Name of the Project
Simberi sulphide gold project.

Location
Simberi Island, in the province of New Ireland, Papua New Guinea.

Project Owner/s
Gold miner St Barbara.

Project Description
A feasibility study has highlighted a robust project with strong financial returns.

Key changes from the 2020 prefeasibility study (PFS) include an increase in nameplate capacity.

The mill throughput has increased from 2.7-million tonnes in the 2020 PFS to three-million tonnes a year in the feasibility study, with an option to expand to 3.7-million tonnes a year.

Average sulphide gold production has remained the same at 160 000 oz/y.

The project’s mine life has decreased from 15 years in the 2020 PFS to 11 years in the feasibility study.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $320-million at $1 500/oz, compared with $233-million at $1 350/oz in the PFS 2020.

The pretax internal rate of return is estimated at 52%, compared with 63% in the 2020 PFS.

The pretax payback has increased from two years in the 2020 PFS to three years in the feasibility study.

Capital Expenditure
Capital expenditure has increased to between $130-million and $150-million in the 2020 PFS to between $160-million and $170-million in the feasibility study.

Planned Start/End Date
First sulphide ore is scheduled for 2024, compared with 2023 in the 2020 PFS.

Latest Developments
St Barbara has announced a significant update to the mineral resources at the project as of June 30, revising its mineral resources upward by 5% to 113.6-million tonnes at 1.4 g/t gold for five-million ounces of contained gold.

This increase is the result of the 2024 financial year resource definition and exploration drilling programme.

The programme, alongside a revised geological model, has led to a higher-than-forecast conversion of inferred mineral resources to measured and indicated categories, totalling 1.9-million ounces.

Further, St Barbara has confirmed proven and probable ore reserves of 47.3-million tonnes at 1.8 g/t gold for 2.8-million ounces of contained gold.

"This upgrade ensures that our recently announced ten-year-plus mine plan outlook is completely underpinned now by proved and probable ore reserves," St Barbara MD and CEO Andrew Strelein said on July 30.

With minimal inferred mineral resources left to convert, the focus of the 2025 financial year's 9 000 m diamond drilling programme will shift to expanding the mineral resource.

Specifically, the programme will follow up on 2024's discovery of the Sorowar–Pigiput trend, test the sulphide potential of the Samat deposit and explore or sterilise various areas including Pigibo North.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
St Barbara, tel +61 3 8660 1900 or email info@stbarbara.com.au.