St Barbara (ASX:SBM) said an updated pre-feasibility study for its 15-Mile Processing Hub Project in Canada showed ore reserves increasing 17% to 1.4 million ounces following incorporation of an expanded mineral resource estimate, extending the mine life to 13 years based solely on proved and probable reserves, according to a Monday Australian bourse filing.

The company said life-of-mine gold production increased 203,000 ounces to 1.4 million ounces, with annual production expected to exceed 120,000 ounces in fiscal 2031 and fiscal 2032, averaging 106,000 ounces per year.

Initial capital is estimated at CA$289 million, consistent with the previous pre-feasibility study estimate of CA$283 million, with life-of-mine all-in sustaining costs averaging $1,098 per ounce, the filing added.

The study returned a post-tax net present value of AU$1.71 billion at a 5% discount rate and an internal rate of return of about 82% using a gold price of $3,000 per ounce, the filing said. A full feasibility study is now targeted for completion in the third quarter of fiscal 2027, brought forward from the fourth quarter, with a final investment decision remaining targeted for the fourth quarter of fiscal 2027.

The miner's shares were up 3% in recent Monday trade.