# Quarterly Report Q3 March FY25

Source Brief: https://evesgoldminers.com/research/source-briefs/st-barbara-ltd-2025-04-30-quarterly-report-q3-march-fy25-edef2bbc
Original source: https://stbarbara.com.au/wp-content/uploads/2025/04/2025.04.30-asx-quarterly-report-q3-mar-fy25_final.pdf
Original published: 2025-04-30
EGM generated: 2026-09-04
Company: St Barbara Ltd (SBM)

## Use Note

This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions.

## Extracted Document Text

# Quarterly Report Q3 March FY25

Source: https://stbarbara.com.au/wp-content/uploads/2025/04/2025.04.30-asx-quarterly-report-q3-mar-fy25_final.pdf
Published: 2025-04-30T00:00:00+00:00
Fetched: 2026-05-12T16:29:11.66+00:00
Source artifact: edef2bbc-6d02-4e67-9a1a-1859de2c79c8
Normalizer input: text

## Content

# Quarterly Report Q3 March FY25
Q3 March FY25
3 months to 31 March 2025 (unaudited)
Highlights
Simberi Project Development
• The updated Simberi Process Plant Layout and Design AACE Class 4 Study (including updated Mineral Resource and Ore
Reserve estimates to support the latest Life of Mine plan) with the estimated project economics announced 30 April 2025 1:
o Annual gold production increasing to 90 kozpa in FY27 then exceeding 200 kozpa from FY28
o All-in Sustaining Cost (AISC) of US$1,200 – US$1,300/oz from FY29 to FY36
o Initial Project Capital estimated of US$235 million (±20% Class 4 Estimate) across FY26 to FY28
o Pre-Expansion Growth Capital of US$40 million – US$60 million across FY26 to FY27
o Simberi Life of Mine Plan now extends to 13 years of production
• Strong community support received at Warden Court hearing for the Simberi Mining Lease early renewal application held at
Simberi on 8 April 2025. The Mining Advisory Council will now make a recommendation to the Mining Minister.
• Experienced brownfields Project Director Andrew Lawry appointed to Management Team on 29 April 2025.
• Simberi Expansion Project Growth Capital spend for the quarter was A$21 million including:
o Pre-Expansion Growth projects underway with the installation of the Sizer crusher, the commencement of the camp
expansion in February, geotechnical drilling, detailed design of the new haul road and fleet expansion commencing.
o Early works packages also continue to progress with the contract for the new 5.8MW ball mill being awarded to CITIC HIC
Australia and tenders for the construction of the new wharf underway.
Atlantic Gold Projects
• Intention to separate Atlantic Gold was announced on 12 February 2025, 2 which aims to maximise shareholder value by
advancing Atlantic through development and permitting proposals under a Canadian company with a local leadership team.
• Study work integrating Cochrane Hill deposit with the 15-Mile Project processing hub was near completion at end of March.
Operating Performance
• Continued positive safety performance with no recordable injuries during the quarter. Total Recordable Injury Frequency Rate
reduced from 3.0 at the end of Q2 Dec FY25 to 1.7 at the end of Q3 Mar FY25.
• Q3 gold production was up 37% at 14,053 ounces with AISC 30% lower at A$4,169 per ounce. Gold production for the month
of March was 6,402 ounces at an AISC of A$2,760 per ounce, which reflects the first full month after commissioning of the
Sizer crusher, the January reset of the SAG mill and the progression into improved ore grade zones.
• Contribution from operations for the quarter was A$12 million (before sustaining capital of A$4 million), inclusive of an end of
quarter gold sale receivable of A$10 million and an increase in gold bullion of A$3 million. Gold-in-circuit (GIC) increased by
2,425 ounces to 4,887 ounces worth ~A$25 million at current spot gold price.
Financial Strength
• Total cash, bullion, gold sale receivable and listed investments of A$200 million at 31 March 2025 (including A$89 million of
restricted cash), with no bank debt and no hedging.
• Gold sales for the quarter totalled 11,643 ounces at an average realised price of A$4,548 per ounce. Sales included 505
ounces from ongoing decommissioning of Touquoy gold mine. Bullion at site and any GIC drawn down will be sold in Q4.
• As announced on 18 February 2025, 3 St Barbara’s subsidiary Simberi Gold lodged an objection against the tax assessments
by the PNG Internal Revenue Commission. St Barbara has now been advised that a review team, separate to the initial audit
team, has been established by the PNG Commissioner of Taxation to review the objections raised by Simberi Gold.
1 Refer to ASX announcement on 30 April 2025 titled “Pre-Feasibility Work confirms 200+kozpa Simberi Expansion Project”
2 Refer to ASX announcement on 12 February 2025 titled “Intention to separate Atlantic Gold Operations”
3 Refer to ASX announcement on 18 February 2025 titled “Tax Assessment Objection Lodged with IRC””
Page 1 of 29
St Barbara Quarterly Report / Q3 March FY25
St Barbara Managing Director and CEO Andrew Strelein said:
“Simberi’s operating performance this quarter was a step up from Q2 and in particular the performance in March, which
was the first full month of operation with the new Sizer crusher, the SAG performance reset in January and with access
now gained to higher grade zones. Much of the working capital increases this quarter across bullion held on site, the
gold in processing circuit and payables reductions are anticipated to reverse in Q4.”
Great progress has been made with the Simberi Expansion Project study, outlining an impressive gold production profile
of more than 200kozpa and an attractive cost structure now confirmed by the Pre-Feasibility Study work, and with the
Feasibility Study now well underway.”
“We are pleased that the review of our objection to the PNG Internal Revenue Commission tax assessment, announced
in December 2024, has been assigned by the Commissioner to a review team to report back as a priority. We are
hopeful that this matter can be resolved in May and June.”
“The Atlantic separation process is progressing with multiple parties interested and Stage 1 non-binding expressions of
interest expected in the latter half of May.”
Development Projects
St Barbara has development projects located on Simberi Island, Papua New Guinea and in Nova Scotia, Canada.
The Company has appointed experienced brownfields Project Director Mr Andrew Lawry to the role of Project Director
for the Simberi Expansion. Mr Lawry commenced on 29 April 2025 reporting directly to the Managing Director and CEO.
Mr Lawry is responsible for Early Works packages, the Pre-Expansion Growth Capital items and then lead the
construction of the Simberi Expansion Project.
Mr Brett Ascott continues in the role of Executive General Manager – Projects and Technical Services, with
responsibility for the Simberi Expansion Feasibility Study, the studies on the 15-Mile, Beaver Dam and Cochrane Hill
Projects, as well as technical support to the Simberi Operations.
Mr Randy Macmahon continues in the role of Executive General Manager – Simberi Operations, with responsibility for
operations at Simberi including business readiness preparations.
Mr Phil Stephenson continues in the role of Operations Advisor providing oversight of the coordination between these
three critical executive roles.
Simberi
The Company’s Simberi Expansion Project includes the mining of multiple open pits to exploit the substantial 2.6 million
ounce oxide and sulphide Ore Reserves over a now 13-year Life of Mine Plan (LOMP) 4.
Project Schedule
The indicative timeline for the Simberi Expansion Project outlined in the Simberi Process Plant Layout and Design
AACE Class 4 Study (Plant Study) is shown in Table 1. Early works activities are expected to continue through to the
end of Q1 Sep FY27 before commissioning of the new ball mill enables higher processing rates to be achieved, with
the operation continuing to process oxide material in FY27. Commissioning of the Sulphide plant and first concentrate
production is anticipated to be in Q1 Sep FY28.
The Feasibility Study for the Simberi Expansion Project commenced in February 2025.
4 Refer to ASX announcement on 30 April 2025 titled “Pre-Feasibility Work confirms 200+kozpa Simberi Expansion Project”
Page 2 of 29
St Barbara Quarterly Report / Q3 March FY25
Table 1. Indicative Simberi Expansion Project Schedule
Final Investment Decision (FID) has previously been anticipated to be in Q2 Dec FY26 and was being targeted for
October 2025 in the Plant Study. However, with the resolution of the amended income tax and withholding tax
assessments extending into May and June, the FID date is anticipated to be more realistically in late Q2 Dec FY26 or
early Q3 Mar FY26.
The Feasibility Study work will continue, however the development of funding proposals for the Simberi Expansion
Project will remain difficult until the amended tax assessments matter is resolved. The Company intends continuing
with the Feasibility Study, the long lead time ball mill procurement, the associated detailed design of the new ball mill
circuit, the work to finalise conditions on the CEPA environmental permit and the completion of construction of the
camp expansion according to the schedule. The timeline for other early works will be reviewed as appropriate.
Early Works Progress Update
Grinding Circuit
CITIC HIC Australia has been awarded the contract to supply the new 5.8MW ball mill. The last component of the ball
mill is anticipated to be available for shipment in January 2026.
The Pitch Black Group has been awarded the detailed design contract for the Sulphide Expansion Project grinding
circuit of which the ball mill is the major component. Commissioning of the new grinding circuit is scheduled to
commence in August 2026.
New Wharf
Tenders for the construction of the new wharf, required to accommodate larger ships to load the gold concentrates,
closed on 11 April 2025.
Run-of-Mine (ROM) Pad and Sizer crusher Installation
Sizer crusher installation requires the construction of a ROM pad to accommodate the sulphide ore feed along with
the construction of a permanent facility for relocation of the Sizer crusher (recently installed and operating on the
existing ROM). The crushed ore will feed the transfer conveyor onto the existing conveyor system, which feeds the
radial stacker onto an apron feeder and into the semi autogenous grinding (SAG) mill.
Page 3 of 29
St Barbara Quarterly Report / Q3 March FY25
Pre-Expansion Growth Capital Update
Camp Expansion
As previously announced 5 the Company secured an as new accommodation facility, as well as supporting camp and
office facilities, in Q2 Dec FY25. This has allowed an accelerated camp construction schedule to ensure that sufficient
accommodation is in place for mine expansion construction activities. The first phase of the Simberi camp expansion
commenced on-site in February 2025.
Additional New Mining Fleet
Two additional low-hour second hand Volvo A60H (55 tonne payload) trucks have recently been purchased and will
arrive at site in April 2025. This follows the successful trial of the two low-hour Volvo A60H trucks purchased in 2024.
In addition, six new units have been ordered and are scheduled to arrive in H1 FY26. This will result in the number of
Volvo trucks in the mining fleet increasing to ten units.
Haul Road
In preparation for the decommissioning of the Aerial Rope Conveyor (ARC) in FY27 a new dedicated haul road will be
established to connect the Pigiput pit directly to the new ROM pad. The conceptual design for the new haul road was
completed in H1 FY25 and the detailed design is now underway.
Reverse Osmosis Water Treatment Plant (RO Plant)
An RO plant is being installed in H1 FY26 at the Process Plant to improve water quality for the gland water system and
the elution circuit. Improved gland water will substantially improve slurry pump reliability and hence overall plant
availability. Improved water quality will also increase the efficiency of gold stripping in the elution circuit and the
performance of the electrowinning circuit. The RO plant will benefit both the current oxide and future sulphide ore
processing.
Next Steps
The key near term steps to progress the Simberi Expansion Project to enable first sulphide ore processing and to switch
over to the production and sale of gold concentrate include:
• Continue with the execution of abovementioned the Early Works Packages and Pre-Expansion Growth capital
projects;
• Complete the Feasibility Study update including incorporation o

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]