St Barbara Limited (ASX: SBM) opened 13 Apr 2026 with two significant announcements. The Company received regulatory approval from the Nova Scotia Department of Environment and Climate Change for amended Industrial Approval permit conditions to allow the Touquoy Restart. Separately, it released preliminary third-quarter FY2026 production results showing a 49% jump in gold output quarter on quarter.
Figure 1: Touquoy gold mine operations in Nova Scotia, Canada, during active mining phase [Courtesy: St Barbara Limited]
Both announcements arrive as St Barbara’s SBM share price sits up 193.8% over the past 12 months. For investors tracking the best ASX gold stocks 2026, the combination of a Canadian regulatory green light and a strong quarterly production result reinforces the Company’s operational momentum across two continents.
Touquoy Restart Clears Its Final Regulatory Hurdle in Nova Scotia
The Touquoy gold mine in Nova Scotia, Canada, ceased operations in October 2023. St Barbara completed the Touquoy Restart Study on 10 Dec 2025, outlining a plan to process remnant medium and low-grade stockpiles through the existing processing plant. The NSECC approval received on 13 Apr 2026 is the final regulatory step required to proceed.
St Barbara confirmed the approved conditions are acceptable and are in line with the submission made on 10 Feb 2026. Ore processing is anticipated to recommence by the end of calendar year 2026.
C$118 Million in Operating Cash Flow Forecast Over 13 Months
The financial profile of the Touquoy Restart is clearly defined. St Barbara anticipates operating cash flow of C$118 million at a gold price of US$4,000 per ounce over the 13-month restart period.
Gold production is forecast at 38,000 ounces from 3.0 million metric tons of stockpiles grading 0.4 grams per tonne. Initial capital for the restart is approximately C$11.4 million (A$12.4 million). The All-in Sustaining Cost average estimate for the period is A$2,458 per ounce (US$1,598 per ounce).
In early February 2026, the St Barbara Board approved C$2.9 million of that capital for early commitments on longer lead time items to accelerate the refurbishment of the Touquoy processing facility.
Jobs and Economic Contribution for Nova Scotia and Canada
Beyond the production metrics, the Touquoy Restart carries meaningful economic significance for the region. St Barbara estimates the restart will support 197 direct, indirect and induced jobs during operations. The Project is expected to deliver a Nova Scotia GDP boost of C$151 million and a Canada GDP boost of C$169 million over the restart period.
The People and Policy Behind the Approval
St Barbara Managing Director and CEO Andrew Strelein acknowledged the regulatory progress achieved in Nova Scotia and the role played by government stakeholders in reaching this outcome.
Figure 2: St Barbara Managing Director and CEO Andrew Strelein [Courtesy: St Barbara Limited]
“We are very pleased to have received approval of Industrial Approval permit conditions necessary for the restart of Touquoy. This approval has been received within the Province’s target timeframe for approvals, and demonstrates the constructive engagement and sense of urgency of the new Large Infrastructure File Team within the Department of Environment and Climate Change.”
“We thank the Premier of Nova Scotia, the Honourable Tim Houston, the Minister for Environment the Honourable Mr Tim Halman, The Minister for Natural Resources the Honourable Kim Masland, the Minister for Finance the Honourable John Lohr, the Department of Natural Resources and Renewables and the Department of Environment and Climate Change for their remarkable transformation of the permitting environment for resource development in Nova Scotia. This will be a big confidence boost to the industry.”
A Federal Policy Shift Reduces Future Regulatory Risk in Canada
St Barbara also noted a significant policy development at the federal level. On 27 Mar 2026, Canadian Prime Minister Mark Carney and Nova Scotia Premier Tim Houston announced a new Co-operation Agreement between Nova Scotia and Canada on Environmental and Impact Assessment.
One Project, One Review
The Co-operation Agreement advances the ‘one project, one review’ philosophy that has been central to discourse on resource and infrastructure development in Canada.
The agreement allows both governments to adopt the most effective assessment process on a case-by-case basis, either by relying on Nova Scotia’s own process or by implementing a coordinated federal-provincial review.
For gold mining stocks buy sell decisions, this policy shift materially reduces regulatory uncertainty for future Nova Scotia resource Projects.
Q3 FY2026 Production Jumps 49% at the New Simberi Gold Project
In a separate price-sensitive release on 13 Apr 2026, St Barbara reported its preliminary Q3 FY2026 production results from the New Simberi Gold Project in Papua New Guinea. Gold production for the three months came to 13,522 ounces, up 49% quarter on quarter. Gold sales for the quarter totalled 11,974 ounces at an average sale price of A$6,892 per ounce.
Q4 Guidance Points to Continued Output Growth
St Barbara provided Q4 FY2026 production guidance alongside the quarterly results. Total gold production from the New Simberi Gold Project is forecast in the range of 14,000 to 17,000 ounces. St Barbara’s 40% attributable share of production is expected to be between 5,600 and 6,800 ounces in Q4.
SBM ASX Share Price
St Barbara Limited (ASX: SBM) is currently trading at A$0.697 per share, with a market capitalisation of A$877.10 million. The 52-week range stands at A$0.225 to A$0.893 per share.
Figure 3: St Barbara Limited (ASX: SBM) share price performance over the past year [Courtesy: ASX]
Industry Outlook
The global gold mining sector continues to attract institutional capital as elevated bullion prices strengthen the economics of previously marginal operations. Nova Scotia is emerging as a more permitting-friendly jurisdiction following the structural reforms demonstrated by the Touquoy approval, which was received within the Province’s own target timeframe.
Canada’s ‘one project, one review’ framework, formalised on 27 Mar 2026, signals a broader federal commitment to accelerating resource development approvals. For investors assessing the best ASX gold stocks 2026, Canadian jurisdiction risk is becoming a less significant discount factor in project valuations.
Future Direction and Impact on SBM Investors
For investors monitoring the St Barbara share price forecast and gold mining stocks buy sell activity, the Touquoy Restart approval removes a key overhang and reintroduces a Canadian production stream to the Company’s profile:
- Ore processing at Touquoy is expected to recommence by end of the calendar year 2026
- Operating cash flow of C$118 million is anticipated over the 13-month restart period at US$4,000 per ounce of gold
- Gold production forecast of 38,000 ounces from 3.0 million metric tons of stockpiles grading 0.4 grams per tonne
- All-in Sustaining Cost estimate of A$2,458 per ounce (US$1,598 per ounce) for the restart period
- Total initial capital requirement is C$11.4 million (A$12.4 million), with C$2.9 million already committed
- The 15-Mile Processing Hub Pre-Feasibility, announced 21 Jan 2026, represents the next long-term growth lever for the Nova Scotia Projects
Figure 4: St Barbara gold production outlook by project with all-in sustaining cost trend (FY27–FY41) [Courtesy: St Barbara Limited]
Frequently Asked Questions
Q1. What is the Touquoy Restart?
Ans. It is St Barbara’s plan to recommence ore processing at its Touquoy gold mine in Nova Scotia, Canada, by processing 3.0 million metric tons of remnant stockpiles grading 0.4 grams per tonne.
Q2. What operating cash flow does St Barbara expect from the Touquoy Restart?
Ans. St Barbara anticipates C$118 million in operating cash flow at US$4,000 per ounce gold over a 13-month restart period, with 38,000 ounces of gold production.
Q3. What is the All-in Sustaining Cost for the Touquoy Restart?
Ans. The average AISC estimate for the restart period is A$2,458 per ounce (US$1,598 per ounce).
Q4. What economic benefit does the restart deliver to Nova Scotia?
Ans. St Barbara estimates a Nova Scotia GDP boost of C$151 million and a Canada GDP boost of C$169 million, along with 197 direct, indirect and induced jobs during operations.
Q5. Is SBM one of the best ASX gold stocks 2026?
Ans. St Barbara’s SBM share price is up significantly over the past 12 months. Investors should conduct their own research and seek independent financial advice before making any investment decisions.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on reporting published on 13 Apr 2026. Share price and market capitalisation data reflect figures provided at the time of publication. Investing in securities involves risk. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies or organisations mentioned.
Sources
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03077842-3A691153
https://www.asx.com.au/markets/company/SBM
Tags: ASX: SBM, St Barbara Limited, Touquoy Last modified: April 14, 2026
