St Barbara (SBM) Q4 2025 earnings summary

Executive summary

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

• Q4 gold production at Simberi was 14,620 oz (up 4% from Q3), with AISC of A$4,613/oz; FY25 production was 51,168 oz at AISC of A$4,582/oz, both in line with revised guidance.

• Total cash, bullion, and listed investments at 30 June 2025 were A$186M (A$89M restricted), with no bank debt or hedging.

• Positive results from the 15-Mile Processing Hub Concept Study in Nova Scotia; Prefeasibility Study progressing for Q3 FY26 completion.

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

Financial highlights

• Q4 gold sales totaled 15,564 oz at an average realized price of A$5,117/oz; included 853 oz from Touquoy decommissioning.

• 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.

• FY25 Simberi gold production: 51,168 oz; AISC: A$4,582/oz; both within guidance.

• Listed investment portfolio valued at A$25M at Q4 end.

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.

• Simberi FY25 actuals met revised guidance: 51,168 oz gold, AISC A$4,582/oz; FY26 guidance pending.