SBM st barbara limited

1.72%

28.5¢

your analysis of Simberi and Atlantic assets is spot on.this...

First 4 Last

Share
Profile

Follow
Sugarpie

77 Posts.

16

17/04/23

16:28

Post #: 67316502
Share

Originally posted by Walter2022: ↑

This deal with give SBM $122M of unrestricted cash and limited production to generate future free cash flows. Production post FY23 will rely on Simberi oxides at probably AISC of +$2,500/oz - Simberi has high fixed costs and AISC is very sensitive to volume of production. For a low production operation PNG is a difficult jurisdiction to operate in giving rise to high fixed costs and operational risks. Oxide production from Simberi post FY25 seems unlikely without some material exploration success.

Atlantic Fifteen Mile Stream development is identified for FY26 - development will be subject to permitting, capex is likely to be reasonably high and production is not likely to occur until FY27 at the earliest. Investment in Simberi Sulphides is to be revisited by FY26 - this project has been under investigation and subject to detailed study since at least FY18 - capex for this project will be high. This seems to be putting the decision about the sulphides in the too hard basket - SBM tried to divest the asset and couldn't get any interest based on its market releases.

The current directors on the SBM board have been there 8+ years - they have clearly mismanagement the company and supported Jetson who mismanaged the company. Jetson was paid $1M salary per annum since Feb 2020 and spent $10s of millions on consultants to bring the company to its knees. The Genesis presentation clearly states that it intends to rejuvenate the Gwalia asset and deliver value - why could the SBM board and astute leadership not have achieved this outcome? In my view they have put up the white flag and are handing over to Raleigh to deliver value at the expense of SBM shareholders. Raleigh can see the mismanagement of the asset and will not be burdened by Jetson's excessive corporate cost structure. Post the sale of the Gwalia asset SBM will have cash and no debt, but this will only last a few years and the market interest in the stock will be negligible. Surprising that major institutional investors have sat on the sidelines and allowed this to occur.

Expand

your analysis of Simberi and Atlantic assets is spot on.
this deal has to be voted down by shareholders and the current board removed from office. The deal as presented will render SBM a struggling penny dreadful with a proven incompetent Board amd management continuing to run the company into the ground. This cannot be allowed to happen.

SBM Price at posting: 61.0¢ Sentiment: Hold Disclosure: Held
5 Upvote

0 Great analysis

Reply

Top Stories

Week 26 Wrap: Renewable gas fantasies; RBA July cut hope builds; copper's August peak?

HotCopper Highlights Week 26: Droneshield 2.0; Trigg re-jig & Virgin

NATO’s 5% target: Why Almonty Industries’ mega mine and NASDAQ listing are a perfect fit for investors

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

SRL

Sunrise pops on top scandium hits NSW explorer will now use for 'multi-decade' plan

RMX

Red Mountain: Chip samples point to 'large orogenic antimony mineral system' at Oaky Creek

MVF

Monash IVF shares cater 25% – Disaster or deep-value play?

OCC

Orthocell sees 4% jump as Remplir used in first US surgery. But is that low?

BPH

Australia’s gas crisis is here – and dying coal plants aren’t helping

PAR

Paradigm Biopharmaceuticals makes key acquisition moving into FY26

First 4 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last 28.5¢		Change -0.005(1.72%)		Mkt cap ! $308.6M

Open	High	Low	Value	Volume
29.0¢	29.5¢	28.0¢	$2.028M	7.071M

Buyers (Bids)

No.	Vol.	Price($)
10	1069835	28.0¢

Sellers (Offers)

Price($)	Vol.	No.
29.0¢	271064	5

View Market Depth

No.	Vol.	Price($)
8	948383	0.280
7	1025000	0.275
14	326002	0.270
2	120000	0.265
1	400000	0.260

Price($)	Vol.	No.
0.290	103000	3
0.295	812192	10
0.300	821812	17
0.305	423542	8
0.310	875401	9

Last trade - 16.10pm 27/06/2025 (20 minute delay)

SBM (ASX) Chart

your analysis of Simberi and Atlantic assets is spot on.this...

Week 26 Wrap: Renewable gas fantasies; RBA July cut hope builds; copper's August peak?

HotCopper Highlights Week 26: Droneshield 2.0; Trigg re-jig & Virgin

NATO’s 5% target: Why Almonty Industries’ mega mine and NASDAQ listing are a perfect fit for investors

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

Sunrise pops on top scandium hits NSW explorer will now use for 'multi-decade' plan

Red Mountain: Chip samples point to 'large orogenic antimony mineral system' at Oaky Creek

Monash IVF shares cater 25% – Disaster or deep-value play?

Orthocell sees 4% jump as Remplir used in first US surgery. But is that low?

Australia’s gas crisis is here – and dying coal plants aren’t helping

Paradigm Biopharmaceuticals makes key acquisition moving into FY26

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

your analysis of Simberi and Atlantic assets is spot on.this...

Top Stories

Week 26 Wrap: Renewable gas fantasies; RBA July cut hope builds; copper's August peak?

HotCopper Highlights Week 26: Droneshield 2.0; Trigg re-jig & Virgin

NATO’s 5% target: Why Almonty Industries’ mega mine and NASDAQ listing are a perfect fit for investors

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back

Sunrise pops on top scandium hits NSW explorer will now use for 'multi-decade' plan

Red Mountain: Chip samples point to 'large orogenic antimony mineral system' at Oaky Creek

Monash IVF shares cater 25% – Disaster or deep-value play?

Orthocell sees 4% jump as Remplir used in first US surgery. But is that low?

Australia’s gas crisis is here – and dying coal plants aren’t helping

Paradigm Biopharmaceuticals makes key acquisition moving into FY26

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News