St Barbara (SBM) Q2 2026 earnings summary

Executive summary

• Feasibility Study for the New Simberi Gold Project confirmed a long-life, low-cost asset with annual production to exceed 200koz at AISC of US$1,100–1,400/oz over 13 years, with the PNG government approving a mining lease extension to 2038.

• Pre-Feasibility Study for the 15-Mile Processing Hub in Nova Scotia outlined a project with over 100kozpa production for 11+ years at AISC US$708–1,432/oz and a post-tax payback of less than one year.

• Agreements signed for Lingbao Gold to acquire 40% and Kumul Minerals 20% of the New Simberi Gold Project, providing A$370M and A$100M in funding, respectively; both transactions expected to close with FID at end of Q3 FY26.

• Institutional Placement raised A$58M to advance Simberi and Nova Scotia projects; total cash, bullion, and investments at A$187M as of 31 Dec 2025, with no bank debt or hedging.

• Gold sales in Q2 FY26 totaled 10,169oz at an average realized price of A$6,404/oz; Simberi operations contributed A$13M in cash flow.

Financial highlights

• Q2 FY26 gold production at Simberi was 9,057oz at AISC of A$6,518/oz, down from 11,158oz in Q1 FY26 due to processing issues.

• Total cash, bullion, and listed investments stood at A$187M, including A$87M restricted cash; no bank debt.

• Growth capital expenditure in Q2 FY26 was A$22M, with A$19M spent on Simberi expansion projects.

• Exploration expenditure for Q2 FY26 was A$3M.

• Simberi’s FY26 production guidance remains 54,000–70,000oz at AISC A$4,000–4,400/oz, with expectations now for the lower end of production and higher end of cost guidance.

Outlook and guidance

• FID for the New Simberi Gold Project and completion of Lingbao and Kumul transactions expected at end of Q3 FY26.

• Simberi’s annual production is anticipated to be at the lower end of guidance, with AISC at the upper end due to Q2 underperformance.

• Gold production at Simberi expected to increase by over 50% in H2 FY26 compared to Q2.

• Development of the 15-Mile Processing Hub and Touquoy Restart in Nova Scotia progressing, with improved permitting environment.