Santana Minerals Ltd (ASX:SMI), a company focused on the exploration and development of mineral resources, today announced its June quarterly report, highlighting significant momentum at its flagship Bendigo-Ophir Gold Project (BOGP) in Central Otago, New Zealand. The company said work completed during the quarter culminated in the release of an Updated Pre-Feasibility Study (Updated PFS) on 1 July 2025, reflecting progress in mine design, process plant configuration and capital efficiency. In parallel, Santana Minerals stated that permitting activities under New Zealand’s fast-track regime advanced substantially, positioning the Project for potential development in early 2026.
The Updated PFS incorporates the March 2025 Mineral Resource Estimate (MRE), targeting extraction of the redefined high-grade (HG1) domain, with reduced pre-strip requirements and processing plant refinements. At a gold price of A$4,950/oz, the revised mine plan resulted in a 1.2Mtpa plant producing 1.25Moz of gold over 13.8 years. Peak gold production is estimated at 120koz per annum, with a Net Present Value (NPV) of A$1.5 billion and an Internal Rate of Return (IRR) of 65%. Total cash cost is projected at A$1,741/oz and an All-in-Sustaining-Cost (AISC) of $1,842/oz, with a reduction in capital expenditure required to advance the project into production to A$277 million including a 10% contingency.
Drilling at RAS South intercepted thick zones beneath the pit shell and outside of current MRE wireframes, adding potential scale to the southern extent of the deposit. Metallurgical testwork on RAS low-grade material was completed showing strong recoveries of 88.7% with low reagent consumption. The company also announced appointments of Mr Paul Miles as General Manager and Ms Cheryl Low as Environment Manager of Matakanui Gold Ltd to strengthen the project’s operational leadership and manage the current consenting phase of the project.
Santana Minerals reported that it concluded the quarter with cash of approximately A$47.5 million net of payables. Final preparations for the Fast-track Approvals (FTA) application are well advanced, with submission imminent. De-risking of the BOGP occurred through offer and acceptance to purchase Ardgour Station land upon which half of the presently defined RAS resource of the MRE is located, subject to Overseas Investment Office approvals.
