Santana Minerals Limited

[Basil]

Nobody ever went broke taking a profit.

[Clearasmud]

I sold half.
Mining stocks are very high risk/reward
Im thinking now it's good to have 10 of those but it needs a lot of research.
Lion selection does it for you I guess.
Ticker Lsx.

[Basil]

https://api.nzx.com/public/announcement/456150/attachment/448741/456150-448741.pdf
Haven't got time to check this properly but on a very brief glance there doesn't appear to be any new info on when the FTA will be made ?

I think shareholders are due an update and lack of transparency around this FTA process is concerning.

[Dolcile]

Yes agreed Basil, this was a post on the other channel by Tinman - very telling:

From their ASX releases on Fast Track submission timing:

18 Nov 2024
Santana expects to be in a position to make its submission for approvals in mid-late February 2025.

23 Jan 2025
... the submission timeline for the application has been adjusted to accommodate these updates. Applications are able to be lodged in the first quarter in 2025.

7 Apr 2025
... we are now working towards completing our submission as soon as possible but no later than 30 June 2025.

13 June 2025
... the Company will not be in a position to submit its FTAA Application by 30 June 2025 as previously announced.... in the meantime, continues to prioritise work to ensure submission of the FTAA Application at the earliest opportunity.

24 July 2025
Lodgement is now imminent and remains a top priority.

[Basil]

13 June 2025
... the Company will not be in a position to submit its FTAA Application by 30 June 2025 as previously announced.... in the meantime, continues to prioritise work to ensure submission of the FTAA Application at the earliest opportunity.

Agreed.  Missed one.  In the updated PFS recently released they had a timeline of mid July for lodging FTA. 

P.S. 18 Nov 2024

Santana expects to be in a position to make its submission for approvals in mid-late February 2025.

They're now nearly six months behind !

[Clearasmud]

I think the insiders know this will get up.

[Sideshow Bob]

I think anyone would be in Lala land thinking that would be able to get a gold mine fully consented and up into development in NZ these days strictly within the indicated timelines for consenting and permits. Always going to be alot of bumps along the way.

As I've said before, the resource and potential is not in question - the risk is all around resource consents.

[Otago K]

Latest ASX disclosure was 4th August, for an Aussy mining forum presentation, https://www.nzx.com/announcements/456150
gut tells me the pour date is now back a quarter into 2027 from where I last saw it. Don't see any indications of insiders selling, nor at current levels buying not that they would be likely to with the current investment and entitlements I would speculate. Tend to agree it would be reassuring if what might appear negative aspects were to be front foot disclosed as do the positives.

[Sideshow Bob]

Latest ASX disclosure was 4th August, for an Aussy mining forum presentation, https://www.nzx.com/announcements/456150
gut tells me the pour date is now back a quarter into 2027 from where I last saw it. Don't see any indications of insiders selling, nor at current levels buying not that they would be likely to with the current investment and entitlements I would speculate. Tend to agree it would be reassuring if what might appear negative aspects were to be front foot disclosed as do the positives.

It was up 2.5c (4.3%) yesterday in Oz. On the back of this or just normal movement??

[Greekwatchdog]

Trading hope. Good luck holders

NZ RegCo advises that, at the request of the Santana Minerals Limited ("SMI"), it has placed a trading halt on SMI ordinary shares. The trading halt was placed prior to market open today, Thursday, 7 August 2025.

The trading halt has been put in place pending an announcement by SMI.

[Greekwatchdog]

ex ASX, Only for a placement


https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02976028-6A1277293&v=4a466cc3f899e00730cfbfcd5ab8940c41f474b6

[Basil]

Getting further and further behind with multiple missed deadlines of undertakings of when FTA would be made and now a placement to keep them in funds for longer.  I'm not impressed.  No doubt the placement will be to parties friendly to the directors... 

[Dolcile]

Agreed, I'm glad to be on the sidelines.  I was not expecting more dilution pre FID.

[Basil]

Article in the AFR 
Gold miner Santana Minerals in $61m equity raising
Sarah Thompson, Kanika Sood and Emma Rapaport
Aug 7, 2025 – 11.45am
Santana Minerals, a gold miner capitalised at $455 million on the ASX, was out pitching investors for fresh cash days after its management preached its prospects at the Diggers & Dealers conference
 in Kalgoorlie.
Gold miners are making the most of their perky share prices in launching cash calls.
Street Talk understands Santana is seeking to raise $58 million in an institutional placement priced at 58¢ a share, or a 7.9 per cent discount to the last traded price.
It equates to 14 per cent of the company's issued capital. Santana also plans to run a $3 million share purchase plan for retail shareholders.
Lead manager and bookrunner Canaccord Genuity was calling for bids by 5pm Thursday for Asia Pacific investors to return the stock to trading on Monday.
Santana is developing the Bendigo-Ophir gold project in New Zealand's Central Otago Goldfields, and has described its discovery as the "most significant" in the country in 40 years. Construction is expected to begin in early 2026, with base-case modelling offered to investors claiming a $780 million net present value and a 2.6-year payback timeline.
It had $47.5 million cash at June 30, and shares have risen more than 40 per cent over the past 12 months.
Fund managers were told proceeds from Thursday's raising would accelerate preparations needed for the final investment decision at the Bendigo-Ophir project; help kick off early infrastructure civil works and order long-lead items; and expand exploration to nearby targets. Also under consideration are M&A opportunities.
"The company is currently in negotiations to acquire freehold title to parcels of land neighbouring and underlying its Bendigo-Ophir Gold Project, already the subject of access arrangements. Any formal agreements will be subject to various conditions precedent, including but not limited to NZ Overseas Investment Office approval where required," the term sheet noted.
The price of gold has jumped more than 40 per cent over the past year to $5200 per ounce, leaving many ASX-listed gold miners and hopefuls with spectacular share price gains.

A few thoughts and concerns.
This seems like a very strange point to be raising capital.  Why wouldn't you just get on with the FTA, de-risk the project, get consent and then raise capital ?  Just thinking out loud here. The cynic in me thinks they've gone into full concealment mode.  They're not explaining the repeated delay's in FTA process so as I suggested recently maybe there's something in those environmental reports that the company doesn't like ?  Maybe that's the reason they're looking to buy up more land ?  The steady increase in the share price in recent days looked a bit "orchestrated" to me, parties friendly to the directors artificially pumping up the price prior to the capital raise ?  The discount on offer here is very modest and in fact it wasn't long ago at all the shares were trading at 58 cents Australian.  If the capital raise proceeds at the price indicated, which will be about 64 cents Kiwi, I am strongly disinclined to give them any more money.  The lack of transparency here around the FTA is really off-putting.  To ask for more capital while contemporaneously giving no transparency about the huge delay's in the FTA....Crickey, they've got a bloody nerve...

[Greekwatchdog]

All sounds good, however they still need Resourse Consent, and if approved you can just imagine the uproar from these Greenies on the left complaining about a few miss placed animals not to mention complaining locals...

Enviromental courts could get busy..