Highlights

  • SMI’s AUD 130 million placement is aimed at advancing the Bendigo Ophir Gold Project.
  • Canaccord Genuity rates Santana a Speculative Buy with a NZD 2.58 target.
  • Shaw and Partners assigns a Buy rating with a NZD 2.52 target.

Santana Minerals Limited (ASX:SMI) (NZX:SMI) has secured firm commitments to raise AUD 130 million to advance the Bendigo Ophir Gold Project, while also attracting updated broker coverage. Following the update, SMI’s share price dropped almost 10.39% to NZD 1.04 per share on 17 February 2026.

Alongside the capital raise and share price drop, Canaccord Genuity and Shaw and Partners positive ratings comes in limelight.

AUD 130 Million Placement Confirmed

Santana will raise AUD 130 million via the issue of approximately 144.4 million fully paid ordinary shares at AUD 0.90 per share. The placement will proceed in two tranches, with the second tranche subject to shareholder approval at an Extraordinary General Meeting expected in late March 2026.

In addition, the Company plans to seek approval or a waiver to launch a Share Purchase Plan (SPP) at the same issue price, allowing eligible shareholders in Australia and New Zealand to participate.

Proceeds will be directed toward development activities at the Bendigo Ophir Gold Project, including early infrastructure works, procurement of long-lead items, drilling programs and general working capital.

Broker Ratings in Focus

Canaccord Genuity has issued a Speculative Buy rating on Santana, setting a target price of NZD 2.58.

Shaw and Partners has also assigned a Buy rating, with a target price of NZD 2.52.

Funding Allocation and Project Development

Funds raised through the placement and proposed SPP will be applied toward Santana’s share of ongoing and future development costs.

The capital is earmarked for accelerating the Bendigo Ophir Gold Project toward a Final Investment Decision. Planned expenditure includes early civil infrastructure works, procurement of plant and infrastructure components, further exploration across near-mine and regional targets, and equity contributions to construction and pre-strip phases.

Shareholder Participation via SPP

Subject to regulatory approval, the Share Purchase Plan will be offered at A0.90 per share, matching the placement price. Eligible shareholders with registered addresses in Australia or New Zealand will be able to participate.

A shareholder meeting will be convened to approve the second tranche of shares and matters relating to the SPP.

Santana Minerals’ AUD 130 million capital raise coincides with updated broker coverage assigning Buy and Speculative Buy ratings, with target prices of NZD 2.58 and NZD 2.52. The funding is intended to progress the Bendigo Ophir Gold Project through development stages, while the proposed SPP provides eligible retail shareholders an opportunity to participate at the same price as institutional investors.

FAQ

Q1: What ratings have brokers assigned to Santana Minerals?
Canaccord Genuity has issued a Speculative Buy rating with a NZD 2.58 target price, while Shaw and Partners has assigned a Buy rating with a NZD 2.52 target.

Q2: How much capital has Santana raised?
Santana has secured commitments to raise A130 million at A0.90 per share through a two-tranche placement.

Q3: What will the funds be used for?
The proceeds will fund development of the Bendigo Ophir Gold Project, including infrastructure works, procurement, exploration drilling and working capital.