Quarterly Report Q4 June FY25

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# Quarterly Report Q4 June FY25

Source: https://stbarbara.com.au/wp-content/uploads/2025/07/2025.07.30-asx-quarterly-report-q4-jun-fy25.pdf
Published: 2025-07-30T00:00:00+00:00
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# Quarterly Report Q4 June FY25
Q4 June FY25
3 months to 30 June 2025 (unaudited)
Highlights
Simberi Project Development
• Completion of the Simberi Expansion Project Feasibility Study remains on track for Q2 FY26, including
preparation of designs and management plans in compliance with the environmental permit.
• The Papua New Guinea Mining Advisory Committee recommendation to the PNG Minister of Mining for early
renewal of the Simberi Mining Lease (Simberi ML) is understood to be imminent.
• Simberi Expansion Project Growth Capital spending in Q4 FY25 was A$13 million (bringing the FY25 total to
A$50 million) driven by pre-expansion growth projects including the camp capacity expansion, 5.8MW ball mill
procurement, geotechnical drilling, detailed design of the haul road and infrastructure and mobile fleet expansion.
Atlantic Gold Projects
• Separation of the Nova Scotia operations is moving forward with the Company continuing to assess options
ahead of Simberi’s FID. Potential divestment will be weighed against alternative separation options in Q1 FY26.
• Positive results of the 15-Mile Processing Hub Concept Study were announced on 29 May 2025, with the
Prefeasibility Study on the 15-Mile Processing Hub progressing towards completion in Q3 FY26.
Operating Performance
• Strong safety performance continued with Total Recordable Injury Frequency Rate reduced from 1.7 at the end of
Q3 FY25 to 1.1 at the end of Q4 FY25.
• Q4 gold production from Simberi was 14,620 ounces (up 4% on Q3) with an All-In Sustaining Cost (AISC) of
A$4,613 per ounce.
• Contribution from operations for the quarter was A$16 million (before sustaining capital of A$1 million).
• FY25 gold production from Simberi was 51,168 ounces (in line with revised guidance of 50,000 to 52,000 ounces)
at AISC of A$4,582 per ounce (in line with revised guidance of A$4,400/oz to A$4,700/oz).
Financial Strength
• Total cash, bullion and listed investments of A$186 million as at 30 June 2025 (including A$89 million of restricted
cash), with no bank debt and no hedging.
• Gold sales for Q4 FY25 totalled 15,564 ounces at an average realised price of A$5,117 per ounce. Sales included
853 ounces from ongoing decommissioning of the Touquoy gold mine.
St Barbara Managing Director and CEO Andrew Strelein said:
“Operating performance at Simberi was affected by rain events, as announced in June, but still demonstrated
improvement - with the benefit of the first full quarter after installation of the new Sizer crusher and the reset on SAG
mill performance.”
Progress on the Simberi Expansion Project Feasibility Study has continued and remains on track for delivery in October
2025. We are very encouraged by the progress made towards approval of the extension of the Mining Lease, in parallel
with our work on moving the project forward”
“The PNG Internal Revenue Commission tax assessment review of our objection appears to have been completed and
we now look forward to a discussion on resolution of the matter. We want to see this resolved formally for clarity to
investors and PNG stakeholders.”
Page 1 of 23
St Barbara Quarterly Report / Q4 June FY25
Development Projects
St Barbara has development projects located on Simberi Island, Papua New Guinea, and in Nova Scotia, Canada.
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 13-year Life of Mine Plan (LOMP) 1.
Project Schedule
The Feasibility Study for the Simberi Expansion Project commenced in February 2025 and remains on track for
completion in Q2 FY26.
A Final Investment Decision (FID) had been scheduled for consideration in Q2 FY26 to align with the completion of the
Feasibility Study. However, FID is now anticipated to be considered between late Q2 FY26 and early Q3 FY26, in order
to resolve the amended tax assessments matter so complete funding arrangements can be progressed.
St Barbara remains committed to working with the PNG Internal Revenue Commission (IRC) to resolve the situation
and look forward to reaching a positive solution of the matter.
While Feasibility Study work continues on schedule, the development of funding proposals for the Simberi Expansion
Project have not been able to be advanced significantly pending resolution of the amended tax assessments matter.
The Company has continued with the Feasibility Study and several long lead time items, including the ball mill
procurement, the detailed design of the new ball mill circuit, finalising conditions on the Conservation and Environmental
Protection Authority (CEPA) environmental permit and completing the construction of the camp expansion. The timeline
for other early works has been rescheduled until funding arrangements can be progressed, which is contingent on a
resolution of the amended tax assessments.
Table 1 shows an indicative timeline for the expansion project based on FID in late Q2 FY26. Under this timeline, early
works activities are expected to continue through to the end of Q2 FY27 before commissioning of the new ball mill
enables higher processing rates to be achieved. The operation will continue to process oxide material in H2 FY27 and
into FY28 until sulphide processing commences. Commissioning of the Sulphide plant and first concentrate production
is anticipated to be at the end of Q2 FY28.
Table 1. Indicative Simberi Expansion Project Schedule (based on FID in late Q2 FY26)
1 Refer to ASX announcement on 30 April 2025 titled “Pre-Feasibility Work confirms 200+kozpa Simberi Expansion Project”
Page 2 of 23
St Barbara Quarterly Report / Q4 June FY25
Early Works Progress Update
Grinding Circuit
The new 5.8MW ball mill ordered in March 2025 remains on schedule for shipment in January 2026.
Pitch Black Group has progressed detailed design for the Simberi Expansion Project grinding circuit to 64% complete
at the end of June and the design remains on track for completion in October 2025. A power station expansion from
7MW to 19MW is required for the project and prior to the grinding circuit being commissioned. The power station was
tendered and submissions received during the quarter. Tenders are currently being assessed.
Commissioning of the new grinding circuit remains scheduled to commence in Q2 FY27.
New Wharf
Tenders for the construction of the new wharf, required to accommodate larger ships to load gold concentrates, were
received in April 2025 and have been assessed. Design improvements proposed in some submissions are being
considered.
Pre-Expansion Growth Capital Update
Camp Expansion
The first phase of the Simberi camp expansion commenced on-site in February 2025 and was progressed significantly
during the quarter. As at the end of June 2025, an additional 80-beds were available. The next block containing 60-
beds was well underway at the end of the period. Progress was made on additional professional offices and the
upgraded mess building.
Additional New Mining Fleet
Simberi currently has four A60 Volvo trucks in operation with orders for another 12 units. The first six are scheduled to
arrive between now and Q3 FY26 and the remainder in the last quarter of FY26, taking the Volvo fleet to 16 units at the
start of FY27. Two new Volvo L350H2 wheel loaders were ordered in July for delivery in September 2025 and January
2026, respectively, with the added benefit to ramp up rates achievable in the quarters ahead of commissioning the new
ball mill.
Haul Road
In preparation for the decommissioning of the Aerial Rope Conveyor in FY27 a new dedicated haul road (Figure 1) 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 Q4 FY25 and the detailed design is now underway. Geotechnical drilling for the haul road route is
scheduled to commence in August 2025.
Page 3 of 23
St Barbara Quarterly Report / Q4 June FY25
Figure 1. Current haul road design to link Pigiput Pit (in background) with the new ROM pad to be
constructed in front of the process plant.
Reverse Osmosis Water Treatment Plant (RO Plant)
The RO plant required for the sulphide ore treatment flowsheet is being installed at the process plant ahead of time, in
H1 FY26. This will deliver improved 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. The RO plant installation is part of a
water management improvement strategy that was progressed during the quarter.
Geotechnical Drilling
A program of 21 geotechnical drill holes for 638.1 m was completed between February and June 2025 at the proposed
Middle and Darum waste rock dumps. The program included 10 holes for 319.5 m at Middle dump and 11 holes for
318.6 m at Darum dump.
Ground IP resistivity and seismic surveys at Middle and Darum waste rock dumps and seismic surveys at the plant site
were completed in June by contract geophysicists to assist in the modelling of geology in-between and below the limit
of geotechnical drilling.
A 5-hole 162.2 m construction material drill program was completed at Samat Hill to identify suitable material to support
the construction of shear keys at the toe of the proposed Middle and Darum waste rock dumps.
A separate 1,350 m Darum waste rock dump sterilisation drill program is underway with 6 of 13 holes completed to date
for 653.5 m.
Page 4 of 23
St Barbara Quarterly Report / Q4 June FY25
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 the abovementioned Early Works Packages and Pre-Expansion Growth capital
projects;
• Complete the Feasibility Study update, including incorporation of results from the extensive geotechnical drilling
and test-pitting at the Process Plant site and planned Waste Rock Dump locations; and
• Continue with the completion of work specified by CEPA under permit approvals (including detailed waste rock
dump designs, detailed surface water management plans and mine closure and reclamation plans).
Resource Definition and Sterilisation Drilling
The Simberi Mining Lease FY25 resource definition, exploration and sterilisation drill program comprising 61 holes for
10,463.5 m was completed. The drilling included 22 resource definition drill holes for 3,634.9 m completed at the
Sorowar – Pigiput Trend, 12 resource definition drill holes for 1,531.2 m completed at Samat, 14 exploration/sterilisation
drill holes for 2,680 m completed at Pigibo North, six exploration drill holes for 1,088.9 m completed at Pigicow-Botlu,
three exploration drill holes for 946.6 m completed at Pigiput Northeast Trend, two exploration drill holes at Monun
Extension for 373.2 m, and two sterilisation drill holes for 208.7 m completed at Pigibo-Botlu.
Assay results for 11 drill holes (SDH598, SDH600 to SDH605, SDH613, SDH615, SDH620 and SDH622) were received
during Q4 June FY25 (refer to ASX announcement on 11 July 2025 titled “Significant Intercepts below Samat and
Sorowar Pits, Update on Resource / Exploration Drilling”). This includes four Sorowar – Pigiput Trend resource
definition/exploration holes, four Pigicow-Botlu exploration holes, one Pigibo North exploration/sterilisation drill hole and
two Samat resource definition holes.
Two

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