St Barbara Limited ('St Barbara' or the 'Company') (ASX: SBM) is pleased to announce that excellent progress has been made with the Simberi metallurgical sample drilling and resource definition programs.

Drilling has been progressing slightly ahead of internal schedules, while receipt of assay results has been slower than anticipated.

The resource definition drilling campaign will support the work being carried to convert a target of 1 Moz of the Inferred Mineral Resource to Indicated Mineral Resource. The results will be incorporated into an Updated Mineral Resource and Ore Reserve estimate at the end of FY24. Managing Director and CEO Andrew Strelein said 'We are very excited to now be able to focus both diamond rigs on the completion of the resource definition drilling program. We are targeting the conversion of 1 Moz of Inferred Mineral Resource to Indicated Mineral Resource. The completion of the metallurgical drilling is an important milestone for the 2023/24 campaign. The first batch of sample material was dispatched this week to the selected laboratory in Canada.'

Assay results have begun to be returned. Significant results from the first two resource definition holes include: SDH507: 37 m @ 1.9 g/t Au from 89 m including 3 m @ 10.3 g/t Au from 120 m; Assay results have been received for 10 of the 14 completed metallurgical sample diamond holes and include: SDH510: 36 m @ 2.1 g/t Au from 4 m; SDH511: 8 m @ 10.7 g/t Au from 33 m, 118m @ 1.8 g/t Au from 64 m, including 7 m @ 5.5 g/t Au from 115 m and 10 m @ 3.9 g/t Au from 131 m; SDH512: 113 m @ 1.7 g/t Au from 79 m, including 32m @ 2.9 g/t Au from 159 m; SDH513: 37 m @ 7.0 g/t Au from 114 m, including 3 m @ 61.6 g/t Au from 129 m; SDH515: 29 m @ 3.9 g/t Au from 43 m, including 9 m @ 8.8 g/t Au from 55 m, and 19 m @ 12.6 g/t Au from 105 m including 1 m @ 206 g/t Au from 115 m.

The first two resource definition diamond holes were seeking to infill Inferred Mineral Resource between the main Pigiput and Sorowar open pit. The significant intercept supports the interpreted mineralisation. The metallurgical sample diamond holes were targeted in well understood areas of the current pits to provide samples for testwork indicative of low, medium and high-grade sulphide ore ranges expected to be processed during the Sulphide phase of operations. Results thus far are consistent with those expectations. Metallurgical testwork will focus on grinding, gravity recoverable gold, flotation and leaching, rheology, concentrate analysis in addition to further mineralogical analysis and tailings geochemistry work. The testwork is designed, in particular, to test the potential for ultra-fine grinding to provide a second alternative processing option to the previously assumed production of a gold concentrate for sale to third parties. More detail will be provided in a future announcement on the work underway on the Concept Study due to be completed in Q4 FY24. St Barbara's annual Mineral Resource and Ore Reserve estimate scheduled for release on 21 February 2024 will not incorporate any of these most recent results. As previously announced, St Barbara plans to incorporate available results from this 2023/24 drilling program into a further Mineral Resource and Ore Reserve update at the end FY24. An additional program of eight exploration diamond holes will commence after the current round of Resource Definition drilling. These holes are targeting resource depth extensions

Contact:

David Cotterell

General Manager Business Development &

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. 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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