Loading companies…

St Barbara Ltd ASX:SBM

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2023202420252026

31 Jul 2022 to today

Commentary Showing 2 of 9

DateManagerActionSummary

31 Jul 2026Paragon FundsHeldParagon Funds continues to hold St Barbara, describing it as arguably the cheapest gold growth producer globally, with near full cash backing of approximately A$500 million and no debt against 4.5 million ounces of economic resources, a dynamic the manager says has not been seen since the global financial crisis lows, and a risked price-to-net-present-value ratio below 0.2 times despite being fully funded for growth assets. The manager notes that at spot gold prices around 25% off highs, the New Simberi project is set to generate about $100 million of cashflow in FY27, with production expected to grow materially toward more than 200,000 ounces annually over the medium term, representing peer-leading growth of over 200%, leading Paragon to view St Barbara as a clear M&A target.

Gold MiningMonthly Report, price recorded $0.46

The source document link is a Pro feature

31 Mar 2026Paragon FundsIncreasedParagon Funds increased its position in St Barbara Ltd as a high-conviction position offering outstanding value and asymmetric risk-reward, noting the stock is trading at metrics last seen at COVID lows and nearing GFC lows — levels from which select stock picks have historically returned multiples over the medium term.

Gold Mining TurnaroundMonthly Report, price recorded $0.62

The source document link is a Pro feature

7 more comments on SBMPro shows every comment, with a link to each source document.

Upgrade to Pro

First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 3 managers first commented on SBM.

View Pro

Articles

31 Mar 2026St Barbara: Fund Manager On The Simberi Stake Sale And Re-Rating

About St Barbara Ltd

Materials, Metals and Mining

St Barbara (ASX:SBM) is a high-conviction gold holding for Paragon Funds, which sees deep value in the developer's growth assets. In July 2026, Paragon described St Barbara as arguably the cheapest gold growth producer globally, with near full cash backing of around $500 million, no debt, around 4.5 million ounces of economic resources and full funding for its growth projects, with New Simberi expected to generate meaningful cash flow from FY27. St Barbara operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 9 comments from 3 fund managers, including Paragon Funds. Established in 1969 and based in Perth, St Barbara is a gold exploration and development company focused on its Simberi operations in Papua New Guinea and its Atlantic assets in Nova Scotia, Canada, after selling minority stakes in Simberi to Lingbao Gold and Kumul Mineral Holdings.

Market cap: $895m
Price to earnings: Loss-making
Return on equity: -4.3%
Dividend yield: 0.0%
Price to book: 1.08x
Net margin: 13508.4%
52-week range: $0.41 to $0.93

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in St Barbara Ltd (ASX:SBM)?

Fund managers including L1 Capital, Paragon Funds and Paradice Investment Management have invested in St Barbara Ltd (ASX:SBM).

What opportunities or catalysts do fund managers highlight for St Barbara Ltd?

Paragon Funds highlights a debt-free balance sheet with cash close to the company's market value, a valuation below 0.2 times risked net present value, and full funding for both growth assets. The New Simberi project is expected to generate around $100 million of cash flow in FY27 at spot gold, while earlier partial sales of Simberi to Lingbao Gold and Kumul crystallised value and helped drive a strong re-rating.

What are the key risks to the St Barbara Ltd investment thesis, according to fund managers?

Paragon notes St Barbara's valuation has been weighed down by a gold price trading around 25% below its highs and broader market weakness, with some holdings trading at levels last seen near COVID and GFC lows. Execution on the New Simberi development and gold price volatility remain the key swing factors for the investment case.

What does St Barbara Ltd (ASX:SBM) do?

St. Barbara Ltd. is a Perth-based gold exploration and development company established on May 15, 1969. The company focuses on mining and mineral properties, operating through two primary geographical segments: Simberi and Atlantic. As an Australian-based entity, St. Barbara specializes in the systematic development and exploration of gold assets.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

Disclaimer Terms of Use Privacy Complaints Contact

Loading…