Financial Statement Highlights:
- Strong Balance Sheet o Cash on Hand of $214 million including $168 million available cash and $46 million restricted cash
- Listed Investments of $26.1 million
- Growth Capital of $4.6 million incurred to rapidly advance development projects:
- Resource definition supporting a targeted upgrade of 1 Moz from Inferred to Indicated Resource and metallurgical sample drilling at Simberi well progressed
- Positive 15-Mile Project Pre-feasibility results announced
- Environmental and social impact studies for revised 15-Mile design advanced o Simberi Expansion Project Concept Study initiated
- Mineral Resource at Simberi increased by 0.8 million ounces
- Sustaining Capital investment of $3.9 million at Simberi
- Exploration of $1.5 million spent across Goldboro East, South West Nova Scotia, Tabar Island and Back Creek
- Corporate costs reduced to $7.7 million from $13.4 million in H1 FY23
- Underlying Loss After Tax of $27.3 million including:
- Operating Loss of $11.0 million
- Touquoy Care and Maintenance Costs of $6.7 million
- Exploration expense of $3.9 million
- Corporate Costs of $7.7 million
- Financing Costs of $1.9 million
- Net Interest Income of $5.0 million
- Statutory Loss After Tax of $42.7 million after the following Significant Items
- Accelerated Depreciation of Touquoy Assets and write off of stores inventory items identified as surplus to requirements when relocated to 15-Mile
- Provision against remaining gold in circuit at Touquoy
- Corporate office redundancies
Managing Director and CEO Andrew Strelein said “St Barbara’s balance sheet has the strength and liquidity to fund the demonstration of the development potential of the projects in Nova Scotia and the Simberi Expansion in the quickest possible time.”
“Net Cash Outflow for the continuing St Barbara business was $16.6 million, with the close out of taxes and working capital payments on the sale of Leonora Assets consuming $56.1 million.”
“We have moved quickly to eliminate costs that do not directly relate to the demonstration of this development potential or which do not contribute to the preservation of value at Simberi to achieve projected neutral operating cashflow through FY26.”
“The Underlying Loss After Tax reflects outcomes consistent with guidance given in October, while the Significant Items largely reflect work done to identify more precisely what will be utilised in the proposed transfer of the Touquoy processing plant to 15-Mile.”
