Bendigo-Ophir Project Land Acquisition

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July 2025

Bendigo-Ophir Project Land Acquisition


Santana Minerals Limited (SMI, ‘Santana’ or the ‘Company’) attaches an updated announcement in
relation to the Company’s binding agreement to acquire outright Ardgour Station land which was
released to the ASX and NZX on 2 July 2025.
The updated announcement provides additional information related to the timing for settlement of
the acquisition and consideration.
This announcement is made with approval of the Board of Directors.
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

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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 (subject to shareholder
approval), calculated at the 10-day VWAP prior to the signing of the agreement and will be
payable at settlement together with cash consideration of NZ$18m.
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 allowing a decision to mine and
other pre-conditions to the agreement are not satisfied by 19 December 2025, 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 remains well funded with ~A$50m in cash at 30 June 2025.

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.
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