St Barbara Limited reports solid progress on key transactions with Lingbao Gold Group and Kumul Mineral Holdings, aiming to complete deals and trigger a Final Investment Decision for the New Simberi Gold Project by the end of March 2026.
- Lingbao and Kumul transactions progressing with key approvals underway
- Simberi mining lease extension secured until 2038
- Shareholder approval waived following legal advice
- Final Investment Decision targeted for 31 March 2026
- Transfer of Nova Scotia assets and Life of Mine Plan updates in progress
Strategic Transactions Moving Forward
St Barbara Limited (ASX, SBM) has provided an encouraging update on its ongoing transactions with Lingbao Gold Group and Kumul Mineral Holdings, which are central to the future of the New Simberi Gold Project. Since announcing the deals in December 2025, the company has made significant strides in meeting the conditions precedent required to complete these strategic partnerships.
Among the milestones achieved, the extension of the Simberi mining lease until 2038 was completed in January 2026, securing the project's operational longevity. Meanwhile, submissions for necessary approvals in both the People's Republic of China and Papua New Guinea remain underway, reflecting the complex regulatory environment surrounding cross-border mining investments.
Waiving Shareholder Approval to Expedite Progress
Notably, St Barbara has waived the requirement for shareholder approval for these transactions, a move supported by legal advice confirming it is not mandated under ASX Listing Rules. This decision underscores the company's focus on streamlining the process and maintaining momentum toward the targeted completion date. The waiver was formally communicated to Lingbao on 10 February 2026.
Additionally, the transfer of subsidiaries holding St Barbara’s Nova Scotia assets is in progress, with completion expected by 1 March 2026. This transfer is part of the broader restructuring tied to the Simberi project expansion and the new strategic partnerships.
Final Investment Decision on the Horizon
The company is currently updating the Life of Mine Plan (LOMP), Work Program, and Budget for the New Simberi Gold Project. These documents are critical for the Final Investment Decision (FID), which St Barbara aims to trigger by 31 March 2026. The FID will mark a pivotal moment, signalling the transition from planning to execution for the project’s next phase.
Managing Director and CEO Andrew Strelein expressed confidence in the progress, highlighting the collaborative efforts with Lingbao and Kumul. He emphasised that the company remains on track to meet its strategic milestones, which could significantly enhance St Barbara’s production profile and asset base.
As the company navigates the final stages of these transactions, market participants will be watching closely for any shifts in timing or approvals that could impact the project’s trajectory.
Bottom Line?
St Barbara’s timely execution of these transactions will be critical to unlocking the New Simberi Gold Project’s potential by March’s end.
Questions in the middle?
- Will all regulatory approvals from PRC and PNG be secured on schedule?
- How will the waived shareholder approval affect investor confidence and governance perceptions?
- What are the financial implications of the updated Life of Mine Plan on project economics?