St Barbara has delivered what can only be described as a transformational quarter, securing final investment decisions on two major projects that position the company for significant growth. The approvals for the Touquoy Restart in Nova Scotia and the US$333 million expansion of New Simberi, accomplished with joint venture partner Lingbao Gold Group, represent material milestones for the gold miner’s development strategy.
The Touquoy Restart marks a return to production at Nova Scotia’s flagship asset after an extended shutdown. With mining contractor mobilization already underway and official reopening targeted for November 2026, the company is demonstrating execution capability against a realistic timeline. The restart unlocks production from a previously operational asset with established infrastructure and permitting, reducing execution risk compared to greenfield development. Concurrent with this progress, an updated Mineral Resources Estimate delivered a 24 percent increase in resources to 2.5 million ounces at the Nova Scotia complex, lifting to 62.4 million tonnes grading 1.2 grams per tonne gold. This resource upgrade adds meaningful optionality to the company’s development pipeline and supports a potential mid-2027 FID on the 15-Mile Processing Hub project.
At New Simberi in Papua New Guinea, construction is tracking well against schedule. Earthworks are nearing completion, the new ball mill is departing China in early August for October arrival, and engineering and procurement are each tracking at around 50 percent completion. Q4 gold production reached 14,658 ounces, representing 8 percent growth quarter on quarter, with New Simberi’s H2 production up 39 percent relative to the first half. St Barbara’s attributable production at 7,329 ounces for the quarter exceeded updated guidance of 5,600 to 6,800 ounces, signaling the ramp is tracking ahead of management expectations. The operation delivered A$29 million in cash flow contribution during the quarter on a 100 percent basis, demonstrating the cash generative capacity of the expanded operation.
The balance sheet provides meaningful support. Cash on hand totaled A$475 million as of 30 June, with an additional A$21 million attributable to New Simberi and A$13 million in listed investments, bringing total liquid resources to A$509 million. Management has confirmed the company remains fully funded for all upcoming capital requirements across the Touquoy Restart, the New Simberi expansion and the 15-Mile Processing Hub development. This financial flexibility removes refinancing risk and provides optionality to accelerate development or capture opportunities should they arise.
Investors should monitor execution against the Touquoy restart timeline, the New Simberi expansion progress toward mill arrival and commissioning, and any further resource definition work at Nova Scotia ahead of the 15-Mile FID. This announcement has been designated price sensitive and flagged as material by the ASX.
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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