Santana Minerals Ltd. (AU:SMI)
ASX:SMI
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Santana Minerals Ltd.
(Sydney:SMI)
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Select Model
Rating:49Neutral
Price Target:
AU$0.69
â–¼(-23.96% Downside)
Action:ReiteratedDate:03/21/26
The score is held back primarily by the pre-revenue profile, persistent losses, and deepening negative free cash flow, despite a notably strong low-debt balance sheet. Technical indicators also point to weak momentum, while valuation is difficult to support given negative earnings and no dividend data.
Positive Factors
Low leverage & equity build
Very low leverage and a materially larger equity base provide durable financial flexibility. This funding capacity reduces near-term refinancing risk, supports continued exploration and project advancement without immediate debt, and gives management optionality to pursue development or partnerships over the coming months.
Negative Factors
Pre-revenue profile
With no operating revenue, the business lacks a tested cash-generation engine and depends on external funding to progress projects. Over 2–6 months this structural profile keeps valuation and sustainability tied to project milestones and financing access rather than operational cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage & equity build
Very low leverage and a materially larger equity base provide durable financial flexibility. This funding capacity reduces near-term refinancing risk, supports continued exploration and project advancement without immediate debt, and gives management optionality to pursue development or partnerships over the coming months.
Read all positive factors
Santana Minerals Ltd. (SMI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$671.95M
Dividend YieldN/A
Average Volume (3M)1.79M
Price to Earnings (P/E)―
Beta (1Y)1.38
Revenue GrowthN/A
EPS Growth42.55%
CountryAU
Employees23
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.18
Shares Outstanding966,829,830
10 Day Avg. Volume1,698,672
30 Day Avg. Volume1,789,977
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)3.37
Price to Sales (P/S)0.00
P/FCF Ratio-18.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.93Price Target Upside111.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)N/A
Santana Minerals Ltd. Business Overview & Revenue Model
Company Description
Santana 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 kilometer...
How the Company Makes Money
null...
Santana Minerals Ltd. Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
72
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -115.87K | -12.66K | -406.00 | -469.00 | -12.08K |
| EBITDA | -2.91M | -4.71M | -2.54M | -6.84M | -990.69K | -1.21M |
| Net Income | -1.31M | -1.69M | -2.59M | -6.87M | -1.04M | -6.35M |
Balance Sheet | ||||||
| Total Assets | 163.27M | 106.40M | 69.78M | 39.99M | 19.92M | 17.14M |
| Cash, Cash Equivalents and Short-Term Investments | 89.98M | 50.45M | 33.07M | 17.21M | 2.45M | 3.93M |
| Total Debt | 371.43K | 199.19K | 52.85K | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 5.18M | 3.80M | 1.93M | 987.04K | 642.62K | 391.31K |
| Stockholders Equity | 158.10M | 102.60M | 67.85M | 39.00M | 19.28M | 16.75M |
Cash Flow | ||||||
| Free Cash Flow | -1.60M | -18.99M | -15.21M | -10.74K | -5.19K | -3.93M |
| Operating Cash Flow | -1.24M | -2.73M | -1.53M | -1.22K | -1.04K | -1.72M |
| Investing Cash Flow | -28.47M | -16.08M | -13.68M | -9.52K | -4.15M | -2.21M |
| Financing Cash Flow | 89.35M | 36.18M | 31.07M | 25.50M | 3.71M | 7.03M |
Santana Minerals Ltd. Technical Analysis
Negative
0.91
Price Trends
0.89
Negative
0.89
Negative
0.79
Negative
Market Momentum
-0.06
Positive
38.01
Neutral
35.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SMI, the sentiment is Negative. The current price of 0.91 is above the 20-day moving average (MA) of 0.77, above the 50-day MA of 0.89, and above the 200-day MA of 0.79, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 38.01 is Neutral, neither overbought nor oversold. The STOCH value of 35.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:SMI.
Santana Minerals Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | AU$554.48M | -5.72 | -61.67% | ― | ― | ― | |
52 Neutral | AU$526.37M | -55.50 | 0.41% | ― | ― | ― | |
49 Neutral | AU$671.95M | -127.78 | -1.01% | ― | ― | 42.55% | |
48 Neutral | AU$629.03M | 34.64 | -8.58% | ― | 28.45% | 79.93% | |
46 Neutral | AU$397.61M | -19.57 | -6.04% | ― | ― | -76.36% | |
42 Neutral | AU$445.79M | -6.45 | -117.09% | ― | ― | -186.15% |
* Basic Materials Sector Average
AU:SMI
Santana Minerals Ltd.
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Santana Minerals Ltd. Corporate Events
Santana Minerals Seeks ASX Quotation for Nearly 19 Million New Shares
Apr 8, 2026
Santana Minerals Ltd. has applied to the ASX for quotation of 18,930,718 new ordinary fully paid shares, with an issue date of 8 April 2026. The move formalises the listing of these securities, increasing the company’s quoted share count and...
Santana Minerals Director Increases Stake Through Share Purchase Plan
Mar 23, 2026
Santana Minerals has disclosed a change in director Frederick James Leslie Bunting’s interests following his participation, via Depot Corporation Limited, in a Share Purchase Plan. Bunting, who already held performance rights and a substanti...
Santana Minerals Director Increases Stake via Share Purchase Plan
Mar 23, 2026
Santana Minerals has disclosed a change in director Damian Spring’s holdings following his participation in the company’s share purchase plan. Spring acquired 27,720 ordinary shares at $0.90 each, increasing his direct holding to 3,343...
Santana Minerals Director Increases Stake via Share Purchase Plan
Mar 23, 2026
Santana Minerals has disclosed a change in director Samuel Smith’s interests, following his participation in the company’s share purchase plan on 20 March 2026. Through this on-market transaction, Smith acquired 27,720 ordinary shares ...
Santana Minerals Seeks ASX Quotation for 4.6 Million New Shares
Mar 20, 2026
Santana Minerals Ltd. has applied to the ASX for quotation of 4,557,937 new ordinary fully paid shares, to be issued on March 20, 2026. The additional securities, lodged via an Appendix 2A as a new announcement, expand the company’s quoted c...
Santana Minerals Raises A$4.1m in Share Purchase Plan
Mar 19, 2026
Santana Minerals has completed its share purchase plan, raising about A$4.1 million from eligible retail investors following a A$130 million placement completed in February 2026. The company will issue approximately 4.56 million new shares at A$0....
Santana Minerals Releases Half-Year Financial Report for December 2025
Mar 9, 2026
Santana Minerals Limited has released its half-year report for the period ended December 2025, providing consolidated interim financial statements, directors’ and auditors’ reports, and related notes on its financial position and perfo...
S&P Dow Jones Indices Unveils March 2026 S&P/ASX Rebalance
Mar 6, 2026
SP Dow Jones Indices has announced its March 2026 quarterly rebalance of the SP/ASX indices, with changes effective before trading on March 23. The reshuffle affects the composition of the SP/ASX 20, 50, 100, 200, and 300, reflecting shifts in mar...
Santana Minerals Sets March 31 General Meeting, Moves to Online Notices and Proxy Voting
Feb 27, 2026
Santana Minerals has called a General Meeting of shareholders for 31 March 2026, to be held in person in Perth, with documentation including the notice of meeting and proxy forms made available online rather than via physical mail. The company is ...
Santana Minerals Launches Share Purchase Plan to Fund Bendigo Ophir Gold Project
Feb 27, 2026
Santana Minerals has launched a share purchase plan for eligible Australian and New Zealand shareholders following a A$130 million institutional placement at A$0.90 per share. The plan, targeting up to A$30 million and priced at the same 8.6% disc...
Santana Minerals Launches Share Purchase Plan for Australian and New Zealand Investors
Feb 27, 2026
Santana Minerals has launched a non-renounceable share purchase plan (SPP) offering eligible shareholders in Australia and New Zealand the chance to buy between A$1,000 (or NZ$1,000) and A$24,948 of new shares at A$0.90, the same price as a recent...
Santana Minerals Raises A$113m via Unconditional Placement
Feb 24, 2026
Santana Minerals Limited, dual-listed on the ASX and NZX under the ticker SMI, has completed an unconditional equity placement, issuing 125,513,727 new fully paid ordinary shares to raise approximately A$113 million before costs. The company confi...
Santana Minerals Seeks ASX Quotation for 125.5 Million New Shares
Feb 24, 2026
Santana Minerals Ltd. has applied for quotation on the ASX of 125,513,727 new ordinary fully paid shares, with an issue date of 24 February 2026. The move significantly increases the company’s quoted share capital, potentially broadening its...
Santana Minerals Secures ASX Waivers to Fast-Track A$30m Share Purchase Plan
Feb 22, 2026
Santana Minerals has received waivers from key ASX Listing Rules to proceed with its latest share purchase plan without seeking shareholder approval, despite having conducted a similar plan in September 2025. The current offer, open to eligible sh...
Santana Minerals Lifts SPP Offer Size to $30 Million After ASX Waiver
Feb 22, 2026
Santana Minerals has updated its proposed securities purchase plan, lifting the offer size to $30 million, with the final amount remaining at the company’s discretion as detailed in the forthcoming offer booklet. The revision follows the gra...
Santana Flags Major Northern Extension Target at Rise & Shine Gold Deposit
Feb 9, 2026
Santana Minerals has outlined a new exploration target at its Rise Shine gold deposit, underpinned by recent step-out drilling that extends the mineralised envelope from 1.7km to 2.15km down plunge. The new target, situated north of the existing ...
Santana Minerals details funding and resource basis for Bendigo-Ophir gold push
Feb 8, 2026
Santana Minerals has outlined details of its Bendigo-Ophir Gold Project in New Zealand, positioning it as a potential major gold operation with development targeted for 2026. The company’s latest presentation draws on a recently completed pr...
Santana Minerals Gains Clear Fast-Track Decision Date for Bendigo-Ophir Gold Project
Feb 4, 2026
Santana Minerals has secured a confirmed decision timetable for its Bendigo-Ophir Gold Project under the Fast-Track Approvals Act, with an Expert Panel formally appointed and a statutory determination deadline set for 29 October 2026. The expanded...
Santana Minerals Secures Landmark Access Deal for Bendigo-Ophir Gold Project
Feb 1, 2026
Santana Minerals has secured a key land access agreement with the Central Otago District Council, resolving long-running negotiations under the Crown Minerals Act and granting access over council roading assets needed for its Bendigo-Ophir Gold Pr...
Santana Minerals Fast-Tracks Bendigo-Ophir as Gold Price Surge Boosts Project NPV
Jan 26, 2026
Santana Minerals reported strong progress in advancing its Bendigo-Ophir Gold Project toward construction targeted for mid-2026, securing a 30-year mining permit over the Rise Shine and satellite deposits, completing and gaining acceptance of its...
Santana Minerals Issues 1.2 Million Shares on Exercise of Employee Options
Jan 14, 2026
Santana Minerals has issued 1,200,000 fully paid ordinary shares following the exercise of employee share options and has lodged a cleansing notice under section 708A(5) of the Corporations Act to confirm the shares were issued without a prospectu...
Santana Minerals Seeks ASX Quotation for 1.2 Million New Shares
Jan 14, 2026
Santana Minerals Ltd has applied to the ASX for quotation of 1.2 million new ordinary fully paid shares, with an issue date of 14 January 2026. The additional securities, arising from the exercise or conversion of existing instruments, will expand...
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.