St Barbara (SBM) H2 2024 earnings summary

Executive summary

• Reported a statutory loss after tax of $54 million for FY24, a significant improvement from the $429 million loss in FY23, reflecting the impact of the Leonora asset sale and strategic refocus on Simberi and Atlantic projects.

• Revenue from continuing operations declined 29% year-over-year to $224 million, with group gold production halved to 61 koz and all-in sustaining costs rising to A$3,620/oz.

• Corporate overheads were reduced by 48% to $13.9 million, and the company ended the year with $146 million in cash (excluding $45 million restricted cash) and listed investments of $36 million.

Financial highlights

• EBITDA (excluding significant items) was negative $28 million, down from positive $114 million in FY23.

• Underlying loss after tax was $38 million, compared to a $13 million loss in FY23.

• Net cash outflow from operating activities was $57 million, largely due to $56 million related to the Leonora asset sale (working capital settlement and tax payment).

• No dividend was declared for FY24.

Outlook and guidance

• Strategic focus is on advancing the Simberi Sulphides Expansion and development projects in Nova Scotia, with Simberi expected to maintain cash-neutral operations until sulphide processing commences in late 2027.

• FY25 guidance targets Simberi gold production of 65–75 koz, with a 10-year mine plan aiming for over 200 koz per annum from FY28 at lower AISC.

• Remuneration structure for executives remains weighted towards at-risk, project-outcome-based incentives.