St Barbara says it is making “excellent progress” on the transactions underpinning the New Simberi Gold Project, with key agreements advancing and completion targeted for the end of March.
In an update on the agreements with Lingbao Gold Group and Kumul Mineral Holdings Limited, the company said several conditions precedent have now been met, while others are progressing in line with the plan.
Approval for the extension of the Simberi Mining Lease to 2038 was secured in January, marking a significant milestone for the project’s long-term development. Four of the five agreements with Kumul were executed in December 2025, with the fifth agreement now in progress.
Submissions to the relevant governments in the People’s Republic of China and Papua New Guinea have been lodged as part of the approvals process for the Lingbao transaction and remain under review.
St Barbara has also waived the shareholder approval requirement – with the company saying it received legal advice confirming that shareholder approval was not required under the ASX Listing Rules. Lingbao was notified of the waiver on February 10.
St Barbara managing director and chief executive officer Andrew Strelein said the focus remains firmly on closing the transactions and reaching a Final Investment Decision (FID) by March 31.
“Excellent progress is being made with Lingbao and Kumul on conditions precedent for the respective agreements,” Strelein said.
Work is also underway on an updated Life of Mine Plan, along with the Work Program and Budget for the project, with a review by Lingbao and Kumul planned for March.
