo-Ophir Gold Project, targeting construction in mid-2026.

• 30-year mining permit granted, securing long-term rights and de-risking the project.

• Fast-track Approvals Act application accepted by EPA, with decision expected by mid-2026.

• Significant progress in project financing, with Independent Technical Expert review underway.

• Strong exploration results at RAS North, extending high-grade mineralisation and resource potential.

Financial highlights

• Cash and working capital of AUD $85 million at quarter end, with no debt.

• Quarterly spend of $10.6 million on exploration, studies, and development.

• Net cash outflow from investing activities of $10.67 million for the quarter.

• Cash and cash equivalents at period end: $89.99 million.

• 3.9 million shares issued from option exercises, raising $1.19 million.

Outlook and guidance

• Construction of the Bendigo-Ophir Gold Project targeted for mid-2026, pending final approvals.

• Project positioned for efficient transition from permitting to construction.

• Ongoing focus on resource growth, project de-risking, and financing readiness.