Santana Minerals (ASX:SMI) Bendigo-Ophir gold project is set to become a sustainable and profitable operation with a long min-life, according to a Tuesday report by Euroz Hartleys.

On Tuesday, the New Zealand Government updated the country's critical minerals list to include gold.

Euroz highlights that SMI's New Zealand project meets all the key criteria, including people, assets, infrastructure, and location.

The project is poised to break new ground and is awaiting a mining permit through the country's fast-track process, Euroz added.

Euroz believes that the company's Rise and Shine project is well-positioned for larger companies seeking inorganic production growth.

The firm maintained SMI's speculative buy rating but increased its price target to AU$0.95 from AU$0.90.

Shares of the company rose 3% at market close for both the Australian and New Zealand markets.