St Barbara (ASX: SBM) – St Barbara Files Investor Presentation 32

St Barbara Limited (ASX: SBM) has released an investor presentation detailing major project developments and production growth plans following the completion of its Lingbao strategic investment in April 2026. The company secured A$389 million from Lingbao and obtained Final Investment Decision approval for its New Simberi Gold Project expansion, removing significant funding and regulatory hurdles that have constrained the stock over the past year.

The presentation highlights three major production drivers. The New Simberi Gold Project represents a brownfield expansion of the company’s 40-percent-owned PNG operation, transitioning from oxide mining to sulphide processing at a targeted rate of over 200,000 ounces annually from FY29. The company’s feasibility study projects post-tax net present value of US$1,023 million at a US$3,000 per ounce gold price, with all-in sustaining costs of US$1,250 per ounce. Mining lease extension approval in January 2026 extended the project to 2038, removing a previously flagged tax dispute that delayed capital deployment.

Nova Scotia offers near-term production uplift through two sequential projects. The Touquoy Restart, planned to commence processing by end of calendar 2026, targets 38,000 ounces over a 13-month operation from existing ore stockpiles, generating estimated operating cash flow of C$109 million at a US$4,000 per ounce gold price with minimal capital of C$11.4 million. The 15-Mile Processing Hub Project, completing its pre-feasibility study in December 2025, targets average annual production exceeding 100,000 ounces over an 11-plus-year mine life with post-tax NPV of C$1,286 million at US$3,000 per ounce.

Combined, the company targets over 200-percent production growth within four years, with Simberi and Nova Scotia both ramping toward sustained production of over 200,000 ounces annually by FY32. Management has strengthened the operating teams across both regions, with Andrew Taylor appointed VP Operations and several experienced mine and project executives joining or expanding roles at Atlantic operations in Nova Scotia.

The company’s valuation metrics suggest embedded production growth remains under-appreciated. At its April 2026 share price of A$0.66, St Barbara trades at an enterprise value to ore reserves ratio of approximately A$872 per ounce on a 50-percent attributable basis for New Simberi, below the peer average of A$1,363 per ounce across comparable ASX-listed gold companies. The presentation notes exploration upside at both projects that could extend mine lives beyond current plans.

Investors should monitor construction progress at New Simberi, where plant commissioning is targeted for the second half of FY28, and track the Touquoy Restart timeline toward end of calendar 2026. The 15-Mile Processing Hub FID, targeted for completion by end of FY27, represents a key inflection point for Nova Scotia’s longer-term production profile. The completion of the Kumul transaction, ensuring government alignment with the New Simberi partnership, will be important to track as both projects move toward execution.

View the full ASX announcement (PDF)

About St Barbara Limited (ASX: SBM)

St Barbara Limited is an Australian-based gold mining company with operations in Canada and Papua New Guinea. The company operates the Atlantic Operations in Nova Scotia, Canada, which includes the Touquoy mine, and the Simberi Operations in the province of New Ireland, Papua New Guinea. The company engages in the exploration, development, mining, and sale of gold, with additional interest in silver exploration.

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