# Quarterly Report Q2 December FY25

Source Brief: https://evesgoldminers.com/research/source-briefs/st-barbara-ltd-quarterly-report-q2-december-fy25-b3355028
Original source: https://stbarbara.com.au/wp-content/uploads/2025/01/2025.01.31-asx-quarterly-report-q2-dec-fy25_final.pdf
EGM generated: 2026-09-04
Company: St Barbara Ltd (SBM)

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## Extracted Document Text

# Quarterly Report Q2 December FY25

Source: https://stbarbara.com.au/wp-content/uploads/2025/01/2025.01.31-asx-quarterly-report-q2-dec-fy25_final.pdf
Fetched: 2026-05-12T16:29:26.923+00:00
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## Content

# Quarterly Report Q2 December FY25
Q2 December FY25
3 months to 31 December 2024 (unaudited)
Highlights
Simberi Project Development
• Successful completion of the A$100 million institutional placement to accelerate first production from Simberi Sulphides by up
to five months. Tendering for long lead time items and infrastructure is underway.
• The Mining Lease (ML) Early Renewal Application was accepted and registered by Mineral Resources Authority (MRA) of
Papua New Guinea (PNG). Subsequent to the quarter end, the PNG Government has provided support for early renewal with
Warden Court hearing dates to be held on 8 and 9 April 2025.
• Memorandum of Understanding (MOU) signed with Kumul Mineral Holdings Limited (Kumul) to negotiate the sale, at an
agreed market value, of up to 20% in a joint venture over the Simberi ML and farm-in up to 20% in the Exploration Licenses.
• Simberi Sulphides Expansion studies proceeding on schedule:
o Plant Design and Capital Cost Estimate (AACE Class 4 Accuracy) nearing completion with results due in March quarter;
o Feasibility Study on the Sulphide Expansion Project has been awarded to Pitch Black Group, supported by consultants
and advisors working either externally or as part of the owner’s team;
o MMD Sizer due to arrive at site in early February, and one of two new excavators have arrived at site;
o Tenders for the new 5.8MW ball mill were received during the quarter, with an order due to be placed next month;
o Geotechnical drilling has commenced for the design of new ball mill foundations and other infrastructure; and
• A new oxide discovery was made between Pigibo North and Southwest Sorowar pits.
Atlantic Project Development
• Updated Pre-Feasibility Study for the consolidated 15-Mile and Beaver Dam Projects delivering an 11 year mine life producing
average annual gold production of 74koz at US$1,025 per ounce, capable of being built within 12 months once permitted.
• Study work remained on schedule for the integration of the Cochrane Hill Project with the 15-Mile and Beaver Dam Projects.
• Positive progress on third party study on the pumped hydro energy storage opportunity at Touquoy.
Operating Performance
• Improved safety performance with no reported injuries and Total Recordable Injury Frequency Rate reduced from 3.4 at the
end of Q1 to 3.0 at the end of Q2 Dec FY25.
• Q2 gold production of 10,262 ounces fell short of the anticipated production range or 14,000 to 16,000 ounces due to:
o Processing throughput rates being impacted by intermittent SAG high power throughput restrictions, driven by
oversize material during downtime on the existing feeder breaker crusher unit dealing with increased competency ore
such as Sorowar East;
o Poor grade reconciliation for November attributed to ore dilution experienced when dewatering efforts in Sorowar
East were stretched as groundwater was reached at the same time as there was higher than usual rainfall; and
o The requirement to utilise low grade stockpiles in the second half of December when the contract truck fleet suffered
availability issues primarily related to chassis cracks detected across its fleet.
• Higher 2H production expected due to higher grade ore, installation of the Sizer, new excavators and truck fleet availability.
Financial Strength
• Total cash, bullion and listed investments of A$249 million at 31 December 2024 (including A$90 million of restricted cash),
with no bank debt and no hedging.
• Gold sales for the quarter totalled 11,712 ounces at an average realised price of A$4,116 per ounce, including 1,256 ounces
sold from ongoing clean-up gold recovery work from the Touquoy processing facility.
Page 1 of 24
St Barbara Quarterly Report / Q2 December FY25
St Barbara Managing Director and CEO Andrew Strelein said
“It has been a solid first half of progress for St Barbara. We are moving forward with plans to expedite the Simberi Sulphides
Expansion, with study work currently on schedule. Gold production is expected to triple from current levels once the higher grade
and higher recovery rate Sulphides are being processed.
“An operational reset at Simberi has focussed on a series of programs that we are confident will address reliability and improve
production performance for the second half. We have invested in critical infrastructure, which combined with the operational reset,
is anticipated to significantly increase the margins from the remaining oxide life.
“Gold production for the quarter was weaker than expected but we continue to maintain our annual guidance, albeit likely at the lower
end of the 65,000-75,000oz range.”
Development Projects
St Barbara has development projects located on Simberi Island, Papua New Guinea and in Nova Scotia, Canada.
Simberi
St Barbara’s 10 Year Plus Mine Plan for Simberi includes the mining of multiple open pits to exploit the substantial oxide and sulphide
Ore Reserves.
The Company successfully completed a A$100 million institutional placement in November 2024 with funds raised applied to key
areas to advance the Simberi Sulphide Expansion Project with a view to accelerating first production from Simberi Sulphides by up
to five months to early Q1 September FY28 1.
These key project components include the procurement and construction of the new larger 5.8MW ball mill circuit; construction of
the expanded wharf for concentrate vessels and construction of the new Run-of-Mine (ROM) pad.
Metallurgical Testwork & Process Plant Layout Study
The planned metallurgical testwork program conducted at Base Metals Laboratory has been completed with concentrate and tailings
testwork nearing completion. The testwork program results remain consistent with previous announcements 2 that the Saleable
Concentrate Flowsheet is the preferred flowsheet and that overall gold recovery has been improved by approximately 5% compared
with the historical testwork, due to the addition of cleaner scavenger flotation and improved flotation / regrind conditions. The
metallurgical testwork program has been overseen by Chemech Consulting and subject to independent technical review by Bear
Rock Solutions (Rob Dunne).
The Process Plant Layout and Design study (AACE Class 4) including the updated capital estimate is nearing completion with the
results due in February 2025.
Feasibility Study Update (AACE Class 3 Accuracy)
The Feasibility Study is scheduled to commence in February 2025. The study which covers the design and cost estimate for the
Sulphide expansion is targeting an accuracy of -10% to +15%.
Pitch Black Group have been awarded the main components of the Feasibility Study including the overall compilation of the study
report. They will be supported by the following consultants and advisors working either externally or as part of the owner’s team.
• Mine Design, Planning and Scheduling – AMC Consultants
• Waste Rock Dump Geotechnical Design, Process Plant and Haul Road Geotechnical Assessment – Klohn Crippen Berger
• Metallurgy – Paradocs Metallurgy (Brigitte & David Seaman)
• Environmental and Social Considerations – Engeny, Tetra Tech and Trajectory
• Wharf Design – Madsen Giersing
1 Refer to ASX announcement on 5 November 2024 titled “Institutional Placement and SPP to Accelerate Simberi”
2 Refer to ASX announcement on 19 August 2024 titled “Simberi Sulphides Expansion Flowsheet Selection”
Page 2 of 24
St Barbara Quarterly Report / Q2 December FY25
Project Schedule
Table 1 outlines the current indicative project schedule to first Simberi Sulphides production.
The schedule reflects the work done in the Q2 Dec FY25 quarter reviewing the construction schedule to look for opportunities to
accelerate the timeline to first production. The two key changes to the schedule are the introduction of the early works package and
an expanded Feasibility Study in place of the requirement for an additional Front-End Engineering and Design (FEED) study stage
before a Financial Investment Decision (FID) is to be made.
The early works activity comprising the construction of the new ball mill facility, ROM pad and wharf is expected to continue through
into Q1 Sep FY27. Tenders for the new 5.8MW ball mill were issued in November 2024. These tenders are currently being evaluated
with an order due to be placed next month. Geotechnical drilling for the design of new ball mill foundations and other infrastructure
commenced in early December 2024 and are well progressed.
Madsen-Giersing, who undertook the detailed design for the new wharf in the earlier Feasibility and FEED study, will be providing
technical support for the tender for the construction of the wharf. The tenders will be issued in early February 2025 with an award
expected in March 2025.
Table 1. Indicative Simberi Sulphides Expansion Project Schedule
Pre-Expansion Growth Capital Update
The new Sizer remains on track to be commissioned in early February 2025 and the first of the two excavators has arrived at site.
The 340 bed ‘as new’ construction camp (including new mess hall, recreation rooms and associated facilities) has been procured
and is currently being packed up to ship to Simberi from Port Moresby. Ground preparation work has commenced, adjacent to the
current camp, to allow for the installation of the buildings as soon as the shipment arrives. Installation of the additional rooms is
being prioritised to support the early works construction activity.
Page 3 of 24
St Barbara Quarterly Report / Q2 December FY25
Resource Definition Drilling
The FY25 resource definition, exploration and sterilisation drill program comprises 62 holes for 9,000 m at the Simberi Operations in
PNG. The program includes approximately 4,750 m of resource definition drilling at both the Sorowar – Pigiput Trend and the Samat
deposit and approximately 4,250 m of exploration and sterilisation drilling testing in six further areas, including Pigibo North, Monun
East, Southeast Pigibo, between Pigibo and Botlu, between Botlu and Pigicow, and North Samat.
Drilling is progressing ahead of schedule with approximately 70% of the overall program completed. 44 diamond drill holes (SDH570
to SDH610, SDH613, SDH615 and SDH617) for 7,777 m were completed on ML136 in H1 FY25. This includes 24 resource definition
drill holes for 4,008.1 m completed at the Sorowar – Pigiput Trend, 12 exploration / sterilisation drill holes for 2,475 m completed at
Pigibo North, two new exploration holes at Pigibo North for 205 m and six exploration drill holes for 1,088.9 m completed at Pigicow-
Botlu.
Assay results for the first 13 drill holes (SDH570 to SDH572) were received during Q1 Sep FY25 including 10 resource definition drill
holes and three exploration / sterilisation drill holes (refer to ASX announcement on 17 October 2024 titled “Significant Intercept of
31 m at 6.1 g/t Au at Sorowar – Pigiput Trend”). Assay results for an additional eleven drill holes were received in Q2 Dec FY25
including six resource definition drill holes and five exploration / sterilisation drill holes (refer to ASX announcement on 10 January
2025 titled “New Oxide Discovery at Pigibo North, Update on Exploration / Sterilisation Drilling”).
Excavator trenches dug to follow-up field observations during sterilisation drilling between Pigibo North and Sorowar have identified
a new oxide discovery from surface. Assay results have been received for seven excavator trenches (SIMTR1054 to SIMTR1060)
completed between Pigibo North and Sorowar deposits.
Significant trench intercepts at the new oxide discovery between Pigibo North and southwest Sorowar include:
• SIMTR1054: 30 m @ 1.3 g/t Au,
• SIMTR1055: 40 m @ 2.0 g/t Au,
• SIMTR1056: 20 m @ 0.9 g/t Au, and
• SIMTR1059: 25 m @ 2.1 g/t Au.
Significant near-surface diamo

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