Santana Minerals (SMI) Q4 2026 TU earnings summary

Executive summary

• Advanced the Bendigo-Ophir Gold Project (BOGP) through the Fast-track Approvals process, with a consent decision now expected by 16 December 2026.

• Secured New Zealand OIO consent for the purchase of 3,680 hectares of freehold land, including buy-back of substantive royalties, improving project economics.

• Completed the second tranche of a A$130 million equity placement, closing the quarter with A$188 million in net cash.

• Advanced project readiness with new administration building, workforce accommodation, and ongoing exploration extending mineralisation at RAS and CIT.

Financial highlights

• Closed the quarter with a cash balance of approximately A$188 million.

• Spent A$5.5 million on project development and mining studies, A$3.2 million on environmental and FTA process, A$2.7 million on exploration, and A$3.3 million on plant and equipment.

• Net cash from operating activities was negative A$185k for the quarter.

• Net cash from investing activities was negative A$14.6 million for the quarter.

• Net cash from financing activities was positive A$15.5 million for the quarter.

Outlook and guidance

• Project remains on track for a Final Investment Decision following receipt of all necessary approvals.

• Current project parameters based on June 2025 Updated Pre-Feasibility Study: 1.2Mtpa CIL plant, peak production ~120,000 oz/year, mine life ~14 years.

• At prevailing gold prices (~A$5,750/oz), estimated after-tax NPV6.5 of A$1.9 billion and IRR of 78%.

• Exploration results indicate potential for significant resource growth and mine life extension.