Name of the Project
Simberi expansion project.

Location
Northernmost island in the Tabar group of islands in the province of New Ireland, in Papua New Guinea (PNG).

Project Owner/s
Australia-based gold mining company St Barbara Limited.

Project Description
The project aims to enlarge the current mining and processing facilities to allow for the processing of fresh sulphide ore and the extension of the life-of-mine to 13 years.

The mining rate is set to increase from the current 10-million to 12-million tonnes a year to about 20-million tonnes a year. Operations will shift from processing easily recoverable oxidised ore, which yields gold doré through the conventional carbon-in-leach (CIL) and electrowinning process, to handling fresh ore. This will require enhancements to the comminution circuit to handle the harder material, and the addition of a flotation circuit to produce a gold-rich concentrate. The flotation tailings, which contain nonsulphide material, will continue to be processed through the existing CIL circuit to extract any remaining gold.

Total gold production is estimated at 2.2-million ounces from the 2026 to 2028 financial years, based on proved and probable reserves.
The expansion includes the development of extra power generation facilities and the building of a new wharf capable of handling larger vessels to transport the gold concentrate to external buyers.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Applying a discount rate of 8%, the project has a net present value of $717-million and an internal rate of return of 63%, with a payback of 3.6 years.

Capital Expenditure
Initial project capital is estimated at $235-million, with pre-expansion growth capital of between $40-million and $60-million to be invested between 2026 and 2027. This will fund early works, including a camp upgrade, road construction and a reverse osmosis plant.

Planned Start/End Date
A final investment decision is expected in the second quarter of the 2026 financial year or early in the third quarter of the 2026 financial year.

Latest Developments
St Barbara has received firm commitments for an institutional placement of new fully paid shares to raise A$58-million – before costs – through the issue of about 126.1-million shares at an issue price of A$0.46 a share.

The placement was overbid, with significant demand from new and existing high-quality Australian and international institutional investors.

The funds raised will be used to expand and convert mobile fleet at the Simberi mine, finalise the Simberi expansion feasibility study, advance pre-expansion growth capital items and complete the prefeasibility study on the 15-mile processing hub.

Key Contracts, Suppliers and Consultants
Pitch Black Group (process plant study); and AMC Consultants (mine planning work supporting the life-of-mine plan and the preparation of the ore reserves).

Contact Details for Project Information
St Barbara Limited (Simberi operations), tel +675 76407031 or email info@stbarbara.com.au.