Santana Minerals Limited (ASX:SMI)

Santana Minerals Limited, through its wholly owned subsidiary Matakanui Gold Ltd, reports significant progress in the commercialization of its Bendigo-Ophir Gold Project (BOGP) during the first quarter of the 2025/2026 financial year. A key achievement includes an updated Pre-Feasibility Study (PFS) indicating improved fiscal metrics and a reduced capital requirement. The rise in gold prices has also increased the project's forecast After-Tax NPV6.5 to approximately A$2.05 billion. The company has been actively engaged in resource definition and step-out drilling at the Rise & Shine (RAS) system, with high-grade results over a 2 km strike. Santana secured ownership of key land (2,880 hectares of Ardgour Station) for infrastructure, pending Overseas Investment Office approval, and completed a A$60 million capital raising to fund land acquisition and early construction work. The company executed a further land acquisition agreement for 889 hectares from Bendigo Station and submitted a consent application under the Fast-track Approvals Act as part of its strategic development and commercialization efforts.