Summary of Conference Call on Santana Minerals Company Overview - **Company**: Santana Minerals - **Project**: Bendigo Ophra Project located in New Zealand - **Key Personnel**: Sam Smith, Executive Director and Chief Development Officer Industry Insights - **Mining Investment Attractiveness**: New Zealand has been recognized as the most attractive place for mining investment, surpassing all Australian states according to the Fraser Institute [5][3] - **Legislation Impact**: The Fast Track Approvals Bill was ratified into law, facilitating quicker project approvals and enhancing investment appeal [2][4] Project Details - **Location**: South Island of New Zealand, near Cromwell, with historical significance in gold mining [6][5] - **Project Size**: The project area is only 10% of the broader tenure, with significant discoveries already made [8] - **Key Discovery**: The Rise and Shine (RAS) deposit contains 2,000,000 ounces at 2.4 grams per tonne, considered a company maker [9][12] Economic Projections - **Production Timeline**: Expected to start construction in Q1 of next year, with gold production anticipated to begin in Q2 2027 [28][19] - **Mine Life**: Projected mine life of 13 years with a potential underground operation lasting an additional 7 years [21][22] - **Gold Production**: Initial production of 60,000 ounces in year one, scaling up to 120,000 ounces by year two [23][24] - **Cost Structure**: All-in sustaining costs estimated at $18.42 per ounce, with a preproduction capital expenditure of $250 million [25][26] Infrastructure and Operational Advantages - **Local Infrastructure**: Proximity to services, fresh water, and hydropower, which will contribute to lower operational costs [19][18] - **Workforce Availability**: Access to a residential workforce from nearby towns, enhancing operational efficiency [19] Future Exploration Potential - **Exploration Upside**: The broader tenure has additional gold anomalies and potential for further discoveries, indicating significant exploration upside [31][32] - **Structural Pathfinders**: The Thompson Gorge Fault line is identified as a key structural feature for future discoveries [10][33] Community Impact - **Local Employment**: The project is expected to create numerous jobs, positively impacting the local community [34][35] Conclusion - **Valuation Gap**: Current market cap is around $400 million, with a project value estimated at $1.5 billion based on a gold price of $4,950 per ounce, indicating a significant valuation gap [26]