Santana Minerals Ltd (ASX: SMI) has reported a quarter of substantial progress for the period ending March 31, 2026, primarily focused on its Bendigo-Ophir Gold Project (BOGP). Santana Minerals is advancing the 100%-owned Bendigo-Ophir Gold Project, New Zealand’s most significant undeveloped gold project. The company focuses on progressing its flagship project through permitting, finalising project financing, and advancing early works to position for construction. Key achievements include the Fast-track Approvals (FTA) Convenor advising a consent decision date of October 29, 2026, coupled with ongoing engagement with the FTA Expert Panel. The company also finalised a Road Access Agreement with the Central Otago District Council (CODC), which includes a community fund of NZ$1.25 million per annum.
Further bolstering project readiness, Santana Minerals finalised major mining fleet agreements with Komatsu, securing build slots and ensuring delivery aligns with development timelines, backed by an approximately NZ$7 million deposit. Technical development activities have intensified across mining, processing, and project execution workstreams, with construction and mine planning refined for debt funding. Permitted early works continued at the site entrance, including infrastructure preparation and power upgrades in collaboration with Aurora Energy.
Exploration activities yielded significant results, with step-out and down-plunge drilling at Rise and Shine (RAS) extending mineralisation beyond the current resource estimate to over 2.15km along strike. A new Exploration Target based on these successes indicates potential resource additions in the range of 0.52–1.48 million ounces. Financially, Santana Minerals successfully completed a two-tranche capital raising of A$130 million, alongside a Share Purchase Plan raising A$4.1 million from existing shareholders. Project financing activities advanced following independent technical and ESG due diligence. The company entered the S&P/ASX 300 Index, concluding the quarter with a strong cash balance of A$187.7 million.
