Highlights

• Santana reported high-grade gold drilling results across its Rise and Shine South area during the year.

• The company held approximately AUD 179.7 million in cash at the end of September 2026.

• Its planning study outlined a processing plant capable of handling 1.2 million tonnes of material annually.

• Santana targeted an early 2027 construction start, subject to approvals, financing and a final Investment decision.

The next stage of the Bendigo-Ophir gold project centres on drilling and consent decisions for Santana Minerals Limited (ASX:SMI). The developer has outlined a project timetable as it works through New Zealand’s Fast-track approval process.

Quarterly Business Update

On 4 November AEDT (lodged late on 3 November UTC), Santana released a drilling update headlined “Outstanding Gold Grades Across Broad Intercepts from RAS”. Santana says the infill drilling is tightening spacing to 25 metres in the high-grade core planned for early open-pit mining.

Bendigo-Ophir Development

Santana is developing the Bendigo-Ophir Gold Project in Central Otago, New Zealand, a gold project. ASX data classify it in the materials sector and show it as a member of the S&P/ASX 300 and the All Ordinaries Gold Index.

Financial position

In its 16 October quarterly update, Santana reported cash of about AUD 179.7 million at 30 September, . Spending in the quarter included about AUD 5.6 million on project development and Mining studies, AUD 3.1 million on environmental and Fast-track work, and AUD 0.9 million on exploration. ASX data show no Revenue and a net loss of about AUD 1.4 million in FY26, with the company’s Market Capitalisation at about AUD 480 million.

Approvals, financing and timing

The key swing Factor is approval under New Zealand’s Fast-track Approvals Act. Construction is targeted to begin in early 2027, subject to approvals, completed financing and a final investment decision. Santana said it aims to evaluate lender proposals and choose a preferred partner during the December quarter.

Operating Considerations

It has no revenue, and the investment case depends on consent, project financing and a final investment decision. Fast-track decisions can be conditioned or declined.