Quarterly Report Q3 FY26

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# Quarterly Report Q3 FY26

Source: https://stbarbara.com.au/wp-content/uploads/2026/04/2026.04.29-quarterly-report-q3-fy26.pdf
Published: 2026-04-02T00:00:00+00:00
Fetched: 2026-05-12T16:28:43.049+00:00
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## Content

# Quarterly Report Q3 FY26
Q3 March FY26
3 months to 31 March 2026 (unaudited)
Highlights
New Simberi Gold Project Development
• The Lingbao Gold Group’s (Lingbao) strategic investment in the New Simberi Gold Project was completed on 2
April 2026, with St Barbara receiving cash consideration of A$389 million (including working capital adjustments).
• Lingbao and St Barbara approved the Final Investment Decision (FID) to proceed with the US$333 million
expansion of the New Simberi Gold Project.
• The Papua New Guinea (PNG) Government approved the Mining Lease extension for the New Simberi Gold
Project to 2038.
• Growth capital investment at Simberi for Q3 FY26 was A$25 million.
Nova Scotia Gold Projects Development
• St Barbara’s submission for the Touquoy Restart was lodged during the quarter and subsequent to the end of Q3
FY26 the Nova Scotia Department of Environment and Climate Change (NSECC) approved the necessary
amendments to the Industrial Approval permit conditions, allowing the restart to proceed.
• The St Barbara Board approved the early commitments for the Touquoy Restart of C$2.9 million in February, with
FID approval occurring after the end of Q3 FY26. Recommencement of production is anticipated by end of
calendar year 2026.
• 15-Mile Processing Hub Pre-Feasibility Study results were announced on 21 January 2026, outlining a highly
attractive +11-year mine life project producing over 100kozpa at an average AISC of US$1,188/oz.
• Major progress was made on the preparation and early engagement for the 15-Mile Processing Hub initial project
description, which will trigger the project’s permitting process. St Barbara is targeting a FID in June 2027.
Financial Strength
• Gold sales for Q3 FY26 totalled 11,974 ounces at an average realised price of A$6,892 per ounce (including 346
ounces sold from the gold recovery work at the Touquoy processing plant).
• As at 31 March 2026 cash, gold receivable, bullion and listed investments totalled A$170 million, including A$83
million of restricted cash (before receipt of cash of A$389 million received from Lingbao on 2 April 2026).
• On 2 April 2026 the Company had cash and bullion of A$504 million, excluding its attributable share of cash and
bullion held by the jointly owned Simberi entities. St Barbara is fully funded to meet the upcoming capital
requirements for the Touquoy Restart, the expansion of New Simberi Gold Project and the development of the
15-Mile Processing Hub, using cash on hand and forecast operating cash flow from the Touquoy Restart and then
from the New Simberi Gold Project.
Operating Performance
• Total Recordable Injury Frequency Rate was 0.5 at the end of Q3 FY26, in line with the end of Q2 FY26.
• Cash flow contribution from the Simberi operations for the quarter was A$13 million (before sustaining capital of
A$1 million), inclusive of an end of quarter gold sale receivable of A$21 million.
• Q3 gold production from Simberi was 13,522 ounces (up 49% compared to Q2 Dec FY26) at an AISC of A$4,323
per ounce. Gold production for the month of March was 5,973 ounces, reflecting the progress made towards
improved processing performance under new leadership.
St Barbara Managing Director and CEO Andrew Strelein said:
“During the past quarter St Barbara continued to build momentum towards our goal of becoming a 200kozpa producer
with a highly competitive cost base.”
Page 1 of 55
St Barbara Quarterly Report / Q3 March FY26
“Key strategic milestones were reached, including the completion of the strategic investment by Lingbao Gold Group in
New Simberi along with FID on that project, the extension of Simberi’s Mining Lease to 2038, the very positive Pre-
Feasibility Study on the 15-Mile Processing Hub, and regulatory approval to restart Touquoy processing operations.
“It was very pleasing for us to see this momentum recognised when St Barbara was once again included in the ASX
300 at the March index rebalancing.
“We have a busy program ahead of us with construction and installation of equipment at the New Simberi Gold Project,
as well as working towards the restart of Touquoy by year-end. I’d like to thank our people and our stakeholders, in
both PNG and Nova Scotia, for working with us to bring these important gold projects to life.”
Development Projects
St Barbara has advanced its development projects located on Simberi Island, PNG, 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 with capital requirements fully funded post the Lingbao transaction 1 using cash on hand
and forecast operating cash flow during the construction spending period.
Delivery of these projects improves St Barbara’s attributable gold production outlook from 48koz in FY27 rising to
200kozpa in FY31 (shown in Figure 1) based solely on Proved and Probable Reserves.
Figure 1. Forecast Attributable Group Gold Production and All-in Sustaining Costs
250 $2,000
Attributable Gold Production (koz) All-in Sustaining Costs (US$/oz)
202 209
191 193 194
200 190 $1,600
164
145 153
150 $1,200
118
96
100 $800
80
60
48
50 39 $400
-- $-
FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41
New Simberi Nova Scotia All-in Sustaining Cost (US$/oz)
New Simberi Gold Project
The Lingbao strategic investment to acquire 50% of St Barbara Mining Pty (a wholly owned subsidiary of St Barbara),
which post completion owns 80% in the New Simberi Gold Project (Kumul Mineral Holdings Ltd to acquire 20%), was
completed on 2 April 2026 2. Lingbao and St Barbara approved the FID, on the basis of the approved Initial Life of
Mine Plan (“ILOMP”), to proceed with the construction of the project on the same day.
Table 1 below shows the indicative timeline with commissioning of the ball mill in Q4 FY27 and the float plant in Q4
FY28. This timeline incorporates the impact of the April FID whereas the earlier Feasibility Release assumed an FID in
Q2 Dec FY26. Figure 2 outlines the ILOMP projections for gold production and All-In Sustaining Cost (“AISC”) over the
life of mine for the New Simberi Gold Project.
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”
2 Refer to ASX announcement on 2 April 2026 “Strategic Transaction with Lingbao Completed; Final Investment Decision Approved”
Page 2 of 55
St Barbara Quarterly Report / Q3 March FY26
Table 1. Indicative Timeline of Major Milestones for the New Simberi Gold Project
Figure 2. New Simberi Gold Project ILOMP Gold Production and AISC (100% basis)
300 2,800
256
2,400
All-in Sustaining Costs (US$/oz)
250 239
225
215
Gold Production (koz)
200 202 2,000
195
200
1,600
141
150 128
119 1,200
103
100
72 800
56
50 400
23
- --
FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40
Oxide Sulphide All-in Sustaining Cost (US$/oz)
Page 3 of 55
St Barbara Quarterly Report / Q3 March FY26
Early Works Progress Update
Crushing and Grinding Circuit
The new 5.8MW ball mill ordered in March 2025 is ready for shipment in the manufacturer’s premises. The ball mill is
planned to arrive in July 2026.
Engineering design for the project is 40% complete and procurement of equipment is 78% complete. Contracts for
piling, civil construction work (haul road and ROM pad, waste dump embankments, sediment ponds and plant
earthworks), and additional diesel tank tenders are now being assessed.
The expansion of the power station to increase capacity (including redundancy) from 10MW to 25MW was ordered in
January 2026. The power station engines and detailed design is in progress.
New Wharf
A contract for the new wharf to accommodate larger concentrate transport ships is anticipated to be executed in May
2026.
Site construction
Earthworks commenced on a construction office and laydown facility and necessary early plant demolition work is
underway.
Pre-Expansion Growth Capital Update
Camp Expansion
All accommodation buildings for the Simberi camp expansion of 340 new beds have been completed. Other building
works were completed including a new kitchen and dining hall. Auxiliary power to the camp and office areas is planned
to be commissioned in May 2026.
Additional New Mining Fleet
The operation is now operating with 16 Volvo A60s as part of the refresh of mining equipment fleet for the New Simberi
Gold Project.
Civil Construction and Haul Road
Design of the new dedicated haul road is complete. The contract for civil construction work is under technical and
commercial assessment and is planned to commence in Q4 Jun FY26.
Reverse Osmosis Water Treatment Plant (RO Plant)
The RO Plant construction is underway with earthworks complete and concreting underway. The equipment
installation and commissioning will be completed in Q4 Jun FY26.
Page 4 of 55
St Barbara Quarterly Report / Q3 March FY26
Resource Definition and Sterilisation Drilling
Eight diamond drill holes (SDH718 to SDH725) were completed for 1,142.6 m at the New Simberi Gold Project during
Q3 Mar FY26 as part of the FY26 resource definition, exploration and sterilisation drill program. This included four
Samat exploration drill holes for 419.8 m, three Pigiput Southwest resource definition holes for 535.8 m and one Darum
waste rock dump sterilisation hole for 115 m.
In the first three quarters resource definition, exploration and sterilisation drill program completed at the New Simberi
Gold Project has comprised of 35 holes (SDH683 to SDH693, SDH695, SDH697, SDH699, SDH701 to SDH705,
SDH709, SDH711 to SDH725) for 4,914.5 m. This included 12 Darum waste rock dump sterilisation / exploration holes
for 1,529.5 m, 12 Samat exploration holes for 1,510.5 m, four Pigibo West resource definition holes for 437.3 m, three
Pigiput Southwest resource definition holes for 535.8 m, two Pigiput Northeast Trend resource definition holes for 647.2
m and two Northeast Andora exploration holes for 254.2 m.
Assay results were received for ten diamond drill holes in Q3 FY26, including the remaining six of ten holes drilled in
Q1 Sep FY26 and four holes drilled in Q2 Dec FY26. Updated assay results from ALS were received for eight holes
previously reported from the site laboratory.
At Pigiput Southwest, best results include:
• SDH721: 23 m @ 4.1 g/t Au from 110 m, including 4 m @ 20.7 g/t Au from 127 m
The gold mineralisation is associated with a zone of moderately to strongly oxidised, silica-clay altered, brecciated
andesite with 3 to 10% sulphides. The intercept is located 100 m below the southeast limit to the current Pigiput
optimised pit shell. The nearest drilling located 90 m to the north.
At Samat, best results include:
• SDH718: 15 m @ 1.5 g/t Au from 9 m
The gold mineralisation is associated with fresh, clay-silica altered, polymict and monomict andesite breccia with 2 to 5
% sulphides, located 30 m northwest of the current optimised pit shell at shallow depth. When combined with surface
trench results for SIMTR1086: 15 m @ 1.0 g/t Au, SIMTR1087: 5 m @ 1.1 g/t Au and 5 m @ 1.2 g/t Au (SIMTR1087)
and SIMTR1096: 5 m @ 1.9 g/t Au, the intercept defines a shallow anomalous zone that extends 80m from the current
optimised pit design.
At Darum waste rock dump sterilisation drilling, best results include:
• SDH714: 61 m @ 0.8 g/t Au from 30 m and 25 m @ 1.6 g/t Au from 100 m
The gold mineralisation is associated with fresh, sericite-clay-silica altered, polymict andesite breccia and massive
andesite with 2 to 10 % sulphides, located 20 m to 100 m vertically below surf

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