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Speaker 1: The information provided in this program is of a general

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Speaker 1: nature and is not intended to be personalized financial advice.

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Speaker 1: We encourage you to seek appropriate advice from a qualified

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Speaker 1: professional to suit your individual circumstances. We're taking you above

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Speaker 1: the clouds in Centulo Targo's gold belt, where an Australian

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Speaker 1: mining company says it's made one of the most significant

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Speaker 1: gold discoveries in New Zealand in four decades. It's thinks

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Speaker 1: this place could profit up to two billion dollars over

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Speaker 1: ten years.

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Speaker 2: You'd probably say the gold rusher started.

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Speaker 3: D indicates ten years at one hundred and ten thousand

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Speaker 3: ounces per year for a total export earnings of four

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Speaker 3: point four billion New Zealand dollars.

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Speaker 1: This is Santana Minerals Bendigo Over Gold project, on privately

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Speaker 1: held land just outside of Cromwell, an hour's drive from

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Speaker 1: the tourist hotspot Queenstown. This whole area was home to

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Speaker 1: New Zealand's first gold rush in the eighteen hundreds. Now

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Speaker 1: it's making a comeback. This entire site could soon become

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Speaker 1: an enormous open pit and underground gold mine after decent

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Speaker 1: discoveries were made in four deposits.

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Speaker 2: So this is the most valuable spot right.

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Speaker 1: Here according to here and there top Fund and leaves

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Speaker 1: the loss ASX listed. Santana has a permit to prospect

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Speaker 1: and explore this area and plans to apply for a

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Speaker 1: full mining permit later this year.

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Speaker 3: The Outskurtain study of the code one hundred and ten

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Speaker 3: thousand ounces for ten minutes, but year two of producing

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Speaker 3: gold gets up too close to twoutred thousand ounces.

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Speaker 1: It's nearby to the country's largest active gold mine, Oceana

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Speaker 1: Gold McCrae's mine, which has been operating since nineteen ninety.

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Speaker 1: It's produced five million ounces of gold over its lifetime

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Speaker 1: and it plans to keep mining beyond twenty twenty eight.

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Speaker 1: Santana's timing couldn't be better. Growth in global gold production

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Speaker 1: is flatlining, according to the World Gold Council. On a

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Speaker 1: global scale, our production contribution is minuscule, used to six

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Speaker 1: tons that's six thousand kilograms in the year twenty twenty two,

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Speaker 1: barely a blip next to China, Russia and Australia producing

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Speaker 1: over three hundred tons each. But we are earning more

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Speaker 1: off our exports of it. Official figures show we exported

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Speaker 1: one point one billion dollars worth of precious metals and

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Speaker 1: jewelry in the year to May, a twenty six point

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Speaker 1: eight percent increase on its value the year before. It's

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Speaker 1: now worth more than our exports of iron and steel,

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Speaker 1: but less than our aluminium exports. The increased value could

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Speaker 1: be because the spot price of gold has been hitting

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Speaker 1: record highs above two thousand US dollars an ounce, that

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Speaker 1: is the price Santana's CEO, Damen's Spring is set on.

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Speaker 1: In this interview, he explains how it plans to capitalize

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Speaker 1: on the current market. Damien, thank you so ar for

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Speaker 1: doing this.

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Speaker 2: Good to be here, my pleasure. Welcome.

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Speaker 1: Let's talk about the opportunity that you've discovered here. You

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Speaker 1: seem to be very encouraged by the early indicative figures.

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Speaker 1: Talk to me about the potential opportunity and how much

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Speaker 1: you could profit offered here, oh Lock.

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Speaker 3: We published our family study in April this year for

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Speaker 3: the Rise and Shine and deposit only on about Bendigo

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Speaker 3: for goal project that indicates.

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Speaker 2: Ten years of one hundred and ten thousand ounces per

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Speaker 2: year for.

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Speaker 3: A total export earnings of four point four billion New

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Speaker 3: Zealand dollars at more or less today's spot price. That

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Speaker 3: is a fantastic result, in particular on the cost side,

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Speaker 3: where we can produce those ounces for under nine hundred

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Speaker 3: dollars an ounce once we're set up and operating, and

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Speaker 3: if we had that film all the capital, it's under

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Speaker 3: fourteen hundred dollars ki announce.

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Speaker 2: It's outstanding economics.

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Speaker 1: The spot price of gold currently we know is near

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Speaker 1: record highs. So is that quite an aggressive estimate or

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Speaker 1: have you also done a conservative one too?

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Speaker 3: While we do all our engineering studies on a more

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Speaker 3: conservative long term price as you could expect, we want

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Speaker 3: to make sure that we've got plenty of head round

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Speaker 3: for any fluctuation price and send it comes a goal,

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Speaker 3: there is plenty of that. So yeah, look, we did

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Speaker 3: our estimates on twenty seven hundred dollars qui announce and

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Speaker 3: still at their price, that generated over a billion dollars

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Speaker 3: and near profits after that.

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Speaker 1: So many other miners have tried mining this exact spot

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Speaker 1: so many times before many of them have failed or

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Speaker 1: at least just left it for somebody else like your

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Speaker 1: company to pick up. Why do you think that Santana

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Speaker 1: can make some money out of this project?

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Speaker 3: Now?

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Speaker 1: What are the economics that have been at.

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Speaker 3: This time around like a guess of TEA thing is

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Speaker 3: we're talking workings that are well over one hundred years old.

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Speaker 3: Any modern techniques in terms of exploration, they have only

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Speaker 3: really been since a spike called nineteen eighty and that

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Speaker 3: includes a lot of companies of socio.

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Speaker 2: With mccras over the years.

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Speaker 3: I guess the trick has been actually to make a

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Speaker 3: discovery of sizes and what Sentano and it's Zella subsidiary

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Speaker 3: Takenomy Gold managed to do is take what all those

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Speaker 3: previous attempts have been and identify as northerly trends, put

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Speaker 3: some holes in the ground and.

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Speaker 2: Actually literally strike gold.

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Speaker 3: And that all came ahead with the James Bond Hole

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Speaker 3: double O seven discovery goal in twenty twenty one.

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Speaker 2: Great name. Yeah, it was a natural. Really is the

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Speaker 2: cost to extract it?

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Speaker 3: Though?

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Speaker 1: It was obviously part of this feasibility study that you're

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Speaker 1: about to do. Talk to me about the cost to

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Speaker 1: mind in New Zealand, specifically these deposits being mostly open

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Speaker 1: minds and how that compares to perhaps other minds here

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Speaker 1: or other minds globally.

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Speaker 3: Yeah. So the geometry is such that it is close

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Speaker 3: to surface or r at surface, particularly with our satellite deposits,

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Speaker 3: so it is very amenable to overpit mining. But the

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Speaker 3: rise of Shinne deposits such that it continues at depth,

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Speaker 3: in fact one point seven kilometers down plunged from surface.

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Speaker 3: So what that means is open pits preferred initially and

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Speaker 3: then transition to underground.

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Speaker 2: But what we have here in central Otago at our.

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Speaker 3: Project just north o'cromwell is lots of great infrastructure, planable water,

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Speaker 3: hydro power so green green energy, State Highway within ten

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Speaker 3: kilometers of the project, modern International Airport at Queenstown now

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Speaker 3: is drive away, and of course a population between the

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Speaker 3: other towns of Cromwoyle's under and Monaker.

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Speaker 2: So there's a.

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Speaker 3: Lot of things going here for this project that you

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Speaker 3: might not yet say in the middle of West Australia.

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Speaker 2: Has gone underground.

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Speaker 1: More expensive, I.

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Speaker 3: Loft that it's a value equation, you know, to continue

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Speaker 3: open pit mining at that debt with probably the total

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Speaker 3: cost to move the waste rock to expose that too

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Speaker 3: is probably greater than what we cost some miner from underground. Also, yes,

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Speaker 3: it is more expensive, so we don't also have the

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Speaker 3: same opportunity as open pit to mine everything.

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Speaker 2: But it is ultimately a value equation and there is

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Speaker 2: a balance there.

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Speaker 1: Talk to me about the actual value of the potential

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Speaker 1: to find gold and the stores and your deposits. It's

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Speaker 1: at a pretty high density compared to some other minds,

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Speaker 1: or even compared to what you initially found.

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Speaker 3: Right, Yeah, so metacular gold initially was worth up a

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Speaker 3: very low grade deposit about less than one gram.

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Speaker 2: That compares with the craze.

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Speaker 3: That's been mine on one gram or for well over

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Speaker 3: a decade or longer. So though you can make a

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Speaker 3: margin at those grades, but with the discovery of the

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Speaker 3: rise and Chine proper with an average grade of two

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Speaker 3: point two in our resources, it means we've got double

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Speaker 3: the grades. Therefore, it's going to not cost us so

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Speaker 3: much per ounce a much higher margin.

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Speaker 1: Some people won't like that you're an Australian mining company

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Speaker 1: with the perhaps intention to take these profits you're gain

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Speaker 1: from the site in central Otaber offshore work. Talk to

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Speaker 1: me about the royalty scheme and the opportunity also to

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Speaker 1: give some of that money back to the local economy.

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Speaker 2: Yeah. Look, we are Australia. We're at ASX listed.

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Speaker 3: Our entity here is Montakenoly Gold at one hundred percent

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Speaker 3: New Zealand registered company. The opportunity here for New Zealanders

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Speaker 3: that are forty percent of our register New zealandersfits that

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Speaker 3: are generated obviously forty percent would go back to those

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Speaker 3: shareholders ultimatellion dividends of some form. But of course the

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Speaker 3: project itself generates about nine hundred billion dollars in tapped

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Speaker 3: corporate tects for the government.

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Speaker 1: That's over ten year periods, over ten year period.

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Speaker 3: Plus another approximate ninety million dollars in royalties. So the

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Speaker 3: royalty relatively is small, but it's in line with international jurisdictions.

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Speaker 2: It's about two percent hroat's value.

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Speaker 3: Otherwise, there's more complicated formula ten percent of accounting profits,

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Speaker 3: and I think we're probably fitting that lesser category, and

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Speaker 3: we've got.

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Speaker 2: To do the numbers in our pfs to exactly work

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Speaker 2: that out.

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Speaker 3: So well, you know, of the order of approaching a

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Speaker 3: billion dollars going to the government to plus another six

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Speaker 3: hundred million.

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Speaker 2: Dollars going back to the New Zealand shareholders.

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Speaker 1: Forty percent of your company's shareholders are based in New Zealand.

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Speaker 1: You yourself are based in New Zealand. The Gold Discovery

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Speaker 1: is based in New Zealand. When ended, it's listing at

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Speaker 1: some safe damien.

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Speaker 3: Oh look, we're certainly giving it serious consideration, the pros

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Speaker 3: and cons of doing that and then working through that. Obviously,

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Speaker 3: our primary listing is still remains ASIX and what the

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Speaker 3: future whole tool will see.

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Speaker 1: The government's and your favor. Pretty good time to ask

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Speaker 1: for a mining permit, especially if this Fast Track Bill

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Speaker 1: goes ahead. I don't typically like to talk about politics,

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Speaker 1: but I feel like this is part of the picture

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Speaker 1: here for you. Describe that current environment and how timely

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Speaker 1: an ideal that is for you.

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Speaker 2: Ah, look, it's coincidental. It's all I can say.

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Speaker 3: When I joined the company started last year, I've got

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Speaker 3: a lot of experience in New Zealand getting minds consented

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Speaker 3: under the Resource Management Act, and our timeline at that

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Speaker 3: stage that I came up with was end of this year.

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Speaker 3: We're still on track to apply for those consents. The

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Speaker 3: fact that this coalition government has introduced the Fast Track

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Speaker 3: Approvals Bill just gives us that opportunity. It is an

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Speaker 3: overarching peace of legislation. It doesn't shortcut the requirements.

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Speaker 2: Of the RMA and the other acts.

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Speaker 3: Just provides a more expedited process to reach a decision

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Speaker 3: that ultimately benefits everyone involved, including the local community and

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Speaker 3: Mona Fenel.

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Speaker 1: So say you do get that approved, you extract as

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Speaker 1: much gold ideally at the value that you perceive to

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Speaker 1: and make that size profits. Does that all equal a

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Speaker 1: gold rush for New Zealand?

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Speaker 3: Oh? Look, I think if you'd probably say the goal

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Speaker 3: rusher started the record high goal prices, fantastic discovery here.

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Speaker 3: Other discoveries around New Zealand by other companies certainly got

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Speaker 3: the interest of international investors and those doing new expiration

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Speaker 3: companies that are moving into New Zealand and peeing ground

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Speaker 3: and starting their expirations. So yeah, in that sense, but

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Speaker 3: ultimately you've got to produce gold. So we're well down

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Speaker 3: that track. We've got the discovery. We're just got to

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Speaker 3: get all our permits, et cetera, and ultimately financing and

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Speaker 3: build the thing.

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Speaker 1: Some of your confidence I've also seen signaled the fact

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Speaker 1: that you're purchasing shares of this production company.

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Speaker 2: Talked to me about that decision.

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Speaker 3: Oh look where it's where I can I help like

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Speaker 3: to support these stock. You know, it has been trading

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Speaker 3: up and down a bit this year. Certainly we're looking

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Speaker 3: forward to priced growth over the coming six months as

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Speaker 3: we lead into that PFES and application for resource consents. Ultimately,

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Speaker 3: you know, we have rewarded our shareholders that did exist

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Speaker 3: at the start of this year in Februy with bonus

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Speaker 3: options available at dollar rate.

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Speaker 2: We hope they convert sometime before they.

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Speaker 3: Expire in Februy next year and set us up well

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Speaker 3: for final investment decision.

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Speaker 1: You say that you've seen clearly increased interest in your

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Speaker 1: production company, but there also seems to be increased investor

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Speaker 1: interest globally in holding gold. Gold is like Mother Nature's

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Speaker 1: money supply. It used to back our currency, but we

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Speaker 1: divorce the New Zealand dollar from the gold standard in

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Speaker 1: nineteen fourteen ahead of World War One. The United States

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Speaker 1: followed later in nineteen seventy one. But with the currency

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Speaker 1: is now losing some of their value, governments deep in

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Speaker 1: debt and interest rates price to come down soon, investors

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Speaker 1: are seemingly more bullish on gold bullion.

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Speaker 3: I think that definitely, that's what we're seeing in terms

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Speaker 3: of the gold promise. It has let up off the

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Speaker 3: two thousand US announce mark. There are other commodities that

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Speaker 3: were the darling off the mining industry at the beginning

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Speaker 3: of last year.

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Speaker 2: That are definitely on the backbend of this year.

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Speaker 3: It's not my area of expertise, but I think right

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Speaker 3: now we're enjoying a being a goldbug.

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Speaker 1: One of the four US presidents, Herbert Hoover, once said, quote,

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Speaker 1: we have gold because we cannot trust governments. How much

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Speaker 1: of that statement do you think holds true today?

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Speaker 3: Well, certainly central bank buying the lights of China and

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Speaker 3: other major economies some set you. You know, they're buying

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Speaker 3: gold for good reasons. The economists have got good, good ideas,

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Speaker 3: and that just helps drive the whole market, for sure,

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Speaker 3: without of doubt. Interesting that Hoover was also my manager

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Speaker 3: of a particular gold mine in West Australia and their

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Speaker 3: Leonora Sons of Gualia, and I know that place.

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Speaker 2: Well.

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Speaker 1: You've clearly, even from that statement, been in mining for

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Speaker 1: a very long time.

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Speaker 2: You have a mining degree.

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Speaker 1: How would you describe this current environment, the discovery you've

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Speaker 1: made here in your time in mining?

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Speaker 3: Ah, Look, this will be the ultimate thus far in

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Speaker 3: my curious not the penultimate. That means that there's something

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Speaker 3: just around the corner. They'll finish me off. Look, I

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Speaker 3: had a successful career with my former employer, Bapist Resources,

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Speaker 3: but this opportunity was too good to give up. I

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Speaker 3: love forty five minutes from the project. I've been here

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Speaker 3: twenty years. I've done a lot of gold mining over

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Speaker 3: my career and this is definitely a challenge.

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Speaker 1: I'm We currently don't hold any goal as part of

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Speaker 1: our foreign reserve assets according to the Reserve Bank?

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Speaker 2: Should we?

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Speaker 3: Oh?

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Speaker 2: Why not?

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Speaker 3: If you're a little bit counts. You know, we're producing

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Speaker 3: six tons a year. What if a tun or two

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Speaker 3: of that stays in New Zealand.

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Speaker 2: Thank you so much for your time. Damien really appreciate it.

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Speaker 2: My pressure. Thank you