Santana Minerals (SMI) presented its Bendigo‑Ophir gold project at the Resources Rising Stars conference, detailing a fast‑track permitting schedule under New Zealand’s Fast‑Track Approvals Act. The company began the fast‑track process in October 2024 and expects a draft decision in the week of 30 Nov 2025, with final approval targeted for 20 Jan 2027.
The project comprises four deposits, the flagship Rise and Shine containing just over 2 million ounces of the total 2.34 million‑ounce resource. A maiden reserve of 1.2 million ounces is slated for publication in late 2024/early 2025, supporting a projected 14‑year mine life. Underground development is planned to start in year 5 of production, with underground ore contributing from year 7.
Key drill results highlighted include Hole 529 (21 m @ 5 g/t), Hole 530 (11 m @ 8.5 g/t) and the deepest Hole 5490 (37 m @ 1.7 g/t). The deposit extends 2.4 km down plunge, 400‑500 m wide and up to 40 m thick, with a high‑grade core 150‑200 m thick.
Financially, Santana has a market cap of about AUD 520 million and cash of just under AUD 180 million. Initial development capital is estimated at AUD 280 million, with all‑in sustaining costs of roughly AUD 2,200 per ounce at a gold price of AUD 4,950. Under a base‑case gold price of AUD 3,500, the project’s net present value (NPV) is just under AUD 800 million (6.5% discount) and could generate NZD 56 million per year in taxes and royalties, totalling NZD 784 million over the mine life. At a gold price of AUD 6,000, NPV rises to AUD 2.1 billion and average EBITDA to about AUD 370 million, implying an EV/EBITDA multiple near 1.0×.
Infrastructure is within eight kilometres of a state highway and a hydroelectric substation, with water supply pipelines already in place. The site sits on freehold sheep and beef farmland, and OIO consent removes surface royalties. Komatsu will supply the mining fleet. A local workforce survey attracted over 1,400 expressions of interest, yielding about 650 responses, two‑thirds of which reside within an hour of the project.
Executive Director Damian Spring emphasized that the gold resource is confirmed and the team is ready, stating the company is “one step away from our final approval” as the fast‑track panel reviews the application.
