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Santana Minerals Ltd. (AU:SMI)
ASX:SMI
Australian Market

Santana Minerals Ltd. (SMI) AI Stock Analysis

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AU:SMI

Santana Minerals Ltd.

(Sydney:SMI)

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Neutral 53 (OpenAI - 5.2)
Rating:53Neutral
Price Target:
AU$0.94
▼(-1.16% Downside)
The score is held back primarily by weak financial performance (pre-revenue status, ongoing losses, and deeply negative/free cash flow implying continued funding needs). This is partially offset by a strong, low-debt balance sheet and supportive technical momentum (price above key moving averages with positive MACD), while valuation metrics provide limited support due to the negative P/E and no stated dividend yield.
Positive Factors
Strong Balance Sheet
A strong balance sheet with minimal leverage provides financial stability and flexibility, supporting future project funding and resilience against market volatility.
Regulatory Approval
Regulatory approval for the Bendigo-Ophir project is a crucial step towards development, enhancing long-term growth prospects and operational capacity.
Promising Drilling Results
Strong drilling results indicate significant resource potential, supporting future production expansion and enhancing the company's market position.
Negative Factors
Pre-Revenue Status
Being pre-revenue poses a risk as it relies on external funding for operations, impacting financial sustainability until revenue generation begins.
Negative Cash Flow
Negative cash flow indicates high cash burn, necessitating continued external funding, which could strain financial resources and limit growth.
Ongoing Losses
Persistent losses highlight challenges in achieving profitability, impacting long-term financial health and investor confidence.

Santana Minerals Ltd. (SMI) vs. iShares MSCI Australia ETF (EWA)

Santana Minerals Ltd. Business Overview & Revenue Model

Company DescriptionSantana Minerals Limited engages in the exploration and evaluation of gold, silver, and base metal properties in New Zealand, Cambodia, and Mexico. It holds a 100% interest in the Bendigo-Ophir gold project covering an area of 292 square kilometers located in Central Otago, New Zealand. The company also holds interests in the Cuitaboca Silver-Gold Project that covers an area of 5,500 ha situated in Mexico; and two gold exploration licenses in Cambodia. Santana Minerals Limited was incorporated in 2013 and is based in Brisbane, Australia.
How the Company Makes MoneySantana Minerals Ltd. generates revenue through the exploration and development of mineral resources, primarily gold and silver. The company makes money by advancing its mineral projects through various stages of exploration to increase their value, which can subsequently lead to profitable sale or joint venture opportunities. Key revenue streams include selling interests in mineral properties, entering into joint ventures or partnerships with other mining companies, and raising capital through equity financing to fund exploration activities. The company's earnings are significantly influenced by the market demand and prices for gold and silver, as well as its ability to successfully identify and develop commercially viable mineral deposits.

Santana Minerals Ltd. Financial Statement Overview

Summary
Santana Minerals Ltd. faces significant challenges due to the absence of revenue and high operational costs. Despite a strong equity base and low debt, the persistent operational losses and reliance on financing activities for cash flow are concerning. Strategic actions to generate revenue and manage costs more effectively are crucial for future financial stability.
Income Statement
Santana Minerals Ltd. reported no revenue over the past years, indicating a significant challenge in generating sales. The company consistently reports negative EBIT and EBITDA margins, reflecting ongoing operational losses. The net profit margin is also negative due to the absence of revenue and high expenses, which suggests a need for strategic restructuring or new revenue streams.
Balance Sheet
The company maintains a strong equity position, with a substantial portion of its assets financed by equity rather than debt, as indicated by a low debt-to-equity ratio. However, the absence of revenue combined with negative net income impacts the return on equity. The equity ratio is favorable, indicating lower leverage risks.
Cash Flow
Cash flow from operations is negative, pointing to operational inefficiencies or high costs. The company is heavily reliant on financing activities to sustain its cash flow, which could pose a risk if external financing becomes limited. Free cash flow is consistently negative, reflecting significant cash outflow, primarily due to capital expenditures.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit0.00-115.87K-12.66K-406.00-469.00-12.08K
EBITDA-4.71K-4.71M-2.54M-6.84M-990.69K-1.21M
Net Income-1.69K-1.69M-2.59M-6.87M-1.04M-6.35M
Balance Sheet
Total Assets106.40M106.40M69.78M39.99M19.92M17.14M
Cash, Cash Equivalents and Short-Term Investments50.45M50.45M33.07M17.21M2.45M3.93M
Total Debt199.19K199.19K52.85K0.000.000.00
Total Liabilities3.80M3.80M1.93M987.04K642.62K391.31K
Stockholders Equity102.60M102.60M67.85M39.00M19.28M16.75M
Cash Flow
Free Cash Flow-18.99K-18.99M-15.21M-10.74K-5.19K-3.93M
Operating Cash Flow-2.73K-2.73M-1.53M-1.22K-1.04K-1.72M
Investing Cash Flow-16.08M-16.08M-13.68M-4.15M-2.21M
Financing Cash Flow36.18M36.18M31.07M25.50M3.71M7.03M

Santana Minerals Ltd. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.95
Price Trends
50DMA
0.83
Positive
100DMA
0.79
Positive
200DMA
0.68
Positive
Market Momentum
MACD
0.03
Negative
RSI
67.34
Neutral
STOCH
84.27
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SMI, the sentiment is Positive. The current price of 0.95 is above the 20-day moving average (MA) of 0.85, above the 50-day MA of 0.83, and above the 200-day MA of 0.68, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 67.34 is Neutral, neither overbought nor oversold. The STOCH value of 84.27 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:SMI.

Santana Minerals Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
53
Neutral
AU$785.42M-351.85-1.99%42.55%
53
Neutral
AU$446.17M1,000.000.41%
53
Neutral
AU$407.38M-62.89-6.04%-76.36%
52
Neutral
AU$871.43M-10.60-8.58%28.45%79.93%
51
Neutral
AU$639.14M-20.00-90.88%
50
Neutral
AU$552.28M-12.03-150.61%-186.15%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:SMI
Santana Minerals Ltd.
0.95
0.48
102.13%
AU:STK
Strickland Metals Ltd
0.20
0.12
150.00%
AU:MTM
Mt Monger Resources Ltd.
0.90
0.63
231.48%
AU:29M
29metals Ltd.
0.66
0.44
197.73%
AU:LRV
Larvotto Resources Limited
1.21
0.51
72.86%
AU:AZY
Antipa Minerals Limited
0.61
0.31
103.33%

Santana Minerals Ltd. Corporate Events

Santana Minerals Announces Update in Director’s Shareholding
Dec 18, 2025

Santana Minerals has announced a change in the ownership structure of its director Samuel Smith’s interests. Smith exercised his unlisted options, resulting in the acquisition of 1,200,000 fully paid ordinary shares worth $375,000, while relinquishing 1,200,000 unlisted options. The adjustment underscores Santana Minerals’ commitment to aligning leadership interests with the company’s equity, reflecting positively on its governance practices.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.15 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Issues 1.2 Million Shares Under Employee Options
Dec 18, 2025

Santana Minerals Ltd has issued 1,200,000 fully paid ordinary shares following the exercise of employee share options, as disclosed in a notice submitted under section 708A(5) of the Corporations Act. This update indicates compliance with relevant regulatory provisions, enhancing shareholder trust and signaling the company’s commitment to transparent operations.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.15 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Announces Quotation of 1.2 Million Shares
Dec 18, 2025

Santana Minerals Ltd., a publicly listed entity on the ASX, has announced the issuance of 1,200,000 fully paid ordinary shares, which were quoted on December 16, 2025, as part of the exercise of options or conversion of convertible securities. This development underscores the company’s commitment to bolstering its capital structure and could enhance its operational capacity and market positioning, providing potential value for stakeholders.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.15 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Ltd. Updates on Director’s Securities Holdings
Dec 10, 2025

Santana Minerals Ltd. announced a change in the director’s interest, involving the acquisition and disposal of various securities, including fully paid ordinary shares, options, and performance rights. This adjustment in the director’s holdings reflects strategic financial maneuvers that may influence the company’s stock performance and stakeholder interests.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Updates Director’s Interest in Securities
Dec 10, 2025

Santana Minerals Ltd. announced a change in the director’s interest, specifically regarding Samuel Smith’s performance rights. The update includes the acquisition of additional performance rights, which were issued as approved by shareholders, potentially impacting the company’s governance and stakeholder interests.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Issues 520,000 Performance Rights
Dec 10, 2025

Santana Minerals Limited has announced the issuance of 520,000 performance rights as part of an employee incentive scheme. These unquoted securities are not intended to be listed on the ASX, reflecting a strategic move to motivate and retain key personnel, potentially impacting the company’s operational efficiency and stakeholder engagement.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Announces Cessation of Performance Rights
Dec 10, 2025

Santana Minerals Limited announced the cessation of 318,720 performance rights due to the lapse of conditional rights, as the conditions were not met or became incapable of being satisfied. This development may impact the company’s capital structure and could have implications for stakeholders, reflecting on the company’s operational adjustments and strategic focus in the mining sector.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Issues Over 3 Million New Shares
Dec 9, 2025

Santana Minerals Ltd has issued a total of 3,018,720 fully paid ordinary shares, comprising 318,720 shares from the vesting of employee performance rights and 2,700,000 shares from the exercise of employee share options. This move is part of the company’s compliance with the Corporations Act 2001, and it reflects the company’s ongoing efforts to incentivize its workforce and potentially strengthen its market position.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Ltd. Issues New Securities to Bolster Capital
Dec 9, 2025

Santana Minerals Ltd. announced the issuance of 3,018,720 fully paid ordinary securities, effective December 9, 2025. This move is part of the company’s strategic efforts to enhance its capital structure and potentially support its ongoing and future projects, impacting its operational capacity and market positioning.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Unveils Promising Drill Results at RAS Deposit
Dec 3, 2025

Santana Minerals Ltd. has announced exceptional drilling results at the northern extents of the Rise & Shine (RAS) deposit, highlighting significant high-grade intercepts. The results confirm the continuation of the high-grade core (HG1 domain) and suggest potential for substantial underground mine-life extensions beyond the current plan. The standout result of 8.7 meters at 30.6g/t Au in hole MDD487 ranks among the top ten holes drilled at RAS, underscoring the strength of the HG1 domain. These findings extend the HG1 zone well beyond the current underground reserve, potentially increasing the mine’s operation size by 60%. Additionally, aggressive step-out drilling has extended the RAS orebody down-plunge by another 190 meters, demonstrating the strength and predictability of the geological model.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals’ Bendigo-Ophir Gold Project Gains EPA Approval
Nov 23, 2025

Santana Minerals Ltd announced that the Environmental Protection Authority (EPA) has accepted its application under the Fast-track Approvals Act for the Bendigo-Ophir Gold Project. This acceptance marks a significant procedural milestone, allowing the project to move into the assessment phase, with a decision expected in approximately six months. The company is preparing for the next steps, including planning for long-lead items and early works, with construction anticipated to begin in mid-2026, subject to a positive outcome.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Ltd Requests Trading Halt Pending Key Announcement
Nov 21, 2025

Santana Minerals Ltd has requested a trading halt on its securities pending an announcement regarding its Fast-track Application for the Bendigo-Ophir Gold Project. The trading halt is expected to remain until the company releases the announcement or normal trading resumes on November 25, 2025. This move could have implications for the company’s operations and market positioning, particularly in the context of its gold exploration activities in New Zealand.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Ltd Announces Successful AGM Results
Nov 19, 2025

Santana Minerals Ltd announced the successful outcomes of its Annual General Meeting, where all proposed resolutions were passed by a poll. Key resolutions included the re-election of a director, ratification of share placements, and approval of an employee incentive plan, which are expected to positively impact the company’s governance and operational strategies.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Advances Bendigo-Ophir Gold Project with Strategic Developments
Nov 19, 2025

Santana Minerals Ltd announced significant progress in its Bendigo-Ophir Gold Project, driven by favorable gold prices and supportive New Zealand legislation. The company’s efforts have led to a successful application for development consents under the Fast Track Approvals Act, positioning the project as a major economic contributor. With improved project economics and strategic land acquisitions, Santana aims to reduce operating costs and enhance shareholder value, marking a pivotal step in its growth trajectory.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Secures 30-Year Mining Permit for New Zealand Gold Project
Nov 5, 2025

Santana Minerals Ltd has been granted a 30-year mining permit for its Bendigo-Ophir Gold Project in Central Otago, New Zealand, by New Zealand Petroleum & Minerals. This extension from the initially anticipated 25-year period signifies a positive development for the company, potentially enhancing its long-term operational stability and strengthening its position in the gold mining sector.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Secures 25-Year Mining Permit for Bendigo-Ophir Project
Nov 5, 2025

Santana Minerals Ltd has been granted a 25-year mining permit by New Zealand Petroleum & Minerals for its Bendigo-Ophir Gold Project, marking a significant step towards the project’s development. This permit allows the company to extract and process gold, with expectations of substantial economic benefits for the region, including job creation and increased royalties for the New Zealand government.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Advances Bendigo-Ophir Gold Project with Strategic Developments
Oct 31, 2025

Santana Minerals Ltd has made significant strides in the first quarter of the 2025/2026 financial year, particularly with its Bendigo-Ophir Gold Project. Key achievements include an updated Pre-Feasibility Study showing strong financial metrics and reduced capital requirements, securing land ownership for project infrastructure, and raising A$60 million to support land purchases and construction. The company also lodged a consent application under the Fast-track Approvals Act, marking a major milestone in the project’s development. These developments enhance the company’s operational capabilities and market positioning, potentially increasing value for stakeholders.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Ltd Announces Details for Upcoming AGM
Oct 19, 2025

Santana Minerals Ltd has announced the details for its upcoming Annual General Meeting (AGM) scheduled for November 19, 2025. The meeting will be held both in-person in Perth, WA, and online, allowing shareholders to participate remotely. Shareholders are encouraged to lodge their proxy votes online if they cannot attend, with instructions provided for both ASX and NZX registered holders. This announcement underscores the company’s commitment to engaging with its shareholders and ensuring their active participation in corporate governance.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Secures Key Lands for Bendigo-Ophir Gold Project
Oct 16, 2025

Santana Minerals Ltd has successfully acquired key freehold lands and extinguished royalties for its Bendigo-Ophir Gold Project, enhancing project economics and lowering operating costs. This strategic move is expected to advance the project significantly, bringing economic benefits and job opportunities to the region, especially with gold prices at record highs.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.63 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Santana Minerals Reports Promising Drilling Results at RAS North and RINA
Oct 15, 2025

Santana Minerals Ltd. has reported strong assay results from its ongoing drilling program at RAS North, which demonstrate the continuity of high-grade gold mineralization within the HG1 domain. The drilling aims to upgrade inferred material to indicated status and potentially expand underground resources. Additionally, results from the RINA sterilization drill program confirm the fertility of the Rise and Shine Shear Zone as a significant gold system, with large portions remaining untested, indicating further exploration potential.

The most recent analyst rating on (AU:SMI) stock is a Buy with a A$1.85 price target. To see the full list of analyst forecasts on Santana Minerals Ltd. stock, see the AU:SMI Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Dec 30, 2025