Half Yearly Report and Accounts
SANTANA MINERALS LIMITED
HALF YEAR REPORT
December 2025
Content
DIRECTORS’ REPORT ............................................................................................................................................. - 2 -
LEAD AUDITOR’S INDEPENDENCE DECLARATION ................................................................................................. -13 -
CON
SOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS .................................................................................- 14 -
CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME .....................................................- 15 -
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION .........................................................................- 16 -
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY ..........................................................................- 17 -
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS ......................................................................................- 18 -
CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ...............................................................- 19 -
DIRECTORS’ DECLARATION ..................................................................................................................................- 25 -
INDEPENDENT AUDITOR’S REVIEW REPORT ........................................................................................................- 26 -
CORPORATE DIRECTORY ......................................................................................................................................- 28 -
SANTANA MINERALS LIMITED
- 2 -
DIRECTORS’ REPORT
Directors’ Report
Your Directors present their report, including the Financial Report for the consolidated entity for the half-year
ended 31 December 2025.
Directors
The Directors of Santana Minerals Limited (“Santana” or “the Company”) at any time during or since the half-
year ended 31 December 2025 were as follows:
Mr Peter Cook, Non-Executive Chairman
Mr Frederick (Kim) Bunting, Non-Executive Director
Ms Emma Scotney, Non-Executive Director
Mr Damian Spring, Executive Director and CEO
Mr Sam Smith, Executive Director and CDO
Operating and Financial Review
Review of Operations
During the reporting period, the Company delivered a series of major milestones that transitioned the Bendigo-
Ophir Gold Project (BOGP) from advanced study phase into a development ready position, with key regulatory
processes now well progressed.
The half year commenced with completion and announcement of the Updated Pre-Feasibility Study (PFS) on 1
July 2025, which incorporated the March 2025 Mineral Resource Estimate (MRE) and defined a capital efficient
staged development plan for a long-life gold operation. The Updated PFS confirmed strong technical and
financial fundamentals and materially reduced initial capital requirements relative to earlier study scenarios.
Following release of the Updated PFS, the Company advanced regulatory and tenure processes required for
construction. A 30-year Mining Permit was granted by New Zealand Petroleum and Minerals (NZPAM), securing
long dated legal rights over the core Rise and Shine (RAS) deposit, and adjacent satellite deposits. The Company
also lodged its application under New Zealand’s Fast-track Approvals Act (FTA), which was formally accepted by
the Environmental Protection Authority (EPA) in November 2025, initiating a defined statutory pathway toward
full project consent. Subsequent to the reporting period the Company received its FTA decision date for
consenting of 29 October 2026, setting a timeline for operational readiness and a final investment decision
(FID).
During the period, the Company executed conditional binding agreements to acquire strategic freehold land
within the BOGP area to support the proposed mining operations and associated infrastructure, including the
buyback of royalties attached to those lands. These transactions materially enhance project economics and
provide greater operational flexibility and long-term control over the Project footprint.
Development readiness progressed in parallel, with early site works commenced, contractor engagement
advanced and lender technical due diligence initiated. Resource definition drilling continued to demonstrate
strong continuity and growth potential at RAS North, including exceptional high-grade intercepts and a
significant down plunge extension.
Against a backdrop of a strengthening gold price environment, the economic leverage of the BOGP increased
materially during the half year.
The BOGP now sits on a clear and time bound pathway toward construction, targeted for late 2026, subject to
receipt of FTA consent.
- 3 - DIRECTORS’ REPORT
Highlights for the Half Year:
Completion and announcement of the Updated PFS
Granting of a 30-year Mining Permit MMP 61326
Lodgement and formal acceptance of the FTA application
Binding conditional agreements executed to acquire key freehold land at Bendigo Station and Ardgour
Station, including royalty buy backs
Commencement of early site works including installation of raw water pipeline infrastructure and
access upgrades
Appointment of an Independent Technical Expert (ITE) and commencement of lender technical due
diligence
More exceptional drill results at RAS improving metal density and extending the mineralised envelope
Bendigo-Ophir Gold Project – Overview
The Bendigo-Ophir Gold Project is located in Central Otago, New Zealand, near the town of Cromwell and
approximately 90 kilometres northwest of OceanaGold’s Macraes Gold Mine. The Company’s total tenement
holding, including permits under application, now spans approximately 380 square kilometres across the
historic Otago Goldfields.
The Updated PFS released during the period reflects the scale and continuity of mineralisation across this
landholding and defines the next stage of development for the Project.
Figure 1: The Bendigo-Ophir Gold Project in the Otago Goldfields New Zealand
SANTANA MINERALS LIMITED
- 4 -
DIRECTORS’ REPORT
Updated PFS Summary
The Updated PFS, released on 1 July 2025, confirmed the BOGP as a large-scale, long-life and technically robust
development, ready to transition from study phase to execution following approvals. The update incorporated
the March 2025 MRE, which materially improved confidence in the high-grade (HG1) domain at RAS and
underpinned a more selective, staged mining strategy.
The updated mine plan defined seven RAS open pit stages, producing 11.2Mt of ore at an average grade of
2.75g/t Au for 993koz, supplemented by a small Srex (SRX) satellite pit adding a further 30koz. Underground
production is scheduled to commence in Year 7, extending the total mine life to 13.8 years. The underground
inventory totals 3.8Mt at 2.6g/t Au for 316koz, accessed via longhole stoping with paste fill to maximise
recovery and maintain geotechnical stability. Together, open pit and underground production support a
sustained production profile of approximately 120koz per annum during peak years, and approximately
1.25Moz in total, providing a strong operational base for future expansion.
Table to be inserted here, Updated PFS Key Physical Metrics
Table to be inserted here, Updated PFS Key Financial Metrics
The Updated PFS confirmed the technical robustness and capital efficiency of the Project and provided the
foundation for subsequent permitting, land acquisition and financing initiatives undertaken during the half year.
In July, the Company updated its Mineral Resource Estimate (MRE), declaring 1.45Moz of gold in the Indicated
resource category, an increase of 152,000oz from the previous estimate (upgraded to 1.54Moz, subsequent to
the end of the reporting period, see Table 2). This update was made in preparation for developing a robust mine
plan and releasing a PFS.
Figure 2: BOGP gold production profile (recovered ounces)
Processing is based on a conventional 1.2Mtpa carbon-in-leach (CIL) plant designed for high recoveries (93% at
RAS) and low operating risk, with a straightforward path to expand to 1.8Mtpa if required. The circuit
incorporates three-stage crushing, ball milling, gravity recovery and CIL with full cyanide detox and arsenic
removal to meet New Zealand environmental standards.
The study estimated pre-production capital of approximately A$277 million, including contingency, and reflects
refinements to mine staging and access strategy. The early stages of the RAS open pit have been designed to
minimise initial waste movement prior to first ore, with Stage 1 targeting sustainable ore feed in the southern
portion of the deposit. Subsequent stages progressively cut back toward the high-grade core, supporting
increased gold output and improved capital efficiency.
-
20
40
60
80
100
120
140
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14
Production (kOz)
Open PitUnderground
option to increase ounces per annum with mill upgrade to 1.8Mtpa
- 5 - DIRECTORS’ REPORT
Figure 3. Long section of RAS pit stages
Figure 4. Plan view RAS pit stages
SANTANA MINERALS LIMITED
- 6 -
DIRECTORS’ REPORT
Updated PFS - Financials
Based on the cost assumptions and production profile defined in the Updated PFS, the Project delivers the
following financial outcomes at a prevailing gold price of A$6,500 per ounce (average 3-month look back at the
time of writing, and approximate price per ounce at the end of December 2025):
A$2.3 billion NPV
6.5
after tax
94% IRR
1.33-year payback from production
A$3.8 billion free cash after tax
The Updated PFS confirmed the technical robustness of the BOGP and provided the foundation for subsequent
permitting, land acquisition and financing initiatives undertaken during the half year.
Regulatory Approvals and Tenure
A major regulatory milestone was achieved with the granting of the 30-year Mining Permit by NZPAM
(MMP61326). The permit secures the legal right to mine and process gold from the RAS deposit, and adjacent
satellite deposits, over the planned mine life and establishes the applicable Crown royalty framework.
Figure 5. Santana tenement map showing new 30-year MMP61326 (pink) and MPP61533.01 application (blue)
The Company also lodged its comprehensive application under the Fast-track Approvals Act. The submission
comprised over 9400 pages of extensive technical, environmental and cultural assessments and was formally
accepted by the EPA in November 2025. Acceptance confirms that all lodgement requirements have been met
and allows the application to proceed into the independent panel assessment phase. Subsequent to the
reporting period the Company received its FTA decision date for consenting, being 29 October 2026.
- 7 - DIRECTORS’ REPORT
These approvals, subject to the FTA, materially de-risk the BOGP and provide a defined pathway toward
construction commencement upon receipt of consent.
Land Consolidation and Royalty Buy Back
During the reporting period, the Company executed binding agreements to acquire key freehold land covering
the proposed open pits, underground development areas and infrastructure corridors at Bendigo Station and
Ardgour Station.
The transactions include the buyback of net smelter return (NSR) royalties attached to both the Bendigo and
Ardgour lands enhancing operating profit margins and long-term free cash flow.
Figure 6. Striped areas of Bendigo and Ardgour Station under binding purchase agreements
While access agreements remain in place, ownership of the freehold land reduces tenure risk, simplifies future
development planning and strengthens long term operational flexibility.
Development Readiness and Early Works
Early works commenced during the period in preparation for construction. Activities included installation of
approximately 3.5 kilometres of raw water pipeline from the bore field toward the project site, public road
widening, access upgrades and preparation of early site platforms.
SANTANA MINERALS LIMITED
- 8 -
DIRECTORS’ REPORT
Figure 7. Civil earthworks at the BOGP as part of permitted activities ahead of consenting
Procurement planning advanced across explosives supply, laboratory facilities and mining fleet configuration.
Detailed mining fleet configuration and whole of life cost modelling was undertaken ahead of final equipment
selection to optimise capital efficiency, reliability and long-term operating performance across the planned
mine schedule.
These initiatives position the BOGP to transition efficiently from permitting into construction once consent is
received.
Resource Definition and Growth
Resource definition and step out drilling continued at RAS North during the half year.
Exceptional high-grade intercepts were returned from the Honeypot zone, including 8.7m at 30.6g/t gold,
confirming strong continuity within the HG1 domain and supporting confidence in underground expansion
potential. Best intercepts from the half include:
MDD487 with 8.7m @ 30.6 g/t Au from 302.3m
MDD450R with 31.9m @ 5.3 g/t Au from 303.1m
MDD469 with 20.0m @ 8.2 g/t Au from 396.0m
MDD481 with 13.5m @ 8.6 g/t Au from 450.5m
MDD482 with 21.1m @ 5.3 g/t Au from 435.0m
MDD458 with 11.1m @ 9.6 g/t Au from 296.9m
MDD483 with 27.6m @ 3.5 g/t Au from 447.4m
MDD448 with 21.7m @ 4.1 g/t Au from 271.3m
MDD480 with 19.3m @ 4.0 g/t Au from 474.7m
MDD439 with 25.9m @ 2.8 g/t Au from 482.1m
MDD486 with 12.6m @ 4.2 g/t Au from 479.4m
- 9 - DIRECTORS’ REPORT
Figure 8. Plan view of RAS North showing best drill hole intercepts during the period
A major step-out hole drilled in December intersected 38.6m at 1.70g/t gold approximately 465m beyond
drilling that informs the current MRE (hole MDD490 announced 7 January 2026). This result extends the known
down plunge extent of the mineralised system to approximately 2.15km.
Figure 8. Plan view showing MDD490 step-out hole in relation to Updated PFS underground mine plan
RAS North
Best drill hole intercepts H1/2026
SANTANA MINERALS LIMITED
- 10 -
DIRECTORS’ REPORT
These results demonstrate that the mineralised system continues beyond the current development envelope
and provide a strong foundation for future growth at RAS.
During the period, the Company completed 25 drillholes totalling 7,860 metres as part of the RINA (RAS-is-Not-
Alone) sterilisation programme across the broader Rise and Shine Shear Zone. The programme was designed to
test areas in and around proposed infrastructure and returned wide-spaced anomalous gold intercepts over a
strike length exceeding 2 kilometres, including 13.1m at 0.31g/t gold from 446.9m in hole MDD438. The results
provide further geological information across the BOGP mineralised corridor and support the interpretation of
the BOGP as a fertile, district-scale project with significant areas remaining untested.
Figure 9. Plan view of the BOGP showing MDD438 RINA hole with anomalous gold in the untested mineralised corridor east of RAS
Project Financing
During the half year, the Company advanced its project financing strategy in parallel with regulatory
progression. An Independent Technical Expert was formally appointed and lender technical due diligence
commenced, representing a key step toward securing senior debt facilities for the BOGP.
Early initiation of the ITE review is designed to streamline the financing process by validating the BOGP’s
technical, operational and environmental frameworks ahead of formal credit approvals. The due diligence
process is progressing in coordination with permitting milestones, allowing the Company to align financing
documentation, risk allocation and lender engagement with the anticipated FTA consent timetable.
Transposed RAS 10MU Contour
Transposed RAS 10MU Contours
- 11 - DIRECTORS’ REPORT
Key Conclusions and 2026 Forward Program
The half year marked the transition of the BOGP from study phase into advanced development readiness.
With the Updated PFS completed, a 30-year Mining Permit granted, the FTA application accepted into
assessment, and freehold land secured across the operational footprint, the BOGP now benefits from
strengthened regulatory, tenure and economic foundations.
As the Company moves closer to FID, detailed engineering work continues to refine the BOGP's economic
efficiency while early works prepare for full-scale development. Key focus areas in the coming months include:
Progression of FTA process toward consent determination on 29 October 2026
Advancement of project financing discussions and lender shortlisting
Advancement of contract documentation for full EPCM services for process plant construction
Continuation of early site works and detailed execution planning
Ongoing drilling to further define and extend the RAS system
Preparation for full scale construction targeted for late 2026
The Company remains well positioned to advance the BOGP toward development and establish New Zealand’s
next major gold operation.
Subsequent to the Reporting Period
RAS Step Out Hole
Subsequent to the end of the reporting period, the Company announced a major step out drilling result at RAS
North, with hole MDD490 intersecting 38.6m at 1.70g/t gold from 758.5m, including 13.6 metres at 2.42g/t
gold.
The intercept is located approximately 465m beyond drilling that informs the current MRE and extends the
down-plunge extent of the mineralised system to approximately 2.15km. The result confirms continued
thickening of the silicified breccia zone at depth and reinforces the potential for further underground resource
growth beyond the current development envelope.
FTA Decision Date
Subsequent to the end of the reporting period, the Panel Convener issued a formal Minute dated 4 February
2026 confirming the composition of the Expert Panel and establishing a 140 working day statutory timeframe
for determination of the Company’s FTA application. The decision is now scheduled to be made by 29 October
2026. The Minute also confirmed key procedural milestones, including the Panel commencement date of 25
February 2026 and the timetable for participant submissions, providing a clear and structured pathway toward
final consent determination.
SANTANA MINERALS LIMITED
- 12 -
DIRECTORS’ REPORT
Financial Review
At the end of the reporting period the consolidated entity had $89,981,922 (30 June 2025: $50,453,388) in cash
and at call deposits. Capitalised mineral exploration and evaluation expenditure carried forward was
$71,082,717 (30 June 2025: $54,420,890).
The consolidated entity had net assets of $158,096,901 (30 June 2025: $102,596,176).
Lead Auditor’s Independence Declaration
The lead auditor’s independence declaration is set out on page 13 and forms part of the Directors’ report for
the half-year ended 31 December 2025.
Signed in accordance with a resolution of the Board of Directors:
___________________________
Damian Spring
Executive Director and CEO
Dated this 9
th
day of March 2026
Previous Disclosure - 2012 JORC Code
Information relating to Mineral Resources, Exploration Targets and Exploration Data associated with the Company’s projects in this
report is extracted from the following ASX Announcements:
• ASX announcement titled “RAS Mineral Resource Estimate Review” dated 4 March 2025.
• ASX Announcement titled “RAS high-grade core expands down plunge” dated 08 September 2025
• ASX Announcement titled “Rise and Shine potentially much bigger” dated 22 September 2025
• ASX Announcement titled “Strong RAS Results and RINA Regional System Fertility” dated 15 October 2025
• ASX Announcement titled “RAS Northern Honeypot Expanded and Sweetened” dated 18 November 2025
• ASX Announcement titled “Exceptional Drill Intercepts at RAS North Honeypot” dated 4 December 2025
• ASX Announcement titled “Step-out drilling unlocks major new extension north of RAS” dated 7 January 2026
• ASX Announcement titled “Rise and Shine Marches North” dated 17 July 2025
• ASX Announcement titled “Rise and Shine - Northern Honeypot Emerges” dated 23 July 2025
• ASX Announcement titled “Drilling Update - RAS is not alone (RINA Program)” dated 02 December 2024
A copy of such announcements is available to view on the Santana Minerals Limited website www.santanaminerals.com. The reports
were issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s
findings are presented have not been materially modified from the original market announcements.
LEAD AUDITOR’S INDEPENDENCE DECLARATION
- 13 -
Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001
To the Directors of Santana Minerals Limited
I declare that, to the best of my knowledge and belief, in relation to the review of the interim financial report of
Santana Minerals Limited for the half-year ended 31 December 2025 there have been:
i. no contraventions of the auditor independence requirements as set out in the Corporations Act
2001 in relation to the review; and
ii. no contraventions of any applicable code of professional conduct in relation to the review
.
KPMG
Erin Neville-Stanley
Partner
Brisbane
9 March 2026
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under
Professional Standards Legislation.
SANTANA MINERALS LIMITED
- 14 -
SANTANA MINERALS AND ITS CONTROLLED ENTITIES │ ABN 37 161 946 989
Consolidated Interim Statement of Profit or Loss
for the Half Year Ended 31 December 2025
Note
31 December 2025
31 December 2024
$
$
Profit on sale of assets
-
37,080
General and administrative expenses
(2,800,680)
(1,721,205)
Share based payments
(109,629)
(500,431)
Exploration and evaluation expenses
-
(93,503)
Results from operating activities
(2,910,309)
(2,278,059)
Financing income 6
1,641,285
635,559
Financing expenses 6
(30,107)
(1,356)
Net financing income
1,611,178
634,203
Share of loss of equity-accounted
investees,
net of tax
(14,548)
(43,083)
Loss before income tax
(1,313,679)
(1,686,939)
Income tax benefit
-
-
Loss for the period – attributable to
Shareholders of the Company
(1,313,679)
(1,686,939)
Earnings per share
Basic loss per share
(0.18) cents (0.27) cents
Diluted loss per share
(0.18) cents (0.27) cents
The consolidated interim statement of profit or loss is to be read in conjunction with the condensed notes to the
consolidated interim financial statements.
- 15 - SANTANA MINERALS AND ITS CONTROLLED ENTITIES │ ABN 37 161 946 989
Consolidated Interim Statement of Other Comprehensive Income
for the Half Year Ended 31 December 2025
31 December 2025
31 December 2024
$
$
Loss for the period
(1,313,679)
(1,686,939)
(302,867)
Other comprehensive income
Items that may subsequently be reclassified to profit or loss:
Foreign exchange translation differences
(4,459,790)
Other comprehensive income for the period, net of
income tax
(4,459,790)
(302,867)
(1,989,806)
Total comprehensive (loss)/income for the period –
attributable to Shareholders of the Company
(5,773,469)
The consolidated interim statement of other comprehensive income is to be read in conjunction with the condensed
notes to the consolidated interim financial statements.
SANTANA MINERALS LIMITED
- 16 -
SANTANA MINERALS AND ITS CONTROLLED ENTITIES │ ABN 37 161 946 989
Consolidated Interim Statement of Financial Position
as at 31 December 2025
Note
31 December 2025 30 June 2025
$ $
Current assets
Cash and cash equivalents
89,981,922
50,453,388
Trade and other receivables 7
749,788
557,639
Prepayments
209,565
201,577
Total current assets
90,941,275
51,212,604
Non-current assets
Property, plant and equipment
671,926
431,229
Equity-accounted investees
49,717
64,265
Right of use asset
528,140
266,886
Exploration and evaluation expenditure 5, 8
71,082,717
54,420,890
Total non-current assets
72,332,500
55,183,270
Total assets
163,273,775 106,395,874
Current liabilities
Trade and other payables
4,568,282
3,360,723
Employee benefits payable
237,162
239,789
Lease liability
196,459
158,392
Total current liabilities
5,001,903
3,758,904
Non-current liabilities
Lease liability
174,971
40,794
Total non-current liabilities
174,971
40,794
Total liabilities
5,176,874 3,799,698
Net assets
158,096,901
102,596,176
Equity
Share capital 9
206,541,859
145,377,294
Reserves
(4,564,438)
(104,648)
Accumulated losses
(43,880,520)
(42,676,470)
Total equity
158,096,901 102,596,176
The consolidated interim statement of financial position is to be read in conjunction with the condensed notes to the
consolidated interim financial statements.
- 17 - SANTANA MINERALS AND ITS CONTROLLED ENTITIES │ ABN 37 161 946 989
Consolidated Interim Statement of Changes in Equity
for the Half Year Ended 31 December 2025
Note
Issued
capital
Foreign
currency
translation
reserve
Accumulated
losses
Total
equity
$ $ $ $
Opening balance as at 1 July 2025
145,377,294 (104,648) (42,676,470) 102,596,176
Loss for the period
- - (1,313,679) (1,313,679)
Foreign currency translation differences
- (4,459,790) - (4,459,790)
Total comprehensive income for the period
- (4,459,790) (1,313,679) (5,773,469)
Transactions with owners recorded
directly in equity
Share-based payments (net of tax)
- - 109,629 109,629
Shares issued 9 64,192,556
- -
64,192,556
Transaction costs
9 (3,027,991)
- -
(3,027,991)
Total transactions with owners
61,164,565 - 109,629 61,274,194
Balance at 31 December 2025
206,541,859 (4,564,438) (43,880,520) 158,096,901
Note
Issued
capital
Foreign
currency
translation
reserve
Accumulated
losses
Total
Equity
$ $ $ $
Opening balance as at 1 July 2024
109,193,111 258,908 (41,602,432) 67,849,587
Loss for the period
- - (1,686,939) (1,686,939)
Foreign currency translation differences
- (302,867) - (302,867)
Total comprehensive income for the period
- (302,867) (1,686,939) (1,989,806)
Transactions with owners recorded directly
in equity
Share-based payments (net of tax) - - 410,308 410,308
Performance Right Issue - - 90,123 90,123
Shares issued 8,013,293 - - 8,013,293
Transaction costs - - - -
Total transactions with owners
8,013,293 - 500,431 8,513,724
Balance at 31 December 2024
117,206,404 (43,959) (42,788,940) 74,373,505
The consolidated interim statement of changes in equity is to be read in conjunction with the condensed notes to the
consolidated interim financial statements.
SANTANA MINERALS LIMITED
- 18 -
SANTANA MINERALS AND ITS CONTROLLED ENTITIES │ ABN 37 161 946 989
Consolidated Interim Statement of Cash flows
for the Half Year Ended 31 December 2025
31 December 2025
31 December 2024
$
$
Cash flows from operating activities
Cash paid to suppliers and employees
(2,736,277) (1,895,729)
Cash paid for exploration and evaluation
expenditure expensed
- (93,503)
Interest received
1,500,187 365,957
Net cash used in operating activities
(1,236,090) (1,623,275)
Cash flows from investing activities
Payments for exploration and evaluation
expenditure capitalised
(20,019,881) (7,872,661)
Acquisition of property, plant and equipment
(349,796) (145,308)
Sales of property, plant and equipment
- 37,080
Net cash used in investing activities
(20,369,677) (7,980,889)
Cash flows from financing activities
Proceeds from issue of shares
64,192,556 8,013,293
Share issue costs
(3,027,991) -
Lease payments
(18,075) (28,195)
Net cash provided by financing activities
61,146,490 7,985,098
Net increase/(decrease) in cash and cash
equivalents held
39,540,723 (1,619,066)
Effects of exchange rate fluctuations on cash
held
(12,189) (3,095)
Cash and cash equivalents at 1 July
50,453,388 33,068,475
Cash and cash equivalents at 31 December
89,981,922 31,446,314
The consolidated interim statement of cash flows is to be read in conjunction with the condensed notes to the
consolidated interim financial statements.
- 19 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Condensed Notes to the Consolidated Financial Statements
for the Period Ended 31 December 2025
1. REPORTING ENTITY
Santana Minerals Limited (the “Company”) is a company domiciled in Australia. The consolidated interim financial
report of the Company as at and for the six months ended 31 December 2025 comprises the Company and its
subsidiaries (together referred to as the “consolidated entity”).
The consolidated annual financial report of the consolidated entity as at and for the year ended 30 June 2025 is
available upon request from the Company’s registered office at Level 1, 371 Queen Street, Brisbane, Queensland
Australia or on the Company’s website at www.santanaminerals.com
2. BASIS OF ACCOUNTING
The consolidated interim financial report has been prepared in accordance with AASB 134 Interim Financial
Reporting and the Corporations Act 2001, and with IAS 34 Interim Financial Reporting.
The accounting policies applied by the consolidated entity in this consolidated interim financial report are the
same as those applied by the consolidated entity in its consolidated financial report as at and for the year ended
30 June 2025.
The consolidated interim financial report does not include all of the information required for a full annual financial
report, and should be read in conjunction with the consolidated annual financial report of the consolidated entity
as at and for the year ended 30 June 2025 and any public announcements made by Santana Minerals Limited
during the interim reporting period in accordance with the continuous disclosure requirements of the
Corporations Act 2001.
Selected explanatory notes are included to explain events and transactions that are significant to an
understanding of the changes in financial position of the Group since the last consolidated financial report as at
and for the year ended 30 June 2025.
The condensed consolidated interim financial report was authorised for issue by the directors on 9 March 2026.
3. BASIS OF MEASUREMENT
The consolidated interim financial report is presented in Australian dollars, which is the Company’s functional
currency. The consolidated interim financial report is prepared on the historical cost basis.
The preparation of the consolidated interim financial report requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets
and liabilities, income and expense. Actual results may differ from these estimates.
In preparing this consolidated interim financial report, the significant judgements made by management in
applying the consolidated entity’s accounting policies and the key sources of estimation uncertainty were the
same as those applied to the consolidated financial report as at and for the year ended 30 June 2025.
SANTANA MINERALS LIMITED
- 20 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. GOING CONCERN
.
The consolidated interim financial statements have been prepared on the basis of accounting principles applicable
to a “going concern” which assumes the consolidated entity will continue in operation for the foreseeable future
and will be able to realise its assets and discharge its liabilities in the normal course of operations.
The consolidated entity currently has no source of operating cash inflows, other than interest income, and has
incurred net cash outflows from operating and investing activities for the period ended 31 December 2025 of
$21,605,767. At 31 December 2025, the consolidated entity had cash balances of $89,981,922 (30 June 2025:
$50,453,388) and net working capital (current assets less current liabilities) of $85,939,371 (30 June 2025:
$47,453,700).
The Consolidated Entity has the ability to seek to raise additional funds from shareholders or other investors and
intends to raise such funds as and when required to complete its projects.
Subsequent to the reporting period the consolidated entity announced that it had raised an additional $130m via
a two tranche placement through the issue of 144.4m fully paid ordinary shares at $0.90 per share. In addition,
the consolidated entity also announced a share purchase plan to eligible shareholders allowing participation of
up to $24,948 per holder with such offer remaining incomplete at the date of these financial statements.
The Directors have prepared cash flow projections that support the ability of the Consolidated Entity to continue
as a going concern. These cash flow projections indicate the Consolidated Entity has sufficient cash resources to
meet its objectives. In the longer term, the development of economically recoverable mineral deposits found on
the Consolidated Entity’s existing or future exploration properties depends on the ability of the Consolidated
Entity to obtain financing through equity financing, debt financing or other means. If the Consolidated Entity’s
exploration programs are ultimately successful, additional funds will be required to develop the Consolidated
Entity’s properties and to place them into commercial production. The ability of the Consolidated Entity to arrange
such funding in the future will depend in part upon the prevailing capital market conditions as well as the business
performance of the Consolidated Entity. There can be no assurance that the Consolidated Entity will be successful
in its efforts to arrange additional financing, if needed, on terms satisfactory to the Consolidated Entity. If
adequate financing is not available, the Consolidated Entity may be required to delay, reduce the scope of, or
eliminate its current or future exploration activities or relinquish rights to certain of its interests. Failure to obtain
additional financing on a timely basis could cause the Consolidated Entity to forfeit its interests in some or all of
its properties and reduce or terminate its operations.
5. SEGMENT INFORMATION
Each area of interest represents an operating segment, however for reporting purposes areas of interest are
aggregated where they are located in the same region and relate to the exploration of similar commodities. The
Consolidated Entity’s current areas of interest relate to the exploration of precious metals in New Zealand. In
reviewing segment results the Chief Executive Officer and Board consider total expenditure on exploration and
evaluation activities (expensed and capitalised) and results of such activities.
31 December 2025
31 December 2024
$
$
Bendigo-Ophir Project - New Zealand
Exploration and evaluation expenditure expensed in profit or
loss - -
Exploration and evaluation expenditure capitalised
20,480,464
8,412,255
20,480,464
8,412,255
Total exploration and evaluation expenditure
20,480,464 8,505,758
- 21 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2025
30 June 2025
$
$
Exploration and evaluation assets
Bendigo-Ophir Project – New Zealand
71,082,717 54,420,890
71,082,717
54,420,890
6. NET FINANCING INCOME/ (EXPENSE)
31 December 2025
31 December 2024
$ $
Interest income 1,641,285
635,559
Financing Income 1,641,285
635,559
Foreign exchange loss (29,564)
492
Interest expense (543)
(1,848)
Financing expense (30,107)
(1,356)
Net financing income 1,611,178
634,203
7. TRADE AND OTHER RECEIVABLES
31 December 2025
$
30 June 2025
$
Current
Accrued interest revenue 407,165
266,067
Other receivables
13,227 9,192
GST Receivable
329,396 282,380
749,788 557,639
8. EXPLORATION AND EVALUATION EXPENDITURE
6 months
31 December 2025
12 months
30 June 2025
$ $
Capitalised exploration and evaluation expenditure
Exploration and evaluation phase – at cost
Bendigo-Ophir - New Zealand
71,082,717 54,420,890
71,082,717 54,420,890
Reconciliations
Opening balance at beginning of period 54,420,890
35,446,495
Expenditure for the period 20,480,464
17,745,371
Effect of foreign exchange movement (3,818,637)
1,229,024
Closing balance at end of period 71,082,717
54,420,890
The Bendigo-Ophir Project is subject to a 1.5% Net Smelter Royalty (NSR) on all production from MEP 60311
(and successor permits) payable to a private company (Rise and Shine Holdings Limited) which is owned by the
prior owners of the project before acquisition by the consolidated entity. Also, as gold is a Crown mineral, a
royalty is payable to the Crown as either the higher of an ad valorem royalty of 2% of the net sales revenue or
an accounting profits royalty of 10%.
Access arrangements are in place with landowners that provide for current exploration and other activities, with
compensation payable including royalties starting at 1% on the net value of gold produced, increasing to 1.5%
and ultimately 2% dependent on location and total gold produced over the life of the mine. Certain royalties are
subject to transactions which remain subject to completion at the date of this report (refer note 11). Completion
of these transactions may reduce the consolidated entities future obligations.
SANTANA MINERALS LIMITED
- 22 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
9. SHARE CAPITAL
The Company recorded the following amounts within shareholders’ equity as a result of having issued ordinary
shares, options and performance rights over ordinary shares.
31 December 2025
Number of Issue price Share capital
ordinary shares $ $
Balance at 1 July 2025 722,718,675 145,377,294
Share issue August 2025 103,448,276 0.58 60,000,000
Share issue September 2025 5,172,510 0.58 3,000,056
Share issue December 2025 (Option Ex.) 1,500,000 0.295 442,500
Share issue December 2025 (Option Ex.) 1,200,000 0.3125 375,000
December 2025 (Vesting of Performance
Rights)
318,720 -
Share issue December 2025 (Option Ex.) 1,200,000 0.3125 375,000
Share issue costs - (3,027,991)
Balance at 31 December 2025 835,558,181 206,541,859
Number of options
Number of options
Options on Issue 31 December 2025
30 June 2025
Employee share options – Jan 2023 -
1,500,000
Employee share options – Oct 2023
4,500,000 4,500,000
Employee share options – Dec 2023
1,609,038 4,009,038
Total options over ordinary shares currently issued 6,109,038
10,009,038
Reconciliation
Number of options
6 months
31 December 2025
Number of options
12 months
30 June 2025
Total options over ordinary shares – 1 July 10,009,038
39,518,404
Exercise of Options (August 2024) -
(995,983)
Exercise of Options (September 2024) -
(2,736,767)
Exercise of Options (October 2024) -
(2,152,509)
Impact of share split (3 for 1) -
67,266,290
Exercise of Options (November 2024) -
(2,859,342)
Exercise of Options (December 2024) -
(4,226,584)
Exercise of Options (January 2025) -
(9,776,064)
Expiry of Options (January 2025) -
(90,069)
Exercise of Options (February 2025) -
(48,614,083)
Exercise of Options (March 2025) -
(20,020,660)
Expiry of Options (March 2025) -
(5,303,595)
Exercise of Options (December 2025) (3,900,000)
-
Total options over ordinary shares – 30 June 6,109,038
10,009,038
- 23 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Number of
performance rights
Number of
performance rights
31 December 2025
30 June 2025
Employee incentive performance rights on issue 1,555,000
1,672,440
Total performance rights currently issued 1,555,000
1,672,440
Reconciliation
Number of
performance rights
6 months
31 December 2025
Number of
performance rights
12 months
30 June 2025
Total performance rights – 1 July 1,672,440
363,176
Performance rights issued 520,000
1,035,000
Impact of share split (3 for 1) -
726,352
Performance rights expired (318,720)
(292,728)
Performance rights vested (318,720)
(159,360)
Total performance rights 1,555,000
1,672,440
10. RELATED PARTIES
There were no material changes in arrangements with related parties from those arrangements set out in the 30
June 2025 annual financial report.
11. COMMITMENTS
The consolidated entity has entered into certain contractual arrangements in the ordinary course of
business that give rise to commitments for future expenditure. These commitments primarily relate to
land and royalty purchase agreements and infrastructure agreements related to development of the
Bendigo-Ophir Gold Project.
All land and royalty purchase agreements are subject to conditions precedent which renders them
cancellable at the discretion of the consolidated entity with minimal notice under the relevant
contractual terms. The consolidated entity has paid non-refundable deposits of $6,901,992 in
connection with these agreements. Accordingly, while the arrangements may indicate expected future
expenditure, they do not represent fixed or non-cancellable obligations of the consolidated entity.
31 December 2025
$
30 June 2025
$
Property Settlements and Infrastructure Agreements
Commitments are not provided for in the accounts and
are payable:
-
Not later than 1 year
63,406,809 -
Later than 1 year but not later than 5 years
1,504,569 -
64,911,378 -
SANTANA MINERALS LIMITED
- 24 -
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
12. SUBSEQUENT EVENTS
On 14 January 2026, the Consolidated Entity announced that it had issued 1,200,000 fully paid ordinary shares at
$0.3125 per share upon the exercise of employee share options.
Further, on 17 February 2026 the Consolidated Entity announced that it had completed a two tranche placement
of $130m by way of issue of 144.4m fully paid ordinary shares at $0.90 per share. In addition, the consolidated
entity also announced a share purchase plan to eligible shareholders allowing participation of up to $24,948 per
holder with such offer remaining incomplete at the date of these financial statements.
Other than as noted above, no other matter or circumstance has arisen since the end of the reporting period
which has significantly affected, or may significantly affect, the operations of the Consolidated Entity, the results
of those operations or the state of affairs of the Consolidated Entity in subsequent financial years.
- 25 - DIRECTORS’ DECLARATION
Directors’ Declaration
1. In the opinion of the directors of Santana Minerals Limited (“the Company”)
a) the consolidated interim financial statements and notes that are set out on pages 14 to 24 are in accordance
with the Corporations Act 2001, including:
i) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and of
its performance for the six month period ended on that date; and
ii) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the
Corporations Regulations 2001; and
2. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable.
Signed in accordance with a resolution of the directors:
Damian Spring
Executive Director and CEO
Dated this 9
th
day of March 2026
SANTANA MINERALS LIMITED
INDEPENDENT AUDITOR’S REVIEW REPORT
- 26 -
Independent Auditor’s Review Report
To the shareholders of Santana Minerals Limited
Conclusion
We have reviewed the accompanying
Half-year Financial Report of Santana
Minerals Limited.
Based on our review, which is not an
audit, we have not become aware of any
matter that makes us believe that the Half-
year Financial Report of Santana Minerals
Limited does not comply with the
Corporations Act 2001, including:
•
giving a true and fair view of the
Group’s financial position as at 31
December 2025 and of its
performance for the Half-year ended
on that date; and
•
complying with Australian Accounting
Standard AASB 134 Interim Financial
Reporting and the Corporations
Regulations 2001.
The Half-year Financial Report comprises the:
•
Consolidated interim statement of financial position
as at 31 December 2025
•
Consolidated interim statement of profit or loss,
consolidated interim statement of other
comprehensive income, consolidated interim
statement of changes in equity and consolidated
interim statement of cash flows for the Half-year
ended on that date
•
Notes 1 to 12 including selected explanatory notes
•
The Directors’ Declaration.
The Group comprises Santana Minerals Limited (the
Company) and the entities it controlled at the Half
year’s end or from time to time during the Half-year.
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by
the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s
Responsibilities for the Review of the Half-year Financial Report section of our report.
We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) issued by the Accounting Professional & Ethical
Standards Board Limited (the Code) that are relevant to audits of annual financial reports of public
interest entities in Australia. We have fulfilled our other ethical responsibilities in accordance with
these requirements.
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are
trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme
approved under Professional Standards Legislation.
INDEPENDENT AUDITOR’S REVIEW REPORT
- 27 -
Responsibilities of the Directors for the Half-year Financial Report
The Directors of the Company are responsible for:
•
the preparation of the Half-year Financial Report that gives a true and fair view in accordance with
Australian Accounting Standards and the Corporations Act 2001
•
such internal control as the Directors determine is necessary to enable the preparation of t
he
H
alf-year Financial Report that gives a true and fair view and is free from material misstatement,
whether due to fraud or error.
Auditor’s Responsibilities for the Review of the Half-year Financial Report
Our responsibility is to express a conclusion on the Half-year Financial Report based on our review.
ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us
believe that the Half-year Financial Report does not comply with the Corporations Act 2001 including
giving a true and fair view of the Company’s financial position as at 31 December 2025 and its
performance for the Half-Year ended on that date, and complying with Australian Accounting Standard
AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
A review of a Half-year Financial Report consists of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Australian Auditing Standards
and consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
KPMG Erin Neville-Stanley
Partner
Brisbane
9 March 2026
SANTANA MINERALS LIMITED
CORPORATE DIRECTORY
-28 -
Corporate Directory
Australian Business No. 37 161 946 989
Directors Peter Cook, Non-Executive Chairman
Frederick (Kim) Bunting, Non-Executive Director
Emma Scotney, Non-Executive Director
Damian Spring, Executive Director and CEO
Sam Smith, Executive Director and CDO
Corporate Secretary Craig McPherson
Registered Office Level 1
371 Queen Street
Brisbane QLD 4000
Phone: +61 7 3221 7501
Email: admin@santanaminerals.com
Website: www.santanaminerals.com
Postal Address GPO Box 1305
Brisbane QLD 4000
Auditors KPMG
Level 11
Heritage Lanes
80 Ann Street, Brisbane
Brisbane QLD 4000
AS
X/NZX Code SMI
Share Registrars Australia
MUFG Corporate Markets
Level 41
161 Castlereagh Street
Sydney NSW 2000
New Z
ealand
MUFG Corporate Markets
Level 30
15 Customs Street
West Auckland 1010
Home Exchange Australian Stock Exchange
Level 8
Exchange Plaza
2 The Esplanade
Perth, WA 6000
New Zealand Exchange NZX Limited
Level 15
45 Queen Street
Auckland 1010, New Zealand
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.