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2026-11-06
◂ Monitor SBM ASX

St Barbara Limited

Construction · Gold · PG · CA Rating locked: sign in to view v8.1 · sbm-20261102t225756-full
Last 2026-11-06
A$0.74
1D
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1M
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YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$907.3M
EV
A$575.3M
Cash
A$334M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$334M2026-06-30: 393,432,000 A$2026-09-30: 334,000,000 A$ Construction Funded
Debt A$0 Net cash A$334M
Basic shares 1.2B 2026-09-30
Runway 12.8 quarters Unrestricted cash A$334m divided by Q1 FY27 cash flows before financing of A$26m a quarter; no committed funding; Touquoy cash flow not yet included.

Liquidity

Financial position

Unrestricted cash of A$334m at 30 September 2026 and no debt. It funds the Nova Scotia restart and feasibility work. The A$82m restricted cash secures Touquoy reclamation bonds. After the October A$0.05 dividend (about A$61m) and A$410m + A$43m due on the Simberi sale, the company is well funded. The 15-Mile initial capital of A$315m is funded from cash, Touquoy cash flow and sale proceeds.

Capital structure

Ownership and dilution

Ordinary shares
1.2B
Fully diluted
1.3B

Ordinary shares 1,082,846,341 at 1 July 2025, plus 126,086,957 placement shares in October 2025 and 16,261,570 rights exercised, equal 1,226,057,431 at 30 September 2026 (the 30 June 2026 count was 1,209,795,861). The on-market buy-back of up to 100m shares is authorised but not executed at the cutoff.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares (ASX: SBM)Ordinary Share1.2B——
Unlisted employee performance rights (ASX: SBMAK), vesting 2027 and 2028Performance Right69.5M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AFY26A
Operations
Touquoy gold recoveredoz—0.00
Profit and loss
RevenueAUDmFY25: 15,030,000 AUDFY26: 3,625,000 AUD15.03.6
Operating and corporate costs (cash)AUDmFY25: 68,902,000 AUDFY26: 27,286,000 AUD68.927.3
EBITDA (statutory)AUDmFY25: -53,872,000 AUDFY26: -23,661,000 AUD(53.9)(23.7)
Cash flow
Operating cash flowAUDmFY25: -81,080,000 AUDFY26: -12,899,000 AUD(81.1)(12.9)
Capex (PP&E, exploration and development)AUDmFY25: 72,614,000 AUDFY26: 76,825,000 AUD72.676.8
Free cash flowAUDmFY25: -153,694,000 AUDFY26: -89,724,000 AUD(153.7)(89.7)
Balance sheet
Cash (unrestricted)AUDmFY25: 67,418,000 AUDFY26: 393,432,000 AUD67.4393.4
Lease liabilities (no borrowings)AUDmFY25: 5,572,000 AUDFY26: 1,991,000 AUD5.62.0
Net debt / (net cash), leases less cashAUDmFY25: -61,846,000 AUDFY26: -391,441,000 AUD(61.8)(391.4)
Per share
Shares on issue (year-end)m sharesFY25: 1,082,846,341 sharesFY26: 1,209,795,861 shares1,082.81,209.8
Dividend per share declaredAUD/share—0.05
Multiples and ratios
EV / EBITDA (x, current EV)xFY25: -10.00 xFY26: -22.76 x(10.0)(22.8)
EBITDA margin%FY25: -3.58 fractionFY26: -6.53 fraction-358.4%-652.7%

KPI history

Operating metrics

Source values by period
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
New Simberi Gold gold production, 100% basisNsg SimberiQ1 FY27Quarter10,746 ozReported
New Simberi Gold gold sales, 100% basisNsg SimberiQ1 FY27Quarter9,270 ozReported
New Simberi Gold AISC, Q1 FY27Nsg SimberiQ1 FY27Quarter6,011 AUD/ozReported
Unrestricted cash, corporate and AtlanticCompanyQ1 FY27Point In Time334,000,000 AUDReported
Unrestricted cash at 30 June 2026CompanyFY26Point In Time393,432,000 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
Touquoy Restart: Processing Of Stockpilestouquoycalendar year 2026—— dateCurrent
New Simberi First Sulphide Ore Processingnsg-simberimid-calendar 2028—— dateCurrent
15 Mile Processing Hub Fidfifteen-mile-hubQ4 June FY27—— dateCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-11-02BuybackOrdinary Shares———AnnouncedOn-market buy-back of up to 100 million shares, cancelled when bought; under the 10/12 limit, so no shareholder approval; executed over 12 months at the company discretion; none bought at the cutoff.Max 100M · Period 2026-11-23 to 2027-11-02 · prevailing market price, executed at the company discretion
2026-10-16Ann. 2026-08-28DividendA$61.3M——Completed—
2025-10-13Ann. 2025-10-07RaisingA$58M126.1M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-30

Arrangements disclosed in the FY26 annual report, the Q1 FY27 quarterly and the Simberi, Kumul and Lingbao announcements. The company reports no hedging. Other royalties and streams on Nova Scotia assets were not found in the pages read.

Lingbao acquired 50% of St Barbara Mining Pty Ltd, which owns 80% of the Simberi project after the Kumul JV. Completion deconsolidated Simberi and equity-accounts it as an investment in associates (carried at A$386m).

Joint Venture · Active
Counterparties
Lingbao Gold Group
Applies to
New Simberi Gold (Simberi Expansion) and Simberi JV · Gold
Economic direction
Mixed
Period
From 2026-04-02; no end date stated
Key terms
SBM Mining 50% interest sold to Lingbao (completed): 50 %
Cash consideration received: 389,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding sale of SBM remaining New Simberi interest for A$453m cash, subject to PRC and PNG approvals and SBM shareholder approval if required.

Other · Conditional
Counterparties
Lingbao Gold Group
Applies to
New Simberi Gold (Simberi Expansion) and Simberi JV · Gold
Economic direction
Benefit
Period
From 2026-09-10; no end date stated
Key terms
Cash on completion: 410,000,000 AUD
Repayment of construction capital since April 2026: 43,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

2.75% NSR retained by SBM on completion, guaranteed by Lingbao; applies only after the sale completes. Pro forma only in the base case.

Royalty · Conditional
Counterparties
Lingbao Gold Group
Applies to
New Simberi Gold (Simberi Expansion) and Simberi JV · Gold · Silver
Economic direction
Benefit
Period
Dates not stated
Key terms
Net smelter return on 100% of future New Simberi gold and silver: 2.75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

1.5% NSR on Tabar Islands exploration licences, guaranteed by Lingbao; conditional on the sale and not valued in the base case.

Royalty · Conditional
Counterparties
Lingbao Gold Group
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Net smelter return on future minerals from Tabar Islands exploration licences: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Kumul acquires 20% of the Simberi JV for A$100m, funded by a non-recourse loan from SBM Mining repaid from Kumul share of revenue; completion not yet recorded.

Joint Venture · Conditional
Counterparties
Kumul Mineral Holdings Limited
Applies to
New Simberi Gold (Simberi Expansion) and Simberi JV · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Kumul interest in Simberi unincorporated JV: 20 %
Acquisition consideration (funded by SBM Mining non-recourse loan): 100,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Farm-in to earn up to 20% of Tabar Islands exploration licences, documentation not final at the cutoff in the documents read.

Farm In · Announced
Counterparties
Kumul Mineral Holdings Limited
Applies to
Company-wide · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Kumul earn-in to 20% of Tabar Islands exploration licences: 20 %
How it affects our valuation

No valuation treatment is available for this arrangement.