St Barbara Limited ('St Barbara' or the 'Company') (ASX: SBM) announces that excellent progress has been made with the incorporation of the results from the FY24 diamond drilling program into the work being carried out to convert Simberi Inferred Mineral Resources to Indicated Mineral Resources as part of an Updated Mineral Resource and Ore Reserve estimate as at the end of the FY24 financial year.

The teams are on track to complete the Updated Mineral Resource and Ore Reserve estimate for announcement in the week commencing 29 July.

The success of the resource definition diamond drilling program and the Mineral Resource estimation work completed to date gives the Company confidence to lift the upgrade target for Inferred to Indicated Mineral Resource to 1.5 Moz. This is an increase from the original upgrade target of 1.0 Moz announced on 23 January 2024.

Managing Director and CEO Andrew Strelein said 'We are very pleased with the success of the FY24 diamond drilling program and wanted to move quickly to maintain the momentum in FY25 with early commitment to retain the two diamond drill rigs on Simberi Island. We have accelerated approval of the 9,000 m FY25 diamond drilling campaign and have already commenced the first hole in the program to follow up great results at the Sorowar - Pigiput Trend. The progress with the work on the Updated Mineral Resource so far enables us to lift our targeted upgrade of Inferred Mineral Resources by 50% to 1.5 Moz compared to our earlier target announced in January. This sets us up very well for the Ore Reserves to be announced in late July.'

The Company has accelerated the approval of the 9,000 m FY25 diamond drilling program at Simberi to maintain momentum and provide early commitment to the drilling contractors. The FY25 budget approval is for A$6.8 million. The FY25 diamond drilling program includes a combination of sulphide resource definition, exploration and sterilisation drilling. Resource definition drilling will focus at the Sorowar - Pigiput trend and the Samat deposit. Exploration and sterilisation drilling will test six areas within the mine lease adjacent to current resources. The FY24 diamond drilling program is the first such program by St Barbara since acquisition of Simberi in 2012 and has been very successful. Results for all 15 Sorowar - Pigiput and four (of eight) Pigibo resource definition drill holes were incorporated into the FY24 Mineral Resource and Ore Reserve Update currently in progress. Final results have since been returned for the four Sorowar - Pigiput exploration holes and all eight Pigibo resource definition holes. The remaining results for the four Pigibo exploration holes will be available by late August.

The presence of ore grade intercepts located in the southeast corner of the current Sorowar conceptual sulphide pit highlights the potential for southeast strike and down dip extensions to the southeast portion of the Sorowar - Pigiput Trend; The current Sulphide pit optimisation at Samat is partly constrained at depth by the limits of drilling, including limited drilling into the 'productive window'; Based on metal zonation studies, higher grades can be expected to be encountered across the deposits in a 'productive window' between -25m and +75mRL which is not fully tested; The recognition of the gold - molybdenum association with recent higher grade gold intercepts returned from the FY24 Sorowar - Pigiput drilling highlights additional targets around known molybdenum zones; The interpretation of a diatreme breccia model potentially constraining a significant proportion of gold mineralisation at Sorowar, Pigiput and Pigibo combined with the recognition of limited drilling of the western portion of the diatreme surrounding Pigibo North and, Improved geological understanding of the controls on mineralisation following the insights gained from the extensive FY24 diamond drilling

Explanatory Notes

The eight target areas include individual drill hole collar locations and drill traces. The two resource definition drilling areas include the SorowarPigiput trend and Samat deposit and are highlighted by dark blue polygons. The six exploration and / or sterilisation drilling areas are highlighted by light blue polygons. The exploration targets include Pigibo North, Monun East, Southeast Pigibo, between Pigibo and Botlu, between Botlu and Pigicow, and North Samat. The target areas, preliminary drill hole collar locations and drill traces are displayed relative to the conceptual sulphide pit designs and all previous >0.6 g/t Au drill intercepts. The proposed exploration drilling in the Pigibo North area will test a large portion of the western side of the interpreted diatreme breccia margin where there has been limited shallow drilling to date.

Contact:

David Cotterell

General Manager Business Development & Investor Relations

Tel: +61 3 8660 1959

Email: info@stbarbara.com.au

Competent Persons Statement

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

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