St Barbara (SBM) Q4 2025 earnings summary

Executive summary

• Q4 gold production at Simberi was 14,620 oz (up 4% from Q3), with sales of 15,564 oz (up 34% from Q3), including 853 oz from Touquoy decommissioning.

• FY25 gold production was 51,168 oz, within revised guidance of 50,000–52,000 oz.

• Safety performance improved, with TRIFR down to 1.1 at Q4 FY25 end, a 73% reduction over the year.

• Simberi Expansion Project Feasibility Study remains on track for Q2 FY26, with A$13M growth capital in Q4 and A$50M for FY25 spent on pre-expansion works.

• Operations faced significant rainfall, with over 3.5 meters in FY25, impacting mining activities.

Financial highlights

• Cash, gold on hand, and listed investments at 30 June 2025 totaled A$186M (A$68M unrestricted cash, A$4M gold doré, A$89M restricted cash, A$25M listed investments).

• No bank debt or hedging as of Q4 FY25.

• Q4 gold sales averaged A$5,117/oz; FY25 average realized price was A$4,428/oz.

• Contribution from operations in Q4 was A$16M before sustaining capital of A$1M.

• Growth capex in Q4 was A$15M; exploration expenditure was A$1M.

Outlook and guidance

• Simberi Expansion Project Feasibility Study due Q2 FY26; FID expected late Q2 or early Q3 FY26, pending tax assessment resolution.

• 15-Mile Processing Hub Prefeasibility Study in Nova Scotia targeted for Q3 FY26.

• FY25 gold production achieved within revised guidance; FY26 guidance pending.