Santana Minerals Ltd. · ASX:SMI
Santana Minerals — Technical Presentation (November 2024)
17 slides from Santana Minerals's technical presentation, Nov 15, 2024
Slide 1: Bendigo-Ophir Gold Project - Pre-Feasibility Study
Bendigo-Ophir Gold Project - Pre-Feasibility Study Developing New Zealand's newest and richest gold mine November 2024
Slide 2: Disclaimer
Disclaimer Disclaimer Cautionary Statement – Inferred Resources Included in Production Target All information contained in this presentation is of a general nature. Potential investors are cautioned against using the content of this Of the Mineral Resources planned for extraction under the PFS produ
Slide 3: PFS Summary
PFS SUMMARY Based on a spot gold price of A$4,000/oz ROBUST RETURNS HIGH GRADE HIGH MARGIN A$1.06 billion NPV8 (after tax) >3g/t from RAS in early stages >A$1,500/oz margin after-tax 68% IRR (after tax) 2.3g/t on average for project After all costs and full depreciation of <1yr payback (from product
Slide 4: Bendigo-Ophir Gold Project PFS outcomes
Bendigo-Ophir Gold Project PFS outcomes Production profile BOGP PFS Outcomes 9.2 years 16.8Mt @ 2.3g/t 1.15Moz of Gold 125koz pa • Robust economics initial mine life ore mined sold average production over ~900koz Inferred resources initial mine life • Exceptional margins remaining • Low hurdles Capi
Slide 5: Highly profitable investment case
Highly profitable investment case Revenue per annum A$ millions (main production years) 800 740 700 609 605 600 552 514 515 Strong financials Units Total A$ $ Millions 476 500 393 400 Revenue $ billion 4.6 300 183 EBITDA $ billion 3.1 200 100 Free cash after tax $ billion 1.8 0 Yr1 Yr2 Yr3 Yr4 Yr5 Y
Slide 6: Proposed mine infrastructure and layout
Proposed mine infrastructure and layout Project is located on private free-hold farm land with agreements in place to mine. Allows a smooth pathway to permitting. Maximum footprint shown for illustration Project infrastructure includes purposes only Open pit mine Underground 1.5/2.1Mtpa mine process
Slide 7: Very high grades in early years enables fast payback
Very high grades in early years enables fast payback Gold Production OP/UG (oz per annum) w/ AISC AUD (primary production years) 200 2,500 185 180 2,044 160 2,000 152 151 129 140 119 129 1,709 138 1,641 1,604 120 1,500 Production (kOz) AISC $/oz 1,287 98 1,302 100 1,268 1,213 1,130 80 1,000 MDD054 1
Slide 8: Open pit mining at Rise & Shine (RAS) and Srex (SRX)
Open pit mining at Rise & Shine (RAS) and Srex (SRX) RAS/SRX gold inventory Mining physicals 8yrs mining 1Moz 13Mt @ 2.36g/t from RAS 1.4Mt @ 0.68g/t from SRX 14.4Mt at 2.2g/t 94% ore feed is Probable Reserve Mining method Mined gold Five stages of cutbacks 982koz Au from RAS 250t class excavators 3
Slide 9: Underground mining at RAS
Underground mining at RAS RAS UG inventory Mining physicals 6yrs mining 232koz 2.4Mt ore Total development 12km 2.4Mt at 3.0g/t 96% Indicated ore feed Mining method Mined gold Long hole stoping w/paste fill 235koz Au 5.5mW x 5.5mW twin declines Cable bolts and shotcrete Grade 2.99g/t 12km developmen
Slide 10: Conventional CIL processing plant
Conventional CIL processing plant Five phases of metallurgical testing completed Very high recoveries at RAS of 93% Overall PFS recovery of 92.4% THE PFS DESIGN USES SIMPLE CIL TECHNOLOGY TO GENERATE VERY HIGH RECOVERIES 1 Single stage crush 2 SAG milling 3 Gravity circuit 4 CIL 5 Electrowinning 6 G
Slide 11: CAPEX and OPEX breakdown
CAPEX and OPEX breakdown PRE-PRODUCTION CAPITAL A$340M Owners team Capitalised G&A Land Significant cost items: Infrastructure Pre-strip Site establishment Processing plant $123M TSF Pre-strip mining $133M Site infrastructure $51M Process plant Underground infrastructure $71M (funded with cash) Othe
Slide 12: Resistant against price fluctuations
Resistant against price fluctuations Project NPV8 Sensitivities (‘000) Post Tax – Spot Gold Case Gold Price (+/-10%) (193,378) 193,343 Strong Base-Case Grade (+/-10%) (192,499) 192,156 @ A$2,894/oz Recovery (+/-5%) (96,292) 96,231 NPV8 A$535M Discount Rate (+/-1%) (65,763) 70,691 IRR 42% Payback 1.7
Slide 13: Permitting and timeline to first gold
Permitting and timeline to first gold Timeline subject to permits Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 Lodge Application Approvals Approval Detailed engineering Mobilisation Process Plant Earthworks Plant Construction Pioneering Mobilisation Detailed ELF strip & haul roads engineeri
Slide 14: Infrastructure and workforce already in place
Infrastructure and workforce already in place No FIFO Bendigo-Ophir RAS Gold Project No major camps 66kV Substation Main road access 8km from the project Access to fresh water Cheap power State Highway 8 EASY ACCESS Borefield FRESH WATER Cromwell 8,000 people Queenstown International Airport 1hr awa
Slide 15: Moving immediately to detailed construction planning
MOVING IMMEDIATELY TO DETAILED CONSTRUCTION PLANNING Based on a spot gold price of A$4,000/oz ROBUST RETURNS HIGH GRADE HIGH MARGIN A$1.06 billion NPV8 (after tax) >3g/t from RAS in early stages >A$1,500/oz margin after-tax 68% IRR (after tax) 2.3g/t on average for project After all costs and full d
Slide 16: Maiden Ore Reserves – High conversions
Maiden Ore Reserves – High conversions PFS targeted 1.45Moz of Indicated resources and converted 82% (1.18Moz) to a Probable Reserve Area Proven Probable Total Bendigo-Ophir Mt Au g/t Mt Au g/t Mt Au g/t Au koz Maiden Ore Reserve RAS (open pit) - - 11.9 2.42 11.9 2.43 928 15Mt @ 2.37g/t RAS (Undergr
Slide 17: Appendix 1: Mineral Resource Estimate
Appendix 1: Mineral Resource Estimate Deposit Mining method Category Cutoff (Au g/t) tonnes (Mt) Au (g/t) koz Indicated 19.6 2.3 1,452 open pit Inferred 0.25 9.9 2.0 634 Total 29.5 2.2 2,086 Indicated 0 1.9 0 RAS underground Inferred 1.5 2.1 2.2 145 Total 2.1 2.2 145 Indicated 19.6 2.3 1,452 RAS Tot
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