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2026-11-06
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Santana Minerals Limited

PFS Developer · Gold · NZ · KH Rating locked: sign in to view v8.1 · smi-20261102t225804-full
Last 2026-11-06
A$0.44
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$435.9M
EV
A$256.7M
Cash
A$179.7M
Debt
A$236K

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$179.7MFY2025: 50,453,388FY2026: 188,333,447 Finite
Debt A$236K Net cash A$179.5M
Basic shares 990.6MFY2025: 722,718,675FY2026: 985,760,563 2026-10-22
Runway 21 quarters Cash at 30 Sep 2026 divided by the latest quarter operating and exploration outflow of A$8.6m (Appendix 5B item 8.7); pre-production capital of A$277m is outside this run-rate and is not funded by cash alone.

Liquidity

Financial position

Cash of A$179.7m (A$175m net of payables) covers the company-funded share of development but not the full A$277m pre-production capital plus land and royalty consideration. Debt funding has been sought from selected lenders but no facility is committed at the cutoff; the vehicle finance facility is the only drawn borrowing (A$0.24m). Lease liabilities were A$0.25m at 30 June 2026.

Capital structure

Ownership and dilution

Ordinary shares
990.6M
Fully diluted
992.2M

30 Jun 2026 balance 985,760,563 (AR note 15) + 4,845,000 shares issued 22 Oct 2026 on option and performance right exercise = 990,605,563 quoted after quotation (Appendix 2A part 4.1). No other issues between 30 June and 22 October 2026 are recorded in the reviewed filings. Fully diluted adds 1,210,000 performance rights and 409,038 options (AR note 12 and Appendix 2A). The 4.5m options exp. 23 Oct 2026 were exercised on 22 Oct.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares on issue after the 22 Oct 2026 quotationOrdinary Share990.6M——
Options exp. 11 Dec 2026 (409,038 at A$0.3125)Option409KA$0.3122026-12-11
Unquoted performance rights on issuePerformance Right1.2M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AFY2026A
Operations
Gold production (base case)koz0.000.00
Profit and loss
RevenueAUDm0.00.0
Operating costs (excl. royalties)AUDmFY2025: 4,090,129 AUDFY2026: 6,418,436 AUD4.16.4
RoyaltiesAUDm0.00.0
Total cash costsAUDmFY2025: 4,090,129 AUDFY2026: 6,418,436 AUD4.16.4
EBITDAAUDmFY2025: -4,090,129 AUDFY2026: -6,418,436 AUD(4.1)(6.4)
Net profit after taxAUDmFY2025: -1,692,292 AUDFY2026: -1,408,143 AUD(1.7)(1.4)
Cash flow
Operating cash flowAUDmFY2025: -2,725,547 AUDFY2026: -2,268,873 AUD(2.7)(2.3)
Capex (pre-production, sustaining and E&E)AUDmFY2025: 16,265,000 AUDFY2026: 48,794,293 AUD16.348.8
Free cash flowAUDmFY2025: -18,990,547 AUDFY2026: -51,063,166 AUD(19.0)(51.1)
Balance sheet
CashAUDmFY2025: 50,453,388 AUDFY2026: 188,333,447 AUD50.5188.3
DebtAUDm0.00.0
Net debt (negative is net cash)AUDmFY2025: -50,453,388 AUDFY2026: -188,333,447 AUD(50.5)(188.3)
Per share
Shares on issue at year endm sharesFY2025: 722,718,675 sharesFY2026: 985,760,563 shares722.7985.8
Basic loss per shareAUD/shareFY2025: -0.00 AUD/shareFY2026: -0.00 AUD/share(0.00)(0.00)
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025: -61.54 xFY2026: -39.22 x(61.5)(39.2)
P / E (x, current market cap)xFY2025: -255 xFY2026: -306 x(254.6)(306.0)
FCF yield (current market cap)%FY2025: -0.04 fractionFY2026: -0.12 fraction-4.4%-11.8%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025: 12.34 xFY2026: 29.34 x12.329.3

KPI history

Operating metrics

Source values by period
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
Net loss after tax, year to 30 June 2025CompanyFY2025Year-1,692,292 AUDReported
Net loss after tax, year to 30 June 2026CompanyFY2026Year-1,408,143 AUDReported
Net operating cash outflow, year to 30 June 2026CompanyFY2026Year-2,268,873 AUDReported
Operating plus investing cash flow, quarter to 30 Sep 2026 (Appendix 5B 1.9 + 2.6)CompanyQ1 FY2027Quarter-8,590,000 AUDReported
Exploration and evaluation payments, quarter to 30 Sep 2026Bendigo OphirQ1 FY2027Quarter9,561,000 AUDReported

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-02-23Ann. 2026-02-17RaisingA$113M125.5M—Completed—
2026-04-09Ann. 2026-02-17RaisingA$17M18.9M—Completed—
2026-03-20Ann. 2026-02-17RaisingA$4.1M4.6M—Completed—
2025-08-20Ann. 2025-08-11RaisingA$60M103.4M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-22

Royalty, land and Snuol terms from the FY2026 Annual Report (note 13 and 17), the Updated PFS royalty assumptions and the land and Cambodia announcements; the Ardgour royalty nullification and royalty-purchase terms beyond the stated amounts were not in the reviewed documents.

Three private royalties averaging 2.25% of gold revenue in the Updated PFS (A$576m total royalty in the schedule including the Crown royalty) plus landowner access royalties of 1% rising to 2% of net value.

Royalty · Active
Counterparties
Three private royalty holders and landowners
Applies to
Bendigo-Ophir Gold Project (RAS, SRX deposits) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Average private royalty rate: 2.25 percent of gross revenue
Landowner access royalty range: — 1.0 to 2.0 percent of net value
How it affects our valuation

No valuation treatment is available for this arrangement.

Crown royalty payable from production at the higher of 2% of net smelter return or 10% of accounting profit; the PFS schedule totals A$410m at A$4,950/oz.

Royalty · Conditional
Counterparties
Crown (New Zealand)
Applies to
Bendigo-Ophir Gold Project (RAS, SRX deposits) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Crown royalty: 10 percent of accounting profit (APR)
Crown royalty floor: 2 percent of net smelter return
How it affects our valuation

No valuation treatment is available for this arrangement.

Freehold Ardgour Station land for the plant and infrastructure; settlement subject to FTA consent and OIO approval; removes a 1% gross royalty over about half of RAS. The Annual Report commitments of A$159.6m (A$144.9m net of deposits) cover land and royalty purchases and plant.

Other · Conditional
Counterparties
Ardgour Station landowners
Applies to
Bendigo-Ophir Gold Project (RAS, SRX deposits) · Gold
Economic direction
Mixed
Period
From 2025-07-02; no end date stated
Key terms
Total staged consideration: 25 NZD million
Cash consideration: 18 NZD million
Share consideration: 5 NZD million
Non-refundable deposit: 2 NZD million
Royalty nullified: 1 percent gross production royalty over about half of RAS
How it affects our valuation

No valuation treatment is available for this arrangement.

Renaissance has earned 60% of the Cambodian subsidiary; the company elected not to contribute and is free-carried to a definitive feasibility study, leaving a 34% holding that dilutes to not less than 12.75% without contribution.

Farm Out · Active
Counterparties
Renaissance Cambodia Pty Ltd
Applies to
Snuol exploration project, Cambodia (34% free-carried) · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Renaissance earned interest in subsidiary: 60 percent
Company interest after elections: 34 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Unincorporated joint venture with Southern Gold Limited holding 15% of the Cambodian exploration licences, free-carried until a feasibility study.

Joint Venture · Active
Counterparties
Southern Gold Limited
Applies to
Snuol exploration project, Cambodia (34% free-carried) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
SGL interest in Cambodian exploration licences: 15 percent
How it affects our valuation

No valuation treatment is available for this arrangement.