St Barbara (SBM) Q1 2026 earnings summary

Executive summary

• Simberi Expansion Project Feasibility Study is 94% complete, with results due in Q2 FY26; early works and growth capital expenditure of A$16 million focused on camp expansion, ball mill procurement, and infrastructure upgrades.

• The Papua New Guinea Mining Advisory Committee recommended extending the Simberi Mining Lease to 2038; awaiting ministerial approval.

• Atlantic Gold’s 15-Mile Processing Hub Pre-Feasibility Study is on track for Q3 FY26; improved permitting led to withdrawal of litigation and a focus on re-opening Touquoy mine for stockpile processing.

• Safety performance improved, with TRIFR dropping from 1.1 to 0.2 over the quarter.

Financial highlights

• Q1 FY26 gold production at Simberi was 11,158 oz at an AISC of A$4,487/oz, below forecast due to lower-than-expected grades.

• Gold sales totaled 11,738 oz at an average realized price of A$5,318/oz.

• Operational cash flow from Simberi was A$14 million for the quarter.

• Total cash, bullion, receivables, and listed investments stood at A$157 million as of 30 September 2025, including A$87 million restricted cash.

• A$58 million capital raise completed post-quarter to fund growth at Simberi and Atlantic.

Outlook and guidance

• FY26 Simberi gold production guidance is 54,000–70,000 oz at an AISC of A$4,000–A$4,400/oz.

• Simberi Expansion Project FID delayed to Q3 FY26 due to tax assessment resolution; commissioning of new ball mill expected in Q3 FY27.

• Touquoy restart evaluation to be completed by end of Q2 FY26; permitting amendments in progress.