Santana Minerals (ASX: SMI) Moves Closer to Key Approval for New Zealand Gold Project

For mining companies, a major discovery is only part of the journey. Before a project can become a producing mine, it must clear one of the industry’s biggest hurdles: regulatory approval.

That is where Santana Minerals (ASX: SMI) now finds itself.

The gold explorer says its Bendigo-Ophir Gold Project in New Zealand has moved another step closer to a final consent decision after the Expert Panel overseeing the country’s Fast-Track Approvals process requested an extension to allow more time to finalise consent conditions.

Rather than allowing the process to drift towards the end of the year, Santana has brought forward its submission of the final consent conditions to 28 August 2026, saying the move is intended to avoid delays caused by the Christmas holiday period.

Just as importantly, the company confirmed it does not intend to request any further pauses, signalling that it expects the project to move into the Expert Panel’s decision-making phase once the updated conditions are submitted.

The announcement is significant because, for a project of Bendigo-Ophir’s scale, regulatory approval has become the primary milestone. Recent drilling has already demonstrated high-grade gold mineralisation, shifting the market’s focus from geological potential to whether the project receives the approvals needed to advance toward construction.

Santana has also revealed the scale of its investment in the approvals process.

To date, the company has spent NZ$17.7 million, including:

• NZ$10.1 million on environmental, technical and specialist investigations.
• NZ$4.7 million on legal, planning and advisory services.
• NZ$1.9 million on Expert Panel, Environmental Protection Authority and regulatory assessment costs.
• NZ$1.0 million on cultural values assessments and engagement.

The lengthy process has included public hearings, 24 multidisciplinary expert conferences, multiple requests for additional information and a series of technical workshops.

While the expenditure is substantial, it also highlights the complexity of obtaining approvals for large-scale mining developments in New Zealand, where environmental assessments, community consultation and engagement with iwi (Māori groups) form key parts of the consenting process.

The Fast-Track Approvals Act was introduced to streamline nationally significant projects while maintaining environmental oversight. Bendigo-Ophir is one of the highest-profile mining proposals progressing through the framework, making its outcome an important test case for future resource developments in New Zealand.

Live stock data: source Tradingview

The regulatory milestone also follows another encouraging development for Santana. The company recently reported exceptional Stage 1 infill drilling results from the Rise and Shine deposit, including 24.4 metres grading 10.9 grams per tonne gold, featuring 2.0 metres at 89.5g/t gold. The results reinforced the continuity of the project’s high-grade core and shifted market attention away from exploration success towards the remaining regulatory approvals needed before development can begin. 

With drilling continuing to demonstrate the quality of the Bendigo-Ophir resource, the company’s next major value catalyst is no longer geological discovery but regulatory approval. The submission of final consent conditions on 28 August is expected to move the project into the Expert Panel’s final deliberations, making the consent decision one of the most closely watched milestones for New Zealand’s mining sector in 2026.

Management remains optimistic that the project is nearing its final regulatory milestone.

Chief Executive Officer Damian Spring said the latest timetable provides greater clarity around the remaining process.

“The Panel has been clear that its request relates to the time required to complete its statutory assessment and decision-making processes. We appreciate that clarity and have adjusted our timetable accordingly.

“The project continues to advance through the Fast-track process, and the finalisation of consent conditions in August will allow the Panel to move into substantive deliberations on its decision. We remain confident that Bendigo Ophir is well positioned to receive a positive outcome and, subject to approvals, commence development activities early 2027.

“We remain committed to working constructively with the Expert Panel to bring this process to a conclusion and deliver a project that meets New Zealand’s environmental standards while providing enduring economic and social benefits.”

For shareholders, the update narrows the timeline for the next major catalyst.

The submission of final consent conditions on 28 August is now expected to be followed by the Expert Panel’s deliberations, bringing the project closer to a final decision. If approval is granted, Santana intends to begin development activities in early 2027.

That said, the approval has not yet been granted. The application remains subject to the Panel’s assessment, and any final consent could include operating conditions or additional requirements.

Shares in Santana Minerals rose 4.94% to $0.425 following the announcement, reflecting cautious optimism as one of New Zealand’s most closely watched gold developments moves toward a potentially defining regulatory decision.

Sources: Santana Minerals ASX/NZX Fast-Track Application Update (27 July 2026); New Zealand Fast-Track Approvals Act information.