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2024 ReportPeers and competitors of St Barbara Ltd:
Range Capital Acquisition Corp II Class A Ordinary SharesSt Barbara Limited ACN 009 165 066
Level 19, 58 Mounts Bay Road, Perth WA 6000
ASX: SBM
PO Box 1161, West Perth, WA 6872
T +61 8 9476 5555 www.stbarbara.com.au
13 September 2024
2024 Annual Report
The 2024 Annual Report for St Barbara Limited (“St Barbara” or the “Company”) (ASX:SBM) is attached, as distributed
to shareholders today.
The Annual Report complements, and should be read in conjunction with, information contained in the Company’s
corresponding Corporate Governance Statement released today and available at www.stbarbara.com.au.
Authorised by
Board of Directors
For more information
Investor Relations
Media Relations
David Cotterell
General Manager Business Development & Investor Relations
info@stbarbara.com.au
T: +61 3 8660 1959 M: +61 447 644 648
Paul Ryan / Michael Weir
Sodali & Co
M: +61 409 296 511 / +61 402 347 032
Annual
Report
2024
Our sustainability framework.........................................X
Exploration..............................................................................XII
Directors and Financial Report .....................................1
Mineral Resources and Ore Reserves....................79
Shareholder Information and Corporate
Directory ................................................................................85
Our assets..................................................................................I
Letter to shareholders.........................................................II
FY24 overview.........................................................................V
Our operations......................................................................VI
Building a culturally diverse and
inclusive St Barbara.............................................................X
Contents
We are St Barbara
An Australian based, ASX listed company with gold mining
operations in Canada and Papua New Guinea.
We are driven by our values-led culture and five commitments.
Development
Projects
St Barbara 2024 Annual Report | I
Our assets
Simberi Operations
Mine life extended beyond FY28 for oxide ore
and ore capable of processing through
current circuit
Completion of Concept Study outlining
Simberi Expansion from FY28
Completion of resource definition and
exploration drilling leading to Ore Reserves
increased 40% to 2.8 Moz
Simberi open pit mine
FY24 highlights:
Atlantic Operations
Study completed on Touquoy Plant
Relocation to 15-Mile Project
Pre-Feasibility Study completed on 15-Mile
Project redesign utilising relocated Touquoy
Plant
Completion of sterilisation drilling campaigns
at Goldboro East and Cochrane Hill
Development Projects: 15-Mile,
Beaver Dam and Cochrane Hill
FY24 highlights:
Delivering the Concept Study
outlining a 10 Year Plus Mine Plan
with production of more than
200,000 ounces per annum from
FY28 through FY34 at All-in
Sustaining Costs falling to
between US$1,000 and US$1,200
per ounce.
In Nova Scotia the key strategic
objectives achieved included:
Completing the Study confirming
the viability of relocating the
Touquoy processing plant to 15-
Mile;
Completing a Pre-Feasibility
Study on the 15-Mile Project
utilising a relocated Touquoy
processing plant for carbon-in-
leach flowsheet (CIL) instead of
gold concentrate production;
Updating Beaver Dam Project to
feed ore to the redesigned 15-
Mile CIL Project design;
Completion of sterilisation drilling
campaigns at Goldboro East
(now available for monetisation)
and at Cochrane Hill (now
available for infrastructure
redesign); and
Reaching agreement on the first
exploration access agreement by
the Company with a First Nation
community in South-west under
new consultation requirements in
Nova Scotia.
Operational Performance
Simberi Operations transitioned to
focus on business continuity utilising
breakeven cut-off grades to provide
a sufficient window to allow
completion of the Sulphide
Expansion Project study work without
incurring potentially unnecessary
closure costs, care and maintenance
and associated community impacts.
The primary focus for
FY25 is to progress the
Simberi Sulphides
Expansion to Feasibility
Study ahead of Final
Investment Decision.
Letter to our shareholders
Dear shareholder
St Barbara’s strategic focus in the
2024 financial year (FY24) moved to
prioritisation of the development of
the Simberi and Atlantic growth
projects to decision points, while
maintaining gold production at
Simberi and actively managing the
investment and exploration portfolio.
Project Development
The main components of the
strategic focus fell under several
work streams for Simberi and
Atlantic development projects.
Pleasingly, all key strategic objectives
were successfully completed.
At Simberi the key strategic
objectives achieved included:
The extension of oxide ore mine
life to beyond FY28, if required, to
allow continuity of business
operations through to anticipated
commencement of sulphides
processing;
Completion of the metallurgical
drilling and advancing the
metallurgical testwork program
to ensure sufficiently
comprehensive characterisation
of material and flotation
concentrate production;
Completing the resource
definition drilling program and
additional geological modelling
resulting in Mineral Resources
increasing 25% from 4.0 Moz to
5.0 Moz, including the conversion
of 1.9 Moz from Inferred to
Measured and Indicated
Increasing Ore Reserves by 40%
from 2.0 Moz to 2.8 Moz (net of
depletion) following the
successful upgrade of Mineral
Resource confidence; and
St Barbara 2024 Annual Report | II
Simberi achieved the midpoint of
revised guidance with gold
production of 54,705 ounces at an
All-in Sustaining Cost (AISC) of
$3,694 per ounce (bottom end of
revised guidance of $3,700 to $3,900
per ounce). Gold sales for FY24 were
62,058 ounces.
The Atlantic Operations produced
6,480 ounces at an AISC of $2,994
per ounce for FY24, all in the
September quarter, the final
production quarter for the Touquoy
operation. In October 2023, the
Touquoy mine was closed and the
processing plant entered into care
and maintenance due to the inability
to obtain permits for in-pit tailings
deposition within a reasonable
timeframe. Gold sales for Atlantic
(image: final blast at Touquoy open pit)
Operations in FY24 were 8,676
ounces, including 2,060 ounces sold
during decommissioning of the
Touquoy processing plant.
Financial Performance
We reported a statutory loss after
tax of $54 million for the year, with
an underlying loss after tax of $38
million with EBITDA (excluding
significant items) of $28 million.
We invested $26 million in growth
capital to advance development
projects in Simberi and Nova Scotia.
The Company, together with
independent renewable energy
company, Natural Forces, will also
continue its investigation into
repurposing the existing Touquoy
open pit, waste rock storage area
and the TMF into assets for a
pumped hydro renewable energy
project to supply energy storage for
the Province of Nova Scotia.
For the 15-Mile Project the ongoing
difficulties encountered with the
Nova Scotia Department of
Environment and Climate Change
mean that preparation for revised
environmental approval submissions
has been put on hold. Environmental
baselines will be kept up to date and
targeted studies undertaken on 15-
Mile, Beaver Dam and Cochrane Hill
while engagement continues with
the government.
FY24 has seen delivery of all the key
strategic objectives outlined for both
Simberi and Atlantic. Our strategy for
FY25 is clear and achievable.
The Company is well funded to
deliver the next milestone,
completion of the Feasibility Study on
the 2.8 million ounce Ore Reserve at
Simberi and further expanding the
large Mineral Resource of 5.0 million
ounces with the drilling program
already underway.
Lastly, we would like to thank our
fellow board members, the St
Barbara workforce for their
extraordinary efforts during a year of
great change, and our shareholders
for their continued support. We are
excited by the upside potential at
our projects and look forward to
progressing them rapidly towards
decision points in the coming year.
Kerry Gleeson
Independent Non-Executive Chair
Andrew Strelein
Managing Director & CEO
St Barbara 2024 Annual Report | III
Net cash outflow from continuing
operating activities was $1 million,
however cash outflow from
discontinued operations was
another $56 million, being the
settlement of working capital of $32
million related to the Leonora asset
sale and the income tax payment of
$24 million on the sale.
The Company ended the year with
$191 million in total cash at bank and
no debt and is well funded to
complete the next phases of work
and beyond, including the
investment in Pre-Expansion Growth
Capital this year.
The listed investment portfolio
increased by over 75% to $36 million
(FY23: $20 million) with just $3.5
million invested during the year to
assist Linden Gold Alliance’s
acquisition by Brightstar Resources
Limited.
People and Safety
In early FY24 the Company
successfully completed a smooth
transition of the Leonora business to
the ownership of Genesis Minerals
Limited.
During FY24 further organisational
restructures occurred, significantly
reducing corporate costs by 48% to
$14 million (FY23: $27 million), while
retaining the core capabilities
required to achieve the strategic
objectives for the development
projects. All teams have done a
great job staying safe and focused
during a period of enormous
transition.
We had total recordable injuries of 11
in FY24, with 7 at Simberi and 4 at
Atlantic. In the June quarter FY24 the
Simberi workforce undertook a safety
intervention plan to refocus attention
on safety behaviour and mandatory
revisions on the use of job hazard
analysis and escalation processes.
In-field leadership observations were
also increased.
Significantly the exploration team
had another full twelve months free
of reportable injuries and are now
five years reportable injury free.
Board changes
Ms Stef Loader resigned as a Non-
Executive Director of the Company at
30 June 2024. Ms Loader has been a
Non-Executive Director of the
Company since November 2018.
We thank Stef for her significant
contribution to St Barbara over the
last six years, including as Chair of
the Safety and Sustainability
Committee and more recently as
Chair of the Remuneration and
Nomination Committee.
Following the appointment of three
new Directors in 2023, the Board has
determined that its composition is
appropriate and will not be seeking
to appoint a replacement Director.
FY25 priorities
The operating strategy at Simberi in
FY25 is to continue sustaining
operations at break-even or near
break-even operating cashflow as a
superior outcome than any
temporary closure which would
come with care and maintenance
costs and distruption to workforce
and community within an
established operation. Gold
production guidance at Simberi is
between 65,000 and 75,000 ounces
at an AISC of between $3,200 and
$3,600 per ounce, inclusive of
sustaining capital of between $10
and $15 million.
Based on the significant results of
the FY24 Simberi sulphide drilling
program, the Company is
undertaking a 9,000 metre sulphide
drilling program targeting Sorowar –
Pigiput Trend, the extension of Samat
deposit and exploration / sterilisation
at Pigibo North.
Importantly the metallurgical
testwork has allowed early selection
of the final flowsheet and the
Company will now focus on
optimisation of Saleable
Concentrate Flowsheet ahead of
commencement of an updated
Feasibility Study.
At Atlantic, reclamation of Touquoy
mine site will continue in FY25 with
construction of the spillway for the
tailings management facility (TMF),
resloping of the TMF south wall and
various studies to finalise
reclamation prescriptions.
St Barbara 2024 Annual Report | IV
St Barbara 2024 Annual Report | V
Q1 Sep FY24
Q2 Dec FY24
Q3 Mar FY24
Q4 Jun FY24
0.0
1.0
2.0
3.0
4.0
Q1 Sep FY24
Q2 Dec FY24
Q3 Mar FY24
Q4 Jun FY24
0
1000
2000
3000
4000
Simberi
Atlantic
30 Jun 2023
30 Jun 2024
30 Jun 2023
30 Jun 2024
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Simberi Expansion
FY25
FY26
FY27
FY28
Metallurgical testwork / Flowsheet Finalisation
Feasibility Study Update
Front End Engineering and Design Update
Final Investment Decision
Plant Design and Construction
First Sulphide Production
FY24 overview
3
4
1
Recordable injuries over FY24
Gold production (ounces)
All-in sustaining cost (A$/oz)
Ore Reserves and Mineral Resources (Moz)
Simberi
Atlantic
Q1 Sep FY24
Q2 Dec FY24
Q3 Mar FY24
Q4 Jun FY24
0,000
5,000
10,000
15,000
20,000
3,951
3,889
Ore Reserves
Mineral Resources
1.5
1.4
1.9
4.0
2.0
5.0
FY24
11
Total
recordable
injuries
FY24
61,185
ounces of gold
FY24
$3,620
/oz
St Barbara Group
Simberi and Atlantic progressed rapidly towards decision points
Study work and drilling advanced the Simberi Expansion Project and Atlantic Projects
Full year gold production of 61,185 ounces and AISC of A$3,620 per ounce
Total Recordable Injuries of 11
Cash of A$191 million and no debt as at 30 June 2024
FY24
+780 koz
Simberi
Ore Reserves
3,074
3.5
6.0
7.0
4.1
3
Simberi Expansion Indicative Timeline
3,590
2.8
2.0
14,100
17,257
6,480
10,379
12,969
$3,694
7
55
5.0
Simberi is an open cut mining operation situated approximately 900km northeast of Port Moresby on
the northern most island of the Tabar Group, in New Ireland Province of Papua New Guinea.
The mine has been in operation since 2008 and accessing oxide ore to produce gold doré on site.
The future of Simberi is the Sulphide Expansion Project which will increase gold production to over
200,000 ounces per annum and extend mine life by more than 10 years.
Over 90% of Simberi’s workforce are from Simberi Island, the nearby Tabar Islands, and other parts of
Papua New Guinea, meaning sustainable economic opportunities for local families.
St Barbara 2024 Annual Report | VI
Simberi Operations
FY24 highlights
Recordable Injuries
Gold production
koz
All-In Sustaining Cost
/oz
Mineral Resources
Moz
Ore Reserves
2.8 Moz
Year Highlights
The strategy at Simberi for FY24 has been to extend the viable operating life
with oxide ores that can be treated through the existing Carbon-in-Leach
(CIL) circuit. Sustaining operations at break-even or near break-even
operating cashflow is a superior outcome to a temporary closure with care
and maintenance costs and workforce and community disruption to a well-
established business.
The investment in plant repairs, refurbishments and targeted growth capital
continues to be a good investment, given the existing processing plant is to
be retained for use in the expanded sulphides operations from mid-FY28.
Production for FY24 was 54,705 ounces of gold at an AISC of A$3,694 per
ounce.
Key objectives achieved in FY24:
Mineral Resources increased 25% from 4.0 Moz to 5.0 Moz and Ore
Reserves increased 40% from 2.0 Moz to 2.8 Moz (net of depletion)
Delivery of the Concept Study outlining a Sulphide Expansion with
production of over 200,000 ounces per annum from FY28 through FY34
at All-in Sustaining Costs of between US$1,000 and US$1,200 per ounce
Discovery of the Sorowar – Pigiput Trend for follow-up targeting in FY25
Completing the metallurgical drill sample generation and advancement
of the testwork program to allow flowsheet selection and Feasibility
Study completion by end of FY25
Successful extension of oxide or CIL ore processing life, including the
application of artificial intelligence based learning on recovery
performance of moderate sulphur ores, out beyond FY28.
Case Study 1
Establishment of Tabar Group of Islands Cocoa
Co-operative Project
In April 2024, a Co-operative was established involving all
cocoa farmers across the Tabar Group of Islands (TGI).
The Co-operative, along with Simberi Gold Company
Limited as the lead partner, submitted a grant application
for K1,200,000 to the World Bank’s Papua New Guinea
Agriculture Commercialisation and Diversification Project.
The grant application was successful with the funding to
create a better market for the cocoa produce,
standardise post harvest management practices, infield
production processing and create sustainable business
opportunities for people in TGI.
The partnership will bring invaluable expertise, proven business
models, existing supply chains and markets. This partnership
provides the opportunity for capacity building, such as,
empowering smallholders and organisation with the
knowledge, tools, and other resources they need to increase
the quantity and quality of their commodities in Tabar Islands
communities.
The TGI Cocoa Co-operative Project is part of St Barbara’s
commitment to sustainable development, building
stronger communities and empowering people. This project
ensures the continuation of economic viability and success
of local communities during operation and post mine closure.
St Barbara 2024 Annual Report | VII
Case Study 2
Simberi Gold Company Limited sponsored Board
Director training for local landowner associations in
December 2023 and January 2024. This training was
conducted over a five day course facilitated by the
Papua New Guinea Human Resources Institute
(PNGHRI). Approximately 50 local leaders attended
these courses.
Course content included:
Board Responsibilities
Strategic Planning
Ethics
Good Governance
Financial Governance
Board Committees
Corporate Governance Training for Simberi Landowner groups’ Directors
The Directors of the main landowner association, Simberi Mine Area Association were highly complimentary of the
empowerment felt after the governance training.
$XXXX
X.X
XX
1.9
DRAFT
St Barbara 2024 Annual Report | VIII
Atlantic Operations
Becoming part of St Barbara in July 2019, our Atlantic Operations are located approximately 80km
north east of Halifax, Nova Scotia, Canada. Open cut mining at the Touquoy pit commenced in 2017
with commercial production commencing in March 2018. The last ore was mined from Touquoy in
February 2023 and processing of stockpiles was completed in September that year.
The next phase for our Atlantic Operations is the development of our Fifteen Mile Stream Project, ~40
kilometres east-northeast of Touquoy. Fifteen Mile Stream is being designed as a standalone
operation with the processing plant relocated from Touquoy to Fifteen Mile Stream.
With additional planned pits at Fifteen Mile Stream Beaver Dam and Cochrane Hill, Atlantic Operations
has an estimated mine life to 2030, with strong regional exploration potential. Atlantic Operations
prides itself on operating sustainably and providing prosperity and opportunity for families in rural
Nova Scotia.
FY24 highlights
Safety performance: TRIFR
Gold production
koz
All-In Sustaining Cost
/oz
Mineral Resources
Moz
1.5
Ore Reserves
Moz
Year Highlights
Insert a couple of paragraphs about the year that was.
Include production, AISC, TRIFR etc
Exploration
Drilling. R&R updates etc
Permitting
$2,994
4
6
1.9
CHANGE PHOTO
St Barbara 2024 Annual Report | VIII
Atlantic Operations
Becoming part of St Barbara in July 2019, our Atlantic Operations are located approximately 80km
north east of Halifax, Nova Scotia, Canada. Open cut mining at the Touquoy pit commenced in 2017
with commercial production commencing in March 2018. The last ore was mined from Touquoy in
February 2023 and processing of stockpiles was completed in September 2023.
The next phase for our Atlantic Operations is the development of the 15-Mile Project, approximately
40 kilometres east-northeast of Touquoy, making use of the processing plant to be relocated from
Touquoy. Atlantic Operations transitioned the Touquoy processing plant to care and maintenance
in October 2023.
The Beaver Dam Project has been redesigned as a standalone open pit to feed ore to the 15-Mile
processing plant.
Atlantic Operations prides itself on operating sustainably and providing prosperity and opportunity
for families in rural Nova Scotia.
FY24 highlights
Recordable Injuries
Gold production
koz
All-In Sustaining Cost
/oz
Mineral Resources
Moz
1.4
Ore Reserves
Moz
Year Highlights
Atlantic Operations produced 6,480 ounces of gold in FY24 at an AISC of
A$2,994 per ounce, as processing of low-grade stockpiles at Touquoy
ceased on 20 September 2023.
The strategic objectives relating to the Atlantic projects focused on the
advancement of the 15-Mile, Beaver Dam and Cochrane Hill Projects.
Key objectives achieved in FY24:
Study completed on the Touquoy processing plant confirming the
viability of relocating the existing plant infrastructure to 15-Mile Project
Pre-Feasibility Study on 15-Mile Project using a Carbon-In-Leach (CIL)
replacement flowsheet and the relocated Touquoy processing plant
and a one-third reduction in surface disturbance
Successful redesign of Beaver Dam Project (including more than
halving of surface disturbance) to supply ore to the 15-Mile Project
Completion of sterilisation drilling campaigns at Goldboro East (now
available for monetisation)and at Cochrane Hill (now available for
infrastructure redesign)
The first exploration access agreement with the First Nation
community in South-west of Nova Scotia under new consultation
requirements.
Case Study 1
Case Study 2
Sheet Harbour Marina Project Support
The Sheet Harbour community is important to
St Barbara’s Atlantic Operations, as it is the
closest community to the 15-Mile Project. It is
located along the Eastern shore of Nova
Scotia, with a population of approximately
3,400 people.
St Barbara’s Atlantic Operations has been
proud to be a part of the Sheet Harbour
community for a number of years and has
been involved in sponsoring and attending
community events, funding high school
bursaries and developing partnerships with
local organisations.
In early 2024, a multi-year strategic
partnership between St Barbara and the Sheet
Harbour Marina Association (SHMA) was
announced, with St Barbara as the lead
corporate sponsor for the development of a
new marina in the community.
Once constructed, the marina will provide a
critical link in developing a network of local
and provincial destinations accessible by land
and water, increasing marine tourism to the
Sheet Harbour area and the province of Nova
Scotia as a whole. It will provide a new
waterfront destination with recreational
activities for both locals and visitors,
increasing local engagement in marine
recreation. The marina development will
include employment opportunities, and other
benefits in terms of spin-off opportunities for
community businesses.
The marina project has the strong support of
the community members along the Eastern
Shore of Nova Scotia, as well as all three levels
of government. By investing in the
community’s goals, we believe St Barbara’s
partnership with the SHMA demonstrates our
commitment to building stronger
communities. St Barbara wishes to support the
continued growth of the Sheet Harbour
community and grow in partnership together.
St Barbara 2024 Annual Report | IX
St Barbara’s Atlantic Operations ceased processing
ore at Touquoy on 20 September 2023, with the
processing plant transitioning to care and
maintenance and the mine site to closure and
reclamation.
The initial reclamation work at Touquoy is study
work centred on the cover of the tailings facility and
understanding the settling time required prior to
work commencing. These studies also feed into the
water quality modelling which will support water
treatment timelines. Major works underway are the
construction of the final spillway for the tailings
facility and the sloping of the downstream (south)
side of the tailings facility to its final slope
requirements for closure. These works commenced
in June 2024 and are expected to be complete in
late October 2024.
Site has also removed 11 of 12 mobile trailers which
were on site during operations. The final trailer has
been moved into a storage area to be maintained
until needed in the final stages of closure when
buildings are being removed. Site personnel have
also regraded and covered several areas for
revegetation; the administration employee parking
lot, administration laydown area, the mill lower
storage yard, equipment storage area at the haul
road crossing and the old stemming storage area
have all been prepared for revegetation.
The Atlantic Operations are in the final process of
working with third party reclamation experts to
finalise a gap analysis and create a
comprehensive plan to ensure that the studies
being performed are fulsome and support the best
possible solutions for the minesite.
In addition, the Atlantic Operations have partnered
with a renewable energy company, Natural Forces,
to perform a feasibility study on repurposing the
Touquoy pit as a closed loop Hydro Storage Facility
and determine if there is a possibility to install up to
70Mw of photovoltaic solar panels at the site to
support Nova Scotia’s Renewable Energy plan.
Objective
As at 30
June 2022
As at 30
June 2023
Target
By
As at 30
June 2024
1
Maintain the percentage of women on the board
(including MD & CEO)
40%
33%
Ongoing
50%
2
Maintain nil gender pay gap
for like-for-like roles
0%
0%
Ongoing
0%
Achieve and maintain the minimum proportion
of women in senior management roles
40%
30 June
2024
42%
Increase the proportion of women in
the Simberi Operations
16%
18%
30 June
2024
17%
40%
0%
16%
4
3
Our Values
We aim is to provide an equitable workplace. We achieved in three critical areas during the year
and continued making progress towards our final objective during a year of transformation.
As we move into the new financial year, we will review and update our diversity objectives in line
with our new strategic focus and operational footprint.
Building a culturally diverse and inclusive St Barbara
Our approach to sustainability is guided by our values and our five Group-wide commitments. Our
values and our commitments guide our decision-making and help us to build a strong culture and
deliver on our promises.
Our sustainability framework
Our approach
St Barbara 2024 Annual Report | X
Our Commitments
We are committed to
inclusion and
diversity. We provide
a caring work
environment where
our talented people
feel safe and are
empowered to fulfil
their potential.
Board of Directors
Direct oversight for Environmental, Social and Governance performance (ESG)
Remuneration and Nomination
Committee
•Advise the Board on the Group’s overall
remuneration and diversity strategies and policies.
•Oversee the composition, structure, succession
planning and performance of the Executive
Leadership Team and Board.
Audit and Risk Committee
•Monitor and review the Group’s systems of internal
control and reporting, risk management, audit
processes, and Mineral Resource and Ore Reserve
estimation.
•Consider sustainability risks.
•Consider whether the Risk Management
Framework effectively identifies areas of potential
material risks including economic, environmental
and social sustainability risks.
Managing Director and CEO
•Report progress to the Board.
•Review performance against the
Sustainability/ESG Strategy.
•Steer and support development of
Sustainability/ESG Strategy and corporate
commitments.
Executive/Senior Leadership Team
•Monitor the Group’s health, safety,
environment, community (HSEC) and
sustainability reporting responsibilities and
compliance across those activities.
Project Development
•Identify metrics and baseline
ESG impacts
•Achieve Sustainability/ESG
outcomes through project
development process
•Empower design teams to drive
innovation and delivery
Site Level Executive General
Managers (Asset Managers)
•Achieve Sustainability/ESG
outcomes through HSEC/asset
management processes
•Implementation and update of
Sustainability/ESG strategy
•Reporting and disclosure
•Support to delivery teams
All Staff
•Support achievement of
Sustainability/ESG outcomes
•Engage in Sustainability/ESG
related activities and identify
opportunities for improvement
St Barbara 2024 Annual Report | XI
Our sustainability framework
0
Exploration
FY24 highlights
Recordable Injuries
Production
(Diamond, RC and Aircore)
holes drilled for 19,000 metres
completed testing 14 targets
150
Highlights
During FY24, exploration programs were completed in Australia, Nova
Scotia, Canada and Papua New Guinea, targeting specific outcomes in
each location.
On Simberi Island, the focus was on the resource definition drilling
program targeting the conversion of Inferred Mineral Resource to
Indicated Mineral Resource. Exploration activity also continued on EL609
and EL2462 on Tatau Island, with both exploration licences renewed in July
2024.
In Nova Scotia, a diamond drill program comprising 20 holes was
completed at Cochrane Hill. Results confirmed the existing open pit
design limits and allows the redesign of infrastructure and layout after
sterilisation drilling along strike to east and west of the current design. A
diamond drill program comprising four holes at Goldboro East to test for
shallow and depth potential extensions to Signal Gold’s Goldboro deposit.
Regional exploration activities also occurred in Southwest Nova Scotia.
In Australia, exploration focused solely on Back Creek (NSW), with a 28-
hole aircore drill program successfully extending the currently identified
gold in bedrock geochemical anomaly to 2.1 km strike length open along
strike to the north and south. A two-hole diamond drill program also
tested two magnetic highs at the Northeast Target for both porphyry
copper-gold and epithermal gold style mineralisation.
Exploration in FY25 will focus on further resource definition and exploration
drilling at Simberi targeting the Sorowar-Pigiput Trend, Samat, Sorowar-
Pigibo Trend and Pigibo North. Exploration will also continue on EL609 and
EL2462 on Tatau Island. Follow up drilling is also planned at Back Creek.
Equity Investments
Simberi Expansion
Shares (M)
Ownership (%)
Value (A$M)*
Brightstar Resources (ASX: BTR)
572.3
12.1
8.6
Catalyst Metals (ASX: CYL)**
12.7
5.7
24.4
Patronus Resources (ASX: PTN)***
158.1
13.4
9.2
Peel Mining (ASX: PEX)
41.5
7.2
4.8
Total
46.9
At the end of FY24, St Barbara had listed equity investments in Australian companies Brightstar Resources
Limited, Catalyst Metals Limited, Patronus Resources and Peel Mining Limited.
St Barbara’s strategy is to actively manage the listed equity portfolio and maximise shareholder value.
* Based on closing shares price on 31 July 2024
** 12.7M shares in Catalyst Metals subsequently sold on 16 August 2024
*** Previously Kin Mining (ASX: KIN)
St Barbara 2024 Annual Report | XII
Directors’ and
Financial Report
2024
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St Barbara Directors’ and Financial Report | 30 June 2024
St Barbara Annual Report 2024 | 3
Overview of group results
The consolidated results for the year are summarised as follows:
2024
$’000
2023
$’000
EBITDA(3)(6)
(50,829)
(416,933)
EBIT(2)(6)
(78,919)
(523,792)
Loss before tax(4)
(73,015)
(534,736)
Statutory loss(1) after tax
(53,915)
(429,199)
Total net significant items after tax
(15,854)
(416,447)
EBITDA(6) (excluding significant
items)
(28,477)
113,779
EBIT(6) (excluding significant items)
(56,567)
6,920
Loss before tax (excluding
significant items)
(50,663)
(4,024)
Underlying net loss after tax(5)(6)
(38,061)
(12,752)
Details of significant items included in the statutory profit/(loss)
for the year are reported in the table below. Descriptions of each
item are provided in Note 3 to the Financial Report.
2024
$’000
2023
$’000
Business development costs
(1,471)
-
Accelerated Depreciation
(10,725)
-
Inventories write-down
(8,553)
-
Redundancy costs
(1,603)
(2,649)
Impairment loss on assets
-
(588,534)
Expected credit loss
-
(26,262)
Profit on sale of Leonora
-
86,733
Significant items before tax
(22,352)
(530,712)
Tax effect of impairment
-
138,045
Tax effect of profit on sale of Leonora
-
(26,020)
Tax effect of other items
6,498
8,674
Tax losses de- recognised
-
(6,434)
Significant items after tax
(15,854)
(416,447)
(1) Statutory loss is net loss after tax attributable to owners of the parent.
(2) EBIT is earnings before interest revenue, finance costs and income tax expense.
(3) EBITDA is EBIT before depreciation and amortisation.
(4) Profit/(loss) before tax is earnings before income tax expense.
(5) Underlying net profit after income tax is net profit after income tax (“statutory profit”)
excluding significant items as described in Note 3 to the consolidated financial statements.
(6) EBIT, EBITDA and underlying net profit after tax are non-IFRS financial measures, which
have not been subject to review or audit by the Group’s external auditors. These measures are
presented to enable understanding of the underlying performance of the Group by users.
In 2024 St Barbara’s strategic focus has moved to the
prioritisation of the development of the Simberi and Atlantic
growth projects. St Barbara undertook several changes in the
2023 financial year ahead of this strategy shift:
x
The asset sale of the Leonora operation to Genesis Minerals
Limited, resulting in a $86,733,000 pre-tax profit on sale, and
cash proceeds of $371,596,000.
x
The cash repayment of $159,196,000 to close out the
syndicated debt facilities and repayment of the Australian
finance lease of $4,495,000 to repay Leonora related lease
liabilities.
Structural business changes in the financial year 2024:
x
Simberi firmed up it’s ability to continue oxide processing
from a combination of using incremental cut-off grade
costings and the use of Artificial Intelligence to identify more
Carbon-in-Leach (CIL) treatable material in the mine plan.
This operating strategy is designed to maintain business
continuity through to the commencement of sulphides
operations anticipated in late 2027 such that closure costs,
care and maintenance and associated community impacts
can be avoided.
x
Atlantic’s Touquoy operation
was closed,
and the
processing plant entered into care and maintenance in
October 2023 due to the inability to obtain permits for in-pit
tailings deposition within a reasonable timeframe.
x
The Company undertook further organisational restructuring
to significantly reduce the corporate costs while retaining the
core capabilities for the new strategic direction.
Key 2024 achievements include:
Strategic Objectives Achieved at Simberi included:
9
The extension of oxide ore mine life to beyond FY28, if
required, to allow continuity of business operations through
to anticipated commencement of sulphides processing;
9
Completion of the metallurgical drilling and advancing the
metallurgical testwork program to ensure sufficiently
comprehensive characterisation of material and flotation
concentrate production;
9
Completing the resource definition drilling program and
additional geological modelling resulting in Mineral
Resources increasing 25% from 4.0 Moz to 5.0 Moz,
including the conversion of 1.9 Moz from Inferred to
Measured and Indicated
9
Increasing Ore Reserves by 40% from 2.0 Moz to 2.8 Moz
(net of depletion) following the successful upgrade of
Mineral Resource confidence; and
9
Delivering the Concept Study outlining a 10 Year Plus Mine
Plan with production of more than 200,000 ounces per
annum from FY28 through FY34 at All-in Sustaining Costs
falling to between US$1,000 and US$1,200 per ounce.
Strategic Objectives Achieved in Nova Scotia Included:
9
Completing the Study confirming the viability of relocating
the Touquoy processing plant to 15-Mile;
9
Completing a Pre-Feasibility Study on the 15-Mile project
utilising a relocated Touquoy processing plant for carbon-in-
leach flowsheet (CIL) instead of gold concentrate
production;
9
Updating Beaver Dam project to feed ore to the redesigned
15-Mile CIL project design;
9
Completion of sterilisation drilling campaigns at Goldboro
East (now available for monetisation) and at Cochrane Hill
(now available for infrastructure redesign); and
9
Reaching agreement on the first exploration access
agreement by the Company with a First Nation community
in South-west under new consultation requirements in Nova
Scotia.
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Simberi
Touquoy
2024
2023
2024
2023
Ore Mined
kt
2,599
2,607
-
960
Grade
g/t Au
1.07
1.07
-
0.54
Ore Milled (including stockpiles)
kt
1,858
2,422
511
2,746
Grade
g/t Au
1.22
1.23
0.47
0.55
Recovery
%
75
81
84
90
Gold Production
oz
54,705
78,320
6,480
43,998
Gold Sales
oz
62,058
75,183
8,676
46,497
Cash Cost(1)
A$/oz
3,431
2,213
2,823
1,917
All-in-sustaining cost(2)
A$/oz
3,694
2,419
2,994
2,244
Average gold price
A$/oz
3,161
2,724
3,010
2,542
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