SANTANA MINERALS LIMITED (SMI)
Share Price Analysis and Chart

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

10/09/2025

1

Speculative Buy

$1.40

73.91%

Bell Potter highlights ASX-listed gold producers have materially underperformed North American/global peers since June 2025, a rare disconnect not explained by fundamentals.

The broker doesn't see any sustainable justification, given catalysts like FY26 guidance misses, higher costs, or labour/power pressures are also present offshore.

With gold price breaking higher again after a period of consolidation from the April record, the broker sees this as a strong foundation for further upside in gold. ASX gold equities could mean-revert towards global peers, in the broker's view.

Long-term gold price forecast lifted higher to US$3,400/oz from US$2,800. For 2H2025, the broker pushed the estimate to US$3,500 from US$2,950, and for 2H2027 to US$3,300 from US$2,700.

Speculative Buy maintained for Santana Minerals. Target rises to $1.40 from $1.18.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.00 cents.

30/09/2025

1

Speculative Buy

$1.85

129.81%

Canaccord Genuity has updated its long-term (from 2029) gold price forecast by 8.2% to US$4,173/oz, and the medium-term 2026/27/28 by 8.9%/8.5%/8.2%, respectively, in line with the forward curve.

For silver, the broker lifted the long-term price forecast by 14.5% to US$47.8/oz while long-term forex forecasts were left unchanged.

This has resulted in an average 13% rise in the broker's target price for senior producers, 12% for intermediate/junior producers, and 12% for explorers/developers.

Target price for Santana Minerals rises to $1.85. Speculative Buy retained.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.00 cents.