Santana Minerals (SMI) Q3 2026 TU earnings summary

Executive summary

• Advanced permitting and pre-production works for the Bendigo-Ophir Gold Project (BOGP), including securing a statutory consent decision date of 29 October 2026.

• Finalised a Road Access Agreement with Central Otago District Council, ensuring land and road access and establishing a NZ$1.25M annual community fund.

• Secured major mining fleet agreements with Komatsu, aligning equipment delivery with project timelines.

• Completed a two-tranche capital raise of A$130M and a Share Purchase Plan raising A$4.1M, supporting the equity component of a debt-funded development plan.

• Entered the S&P/ASX 300 Index, reflecting increased market capitalisation and liquidity.

Financial highlights

• Closed the quarter with a cash balance of A$184M net of payables.

• Spent A$14.7M on exploration, project studies, and development costs during the quarter.

• Net cash from operating activities was A$171K for the quarter; net cash from investing activities was -A$14.75M; net cash from financing activities was A$112.37M.

• Estimated 13.2 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• Project positioned for construction immediately after the 29 October 2026 consenting date.

• Updated Pre-Feasibility Study (PFS) supports a 1.2Mtpa CIL plant, peak production of ~120,000 oz/year, and a 14-year mine life.

• After-tax NPV (6.5%) of A$2.3B and IRR of 94% at prevailing gold prices.

• Ongoing exploration and infill drilling at Rise and Shine (RAS) could add 0.52–1.48Moz to resources.