-- CHAIR’S ADDRESS
2025 Annual General Meeting, 20 November 2025
The 2025 financial year saw continued progress on our Simberi and Atlantic growth projects, alongside the successful extension of oxide processing at Simberi to maintain business continuity until the transition to sulphide ore.
In preparing this year’s address, I reflected on the substantial momentum achieved across our two major development opportunities: the Simberi Expansion Project in Papua New Guinea and the 15-Mile Processing Hub in Nova Scotia. Both projects represent significant value potential, and our ongoing study and early-works programs, together with permitting improvements in Nova Scotia, have materially strengthened the platform from which we will make critical decisions in FY26.
During FY25, our focus has been to take a disciplined approach to assessing our strategic and funding options with regard to these two projects and to retain optionality on them and on delivering value for our shareholders and stakeholders.
When undertaking a strategic portfolio review earlier in the year and as announced, one option we pursued was the possible separation of the Atlantic assets from the broader St Barbara group. However, as the year progressed, with improving permitting environment and government support in Nova Scotia, no proposal was received that reflected the level of future value we believe the 15-Mile Processing Hub can deliver for our shareholders.
Encouragingly, the permitting environment and government support for responsible resource development in Nova Scotia improved markedly during the year and has continued to do so into FY26. This shift positions St Barbara to continue advancing development of the 15-Mile Processing Hub.
At Simberi the scale, quality, and long-life potential of the Simberi Expansion Project has attracted unsolicited interest. As a result, and ahead of formal funding discussions, the Board is evaluating strategic alternatives for the project that could best support the pathway to a Final Investment Decision and deliver greater value to shareholders. Several parties are in advanced due diligence, which may or may not lead to a potential transaction.
People and Safety
Safety remains our highest priority. The re-launch of the Safety Always program in FY25 significantly improved safety performance at Simberi. Our Total Recordable Injury Frequency Rate fell from 4.1 at the end of FY24 to 1.1 at the end of FY25, and continued its downward trend to 0.2 by the end of the September quarter FY26.
Simberi Expansion Project
A key strategic objective for the year was the completion of the Pre- Feasibility study on the Simberi Expansion Project, which confirmed over 200,000 ounces per annum with life of mine plan extending to 13 years based on Proven and Probable Ore Reserves.
Of note we advanced a key permitting milestone by lodging the early renewal of the Simberi Mining Lease, seeking to extend the mine life from 2028 to 2038. In the first quarter of FY26 the Mining Advisory Committee recommended granting the extension to the Mining Lease, and the matter has been formally submitted to the Mining Minister for approval and we await the final decision.
15 Mile Processing Hub
In Nova Scotia, we advanced the 15-Mile Processing Hub Concept Study, which confirmed strong project economics as well as a dramatically reduced environmental disturbance. In addition, we continued the assessment of pumpedhydro and solar-generation opportunities at Touquoy.
Operational Performance
Throughout FY25, Simberi focused on maintaining business continuity and achieving operating break-even cash flow ahead of the expansion. This strategy reduces risk, strengthens operational readiness, and avoids disruption for our workforce, communities, and landowner partners.
Simberi produced 51,168 ounces of gold at an All-in Sustaining Cost (AISC) of A$4,582 per ounce, meeting revised guidance. Gold sales totalled 48,354 ounces at an average realised price of A$4,428 per ounce.
In Nova Scotia, we progressed the reclamation activities at the Touquoy mine and gold sales from the decommissioning of the Touquoy processing plant were 3,515 ounces at an average realised price of A$4,280 per ounce.
The improved permitting conditions in Nova Scotia have continued into FY26, supporting our recent announcement of a potential re-opening of the Touquoy processing plant to process stockpiles remaining on surface after the closure in 2023.
Investing for the Future
A key theme for FY25 was to invest for the future and we invested A$78 million in growth capital during the year to advance the development projects in both regions. At Simberi, this included pre-expansion work such as camp expansion, installation of the new sizer, ordering the new 5.8 MW ball mill, haul-road design, geotechnical drilling, and mobile-fleet additions – key drivers behind the capital raise that we undertook in the first half of FY25.
In Nova Scotia, capital supported the study work for the 15-Mile Processing Hub and the energy-storage and solargeneration opportunities at Touquoy.
St Barbara ended FY25 with A$67 million in cash (excluding restricted cash of A$89 million) and A$25 million in listed investments. Early in FY26, we completed a A$58 million institutional placement – introducing new shareholders and broadening the register – to support ongoing pre-expansion works at Simberi and continued evaluation of the stockpile processing at Atlantic.
Looking Ahead
Our FY26 strategy focuses on advancing Simberi and Atlantic to decision points that maximise shareholder value. For Simberi, any corporate interest must be carefully weighed against our ability to fund and progress the expansion independently.
Oxide production at Simberi will continue under our business-continuity strategy, targeting operating break-even cash flow. FY26 guidance for Simberi is 54,000–70,000 ounces of gold at an AISC of A$4,000–A$4,400 per ounce.
The Simberi Expansion Feasibility Study is nearing completion, with outcomes expected this quarter. Work continues on long-lead procurement items, finalising Conservation and Environmental Protection Authority permit conditions, and completion of the camp expansion. A Final Investment Decision is now targeted for Q3 FY26.
In Nova Scotia, the Pre-Feasibility Study for the 15-Mile Processing Hub remains on schedule for Q3 FY26. In parallel, the evaluation of the Touquoy stockpile opportunity will continue, supported by the significantly more favourable permitting environment.
In relation to the tax assessments issued by the Papua New Guinea Internal Revenue Commission (IRC), the Company lodged a formal objection to all assessed amounts in February. We understand that the IRC engaged external taxation consultants to review the objections and that the consultant’s findings are now with the Deputy Commissioner.
St Barbara remains committed to engaging constructively with the IRC and seek a timely and positive resolution.
Conclusion
As we move into FY26, we will continue applying discipline to our assessment of strategic options and funding pathways for our two major growth projects. With both the Simberi Expansion Project and the Atlantic Growth Projects advancing, the Company is well positioned to progress into development in a strong gold-price environment.
I would like to acknowledge, with my thanks, our Managing Director and CEO, Andrew Strelein and his leadership team for their ongoing commitment in positioning St Barbara for this next phase, and I extend my sincere thanks to my fellow Directors, the entire St Barbara workforce, and shareholders for your ongoing support.
Thank you.
For more information
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