Santa Fe Minerals Ltd. (SFM) AI Stock Analysis

• Market Cap: AU$65.94M
• Dividend Yield: N/A
• Average Volume (3M): 67.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.13
• Revenue Growth: N/A
• EPS Growth: 5.93%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 162,818,790
• 10 Day Avg. Volume: 80,335
• 30 Day Avg. Volume: 67,063
• PEG Ratio: 0.47
• Price to Book (P/B): 1.93
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.08
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: AU$0.40 ▲(28.71% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is weighed down primarily by weak financial performance (no revenue, recurring losses, and consistent cash burn despite zero debt). Technicals are supportive due to strong momentum above moving averages, but overbought signals reduce confidence. Valuation is constrained by negative earnings and no dividend support.

Positive Factors

Zero leverage

A zero-debt balance sheet materially reduces financial distress risk for a pre-revenue explorer. It preserves flexibility to time capital raises, withstand commodity cycles, and prioritize project work without scheduled interest burdens, which supports multi‑month operational continuity.

Reduced cash burn trend

A declining cash burn rate indicates tighter cost control and modest operational efficiency gains. For an early-stage miner this extends runway between financings, lowers short-term dilution risk, and gives management more time to advance exploration or permitting catalysts without immediate capital pressure.

Smaller FY2025 net loss

A narrowing net loss suggests management has begun to rein in recurring expenses or optimize operations. If sustained, improving losses can stabilize equity, reduce future financing needs, and indicate progress toward reaching a development or production inflection point in the medium term.

Negative Factors

No revenue

Absence of operating revenue is a fundamental constraint: cash flows depend entirely on external financing rather than sales. This elevates execution and funding risk over the next 2–6 months and means value creation hinges on successful exploration outcomes or capital market access.

Persistent negative cash flow

Consistent negative operating and free cash flow indicate the business cannot self‑fund activity and will require recurring external capital. That structurally increases dilution risk, constrains investment in projects, and limits the firm’s ability to react to opportunities or setbacks without shareholder financing.

Eroding equity and negative ROE

A materially shrinking equity base and sharply negative returns on equity reflect losses consuming net assets. This reduces balance sheet flexibility, increases sensitivity to further losses or write‑downs, and raises the likelihood of future recapitalizations that dilute existing holders.

Santa Fe Minerals Ltd. Business Overview & Revenue Model

Company Description

Santa Fe Minerals Limited engages in the exploration of gold and base metals in Australia. It explores for gold, copper, lead, zinc, nickel, silver, and vanadium deposits. The company holds 7 exploration licenses in Challa South and Challa North projects covering an area of approximately 463 square kilometers in the Windamurra and Narndee Intrusions in Western Australia. It also holds an option to acquire 80% interest in the Mt Murray base metals project located in Western Australia. The company was formerly known as EZA Corporation Limited and changed its name to Santa Fe Minerals Limited in October 2017. Santa Fe Minerals Limited was founded in 2000 and is based in Nedlands, Australia.

How the Company Makes Money

Santa Fe Minerals Ltd. generates revenue through the exploration and development of mineral properties, primarily by discovering valuable mineral deposits that can be mined and sold. The company engages in activities such as drilling and geological surveys to identify potential mining sites. Once a viable mineral deposit is confirmed, SFM may either develop the site into a full-scale mining operation or sell the rights to other mining companies. Additionally, SFM may enter into joint ventures or partnerships with other mining firms to share the costs and profits of developing mineral resources. These partnerships can significantly enhance the company's ability to finance its exploration activities and bring projects to fruition. The company's earnings are also influenced by factors such as commodity prices, operational efficiency, and exploration success rates.

Santa Fe Minerals Ltd. Financial Statement Overview

Summary

Very weak fundamentals: no revenue reported, persistent losses (FY2025 net loss ~A$0.8m), and ongoing negative operating/free cash flow (~-A$0.73m). The key positive is zero debt, but equity has eroded materially over time, increasing funding/dilution risk.

Income Statement

The company reports no revenue across the full period provided, while losses remain persistent and sizeable (net loss of ~A$0.8m in FY2025 vs ~A$0.9m in FY2024). Profitability is structurally weak with negative gross profit and negative operating results each year, indicating an early-stage or non-producing profile with ongoing overheads and exploration/administrative spend. A modest improvement in net loss in FY2025 is a positive, but the absence of revenue keeps the income statement quality and sustainability very low.

Balance Sheet

Leverage is very conservative with zero debt reported in every year, which reduces financial risk. However, the equity base has declined materially over time (stockholders’ equity down from ~A$4.6–4.7m in FY2020–FY2021 to ~A$1.17m in FY2025), consistent with ongoing losses. Returns on equity are negative and worsening in FY2025 (about -69%), reflecting higher losses relative to a shrinking capital base; the balance sheet is clean on debt, but diminishing net assets constrain flexibility.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in each year shown (FY2025 operating cash flow ~-A$0.73m; free cash flow ~-A$0.73m). There is some improvement versus FY2023 (when cash burn was closer to ~-A$0.97m), but the business still relies on external funding to sustain operations. Free cash flow roughly tracks net losses (free cash flow to net income ~1.0), which suggests reported losses are broadly mirrored by cash burn rather than being mostly non-cash.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-398.00	-2.24K	-6.50K	-15.82K	-19.70K
EBITDA	-866.43K	-854.00K	-1.00M	-840.00K	-117.00K
Net Income	-809.22K	-856.00K	-1.02M	-732.00K	-137.00K
Balance Sheet
Total Assets	1.38M	2.12M	2.94M	3.97M	4.68M
Cash, Cash Equivalents and Short-Term Investments	1.06M	1.79M	2.52M	2.87M	3.44M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	210.23K	147.94K	111.87K	119.03K	95.58K
Stockholders Equity	1.17M	1.98M	2.83M	3.85M	4.58M
Cash Flow
Free Cash Flow	-733.04K	-740.66K	-974.39K	-871.33K	-660.14K
Operating Cash Flow	-731.32K	-740.66K	-974.39K	-817.72K	-660.14K
Investing Cash Flow	-1.72K	0.00	623.78K	254.36K	-299.38K
Financing Cash Flow	0.00	0.00	0.00	0.00	0.00

Santa Fe Minerals Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.31
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SFM, the sentiment is Positive. The current price of 0.31 is above the 20-day moving average (MA) of 0.31, above the 50-day MA of 0.30, and above the 200-day MA of 0.23, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 78.95 is Negative, neither overbought nor oversold. The STOCH value of 60.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:SFM.

Santa Fe Minerals Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RAS	48 Neutral	AU$7.53M	-1.17	-127.51%	―	168.85%	13.51%
SFM	47 Neutral	AU$65.94M	-2.79	-51.49%	―	―	5.93%
GSM	46 Neutral	AU$8.20M	-2.10	-131.62%	―	―	65.32%
DAF	45 Neutral	AU$4.87M	-7.90	-66.08%	―	―	80.88%
WSR	43 Neutral	AU$3.22M	-0.22	-37.62%	―	―	76.76%
GNM	41 Neutral	AU$17.97M	-3.52	-32.31%	―	―	69.23%

Santa Fe Minerals Ltd. Corporate Events

Wia Gold Offloads Non-Core Côte d’Ivoire Assets to Focus on Flagship Namibian Project

Wia Gold Limited has completed the divestment of all its non-core gold exploration permits in Côte d’Ivoire to Santa Fe Minerals Limited, receiving 20 million ordinary shares and 8 million performance rights in the ASX-listed acquirer. The transaction enables Wia to maintain financial and strategic exposure to the Ivorian assets through its shareholding in Santa Fe, while sharpening its focus and capital allocation on advancing its flagship Kokoseb gold project in Namibia, which already hosts a multi-million-ounce resource and underpins the company’s growth strategy in a stable African mining jurisdiction.

The most recent analyst rating on (AU:SFM) stock is a Hold with a A$0.33 price target. To see the full list of analyst forecasts on Santa Fe Minerals Ltd. stock, see the AU:SFM Stock Forecast page.

Santa Fe Minerals Completes Acquisition of Cote d’Ivoire Gold Projects

Santa Fe Minerals Ltd has completed the acquisition of gold projects in Cote d’Ivoire from WIA Gold Limited, issuing 20 million ordinary shares and 8 million performance rights as consideration under a binding share sale agreement. With all conditions now satisfied, the company plans to advance exploration planning across its enlarged Ivorian gold portfolio, positioning itself for potential growth in West African gold exploration and signalling an upcoming phase of more detailed exploration activity to be outlined in a forthcoming update.

The most recent analyst rating on (AU:SFM) stock is a Hold with a A$0.33 price target. To see the full list of analyst forecasts on Santa Fe Minerals Ltd. stock, see the AU:SFM Stock Forecast page.

Santa Fe Minerals Issues 8 Million Unquoted Performance Rights

Santa Fe Minerals Ltd has issued 8,000,000 unquoted performance rights under the ASX code SFMAD, effective 30 January 2026, as previously flagged in an earlier capital management filing. The issuance of these performance rights, which are not intended to be quoted on the ASX, indicates the company is further utilising equity-based instruments, likely for incentives or compensation, potentially aligning management and stakeholder interests with future company performance.

The most recent analyst rating on (AU:SFM) stock is a Hold with a A$0.33 price target. To see the full list of analyst forecasts on Santa Fe Minerals Ltd. stock, see the AU:SFM Stock Forecast page.

Santa Fe Minerals Confirms Completion of 20 Million-Share Placement and Compliance Status

Santa Fe Minerals Limited, listed on the ASX under the code SFM, is an Australian company that issues fully paid ordinary shares to fund its activities in the resources sector and is subject to the disclosure and reporting obligations of the Corporations Act.

The company has completed the placement of 20 million fully paid ordinary shares announced in November 2025 and has confirmed that the issue was conducted without a prospectus under the relevant Corporations Act provisions, while maintaining compliance with continuous disclosure and financial reporting requirements, and stating there is no additional undisclosed information material to investors’ assessment of the company or its shares.

The most recent analyst rating on (AU:SFM) stock is a Hold with a A$0.33 price target. To see the full list of analyst forecasts on Santa Fe Minerals Ltd. stock, see the AU:SFM Stock Forecast page.

Santa Fe Minerals Seeks ASX Quotation for 20 Million New Shares

Santa Fe Minerals Ltd has applied to the ASX for quotation of 20 million new ordinary fully paid shares, with an issue date of 30 January 2026. The expanded share base signals a fresh capital move that could support the company’s exploration and development activities, potentially strengthening its funding position and flexibility in advancing projects, though it also increases the overall number of shares on issue for existing investors.

The most recent analyst rating on (AU:SFM) stock is a Hold with a A$0.33 price target. To see the full list of analyst forecasts on Santa Fe Minerals Ltd. stock, see the AU:SFM Stock Forecast page.

Santa Fe Minerals Seeks ASX Quotation for 30 Million New Shares

Santa Fe Minerals Ltd has applied for quotation on the ASX of 30 million new fully paid ordinary shares under its ticker SFM, effective 28 January 2026. The issuance, lodged via an Appendix 2A, increases the company’s quoted capital base and signals a fresh injection of equity that may support ongoing corporate or project activities and potentially broaden its shareholder base.

The most recent analyst rating on (AU:SFM) stock is a Hold with a A$0.33 price target. To see the full list of analyst forecasts on Santa Fe Minerals Ltd. stock, see the AU:SFM Stock Forecast page.

Santa Fe Minerals Completes Issue of 30 Million New Shares Under Placement

Santa Fe Minerals Ltd has completed the issue of 30 million fully paid ordinary shares under a previously announced placement, expanding its share capital base on the ASX. The company stated it has met its continuous and financial reporting obligations under the Corporations Act and confirmed there is no undisclosed information material to assessing its financial position or the rights attached to its shares, providing additional assurance to investors regarding regulatory compliance and transparency around the new equity issuance.

The most recent analyst rating on (AU:SFM) stock is a Hold with a A$0.33 price target. To see the full list of analyst forecasts on Santa Fe Minerals Ltd. stock, see the AU:SFM Stock Forecast page.

Santa Fe Minerals Nears Completion of Côte d’Ivoire Gold Project Acquisition

Santa Fe Minerals Ltd has confirmed that nearly all conditions for its acquisition of gold projects from WIA Gold Limited in Côte d’Ivoire have been satisfied, with only the associated capital raising yet to complete. The company expects to receive capital raising funds by the end of this week and to finalise the transaction, including issuing consideration securities and new shares, by the end of January 2026, marking a key step in advancing its West African growth strategy.

The most recent analyst rating on (AU:SFM) stock is a Hold with a A$0.30 price target. To see the full list of analyst forecasts on Santa Fe Minerals Ltd. stock, see the AU:SFM Stock Forecast page.

Santa Fe Minerals Shareholders Approve Key Securities and Placement Resolutions

Santa Fe Minerals Limited has reported the results of its 7 January 2026 general meeting, where shareholders approved all resolutions put to the vote. The company received strong support via proxies and polls for the issue of consideration securities to WIA Gold Ltd and for the issue of placement shares to placement participants, with both resolutions passed by poll and no votes recorded against, clearing the way for the agreed securities issuances and associated funding and transaction steps to proceed.

The most recent analyst rating on (AU:SFM) stock is a Hold with a A$0.31 price target. To see the full list of analyst forecasts on Santa Fe Minerals Ltd. stock, see the AU:SFM Stock Forecast page.

Santa Fe Minerals Updates Registered Office and Postal Address

Santa Fe Minerals Ltd has updated the market that it has relocated its registered office and principal place of business to Level 4, 88 William Street, Perth, Western Australia, and has also changed its postal address to GPO Box 2570, Perth WA 6001. The administrative move, authorised by the board, reflects a formal change in the company’s corporate contact details but does not indicate any change to its operations or strategic direction, with limited immediate implications for shareholders beyond updated correspondence information.

Santa Fe Minerals Aligns Financial Year with New Subsidiaries

Santa Fe Minerals Ltd. has announced a change in its financial year-end from 30 June to 31 December, aligning with its newly acquired subsidiaries in Côte d’Ivoire. This strategic move aims to enhance efficiency and reduce costs in financial reporting and auditing, ensuring seamless governance and compliance across all entities. The transition includes a six-month financial year from 1 July to 31 December 2025, followed by a standard twelve-month financial year starting 1 January 2026.