Azzet reports on three stocks with price moving updates today.
Santana Minerals dips on quarterly update ~
Shares in Santana Minerals (ASX: SMI) were trading around 5.6% lower by 1:55 pm AEST (3:55 am GMT), with the market reacting negatively to the gold explorer’s quarterly activities report detailing progress at its Bendigo-Ophir Gold Project (BOGP), located in the South Island of New Zealand in Central Otago.
Recent share price weakness can be attributed to February’s $134 million capital raise - through a two-tranche placement and a Share Purchase Plan – with the issue of around 144.4 million new shares – diluting shareholder value.
These funds, combined with a quarter-end cash balance of $184 million, are understood to satisfy the equity requirements for what is envisioned as a high-margin, district-scale operation.
Meantime, while investors are closely watching the Fast-track Approvals (FTA) process in NZ, there is clearly market uncertainty ahead of the final investment decision (FID) on resource consents, with lingering regulatory hurdles still needing to be cleared.
The market clearly recognises the outstanding execution risks associated with moving from explorer to producer.
In addition to centring on NZ’s Fast-track Approvals regime - now scheduled for 29 October 2026 - the March-quarter activity report also:
- Finalised a Road Access Agreement with the Central Otago District Council.
- Established a CPI-indexed NZ$1.25 million annual community fund.
- Progressed early site works and power upgrades to position the project for construction immediately after approvals.
- Operational readiness advanced with a major Komatsu mining fleet secured via deposits on equipment worth about NZ$120 million, alongside refined productivity and cost modelling, workforce planning that confirmed a strong local labour pool, and ongoing process plant optimisation.
Commenting in today’s update, management told the market that exploration during the quarter targeted major extensions to the RAS system and tested its down-plunge continuity, with results continuing to reinforce the system’s significant scale potential beyond the current Mineral Resource footprint.
“A key outcome was a successful step-out hole at RAS North, with MDD490 intersecting a broad zone of 38.6m @ 1.7g/t Au, including 13.6m @ 2.42g/t Au, extending mineralisation approximately 135m beyond previous drilling limits,” the company said.
“This intercept represents the thickest zone of silicified breccia (SBX) encountered at RAS to date and confirms the persistence, and apparent strengthening, of the mineralised system at depth.”
To the uninitiated, Santana aims to establish a long-life, high-margin gold operation using a 1.2Mtpa processing plant combining open pit and underground mining, with significant exploration upside across a 390sqkm tenement package.
With an estimated after-tax NPV of $2.3 billion and a projected output of 120,000 ounces per annum, Santana is understood to be rapidly positioning BOGP as NZ’s premier undeveloped gold asset.
Santana was recently added to the S&P/ASX 300 Index.
Santana Minerals has a market cap of $643 million; the share price is up 19% in one year and down 29% year to date.
The stock’s shares are in a downtrend confirmed by multiple indicators. In the medium-term, the 5-day moving average is beneath the 50-day moving average.
Consensus is Strong Buy.
Reliance Worldwide soars on FY earnings outlook
Shares in Reliance Worldwide (ASX: RWC) were trading 5.1% higher after the plumbing business reaffirmed its FY26 earnings outlook and reassured the market that it remains focused on managing external pressures and maintaining its guidance.
The market also took some comfort in revelations that it has no direct exposure to the Middle East conflict, with price increases offsetting higher energy costs.
Today’s update comes as a welcome relief for shareholders who have watched the share price tumble 26% over the past 12 months.
After nine months of trading to 31 March 2026, the company has reaffirmed full-year FY26 guidance and expects the FY26 net cost impact of U.S. tariffs to be at the lower end of the previously indicated US$25 million–US$30 million range.
While management is not expecting any material change in assumptions regarding regional and group outlook, it was quick to remind investors that sustained conflict in the Middle East could influence operating conditions heading into FY27.
Two notable U.S. tariff changes were flagged.
Despite an update to Section 232 tariffs on metals like steel, aluminium, and copper, the company does not anticipate a major shift in their operating earnings or cash flows for FY26 based on current estimates
The IEEPA-based tariffs were struck down by the U.S. Supreme Court, replaced by a Section 122 tariff set to expire in July 2026.
As a result, Reliance Worldwide lodged a claim for a refund of previously paid IEEPA tariffs; however, the amounts are yet to be verified.
Given that customer consolidation and pricing power may limit cost recovery in the U.S., brokers are starting to question whether U.S. price increases in the first half of FY27 can fully offset emerging input cost inflation.
Reliance Worldwide has a market cap of $2.4 billion; the share price is up 5% in the last week and down 16% year to date.
Reliance Worldwide sentiment among investors may be improving.
The weak trend in the 200-day moving average shows that sellers were more aggressive than buyers for quite some time.
Consensus is Moderate Buy.
European Lithium skyrockets on merger update
Shares in European Lithium (ASX: EUR) were trading 50.9% higher at noon after the lithium mid-cap play told the market it was planning to merge with its joint venture partner, U.S.-based miner Critical Metals Corp (NASDAQ: CRML), in a deal that will value it at more than $1 billion.
The deal will see the merged entity secure full ownership of Greenland's Tanbreez rare earth project – within which Critical Metals’ and European Lithium currently own 92.5% and 7.5% respectively.
Complete ownership of the Tanbreez project is expected to simplify decision-making and financing strategy for the project as it advances toward a development decision.
To the uninitiated, Critical Metals was spun out of European Lithium in 2024 when its flagship Wolfsberg project in Austria was combined with a special purpose acquisition corporation, dubbed Sizzle.
The two companies also share senior leadership with Critical Metals CEO Tony Sage serving as an executive chairman of European Lithium, while Dietrich Wanke, the boss of the Australia-listed company, is the president of Critical Metals' European operations.
The US$825 million proposal values European Lithium at 58¢ per share, a 137% premium to its last close.
The deal would see shareholders receive 0.035 Critical Metals shares for each European Lithium share, giving them about 45% ownership of the combined group.
Subject to due diligence an independent board committee has recommended proceeding with the proposal.
Commenting on today’s update, European Lithium independent director and IBC chair Michael Carter told the market that the Tanbreez rare earth project in Greenland and will benefit from substantial cash balances and a portfolio of critical minerals development opportunities.
European Lithium held around $306 million in cash as of March 31, 2026, while Critical Metals reported a standalone cash balance of around US$124 million.
According to InvestingPro data, Critical Metals remains unprofitable with an EBITDA of negative US$51.8 million over the last twelve months.
By comparison, European Lithium recently reported a significant financial turnaround for the half-year ending 31 December 2025, recording a net profit of $1.15 billion.
This compares to a $19.38 million net loss in the previous year and was primarily driven by a $1.28 billion non-cash gain from the deconsolidation of Critical Metals Corp.
European Lithium has a market cap of $745 million; the share price is up 750% in one year and up 102% in the last month.
The stock appears to be in a long-term uptrend, confirmed by multiple indicators.
Consensus does not cover this stock.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
