St Barbara (ASX:SBM) announced that all conditions precedent have been satisfied or waived for the high-stakes Lingbao Gold Group investment in the New Simberi Gold Project.
The transaction, originally outlined in late 2025, is now on a fixed trajectory for completion on April 1.
The milestone follows the resolution of critical requirements regarding the initial life of mine plan, construction budgets, and essential agreements with Kumul Mineral.
Upon the finalisation of the deal, St Barbara expects to book an unaudited gain on sale of approximately $0.5 billion, a figure that represents a premium over the Simberi business unit's carrying value.
The deal structure involves Lingbao acquiring its interest for $370 million in cash, while St Barbara’s retained interest and the subsequent deconsolidation of Simberi subsidiaries bring the total realised value to at least $740 million.
Managing Director and CEO Andrew Strelein described the moment as "pivotal," noting that the company is now positioned to unlock immediate value while securing a long-term future for the asset.
While separate PNG government approvals from the ICCC and NEC are still pending for the Kumul portion of the transaction, St Barbara has clarified that any regulatory delays on that front will not impact the April 1 deadline for the Lingbao completion.
Both parties remain committed to making a final investment decision immediately following the handover.