Quarterly Report Q1 FY25

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# Quarterly Report Q1 FY25

Source: https://stbarbara.com.au/wp-content/uploads/2024/10/2024.10.23-quarterly-report-q1-fy25.pdf
Published: 2024-09-30T00:00:00+00:00
Fetched: 2026-05-12T16:29:39.383+00:00
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## Content

# Quarterly Report Q1 FY25
Q1 September FY25
3 months to 30 September 2024 (unaudited)
Highlights
Simberi Project Development – Looking to Accelerate First Sulphide Production
• Simberi Sulphides Expansion studies remain ahead of schedule:
o Metallurgical testwork confirms early selection of Saleable Concentrate Flowsheet;
o Consulting Group appointed and underway with Plant Design and Capital Cost Estimate (AACE Class 4 Accuracy);
o Mine rescheduling and waste management redesign well advanced;
o MMD sizer on schedule for delivery in Q3 Mar FY25, excavators on schedule, Volvo trial trucks in operation.
• Process plant layout and project schedule are the current focus of Project Team, with the objective of bringing forward first
production from sulphide flowsheet by up to five months to Q1 Sep FY28:
o This work includes assessing timeframes to order the new ball mill, ROM pad construction and upgrade of the wharf;
o Shorter oxides life allows optimisation of FY26-27 production outlook for improved cashflow.
• Further promising diamond drilling assay results from Sorowar – Pigiput mineralised trend.
Atlantic Project Development – Design Enhancements
• Updated Pre-Feasibility Study (PFS) for 15-Mile 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 should the permitting environment improve in Canada
under proposed Canadian Federal regulatory environmental approvals reforms.
• Redesign of Cochrane Hill project commencing to test option to haul ore to 15-Mile instead of processing on site.
• Feasibility Study on pumped hydro energy storage at Touquoy continues ahead of schedule.
• Reclamation spending of A$5 million this past quarter at Touquoy during summer months construction period.
Operating Performance – Annual Shutdown Completed
• Scheduled 18 day annual plant shutdown completed in Q1 incorporating replacement of the 2.8 km conveyor belt on the
Overland Conveyor, re-installation of more than 250 condition monitoring units and other plant refurbishments to improve
production and reliability.
• Q1 gold production of 12,233 ounces at AISC of A$3,905 per ounce in line with plans (production up 18% against Q1 Sep
FY24 year on year while AISC down 14% year on year) with a significant stockpile build.
• FY25 guidance unchanged at 65,000 to 75,000 ounces of gold and AISC of A$3,200 to A$3,600 per ounce, with production for
the remaining three quarters of 18,000 to 20,000 ounces and anticipated AISC between A$2,800 and A$3,400 per ounce.
Financial Strength
• Total cash, bullion and listed investments of A$194 million at 30 September 2024 (including A$86 million of restricted cash),
with no bank debt and no hedging.
• Gold sales for quarter of 12,949 ounces of gold (including 901 ounces from process plant clean-up materials at Touquoy) at an
average realised gold price of A$3,733 per ounce.
Page 1 of 23
St Barbara Quarterly Report / Q1 September FY25
St Barbara Managing Director and CEO Andrew Strelein said
“St Barbara continues to move as quickly as possible towards development of the Simberi Sulphides Expansion as outlined in our
10 Year Plus Mine Plan. With the early selection of the Saleable Concentrate Flowsheet and the expansion of the Project Team,
we have been able to commence investigation into opportunities to accelerate the development schedule with the objective of
bringing forward first production from the sulphides.”
“The major scheduled annual shutdown was successfully completed during the quarter and the opportunity was taken to build ore
stockpiles. Gold production was significantly up on the same quarter last year and in line with our plans. We have maintained
guidance as production picks up over the next three quarters.”
“The opportunity is also being taken to optimise the designs of our Nova Scotian development projects in preparation for any new
permitting in 2025.”
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.
Metallurgical Testwork/Flowsheet Selection
During the September quarter the Saleable Concentrate Flowsheet was selected as the preferred flowsheet for the Sulphide
Expansion along with confirmation of the crushing and grinding circuit selection 1. Overall gold recovery for the Saleable
Concentrate Flowsheet has improved by approximately 5% over historical testwork due to the addition of cleaner scavenger
flotation and improved flotation / regrind conditions making this flowsheet a clear choice over the Ultra Fine Grind
(UFG)/Cyanidation flowsheet alternative.
The metallurgical testwork program remains on track for completion at the start of Q3 Mar FY25 quarter.
Process Plant Layout and Design Study (AACE Class 4 Accuracy)
The Process Plant Layout and Design study is aimed at optimising the plant layout for the new design and producing an updated
capital estimate in early Q3 FY25. The study has been broken into the following areas for review:
• Run-of-Mine (ROM) pad and Sizer;
• Stockpiling and SAG mill feed;
• New ball mill and classification circuit including surge tanks;
• Flotation circuit including regrind and concentrate thickener;
• Flotation tailings thickener;
• Concentrate filter and storage shed;
• Wharf;
• Power Plant.
The study remains on track for completion early in the Q3 Mar FY25 quarter.
Tender documents were sent out in September for the planned Feasibility Study Update (Class 3) anticipated to commence in Q3
Mar FY25.
1 Refer to ASX announcement on 19 August 2024 titled ‘Simberi Sulphides Expansion Flowsheet Selected”’
Page 2 of 23
St Barbara Quarterly Report / Q1 September FY25
Project Schedule
Following the early than anticipated selection of Saleable Concentrate Flowsheet, the Project Team has been able to commence
investigation of options for acceleration of the next phases of Simberi Sulphides Expansion with the intent to bring forward first
production by up to five months to achieve first production in the Q1 Sep FY28 quarter.
The Project Team have focused on the critical path activities in the construction schedule and highlighted the new ball mill, the
ROM pad construction and the new wharf as the key opportunities to accelerate the timeline.
The Project Team is also currently assessing the option of including more detailed work in the Feasibility Study and removing the
need for a separate Front-End Engineering and Design study phase. This schedule change would bring forward the Final
Investment Decision (FID) decision to the end of the revised, albeit slightly longer, Feasibility Study. This revised study content and
timeline is not yet finalised and is currently under review.
The combination of an earlier FID and focus on critical path activities has the potential to bring forward first production by up to five
months into the Q1 Sep FY28.
Identification of a reliable early first production date from sulphide ore also presents opportunities to be more selective with oxide
production sources in the lead up to conversion to sulphides production. The strategy for mining and processing of oxides has
been to maintain steady state production to sustain neutral or better cashflows for as long as possible with current mining of Oxide
Ore Reserves able to extend into FY29. This strategy was to minimise the risk of disruptive temporary closure with care and
maintenance whilst the Sulphide Expansion was being progressed. If first production from the Sulphide Expansion can be brought
forward to Q1 Sep FY28 this could present an opportunity to look at modifying the mining sequence to bring forward some of the
higher grade and/or lower strip ratio oxide pit cutbacks and boost short term production and operating cashflow across FY26 and
FY27.
Pre-Expansion Growth Capital Update
Factory Acceptance Testing and Inspections were successfully completed on the new Sizer and associated equipment in
September (in Edmonton, Canada and Brisbane, Australia). The equipment remains on track for commissioning on site in Q3 Mar
FY25.
Tendering for the design and supply of the first phase of the Camp Upgrade was completed during the quarter.
The entire 2.8 km conveyor belt on the Overland Conveyor was replaced to allow resumption of design production rates and to
provide assurance on additional service life and reliability for the remaining years of oxide processing. Ultimately the Overland
Conveyor will be superseded by a dedicated haul road to a new ROM pad at the Process Plant as part of the Sulphides
Expansion.
Table 1. FY25 Indicative Simberi Sulphides Expansion Project Schedule
Simberi Expansion Status Q1 Sep Q2 Dec Q3 Mar Q4 Jun
FY25 FY25 FY25 FY25
Resource definition drilling / exploration and sterilisation In progress
drilling
Metallurgical testwork / Flowsheet finalisation In progress
Process Plant Layout and Design (Class 4) Study Commenced
Feasibility Study update Not started
Page 3 of 23
St Barbara Quarterly Report / Q1 September 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
Papua New Guinea (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 40% of the overall program completed. 24 diamond drill holes (SDH570
to SDH593) for 4,385.3 m were completed on ML136 in the September quarter. This includes 17 resource definition drill holes for
2,919.7 m completed at the Sorowar - Pigiput Trend and seven exploration / sterilisation drill holes for 1,415.8 m completed at Pigibo
North.
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 the remaining 11 drill holes completed to date are expected to be
returned in the Q2 Dec FY25.
Selected significant assays previously reported from the Sorowar – Pigiput diamond program in FY25 included:
• SDH576: 31 m @ 6.1 g/t Au from 35 m, including 8 m @ 20.1 g/t Au from 53 m, including 4 m @ 37.8 g/t Au from 54
m,
• SDH578: 45 m @ 1.5 g/t Au from 5 m,
• SDH580: 25 m @ 1.9 g/t Au from 17 m, including 3 m @ 8.2 g/t Au from 35 m,
• SDH581: 31 m @ 1.7 g/t Au from 96 m, including 8 m @ 3.9 g/t Au from 111 m,
• SDH582: 20 m @ 2.3 g/t Au from 21 m, including 8 m @ 4.2 g/t Au from 25 m and 19 m @ 2.8 g/t Au from 50 m,
including 14 m @ 3.5 g/t Au from 52 m
Resource definition and exploration diamond drill holes SDH570-571, SDH573-576, SDH578, SDH580-582, SDH584, SDH586-587
and SDH589-592 have further tested the interpreted northwest trending zone of mineralisation located between the existing Sorowar
and Pigiput ore bodies. Resource definition holes SDH576 and SDH582 both intersected significant near-surface higher-grade
mineralisation, extending vertically between 15 m and 40 m below the sulphide Ore Reserve pit design (refer to ASX announcement
on 17 October 2024 titled “Significant Intercept of 31 m at 6.1 g/t Au at Sorowar – Pigiput Tre

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