• Reinstatement of Ore Reserve of 3.0Mt @ 0.4g/t for 43 koz
• Production of 38koz over a 13-month operation
• Strong Project Economics: Pre-tax NPV5 of C$60.3M and IRR of 564%

St Barbara Limited is pleased to announce conclusions from the Company's Touquoy Restart Study (AACE Class 4 level of accuracy) completed for the proposed restart of Touquoy. The study demonstrates a compelling investment case for a near-term, low capital restart with excellent project economics at this proven, low-cost operation. The Touquoy Restart Project is designed to produce gold bullion from processing of existing medium and low grade stockpiles through the existing Touquoy processing plant. The Restart Project proposes reactivating the existing Touquoy processing facility to process these stockpiles utilising the open pit for in-pit tailings deposition. Leveraging existing infrastructure requires low capital investment and compresses construction timelines, enabling an anticipated six-month construction period. The Touquoy Restart Study estimates a Pre-Tax NPV5 of approximately C$60.3 million (A$65.8 million) with a Pre-Tax IRR of approximately 564% (using a gold price of US$3,000/oz and CAD/USD exchange rate of 0.71 and CAD/AUD exchange rate of 1.09). The estimated Pre-Tax NPV5 estimate rises to C$109.3 million (A$119.1 million) with an estimated IRR of 1,428% (using a gold price of US$4,000/oz and exchange rates of CAD/USD exchange rate of 0.71 and CAD/AUD exchange rate of 1.09). The initial capital cost for the Touquoy Restart Project is estimated to be approximately C$11.4 million (A$12.4 million) including allowances for contingency.

The Touquoy Restart Study estimates a Pre-Tax NPV5 of approximately C$60.3 million (A$65.8 million) with a Pre-Tax IRR of approximately 564% (using a gold price of US$3,000/oz and CAD/USD exchange rate of 0.71 and CAD/AUD exchange rate of 1.09). The estimated Pre-Tax NPV5 estimate rises to C$109.3 million (A$119.1 million) with an estimated IRR of 1,428% (using a gold price of US$4,000/oz and exchange rates of CAD/USD exchange rate of 0.71 and CAD/AUD exchange rate of 1.09).

The improved permitting environment in Nova Scotia, combined with a clear and constructive regulatory process, has created the opportunity for Touquoy to return to production in a responsible and timely manner. The renewed support for natural resource development in Nova Scotia with the improved permitting environment gives St Barbara a clear pathway back into operations in the Province.