The St Barbara Ltd (ASX: SBM) share price is in focus today as the company announced a 64% increase in Nova Scotia gold exploration spend for FY27, boosting the budget from A$2.5 million in FY26 to A$4.1 million, and doubling the size of its exploration team.
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What did St Barbara report?
- Exploration spend in Nova Scotia is set to rise 64%, from A$2.5 million in FY26 to A$4.1 million for FY27.
- The exploration team in Nova Scotia has doubled in size, with further expansion anticipated for FY28.
- A work program of up to 105 drill holes for 4,400 metres is planned across five to seven targets, including brownfield and greenfield sites.
- Planned surface sampling to increase by over 80% in FY27, with more than 2,000 samples to be collected.
- A comprehensive gold prospectivity and targeting study will cover the entire Meguma Terrane region.
What else do investors need to know?
St Barbara is ramping up its exploration activity in Atlantic Canada, aiming to build on the existing pipeline of 58 gold exploration targets. The company's tenement package in Nova Scotia now includes 46 initial targets within 75 km of the proposed 15-Mile Processing Hub Project, supporting its strategy to extend the hub's 11-year mine life.
Key work programs will include resource extension, regional drilling, UAV magnetic surveys, 3D modelling, and detailed structural reviews to sharpen future drilling targets. St Barbara has also been awarded a C$100,000 grant from the Nova Scotia government to support the Patton program.
What did St Barbara management say?
St Barbara Managing Director and CEO Andrew Strelein said:
St Barbara has previously announced the acquisition and pegging of attractive areas of known gold mineralisation that hosts numerous targets within 75 kilometres around the 15-Mile Processing Hub Project in Nova Scotia, while continuing to advance our development of the currently defined eleven year plus production centre. We can now share the high intensity work program that we have had underway commencing in the last quarter that will extend to June 2027. This 64% increase in exploration spend and doubling of the exploration team will allow us to maximise the opportunities we have in Nova Scotia.
What's next for St Barbara?
Looking ahead, St Barbara will prioritise drilling, surveying, and sampling to advance key projects and increase its knowledge of regional potential. The gold prospectivity and targeting study is expected to deliver new exploration opportunities, helping the company update and rank its pipeline for future work.
The planned restart of the Touquoy mine by December 2026 and continued exploration initiatives should support St Barbara's goal of enhancing mine life and building value in its Canadian portfolio.
St Barbara share price snapshot
Over the past 12 months, St Barbara shares have risen 73%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 3% over the same period.
