Santana Minerals (SMI) Q4 2025 TU earnings summary

Executive summary

• Updated Pre-Feasibility Study (PFS) released, optimizing mine design, plant configuration, and capital efficiency for the Bendigo-Ophir Gold Project (BOGP) in New Zealand.

• Fast-track permitting advanced, targeting project development in early 2026 and first gold within 15 months of construction start.

• Key management appointments made to strengthen operational and environmental leadership.

• Land acquisition offer accepted for Ardgour Station, de-risking resource access (pending regulatory approval).

Financial highlights

• NPV (6.5%) of A$1.5 billion and IRR of 65% at A$4,950/oz gold price; pre-production capex reduced to A$277 million.

• Peak annual gold production of 120koz, with 1.25Moz produced over 13.8 years.

• Total cash cost of A$1,741/oz and AISC of A$1,842/oz at current gold prices.

• Closed the quarter with A$47.5 million cash net of payables.

• Quarterly exploration and project study spend was A$4.8 million.

Outlook and guidance

• Project execution targeted for January 2026, pending approvals.

• Fast-track Approvals application imminent, with potential decision to mine within six months of lodgement.

• Final Investment Decision (FID) expected before end of 2025.