Santana Minerals Limited

[Left Field]

.....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...

Another classic 360 degree turn by you Basil. How can you be surprised???.....Many posters warned you of the risks..... but you knew better.... LOL reading back on this forum! Classic stuff.

[Basil]

Another classic 360 degree turn by you Basil. How can you be surprised???.....Many posters warned you of the risks..... but you knew better.... LOL reading back on this forum! Classic stuff.

I have never claimed to be experienced in investing in junior mining stocks. I actually thought they would lodge the FTA by late June given the delay's previous to that.  I could accept some wiggle room around that, so thought in the updated PFS mid July was passably okay.  When they missed that deadline it was a case for me of three strikes and you're basically out.  Nobody ever went broke taking a profit.  My average cost was in the low 50's and average sale price in the mid 60's.  Its been an interesting experience and I still have a very small hobby sized stake.

[Otago K]

Article in the AFR 
Gold miner Santana Minerals in $61m equity raising......

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...

Think the land being purchased from Ardgour maybe about security of legal freehold title over the location of some infrastructure build and logistics of access surety 24 / 7, with the possible conflicts with farming operation. Hope I am correct that it might see a lower royalty sum to be paid to the Ardgour Station owners??  hopefully coherent .

[Basil]

Paying 5%, a cool $A3m underwriting and management fees to raise $A60m    Nice work for the underwriters !
https://api.nzx.com/public/announcement/456510/attachment/449196/456510-449196.pdf
Share purchase plan of A$3m to existing shareholders to ostensibly cover the placement costs.  Can apply for up to $A30,000 of shares at A58 cents for those that are keen.

[Clearasmud]

Money is flowing.
Gold is hot.
Gee those underwriters do alright.

[Otago K]

Should be unlocked from yesterdays edition, not yet read through and probably doesn't explain what the potentially one report outstanding that goes to the non submission under the FTA regime.

https://www.odt.co.nz/regions/central-otago/blasting-massive-hole-conservation-area-not-done-thing

Potentially I may encounter some folk at an imminent funeral who have personal connections into the Santana staffing, might see if I can glean a sense of the reality / word on the street, should they be aware.

[Redhorseshoe]

Was having a nosy at NZ stocks tradable through CMC as CFD's and noticed Santana had been added recently.

Might add to volumes traded as they will have to hedge there book.

[Dolcile]

I can't see anything in today's presentation regarding the status of the Fast Track Approvals Submission.

Glad I'm out.

[Basil]

They just keep pushing out the timelines and concealing the reasons for FTA delays.

[Left Field]

Locals not happy with Santana. Surprise. Surprise.

https://www.odt.co.nz/regions/central-otago/santana-'completely-failed'-share-mine-info

[Hectorplains]

Locals not happy with Santana. Surprise. Surprise.

https://www.odt.co.nz/regions/central-otago/santana-'completely-failed'-share-mine-info

Given  the community, the response was always going to be fraught.  With the make up of their Board, it's no surprise that Santana hasn't done well with managing the narrative.  That's now biting them on the bum. 

[Left Field]

Given  the community, the response was always going to be fraught.  With the make up of their Board, it's no surprise that Santana hasn't done well with managing the narrative.  That's now biting them on the bum. 

The locals response to the proposed Tarras International airport provides an indication of the depth of feeling that can be aroused.

Here's another report https://www.rnz.co.nz/news/business/571161/otago-locals-range-from-curious-to-staunchly-opposed-on-giant-gold-mine

[Basil]

Their latest presentation indicates application for mine license by the end of Sept...I presume this is FTA.  It also has images of the tailings dams which is something new.  First gold by midway through Q2 2027.  Hmmm  Disc: VERY small hobby sized position and not participating in the capital raise.  Really arrogant, asking for more capital while concealing the reasons for FTA delay's, in my opinion.

[Max]

Underground mine the only option imo,can backfill the spoil etc later..
A friend who spends alot of time in small goldies est that
 re 218 million tonnes of rock spoil( mostly overburden) would need to removed to recover 1,093,494 Oz of gold, all what ; being within 4 km from the top of the lake.?

[Otago K]

Partly a reminder for those who see benefits to apply into the offer it's the last day today, you will need to meet the verification on payment requirements through NZ banking system and all. It is available at quite a lot lower than the Mr Market, SP levels over last 3  days ever higher so must be heavy scaled back. There maybe some speculation of justification to FTA delays, but for me they are still baked in and they might well influence the valuation projections I have.
Discl currently an active seller down, might even get to a Nil Funds Invested sleep easy situation if momentum builds today. Is this current SP merely frothy or a bubble even based on the current Gold spot price???