Lingbao Gold to acquire majority stake in Simberi gold mine

Lingbao Gold, an integrated gold mining enterprise, is set to acquire a 50%+1 share equity interest in St Barbara Mining Pty Ltd, which owns the Simberi gold mine in Papua New Guinea. The acquisition, valued at A$370 million, will be funded by a combination of domestic bank loans (60-70%) and the Group's own capital (30-40%).

The Simberi gold mine boasts gold resources of 153 tonnes and reserves of 81.2 tonnes, with an operational processing plant capable of 3.5 million tonnes annually. The mining lease is expected to be extended until 2038, with formal approval anticipated in the first half of 2026. This acquisition is poised to strengthen Lingbao Gold’s competitiveness and expand its production scale.

This transaction qualifies as a discloseable transaction under Chapter 14 of the Listing Rules, requiring public notice and announcement. The acquisition is subject to various conditions precedent, including regulatory approvals and the extension of Simberi's mining lease.