Price, volume & events
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- Last 2026-11-06
- A$0.74
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Notification of buy-back - SBMPost Cash Checkpoint Buyback Event
- Up to 100 Million Shares On-Market Buy-BackPost Cash Checkpoint Buyback Event
- Maiden Underground Resource of 0.5 Moz at Old Austen MineRecent Resource Or Reserve Source
Investment view
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Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 11All sources ▸- Maiden Underground Resource of 0.5 Moz at Old Austen MineResource Update
- Up to 100 Million Shares On-Market Buy-BackCorporate Action
- Quarterly Report Q1 FY27Results
- 2026 Annual ReportResults
- 15-Mile Processing Hub Project PFS UpdatedStudy
- Simberi Transaction PresentationTransaction
- Touquoy Restart Final Investment Decision ApprovalOperations
- Lingbao Strategic Transaction Completed and FID ApprovedTransaction
- Progress on Lingbao Strategic Investment in SimberiFinancing
- Feasibility Study confirms Simberi as a High-Quality AssetStudy
- Kumul to acquire a 20% interest in Simberi Gold ProjectEconomic Arrangement
Event calendar · next 12 months
8 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q2 December FY27 | Nova Scotia RC and IFRC drilling of up to 105 holes, December quarter FY27 window | Exploration | Company Guided | Medium | Tests the conversion of the non-reserve Nova Scotia resources. |
| November 2026 commissioning; processing by end of Q2 December FY27 | Touquoy mill commissioning starts and stockpile processing begins | Construction Or Commissioning | Company Guided | High | First operating cash flow from the Atlantic Operations since care and maintenance. |
| on or about 23 Nov 2026 | On-market buy-back of up to 100 million shares commences (about 23 November 2026) | Corporate Action | Company Guided | Medium | Buy-back of up to 100m shares below our fair value; authorised, not yet executed at the cutoff. |
| Q3 March FY27 | 15-Mile Processing Hub feasibility study completion, targeted Q3 March FY27 | Study | Company Guided | High | Converts the PFS to a feasibility study and sets capital and schedule for the FID. |
| March quarter FY27 (calendar Jan to Mar 2027) | Completion of sale of remaining New Simberi interest to Lingbao, targeted Q3 March FY27 | Transaction | Company Guided | High | Converts the 40% stake into A$453m cash plus royalties; triggers a proposed A$0.13 special dividend. |
| at completion of the New Simberi sale | Board to consider a special fully franked dividend of A$0.13 per share at completion of the sale | Corporate Action | Company Guided | High | About A$159m distribution if declared; not declared at the cutoff. |
| late January 2027 (inferred from the quarterly cycle) | Q2 FY27 quarterly report (December quarter 2026) | Results | Inferred | Medium | First full quarter of Touquoy operating data. |
| Q4 June FY27 | 15-Mile Processing Hub final investment decision, targeted June 2027 | Other | Company Guided | High | FID and funding plan for C$289m initial capital (A$315m). |
Executive roster
As of 2026-09-30Background checks ▸Executives named in the FY26 annual report (Chair and remuneration sections, pages 16 and 26-28): the CEO, CFO and general counsel and company secretary, plus the EGM Exploration in the operating review. Other senior managers were not enumerated in the pages read.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Andrew Strelein | Managing Director and Chief Executive Officer · Executive Director | Executive Director · Chief Executive | 2023-07-01 | 2026 Annual Report |
| Sara Prendergast | Chief Financial Officer | Finance | 2023-09-01 | 2026 Annual Report |
| Kylie Panckhurst | General Counsel and Company Secretary | Company Secretary | 2021-05-01 | 2026 Annual Report |
| Roger Mustard | EGM Exploration | Technical | — | 2026 Annual Report |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
New Simberi Gold (Simberi Expansion) and Simberi JV
PG
Construction40% ownedGoldSilver
FID approved 2 April 2026 (US$333m); construction under way. SBM sells its remaining interest to Lingbao for A$453m plus royalties, completion targeted Q3 March FY27; Kumul 20% JV pending PNG approvals.
- Study
- feasibilitys
- Post-tax NPV (study prices, attributable)
- US$511.5md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 79%s
- Initial capex (100%)
- US$275.0ms
- Capital intensity
- US$1,674/(oz/yr)d
- LoM AISC
- A$2,013/ozs
- Mine life
- 13.0 yrss
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$1B8% discount
IRR79%Published return
Initial capexUS$275MPublished capital estimate
Operating cost1,330USD/oz Au
100% project, post-tax, US$3,000/oz, 8% discount rate, feasibility study 1 Oct 2025
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 135.6M t | 1.3 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | proved_and_probable | 45.2M t | 1.8 g/t Au | Gold | 2026-06-30 |
Milestones2
- First sulphide ore processing (mid-calendar 2028)
Pending · High materiality
- Completion of sale of remaining New Simberi interest to Lingbao
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| PNG ICCC and NEC approvals for the Kumul JV | Papua New Guinea | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Simberi Expansion Feasibility Study | DFS | Current | 2025-12-10 | Post-tax NPV8 US$1,023m at US$3,000/oz; IRR 79%; 13-year life; initial capital US$275m. |
Core asset
15-Mile Processing Hub (with Old Mitchell and Old Austen satellites), Nova Scotia
CA
PFS Developer100% ownedGold
Updated PFS (28 Sept 2026); feasibility study under way for completion Q3 March FY27; FID targeted June 2027; federal impact assessment decision (Section 16) awaited.
- Study
- PFS updates
- Post-tax NPV (study prices, attributable)
- A$1.7bd
- NPV restated at our deck (attributable)
- Locked
- IRR
- 81.6%s
- Initial capex (100%)
- A$315.0ms
- Capital intensity
- A$2,972/(oz/yr)d
- LoM AISC
- A$1,563/ozs
- Mine life
- 13.0 yrss
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVA$1.7B5% discount
IRR81.6%Published return
Initial capexA$315MPublished capital estimate
Operating cost1,098USD/oz Au
100% project, post-tax NPV5, US$3,000/oz, C$1=US$0.71, C$1=A$1.09
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 2M oz | 1.06 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | proved_and_probable | 38.7M t | 1.16 g/t Au | Gold | 2026-06-30 |
Milestones3
- Feasibility study completion
Pending · High materiality
- Final investment decision
Pending · High materiality
- Construction start at 15-Mile (end June FY28)
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Federal impact assessment determination (Section 16), IAAC | Canada (federal) | Pending | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| 15-Mile Processing Hub Updated Pre-Feasibility Study | PFS | Current | 2026-09-28 | Post-tax NPV5 A$1,705m at US$3,000/oz; IRR 81.6%; initial capital A$315m; 13-year life; 106 koz/yr. |
| 15-Mile Processing Hub Pre-Feasibility Study (January 2026) | PFS | Superseded | 2026-01-21 | Superseded by the September 2026 update; post-tax NPV A$1,402m at US$3,000/oz. |
Material
Touquoy (Atlantic Operations) restart and stockpiles, Nova Scotia
CA
Care And Maintenance100% ownedGold
Restart FID approved 24 April 2026 after permit amendments; mill refurbishment under way; commissioning from November 2026; stockpile processing by end of Q2 December FY27.
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- 40.0k ozd
- Last production year
- —
- Target restart
- 2026-12-31g
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 40K oz | 0.4 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | proved_and_probable | 40K oz | 0.4 g/t Au | Gold | 2026-06-30 |
Milestones1
- Processing of stockpiled ore at Touquoy
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Industrial Approval permit conditions (Nova Scotia) | Nova Scotia | Granted | — | No |
Material
Old Austen Mine down-plunge (underground), Nova Scotia
CA
Resource Stage100% ownedGold
Maiden underground resource 2 November 2026; infill and extension drilling planned for spring and summer 2027.
- Contained metal (attributable)
- 520.0k ozd
- Resource grade
- 3.40 g/t
- % Measured + Indicated
- 36.5%d
- Resource tonnes
- 4.80 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 520K oz | 3.4 g/t Au | Gold | 2026-06-30 |
Other
Nova Scotia non-reserve resources (conversion option)
CA
Resource Stage100% ownedGold
Atlantic resources outside reserves at 30 June 2026: about 0.79 Moz after excluding Touquoy; the November 2026 Nova Scotia total of 3.0 Moz includes the Old Austen down-plunge.
- Contained metal (attributable)
- 790.0k ozd
- Resource grade
- —
- % Measured + Indicated
- —
- Resource tonnes
- —
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 790K oz | 1.0 g/t Au (approx.) | Gold | 2026-06-30 |
Other
Nova Scotia exploration portfolio (West Caledonia, Dufferin, Rocky Lake, Touquoy strike)
CA
Early Explorer100% ownedGold
Exploration: 1,070 line-km UAV survey and surface sampling in FY26; up to 4,400 m RC and IFRC drilling planned in Dec quarter FY27.
- Ownership
- 100%r
- Commodity
- Aur
- Country
- CAr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Ownership
- —
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
- Investee
- Geopacific Resources Limited (ASX: GPR)
- Holding
- 14.3%
- Shares held
- 458.60m
- Market value
- A$11.9mm
- % of holder's market cap
- 1.3%m
- Cost basis
- —
- Ownership
- —
- Commodity
- Aur
- Country
- PGr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares (ASX: SBM) | Ordinary Share | 1.2B | — | — |
| Unlisted employee performance rights (ASX: SBMAK), vesting 2027 and 2028 | Performance Right | 69.5M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25A | FY26A |
|---|---|---|---|---|
| Operations | ||||
| Touquoy gold recovered | oz | — | 0.00 | |
| Profit and loss | ||||
| Revenue | AUDm | 15.0 | 3.6 | |
| Operating and corporate costs (cash) | AUDm | 68.9 | 27.3 | |
| EBITDA (statutory) | AUDm | (53.9) | (23.7) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (81.1) | (12.9) | |
| Capex (PP&E, exploration and development) | AUDm | 72.6 | 76.8 | |
| Free cash flow | AUDm | (153.7) | (89.7) | |
| Balance sheet | ||||
| Cash (unrestricted) | AUDm | 67.4 | 393.4 | |
| Lease liabilities (no borrowings) | AUDm | 5.6 | 2.0 | |
| Net debt / (net cash), leases less cash | AUDm | (61.8) | (391.4) | |
| Per share | ||||
| Shares on issue (year-end) | m shares | 1,082.8 | 1,209.8 | |
| Dividend per share declared | AUD/share | — | 0.05 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (10.0) | (22.8) | |
| EBITDA margin | % | -358.4% | -652.7% | |
KPI history
Operating metrics
Operating metric source table5
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| New Simberi Gold gold production, 100% basis | Nsg Simberi | Q1 FY27 | Quarter | 10,746 oz | Reported |
| New Simberi Gold gold sales, 100% basis | Nsg Simberi | Q1 FY27 | Quarter | 9,270 oz | Reported |
| New Simberi Gold AISC, Q1 FY27 | Nsg Simberi | Q1 FY27 | Quarter | 6,011 AUD/oz | Reported |
| Unrestricted cash, corporate and Atlantic | Company | Q1 FY27 | Point In Time | 334,000,000 AUD | Reported |
| Unrestricted cash at 30 June 2026 | Company | FY26 | Point In Time | 393,432,000 AUD | Reported |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Touquoy Restart: Processing Of Stockpiles | touquoy | calendar year 2026 | — | — date | Current |
| New Simberi First Sulphide Ore Processing | nsg-simberi | mid-calendar 2028 | — | — date | Current |
| 15 Mile Processing Hub Fid | fifteen-mile-hub | Q4 June FY27 | — | — date | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-11-02 | BuybackOrdinary Shares | — | — | — | Announced | On-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. 2026-08-28 | Dividend | A$61.3M | — | — | Completed | — |
| 2025-10-13Ann. 2025-10-07 | Raising | A$58M | 126.1M | — | 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.
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.
Intrinsic value
Valuation
Valuation
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Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Deepened, cutoff-limited public-source review. Findings distinguish issuer-reported results, documented individual responsibilities, company-level adverse matters and unresolved evidence gaps. Search coverage is recorded by person and topic; it is not an exhaustive clearance check.
Decision-relevant facts
Material summary
Andrew Strelein
Managing Director and Chief Executive Officer
Company SuccessIssuer Reported · High materiality
Simberi expansion and Touquoy restart advanced to FID during CEO tenure
FY26 reporting records a US$333m New Simberi expansion FID, early renewal of the mining lease to 2038, Lingbao investment proceeds of A$389m, and Touquoy restart permit approval and FID. Simberi oxide operations returned to profitability, with 48,395 oz produced and H2 production 39% above H1. These are reported company outcomes during Strelein’s CEO tenure; attribution of every milestone is not established.
Role overlaps event; causation unproven · Strelein has been CEO since July 2023 and held executive oversight during FY26. His issuer profile directly attributes his role in the earlier Bardoc acquisition and Leonora asset sale, but does not attribute these FY26 milestones individually.
FY26 Financial Results and Directors’ and Financial Report · Chairman’s review, operating review and FY26 remuneration report, pp. 4-18
Andrew Strelein profile · Career and transaction profile
Evidence gaps · 2
- Full dated chronology across previous employers, independent confirmation of education/professional memberships, and targeted regulator/court register searches were not completed; logged open-web searches are not exhaustive clearance checks.
- Full dated chronology across previous employers, independent confirmation of education/professional memberships, and targeted regulator/court register searches were not completed; logged open-web searches are not exhaustive clearance checks.
Sara Prendergast
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Full dated chronology across previous employers, independent confirmation of education/professional memberships, and targeted regulator/court register searches were not completed; logged open-web searches are not exhaustive clearance checks.
- Full dated chronology across previous employers, independent confirmation of education/professional memberships, and targeted regulator/court register searches were not completed; logged open-web searches are not exhaustive clearance checks.
Kylie Panckhurst
General Counsel and Company Secretary
LegalDocumented · Medium materiality
St Barbara litigation over Kirkalocka royalty rights; interlocutory leave granted
A Supreme Court of Western Australia decision dated 23 October 2025 records St Barbara’s application concerning a royalty claim against Kirkalocka Gold SPV, which was in a deed of company arrangement and receivership. The Court granted St Barbara leave to bring and continue the proceeding and approved an interim variation of the DOCA; the declaration over the asserted royalty right was left for a later hearing. Panckhurst’s affidavit supported the company application as in-house counsel, but this was corporate litigation and the judgment makes no adverse finding about her conduct. Latest reviewed FY26 St Barbara reporting does not state the final outcome of the royalty declaration.
Employer context; no individual link established · As General Counsel, Panckhurst participated in the company’s legal process; no personal wrongdoing is alleged or found.
St Barbara Limited v Kirkalocka Gold SPV Pty Ltd [2025] WASC 453 · Introduction and orders, [2025] WASC 453, paragraphs 1-13 and order schedules
FY26 Financial Results and Directors’ and Financial Report · Legal / contingencies and KMP sections; no final royalty-declaration outcome identified
Evidence gaps · 4
- Full dated chronology across previous employers, independent confirmation of education/professional memberships, and targeted regulator/court register searches were not completed; logged open-web searches are not exhaustive clearance checks.
- The final outcome of St Barbara’s claimed Kirkalocka royalty right after the October 2025 interlocutory decision was not established in the opened FY26 report or later public source reviewed.
- Full dated chronology across previous employers, independent confirmation of education/professional memberships, and targeted regulator/court register searches were not completed; logged open-web searches are not exhaustive clearance checks.
- The final outcome of St Barbara’s claimed Kirkalocka royalty right after the October 2025 interlocutory decision was not established in the opened FY26 report or later public source reviewed.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-08-21 · 1,083,708,904 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 16.63% | 180,184,356 | |
| 2 | 12.69% | 137,540,411 | |
| 3 | 11.32% | 122,690,785 | |
| 4 | 8.24% | 89,316,939 | |
| 5 | 4.46% | 48,282,911 | |
| 6 | 3.24% | 35,060,069 | |
| 7 | 1.85% | 20,000,000 | |
| 8 | 1.02% | 11,027,123 | |
| 9 | 1.02% | 11,000,000 | |
| 10 | 0.97% | 10,531,550 | |
| 11 | 0.94% | 10,200,102 | |
| 12 | 0.76% | 8,201,094 | |
| 13 | 0.67% | 7,277,069 | |
| 14 | 0.52% | 5,610,333 | |
| 15 | 0.46% | 5,000,000 | |
| 16 | 0.45% | 4,851,688 | |
| 17 | 0.35% | 3,840,000 | |
| 18 | 0.35% | 3,750,214 | |
| 19 | 0.34% | 3,674,389 | |
| 20 | 0.33% | 3,530,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 7.19%Issued shares | 2025-10-06 | |
| 5.66%Voting power | 2026-03-20 | |
| 5.17%Voting power | 2026-06-18 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- No later ranked shareholder register was located in the local cache. A 6 March 2026 cessation notice was identified, but the cached PDF was not extractable, so the holder and remaining amount could not be reconciled. Baker Steel Capital Managers LLP and Bakersteel Global Funds SICAV are treated as separate entities because the reviewed source did not establish that they are the same investor.
Sources
- Annual Report 2025 — Twenty Largest Shareholders
St Barbara Limited / ASX · Published 2025-10-16 · Accessed 2026-10-09
Complete top-20 ordinary-share register; annual report separately lists Baker Steel Capital Managers as notified substantial holder as at 6 October 2025.
PDF p. 105 (printed p. 89), accounts and 1,083,708,904 ordinary shares as at 21 August 2025
- Becoming a substantial holder — Vanguard Group
St Barbara Limited / ASX · Published 2026-03-26 · Accessed 2026-10-09
Vanguard Group and controlled entities report 68,503,942 ordinary shares (5.662%).
Form 603 page 1; holder date 20 March 2026
- Becoming a substantial holder — Bakersteel Global Funds SICAV
St Barbara Limited / ASX · Published 2026-06-19 · Accessed 2026-10-09
Bakersteel Global Funds SICAV — Precious Metals Fund is the beneficial holder; IPConcept (Luxembourg) S.A. is the investment manager.
Form 603 page 1 and Annexure A; current holding 62,523,182 ordinary shares (5.17%); custodian DZ Privatbank AG
Disclosed activity
Insider transactions
Trading activity24 buys · 4 sells shownNet cash last 12 months A$683.7kShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-06-16 | IPConcept (Luxembourg) S.A.
Details & evidence for IPConcept (Luxembourg) S.A. on 2026-06-16As disclosed: Purchase of 2,955,900 ordinary shares.
substantial holder and investment manager · Start not disclosed Bakersteel Global Funds SICAV – Precious Metals Fund · investment manager with disclosed relevant interest in fund holdings Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,955,900 | AUD 1,800,747.43 | AUD 0.609204Calculated average | — |
| 2026-05-13 | IPConcept (Luxembourg) S.A.
Details & evidence for IPConcept (Luxembourg) S.A. on 2026-05-13As disclosed: Purchase of 2,646,400 ordinary shares.
substantial holder and investment manager · Start not disclosed Bakersteel Global Funds SICAV – Precious Metals Fund · investment manager with disclosed relevant interest in fund holdings Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,646,400 | AUD 1,846,257.39 | AUD 0.697649Calculated average | — |
| 2026-03-20 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-20As disclosed: BUY 12,626,492 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 12,626,492 | — | AUD 0.58Disclosed price | — |
| 2026-03-20 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-20As disclosed: BUY 876,737 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 876,737 | — | AUD 0.58Disclosed price | — |
| 2026-03-20 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-20As disclosed: BUY 197,501 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 197,501 | — | AUD 0.58Disclosed price | — |
| 2026-03-20 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-20As disclosed: BUY 30,170 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 30,170 | — | AUD 0.58Disclosed price | — |
| 2026-03-20 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-20As disclosed: SELL 182,910 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | SaleOrdinary shares | 182,910 | — | AUD 0.58Disclosed price | — |
| 2026-03-06 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-06As disclosed: BUY 2,038,406 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,038,406 | — | AUD 0.79Disclosed price | — |
| 2026-03-06 | IPConcept (Luxembourg) S.A.
Details & evidence for IPConcept (Luxembourg) S.A. on 2026-03-06As disclosed: Sale of 1,391,100 ordinary shares.
substantial holder and investment manager · Start not disclosed Bakersteel Global Funds SICAV – Precious Metals Fund · investment manager with disclosed relevant interest in fund holdings Becoming a substantial holder ↗ | SaleOrdinary shares | 1,391,100 | AUD 1,092,301.74 | AUD 0.785207Calculated average | — |
| 2026-03-05 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-05As disclosed: BUY 798,624 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 798,624 | — | AUD 0.83Disclosed price | — |
| 2026-03-05 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-05As disclosed: BUY 3,748 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 3,748 | — | AUD 0.84Disclosed price | — |
| 2026-03-04 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-04As disclosed: BUY 1,948,024 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,948,024 | — | AUD 0.82Disclosed price | — |
| 2026-03-03 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-03As disclosed: BUY 2,457,706 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,457,706 | — | AUD 0.86Disclosed price | — |
| 2026-03-03 | IPConcept (Luxembourg) S.A.
Details & evidence for IPConcept (Luxembourg) S.A. on 2026-03-03As disclosed: Sale of 2,205,600 ordinary shares.
substantial holder and investment manager · Start not disclosed Bakersteel Global Funds SICAV – Precious Metals Fund · investment manager with disclosed relevant interest in fund holdings Ceasing to be a substantial holder ↗ Becoming a substantial holder ↗ | SaleOrdinary shares | 2,205,600 | AUD 1,871,010.48 | — | — |
| 2026-03-02 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-02As disclosed: BUY 1,940,070 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,940,070 | — | AUD 0.87Disclosed price | — |
| 2026-02-23 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-02-23As disclosed: BUY 375,896 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 375,896 | — | AUD 0.78Disclosed price | — |
| 2026-02-10 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-02-10As disclosed: BUY 63,372 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 63,372 | — | AUD 0.7Disclosed price | — |
| 2026-02-06 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-02-06As disclosed: BUY 199,947 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 199,947 | — | AUD 0.65Disclosed price | — |
| 2026-02-03 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-02-03As disclosed: BUY 4,765 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 4,765 | — | AUD 0.68Disclosed price | — |
| 2026-02-03 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-02-03As disclosed: BUY 76,925 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 76,925 | — | AUD 0.68Disclosed price | — |
| 2026-01-08 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-01-08As disclosed: SELL 16,457 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | SaleOrdinary shares | 16,457 | — | AUD 0.58Disclosed price | — |
| 2025-12-24 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2025-12-24As disclosed: BUY 15,129 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 15,129 | — | AUD 0.61Disclosed price | — |
| 2025-12-19 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2025-12-19As disclosed: BUY 41,602 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 41,602 | — | AUD 0.55Disclosed price | — |
| 2025-12-19 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2025-12-19As disclosed: BUY 870,302 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 870,302 | — | AUD 0.55Disclosed price | — |
| 2025-12-19 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2025-12-19As disclosed: BUY 1,742,561 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,742,561 | — | AUD 0.55Disclosed price | — |
| 2025-12-19 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2025-12-19As disclosed: BUY 1,345,572 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,345,572 | — | AUD 0.55Disclosed price | — |
| 2025-12-19 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2025-12-19As disclosed: BUY 390,737 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 390,737 | — | AUD 0.55Disclosed price | — |
| 2025-12-19 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2025-12-19As disclosed: BUY 58,394 ordinary shares.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 58,394 | — | AUD 0.55Disclosed price | — |
Disclosed holding observations2 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-06-16 | IPConcept (Luxembourg) S.A.
Details & evidence for IPConcept (Luxembourg) S.A. on 2026-06-16Reported as 62,523,182 shares and 5.17%; acquisition date from form date in indexed disclosure. No holding inferred after the later ceasing notice.
substantial holder and investment manager · Start not disclosed Bakersteel Global Funds SICAV – Precious Metals Fund · investment manager with disclosed relevant interest in fund holdings Becoming a substantial holder ↗ | InitialOrdinary shares | 62,523,182 | 5.17%Voting Power |
| 2026-03-20 | The Vanguard Group, Inc. and controlled entities
Details & evidence for The Vanguard Group, Inc. and controlled entities on 2026-03-20Initial substantial-holder balance; Annexure A lists underlying custodians and 24 trades.
substantial holder group · Start not disclosed Becoming a substantial holder ↗ | InitialOrdinary shares | 68,503,942 | 5.66%Voting Power |
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Sign in or enter a guest codeChronological evidenceSource-document inventory12 documents
Maiden Underground Resource of 0.5 Moz at Old Austen MineResource Update · HighPartial
Maiden underground Mineral Resource at Old Austen Mine down-plunge (2 November 2026, the cutoff date): 4.8 Mt at 3.4 g/t Au for 0.52 Moz; Nova Scotia total Mineral Resources 3.0 Moz. Facts are taken from the page image after visual inspection.
- Document ID
- sbm-old-austen-ug-2026
- Published UTC
- 2026-11-01T13:00:00Z
- Projects
- old-austen-down-plunge · nova-scotia-resource-extension
- Commodities
- gold
Up to 100 Million Shares On-Market Buy-BackCorporate Action · MediumPartial
On-market buy-back of up to 100 million shares approved on 2 November 2026, to commence about 23 November 2026; cancellation of bought-back shares. No shares had been bought at the cutoff.
- Document ID
- sbm-buyback-notice-2026
- Published UTC
- 2026-11-01T13:00:00Z
- Projects
- —
- Commodities
- gold
SBM reference close, 2 November 2026 (local ASX database)Market Data · HighExtracted
Latest eligible local ASX close on the cutoff: A$0.71 on 2 November 2026 (open 0.76, high 0.78, low 0.705, volume 33.3m), from data/asx_mining_companies.db via miners.reference_price. Status fresh, zero days old.
- Document ID
- sbm-reference-price-2026-11-02
- Published UTC
- 2026-11-02T06:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Report Q1 FY27Results · HighExtracted
Quarterly Report Q1 FY27 (three months to 30 September 2026): cash and gold balance, quarter-on-quarter cash history from Q1 FY26, share capital, the Lingbao sale terms, the Nova Scotia development timetable and the buy-back intention.
- Document ID
- sbm-q1-fy27-quarterly
- Published UTC
- 2026-10-26T13:00:00Z
- Projects
- nsg-simberi · fifteen-mile-hub · touquoy
- Commodities
- gold
2026 Annual ReportResults · HighExtracted
FY26 Annual Report (year to 30 June 2026, signed 28 August 2026, published 16 October 2026). Continuing-operations P&L, balance sheet, cash flow, net debt note, shares, dividend and the attributable mineral resource and reserve tables. Simberi was deconsolidated after the Lingbao completion; the Lingbao transaction gain of A$499m is in discontinued operations.
- Document ID
- sbm-fy26-annual-report
- Published UTC
- 2026-10-15T13:00:00Z
- Projects
- nsg-simberi · fifteen-mile-hub · touquoy · nova-scotia-exploration
- Commodities
- gold
15-Mile Processing Hub Project PFS UpdatedStudy · HighExtracted
Updated Pre-Feasibility Study for the 15-Mile Processing Hub (28 September 2026): post-tax NPV5 A$1,705m at US$3,000/oz (IRR 81.6%), initial capital A$315m, 13-year life, 106 koz/yr average, AISC US$1,098/oz, 1.44 Moz reserves, and NPV sensitivity to US$2,500-5,000/oz.
- Document ID
- sbm-15mile-pfs-update-2026
- Published UTC
- 2026-09-27T13:00:00Z
- Projects
- fifteen-mile-hub
- Commodities
- gold
Simberi Transaction PresentationTransaction · HighPartial
Sale of the remaining New Simberi interest to Lingbao Gold (10 September 2026 announcement and presentation): A$453m cash (A$410m on completion plus A$43m repayment of construction capital) plus a 2.75% NSR on New Simberi gold and silver and a 1.5% NSR on Tabar Islands minerals. Completion targeted Q3 March FY27.
- Document ID
- sbm-simberi-sale-2026
- Published UTC
- 2026-09-09T13:00:00Z
- Projects
- nsg-simberi
- Commodities
- gold
Touquoy Restart Final Investment Decision ApprovalOperations · HighPartial
Touquoy restart final investment decision (24 April 2026) following Industrial Approval permit amendments; processing of stockpiled ore targeted by end of calendar 2026. Restart capital and production are not stated in the announcement.
- Document ID
- sbm-touquoy-restart-fid-2026
- Published UTC
- 2026-04-23T13:00:00Z
- Projects
- touquoy
- Commodities
- gold
Lingbao Strategic Transaction Completed and FID ApprovedTransaction · HighPartial
Lingbao transaction completion and FID approval (2 April 2026): A$389m cash consideration received, US$333m New Simberi construction FID approved, expansion to over 200 kozpa targeted at AISC US$1,100-1,400/oz. Gain of about A$0.5bn to be recognised in FY26.
- Document ID
- sbm-lingbao-completion-2026
- Published UTC
- 2026-04-01T13:00:00Z
- Projects
- nsg-simberi
- Commodities
- gold
Progress on Lingbao Strategic Investment in SimberiFinancing · MediumMetadata Only
Deposit of A$32m received from Lingbao Gold (24 December 2025) towards the A$370m subscription for 50% of St Barbara Mining Pty Ltd. Metadata only: the deposit is superseded by the completed transaction.
- Document ID
- sbm-lingbao-deposit-2025
- Published UTC
- 2025-12-23T13:00:00Z
- Projects
- nsg-simberi
- Commodities
- gold
Feasibility Study confirms Simberi as a High-Quality AssetStudy · HighExtracted
Simberi Expansion Feasibility Study announcement (10 December 2025). Post-tax NPV8 US$1,023m at US$3,000/oz, IRR 79%, 13-year life, initial capital US$275m, LOM production 2,135 koz, AISC US$1,330/oz, and the NPV sensitivity table to US$2,500-3,500/oz.
- Document ID
- sbm-simberi-fs-2025
- Published UTC
- 2025-12-09T13:00:00Z
- Projects
- nsg-simberi
- Commodities
- gold
Kumul to acquire a 20% interest in Simberi Gold ProjectEconomic Arrangement · HighPartial
Kumul Mineral Holdings agreement (10 December 2025) to acquire a 20% unincorporated JV interest in Simberi for A$100m, funded by a non-recourse loan from SBM Mining; completion awaited PNG ICCC and NEC approvals. Narrative source for the 80% project-level interest.
- Document ID
- sbm-kumul-simberi-2025
- Published UTC
- 2025-12-09T13:00:00Z
- Projects
- nsg-simberi
- Commodities
- gold
Evidence facts1
0.71 AUD/share
2026-11-02