# SMI: Investor Presentation - Precious Metals Summit Beaver Creek Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/smi-investor-presentation-precious-metals-summit-beaver-creek--35fb57b9-771b-4a84-b303-3d251c318bb4 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142424 Publisher: asx Original announcement: 2026-09-22T22:01:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T22:09:44.949Z Atlas analysis updated: 2026-09-22T22:09:44.949Z - Company: Santana Minerals Limited - Ticker: SMI - Exchange: ASX - Region: Central Otago - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-22 22:09:45 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Santana Minerals presented an investor update for the Bendigo-Ophir Gold Project in Central Otago, New Zealand. The project features 1.2 Moz of gold reserves at 2.6 g/t and is advancing through the permitting process with a final decision expected in January 2027. Reasoning: The presentation summarizes existing Pre-Feasibility Study \(PFS\) results for the Bendigo-Ophir project, highlighting strong reserves and advanced permitting, though it offers little new geological data. - Positive factor: Strong reserve figures \(1.2 Moz @ 2.6 g/t\) - Positive factor: High-margin economics \(AISC US$1,680/oz\) - Positive factor: Advanced permitting status with draft decision expected Nov 2026 - Positive factor: Significant M&I ratio \(93% Indicated\) - Negative factor: Low novelty \(presentation of existing PFS data\) - Negative factor: Financing requirement of A$277 million noted Facts used in scoring: 3 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The presentation references a Pre-Feasibility Study and JORC compliance, which is the standard for such reporting in this jurisdiction. Evidence · text > The reports were issued in accordance with the 2012 Edition of the JORC Australasian Code **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The report explicitly names Kerrin Allwood as a Competent Person \(CP\) and member of AusIMM. Evidence · text > based on work completed by Mr Kerrin Allwood, a Competent Person \(CP\) who is a Member of The Australasian Institute of Mining and Metallurgy \(AusIMM\). ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/smi-investor-presentation-precious-metals-summit-beaver-creek--35fb57b9-771b-4a84-b303-3d251c318bb4#fact-resource-facts-0) Bendigo-Ophir Gold Project · gold #### Identity - Project: Bendigo-Ophir Gold Project - Commodity: gold - Region: central otago - Reported Region: Central Otago - Ticker: SMI #### Resource scope - Estimate type: reserve - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: jorc - Resource group id: resource:8d081789e4743e69b8f4 - Deposit or zone: Bendigo-Ophir - Mining method: combined #### Resource Data - Category: probable - Grade: 2.6 - Grade Unit: g/t - Contained Metal: 1200000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: High-grade reserve reported as part of the PFS. - Positive factor: Strong grade and scale Evidence · text > Reserve of 1.2 M oz @ 2.6 g/t Gold #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/smi-investor-presentation-precious-metals-summit-beaver-creek--35fb57b9-771b-4a84-b303-3d251c318bb4#fact-resource-facts-1) Bendigo-Ophir Gold Project · gold #### Identity - Project: Bendigo-Ophir Gold Project - Commodity: gold - Region: central otago - Reported Region: Central Otago - Ticker: SMI #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: jorc - Resource group id: resource:19988ccba269ce9a87df - Deposit or zone: Indicated Resource - Mining method: combined #### Resource Data - Category: indicated - Grade: 2.3 - Grade Unit: g/t - Contained Metal: 1.6 - Contained Unit: moz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource component of the total mineral resource. - Positive factor: Large indicated resource Evidence · text > 1.6Moz @ 2.3g/t Au #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/smi-investor-presentation-precious-metals-summit-beaver-creek--35fb57b9-771b-4a84-b303-3d251c318bb4#fact-resource-facts-2) Bendigo-Ophir Gold Project · gold #### Identity - Project: Bendigo-Ophir Gold Project - Commodity: gold - Region: central otago - Reported Region: Central Otago - Ticker: SMI #### Resource scope - Estimate type: resource - Effective date: 2025-06-30T00:00:00.000Z - Reporting standards: jorc - Resource group id: resource:d2d4197f6474e62d816a - Deposit or zone: Inferred Resource - Mining method: combined #### Resource Data - Category: inferred - Grade: 4.3 - Grade Unit: g/t - Contained Metal: 0.3 - Contained Unit: moz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Inferred resource component with lower confidence. - Positive factor: High grade in inferred category - Negative factor: Low geological confidence Evidence · text > 0.3Moz @ 4.3g/t Au #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.