Santana Minerals Limited has announced that its wholly owned subsidiary, Matakanui Gold Limited, has entered into a binding agreement to acquire the Ardgour Station land, a key asset within the Bendigo-Ophir Gold Project. The staged transaction is valued at NZ$25 million and covers four land title records spanning approximately 2,880 hectares, which include irrigable lands, water rights, and existing infrastructure. The deal involves a non-refundable deposit of NZ$2 million and includes a provision where NZ$5 million of the settlement will be paid through shares calculated at the 10-day volume weighted average price preceding the agreement’s signing. Additionally, the acquisition is structured to eliminate a 1% gross production royalty over roughly half of the current RAS orebody, along with related deposits at CIT and SRX, thereby streamlining future project development. The transaction remains subject to several conditions, including approval by the Overseas Investment Office and receipt of project consents under the new Fast Track Approvals Act. Should there be delays in obtaining the necessary consents, Santana reserves the right to extend the settlement period, with an interest rate of 2% per annum on any outstanding funds. Notably, the freehold status of the acquired land secures the proposed location for the process plant and key infrastructure for the Bendigo-Ophir Gold Project. CEO Damian Spring highlighted that the acquisition not only resolves competing land use issues but also aligns the interests of the current landowners—who will share in the development benefits through equity participation—with Santana’s strategic goals. From a bullish perspective, the acquisition is seen as a positive step toward de-risking the project by securing critical development rights and removing burdensome royalties, potentially leading to improved economics and increased shareholder value. On the bearish side, however, the reliance on various regulatory approvals and the need for additional settlement extensions if consents are delayed introduce elements of uncertainty that investors should consider.