Australian gold miner St Barbara has signalled it may hold on to its Atlantic business in Canada for longer than expected, while also exploring a potential sale of its Simberi mine in Papua New Guinea, as the company works through parallel strategic reviews.

The Perth-based firm said on Wednesday that it had not yet received any offers for its Atlantic operations in Nova Scotia that adequately captured the upside of its proposed 15-Mile processing hub. Improving permitting conditions, along with the potential re-opening of the Touquoy mine to treat low- and medium-grade stockpiles, have also increased the appeal of retaining Atlantic rather than pursuing a near-term divestment.

At the same time, St Barbara confirmed that "several parties" were conducting advanced due diligence on Simberi, following unsolicited approaches. The company has hired Macquarie Capital to manage the process, which could lead to a partial or full sale. However, St Barbara stressed there was no certainty of a transaction, with regulatory and shareholder approvals required for any deal.

CEO Dan Lougher has been clear that Simberi remains central to the company’s growth strategy, with the expansion project expected to lift production above 200 000 oz/y at an all-in sustaining cost (AISC) of $1 200/oz to $1 300/oz. The development would extend mine life to 2038 and deliver a post-tax net present value of $717-million at a gold price of $2 500/oz. A final investment decision is targeted for late 2025 or early 2026, pending tax and lease approvals.

The updates came as St Barbara issued production and cost guidance for the 2026 financial year, forecasting 54 000 oz to 70 000 oz at Simberi at an AISC of A$4 000/oz to A$4 400/oz. Internal modelling points to output of about 61 700 oz, a 21% lift year-on-year, with production weighted to the second half of the year as new Volvo haul trucks arrive on site.

Care-and-maintenance costs at Touquoy are expected to be A$11-million to A$12-million in 2026, with a further A$4-million to A$5-million on reclamation, down sharply from 2025 as rehabilitation work slows.