St Barbara Limited ('St Barbara' or the 'Company') (ASX: SBM) is pleased to announce the completion of the Pre-feasibilty Study (PFS) of its 100% owned 15 Mile Project, in Trafalgar, Nova Scotia, prepared in accordance with Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code').

Previously identified as 'Fifteen Mile Stream Gold Project', the 15 Mile Project has been modified from producing flotation and gravity concentrates to delivering gold dore bars through conventional gravity and carbon in leach cyanidation techniques. The change of project design allows for the reuse of the existing Touquoy processing plant, reducing the capital expenditure from previous management estimates and improving overall gold recoveries from direct whole ore leach as opposed to leaching of concentrates. The Project design layout has undergone a complete revision to achieve minimal disturbance and maximum capital and operating cost efficiency. Managing Director and CEO Andrew Strelein stated 'With this strong PFS result, St Barbara will now focus on preparation of an updated environmental and social impact assessment for this new standalone design of the 15 Mile Project. St Barbara is looking forward to working with Nova Scotia to create hundreds of well paid rural jobs and to remediating the historical tailings at the site. The Feasibility Study engineering is intended to be ramped up as we see progress towards Environmental Approval with commencement of development entirely achievable in mid calendar 2026.'

The PFS does not incorporate the possibility of the transport of ore from St Barbara's Beaver Dam property located 25 kilometres to the south-west of 15 Mile Project. St Barbara anticipates updating the Mineral Resource and Ore Reserve for Beaver Dam during the March 2024 quarter.

Overview

The 15 Mile Project is located approximately 40 kilometres northeast of the Touquoy Mine in Nova Scotia, Canada. The PFS study was led by Ausenco Engineering Canada Inc. ('Ausenco'), an industry leader in cost-effective design and construction. Ausenco was supported by Moose Mountain Technical Services ('MMTS') for mine design aspects of the PFS.

Contact:

Tel: +61 8 9476 5555

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