St Barbara (SBM) H2 2025 earnings summary

Executive summary

• Reported a net asset position of $374 million at 30 June 2025, with cash on hand of $67 million and listed investments of $25 million.

• Underlying loss after tax for FY25 was $52 million; statutory loss after tax was $94 million.

• EBITDA (excluding significant items) was negative $32 million, reflecting investment in Simberi and Atlantic growth projects.

• Atlantic Gold operations classified as discontinued; divestment process expected to complete in H1 FY26.

• Simberi Expansion Project remains the strategic focus, with pre-feasibility confirming a +200kozpa Life of Mine Plan.

Financial highlights

• FY25 revenue from continuing operations increased 9% to $215.5 million year-over-year.

• Group gold production (continued operations) was 51,168 oz, down from 55,000 oz in FY24.

• All-in sustaining cost (AISC) for continued operations rose to A$4,582/oz from A$3,694/oz year-over-year.

• Net tangible assets per security decreased to $0.35 from $0.43 year-over-year.

• No dividends declared or paid for FY25.

Outlook and guidance

• Simberi oxide production extended through FY26 and into FY27; focus on transitioning to sulphide ore.

• Atlantic Gold divestment to unlock value and allow focus on Simberi development; completion targeted for H1 FY26.

• Directors confident in ability to meet obligations for at least 12 months, but auditor notes material uncertainty regarding going concern.