In brief
St Barbara says all conditions for Lingbao Gold Group’s investment in the New Simberi Gold Project have been met or waived. The parties are targeting completion on 1 April 2026 and have committed to making a final investment decision on the project at that time. A separate transaction with Kumul Mineral Holdings is also targeted to complete on that date, but still needs approvals from Papua New Guinea’s Independent Consumer and Competition Commission and National Executive Council; delays to those approvals would not affect Lingbao completion. St Barbara anticipates an unaudited gain on sale of about A$0.5 billion. The company says Lingbao will pay A$370 million in cash for its interest, while St Barbara’s retained interest brings the transaction’s total value to at least A$740 million.
Key takeaways
- St Barbara and Lingbao are targeting transaction completion on 1 April 2026 after satisfying or waiving all conditions.
- The parties have committed to making a final investment decision on the New Simberi Gold Project at completion.
- Kumul’s transaction still requires two Papua New Guinea government approvals, but any delay will not hold up Lingbao completion.
- St Barbara anticipates an unaudited gain on sale of about A$0.5 billion.
March 30, 2026 -- St Barbara Limited (“St Barbara” or the “Company”) (ASX:SBM) is pleased to announce that all conditions precedent have been satisfied or waived in relation to the transaction announced on 10 December 2025 with the Lingbao Gold Group’s (“Lingbao”) investment in the New Simberi Gold Project.
The final outstanding conditions precedent regarding the Initial Life of Mine Plan and the Construction Work Program and Budget for the New Simberi Gold Project and the finalisation of agreements with Kumul Mineral Holdings Limited (“Kumul”) have now been satisfied. Accordingly, Lingbao and St Barbara are targeting completion of the Lingbao transaction (“Lingbao Completion”) on 1 April 2026. Lingbao and St Barbara have also committed to making a Final Investment Decision on the New Simberi Gold Project at Completion.
Good progress has also been made with the satisfaction of conditions precedent for the transaction with Kumul. Kumul now only requires PNG Government approvals from the Independent Consumer and Competition Commission (“ICCC”) and from the National Executive Council (“NEC”).Completion of the Kumul transaction is also targeted for 1 April 2026 however any delay with the ICCC or NEC approvals will not delay the Lingbao Completion.
The St Barbara Group anticipates recording a gain on sale of approximately A$0.5 Billion (unaudited) upon the Lingbao Completion. Lingbao is acquiring its interest in the New Simberi Gold Project for A$370 million (to be received by St Barbara in cash upon Lingbao Completion). The retention of the equivalent interest by St Barbara realises a total value of at leastA$740 million from the transaction and deconsolidation of the Simberi subsidiaries. This is approximately A$0.5 billion more than the Group’s expected carrying value for the Simberi business unit immediately prior to Lingbao Completion.
St Barbara Limited Managing Director and CEO Andrew Strelein said:
“The satisfaction of the final conditions precedent on the Lingbao Transaction allows St Barbara and Lingbao to now move forward to Completion. We are targeting the 1st April 2026 for Completion, when we have also committed to the Final Investment Decision.”
“We anticipate that the Kumul deal will also close on the 1st April 2026 with only two PNG government approvals now required. Any delay with those final approvals does not impact the timing of the Completion of the Lingbao Transaction.”
“This is a pivotal moment for St Barbara as we unlock significant immediate value for the Company, while opening up a new future for our business as we move to execute the New Simberi Gold Project and deliver value to our shareholders and to our stakeholders in PNG.”
Authorised by
Andrew Strelein
Managing Director and CEO
For more information
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At a glance
- Company
- St Barbara Limited
- Ticker
- ASX: SBM
Key figures
- Anticipated unaudited gain on sale
- approximately A$0.5 Billion
- Lingbao cash payment
- A$370 million
- Total value from the transaction and retained interest
- at least A$740 million
- Value above expected carrying value
- approximately A$0.5 billion
People
- Andrew StreleinManaging Director and CEO
