Quarterly Report Q2 FY26

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# Quarterly Report Q2 FY26

Source: https://stbarbara.com.au/wp-content/uploads/2026/01/2026.01.28-quarterly-report-q2-fy26.pdf
Published: 2026-01-31T00:00:00+00:00
Fetched: 2026-05-12T16:28:47.941+00:00
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## Content

# Quarterly Report Q2 FY26
Q2 December FY26
3 months to 31 December 2025 (unaudited)
Highlights
New Simberi Gold Project Development
• The New Simberi Gold Project (the re-named Simberi Expansion Project) Feasibility Study results confirmed a
long-life, low-cost asset, with annual production increasing to over 200kozpa at an All-In Sustaining Cost (AISC)
ranging between US$1,100/oz and US$1,400/oz over a 13 year mine life based only on Ore Reserves.
• The Papua New Guinea (PNG) Government approved subsequent to the end of Q2 FY26 the extension of the
Mining Lease for the New Simberi Gold Project to 2038 (refer to today’s separate ASX announcement titled “New
Simberi Mining Lease Extension Approved”).
• Early works growth capital for the New Simberi Gold Project continued with A$19 million spent in Q2 FY26 on the
ball mill procurement, camp expansion, water treatment plant and infrastructure, and the mobile fleet expansion.
Nova Scotia Gold Projects Development
• Pre-Feasibility Study results for the 15-Mile Processing Hub were announced subsequent to the end of Q2 FY26,
outlining a highly attractive long-life project with production of over 100kozpa across an +11-year mine life at an
AISC ranging between US$708/oz and US$1,432/oz and with a post-tax payback period of less than one year.
• Touquoy Restart Study results outlined a near-term, low capital and low-cost restart with estimated gold
production of 38koz over a 13-month period at an AISC of between US$1,299/oz and US$1,942/oz.
o Subsequent to the end of Q2 FY26 the Nova Scotia Environment and Climate Change (NSECC) has
advised that the Touquoy Restart will be considered as an amendment to Touquoy’s existing Industrial
Approval rather than a new Environmental Assessment.
• Permitting processes and government support for resource development in Nova Scotia continues to improve
leading to St Barbara withdrawing its litigation over closure conditions in favour of progressing amended
conditions and Touquoy’s restart with Province.
Financial Strength
• St Barbara signed binding agreements with both Lingbao Gold Group (Lingbao) and Kumul Mineral Holdings
Limited (Kumul) in relation to the New Simberi Gold Project:
o Lingbao’s wholly owned subsidiary, Lingbao Gold International Company Limited, will acquire a 50%
interest in St Barbara Mining (a wholly owned subsidiary of St Barbara), for A$370 million in cash to own
40% of the New Simberi Gold Project; and
o Kumul’s wholly owned subsidiary, Eda Minerals Ltd, will acquire a 20% interest in New Simberi Gold
Project, with Kumul’s acquisition and attributable capital to be funded by a A$100 million loan from co-
owners Lingbao and St Barbara with repayments to be made from project cash flows.
• Both transactions are due to complete at the end of Q3 FY26, coinciding with a Final Investment Decision (FID).
• The Company completed a A$58 million Institutional Placement to advance the Simberi and Nova Scotia projects.
• Total cash, bullion and listed investments of A$187 million as at 31 December 2025 (including A$87 million of
restricted cash), with no bank debt, no hedging and excluding Lingbao’s deposit of A$32 million.
• Gold sales for Q2 FY26 totalled 10,169 ounces at an average realised price of A$6,404 per ounce.
Operating Performance
• Total Recordable Injury Frequency Rate increased from 0.2 at the end of Q1 FY26 to 0.5 at the end of Q2 FY26.
• Cash flow contribution from the Simberi operations for the quarter was A$13 million.
• Q2 gold production from Simberi was 9,057 ounces at an AISC of A$6,518 per ounce.
Page 1 of 31
St Barbara Quarterly Report / Q2 December FY26
St Barbara Managing Director and CEO Andrew Strelein said:
“The December Quarter was significant for St Barbara with the delivery of the Feasibility Study for the New Simberi
Gold Project, the Prefeasibility Study for 15-Mile Processing Hub, the withdrawal of litigation in Nova Scotia in favour
of moving the amended conditions and Touquoy Restart forward with the Province, the A$58 million share placement
to strengthen our working capital ahead of corporate transaction negotiations and the combined agreements with
Lingbao Gold and the PNG government owned Kumul Minerals.”
“Subsequent to the end of Q2 FY26 we have also received confirmation of approval of the extension of the Simberi
Mining Lease and the confirmation that our Touquoy Restart Project will be considered as an amendment to our
Industrial Approval rather than a full Environmental Assessment. These are very positive developments for us.”
“We expect to make a FID on the New Simberi Gold Project at the end of Q3 FY26, at which time we also expect to
complete the agreements with Lingbao and Kumul for their investment in the Project. St Barbara is on track to be fully
funded for its share of development costs and is anticipating operating cash inflows in time for the progression of the
15-Mile Processing Hub through permitting and into development.”
“At Simberi the mining rate was successfully lifted over the quarter however performance of the processing circuit was
disappointing. With an average gold sale price of A$6,404 the operation still generated a positive cashflow contribution.
We look forward to the Second Half of FY26 when gold production is expected to lift more than fifty percent from Q2.”
Development Projects
St Barbara has development projects located on Simberi Island, Papua New Guinea, and in Nova Scotia, Canada.
Recent study results for the New Simberi Gold Project, the Touquoy Restart and the 15-Mile Processing Hub have
confirmed attractive project economics for each 1:
• New Simberi Gold Project Feasibility Study results have highlighted a long-life, low-cost asset, with annual
production increasing to over 200kozpa with an AISC of between US$1,100 and US$1,400/oz over a mine life
extending to 13 years. The post-tax payback estimate is 3.5 years using a gold price of US$3,000/oz;
• Touquoy Restart Pre-Feasibility Study results demonstrate a compelling investment case for a near-term, low
capital and low-cost operational restart with gold production of 38koz an anticipated AISC of between $1,299/oz
and US$1,942/oz; and
• 15-Mile Processing Hub Pre-Feasibility Study results confirmed average gold production of 100kozpa over an
+11-year mine life at AISC of between US$708 and US$1,432, with a post-tax payback estimate of less than
one year using a gold price of US$3,000/oz.
Simberi
The Feasibility Study for the New Simberi Gold Project commenced in February 2025 and was completed on schedule
in Q2 FY26 and announced on 10 December 20251. Study highlights include the following:
• Total gold production of 2.1 Moz (Q2 FY26 – FY39);
• Annual production initially rising to above 200kozpa from FY29;
• Post Tax NPV8 of US$1,023M and IRR of 79% at US$3,000/oz gold & US$30/oz silver;
• Post Tax NPV8 of US$1,811M and IRR of 243% at US$4,000/oz gold & US$50/oz silver;
• AISC of between US$1,100 and US$1,400/oz from FY29 to FY36;
• Initial Project Capital estimated at US$275 million (+15/-10% Class 3 Estimate 3) across FY26 to FY28;
• Pre-Expansion Growth Capital of a further US$50 million to US$70 million across FY26 to FY27; and
• Life Of Mine Plan (LOMP) extends to 13 years, and is based only on Ore Reserve Estimates.
1 Refer to ASX announcements on 10 December 2025 titled “Feasibility Study confirms Simberi as a High-Quality, Long-Life, Low-Cost Asset” and “Touquoy Restart to
Proceed to Permitting” and on 21 January 2026 titled “15-Mile Processing Hub Pre-Feasibility Completed”
Page 2 of 31
St Barbara Quarterly Report / Q2 December FY26
As announced on 10 December 2025, a revised FID is expected in Q3 FY26 along with completion of the respective
transactions with Lingbao and Kumul 2.
Table 1 shows an updated timeline based on the revised FID date. It is now anticipated that commissioning dates for
the ball mill and for the float plant will extend to Q4 FY27 and Q4 FY28 respectively.
Table 1. Indicative Timeline of Major Milestones for the New Simberi Gold Project
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. The ball mill will be stored until anticipated shipment in March 2026.
The expansion will increase power demand from the current 7MW to 20MW. The next key item required for the
project, before the grinding circuit can be commissioned, is to increase the power station capacity (including
redundancy) from 10MW to 25MW. The power station has been tendered and submissions received.
New Wharf
Assessment of tenders for the new wharf to accommodate larger concentrate transport 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 is well advanced with 140 of the 340 new beds completed and in use. The next block
containing 60 beds is due for completion in coming weeks. Other building works completed to date include 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. Construction of a new kitchen and dining hall is well underway.
Additional New Mining Fleet
Simberi is now operating with ten Volvo A60s as part of the refresh of mining equipment for the expansion project. A
further six trucks are scheduled to arrive in H2 FY26.
2 Refer to ASX announcements on 10 December 2025 titled “St Barbara to be Fully Funded for Simberi Expansion; Lingbao Gold to Acquire a 50% Strategic Interest”
and “Kumul Minerals to acquire a 20% interest in Simberi Gold Mine”
Page 3 of 31
St Barbara Quarterly Report / Q2 December FY26
Haul Road
Ore delivery from the mine to the processing plant is currently by an Aerial Rope Conveyor (ARC). The ARC transects
the planned future open pit mining area and will be decommissioned in advance of development of the main orebody
at Pigiput. Removal of the ARC pylons will also expose additional remnant oxide ore for current operations through
FY27 and expose the cutback for the deeper Sulphide ore on the north-eastern side of the pit.
The new dedicated haul road will be constructed as early works which will connect the Pigiput pit directly to the new
ROM pad.
A geotechnical investigation program on the haul road has been completed, and the final design is near completion.
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.
The plant installation and commissioning will commence upon delivery in early Q3 FY26.
Next Steps
The key near term steps for St Barbara to progress the New Simberi Gold Project to enable first sulphide processing
and to switch over to the production and sale of gold concentrate include:
• Continuing with the execution of the Early Works Packages and Pre-Expansion Growth capital projects;
• FID based upon completion of transactions with Lingbao and Kumal, an Initial LOMP and Construction Work
Program and Budget to be developed based on the Feasibility Study but updated for the timeline following
Mining Lease Extension confirmation; and
• Continue with the completion of work specified by the Conservation and Environmental Protection Authority
(CEPA) under the permit approvals.
Page 4 of 31
St Barbara Quarterly Report / Q2 December FY26
Resource Definition and Sterilisation Drilling
Eight diamond drill holes (SDH709, SDH711 to SDH717) were completed for 1,220.5 m at Simberi during Q2 FY26 as
part of the FY26 resource definition, exploration and sterilisation

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