05/07/2023 10:02

Emerging Companies Portfolio – Amendments

Amending the gold exposure in the Emerging Companies Portfolio.

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11/05/2023 16:43

St Barbara (SBM) 67.5c

SBM -0.75%: more news flow regarding the sale of their WA assets with Silver Lake (SLR) looking to disrupt a deal with Genesis (GMD). Silver Lake came back with an improved offer worth $707m by increasing the scrip part of the deal after St Barbara rejected their earlier $668m offer.

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20/04/2023 09:17

St Barbara Ltd (SBM) 57.5c

SBM has frustratingly bucked the bullish gold trend through 2023 illustrating that all stocks within a given sector don’t move as one.  Over recent weeks SBM has recut a deal with Genesis (GMD) which sees them hold on to the troublesome PNG & Canadian assets, however, they will receive a large cash component in the sale of their Leonora asset.

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17/04/2023 16:39

St Barbara (SBM) 61c

SBM -5.43%: traded for the first time in 2 weeks after announcing terms for a recut deal with Genesis (GMD). The deal sees St Barbara hold on to the troublesome PNG & Canadian assets, however, they will receive a large cash component in the sale of their Leonora asset.

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24/03/2023 09:09

Gold Exposure

Flagship Growth Portfolio: Evolution Mining (EVN) and Newcrest Mining (NCM) ~8% weighting. Emerging Companies Portfolio: St Barbara (SBM) ~ 4% weighting. International Portfolio: Barrick Gold (GOLD US) ~7% weighting.

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22/02/2023 16:50

St Barbara (SBM) 57c

SBM -10.94%: the mid-cap gold company struggled today after writing down 2 assets at their half-year result. They announced an underlying loss of $8.66m, however, they also added a $420m impairment at Atlantic, and a $74m at Simberi, two assets they are looking to demerge from the group.

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25/01/2023 17:26

St Barbara (SBM) 70c

SBM -21.35%: the small-cap gold miner saw its shares tumble today after a disappointing production update. 2Q production was down ~5% on the previous quarter to 61koz, while costs rose 7% to $2,666/oz. While the company said most assets were performing in line with expectations, their main WA asset in Leonora saw lower grades than expected, causing both...

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14/12/2022 09:54

St Barbara (SBM) 65c

This week a new Gold company was announced (pending shareholder approval) called Hoover House (HHL) formed via a merger between St Barbara (SBM) which we own in the Emerging Companies Portfolio and Genesis (GMD) to consolidate their assets in the Leonora region of WA. Key points as follows:

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19/10/2022 09:49

St Barbara (SBM) 52.5c

The junior Gold company had a very poor September Quarter producing 64k/oz of gold at an all-in sustaining cost of $2490/oz versus a realised gold price of $2486/oz. It does not take a lot of financial wizardry to realise these numbers don’t work, with the cost side a major issue. Lower production and a high fixed costs base are to blame but it does not change the outcome, and we understand why the stock fell ~20% yesterday.

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18/10/2022 09:39

St Barbara Ltd (SBM) 67c

SBM led the Gold Sectors descent yesterday tumbling another 8% and registering multi-year lows in the process – until the $US and bond yields pull back it’s hard to see precious metals coming back into favour. MM is looking for these inflection points to unfold this quarter but it’s hard to quantify the risk/reward towards stocks like SBM which continue...

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