Santana Minerals Reports Exceptional High-Grade Gold Results in RAS Stage 1 Drilling at Bendigo Ophir Project

High-Grade Infill Drilling Validates Thickness and Quality of RAS Bonanza Zone

Santana Minerals reported results from infill hole MDD528 targeting the high-grade core of the Rise and Shine (RAS) orebody, which contains the majority of the deposit’s ounces. The highlight was a bonanza intercept of 24.4 metres at 10.9 grams per tonne gold starting at 165.7 metres depth, with a true width of 20.2 metres. This intercept significantly enhances the grade profile over the previous model based on wider-spaced drilling.

Below this main intercept, MDD528 encountered two additional sub-parallel high-grade zones. The first was 2.0 metres at 89.5 grams per tonne gold from 197 metres depth (true width 1.7 metres), featuring abundant visible gold confirmed by photographic evidence. A third zone returned 3.0 metres at 2.5 grams per tonne gold from 207 metres depth (true width 2.5 metres). These stacked zones are notable as the deeper high-grade zone can be accessed via open pit mining, reducing development complexity.

Additional Infill Holes Confirm Mineralisation Continuity Across RAS Stage 1

Two further infill holes, MDD526 and MDD527, were drilled to tighten drill spacing in the RAS Stage 1 area. Hole MDD526 yielded two intercepts: 2.0 metres at 8.5 grams per tonne gold from 172 metres (true width 1.8 metres) and 10.0 metres at 2.9 grams per tonne gold from 179 metres (true width 9.0 metres). Hole MDD527 intersected 5.0 metres at 1.3 grams per tonne gold from 176 metres (true width 4.9 metres) and 11.0 metres at 1.0 gram per tonne gold from 188 metres (true width 10.8 metres).

These results align with previous drilling and confirm mineralisation continuity projected from the initial wider-spaced drill pattern. This consistency supports the reliability of the resource model used for mine planning. The infill drilling reduced spacing to 20 metres between holes, enhancing geometric definition of the high-grade core ahead of mining. This staged infill approach lowers technical risks related to grade and width assumptions in the initial mining zone.

Bendigo Ophir Gold Project Overview and Strategic Importance in New Zealand

Santana Minerals’ Bendigo Ophir Gold Project in New Zealand is the company’s flagship development asset. The Rise and Shine (RAS) orebody is the designated initial mining area. An updated Pre-Feasibility Study was released on 1 July 2025, and a Mineral Resource Estimate (MRE) review was completed on 4 March 2025, reflecting ongoing engineering and resource definition work ahead of production.

The project’s open pit mining accessibility is a key operational advantage, as high-grade zones can be extracted from surface workings. This typically results in lower capital intensity and faster development timelines compared to underground mining. The focus on the RAS Stage 1 area demonstrates a phased strategy to unlock value, concentrating on the high-grade core where most ounces are located.

Visible Gold Observations Reinforce High-Grade Zone Interpretation and Grade Confidence

Visible gold in drill core provides qualitative confirmation supporting assay results, especially in high-grade intercepts where sampling bias risk is higher. The announcement includes photographic evidence of visible gold in the 2.0-metre intercept grading 89.5 grams per tonne gold from hole MDD528 at 197 to 199 metres depth. While not a substitute for assays, visible gold observations corroborate laboratory findings.

Photographic documentation enhances transparency and addresses skepticism regarding very high-grade intercepts. The stacked visible gold zones, comprising a sub-parallel high-grade layer distinct from the main bonanza intercept, suggest structurally controlled mineralisation that may be predictable along strike and at depth, supporting mine scheduling confidence.

Regulatory Approval Under New Zealand’s Fast-Track Act Remains Key Development Milestone

Despite strong drilling results, advancing the Bendigo Ophir project depends on securing mining consents from New Zealand regulatory authorities. CEO Damian Spring highlighted the Fast-track Act regulatory pathway in his statement, noting: "We continue however, to wait for the regulators in NZ to deliver our mining consents as expected under the Fast-track Act so this fantastic gold discovery and development option can provide for our shareholders, the community and the prosperity of the Country."

This indicates formal expectations for consent timing, though no specific approval date was provided. Regulatory approval is outside the company’s control and represents a material risk. The phrase "as expected" suggests anticipated approval within a timeframe but is not a guarantee. Project financing, offtake agreements, and investment decisions depend on obtaining these consents, making regulatory progress critical.

Grade Enhancements Over Previous Drilling Model Reduce Mining Schedule and Economic Risks

Santana Minerals emphasized that MDD528’s results "significantly improve the grade over the previous model with wider spaced drilling." Grade improvements in infill drilling are economically important, potentially upgrading ore reserve classification, extending mine life, enhancing cash flow forecasts, and justifying faster development. Wider-spaced drilling models carry interpolation uncertainty; tighter infill spacing reduces this and provides mining engineers with more precise extraction guidance.

The confirmation of stacked high-grade zones accessible from the pit offers operational flexibility in mining sequencing. Instead of a single continuous zone, multiple stacked intercepts allow maintaining consistent grade profiles through different open pit phases. This flexibility, combined with improved average grades, strengthens the project’s economic case and lowers technical and scheduling risks for investors and financiers.

Competent Person Verification and Compliance with JORC 2012 Code

Drilling results were compiled and reported by Mr Alex Nichol, a Member of the Australian Institute of Geoscientists and full-time employee with relevant experience to qualify as a Competent Person under the 2012 Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Nichol consented to the inclusion of these results as presented.

Santana Minerals confirmed no new information materially affects prior announcements (MRE Review dated 4 March 2025 and Updated Pre-Feasibility Study dated 1 July 2025). The presentation of the Competent Person’s findings remains consistent with original reports. Mr Nichol is eligible for short- and long-term incentive schemes, disclosed to address potential bias concerns.

Focused Gold Project Development Strategy Targets High-Grade Core Definition

Santana Minerals’ drilling strategy for the RAS deposit targets de-risking the initial mining area through progressive infill of the high-grade core. Concentrating exploration expenditure on the bulk-ounce portion reduces capital needs and accelerates production compared to broader deposit-wide programs. This phased approach is common among gold developers facing capital and permitting constraints, where early production from higher-grade material can fund resource expansion.

The CEO described the drilling results as "fantastic results enhancing and further de-risking our first mining area," highlighting the role of each hole in confirming scheduled ore. Consistent results from MDD526 and MDD527, along with grade improvements in MDD528, indicate the resource model remains robust as infill drilling tightens spacing, reducing grade uncertainty before mining starts.

Gold Market Context and Implications for Project Economics and Shareholders

Gold prices and junior mining exploration results are interconnected, as higher gold prices improve project economics and investor interest in development assets. Although the announcement does not discuss current gold prices or project economics, the 27 July 2026 release date should be considered alongside prevailing market conditions to gauge reception. Bonanza-grade intercepts ranging from 8 to 90 grams per tonne are highly prospective for economic extraction, especially in open pit operations with generally lower mining costs.

The de-risking narrative supports advancing project financing and development partnerships. Institutional investors and lenders typically require multiple validation points confirming resource models before committing capital; consistent infill drilling results that meet or exceed feasibility assumptions provide such validation. For current shareholders, the announcement marks progress toward value realization, with regulatory approval remaining the key external factor influencing next steps.