The Board of St Barbara Limited (ASX:SBM) announced the spin-off of Atlantic, Simberi and other non-Leonora assets on December 12, 2022. As per the transaction, 80% assets will be spin off to the shareholders of St Barbara Limited. The spin off will create a new company named Phoenician Metals. The Phoenician Metals Board will comprise three Directors from St Barbara (David Moroney, Dan Lougher, and Stef Loader), with Andrew Strelein as Managing Director and Chief Executive Officer. Lucas Welsh will be Chief Financial Officer. It is intended that Phoenician Metals will be headquartered in Perth, Western Australia. The transaction is approved by board of directors of St Barbara Limited and is subject to the scheme becoming effective, approval being obtained from St Barbara shareholders in relation to the demerger and the demerger independent expert concluding that the demerger is in the best interests of St Barbara shareholders, and not changing, withdrawing, or qualifying that conclusion.

The Board of St Barbara Limited (ASX:SBM) cancelled the spin-off of Atlantic, Simberi and other non-Leonora assets on April 17, 2023.