Quarterly Report Q1 FY26

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# Quarterly Report Q1 FY26

Source: https://stbarbara.com.au/wp-content/uploads/2025/10/2025.10.30_quarterly-report-q1-fy26.pdf
Published: 2025-09-30T00:00:00+00:00
Fetched: 2026-05-12T16:28:53.306+00:00
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## Content

# Quarterly Report Q1 FY26
Q1 September FY26
3 months to 30 September 2025 (unaudited)
Highlights
Simberi Project Development
• The Simberi Expansion Project Feasibility Study remains on track to announce results in Q2 FY26.
• Early works for the Simberi Expansion Project continued with Growth Capital expenditure in Q1 FY26 of A$16
million spent on the camp capacity expansion, 5.8MW ball mill procurement, geotechnical drilling, detailed design
of the haul road and infrastructure as well as the mobile fleet expansion.
• The Papua New Guinea Mining Advisory Committee recommended the grant of an extension of the Simberi
Mining Lease 136 (Simberi ML) until 2038 on 10 August 2025. The recommendation with documents were
transferred to the Mining Minister on 3 September 2025 for his review and decision.
Atlantic Gold Projects
• The Pre-Feasibility Study on the 15-Mile Processing Hub continues on schedule for completion in Q3 FY26.
• Permitting processes and government support for resource development in Nova Scotia has improved
significantly and as a result St Barbara withdrew litigation and switched to investigating the opportunity to re-open
the Touquoy mine to process the low and medium grade stockpiles.
Operating Performance
• Safety performance continued to improve with the Total Recordable Injury Frequency Rate reduced from 1.1 at
the end of Q4 FY25 to 0.2 at the end of Q1 FY26.
• Q1 gold production from Simberi was 11,158 ounces with an All-In Sustaining Cost (AISC) of A$4,487 per ounce.
Gold production was below forecast after reconciled gold production for September came in below the grade
expected from mined grade and calculated feed grade over the month.
• Mine fleet performance continued to be poor in September as anticipated. However, additional new Volvo A60
trucks arrived at the end of Q1 FY26 and contract fleet performance has improved significantly in October.
• Cash flow contribution from operations for the quarter was A$14 million (including A$2 million increase in value of
bullion in safe and A$3 million in gold sale receivables at quarter end).
Financial Strength
• Total cash, bullion, gold sale receivables and listed investments of A$157 million as at 30 September 2025
(including A$87 million of restricted cash), with no bank debt and no hedging.
• Gold sales for Q1 FY26 totalled 11,738 ounces at an average realised price of A$5,318 per ounce.
• Subsequent to quarter end the Company successfully completed a A$58 million capital raise to boost working
capital availability for growth capital at both Simberi and Atlantic.
St Barbara Managing Director and CEO Andrew Strelein said:
“Operating performance at Simberi continued to be impacted by truck fleet availability. By early October however the
Volvo A60 truck fleet had increased to ten units from four, and the contract truck fleet availability finally improved. Total
mining movement is on track to meet October budget and forecasts.”
“Progress on the Simberi Expansion Project Feasibility Study remains on track for delivery in Q2 and the Pre-Feasibility
for the 15 Mile Processing Hub remains on track for delivery in Q3.”
Page 1 of 52
St Barbara Quarterly Report / Q1 September FY26
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 (94% complete at end of September).
A Final Investment Decision (FID) cannot now occur until Q3 FY26 because of delays with the resolution of the amended
tax assessments matter, which has impacted the Company’s preparations for financing.
While Feasibility Study work continues on schedule, the funding proposals for the Simberi Expansion Project remain to
be advanced, pending resolution of the amended tax assessments matter. The Company has continued with
advancement of the Feasibility Study and procurement of 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 pending clarification of the resolution of the amended tax assessments.
Table 1 presents an indicative timeline for the Simberi Expansion Project based on FID in Q3 FY26. Under this timeline,
early works activities are expected to continue through into Q3 FY27 before commissioning of the new ball mill enables
higher processing rates to be achieved. The operation would be anticipated to continue to process oxide material
through to H2 FY28, until sulphide ore processing commences. Commissioning of the flotation circuit and first
concentrate production would be anticipated to be at the beginning of Q1 FY29.
Table 1. Indicative Simberi Expansion Project Schedule (based on FID in Q3 FY26)
1 Refer to ASX announcement on 30 April 2025 titled “Pre-Feasibility Work confirms 200+kozpa Simberi Expansion Project”
Page 2 of 52
St Barbara Quarterly Report / Q1 September FY26
Early Works Progress Update
Grinding Circuit
The new 5.8MW ball mill ordered in March 2025 remains on schedule and is anticipated to be ready for shipment in
January 2026.
A power station expansion from 7MW to 19MW is the next key item required for the project before the grinding circuit
can be commissioned. The power station was tendered and submissions received during Q1 FY26.
The Company is anticipating commissioning of the new grinding circuit in Q3 FY27.
New Wharf
Assessment of tenders for the new wharf to accommodate larger ships have progressed. A contract for this work will
be prepared for execution in Q3 FY26.
Pre-Expansion Growth Capital Update
Camp Expansion
The Simberi camp expansion was 71% complete at the end of Q1 FY26. An additional 60 beds were completed during
the quarter, making a total of 140 new beds now available. Construction of the next block containing 60 beds was well
underway at the end of the Q1 FY26. Other building works completed to date includes new offices for safety and training,
environmental and mine technical services offices, an emergency response facility and a new Flexible Open and
Distance Education school.
Figure 1. Simberi Camp Expansion – New Accommodation Buildings
Page 3 of 52
St Barbara Quarterly Report / Q1 September FY26
Figure 2. Simberi Expansion Project – New Environment and Mine Technical Services Offices
Figure 3. Simberi Expansion Project – New Health, Safety and Training Offices
Additional New Mining Fleet
Simberi took delivery of another three Volvo A60s at the end of Q1 FY26. Another three trucks arrived in early October
to bring the total up from four to ten. A further six trucks are scheduled to arrive the end of FY26.
Page 4 of 52
St Barbara Quarterly Report / Q1 September FY26
Haul Road
Geotechnical drilling and test pitting were completed in Q1 FY26 for the new haul road, which will replace the Aerial
Rope Conveyor (ARC) as the primary method for ore delivery from the mine to the process plant. The ARC will need to
be decommissioned because it lies within the footprint of the future Pigiput pit expansion. The haul road design is
expected to be completed in Q2 FY26.
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.
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, in turn 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 plant will arrive in Q3 FY26 and
installation and commissioning are also planned in Q3 FY26.
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:
• Complete the Feasibility Study;
• Continue with the execution of the abovementioned Early Works Packages and Pre-Expansion Growth Capital
Projects; and
• Continue with the completion of work specified by CEPA defined under permit approvals (including detailed
waste rock dump designs, detailed surface water management plans and mine closure and reclamation plans).
Page 5 of 52
St Barbara Quarterly Report / Q1 September FY26
Resource Definition and Sterilisation Drilling
The FY25 resource definition, exploration and sterilisation drill program completed at the Simberi Operations in PNG
comprised 61 holes for 10,463.5 m. The program included: 1) 34 holes for 5,166.1 m of resource definition drilling at
both the Sorowar-Pigiput Southeast Trend and at the Samat deposit; and 2) 27 holes for 5,297.4 m of exploration and
sterilisation drilling which tested a further five areas, including Pigibo North, Monun Extension, between Pigicow and
Botlu, Pigiput-Sorowar Northeast Trend, between Pigibo and Botlu and Pigibo West.
Assay results for 17 drill holes from that FY25 program were received in Q1 FY26 and are reported here (SDH607 to
SDH610, SDH617, SDH623, SDH625, SDH628, SDH630 to SDH631, SDH656, SDH658, SDH660, SDH662, SDH665,
SDH667 and SDH669). This includes ten Samat resource definition holes, three Pigibo North exploration / sterilisation
drill holes, two Pigicow-Botlu exploration holes and two Pigiput-Sorowar Northeast Trend holes. Assay results remain
pending for three holes from the FY25 program, including one from Pigiput-Sorowar Northeast Trend (SDH672) and
two from West Pigibo (SDH676 and SDH677).
A 13-hole, 1,417.5 m Darum waste rock dump sterilisation drill program was completed between late April and July
2025. Six holes for 653.5 m were completed in Q4 FY25 and the remaining seven holes for 764 m were completed in
Q1 FY26. The assay results for the first five holes (SDH666, SDH668, SDH670, SDH671 and SDH685) have been
received.
During Q4 FY25 and Q1 FY26 four trenches (SIMTR1061 to SIMTR1064) for 315 m were completed at Pigibo North
(proposed Middle dump waste rock dump) and 11 trenches (SIMTR1065 to SIMTR1075) for 895 m were completed in
between Pigiput and Samat (proposed Darum waste rock dump) to further support the sterilisation drilling programs
completed in these areas. Assay results were received for all 15 trenches.
At Pigibo North, gold mineralisation continues to be intersected from near surface in exploration diamond drilling and
trenching. Best drill and trench results include:
• SDH607: 35 m @ 1.2 g/t Au from 1 m: and
• SIMTR1064: 75 m @ 1. 4 g/t Au
Follow-up shallow RC drilling may be planned to further test the area.
At Pigiput-Sorowar Northeast Trend, gold mineralisation was intersected in association with a quartz-carbonate matrix
breccia. Best results include:
• SDH669: 31 m @ 3.1 g/t Au from 2 m including 13 m @ 5.8 g/t Au from 15 m; 25 m @ 3.9 g/t Au from 135
m including 1 m @ 78.6 g/t Au from 145 m
At the proposed Darum waste rock dump area, gold mineralisation was intersected in SDH685. Results include:
• SDH685: 9 m @ 10.8 g/t Au from 55 m, including 6 m @ 15.7 g/t Au from 57 m
Follow-up drilling will be undertaken to better understand the dime

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