St Barbara Limited has unveiled a detailed update on its Simberi Project and broader development pipeline in its quarterly report for the three‐month period ending March FY25. The document highlights an updated pre-feasibility design study for the Simberi Expansion Project, which now envisions annual gold production rising from 90,000 ounces in FY27 to more than 200,000 ounces from FY28 through FY36. The study confirms an attractive production cost profile, targeting All-in Sustaining Costs between US$1,200 and US$1,300 per ounce from FY29 to FY36, with an initial project capital estimate of approximately US$235 million and pre-expansion growth capital between US$40 million and US$60 million, extending the mine’s life over 13 years. The report also outlines significant early works progress at Simberi, including the installation of the Sizer crusher and the commencement of camp expansion in February. In addition, key infrastructure work is underway—geotechnical drilling, detailed design of a new haul road, and the awarding of a contract for a new 5.8MW ball mill to CITIC HIC Australia—paving the way for commissioning improvements and higher processing rates. Community support is strong as the company advances its Mining Lease renewal, and seasoned Project Director Andrew Lawry has been recently appointed to bolster the expansion’s leadership. Operational highlights for the quarter include a 37% increase in gold production to 14,053 ounces and a 30% reduction in AISC, which dropped to A$4,169 per ounce. Positive gains were driven by the first full month of operations with the new crusher and improvements in ore grade as production moved into higher-grade zones. Gold-in-circuit inventory grew to 4,887 ounces, valued at around A$25 million, while the company’s safety performance remained robust with no recorded injuries and a declining injury frequency rate. Alongside its Simberi activities, St Barbara is advancing plans for its Atlantic Gold Projects. The integration study of the Cochrane Hill deposit with the 15-Mile processing hub is nearing completion, aiming to optimize ore blending and ramp up throughput from 2.1 to 3.0 million tonnes per annum with relatively low additional capital expenditure. In Nova Scotia, the closed Touquoy mine is being evaluated as a potential 80MW pumped hydro renewable energy storage facility, a development seen as both cost-effective and sustainable compared to more conventional battery storage options. Financially, the company remains on a solid footing with total cash, bullion, and investments of A$200 million—notwithstanding restrictions—and operates with no bank debt or hedging. Gold sales during the quarter averaged A$4,548 per ounce, contributing to an operational cash inflow of A$12 million before sustaining capex, while growth capital for the quarter reached A$21 million. Simultaneously, St Barbara is pursuing resolution of a tax assessment dispute lodged by its subsidiary, with a dedicated review team expected to deliver findings in the coming months. Bullish sentiment is supported by the clear production efficiency improvements, confirmed cost reductions, extensive early works progress, and a strong balance sheet that enables further capital deployment for the expansion. The detailed execution plan, coupled with strategic initiatives in renewable energy and asset separation, positions the company for a significant increase in production capacity and long-term value creation. Conversely, bearish concerns center around the ongoing tax assessment review by the PNG tax authority, which poses potential risks to project funding timelines and may delay the Final Investment Decision on the Simberi Expansion Project. Additionally, while early works and operational improvements are promising, the capital-intensive nature of the expansion requires sustained momentum and careful execution to ensure that projected economic targets are met.