Santana Minerals (ASX:SMI, NZE:SMI) reported steady progress across permitting, financing, and exploration at its Bendigo-Ophir Gold Project in New Zealand's South Island, highlighted by advancing fast-track approvals (FTA), a AU$130 million capital raise, and continued high-grade drilling success at the Rise and Shine deposit, according to a Tuesday filing with the Australian and New Zealand bourses.
The company said the FTA process for Bendigo-Ophir remains a priority, with a consent decision set for Oct. 29 and engagement with the FTA expert panel already underway.
Key infrastructure milestones include a finalized road access agreement with the Central Otago District Council and the creation of a NZ$1.3 million annual community fund.
Operational readiness is advancing through key mining fleet agreements with Komatsu, alongside exploration success at the Rise and Shine deposit, where mineralization has been extended to over 2.2 kilometers with strong high-grade intercepts.
The company completed a AU$130 million capital raising alongside a AU$4.1 million share purchase plan, strengthening funding for its predominantly debt-funded development plan, and closed the third quarter with a net cash balance of AU$184 million after payables.