Highlights

  • One broker has issued a ‘Buy’ rating on Santana Minerals.
  • The target price of AUD 1.63 implies a potential upside of 73.4%.
  • The company has secured freehold ownership of all lands encompassing the Bendigo-Ophir Gold Project.

Santana Minerals Limited (ASX:SMI) has received a ‘Buy’ rating from an equity research analyst, who has set a target price of AUD 1.63 per share, indicating a potential 73.4% increase from its recent trading levels.

The analyst’s rating might follows a series of operational updates from Santana, including progress in drilling activities at the RAS North and RINA regional systems, as well as land acquisition agreements that consolidate ownership across its Bendigo-Ophir Gold Project footprint.

Land Acquisition Details

In October 2025, Santana announced that it has secured freehold ownership of all lands encompassing the Bendigo-Ophir Gold Project.

The acquisition of the Bendigo Station and adjoining Ardgour Station lands grants the Company full freehold title to all areas directly impacted by planned mine development and infrastructure.

The acquisition also includes the cancellation of a 1.25% NSR royalty on the first one million ounces of gold produced from Bendigo lands, as well as a 1% NSR royalty over the Ardgour lands.

In addition, Santana exercised its option to purchase 92 hectares of land for critical water supply infrastructure and pipelines associated with the project. The

Exploration Progress at RAS and RINA

Recent assay results from RAS North have confirmed strong continuity of high-grade gold mineralisation within the HG1 domain, supporting the upgrade of Inferred material to Indicated status. Drill results such as 13.8m @ 8.5g/t Au from MDD474 and 7.9m @ 6.2g/t Au from MDD473 reaffirm the consistency of grade and geometry along the northern extension of the system.

Meanwhile, exploration at the RINA (RAS-is-Not-Alone) regional programme continues to highlight the broader potential of the Rise and Shine Shear Zone (RSSZ), with multiple intersections indicating the system remains open and largely untested.