• No proposal received for Atlantic assets that provides sufficient value for shareholders
• Permitting processes and government support for Nova Scotia resource development improving rapidly
• Evaluating strategic options to unlock value of Simberi, including potential sale

St Barbara Limited ('St Barbara' or the 'Company') provides an update on its plans to separate the Atlantic Gold Operations ('Atlantic') from the Company, announced on 12 February 2025. The Atlantic Separation Process followed a strategic review of St Barbara's portfolio, which concluded that a separation of Atlantic from the broader St Barbara business had the potential to maximise value for shareholders. However, the Company has not received a proposal for the Atlantic assets that provides St Barbara shareholders with a sufficient participation in the future potential value realisation from the 15-Mile Processing Hub Project. In parallel, the permitting processes and government support for resource development in Nova Scotia are improving rapidly, and St Barbara now has the potential opportunity to apply to re-open the Touquoy mine to process low and medium grade stockpiles that remained at closure. Separately, St Barbara engaged Macquire Capital (Australia) Limited to evaluate strategic options that may unlock the value of Simberi for shareholders, including a potential sale of part or all of the operation. This follows the receipt of unsolicited expressions of interest in Simberi and requests to undertake due diligence. St Barbara remains fully committed to and focused upon the current Simberi Expansion Project, targeting an updated Feasibility Study in Q2 FY26.