Santana Minerals sets 29 October 2026 fast-track decision date for Bendigo-Ophir

Santana Minerals Ltd (ASX: SMI) has announced that the Fast-Track Approval Panel Convener has confirmed a 140 working-day statutory timeframe for determination of the Bendigo-Ophir Gold Project, with a decision due by 29 October 2026. The timeline is longer than expected (60-100 days) but now provides certainty in the process. Development consent is now expected to be granted in H2 CY26.

Santana Minerals is preparing to accelerate its Bendigo-Ophir Gold Project, 20km north of Cromwell in New Zealand’s South Island. Construction is expected to start shortly after the fast-track approval decision.

Santana has secured a new mobile mining equipment fleet from Komatsu. Conventional PC3400 and PC2000 primary excavators, 140-tonne HD1500 haul trucks, dozers, loaders, and graders will help to prepare for the approval decision. Komatsu will provide operational, technical, and financial backing at the project for at least five years. On-site parts capability and discount pricing will also be available. The deal is worth NZ$115 million ($96 million).

During the quarter, SMI completed a major capital raise ($130.0m at $0.90/sh), which has left it well-funded with $184m cash at quarter end and a further $17m settling in April. This has enabled SMI to commence permitted early site works and secure long-lead items, de-risking the development schedule for the Bendigo-Ophir Gold Project. It also represents the equity funding component of pre-production CAPEX of $277m, with the balance expected to be debt funded.

SMI has achieved major de-risking milestones during the quarter, securing a major portion of project funding and leveraging this to advance the development schedule. Exploration success also saw the estimation of an additional 0.5-1.5Moz Exploration Target, making a case for material mine life extension and reinforcing the economic significance of the project.

The current development plan has an initial mine life of about 14 years. A reserve of 1.2Moz at 2.6g/t Au is contained within a resource of 2.3Moz at 2.1g/t Au. Production expectations are about 120koz per year. The project’s tenements cover 251 sq km in the Central Otago goldfields, 90 km northwest of Macraes gold mine.

The CEO said operating as an owner-miner removes the contractor margin typically embedded in mining costs, setting the project up as a lower-cost operation. The company said this is further supported by its residential workforce model, avoiding fly-in fly-out costs, and strong OEM support from Komatsu.