St Barbara (SBM) Q2 2025 earnings summary

Executive summary

• Completed A$100M institutional placement to accelerate Simberi Sulphides first production by up to five months; feasibility and plant design studies on track.

• Q2 gold production of 10,262 oz, below guidance due to operational issues at Simberi; annual guidance maintained at lower end of 65,000–75,000 oz.

• Total cash, bullion, and listed investments at A$249M, with A$133M unrestricted, A$90M restricted, and A$26M in listed investments; no bank debt or hedging.

• New oxide discovery at Simberi, including Pigibo North, with significant progress in resource definition and exploration drilling.

• Improved safety performance with no reportable injuries and TRIFR reduced to 3.0.

Financial highlights

• Gold sales for Q2: 11,712 oz at A$4,116/oz, including 1,256 oz from Touquoy clean-up.

• Operating cash outflow of A$9M; sustaining capex A$2M; growth capex A$8M; working capital change A$13M.

• All-in sustaining cost (AISC) for Q2: A$5,916/oz, up from A$3,905/oz in Q1.

• Listed investment portfolio increased to A$28M from A$24M sequentially.

Outlook and guidance

• FY25 Simberi gold production guidance: 65,000–75,000 oz, expected at lower end; AISC A$3,200–A$3,600/oz.

• Higher H2 production expected from higher grade ore, new crusher installation, and improved fleet availability.

• Additional ounces from Touquoy clean-up expected in H2 FY25, but excluded from reported production.

• Group sustaining capex guidance: A$10–15M; growth capex: A$30–40M; exploration: A$10–13M.

• New oxide discovery at Pigibo North announced; production impact for FY25 undetermined.