Bendigo-Ophir Project Land Acquisition

1


2
nd
July 2025

Santana Moves on Land
The Board of Santana Minerals Limited (SMI, ‘Santana’ or the ‘Company’) wishes to advise that its
wholly owned subsidiary, Matakanui Gold Limited (MGL) has entered into a binding agreement to
acquire outright Ardgour Station land which has competing land uses over part of the Bendigo-Ophir
Gold Project (BOGP).
The staged acquisition is for a total quantum of NZ$25 million with salient points being:
1. The transaction is subject to the normal Overseas Investment Office (OIO) approval.
2. A non-refundable deposit of NZ$2 million.
3. The total acquisition includes four land records of title covering 2,880 hectares of land (subject
to survey) including all irrigable lands, water rights and infrastructure.
4. The acquisition of Ardgour Station land will result in the nullification of a 1% gross production
royalty over approximately half of the presently defined RAS orebody and the RAS, CIT and
SRX deposits down plunge potential.
5. The freehold ownership of Ardgour Station land covers the proposed location of the process
plant and most of the infrastructure for the Bendigo-Ophir Gold Project development.
6. Part of the transaction (NZ$5m) will be settled in shares in SMI, calculated at the 10-day VWAP
prior to the signing of the agreement and payable at settlement.
7. Settlement remains subject to the receipt of project consents under the new Fast Track
Approvals Act (FTA).
8. Santana has rights to extend the settlement, if FTA consents are delayed with a 2%pa interest
rate applying to outstanding funds.
9. All rights under the existing access agreement between Ardgour Station landowners and MGL
survive if settlement fails or are superseded when it completes.
Santana CEO, Damian Spring said:
“We are pleased to have completed a respectful and mutually beneficial transaction with the owners
of the Ardgour station. This secures our development rights for the majority of the Bendigo-Ophir Gold
Project infrastructure and uncomplicates competing land uses when the project proceeds.
We are also very pleased that the owners have joined themselves at the hip with us in sharing the
tremendous benefits and upside the development can have for all its stakeholders by taking part of
their consideration in share ownership of the parent Company.”
This announcement is made with approval of the Board of Directors and consent of the owners of
Ardgour Station.
Ends
Enquiries:
Damian Spring
Exec. Director & CEO
dspring@santanaminerals.com
Sam Smith
Exec. Director Corp Affairs & IR
ssmith@santanaminerals.com

Announcement
ASX:SMI
NZX:SMI