Key Freehold Land and Royalties Purchased

Santana Minerals Ltd
Level 1, 371 Queen St
Brisbane, QLD 4000
ABN 37 161 946 989
GPO Box 1305
Brisbane, QLD4000

T: +61 7 3221 7501




16
th
October 2025

Key Freehold Land and Royalties Purchased
The Board of Santana Minerals Limited (ASX: SMI, “Santana” or “the Company”) has long advocated its strategy
to secure freehold ownership of all lands encompassing its Bendigo-Ophir Gold Project.
That strategy has now been realised through an agreement to acquire, on a freehold basis, the key portions
of Bendigo Station land impacted by the planned mine developments and associated infrastructure.
Together with the previously announced binding agreement (refer ASX announcement dated 3 July 2025) to
acquire the adjoining Ardgour Station lands, the Company will now own freehold title to all areas directly
affected by the proposed mining operations.
In addition, as part of the land acquisitions, the Company will extinguish a 1.25% net smelter return (NSR)
royalty over the first one million ounces of gold produced from the Bendigo lands and a 1% NSR royalty over
the Ardgour lands. This will materially enhance project economics by improving returns and lowering
operating costs once in production.
Under the Bendigo Station agreement, the Company has also exercised its existing option to purchase
approximately 92 hectares of strategically located land for water supply infrastructure and pipelines related
to the proposed mine development.
Santana CEO, Damian Spring said:
“This is a huge step forward in advancing the project and delivering the significant economic benefits and
job opportunities it will bring to the region. While detailed Access Agreements were already in place with
both pastoralists, enabling exploration, mining, and ensuring their support for the proposed operations, a
mutually beneficial and practical agreement has now been reached to formalise that intent. As
neighbours, and continuing to be surrounded by Bendigo Station, we look forward to working
collaboratively to enhance both the mining operation and their farming enterprise, which has successfully
operated on these lands for more than 125 years.”
“With gold prices at record highs, the economics of our project are already substantially stronger than
those reflected in our Pre-Feasibility Study, and our exploration continues to deliver. We are excited that
this gold boom has the potential to once again ignite prosperity across the region, much like the original
gold rush of the 1860s from which the region still prospers, one that drove population growth and
industrial development in Central Otago.”
Detail of the Bendigo Station Land Purchase:
The lands will be purchased by Santana’s wholly owned NZ subsidiary, Matakanui Gold Limited (MGL).
The terms of the binding agreement are:
1. The Mining Area Lands

• A freehold land package of 797 hectares (subject to survey) encompassing the proposed open pits,
waste dump and related infrastructure areas at Rise and Shine, SREX, SREX East and Come-in-Time
deposits.
• The total acquisition cost is NZ$50 million (A$44 million) to be paid in stages. This also includes the
extinguishment of a 1.25% NSR production royalty over the first one million ounces of gold
produced from the land
1
.
• Settlement remains subject to the receipt of project consents anticipated in early 2026 under the
Fast-track Approvals Act (FTA).
• The transaction is also subject to approval by the New Zealand Overseas Investment Office (OIO).
Announcement
ASX:SMI
NZX:SMI

Announcement
ASX:SMI
NZX:SMI

2

• A non-refundable deposit of NZ$5 million will be paid.
• Santana retains rights to extend settlement by 12 months if FTA consents and other pre-conditions
(including a decision-to-mine) are not satisfied within 12 months of the agreement date (16
October 2026). A 5% p.a. interest rate will apply to outstanding funds during any extension period.
• All rights under the existing access agreement between Bendigo Station and MGL will remain in
force for any land not settled, or if the transaction does not proceed.

2. The Water Supply & Land Access Package
• An additional 92 hectares previously under option that would enable security of land for the
conveying of water and infrastructure to the mine.
2

• The exercise price for the purchase of this land outright is NZ$4.75 million (A$4.2 million) to be paid
in stages.
• A non-refundable deposit of NZ$1 million will be paid.

Santana intends to settle the transactions from existing cash reserves.

Enquiries:
Damian Spring
Exec. Director & CEO
dspring@santanaminerals.com
Sam Smith
Exec. Director Corp Affairs & IR
ssmith@santanaminerals.com


1
The existing 2% royalty to Bendigo Station for production in excess of 1 million ounces of gold from the land remains
2
ASX Announcement titled “Water supply and strategic land package secured for future mine development dated 04 October 2024