St Barbara Limited has increased its gold Mineral Resources by 1 million ounces to 7.9 million ounces as of December 2025, while reporting silver Mineral Resources and Ore Reserves for the first time at its Simberi Operations.
- Gold Mineral Resources rise to 7.9 million ounces
- Group Ore Reserves slightly decline to 3.8 million ounces
- First-time reporting of 15.3 million ounces silver resources at Simberi
- Ore Reserve reductions linked to environmentally sensitive mine design changes
- Updated feasibility studies and higher gold price assumptions drive resource growth
Resource Growth Amid Strategic Adjustments
St Barbara Limited has delivered its annual update on Mineral Resources and Ore Reserves as at 31 December 2025, revealing a notable increase in gold resources alongside a modest decline in ore reserves. The company’s total gold Mineral Resources climbed by 1 million ounces to 7.9 million ounces, reflecting the impact of updated feasibility and pre-feasibility studies and a higher gold price assumption of US$2,500 per ounce. This growth underscores St Barbara’s ability to enhance its resource base despite the challenges facing the mining sector.
Conversely, the Group’s Ore Reserves for gold decreased slightly to 3.8 million ounces from 4.0 million ounces the previous year. This reduction is primarily attributed to mine design changes aimed at reducing environmental impact and infrastructure disruption, particularly at the Simberi Operations where a smaller oxide pit footprint was adopted to protect water catchments. These adjustments highlight the company’s commitment to sustainable mining practices while balancing operational efficiency.
Simberi’s Silver Debut and Operational Highlights
For the first time, St Barbara reported silver Mineral Resources and Ore Reserves at its Simberi Operations in Papua New Guinea, with 15.3 million ounces of contained silver in resources and 4.5 million ounces in reserves. This inaugural reporting adds a new dimension to the company’s asset portfolio and could provide additional revenue streams as silver markets evolve.
Simberi’s gold Mineral Resources increased by 0.9 million ounces to 5.8 million ounces, while Ore Reserves decreased by 0.2 million ounces, reflecting the trade-offs between resource expansion and environmental stewardship. Meanwhile, the Atlantic Operations maintained stable gold Mineral Resources at 2.1 million ounces, with minor fluctuations in Ore Reserves driven by revised economic assumptions and stockpile reinstatements, notably at the Touquoy processing plant.
Governance and Compliance Assurance
St Barbara emphasised the rigorous governance framework underpinning its Mineral Resources and Ore Reserves reporting. The Mineral Resources and Ore Reserves Committee ensures compliance with the Australasian JORC Code 2012 Edition, providing oversight and validation through qualified personnel and formal annual reviews. This governance commitment reassures investors about the reliability and transparency of the company’s resource estimates.
Managing Director and CEO Andrew Strelein remarked on the company’s strong resource position relative to its market capitalisation, highlighting the strategic value embedded in its asset base. The updated resource and reserve figures set the stage for ongoing operational planning and potential growth initiatives, particularly as commodity prices and economic conditions evolve.
Bottom Line?
St Barbara’s resource growth, tempered by prudent reserve adjustments, positions it well for sustainable development amid evolving market and environmental demands.
Questions in the middle?
- How will the inaugural silver reserves at Simberi influence St Barbara’s production strategy and revenue mix?
- What are the potential operational impacts and timelines associated with the mine design changes aimed at environmental protection?
- How sensitive are future resource and reserve estimates to fluctuations in gold and silver prices beyond current assumptions?