Santana Minerals Limited Analysis

Overview

Santana Minerals Limited is a precious metals exploration and development company. Santana Minerals is focused on the exploration and development of gold and precious metals and the investigation of projects involving those activities.

Performance

The following information was extracted from Santana Minerals Limited half year report, released 10 March 2026:

During the reporting period, the Company delivered a series of major milestones that transitioned the Bendigo Ophir Gold Project (BOGP) from advanced study phase into a development ready position, with key regulatory processes now well progressed.

The half year commenced with completion and announcement of the Updated Pre-Feasibility Study (PFS) on 1 July 2025, which incorporated the March 2025 Mineral Resource Estimate (MRE) and defined a capital efficient staged development plan for a long-life gold operation. The Updated PFS confirmed strong technical and financial fundamentals and materially reduced initial capital requirements relative to earlier study scenarios.

Following release of the Updated PFS, the Company advanced regulatory and tenure processes required for construction. A 30-year Mining Permit was granted by New Zealand Petroleum and Minerals (NZPAM), securing long dated legal rights over the core Rise and Shine (RAS) deposit, and adjacent satellite deposits. The Company also lodged its application under New Zealand’s Fast-track Approvals Act (FTA), which was formally accepted by the Environmental Protection Authority (EPA) in November 2025, initiating a defined statutory pathway toward full project consent. Subsequent to the reporting period the Company received its FTA decision date for consenting of 29 October 2026, setting a timeline for operational readiness and a final investment decision (FID).

During the period, the Company executed conditional binding agreements to acquire strategic freehold land within the BOGP area to support the proposed mining operations and associated infrastructure, including the buyback of royalties attached to those lands. These transactions materially enhance project economics and provide greater operational flexibility and long-term control over the Project footprint.

Development readiness progressed in parallel, with early site works commenced, contractor engagement advanced and lender technical due diligence initiated. Resource definition drilling continued to demonstrate strong continuity and growth potential at RAS North, including exceptional high-grade intercepts and a significant down plunge extension.

Against a backdrop of a strengthening gold price environment, the economic leverage of the BOGP increased materially during the half year. The BOGP now sits on a clear and time bound pathway toward construction, targeted for late 2026, subject to receipt of FTA consent.

Highlights for the Half Year:

• Completion and announcement of the Updated PFS
• Granting of a 30-year Mining Permit MMP 61326
• Lodgement and formal acceptance of the FTA application
• Binding conditional agreements executed to acquire key freehold land at Bendigo Station and Ardgour Station, including royalty buy backs
• Commencement of early site works including installation of raw water pipeline infrastructure and access upgrades
• Appointment of an Independent Technical Expert (ITE) and commencement of lender technical due diligence
• More exceptional drill results at RAS improving metal density and extending the mineralised envelope