ST. BARBARA LIMITED (SBM)
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08/10/2025

-1

No Rating

-

St. Barbara has raised $58m via an institutional placement of 126.1m shares, with most of the funds to be directed to Simberi expansion final investment decision.

Macquarie notes Simberi is evolving to a low-cost sulphide processing operation from processing remnant oxides.

Post equity raising, the analyst lifts EPS forecasts by 8.9% for FY26 and 9.1% for FY27, with dilution in the latter years.

Macquarie remains on research restriction.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.70 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.80 cents.

10/10/2025

1

Buy

$1.18

90.32%

Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.

These revisions underpin significant upgrades to target prices for stocks across the broker's coverage of the ASX Gold sector.

Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.

In the broker's view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.

Petra Capital recently allowed for the above forecast changes in the case of St. Barbara, raising its target by 74% to $1.18. Buy rating retained.

FORECAST
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.40 cents.
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.50 cents.