Highlights

  • In Q1 FY26, the company completed an AUD 60 million placement and AUD 3 million Share Purchase Plan.
  • Updated Pre-Feasibility Study (PFS) delivered enhanced fiscal metrics with forecast after-tax NPV6.5 of approximately AUD 2.05 billion.
  • Quarter closed with AUD 97 million in cash.

Santana Minerals Ltd (NSX:SMI) reported significant operational and financial progress for the first quarter of FY 2025–26 as it continued advancing its flagship Bendigo-Ophir Gold Project (BOGP) in New Zealand towards commercialisation.

The company and its wholly owned subsidiary, Matakanui Gold Ltd, delivered multiple strategic milestones, including an updated Pre-Feasibility Study (PFS), ongoing resource definition drilling, and land acquisitions critical to project infrastructure development.

Updated PFS and Resource Expansion

During the quarter, Santana Minerals completed and released an Updated Pre-Feasibility Study (PFS) and development plan for the Bendigo-Ophir Gold Project. A continued rise in gold prices since the release of the PFS further lifted the project’s after-tax NPV6.5 to approximately AUD 2.05 billion, based on a gold price of AUD 6,000 per ounce as of October 29, 2025.

Ongoing resource definition and step-out drilling within the Rise & Shine (RAS) system returned multiple high-grade intercepts, extending mineralisation over more than 2 kilometres of strike. A newly identified subparallel ore zone beneath the Rise and Shine Valley has revealed stacked and near-surface mineralisation.

Land Acquisition Strengthens Project Control

Santana achieved a key strategic objective during the quarter by securing freehold ownership of land required for project infrastructure and the down-plunge extensions of the RAS ore system.

This includes binding agreements to acquire 2,880 hectares at Ardgour Station, subject to Overseas Investment Office (OIO) approval, and the buy-back of a 1% net smelter return (NSR) linked to an existing access agreement. Post-quarter, the company also executed a binding agreement to acquire 889 hectares from Bendigo Station, covering a large portion of the defined Mineral Resources, along with the buy-back of a 1.25% NSR royalty on the first one million ounces of gold production.

Capital Raise and Financial Position

In August 2025, Santana completed a placement of 103.4 million shares at AUD 0.58 per share, raising AUD 60 million through Canaccord Genuity. This was followed by a Share Purchase Plan (SPP), which attracted participation from existing shareholders and raised an additional AUD 3 million.

These initiatives have boosted the company’s balance sheet and will fund early works, permitting, and project financing activities ahead of a Final Investment Decision (FID).

At the end of the quarter, the company held AUD 97 million in cash, net of payables. Total expenditure during the period was AUD 10.5 million, directed towards exploration, project studies, and development of the Bendigo-Ophir Gold Project.

SMI shares traded at NZD 0.89 per share on 31 October 2025.