St Barbara Limited ('St Barbara' or the 'Company') (ASX: SBM) is pleased to announce that the resource definition drilling is complete for the Sorowar-Pigiput Trend portion of the 24 hole, 4,700-metre diamond drill program at the Simberi Operations in Papua New Guinea (PNG).

Assays results have been received for another five resource definition diamond drill holes to bring the total to seven holes for which assays have now been received. Managing Director and CEO Andrew Strelein said 'The Simberi team have done a great job to complete the resource definition holes on schedule for incorporation of assay results into the planned Mineral Resource and Ore Reserve update at the end of Q4 where we are targeting an upgrade of 1Moz from Inferred to Indicated. 'The assay results for hole SDH525 however is very encouraging with three broad intercepts in a new mineralised zone between Pigiput and Sorowar pits, but outside any current Mineral Resource. We are prioritising follow-up holes to test the extension along an interpreted potential 470 metre strike length.

To date 19 resource definition drill holes have been completed for 3,926.2 metres including all 15 Sorowar-Pigiput holes and four Pigibo holes. Five remaining Pigibo resource definition drill holes for 845 metres remain to be drilled. The next stage of drilling includes eight exploration diamond drill holes (four at Sorowar-Pigiput and four at Pigibo) for 2,795 metres testing for new mineralisation located down dip of Inferred Resources. Due to the encouraging assay results from drill hole SDH525 located outside the current Inferred Resource, the four Sorowar-Pigiput exploration diamond drill holes have been prioritised with two diamond drill rigs currently completing these holes.

The significant results in drill hole SDH525 support the exploration model of a 'productive window' located at a specific elevation (between +75m RL and -25m RL) where there is generally higher gold grades present. Drill holes SDH525 (results received and noted above) and drill holes SDH533 and SDH534 (assays pending) have tested the northwest trend below the current Inferred Resource over a 200 metre strike length. Mineralisation in SDH525 is dominantly associated with a monomict andesite shatter breccia which displays angular clast support in a matrix of quartz +/- carbonate. Visual pyrite is estimated between 5 to 10% and is disseminated in the altered clasts and locally within the quartz matrix. Similar mineralisation style has been logged in all three holes SDH525, SDH533 and SDH534. The assay results for holes SDH533 and SDH534 are keenly awaited. The four upcoming Sorowar-Pigiput exploration holes are designed to test for potential additional new mineralisation similar to that intersected in hole SDH525 along the full interpreted 470-metre long, northwest striking, moderate southwest dipping extension to mineralisation up to 100 m down dip from current the Inferred Resource. Drilling is currently underway and expected to be completed in May 2024. Note: With respect to the visual observation of monomict breccia and the estimate of sulphides recorded in holes SDH533 and SDH534 during logging, it must be cautioned that visual observations and estimates are uncertain in nature and should not be taken as a substitute for appropriate laboratory analysis. Laboratory assay results will be reported when they are received and interpreted. When combined, selective holes from the 15-hole resource definition drill program at Sorowar-Pigiput combined with the four exploration holes should satisfactorily test this northwest trending target over a 470 metre strike length. Assay results for the eight remaining resource definition diamond drill holes are expected in April 2024. The aim is to include all 15 Pigiput-Sorowar resource definition diamond holes in the next Resource Estimate scheduled between April and July 2024.

Mineralisation displayed above in SDH525, SDH534 and SDH533 is dominantly associated with a clast supported shatter breccia comprised of monomict angular andesite clasts in a matrix of quartz +/- carbonate. Visual pyrite is estimated between 5 to 10% and is disseminated in the altered clasts and locally within the quartz matrix. Gold grades (in g/t Au) are displayed in yellow text for each metre interval in the upper photo showing core from SDH525. A one metre high-grade intercept of 59.4 g/t Au from 187 m depth is associated with a quartz vein displaying subtle colloform banded textures. A similar style quartz vein is observed at 189m depth in SDH534. Note: The presence of monomict andesite breccia with 5% to 10% pyrite observed in SDH534 and SDH533, and the presence of a colloform banded quartz vein in SDH534 is a geological observation of non-economic minerals that are possibly associated with gold. It must be cautioned that visual observations and estimates are uncertain in nature and should not be taken as a substitute for appropriate laboratory analysis. Laboratory assay results will be reported when they are received and interpreted. Laboratory assay results will be reported when they are received and interpreted

Contact:

Tel: +61 3 8660 1959

The information in this report that relates to Exploration Results is based on information compiled by Dr Roger Mustard, who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Mustard is a full-time employee of St Barbara and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Mustard consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mineral Resources is based on information compiled by Ms. Jane Bateman who is a Fellow of the Australasian Institute of Mining and Metallurgy. Jane Bateman is a full-time employee of St Barbara Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Jane Bateman consents to the inclusion in the statement of the matters based on her information in the form and context in which it appears

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