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St Barbara delivers golden June quarter results

Maiden drilling at Platina Resources’ Xanadu gold project in WA has confirmed a large-scale gold system over 600m by 600m in all directions.

St Barbara has released its June 2023 quarter report, which outlined highlights such as producing 77,125 ounces of gold in the quarter at an all in sustaining cost (AISC) of $2145 per ounce.

This was a notable increase from St Barbara’s March 2023 quarter that produced 58,567 ounces of gold, at an AISC of $2553 per ounce.

St Barbara’s FY23 produced 260,368 ounces of gold, which was at the upper end of FY23 production guidance, at an AISC of $2443 per ounce. It sold 68,854 ounces of gold in the June quarter at an average realised gold price of $2921 per ounce.

The Leonora gold operations had its best performance in the 2023 financial year (FY23) in its final quarter under St Barbara ownership. In July, the Leonora assets were formally acquired by Genesis Minerals.

In total, St Barbara’s cash contributions from its operations equalled to $51 million, with $32 million coming from the Leonora assets, $16 million from the Atlantic operations and $3 million from the Simberi operations.

St Barbara managing director Andrew Strelein said the company finished the FY23 year with a strong production performance from all three operations.

“In the final quarter under St Barbara ownership, Leonora had a much stronger quarter, exceeding the upper end of revised guidance, following access to the higher grade stopes that could not be mined in the March quarter,” Strelein said.

“The company wishes the Leonora team all the best for a successful future with integration of the broader mines and future processing plant combinations following completion of the sale to Genesis.

“St Barbara is now well capitalised to focus on advancement of the strategy to realise value from the development potential at each of Simberi and Atlantic and I look forward to this next important phase.”

As of June 30, St Barbara’s cash balance is a total of $294 million.

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