ASX Release/ 8 October 2020

Q1 September FY21 production update

St Barbara Limited (ASX:SBM) (the "Company") provides the following production update for the September 2020 quarter (Q1 FY21). Consolidated production for the quarter was 72,990 ounces (Q4 FY20: 108,612 ounces).

Atlantic Gold produced 27,226 ounces of gold at an average milled grade of 1.29 g/t Au, consistent with expectations for the quarter. The recent Hurricane Teddy did not adversely impact site or production for the quarter.

Simberi produced 23,139 ounces of gold in the quarter, at an average milled grade of 1.30 g/t Au. During the quarter, there was some unscheduled maintenance (now completed) to the semi-autonomous grinding (SAG) mill, scrubber and aerial rope conveyor.

As advised on 18 September 2020, a fall of ground at approximately 1,600 metres below surface in the Hoover Decline temporarily interrupted production at the Gwalia mine in Leonora. Rectification work included over 30 metres of lateral rehabilitation in the decline. This, in addition to the planned prioritisation of development over ore production in Q1, resulted in Gwalia producing 22,625 ounces of gold in the quarter, at an average grade of 7.4 g/t Au.

While operations at Gwalia had resumed at the time of the earlier announcement, the final production shortfall for the quarter is greater than originally anticipated. The shortfall in production is anticipated to be substantially recovered in Q2 FY21. Full year production guidance for FY21 for Gwalia is maintained at between 175,000 to 190,000 ounces.

The previously announced integrated company-wide transformation project is well underway. Further commentary on the transformation project and operations will be provided in the Q1 September FY21 quarterly report scheduled to be released on 21 October 2020, including production costs, cash flow details and an update on the Company's growth projects.

Production Summary

Q2 Dec

Q3 Mar

Q4 Jun

Full Year

Q1 Sep

Guidance

FY20

FY20

FY20

FY20

FY21

FY21

Production (oz)

Atlantic1

29,067

26,032

29,209

106,663

27,226

100-115 koz

Gwalia

42,022

39,684

51,297

171,156

22,625

175-190 koz

Simberi

23,070

25,831

28,106

104,068

23,139

95-105 koz

Consolidated1

94,159

91,547

108,612

381,887

72,990

370-410 koz

Milled Grade (g/t Au)

Reserve

grade2

Atlantic

1.51

1.24

1.41

1.36

1.29

1.1

Gwalia

7.3

7.1

6.8

7.1

7.4

6.3

Simberi

1.08

1.12

1.31

1.17

1.30

1.2

  1. Atlantic Gold was acquired on 19 July 2019. Reported FY20 production includes 4,362 ounces produced by Atlantic Gold prior to acquisition.
  2. Ore Reserve grade at 30 June 2020, refer Ore Reserve and Mineral Resources Statement (released 24 August 2020).

Investor Relations

Mr David Cotterell

Manager Investor Relations

+61 3 8660 1959

ASX: SBM

Media Relations

Mr Ben Wilson

GRACosway

+61 407 966 083

ADR: STBMY

Authorised by

Mr Rowan Cole

Company Secretary

St Barbara Limited

Level 10, 432 St Kilda Road, Melbourne VIC 3004

T+61 3 8660 1900 F+61 3 8660 1999

ACN 009 165 066

Locked Bag 9, Collins Street East, Melbourne VIC 8003

Wwww.stbarbara.com.au

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St. Barbara Limited published this content on 08 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2020 22:59:02 UTC