Santana Minerals Ltd (ASX:SMI) has reported significant progress in its Quarterly Activities Report for the period ending December 31, 2025, towards developing the Bendigo-Ophir Gold Project (BOGP) in New Zealand. Santana Minerals is focused on the exploration and development of high-quality mineral projects. The company’s primary focus is on advancing the Bendigo-Ophir Gold Project. The company is targeting construction to commence by mid-2026.
Key achievements during the quarter included the formal acceptance of the company’s Fast-track Approvals Act (FTA) application by the Environmental Protection Authority (EPA) on November 24, 2025. Additionally, New Zealand Petroleum and Minerals (NZPAM) granted a 30-year Mining Permit (MMP 61326) providing full legal rights to extract and process gold from the Rise & Shine (RAS) deposit and adjacent satellite deposits. Agreements were also reached to acquire key freehold land over the BOGP footprint, strengthening the company’s long-term control and security over the project.
Early site works have progressed, including the installation of water, power, and communications infrastructure, as well as establishing site access in preparation for project construction, pending FTA consent. Project finance options and associated Independent Technical Expert (ITE) reviews were significantly advanced. Subsequent to the quarter’s end, a major step-out drill hole (MDD490) intercepted 38.6m at 1.70g/t Au from 758.5m, extending the ore system down plunge, 465m north of the current defined RAS Mineral Resource Estimate (MRE).
At the end of the quarter, Santana Minerals reported a robust cash and working capital position of AUD$85 million, with no debt. Exceptional high-grade drilling results from the RAS North Honeypot zone were also received, highlighted by hole MDD487, which returned 8.7m at 30.6g/t Au from 302.3m. The company’s Annual General Meeting was held during the quarter, with shareholders updated on the project’s progress and strategic priorities.
