Santana Minerals (SMI) H1 2026 earnings summary

Executive summary

• Transitioned Bendigo-Ophir Gold Project (BOGP) from advanced study to development-ready, with regulatory and land milestones achieved.

• Updated Pre-Feasibility Study (PFS) confirmed robust technical and financial fundamentals, reducing initial capital requirements.

• Secured a 30-year mining permit and advanced regulatory approvals, including Fast-track Approvals Act (FTA) application acceptance.

• Acquired key freehold land and bought back royalties, enhancing project economics and operational flexibility.

• Early site works and contractor engagement commenced, with strong drilling results supporting resource growth.

Financial highlights

• Net loss for the half year: $1,313,679 (improved from $1,686,939 loss in prior year period).

• Total comprehensive loss: $5,773,469, impacted by $4,459,790 in foreign exchange translation differences.

• Cash and cash equivalents at period end: $89,981,922 (up from $50,453,388 at June 2025).

• Net assets: $158,096,901 (up from $102,596,176 at June 2025).

• Capitalised exploration and evaluation expenditure: $71,082,717 (up from $54,420,890 at June 2025).

Outlook and guidance

• FTA consent decision expected by 29 October 2026, with construction targeted for late 2026.

• Focus on advancing financing, EPCM contract documentation, and ongoing drilling to expand resources.

• Subsequent to period end, major step-out drilling extended mineralisation, and $130m raised via share placement.