26 August 2021

Ore Reserves and Mineral Resources Statements as at 30 June 2021

Group Ore Reserves increased ~4% to 6.2 Moz of contained gold, net after depletion
Group Mineral Resources increased ~13% to 13.1Moz of contained gold, net after depletion
Resource extension drilling has contributed to an increase in Gwalia Mineral Resources and Ore Reserves
Review of material type models has resulted in an increase in Simberi Oxide + Transitional Reserves

Company Summary

Total Ore Reserves are estimated at: 101 Mt @ 1.9 g/t Au for 6.2 Moz of contained gold, comprising:
- Leonora Operations 15.9 Mt @ 4.9 g/t Au for 2.5 Moz of contained gold
- Simberi Operations 35.3 Mt @ 1.8 g/t Au for 2.1 Moz of contained gold
- Atlantic Operations 49.9 Mt @ 1.0 g/t Au for 1.7 Moz of contained gold
Total Mineral Resources0F 1 are estimated at: 202.7 Mt @ 2.0 g/t Au for 13.1 Moz of contained gold, comprising:
- Leonora Operations 51.9 Mt @ 4.1 g/t Au for 6.8 Moz of contained gold
- Simberi Operations 90.1 Mt @ 1.4 g/t Au for 4.2 Moz of contained gold
- Atlantic Operations 60.7 Mt @ 1.1 g/t Au for 2.1 Moz of contained gold

The 30 June 2021 Ore Reserves and Mineral Resources Statements are attached.

For more information

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Chris Maitland Head of Investor Relations

Ben Wilson GRACosway M: +61 407 966 083

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Board of Directors

1 Mineral Resources are reported inclusive of Ore Reserves

Overview

St Barbara's Mineral Resources and Ore Reserves position at 30 June 2021, is summarised and compared with the 30 June 2020 statement in Table 1.

Project		2020 Ore Reserves		FY21Production	2021 Ore Reserves
	Tonnes('000)	Grade(g/t Au)	Ounces('000)	Ounces('000)	Tonnes('000)	Grade(g/t Au)	Ounces('000)
Gwalia Deeps (WA)	9,407	6.3	1,892		13,308	5.2	2,221
Tower Hill (WA)	2,572	3.7	306	153	2,572	3.7	306
Total Leonora Operations	11,979	5.7	2,198		15,880	4.9	2,527
Simberi Oxide (PNG)	7,737	1.2	293		4,675	1.2	178
Simberi Transitional (PNG)	-	-	-		6,378	1.5	307
Simberi Sulphide (PNG)	22,638	2.4	1,765	74	24,010	2.0	1,563
Simberi Stockpile	678	0.6	12		188	2.3	14
Total Simberi Operations	31,053	2.1	2,070		35,251	1.8	2,062
Atlantic Operations (NS)	45,070	1.1	1,647		43,480	1.1	1,558
Atlantic Operations Stockpile(NS)	5,450	0.5	89	101	6,400	0.5	97
Total Atlantic Operations	50,520	1.1	1,737		49,880	1.0	1,655
Grand Total	93,552	2.0	6,005	328	101,011	1.9	6,244

	2020 Mineral Resources				2021 Mineral Resources
Project	Tonnes('000)	Grade(g/t Au)	Ounces('000)	Tonnes('000)	Grade(g/t Au)	Ounces('000)
Gwalia Deeps (WA)	22,595	6.0	4,386	25,448	5.9	4,813
Gwalia Open Pit (WA)	-	-	-	8,439	2.8	764
Harbour Lights (WA)	-	-	-	12,884	1.5	602
Tower Hill (WA)	5,093	3.8	625	5,093	3.8	625
Total Leonora Operations	27,688	5.6	5,011	51,864	4.1	6,804
Simberi Oxide (PNG)	18,801	1.0	630	12,061	1.1	422
Simberi Transitional (PNG)	-	-	-	17,023	1.1	605
Simberi Sulphide (PNG)	72,459	1.6	3,687	61,023	1.6	3,164
Total Simberi Operations	91,260	1.4	4,318	90,107	1.4	4,192
Atlantic Operations (NS)	63,883	1.1	2,227	60,693	1.1	2,091
Total Atlantic Operations	63,883	1.1	2,227	60,693	1.1	2,091
Grand Total	182,832	2.0	11,555	202,665	2.0	13,087

Table 1: St Barbara 2021 and 2020 Ore Reserves and Mineral Resources Comparison

The Company's Ore Reserves and Mineral Resources have increased since June 2020 above net mining depletion as a consequence of:

The update of Mineral Resources and Ore Reserves for Gwalia Deeps with resource extension drilling and mine design changes,
the inclusion of updated Mineral Resources for Gwalia Open Pit and Harbour Lights (refer ASX Release 21 June, 2021 - 'Progress on the Leonora Province Plan'),
the reassessment of Gwalia Deeps, Simberi and Atlantic Ore Reserves at a higher gold price, A$2000/oz, US$1,500/oz and C$1,948/oz (Touquoy and Beaver Dam only. Fifteen Mile Stream and Cochrane Hill used C$1,688/oz as per 30 June 2020 Ore Reserves) respectively.

Ore Reserves Revisions

Gwalia Deeps

The previous publicly reported Proved and Probable Ore Reserves Estimate reported at 30 June 2020 was 9,407,000 t @ 6.3 g/t Au containing 1,892,000 ounces of gold. This has increased by 329,000 ounces of gold to 13,308,000 t @ 5.2 g/t Au containing 2,221,000 ounces of gold.

Gwalia Ore Reserves increased after mining depletion primarily due to resource extension and infill drilling which has extended mineralisation along strike and at depth and upgraded some Inferred Resources to Indicated. Changes to the mine design which have reduced development intensity have also helped with bringing these strike and depth extensions into the Ore Reserves along with a higher gold price (from A$1,600/oz to A$2,000/oz). Resource extensions however, have a lower average grade than existing Reserves and in combination with a lower cut-off grade has resulted in an overall reduction in Reserve grade from 6.3 g/t Au to 5.2 g/t Au.

Simberi Operations

The previous publicly reported Proved and Probable Ore Reserves Estimate reported at 30 June 2020 was 31,053,000 t @ 2.1 g/t Au containing 2,070,000 ounces of gold. This has reduced by 8,000 ounces of gold to 35,251,000 t @ 1.8 g/t Au containing 2,062,000 ounces of gold.

Outside of mining depletion and notwithstanding a higher gold price (from US$1,300 to US$1,500) the Simberi Ore Reserves have reduced, marginally because of the application of modifying factors (ore loss and dilution).

Transitional Ore Reserves, which were previously reported as part of the Sulphide Ore Reserves, are reported separately for the first time due to the importance of this material type in the Simberi Life of Mine plan while work continues toward progressing the mining and processing of sulphides. This change in reporting combined with a revised geological model has contributed to a reduction in the Sulphide Ore Reserves but an increase in Oxide/Transitional Ore Reserves.

Atlantic Operation

The previous publicly reported Proved and Probable Ore Reserves Estimate reported at 30 June 2020 was 50,250,000 t @ 1.1 g/t Au containing 1,737,000 ounces of gold. This has reduced by 82,000 ounces of gold to 49,880,000 t @ 1.0 g/t Au containing 1,655,000 ounces of gold.

The decrease in the Ore Reserves is largely driven by mining depletion at Touquoy, partially offset by pit design changes for Beaver Dam.

Mineral Resources Revisions

Gwalia Deeps

The previous publicly reported Measured, Indicated and Inferred Mineral Resources Estimate reported at 30 June 2020 was 22,595,000 t @ 6.0 g/t Au containing 4,386,000 ounces of gold. This has increased by 427,000 ounces of gold to 25,448,000 t @ 5.9 g/t Au containing 4,813,000 ounces of gold.

Net of mining depletion Gwalia Mineral Resources have increased primarily due to resource extension and infill drilling which has extended mineralisation along strike and at depth.

Gwalia Open Pit

As part of the Leonora Province Plan (LPP) remnant mineralisation at the Gwalia Mine between 280 and 500 metres below surface was identified as a potential source of open pit mill feed, post the completion of underground mining. Existing unreported models were reviewed and resulted in the addition of Measured and Indicated Mineral Resources of 8.4 million tonnes at 2.8 g/t Au containing 764,000 ounces of gold (refer ASX Release 21 June 2021 - 'Progress on the Leonora Province Plan').

Harbour Lights

Also as part of the LPP, a revised estimate of the Harbour Lights Mineral Resources was completed during the year adding Indicated and Inferred Mineral Resources totalling 12,884,000 t @ 1.5 g/t Au containing 602,000 ounces of gold (refer ASX Release 21 June 2021 - 'Progress on the Leonora Province Plan').

Simberi Operations

The previous publicly reported Measured, Indicated and Inferred Mineral Resources Estimate reported at 30 June 2020 was 91,260,000 t @ 1.4 g/t Au containing 4,318,000 ounces of gold. This has decreased by 126,000 ounces of gold to 90,107,000 t @ 1.4 g/t Au containing 4,192,000 ounces of gold.

Transitional Mineral Resources, which were previously reported as part of the Sulphide Mineral Resources, are reported separately for the first time due to the importance of this material type in the Simberi Life of Mine plan. This change in reporting combined with a revised geological model has contributed to a reduction in Sulphide Mineral Resources but an increase in Oxide/Transitional Mineral Resources.

Atlantic Operations

The previous publicly reported Measured, Indicated and Inferred Mineral Resources Estimate reported at 30 June 2020 was 63,883,000 t @ 1.1 g/t Au containing 2,227,000 ounces of gold. This has reduced by 136,000 ounces of gold to 60,693,000 t @ 1.1 g/t Au containing 2,091,000 ounces of gold.

The Mineral Resources are unchanged and have been depleted for mining at the Touquoy pit.

Ore Reserves 30 June 2021

	Proved				Probable		Total
Project	Tonnes('000)	Gold(g/t)	Ounces('000)	Tonnes('000)	Gold(g/t)	Ounces('000)	Tonnes('000)	Gold(g/t)	Ounces('000)
Gwalia, (WA)	1,631	7.0	368	11,677	4.9	1,853	13,308	5.2	2,221
Tower Hill, (WA)	-	-	-	2,572	3.7	306	2,572	3.7	306
Simberi Oxide, (PNG)	1,257	1.4	58	3,418	1.1	120	4,675	1.2	178
Simberi Transitional, (PNG)	1,416	1.7	77	4,963	1.6	230	6,378	1.5	307
Simberi Sulphide, (PNG)	1,255	2.0	81	22,755	2.0	1,483	24,010	2.0	1,563
Simberi Stockpile, (PNG)	0	0	0	188	2.3	14	188	2.3	14
Atlantic Mining, (NS)	21,210	1.1	778	22,270	1.1	781	43,480	1.1	1,558
Atlantic Mining Stockpile, (NS)	6,400	0.5	97	-	-	-	6,400	0.5	97

Total All Projects33,1691.41,45967,8432.24,787101,0111.9	6,244
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Notes

1. Ore Reserves are based on a gold price of: Gwalia (A$2,000/oz), Tower Hill (A$1,250/oz), Simberi (US$1,500/oz) and Atlantic Gold (C$1,948/oz for Touquoy & Beaver Dam and C$1,688/oz for Fifteen Mile Stream & Cochrane Hill)
1. Cut-off Grades Gwalia (4.0 g/t Au), Tower Hill (2.8 g/t Au), Simberi Oxide (0.4 g/t Au), Atlantic Mining (0.3 g/t Au 0.4 g/t Au).
1. Mineral Resources are reported inclusive of Ore Reserves.
1. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.

		Measured		Indicated		Inferred			Total
Project	Tonnes('000)	Grade(g/t)	Ounces('000)	Tonnes('000)	Grade(g/t)	Ounces('000)	Tonnes('000)	Grade(g/t)	Ounces('000)	Tonnes('000)	Grade(g/t)	Ounces('000)
Gwalia Deeps, (WA)	3,843	5.9	730	19,120	5.8	3,543	2,485	6.8	540	25,448	5.9	4,813
Gwalia Open Pit, (WA)	2,221	2.3	164	6,218	2.9	600	-	-	-	8,439	2.8	764
Harbour Lights, (WA)	-	-	-	12,268	1.4	569	616	1.7	33	12,884	1.5	602
Tower Hill, (WA)	-	-	-	4,604	3.9	574	489	3.3	51	5,093	3.8	625
Simberi Oxide, (PNG)	1,974	1.3	80	6,117	1.0	202	3,970	1.1	140	12,061	1.1	422
Simberi Transitional,(PNG)	2,665	1.2	104	11,044	1.1	389	3,315	1.1	113	17,023	1.1	605
Simberi Sulphide, (PNG)	1,941	1.6	98	41,916	1.7	2,238	17,166	1.5	828	61,023	1.6	3,164
Atlantic Operations, (NS)	23,471	1.1	838	30,196	1.0	1,004	7,026	1.1	249	60,693	1.1	2,091

Total All Projects	36,115	1.7	2,014	131,483	2.2	9,120	35,066	1.7	1,953	202,665	2.0	13,087

Notes

1. Mineral Resources are reported inclusive of Ore Reserves.
1. Cut-off Grades Gwalia (2.5 g/t Au), Gwalia Open Pit (0.4 g/t Au), Harbour Lights (0.4 g/t Au Oxide / 0.8 g/t Au Sulphide), Tower Hill (2.5 g/t Au), Simberi Oxide (0.4 g/t Au), Simberi Transitional and Sulphide (0.6 g/t Au), Atlantic Mining (0.3 g/t Au)
1. Gwalia Open Pit & Harbour Lights Mineral Resources are reported constrained by a A$2,500/oz pit shell. Simberi Mineral Resources are reported constrained by a US$1,875/oz pit shell. Atlantic Mineral Resources are reported constrained by a C$2,338/oz pit shell.
1. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.

JORC Code Compliance Statements

The information in this report that relates to Ore Reserves at Gwalia is based on information compiled by Mr. Kevin Oborne who is a Member of the Australasian Institute of Mining and Metallurgy. Kevin Oborne is a full-time employee of Oborne Engineering Pty Ltd 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". Kevin Oborne consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves at Tower Hill is based on information compiled by Mr. Angus Roe who is a Member of the Australasian Institute of Mining and Metallurgy. Angus Roe 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 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". Angus Roe consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves at Simberi Operations is based on information compiled by Mr. Cameron Legg who is a Member of the Australasian Institute of Mining and Metallurgy. Cameron Legg is a full-time employee of Mining One Pty Ltd 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. Cameron Legg consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves at Atlantic Operations is based on information compiled by Mr. Marc Schulte who is a Member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta. Marc Schulte is an associate of Moose Mountain Technical Services 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". Marc Schulte consents to the inclusion in the statement 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 at Gwalia Deeps, Gwalia Open Pit, Harbour Lights and Tower Hill 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.

The information in this report that relates to Mineral Resources at Simberi Operations is based on information compiled by Mr. Chris De-Vitry who is a Member of the Australasian Institute of Mining and Metallurgy. Chris De-Vitry is a full-time employee of Manna Hill Geoconsulting 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". Chris De-Vitry consents to the inclusion in the statement 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 at Atlantic Operations is based on information compiled by Mr. Neil Schofield who is a Member of the Australasian Institute of Geoscientists. Neil Schofield is a full-time employee of FSSI Consultants (Australia) Pty Ltd 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". Neil Schofield consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears.

Section 1 Sampling Techniques and Data – Gwalia Deeps

Criteria	Comments
Sampling Techniques	Sampling boundaries are geologically defined and mostly one metre in length unless asignificant geological feature warrants a change from this standard unit. The upper orright-hand side of the core is routinely submitted for sample analysis, with each onemetre of half core providing between 2.5 – 3 kg of material as an assay sample.
Drilling Techniques	Surface and underground diamond drill holes used NQ2 (50.6 mm) sized core (standardtubes). SBM surface drill holes have been down hole surveyed by north seeking gyroand underground drill holes have been surveyed by single shot electronic camera.Surface holes are orientated using a Reflex ACT II RD orientation tool.
Drill Sample Recovery	Core is metre marked and orientated and checked against driller's blocks to ensure thatany core loss is accounted for. Sample recovery was rarely less than 100%. Minoroccurrences of core loss can in most instances be attributed to drilling conditions andnot ground conditions.
Logging	All SBM holes are logged primarily for lithology, alteration and vein type/intensity whichare key to modelling gold grade distributions. Validation of geological data is controlledvia the use of library codes and reliability and consistency of data is monitored throughregular peer review.
Sub-sampling techniquesand sample preparation	SBM half core is cut using a core saw before being sent to an accredited lab (SGSlaboratory in Kalgoorlie) where the entire sample is crushed to achieve particle size<4mm followed by complete pulverisation (90% passing 75 m).
Quality of assay data andlaboratory tests	SBM samples were analysed for gold using fire assay with a 50g charge and analysis byflame Atomic Absorption Spectrometry (AAS). QC included insertion of 3 commercialstandards (1 per 25 samples), use of barren flush material between designated highgrade samples during the pulverising stage, re-numbered sample pulp residues resubmitted to original laboratory, and sample pulp residues submitted to accreditedumpire laboratory, submission of residual (duplicate) half core from ore intervals. Theanalysis of gold was sound and re-analysis of pulps showed acceptable repeatabilitywith no significant bias.
Verification of samplingand assay	Sampling data is recorded electronically in spreadsheets which ensure only valid nonoverlapping data can be recorded. Assay and down hole survey data are subsequentlymerged electronically. All drill data is stored in a SQL database on secure companyserver.
Location of data points	Collars for surface holes are recorded by DGPS. Upon completion of underground drillholes an authorised surveyor will pick up the collar by placing a survey rod into the holeto measure azimuth and dip. This process may also occur while the hole is in progressby surveying the drill rods in the hole.
Data spacing anddistribution	Data spacing for grade control drilling is approximately 10m x 15m from 1000mbs to1480mbs, resource definition is approximately 20m x 30m from 1480mbs – 1800mbsand surface drilling is approximately 60m x 80m from 1800mbs to 2300mbs. Drilling datais sufficient to establish down plunge continuity for all lodes.
Orientation of data inrelation to geologicalstructure	Sampling is perpendicular to lode orientations and based on past production andunderground mapping.
Sample security	Only SBM personnel or approved contractors are allowed on drill sites; drill samples areonly removed from drill site by approved contractors to SBM's secure corelogging/processing facility; cut core is consigned to accredited laboratories for samplepreparation and analysis.
Audits or reviews	Regular reviews of core logging and sampling have been completed through SBMmentoring and auditing. Laboratory inspections have been conducted throughout the

review period by SBM personnel. Inspections are documented electronically and stored on secure company server. No significant issues were identified.

Section 2 Reporting of Exploration Results – Gwalia Deeps

Criteria	Comments
Mineral Tenement andLand Tenure Status	The reported resource is completely located within M37/25, M37/333, M37/849 which are100% owned by St Barbara Limited. The tenements are in good standing at the time ofreporting.
Exploration Done by OtherParties	Drilling of the resource by other parties is discussed in the previous section.
Geology	Gold mineralisation occurs as a number of en echelon, moderately east dipping foliationparallel lodes within strongly potassic altered mafic rocks and extends over a strike lengthof approximately 500 m and to a vertical depth of at least 2,300 m. Four primary lodes (MainLode, South West Branch, South Gwalia Series and West Lode) have been identified andthe geometries summarised below.

Drill Hole Information	No exploration results are presented.
Data Aggregation Methods	No exploration results are presented.
Relationship BetweenMineralisation Widths andIntercept Lengths	No exploration results are presented.
Diagrams	No exploration results are presented.
Balanced Reporting	No exploration results are presented.

Other SubstantiveExploration Data	No exploration results are presented.
Further Work	Future work will focus on testing strike extensions of the Gwalia Lode System to the south.There are opportunities to extend and increase confidence in the resource estimate for MainLode and Main Lode 2 above and below the dyke where drilling from underground platformshave delineated a potential high grade shoot that remains open to the north.

Section 3 Estimation and Reporting of Mineral Resources – Gwalia Deeps

Criteria	Comments
Database Integrity	Information is captured through spread sheets and validated prior to loading into the SBMcorporate database which ensures only valid non-overlapping data can be recorded.Assay and down hole survey data are subsequently merged electronically. All drill data isstored in an SQL database on secure company server. Validation of data included visualchecks of hole traces, analytical and geological data and ad hoc validation of 20 holes tooriginal core photos and hard copy geological logs.
Site Visits	The Competent Person has visited site
Geological Interpretation	Mineralisation domains are defined by abundance of quartz and quartz/carbonate veining,the presence of distinctive laminated veining (quartz/sericite/sulphides +/- au), strongpotassic alteration, abundance of sulphides (commonly >3% pyrite) and elevated goldgrade (>0.5 g/t Au).
Dimensions	The mineralised zone strikes at approximately 170 degrees over a distance of 500m andplunges 40 to 65 degrees to the southeast. The mineralised zone consists of severalstepped or en echelon style foliation parallel lodes disposed in plan in a "horse-shoe"shape with the limbs converging at the southern end. The mineralised zone and individuallodes dip east at 35 to 45 degrees and are conformable with the foliation of the MineSequence mafic schists. Individual lode widths vary from 2m to 30m true width.Mineralisation has been tested to approximately 2,300m below surface and remains open.
Estimation and modellingtechniques	All domains were estimated using ordinary kriging except for South West Branch belowthe dyke (~1240mbs) where indicator kriging was used for grade estimation. Four parentblock sizes have been estimated; 4mE x 8mN x 4mRL for areas covered by undergroundgrade control drilling, 8mE x 16mN x 4mRL for the area covered by resource developmentdrilling, 16mE x 32mN x 4mRL for areas covered by surface drilling below approximately1,800 metres vertical depth and 32mE x 32mN x 32mRL for the Mafic Hangingwall.Estimation was completed using Datamine Studio RM. Search parameters for the goldestimation reflect a high-grade plunge orientation east-north-east for WL, south-east toeast for SGS and south-east for SWB and ML consistent with geological observation ofhigh grade mineralisation geometry:
	•Main Lode 1 – Rotation Azimuth = 350 degrees, Dip = 40 degrees, Pitch = 140degrees. Max search distances = 355m. Major/Semi-Major anisotropy = 4.2;Major/Minor = 14.2 Min samples = 8, max samples = 20
	•Main Lode 2 – Rotation Azimuth = 350 degrees, Dip = 40 degrees, Pitch = 120degrees. Max search distances = 130m. Major/Semi-Major anisotropy = 2.6;Major/Minor = 13 Min samples = 8, max samples = 20
	•South West Branch 1– Rotation Azimuth = 355 degrees, Dip = 40 degrees, Pitch= 110 to 140 degrees (pitch varies slightly between indicator groups and Augroups). Max search distances = 250m. Major/Semi-Major anisotropy = 3.1;Major/Minor = 8.3. Min samples = 8, max samples =20
	•South West Branch 2– Rotation Azimuth = 355 degrees, Dip = 40 degrees, Pitch= 130 degrees. Max search distances = 250m. Major/Semi-Major anisotropy =3.1; Major/Minor = 8.3. Min samples = 8, max samples =20

	•South Gwalia Series 1 – Rotation Azimuth = 348 degrees, Dip = 45 degrees,Pitch = 110 degrees. Max search distances = 145m. Major/Semi-Majoranisotropy = 1.5; Major/Minor = 4.1. Min samples = 8, max samples =20
	•South Gwalia Series 2 – Rotation Azimuth = 348 degrees, Dip = 45 degrees,Pitch = 120 degrees. Max search distances = 170m. Major/Semi-Majoranisotropy = 1.4; Major/Minor = 6.8. Min samples = 8, max samples =20
	•West Lode – Rotation Azimuth = 350 degrees, Dip = 45 degrees, Pitch = 90degrees. Max search distances = 180m. Major/Semi-Major anisotropy = 1.3;Major/Minor = 7.2. Min samples = 8, max samples =20
	Isolated high grade composites were top cut prior to estimation for each domain(ML=120g/t Au, SWB1=180/220g/t Au, SWB2=135g/t Au, SGS1=90g/t Au, SGS2=90g/tAu, WL=90g/t Au).
	Density domains were largely consistent with the gold domain though some grouping wasdone for comparable populations where limited data was available. Search parametersfor density estimation reflect a lack of directional trend and the large search distancesreflect the high continuity of this variable:
	•Main Lode Group – Omnidirectional. Max search distances = 330m. Min samples= 12, max samples = 25
	•South West Branch Group – Omnidirectional. Max search distances = 600m. Minsamples = 12, max samples = 25
	•South Gwalia Series 1 – Omnidirectional. Max search distances = 230m. Minsamples = 12, max samples = 25
	•South Gwalia Series 2 – Omnidirectional. Max search distances = 100m. Minsamples = 12, max samples = 25
	•West Lode – Omnidirectional. Max search distances = 550m. Min samples = 12,max samples = 25
	•Mine Schist – Omnidirectional. Max search distances = 750m. Min samples =12, max samples = 25
	•Dyke – Omnidirectional. Max search distances = 120m. Min samples = 12, maxsamples = 25
	•Mafic Hangingwall – Omnidirectional. Max search distances = 600m. Minsamples = 12, max samples = 25
	Density measurements below the 0.5 percentile and above 99.5 percentile were removedfrom the dataset prior to estimation as they were suspected to contain erroneous values.
	The model was validated by plotting composite and block model average values againstRL for both gold and density.
Moisture	Tonnages are estimated on a dry basis
Cut-off parameters	The model is reported at a 2.5 g/t Au cut-off on 20mRL x 20mN panels for each lode toaccount for non-selective mining across strike.
Mining factors orassumptions	The mining method is underground, open stoping with paste fill. Minimum stoping panelsare 20mRL x 15mN with the resource reported on similar size panels to reflect thisrelationship.
Metallurgical factors orassumptions	Metallurgical recovery has been proven to be consistently >95%
Environmental factors orassumptions	The project covers an area that has been previously impacted by mining. The tenementarea includes existing ethnographic heritage sites. SBM have undertaken extensiveAboriginal Heritage Surveys within the tenements and management measures are inplace.

Bulk density	Bulk density measurements are taken using the weight in air/weight in water method.Above 1630mbs density is assigned on a lode by lode basis and ranges between2.71g/cm3 and 2.78g/cm3. Below this level, density is estimated using ordinary kriging.
Classification	The Gwalia resource is classified as a function of drill spacing, geological continuity andmining. Areas where grade control drilling has been completed to 20m x 30m andgeological continuity has been established through mining are classified as Measured.Areas where drill density is 30m x 40m, 60m x 80m or less with high geological continuityare classified as Indicated and elsewhere where drill density is sparse classified asInferred.
Audits or Reviews	The Gwalia Deeps Resource was last independentlyaudited by Manna HillGeoconsulting in May 2020. No material issues were identified but all concerns wereaddressed as part of this update.
Discussion of relativeaccuracy/confidence	The resource estimate is a global estimate. Grade control drilling is completed in advanceof development to improve local estimates of grade.

Section 4 Estimation and Reporting of Ore Reserves – Gwalia Deeps

Criteria	Comments
Mineral ResourceEstimate for Conversionto Ore Reserves	The underground Ore Reserve estimate is based on the Mineral Resource estimate carriedout by St Barbara Limited. Gold grade was estimated using ordinary kriging for all lodes withthe exception of the Southwest Branch at depths exceeding 1,240 metres below surfacewhere indicator kriging was used.
	The Mineral Resources are reported inclusive of the Ore Reserve.
	The Mineral Resource model used to estimate this Reserve is described as gw0221d-m.dm
Site Visits	The Competent Person has not visited site for this update, but was previously site basedbetween 2016 and 2019.
Study Status	A Definitive Feasibility Study was completed for the Gwalia mine in 2008. The mine has beenin full production since. Any further studies undertaken are to extend the mine or optimisethe current operating practices.
	The Feasibility Study for the Gwalia Extension Project was completed in 2016 and approvedby the Board. The Gwalia Extension Project provides incremental upgrades to the ventilationinfrastructure which support mining down to 2200 mbs.
Cut-Off Parameters	A break-even type analysis was used to determine the cut-off grades used in the Ore Reserveestimate.
	4.0 g/t Au Stope Evaluation Cut-Off Gradeo
	Used to define the extent of economic stoping areas on a level.
	1.9 g/t Au Stope Only Cut-Off Gradeo
	Used to define additional stopes that can be mined without extra development and withoutdelaying the main mining sequence.
	0.7 g/t Au Process Only Cut-Off Gradeo
	Used to differentiate between development ore and development waste.
Mining Factors orAssumptions	The Gwalia Ore Reserve has been estimated based on detailed mine development and stopedesigns. Modifying factors for dilution and mining recovery have been applied post-geologicalinterrogation to generate the final diluted and recovered Ore Reserve.

	The Gwalia Mine is in full production with an extensive production history. Mining methodsreferenced in this report are currently in practice on site or have been subject to trial mining.Reconciliation results and production history show this mining method to be well matched tothe ore body.
	Stope size, development placement and ground support strategies have been designed inline with recommendations from experienced geotechnical personnel and external subjectmatter experts. Grade control drilling is completed in advance of production with the majorityof stopes to be mined in the next two years already grade control drilled.
	For South West Branch (SWB) and South Gwalia Series (SGS), the dilution is estimated foreach individual stope based on known influences. These include the mining direction, strikelength, stope width, and depth below surface. The relationships between these factors andstope dilution have been modelled through back-analysis of actual reconciled stopeperformance. The average of the estimated dilution for all SWB stopes in the Ore Reserve is13% and the average estimated dilution for SGS stopes is 17%.
	Mining dilution of 18% has been applied to all West Lode stopes. Mining dilution of 30% hasbeen applied to Main Lode stopes.
	A 92% mining recovery factor has been applied to triple-lift and double-lift long-hole openstopes. A 90% mining recovery factor has been applied to single-lift long-hole open stopes.These factors are consistent with reconciled actual performance.
	The profiles of development excavations have been designed inclusive of 10% overbreak.No further dilution factors or mining recovery factors have been applied to development ore.
	A global minimum mining width of 3m is used. While the ore body width generally exceedsthe minimum mining width, where the ore body is narrower stoping outlines are designed tohonour the minimum width and include planned dilution.
	All ore in the Ore Reserve estimate is classified as a Proved or Probable Ore Reserve. NoInferred Mineral Resources are included in the Ore Reserve. The Inferred Mineral Resourcesin the Life-of-Mine plan have been removed from the Ore Reserve plan and estimate.
	The infrastructure requirements of the stoping methods used are either already in place orhave been accounted for in the Life-of-Mine evaluation on which the project costings arebased. The capital and operating costs of extending the ventilation infrastructure to supporttruck haulage down to the base of the Ore Reserve have been included in the economicevaluation which demonstrates the economic viability of the Ore Reserve.
Metallurgical Factors orAssumptions	All Gwalia ore is trucked to the Gwalia processing plant. The processing plant is located atSt Barbara's Leonora Operations and consists of a three-stage crushing circuit, single-stagemilling circuit and hybrid carbon-in-leach (CIL) circuit with one designated leach tank andseven adsorption tanks. Gold is recovered from activated carbon into concentrated solutionvia a split AARL-type elution circuit. Electrowinning and smelting are conducted in an

	adjacent secure gold room. The tailings from the process are thickened and pumped to apaddock-type tailings storage facility with multi-spigot distribution.
	The technology associated with processing of Gwalia ore is currently in operation and isbased on industry standard practices.
	Metallurgical recovery is modelled based on the observed relationship between head gradeand recovery. The average of the modelled metallurgical recovery over the Ore Reserve mineplan is 95.8%.
	A recent study on capacity requirements of the tailings storage facility (TSF) showed that thetotal capacity that will be created (new lifts and void created by reclaiming) will be adequatefor the life-of-mine plan. This includes an additional lift on TSF3 and construction of TSF4,which is currently under construction.
Environmental	The Gwalia mine is currently compliant with all environmental regulatory agreements underthe Environmental Protection Act 1986 (WA).
	All external reporting against the environmental licenses are recorded and reported in theAnnual Environmental Report available on the St Barbara Limited website.
Infrastructure	All equipment required for the mining and processing of the Ore Reserve is in place andoperational. It is located on tenements held by St Barbara Limited. The infrastructureincludes, but is not limited to:
	Dedicated gas and diesel power stationo
	Water supply from three sources to provide redundancyo
	Processing planto
	Mine developmento
	Underground power and dewatering infrastructureo
	Workshop facilities on surface and undergroundo
	Ventilation fans and refrigeration planto
	Paste-fill planto
	Camp facilitieso
	Access to public roads and airstripso
Costs	All costs used in the estimation of Ore Reserves are based on the Life-of-Mine plan.
	Operating costs are estimated as part of the internal budgeting process and approved by theSt Barbara Limited board.
	A gold price of AU$2000/oz has been used in all calculations.

	Exchange rates are sourced from recommendations by the Group Treasury and accepted bythe Executive Leadership Team (ELT).
	Costs associated with treatment and transport have been included in the cost modellingcompleted for the project based on the Life-of-Mine plan.
	Royalties have been included at the WA government royalty of 2.5% of gold produced. AResource Capital Royalty (IRC) is also applied to the Gwalia tenements and is applied at1.5% of gold produced.
Revenue Factors	A gold price of AU$2000/oz has been used in all revenue calculations.
Market Assessment	All gold doré produced at the Gwalia processing plant is transported to the Perth Mint forrefining.
Economic	The mine is an operating asset and is not subject to project-type analysis.
	Life-of-Mine plans are developed or updated on an annual basis. These plans reflect currentand projected performances for the Ore Reserve.
Social	St Barbara Limited's social licence to operate is underpinned by the excellent relationshipthat the Company has built, over many years, with the local community of Leonora. StBarbara Limited also recognises, and has a good relationship with, the Aboriginal groupswithin the Leonora Region. Formal Access and/or Heritage Protection Agreements exist withmost of the Aboriginal groups in the Leonora and the eastern Kalgoorlie Region.
Other	A company risk register is maintained to address and mitigate against all foreseeable risksthat could impact the Ore Reserve.
	Contracts are in place for all critical goods and services required to operate the mine.
Classification	The Ore Reserve includes only Proved and Probable classifications.
	The economically minable component of the Measured Mineral Resource has been classifiedas a Proved Ore Reserve.
	The economically minable component of the Indicated Mineral Resource has been classifiedas a Probable Ore Reserve.
Audits or Reviews	SRK Consulting undertook a review of the Gwalia underground mine Ore Reserve processand estimate in July 2016. The review included a review of the Ore Reserve estimationprocess and the basis of the inputs and modifying factors. SRK did not audit the OreReserve estimate but considered that the technical basis and process undertaken was of asuitable standard and supports reporting under the JORC Code (2012). In July 2018 AMCConsultants undertook a review of the Gwalia Ore Reserve estimation process and basis of

	inputs and modifying factors. AMC concluded that except for the absence of financialmodelling to validate the economic viability of the ore reserve estimate, AMC considers theprocesses used by SBM to align with industry standard and to comply with reportingrequirements of the JORC Code (2012). AMC's recommendation for a full financial modelof the ore reserves not just economic testing of levels was adopted henceforth andincorporated into the Ore Reserves process.
Discussion of RelativeAccuracy/ Confidence	The Ore Reserve estimate has been prepared in accordance with the guidelines of the JORCCode (2012). The relative confidence of the estimates contained fall with the criteria ofProved and Probable Ore Reserves. Significant operating history supports the modifyingfactors applied.
	The Ore Reserve has been estimated in line with the St Barbara Ore Reserve process. TheOre Reserve process was externally audited in 2018 (refer to Audits or Reviews sectionabove). The Ore Reserve has been peer reviewed internally and the Competent Person isconfident that it is an accurate estimation of the current Gwalia reserve.

inputs and modifying factors. AMC concluded that except for the absence of financialmodelling to validate the economic viability of the ore reserve estimate, AMC considers theprocesses used by SBM to align with industry standard and to comply with reportingrequirements of the JORC Code (2012). AMC's recommendation for a full financial modelof the ore reserves not just economic testing of levels was adopted henceforth andincorporated into the Ore Reserves process.

Discussion of RelativeAccuracy/ Confidence

The Ore Reserve estimate has been prepared in accordance with the guidelines of the JORCCode (2012). The relative confidence of the estimates contained fall with the criteria ofProved and Probable Ore Reserves. Significant operating history supports the modifyingfactors applied.

The Ore Reserve has been estimated in line with the St Barbara Ore Reserve process. TheOre Reserve process was externally audited in 2018 (refer to Audits or Reviews sectionabove). The Ore Reserve has been peer reviewed internally and the Competent Person isconfident that it is an accurate estimation of the current Gwalia reserve.

Section 1 Sampling Techniques and Data – Gwalia Open Pit

Criteria	Comments
Sampling Techniques	Reverse circulation (RC) drilling for pit grade control holes was used to obtain 1m samplesfrom which 3-4kg was split and assayed. Diamond drilling from surface and undergroundwas used to obtain core samples which were sampled mostly at 1m intervals withinlithological boundaries from the distinct hangingwall (Basalt) boundary to 2-3m beyondthe footwall.
Drilling Techniques	Pit RC holes used a 4.5- or 5.5-inch downhole hammer in mostly vertical holes with a fewangled holes to the west. Surface and underground diamond drill holes used NQ2(50.6mm) sized core (standard tubes). These holes were surveyed by single shotelectronic camera where possible. When drilling into underground voids holes were notcased.
Drill Sample Recovery	Core was metre marked and orientated and checked against drillers blocks to ensure thatany core loss was accounted for. Sample recovery outside of historic voids was rarelyless than 100%. Minor occurrences of core loss in most instances was attributed to drillingconditions and not ground conditions.
Logging	All holes were logged in their entirety primarily for lithology, alteration and veintype/intensity. Validation of geological data is controlled via the use of library codes andreliability and consistency of data is monitored through regular peer review. All core wasoriented and photographed before geotechnical logging and sampling
Sub-Sampling Techniquesand Sample Preparation	RC samples were collected at 1m intervals and riffle split on-site to produce a subsampleless than 5kg, field duplicates were also taken. Half core and whole core was cut using acore saw into 1m samples, where possible. RC and core samples were sent to anaccredited lab (Analabs or Leonora Laverton Assay Labs or Amdel) where the entiresample was crushed to achieve particle size <4mm followed by complete pulverisation(90% passing 75 µm)
Quality of Assay Data andLaboratory Tests	Drilling samples were analysed for gold using fire assay with a 50g charge and analysisby flame Atomic Absorption Spectrometry (AAS). QAQC for the RC drilling wasapproximately 3 replicates, 3 duplicates, 2 standards and 1 blank per 50 samples. Surfaceand underground diamond drilling was one replicate, duplicate, standard and blank every

	20 samples. Sample pulp residues were submitted for assay to an accredited umpirelaboratory. Results from commercial standards were entered into site spreadsheets andplotted to check if they were within tolerance. It is assumed that the assay laboratoriesused were accepted as having no significant bias.
Verification of Samplingand Assay	Sampling data was recorded as a hardcopy or electronically in spreadsheets whichensured only valid non-overlapping data could be recorded. Assay and down hole surveydata are subsequently merged electronically. All drill data is stored in a SQL relationaldatabase on a secure company server and validated prior to use.
Location of Data Points	Collars for surface holes were recorded by theodolite survey. Upon completion ofunderground drill holes an authorised surveyor picked up the collar by placing a surveyrod into the hole to measure azimuth and dip.
Data Spacing andDistribution	Data spacing for pit grade control drilling is nominally 10m x 10m from 5m benches from125 metres below surface (mbs) to 250mbs. Surface resource diamond hole spacing isnominally 60m x 60m from surface to 830mbs. Underground grade control diamond holespacing is on 20mN section intervals in fans drilling to the west from nominal 25m levelswith end of holes between 120mbs and 505mbs. Drilling data is sufficient to establishdown plunge continuity for all lodes. No sample compositing has been recorded.
Orientation of Data inRelation to GeologicalStructure	Sampling was across the lode orientation for most of the pit and underground gradecontrol drilling but perpendicular to lode orientation for the surface resource drilling, someunderground grade control drill holes in the drill fans and a few pit holes.
Sample Security	The procedures applied were aligned to the industry practices prevailing at the time ofsample collection, despatch, sample preparation and analysis at accredited laboratories.
Audits or Reviews	Reviews of sample logging and sampling were regularly completed through sitementoring, auditing and investigations. Laboratory inspections were conducted. Nosignificant issues were identified or reported.

Section 2 Reporting of Exploration Results – Gwalia Open Pit

Criteria	Comments

Mineral Tenement andLand Tenure Status	The reported resource is completely located within M37/25, M37/333, M37/849 which are100% owned by St Barbara Limited. The tenements were in good standing at the time ofreporting.
Exploration Done by OtherParties	No drilling of this portion of the Gwalia Resource was completed by SBM. All drilling of theresource was completed by Sons of Gwalia and is discussed in the previous section.
Geology	Gold mineralisation occurs as a number of en echelon, moderately east dipping foliationparallel lodes within strongly potassic altered mafic rocks and extends over a strike lengthof approximately 500 m and to a vertical depth of at least 2,300 m.
Drill Hole Information	No exploration results are presented.
Data Aggregation Methods	No exploration results are presented.
Relationship BetweenMineralisation Widths andIntercept Lengths	No exploration results are presented.
Diagrams	No exploration results are presented.
Balanced Reporting	No exploration results are presented.

Other SubstantiveExploration Data	No exploration results are presented.
Further Work	Future work will focus on testing for the presence of remnant South Gwalia Series to thesouth

Section 3 Estimation and Reporting of Mineral Resources –Gwalia Open Pit

Criteria	Comments
Database Integrity	All information was captured by spreadsheets or entered directly in an SQL relationaldatabase on a secure company server and was rigorously validated using validation routineswithin the database software for both location and downhole survey, geology, sampleintervals and assays prior to use. Visual graphical inspections of hole traces and locationswere also made.
Site Visits	The Competent Person is an employee of St Barbara and was an employee of Sons of Gwaliaand has visited site for the purposes of reviewing work contributing to resource estimates
Geological Interpretation	Mineralisation domains were defined by abundance of quartz and quartz/carbonate veining,the presence of distinctive laminated veining (quartz/sericite/sulphides +/- au), strongpotassic alteration, abundance of sulphides (commonly >3% pyrite) and elevated gold grade(>0.5g/t Au). The orientation and continuity of the lodes is well known and documented fromprevious the activity of surface and underground mining and particularly by undergroundgeological exposures.
Dimensions	The mineralised zone strikes 15 degrees east of true north over a distance of 500m andplunges 45 degrees to the southeast. The mineralised zone consists of several stepped oren echelon style foliation parallel lodes disposed in plan in a "horse-shoe" shape with thelimbs converging at the southern end. The mineralised zone and individual lodes dip east at35 to 45 degrees and are conformable with the foliation of the Mine Sequence mafic schists.Individual lode widths vary from 2m to 30m true width. Mineralisation has been tested toapproximately 2,300m below surface and remains open.
Estimation and ModellingTechniques	Closed wireframes of the lodes were constructed using a nominal 0.5g/t Au envelope andgeology, reflecting the geological understanding of the deposit. 1m sample composites fromwithin the lode wireframes were used to estimate gold grades into a block model of 10mY by3mX by 2.5mZ reflecting the geometry of the lodes. Wireframe percentages were calculatedfor each block. Block grade estimates were made via Multiple Indicator Kriging (MIK) to asingle model (e-type estimate) controlled by anisotropic variogram models (using Visorsoftware) which reflected the overall geology. Estimates used ellipsoid sample searchesorientated to the variogram directions of maximum grade continuity. Minimum and maximumsamples used within the searches were set. MIK does not require the use of grade top-cutsas outlier high grades are controlled by the estimation process. The model was validated byplotting sample composite and block model average grades against Easting, Northing andRL
Moisture	Not applicable. Tonnages are estimated on a dry basis.
Cut-Off Parameters	The model is reported at a 0.4g/t Au cut-off. The cut-off grade includes the followingconsiderations: Gold Price $A2500/oz;
	Processing Recovery 94%;
	Pit slope 35 degrees overall west wall, 45 degrees overall other walls
	Mining cost $4.48/t;
	G&A $9.80/t;
	Processing Cost $20.0/t
Mining Factors orAssumptions	The mining method is assumed to be open pit post the completion of underground mining

Criteria	Comments
Metallurgical Factors orAssumptions	Metallurgical recovery is assumed to be 94%.
Environmental Factors orAssumptions	The project covers an area that has been previously impacted by mining. The tenement areaincludes existing ethnographic heritage sites. SBM have undertaken extensive AboriginalHeritage Surveys within the tenements and management measures are in place.
Bulk Density	Bulk density of 2.8 g/cm3 has been determined for the lodes from core samples using theweight in air/weight in water method. Where blocks are impacted by historic voids bulkdensity has been factored to account for the openings.
Classification	The resource is classified as a function of drill spacing Areas where grade control drilling hasbeen completed to a nominal 10mN x 10mE pattern are classified as Measured. Areas wheredrill density is on a 20mN x 30mE, pattern are classified as Indicated and elsewhere wheredrill density is sparse classified as Inferred.
Audits or Reviews	The Mineral Resource Estimate has been reviewed internally. The review covered all aspectsof the estimate including source data, geological model, resource estimate and classification.No material issues were identified.
Discussion of RelativeAccuracy/Confidence	The resource estimate is a global estimate.

Section 1 Sampling Techniques and Data – Harbour Lights

Criteria	Comments
Sampling Techniques	No drilling has been completed by St Barbara at Harbour Lights. The bulk of the drilling wascompleted by Esso Exploration and Production Australia Inc. (Esso) between 1981 and1985. Diamond and RC holes have generally been sampled on 1m intervals but no detailson sampling protocols have been found.
Drilling Techniques	Details on RC and DDH drilling techniques have not been located. Diamond holes weresurveyed by single shot camera.
Drill Sample Recovery	Details on core recovery are unknown
Logging	Holes were logged in fresh rock for lithology, alteration quartz-carbonate veining andsulphides.
Sub-Sampling Techniquesand Sample Preparation	Sub-sampling techniques and sample preparation are unknown but are assumed toconform to standard Eastern Goldfields practices of the time.
Quality of Assay Data andLaboratory Tests	The analytical method is unknown. Quality control was limited to analysis of pulp duplicatesand the drilling of twin holes. This data shows no bias.
Verification of Samplingand Assay	All drill data is stored in a SQL relational database on a secure company server andvalidated prior to use. This data has been cross-checked against historic hard copy plotsand reports.
Location of Data Points	Collar survey methods are unknown but are assumed to conform to standard EasternGoldfields practices of the time.
Data Spacing andDistribution	Surface drilling has been completed on an approximate 25mN x 30mRL pattern decreasingto ~50mN x 100mRL below 170mbs. Mineralised areas have generally been sampled on 1metre intervals.
Orientation of Data inRelation to GeologicalStructure	Sampling was perpendicular to lode orientation.

Sample Security	It is assumed that the procedures applied were aligned to the industry practices prevailingat the time of sample collection, dispatch, sample preparation and analysis at accreditedlaboratories.
Audits or Reviews	The logging and analytical data has been cross-checked against hard copy reports.

Section 2 Reporting of Exploration Results – Harbour Lights

Criteria	Comments
Mineral Tenement andLand Tenure Status	The reported resource is completely located within M37/0251 and M37/1150 which are100% owned by St Barbara Limited. The tenements were in good standing at the time ofreporting.
Exploration Done by OtherParties	No drilling of this portion of the Harbour Lights resource was completed by St Barbara. Alldrilling of the resource was completed by Esso and is discussed in the previous section.
Geology	Gold mineralisation at Harbour Lights extends over 1km and is hosted within a sequenceof sheared ultramafics and overlying high-Mg tholeiitic basalt units which strike northnorthwest and dip 45° to the east. Gold mineralisation is associated with pyrite andarsenopyrite in isoclinally folded laminated quartz veins and potassic alteration halos. Gold,which is partly refractory in fresh rock, is closely associated with arsenopyrite and estimatedrecoveries for the refractory ore are in the order of 40%.
Drill Hole Information	No exploration results are presented.
Data Aggregation Methods	No exploration results are presented.
Relationship BetweenMineralisation Widths andIntercept Lengths	No exploration results are presented.
Diagrams	No exploration results are presented.
Balanced Reporting	No exploration results are presented.
Other SubstantiveExploration Data	No exploration results are presented.
Further Work	Future work will focus on testing for down plunge extensions to mineralisation

Section 3 Estimation and Reporting of Mineral Resources – Harbour Lights

Criteria	Comments
Database Integrity	The data files used in the estimation were automatically created as an extract from the StBarbara corporate Datashed database. The validation of the database has included:
	•Cross-check of electronic data with hard copy WAMEX mineral exploration reports,
	•Cross-check of assay and drill-hole location with historical geological reports, and
	•Incorporation of original logging of lithology, alteration, quartz-carbonate veining andsulphides to improve geological and mineralisation models.
Site Visits	The Competent Person is an employee of St Barbara and has visited the site
Geological Interpretation	Mineralisation domains were defined based on a 0.1g/t Au cut-off, strong potassic alteration,and proximity to a mafic/ultramafic contact.

Criteria	Comments
Dimensions	The mineralised zones strike 20 degrees east of true north over a distance of 1000m and dipmoderately to the east and plunge shallowly to the south. The mineralised zones are between30m and 60m in width. Mining in the Harbour Lights open pit was centred around one or morelarge (20 – 35m wide) fold structures with elevated gold grades (+6 g/t Au) in the core of thefold hinges. Mineralisation has been tested to approximately 320m below surface andremains open.
Estimation and ModellingTechniques	Closed wireframes of the lodes were constructed using a nominal 0.1g/t Au envelope andpotassic alteration. 2m sample composites from within the lode wireframes were used toestimate gold grades into a block model of 10mY by 10mX by 5mZ. Block grade estimateswere made via ordinary kriging with ellipsoid octant searches orientated to the variogramdirections of maximum grade continuity. Minimum and maximum samples used within thesearches were set. Data was not top cut as outlier high grades (>50g/t Au) were located inthe mined-out pit and did not impact estimation of remnant resources. The model wasvalidated by plotting sample composite and block model average grades against Easting,Northing and RL
Moisture	Not applicable. Tonnages are estimated on a dry basis.
Cut-Off Parameters	The model is reported at a 0.4g/t Au cut-off for oxides and 0.8 g/t Au for sulphides. The cutoff grades include the following considerations:
	•Gold price AU$2,500/oz
	•Mining cost - $3.70/t
	•Process Recovery – oxide 90% and sulphide 85.5%
	•Processing cost – oxide $19.30/t and sulphide $46.00/t
	•General & Admin cost - $9.80/t
	•Pit slope angles – oxide = 35° and sulphide = 47°
Mining Factors orAssumptions	The mining method is assumed to be open pit.
Metallurgical Factors orAssumptions	Metallurgical recovery is assumed to be 90% for oxides and 85.5% using the Albion Processfor treatment of sulphides.
Environmental Factors orAssumptions	The project covers an area that has been previously impacted by mining.
	An agreement with the Aboriginal Land Trust will be required to gain access to an AboriginalReserve toward the southern of the deposit for drilling and mining.
	Agreements will be required to relocate infrastructure related to the handling andtransportation of nickel concentrate on the eastern wall of the pit
Bulk Density	Bulk density has been assigned based on historical values; 2.4g/cm3 for oxide and 2.8g/cm3for sulphides.
Classification	The resource is classified as a function of drill spacing and geological continuity. Areas wheredrilling has been completed on a nominal 25mN x 30mRL pattern are classified as Indicated.Elsewhere where drill density is sparser, or drill holes are inadequately sampled the resourceis classified as Inferred.
Audits or Reviews	No audits or reviews have been completed
Discussion of RelativeAccuracy/Confidence	The resource estimate is a global estimate.

Section 1 Sampling Techniques and Data – Tower Hill

Criteria	Comments
Sampling Techniques	Post 2007 St Barbara Limited (SBM) drilling used Reverse Circulation drilling to obtain 1msamples through the mineralised zone. Most samples were dry, but where wet samples wereencountered they were allowed to dry before being split by company personnel. Half corewas sampled on largely 1m intervals based on geological boundaries. Core was cut along aplane passing through the basal orientation mark using a diamond saw.
Drilling Techniques	SBM diamond holes typically used NQ (47.6mm) and HQ (63.5mm) sized core (standarddouble tubes). Core was oriented using Ace Core Orientation and Ezy Mark orientation tools.Drill holes were down hole surveyed by either north seeking gyro within the rods or byelectronic multi-shot in open holes. Less than 10% of SBM holes were surveyed down holeusing a Reflex Single Shot camera. RC holes used mainly 5½" reverse circulation facesampling hammers.
Drill Sample Recovery	Recovery of core from SBM drill holes was rarely less than 100%. Ore zone intersections areNQ and HQ (for geotechnical holes) sized diamond core using standard double tubes.Recovery information for historic holes is unavailable, although this data largely impacts themined out portions of the project and is not material to the resource estimate.
Logging	All SBM holes were qualitatively and quantitatively logged for a combination of geologicaland geotechnical attributes. Pre-2007 holes were commonly logged for major lithology,alteration, vein minerals, and vein and sulphide percentage. Historic logging data wasreviewed and deemed acceptable.
Sub-SamplingTechniques and SamplePreparation	SBM RC samples were recovered through a cone splitter to obtain mostly 1m samples fromwhich 3 kg was pulverised to produce a 40g charge for fire assay. Half core was sampled onlargely 1m intervals based on geological boundaries. Core was cut along a plane passingthrough the basal orientation mark using a diamond saw and was submitted for totalpulverisation (85% passing 75 µm).
Quality of Assay Dataand Laboratory Tests	Only limited information is available for holes drilled prior to 2007. SBM samples wereanalysed for gold using fire assay with a 40g charge and analysis by flame atomic absorptionspectrometry. QC included insertion of 4 commercial standards per submission batch (4commercial standards every 50 samples for diamond core), insertion of field duplicates every40m and 2 blank control samples for every 100 samples. Sample pulp residues weresubmitted to an alternate laboratory. Results indicate that pulveriser bowls were adequatelycleaned between samples, that analysis of gold was sound and re-analysis of pulps showedacceptable repeatability with no bias.
Verification of Samplingand Assay	SBM sampling data is recorded electronically which ensures only valid non-overlapping datacan be recorded. Assay and down hole survey data are subsequently merged electronically.All drill data is stored in a SQL database on a secure company server. Statistical comparisonof SBM (2007-08) and pre-2007 assay results indicate that all data are compatible.
Location of Data Points	SBM holes were surveyed using a Real Time Kinetic (RTK) GPS system. Historical drillingwas located using mine surveyors and standard survey equipment.
Data Spacing andDistribution	Average data spacing of between 40m N-S by 30m E-W (up to 80m by 60m) is available forthe bulk of the Tower Hill Resource. Drilling data is sufficient to establish continuity of themineralised lodes.
Orientation of Data inRelation To GeologicalStructure	Sampling is perpendicular to lode orientation which is well understood from past production.
Sample Security	Company personnel or approved contractors only allowed on drill sites. Drill samples areonly removed from drill site to secure sampling or core logging/processing facility; corelogged and cut and consigned to accredited laboratories for processing.

Criteria Comments

Audits or Reviews	Historical data was reviewed and extensively validated in 2003 including cross-checking data
	against original hard copy records where available. All data has been reviewed by a
	Competent Person who is satisfied that the data is sound and suitable for resource
	estimation.

Section 2 Reporting of Exploration Results – Tower Hill

Criteria	Comments
Mineral Tenement andLand Tenure Status	The reported resource is completely located within M37/0055 which is 100% owned by StBarbara Limited. The tenement is in good standing at the time of reporting
Exploration Done byOther Parties	Drilling of the resource by other parties is discussed in the previous section.
Geology	Gold mineralisation at Tower Hill is hosted within a moderately (35 - 50°) east-dipping quartzvein package adjacent to the contact of granite and strongly foliated ultramafic rocks. Quartzgold vein lodes strike north to north-northwest with strike lengths of up to 600 m and widthsfrom less than a metre to a vein package with a horizontal width of up to 50 m.
Drill Hole Information	No exploration results are presented.
Data AggregationMethods	No exploration results are presented.
Relationship BetweenMineralisation Widthsand Intercept Lengths	No exploration results are presented.
Diagrams	No exploration results are presented.
Balanced Reporting	No exploration results are presented.
Other SubstantiveExploration Data	No exploration results are presented.
Further Work	Future work will be reviewed pending updates to mining studies

Section 3 Estimation and Reporting of Mineral Resources – Tower Hill

Criteria	Comments
Database Integrity	Information initially captured through hard copy logs was subsequently entered into spreadsheets and validated prior to loading into the SBM corporate database which ensures onlyvalid non-overlapping data can be recorded. Assay and down hole survey data aresubsequently merged electronically. All drill data is stored in a SQL database on a securecompany server. Validation of data included visual check of drill hole traces and basic checksfor overlapping sample and geological logging intervals.
Site Visits	The Competent Person for the drill hole data is an employee of SBM and directly superviseddrilling on site during 2007-08.
Geological Interpretation	The mineralised domain was defined by quartz veining, the granite contact and structuralcontrols as well as gold grade.
Dimensions	Quartz-gold vein lodes strike north to north-northwest and dip moderately (30-50o) east withstrike lengths of up to 600 m and widths from less than 1m to a vein package with a horizontal

Criteria	Comments
	width of up to 50m. Mineralisation has been defined over a 1.1km strike length and has beentested to a maximum depth of approximately 525m below surface.
Estimation and ModellingTechniques	Gold grade was estimated by ordinary kriging 1m composites constrained by lode boundariesfor a parent block size of x = 10m * y = 20m * z = 4m. Search parameters reflect the moderateNE plunge control of mineralisation:
	Rotation: Azimuth = 345 degrees, Dip = 35 degrees, Pitch = 50 degrees. Max. searchdistance = 200m. Major/Semi-Major anisotropy = 1.2; Major/Minor = 3. Min. samples = 12,Max. samples = 32
	A top cut of 60g/t Au was applied to the composite data prior to estimation. Model wasvalidated by plotting composite and block model average grades against northing and werereasonable.
	Mineral Resources are reported inclusive of Ore Reserves
Moisture	Tonnages are estimated on a dry basis.
Cut-Off Parameters	The model is reported at a 2.5g/t Au cut-off which is close to the expected marginal cut-offgrade based on a A$1400/ounce gold price.
Mining Factors orAssumptions	The anticipated mining method is open stoping and cut and fill mining.
Metallurgical Factors orAssumptions	Metallurgical test work completed between 2007 and 2009 shows 95% metallurgical recoveryfor fresh rock.
Environmental Factors orAssumptions	The project covers an area that has been previously impacted by mining. The tenement areaincludes existing ethnographic heritage sites. SBM have undertaken extensive AboriginalHeritage Surveys within the tenement and management measures are in place.
Bulk Density	The dry bulk density is estimated to be 2.67/cm3. This is based on weighing whole coresamples in air and water for 25 samples.
Classification	The variogram model shows that 90% of total sill is reached at approximately 100m downplunge and within 45m perpendicular (D2) to this. Based on this, the average data spacingof between 40m by 30m (up to 80m by 60m) for the bulk of the Tower Hill Resource belowthe pit is considered adequate to classify the majority of the resource as Indicated. The downdip extensions to the resource, which are based on limited data, are considered Inferred.
Audits or Reviews	The geological model and Mineral Resource estimate was independently reviewed by SRKConsulting in 2011 and no material issues were found. In addition, the reporting of MineralResources is guided by the Company's Mineral Resource Estimation System and overseenby the SBM Resources and Reserves Committee.
Discussion of RelativeAccuracy/Confidence	The resource estimate is a global resource estimate. Closer spaced drilling should becompleted well ahead of mining to improve local estimates of grade.

Section 4 Estimation and Reporting of Ore Reserves – Tower Hill

Criteria	Comments
Mineral ResourceEstimate for Conversionto Ore Reserves	The underground Ore Reserve estimate is based on the Mineral Resource estimate carriedout by St Barbara. Gold grade was estimated using ordinary kriging.
	The Mineral Resources are reported inclusive of the Ore Reserve.
Site Visits	The Competent Person is employed in a site-based role.

Criteria	Comments
Study Status	A Pre-Feasibility Study has been completed for the Tower Hill project that has identified atechnically achievable and economically viable mine plan. This PFS has since been reviewedand updated with modifying factors calibrated for company experience with a similaroperating mine within the same mining district.
Cut-Off Parameters	A reserve cut-off grade of 2.8 g/t Au has been used in line with the now-divested King of theHills mine which used similar mining methods with the same production profile. Two cut-offgrades have been calculated and applied based on historical costs from the King of the Hillsmine and forecasted costs and modifying factors for the Tower Hill life-of-mine plan.Fully Costed cut-off grade includes all operating costs associated with the extractionoand processing of ore material
	Incremental cut-off grade applies to all material that does not require additionalodevelopment.
Mining Factors orAssumptions	The Tower Hill Ore Reserve has been estimated by generating detailed mining shapes for alldevelopment and stoping shapes. Modifying factors for dilution and mining recovery havebeen completed post-geological interrogation to generate the final diluted and recovered orereserve.
	A pre-feasibility level of study has been completed for the Tower Hill mine. St Barbarasuccessfully operated the King of the Hills mine using the mining methods planned for TowerHill. The planned mining methods align with external geotechnical recommendations for theregional geology.
	Stope size, development placement and ground support strategies have been designed inline with recommendations from external evaluations. Grade control drilling will be completedin advance of production with Grade control drilling plans generated as part of the finalDefinitive Mining Study.
	The model used to estimate the Ore Reserve is consistent with that produced for the MineralResource declared for the Tower Hill deposit. This model is internally known astwh_feb2011.mdl.
	Mining dilution has been applied at 5% at a grade of 1.3g/t Au for the Long Hole stopingareas and 6% at a grade of 0g/t Au for the cut and fill stoping areas. This is consistent withthe dilution factors applied for the similar King of the Hills mine.
	A mining recovery of 95% has been applied to all stopes. This recovery has been applied toallow for any ore loss that may occur during stoping extraction. This is consistent with therecovery factors achieved for the similar King of the Hills mine.
	For the longhole stoping production, a global minimum mining width of 3.5m is used. Whilethe ore body width generally exceeds the minimum mining width, where the ore body isnarrower, stoping outlines are designed to honour the minimum width and include planneddilution. The cut and fill areas are mined to a minimum height of 5m, though split firing of theproduction face is used to prevent dilution of the ore zone.

Criteria	Comments
	The vast majority of the life-of-mine plan is classified as a Probable Ore Reserve. InferredMineral Resources are included in the life-of-mine plan to allow for well-informed strategicplanning. They are not included in the Ore Reserve estimate.
	The infrastructure requirements of the stoping methods used have been accounted for in thelife-of-mine evaluation on which the project costings are based.
Metallurgical Factors orAssumptions	All Tower Hill ore will be trucked to the Gwalia processing plant. The processing plant islocated at St Barbara's Leonora Operations and consists of a three stage crushing circuit,single stage milling circuit and hybrid CIL circuit with one designated leach tank and 7adsorption tanks. Gold is recovered from activated carbon into concentrated solution via asplit AARL type elution circuit. Electrowinning and smelting are conducted in an adjacentsecure gold room. The tailings from the process are thickened and pumped to a paddocktype tailings storage facility with multi-spigot distribution
	The technology associated with processing of Tower Hill ore is currently in operation and isbased on industry standard practices.
	Target Recovery Performance is 95%.
Environmental	St Barbara currently holds a license for Tower Hill and is compliant with all environmentalregulatory agreements under the Environmental Protection Act 1986.
	All external reporting against the environmental licenses are recorded and reported in theAnnual Environmental Report available on the St Barbara website.
Infrastructure	All equipment required for the mining and processing of the reserve is either already availableor anticipated to be available as required by the Life of Mine plan. Existing infrastructure islocated on St Barbara held tenements and leases. Surrounding tenements have beensecured for the purpose of new infrastructure installation. The infrastructure currentlyavailable for usage for the Tower Hill project includes but is not limited to:
	•Dedicated gas and diesel power station,
	•Water supply
	•Processing plant
	•Access to Workshop facilities on surface and underground
	•Paste Plant
	Additional planned infrastructure includes but is not limited to:
	•Explosive magazine
	•Fuel bay and wash bay
	•Ventilation fan and associated works
	•Workshop facilities

Criteria	Comments
Costs	All costs used in the generation of the Ore Reserve estimate have been based on thelife-of-mine plan.
	Operating costs are based on actual costs from the King of the Hills mine.
	A gold price of AU$1,250/oz has been used in all calculations.
	Exchange rates are sourced from recommendations by the Group Treasury and accepted bythe Executive Leadership Team (ELT).
	Costs associated with treatment and transport have been included in the cost modellingcompleted for the project based on the life-of-mine plan.
	Royalties have been included at the WA government royalty of 2.5% of gold produced. AResource Capital Royalty (IRC) is also applied to the Gwalia tenements and is applied at1.5% of gold produced.
Revenue Factors	A gold price of AU$1,250/oz has been used in all revenue calculations.
Market Assessment	All Gold doré bars produced at the Gwalia processing plant are transported to the Perth Mintfor refining.
Economic	The project has been defined to a pre-feasibility study level of confidence. Operatingassumptions are supported by company experience with similar operating mines within thesame mining district. The mine is intended to operate as a satellite mine.
Social	St Barbara Limited's social licence to operate is underpinned by the excellent relationshipthat the Company has built, over many years, with the local community of Leonora. StBarbara Limited also recognises, and has a good relationship with, the Aboriginal groupswithin the Leonora Region. Formal Access and/or Heritage Protection Agreements exist withmost of the Aboriginal groups in the Leonora and the eastern Kalgoorlie Region.
Other	A company risk register is maintained to address and mitigate against all foreseeable risksthat could impact the Ore Reserve.
Classification	The Ore Reserve has been classified as a Probable Ore Reserve.
	The economically minable component of the Indicated Mineral Resource has been classifiedas a Probable Ore Reserve.
Audits or Reviews	While a direct audit of the Tower Hill reserve has not been conducted, the St Barbara reserveestimation process was independently reviewed in December 2012 by Scott Dunham ofQuantitative Group (QG).

Criteria	Comments
	"The review did not identify any material flaws in either the ore reserve estimate itself or theprocess used to generate the estimate. In QG's opinion the estimate is suitable for reportingunder the JORC Code (2004 edition) and is of a good industry standard." (Dunham, S. 2012)
	"The ore reserve estimate is incorporated into St Barbara's long, medium and short termplanning processes and this increases confidence in the deliverability of the ore reserve. Theore reserve represents a snapshot of the expected metal production over the life of eachoperation based on currently available data and mine planning assumptions." (Dunham, S.2012)
Discussion of RelativeAccuracy/ Confidence	The Ore Reserve estimate is prepared within the guidelines of the 2012 JORC code. Therelative confidence of the estimates contained fall with the criteria of Probable Ore Reserves.Significant operating history supports the modifying factors applied.
	The Ore Reserve has been estimated in line with the St Barbara Ore Reserve process. TheOre Reserve process was externally audited in 2012 and found to be of good industrystandard. The Ore Reserve has been peer reviewed internally and the Competent Person isconfident that it is an accurate estimation of the current Tower Hill reserve.

Section 1 Sampling Techniques and Data - Simberi

Criteria	Comments
Sampling Techniques	Chips from reverse circulation (RC) drilling and half-core from diamond holes (DH) have beenused to sample the Simberi deposits.
	Drilling by Kennecott occurred between 1984 and 1989. Subsequent drilling by Nord wascarried out between 1995 and 1998. Allied drilled from 2004 to 2012. From September 2012St Barbara Limited have owned and operated the Simberi project.
	During the early part of the Kennecott percussive drilling program (up to approximatelyRC320, February-May 1989), each 1 m sample was collected from a cyclone in a calico bag.The sample was dried, and jaw crushed to less than 7 mm and a 1.5 kg riffle split sub-sampledispatched for assay. The Kennecott 1m diamond drill core samples were cut in half using adiamond saw, dried, jaw crushed, and hammer milled to -30 mesh. A 200-250 g sub-samplewas pulverised to -80mesh before submitting to the laboratory.
	Nord sampled percussive and diamond holes every 1 m. RC samples were collected inpolyweave bags direct from a cyclone. Approximately 100 g of every RC sample werewashed, dried and retained for reference. RC samples were hammer milled at a Nord samplepreparation facility, located on Simberi Island, to approximately -30 mesh. The samplepreparation facility was supervised by contract personnel from Astrolabe Pty Ltd, ananalytical laboratory in Madang. A 1 kg subsample was riffle split for dispatch for assay andthe remainder stored. Nord diamond core was photographed, logged and cut in half using adiamond saw. One half was dried, jaw-crushed, hammer milled and reduced to a 1 kg subsample using a riffle splitter. The sub-samples were dispatched to Astrolabe (Madang, PNG)for final preparation and assay up until September 1996.

Criteria Comments

Allied RC samples were collected at 1 m intervals then dried. Each sample was jaw-crushed, hammer milled to -80 mesh and reduced to two approximate 1 kg sub-samples using a riffle splitter. One 1 kg sample was hammer milled to -30 mesh and the other 'reject' split was archived on site for a minimum of 3 months after assays were returned. The 1 kg crushed samples were dispatched to ALS. In mid-2008, a new core shed and sample preparation facility was constructed with upgraded security and new sample processing equipment. This allowed a change to the RC sampling and preparation procedures. Samples from the cyclone were collected in large polyweave bags and weighed. Sub-samples were placed in calico bags. For dry/damp samples a riffle splitter was used to produce approximately 500 g for processing and approximately 500 g for 'reject' or archive. Spear sampling was conducted on wet samples to obtain two 800 g sub-samples, one for archive and one for processing. Sub-samples were sent to sample prep for drying in electric ovens. Before mid-2008, Allied diamond core samples were processed in a similar way to the RC samples. Core was sampled on 1 m intervals, cut in half using diamond saws and dried. One half of each sample was stored on site in the secured core shed, the other half was crushed with a jaw crusher and split to two approximately 1 kg samples. One was hammer milled to -30 mesh and the 'reject' sample archived for a minimum of 3 months after assays were returned. The 1 kg samples were dispatched to ALS Townsville for fire assay.

St Barbara have sampled core at 1m intervals irrespective of geology using a petrol clipper saw along its long axis on a plane representing approximately half of the core. RC drill spoil was collected at 1m intervals direct from the cyclone in polyweave bags. SBM personnel riffle split to collect 1 kg to 3 kg sub-samples that were crushed and pulverised at the Simberi laboratory.

RC samples were collected at 1m intervals. The sample generated by the rigs was initially passed through a cyclone/cone-splitter system which delivered a nominal 2-3 kg size sample which was collected in a calico bag for each metre.

When drilling wet due to water inflows, samples were collected in a 20-litre bucket, the water decanted and the sample transferred to the calico bag. For each one metre interval, a sieved chip sample was also collected and deposited in a chip tray for later photographing and logging.

The calico bags were then packed in large green polyurethane bags and delivered to the Simberi's onsite laboratory for drying and aqua regia Au analysis.

The pulp residues from this process were sent to the SGS laboratory in Townsville for Au (50 g fire assay) and multi-element ICP analysis.

Drilling Techniques From 1984 to 1990 drilling was carried out by Kennecott, comprising 447 (43,727 m) RC drill holes (3.75 - 4 inch), 73 (15,970 m) diamond drill holes and 11 (153 m) diamond holes drilled for metallurgical purposes. Most diamond holes were drilled PQ to depths of up to 200-250 m and HQ thereafter.

From 1994 to 1998 Nord completed a further 432 (26,241 m) RC holes and 35 (6,415 m) diamond holes. Many of these diamond holes were triple-tubed for metallurgical sampling and test-work.

Criteria	Comments
	Allied drilled 816 RC (62,003 m) holes and 219 (42,098 m) diamond holes after 2003. Alldiamond drill hole core has been photographed.
	Downhole surveys were restricted to only some of the early Kennecott and Nord diamonddrill holes and the bulk of the later Allied diamond drilling. Most of the RC drilling is shallow,averaging less than 100m, and errors due to hole deviation are considered to be minimal.
	SBM (2014-present) completed diamond holes using a track mounted Cortech CSD1300Gdrill rig. RC drilling was completed using a track mounted Gemrok 1000H MP rig.
	In March 2018, SBM commenced a major RC drilling program to test the down dip extensionsof the Sorowar orebodies.Drilling was completed in December 2019.
	Holes were generally drilled on an azimuth of 30 degrees to the mine grid, with a dip of -60degrees and a total depth of 250 m. Other than for the first 11,934m (61 holes), all holes havebeen down hole surveyed for dip, at the end of hole, and mid-hole. No survey for informationfor azimuth was recorded, as the measurements were completed inside the rod string.
	The campaign has used three drills supplied by Quest Exploration Drilling (QED) running amixture of 4.5 inch and 5.25 inch RC hammers, a Schramm 685WS (500 psi/1350 cfmonboard compressor), a DML 45 (350 psi/500 cfm onboard compressor) and a UDR 1200(no onboard compressor). All drills required additional air at high pressure to achieve therequired depths. This was provided by a number of independent compressor and boosterunits, including a Sullair 900 20/12 (500 psi/1150 cfm), an Atlas Copco 487 (350 psi/900 cfm),an Atlas Copco XVRS (450 psi/1000 cfm), Hydro Booster AV92 (350 psi/720 cfm) and aHurricane Booster Copco (350psi/500cfm).
	Drilling proved challenging, with broken ground and high water inflows occurring in certainareas of the Sorowar pit. This has led to the loss of one rod string, and considerable timespent retrieving at least three others during the course of the program.
	The sample generated by the rigs was initially passed through a cyclone/cone-splitter systemwhich delivered a nominal 2-3 kg size sample which was collected in a calico bag for eachmetre.
	When drilling wet due to water inflows, samples were collected in a 20 l bucket, the waterdecanted and the sample transferred to the calico bag. For each one metre interval, a sievedchip sample was also collected and deposited in a chip tray for later photographing andlogging.
	The calico bags were then packed in large green polyurethane bags and delivered to theSimberi's onsite laboratory for drying and aqua regia Au analysis.
	The pulp residues from this process were sent to the SGS laboratory in Townsville for Au (50g fire assay) and multi-element ICP analysis.

Criteria	Comments
Drill Sample Recovery	In 2016 RC sample recovery was calculated from oven-dried weight of the sample and theassumed volume. RC sample recovery is low at surface but increases up to about a downholedepth of 40 m, and then the average recovery slowly decreases. Presumably this relates topoor recovery in the clay rich oxidised material which can also have higher moisture contentand then lower recovery again at greater depths were sample recovery may be more difficultand sometimes wet drilling conditions are encountered. The average sample recovery of 68%is very low. RC drilling recoveries around this level are possible but they are very low. Thereis a possibility that the density used to calculate the recovery is being overestimated, whichwould underestimate the recovery. This could for example be caused if the samples aresometimes not dried sufficiently. The RC drilling is recorded as mostly 5.25 inches but withsome 5.5 inch diameters. If holes were sometimes breaking out wider than expected thiswould only make the recoveries lower.
	Ten percent of RC samples were logged as wet and 24% moist. It appears that moist RCsamples occur at shallower downhole depths and wet samples are more abundant at greaterhole depths. In relative terms, sample recovery is a little lower in moist and wet samples thanin dry samples.
	Core recovery is around 90% at surface increasing to about 95% at a depth of 70 m belowsurface where it remains relatively constant. Some holes have extremely variable recovery(while others have 100% recovery for the complete hole. Holes with completely 100%recovery sometimes have large sections of the drill hole that are broken without a piece ofintact core. Measuring core recovery is difficult in such holes and may not always be reliable.
Logging	Lithology, alteration, structure and assay data exists as well as an extensive set of corephotographs. All holes were logged for a combination of geological and geotechnicalattributes. Twin holes suggest that there is often a lack of consistency between the geologicallogging of various geologists. Some check re-logging will be required if reliable 3D alterationand lithology models are to be built.
Sub-SamplingTechniques and SamplePreparation	During the Kennecott percussive drilling program (up to approximately RC320, February-May1989), the jaw-crushed sample was split to 250 g, disc pulverised to -80 mesh, further splitto a 50 g aliquot and finely pulverised for assay. Lack of correlation between duplicate andoriginal sample assays led Kennecott to revise the sample preparation procedure.Subsequently (up to RC447, 1992) a 250 g split (-80 mesh) was sent to the laboratory. At thelaboratory a 50g aliquot was taken for pulverising and assay. A similar sized aliquot from the200-250 g sub-samples (-80 mesh) from the Kennecott diamond core samples was fireassayed.
	Every Nord 1m RC sample was hammer milled to approximately -30 mesh and a 5 g aliquotfinely pulverised and fire assayed. Nord diamond core sub-samples were dispatched toAstrolabe (Madang, PNG) for final preparation and assay up until September 1996. At thelaboratory the 1 kg sub-samples were dried, pulverised and a 50 g sub-sample was fireassayed for gold using an atomic absorption spectrometer (AAS) finish. After September1996, the samples were dispatched to Australian Laboratory Services (ALS) in Townsville,Queensland, for preparation and assay using the same method.
	The 1 kg (-30 mesh) sub-samples from the Allied RC drilling were dispatched to ALS andfinely pulverised. A 50 g sub-sample was fire assayed and the remainder stored at their

Criteria	Comments
	facility in Garbutt, Queensland. The Simberi processing equipment was flushed with glassbefore each hole was processed. After the new core shed and sample preparation facilitywas constructed (2008) spear sampling was conducted on wet samples to obtain two 800 gsub-samples, one for archive and one for processing. Dried RC samples of up to 600 g weremilled in an LM2 to obtain a 90% pass through 75 microns for dispatch to the laboratory. Thelaboratory procedures on Simberi Island were reviewed by ALS Chemex in October 2004and found to be satisfactory.
	Before mid-2008, Allied drill core samples were processed in a similar way to the RCsamples. 1 kg from the half-core sample was hammer milled to -30 mesh and the 'reject'sample archived for a minimum of 3 months after assays were returned. The processingequipment was flushed with glass before each hole was processed. The 1 kg samples weredispatched to ALS Townsville for pulverising and a 50 g sub-sample was fire assayed.
	For SBM drilling all samples were prepped using the on-site laboratory. Samples were initiallycrushed to <2 mm using a Terminator jaw crusher. Samples greater than 1 kg were riffle splitand this subsample was pulverised using an Essa LM2 pulveriser, with 150-200 g dispatchedto ALS in Townsville for analysis.
	An adequate number of field, course and fine duplicates have generally been taken. No majorissues were detected from this duplicate sampling. If there are any issues with therepresentivity of samples, it would most likely be in the primary sample before any splittingcan occur.
	No studies exist to determine if the sample sizes are appropriate for the grainsize beingsampled. Sample sizes are however similar to other gold deposits.
Quality of Assay Dataand Laboratory Tests	Kennecott evaluated the results of a re-assay program in 1992 dividing the data into oxide,transition and sulphide as well as grade classes. As a result, the following corrections weremade to the Au assay data: oxide -6.1%, transition -10.3% and sulphide -9.2%. Thesecorrections were not used for SBM estimates.
	Duplicate sampling by Nord concluded that the majority of the duplicate pairs agreed well.Nord's internal standard samples were reported as having acceptable agreement.
	Allied's sample preparation and analytical control procedures included the use of blanks tomonitor contamination, duplicates to test splitting and milling efficiency and standards tomonitor analytical accuracy and precision. Gold assays for 288 standards showed precisionwell within two standard deviations. Gold assays for 574 duplicates, representing 4.2% of the(Allied) samples assayed show good agreement with a correlation coefficient of 0.994. Inaddition, Au assays for 570 samples submitted to a second laboratory also showed goodagreement, with a correlation coefficient of 0.996. Between drill holes, sample preparationequipment was cleaned with crushed glass and compressed air. Between samples the sameequipment was cleaned with compressed air and a brush. Due to the poor initial selection ofblank material, the blanks analysis data could not be used to accurately determine the degreeof contamination. Allied conducted Round Robin inter-laboratory checks in 2009 and 2010with satisfactory results.

Criteria	Comments
	For resource drilling SBM have inserted non-certified blank material at a ratio of 1:25; insertedcertified reference material at a ratio of 1:21; field duplicates (RC) 1:47 and the pulverisationand analysis of coarse reject (core) at a ratio of 1:22. No bias or contamination issues weredetected however, some assays of standards suggest that precision can at times be lowerthan ideal. Analysis of blanks suggest the occurrence of some sample mix ups particularlysince April 2018.
	RC grade control drilling is also used for resource estimation; however this drilling ispredominantly targeting oxide resources. There are 1,310 pairs of field duplicates for RCgrade control and while there is no bias precision is not always ideal. There was no pulpduplicate analysis for the RC grade control data. Given the RC grade control data is used forthe externally reported resource this data should have similar QA/QC to the resource drillingdata. There were 1,317 assays from standards submitted with grade control RC drilling.There is no significant bias in the standard analysis however in some instances the precisionis surprisingly poor and this requires attention in the future.
Verification of Samplingand Assay	There are 12 diamond versus RC twin drill holes. Also present are 5,385 RC versus diamondsample pairs that are located within 10 m or less that may or may not have been intentionallydrilled as twin holes. For example, holes that cross close to each other or grade control RCholes next to exploration diamond drill holes.
	Based on a detailed analysis of the above information and the underlying geology it ispossible that gold grades in some of the older RC drilling is biased high. This may be due todifficult drilling conditions (faults, high porosity etc), down hole moisture and insufficient airpressure during RC drilling resulting sample loss and/or contamination. Much higherpressures are now used in RC drilling and operators are more experienced with the groundconditions at Simberi. Reconciliation exists from 2017 onwards and there is no evidence ofa bias in the current RC drilling.
Location of Data Points	All drill collars were surveyed using traditional EDM instruments based on UTM WGS 84. Anaudit by McMullen Nolan and Partners Surveyors Ltd in 2005, using two dual frequency GPSunits, determined that the Simberi survey had very high accuracy. Since 2007, an additionalQC step was introduced to record all collars with a GPS to cross check the surveyedcoordinates.
	Simberi island was surveyed in 2007 before mining commenced. A LiDAR survey was flownin early 2012 post mining. The two surveys have been merged to create a pre-mining surface.There are areas in which the RL of the collar coordinates and pre-mining surface vary by upto 30 meters. The reason for these difference needs to be identified and corrected.
	SBM mine survey team has surveyed the SBM drilling. No down hole surveys werecompleted on the RC holes. There are 246 RC holes of depths greater than or equal to 200mand down hole surveying for deeper RC holes would be worthwhile. Diamond holes weresurveyed down hole every 15 metres using a single shot camera.
Data Spacing andDistribution	For the generation of a 0.25 g/t Au grade shell and the oxide domains all available data isused i.e. diamond, RC, auger and blast hole. For resource estimation diamond, RC and RCgrade control data are used. The RC grade control data is nominally on a 10m x 10m gridhowever, below the pits drill spacing is highly variable and this is taken into account duringresource classification.

Criteria	Comments
	Drilling is composited to 2m for resource estimation.
Orientation of Data inRelation to GeologicalStructure	Gold mineralisation does not appear to be closely associated with any particular lithologyalthough the contacts between lithologies can at times be a favourable host to goldmineralisation. It is recognised that the primary control of gold mineralization are NW–SE andNE–SW steeply dipping structures and the intersection of these also has the potential to hostmineralization. Gold mineralisation is generally associated with sulphides or iron oxidesoccurring within all variety of hydraulic fractures, and broad disseminations in the naturallyporous volcaniclastic rocks. The mix of vertical and inclined drilling goes some way tooptimally intersect these mineralisation styles.
Sample Security	Company personnel or approved contractors only were allowed on drill sites. Drill sampleswere removed from drill sites only to a secure sampling or core logging/processing facility.Logged and cut core was consigned and dispatched as secure cargo to accreditedlaboratories for processing.
Audits or Reviews	In 2004, Golder Associates prepared an Independent Qualified Person's Technical Report ofthe Simberi Oxide Gold Project and in June 2011 Golders produced the Competent Person'sReport for the Simberi Gold Project, which found no compromising factors deleterious to theresource.
	In 2015, QG completed a review of the Simberi grade control which highlighted a potentialbias between RC and diamond drilling. The results of a follow up study are discussed in thesection above on verification of sampling and assaying.

Section 2 Reporting of Exploration Results – Simberi

Criteria	Comments
Mineral Tenement andLand Tenure Status	The reported resource is completely located within ML 136 which is leased until 2 December2028 by the Simberi Gold Company Limited (SGCL), a wholly owned subsidiary of St BarbaraLimited.
Exploration Done byOther Parties	Drilling of the resource by other parties is discussed in the previous section.
Geology	The Simberi Gold Project is located on Simberi Island in the Tabar Islands Group situated inthe New Ireland Province of Papua New Guinea (PNG), approximately 80 km north-west ofLihir Island. Simberi is the oldest and northernmost island of the Tabar Group. It measuresapproximately 10 km east-west, 8 km north-south and rises to over 300 m above sea level.The currently known gold prospects (Sorowar, Pigiput, Pigibo, Botlu, Pigicow, Samat, Bekouand Monun Creek) on Simberi Island are located in the eastern half of the island within thecentral volcanic core. They are contained within a sub-cropping epithermal alteration systemand structural corridor extending 4km north-south and 2km east-west. The host rocks for themineralisation comprise Pliocene altered alkaline lava flows or intrusives (porphyries),volcaniclastics and tuffs.Of the eight separate deposits, Pigiput in the south is by far the largest gold resource. MonunCreek is located immediately to the north-east of Pigiput, with Sorowar, the second largestresource, further north again. Pigibo, Botlu, Samat and Bekou lie to the west and south of

Criteria	Comments
	Pigiput, and while relatively small, are relatively higher grade. All deposits lie within 2 to 3kmof each other. Sorowar, Pigiput and Botlu are currently being mined via open pit methods.
	Fine grained free gold in oxide material is the target of current operations. Within the sulphidezone gold is also fine grained (most grains are under 15 µm in diameter) but is generallywithin pyrite. Modifications are required to the current processing plant to allow flotation ofpyrite and recovery of the gold.
	The grade of the mineralisation is related to the natural porosity and degree of fracturing ofthe host rocks, greatest in the vicinity of steep and moderately dipping feeder structuresinterpreted to have been the pathways for both alteration and mineralising fluids.
Drill Hole Information	No exploration results are presented.
Data AggregationMethods	No exploration results are presented.
Relationship BetweenMineralisation Widthsand Intercept Lengths	No exploration results are presented.
Diagrams	No exploration results are presented.
Balanced Reporting	No exploration results are presented.
Other SubstantiveExploration Data	No exploration results are presented.
Further Work	Future work will focus on converting Inferred oxide and sulphide resources to Indicatedresources

Section 3 Estimation and Reporting of Mineral Resources - Simberi

Criteria	Comments
Database Integrity	Drilling in 2004 and 2005 by Allied Gold was subject to significant external review. GolderAssociates visited the site in April 2004 and reviewed data collection procedures. In early2009, the historic data was transferred into a Maxwell's Datashed model and subjected toQAQC, which traps and reports errors on import. Data is now entered directly into theDatashed SQL database.
Site Visits	The Competent Person (Chris De-Vitry) visited the Simberi mining operation in 2016 and2019.
Geological Interpretation	Gold does have lithological and structural controls, but these controls are complex andcannot be easily used to generate domains for resource estimation. Leapfrog software wasused to generate a 0.25 g/t Au grade shell for resource estimation. A grade shell is neededto avoid smearing grades between mineralized and essentially unmineralized areas. Thisgrade shell is sufficiently below the resource reporting cut-offs to not introduce any significantconditional bias during resource estimation.
	Locally the orientation, degree of anisotropy and extrapolation of the 0.25 g/t Au grade shelltends to be somewhat subjective however, the current grade shell is considered appropriateby the Competent Person. Further improvements could be made by incorporating additionallocal geological controls into the interpretation. To better understand the impact of uncertainty

Criteria	Comments
	it is recommended that multiple 0.25 g/t Au grade shells be generated and used for resourceestimation.
	Oxidation domains (oxide, transitional and sulphide (fresh)) are based on logging from drillholes. Within the well drilled areas proportions of oxide, sulphide and transitional wereestimated by indicator kriging. Outside the well drilled areas the oxidation domains weredefined in Leapfrog by a combination of offset surfaces and intrusion solids.
	Oxidation domaining was used to define material types however this domaining was not usedin the estimation of Au.
Dimensions	The northernmost deposit is Sorowar, its bulk is aligned SE-NW (1,550 m) with minor(structurally controlled) orthogonal splays towards the southwest and northeast. Thesesplays are less than 750 m long and 300 m wide.
	Pigibo is oriented W-E for approximately 740 m with a central bulge about 300 m wide andtapering to about 100 m at the western and eastern extremities. It is located about 1,500 mto the southwest of the central part of Sorowar.
	Pigiput is east of Pigibo and about 1000 m south of Sorowar. It is roughly equidimensional(640 m diameter) in plan.
	Monun Creek is between Pigiput and Sorowar however, there is now enough drilling to definecontinuous mineralisation between Pigiput and Sorowar.
	Botlu is about 800 m south of Pigibo. It strikes SE-NW for approximately 680 m with anaverage width of around 250 m. About 700 m to the SE of Botlu is the discontinuous Pigicowdeposit which strikes SW-NE for nearly 600 m with a variable width (200-450 m).
	Samat is located about 700 m to the southeast of Pigicow and is aligned north-south forapproximately 720 m with an average width of 300 m. Like Pigicow, Bekou is discontinuousand oriented towards the east-northeast with a strike length of around 600 m. Located about650 m to the southwest of Samat, its width varies from 40 m to 170 m.

Estimation and ModellingTechniques	Ordinary Kriging with 2m composites was used to estimate Au with the following parameters:Minimum of 6 composites;
	Maximum of 16 composites;
	No quadrant or octant search;
	Search of 600 m x 600 m x 200 m (blocks informed by large composite to block distancesare not classified as a resource – see section on resource classification);
	Anisotropic distances were used to select the closest composites;
	Parent cell discretisation for kriging of 5 x 5 x 2 in X, Y and Z dimensions;

Criteria	Comments
	All composites within a block are used to estimate that block; and
	All domain boundaries were treated as hard during estimation.
	The parent block model dimensions were 10 mX x 10 mY x 5 mZ, which is equal to thespacing of the better drilled areas.
	Outlier restricted kriging was used with grade above a specified cut-off cut to that value whenthe composite is greater than 15 m from the block being estimated. An outlier cut-off of 30 g/tAu was used within the 0.25 g/t Au grade shell. An outlier cut-off of 0.7 g/t Au was usedoutside the grade shell.
	Orientation disks were placed throughout the Simberi deposit using geology, structure andgold grade continuity to define each disks rotation. These disks were used to guide the localorientation of the 0.25 g/t Au grade shell discussed above. The orientations from these diskswere also used during kriging. Firstly, the orientations were interpolated into every block inthe mineralized domains using nearest neighbour interpolation. During estimation the searchellipse and variogram were rotated according the orientation stored in each block beingestimated.
	The Au estimate was validated using an inverse distance squared check estimate as well ascomparison against the raw and declustered composites. The model was also validated usingswath plots and visual comparison between composited and the kriged grades.
	In the deeper less well drilled parts of the deposit kriging from wide spaced data into relativelysmall blocks will tend to over-smooth the estimate and conditional simulation or non-linearestimation is recommended for these areas.
	The current estimate is yet to be compared against mill production.
Moisture	Tonnages are estimated on a dry basis.
Cut-Off Parameters	The resource is reported at a gold cut-off of 0.4 g/t Au for oxide and 0.6 g/t Au for transitionaland sulphide.
Mining Factors orAssumptions	The mining method for all deposits is open pit, using 5 m flitches and 20 m benches. Theprincipal pieces of digging equipment are four Hitachi 1200 excavators, matched with a mixedfleet of CAT 740 and BELL 50D articulated dump trucks.
	Ore blocks are generated within the site's MineSight software utilising a Dig BlockOptimisation module with a base SMU of 5 m x 5 m x 5 m. The optimal blocks are modifiedby the mine geologists to achieve a practical ore mark out, which is then located on theground via differential GPS.
	Ore markout widths vary from 5 m to 60 m, the average being in the 30 m to 40 m range.When forecasting and budgeting, mining dilution and ore loss are set at 15% and 5%respectively, and this has given a suitable result when compared against actual.
	All material within the marked out block, regardless of oxidation state, is delivered to ROMstockpiles, either at the Sorowar Feeder, for the rope conveyor, or to the Mill. The 365 tph

Criteria	Comments
	rope conveyor from the Sorowar Feeder to the Mill ROM pad is an integral part of the miningprocess flow at Simberi; as is the downhill trucking that HBS conducts using Astra haul trucksto bring an additional 700 kt to 1 Mt per annum to the Mill ROM.
Metallurgical Factors orAssumptions	Gold recovery in oxide/transition ore types is correlated with sulphur using the followingformula IF(S%>=2.5,30,MIN(86,94.2-22.9*S%))
	Sulphide ore is refractive and cannot be treated economically through a standard CIL plant.Testing has indicated the flotation of the sulphides containing the gold can be successfullyundertaken to produce a gold rich sulphide concentrate.
Environmental Factors orAssumptions	Historically, there has been no large-scale mining and the previous alluvial workings havehad no significant impact. There are no pre-existing environmental liabilities. During a 2004environmental baseline study, a network of monitoring stations was established to supportthe ongoing collection of data. A 2005 Feasibility Study addressed the environmental impactsassociated with waste dumps, open pits, pipelines, access/haul roads, process plant, deepsea tailings and stormwater. However, no attempt at identifying the acid rock drainagepotential was made, although the resource model was domained with respect to visibleoxidation intensity. A report by Environmental Geochemistry International suggests that thedistribution of the acid rock drainage (ARD) material types be spatially determined. In thisway the non-acid forming (NAF) and potentially acid forming (PAF) factors can be evaluated– using the sulphur values in the model.
Bulk Density	The dry bulk densities were determined using the water immersion method. Only intactpieces of core can be measured by this approach and in extremely broken ground there ispotential for a bias to be introduced. Core is wrapped in cling wrap before weighing in water.This approach can be unreliable due to either entrapped air bubbles or water leaking into thesample. Further work is required to verify the reliability of the density data and to ensure thatclay rich samples have been adequately dried before density is measured.There is limited density data. Generally, one measurement per core tray or less. Density was
Classification	estimated into the block model using inverse distance squared interpolation.For the 2018 and 2019 estimates an automated approach was utilised to classify the resource
	using drill hole spacing. The following criteria were used:
	Measured - Utilising a quadrant search of 15mX x 15mY x 7.5mZ (total size of the ellipse is30m x 30m x 15m), there must be at least one composite in each quadrant;
	Indicated - Utilising a quadrant search of 30mX x 30mY x 15mZ (total size of the ellipse is60m x 60m x 30m), there must be at least one composite in each quadrant; and
	Inferred - Utilising a quadrant search of 50mX x 50mY x 25mZ (total size of the ellipse is110m x 110m x 50m), there must be at least one composite in three of the quadrants;
	Blocks outside the 0.25 grade shell were unclassified.
	SBM generated wireframes of Measured and Indicated which were loosely based on theabovementioned automated classifications. These wireframed contained some blocks withoptimistic classifications and the following additional restrictions were applied within thesewireframes:
	For Measured the slope of regression was greater or equal to 0.85; and
	For Indicated the slope of regression was greater or equal to 0.6.

Criteria	Comments
	Inferred was as generated automatically utilising a quadrant search of 55mX x 55mY x 25mZ(total size of the ellipse is 110m x 110m x 50m), there must be at least one composite in threeof the quadrants.
	A smoothing algorithm was used on the Measured and Indicated classifications to removemost of the undesirable features generated by a semi-automated classification methodology.For example, remove a single block or several blocks of Indicated surrounded by Measuredor vice versa. This smoothing results in not all blocks meeting the slope of regression criteriadiscussed above which is considered acceptable. It was decided not to run a smoothingalgorithm on the Inferred resources as this will also impact on the continuity of the Indicatedand Measured resource classifications.
	To meet the JORC (2012) criteria for reasonable prospects of eventual economic extraction,only the material above a pit shell has been considered as a resource. This ultimate pit shellwas calculated using a gold price of US$1875 with Measured ,Indicated and Inferredresources used to optimise the pits. Resources were depleted using an end of April 2021surface.
Audits or Reviews	In June 2011, Golders produced the Competent Person's Report for the Simberi Gold Project,which found no compromising factors deleterious to the resource. The Sorowar andPigiput/Pigibo Mineral Resource Estimate were reviewed internally in 2014 by a panel ofexperienced company geologists. The review covered all aspects of the estimate includingsource data, geological model, resource estimate and classification. In addition, the reportingof the company Mineral Resources is guided by the company's Mineral Resource EstimationSystem and is overseen by the SBM Resource and Reserve Committee prior to beingreviewed by the company's Audit Committee.
Discussion of RelativeAccuracy/Confidence	Uncertainty in the interpretation of the 0.25 g/t Au grade shell and the interpretation ofoxidation domains are key areas of uncertainty. Gold grade uncertainty within the estimationdomain is also high with about three quarters of the variability occurring in under 10m (asindicated by variography). Finally, there is still the possibility that some of the older RC drillinghas gold grades that are biased high. This risk is reducing as additional drilling is ongoing.
	No geostatistical study has been carried out to determine confidence limits for the resource.Conditionalsimulationintoconservative,intermediateandoptimisticdomainsisrecommended.

Section 4 Estimation and Reporting of Ore Reserves - Simberi

Criteria	Comments
Mineral ResourceEstimate for ConversionTo Ore Reserves	The Ore Reserve estimate is based on the Mineral Resource estimate carried out by ChrisDe-Vitry of Manna Hill Geoconsulting. Gold grade was estimated using ordinary kriging.
	The Mineral Resources are reported inclusive of the Ore Reserve.

Criteria	Comments
Site Visits	The Competent Person has not visited site due to travel restrictions imposed by COVID-19.The Ore Reserves were compiled with the assistance of the Simberi Head of Operations,Kevin Woodward, FAusIMM 111483 who has intimate knowledge of the Simberi Operation.
Study Status	The current mine and processing plant configuration has been in operation since 2013.
	Oxide and Transitional Ore Reserves are based on a combination of actual historicalperformance and cost data, laboratory test work and metallurgical development.
	The Sulphide Ore Reserve is based on a Feasibility Study undertaken by St Barbara Limitedand completed April 2021. St Barbara approved the feasibility study and are progressing tothe next phase of project development.
Cut-Off Parameters	Breakeven cut-off grades (COG) were calculated at a USD $1500/oz gold price.
	The ex-pit COG estimates are based on a Net Value Script (NVS) calculation thatincorporates commodity price assumptions, recoveries and estimated payables; and costsassociated with current and projected operating conditions.
	The NVS routine identifies material that is both suitable and potentially economic forprocessing in the Mineral Resource Model. This material is then considered for inclusion inthe Ore Reserves process.
	For the cost assumptions please see the "Costs" section.
	For the price assumptions please see the "Revenue factors" section.
Mining Factors orAssumptions	The method for Ore Reserves estimation included: pit optimisation, final pit and phasedesigns, consideration of mine and mill schedules, all identified modifying factors andeconomic valuation.
	Simberi mine is an open pit operation that is mining and processing oxide gold ore. Theoperation uses a fleet of excavators and articulated dump trucks along with a fleet of ancillaryequipment.
	This mining method is appropriate for the style and size of the mineralisation.
	The pit optimisation was run on a mining model based on the 2021 Mineral Resources blockmodel, and the strategy for the final pit selection was based on a revenue factor 1. Final pitdesigns incorporating further practical mining considerations, such as minimum mining width,were carried out using these optimisation shells.
	Mining dilution is based on localised mining dilution modelling The dilution and ore lossmodelling were designed to reflect the current conditions and practices on site while also bereflective of future mining. Indicative dilution and ore loss factors are shown below:
	Dilution:
	•Oxide – 3%
	•Transition – 5%•Sulphide – 2%

Criteria	Comments
	Ore Loss
	•Oxide – 13%
	•Transition – 6%
	•Sulphide – 6%
	Minimum mining width (bench size) is typically in excess of 40m but is ~30m in some isolatedareas.
	No Inferred Mineral Resources material has been included in optimisation and/or OreReserves reporting.
	Replacement costs, expected maintenance costs or costs of additional items required havebeen accounted for in the life of mine evaluation on which the project costings are based.
	Mining rates are planned to increase with all additional costs associated with this increaseincluded in the estimation of the Ore Reserve.
	The overall slopes used for the pit optimisation and design work were sourced from reportscarried out by external geotechnical consultants.
Metallurgical Factors orAssumptions	Ore from the various Simberi deposits are trucked and conveyed to the Simberi oxideprocessing plant. The oxide plant consists of a parallel comminution circuit, a conventionalcarbon-in-leach (CIL) circuit with an AARL elution circuit, and gold recovery facilities. Tailingsare disposed via Deep Sea Tailings Placement (DSTP).
	Metallurgical performance through the oxide plant is variable based on the differentweathering profile of the ore with gold recovery relationships developed for oxide andtransitional ore. Average gold recovery across the Simberi oxide deposits is 84% whilst goldrecovery for the transitional ores are highly variable and averages around 62%.
	The sulphide ore is scheduled to be processed in a new sulphide concentrator to produce agold sulphide concentrate for export. The flotation tailings will be leached through the existingCIL circuit to produce doré. FS level test work to determine total gold recovery to concentrateand doré is expected to vary by deposit and average around 80%.
Environmental	SGCL holds two environmental permits. One for the extraction of water and one for the carryout works and the discharge of waste. Together these two permits form the environmentallegislative basis in which the SGCL can operate. Compliance with these conditions iscontinuously monitored and reported on in Quarterly Environment Performance Reportswhich are submitted to the National Government, Department of Environment andConservation (DEC).
	In addition, SGCL maintains an Environment Permit for Exploration relating to WasteDischarge. This Permit is referred to as Environment Permit WDL-2A(65).
	For the processing of Sulphides ores, SGCL are currently going through environmentalpermitting approval for the extension to existing permit; carry out works and the discharge ofwaste.
Infrastructure	All equipment required for the mining and processing of the oxide and transitional OreReserve is in place and operational, and consist of the following:

Criteria	Comments
	•Dedicated light fuel oil diesel generators
	•Water supply
	•Simberi Oxide Processing plant
	•Surface roads and communications
	•Plant maintenance workshop facilities
	•Process plant buildings, administration offices, training rooms, assay laboratory,site security buildings, ablution and stores.
	•Core shed
	•Mobile communication tower
	•Accommodation and camp facilities
	•Airstrip
	•Wharf

	For the processing of Sulphide ores the FS identified the following additional infrastructure,that will be located on St Barbara held tenements and leases. The infrastructure includes butis not limited to:
	•Additional light fuel oil diesel generators
	•Additional Water supply
	•Sulphide Processing Plant
	•Additional haulage network
	•Expansion of accommodation and camp facilities
	•New wharf to accommodate concentrate shipment to market
Costs	All costs used in the generation of the Ore Reserves have been derived from first principles,actual performance and the Sulphide FS Study.
	Operating costs are estimated as part of the internal budgeting process and approved by theSt Barbara board.
	A gold price of US$1,500/oz has been used in all calculations.
	Exchange rates were provided by the Group Treasury and accepted by the ExecutiveLeadership Team (ELT).
	Costs associated with treatment and transport have been included in the cost modellingcompleted for the project based on actual performance and the Sulphide FS.
	Royalties have been included at the PNG government royalty of 2.0% of gold produced. AMRA levy is also applied to at 0.5% of gold produced.
Revenue Factors	A gold price of US$1,500/oz has been used in all revenue calculations.

Criteria	Comments

Market Assessment	Gold doré bars are transported fortnightly by dedicated service provider from gold room tofinal destination at the ABC Refinery in Sydney. Armoured vehicles are used from start toend of shipment process. Gold is sold on an $A basis with a call option of $USD sales.
	For Sulphide ore, gold bearing concentrate will be the saleable product for market. SGCLhas completed numerous marketing studies and is completing supply contracts for the firstthree (3) years of operation. The contracts will be in place with four (4) traders and one (1)smelter. The concentrate will be sold in the Asian market.
Economic	The costs are based on historic actuals and estimated sulphide plant feasibility studyoperating costs and the 2020 Simberi Budget.
	Revenues are based on historic and feasibility study estimates. Gold prices are based on StBarbara's pricing forecast of USD $1500/oz.
	The Ore Reserves financial model demonstrates the mine has a positive NPV.
	The discount rate is considered to be appropriate for the location, type and style of operation.
Social	There are two community agreements which set the guidelines for community relations atSimberi.
	•The Memorandum of Agreement between SGCL, the national government, NewIreland Provincial Government, Simberi Land Owners Association and the TabarCommunity Government
	•The Compensation Agreement.
Other	SGCL is operating on St Barbara 100% held mining leases with all required government andstatutory permits and approval in place.
	A company risk register is maintained to address and mitigate against all foreseeable risksthat could impact the Ore Reserves.
Classification	The Ore Reserves classification is based on the JORC 2012 Code. The basis for theclassification was the Mineral Resources classification and Net Value cut-off grade.
	The ex-pit material classified as Measured and Indicated Mineral Resources, has a cut-offvalue calculated using a Net Value Script (NVS). It is demonstrated to be economic toprocess and is classified as Proved and Probable Ore Reserves respectively.
	Existing stockpile material is classified as Probable Ore Reserves.
	The Ore Reserves do not include any Inferred Mineral Resources (metal).

Criteria	Comments
	No portion of the Probable ore reserve has been derived from Inferred Mineral Resources.
	The Competent Person believes the Ore Reserve declared are an accurate representationfor the Simberi deposit.
Audits or Reviews	No external audits or reviews have been conducted on the current Ore Reserves.
Discussion of RelativeAccuracy/ Confidence	The most significant factors affecting confidence in the Ore Reserves are:
	•Increase in operating costs for processing.
	•Mining Dilution and Ore Loss.
	•Effective management of both ground and surface water.

Section 1 Sampling Techniques and Data – Atlantic Operations

Criteria	Comments
Sampling Techniques	Sample lengths have varied depending on the drill program, ranging from about 1 cm to 4.85m, averaging about 0.9–1 m. Core has been halved for sampling using mechanical coresplitters and core saws. Some early programs submitted whole core the default samplelength was 1.0 m, and all half-core samples were sawn.
	The main independent laboratories used for sample preparation and analysis include ALSChemex and SGS; these laboratories hold accreditations for selected analytical techniques.Samples have been typically crushed and pulverized to P85 75 μm.
	Initial, pre-Atlantic Gold, assaying at Touquoy used a proprietary sample preparation method,known as KMS-15, which used a Kuryluk Mineral Separator to extract the coarse gold fromthe sample. The resulting material was fire assayed for gold.
Drilling Techniques	Drilling has used primarily NQ (47.6 mm diameter) core. Some drill holes at Touquoy wereHQ (63.5 mm) or PQ (85mm) size. A grade control program at Touquoy in 2006 wascompleted using BQ (37 mm) size. Drilling performed by Masval and Northumberland atCochrane Hill used AQ (30.5 mm) and BQ sizes.
Drill Sample Recovery	Diamond drilling recovery percentages were measured by comparing actual metresrecovered per drill run versus metres measured on the core blocks. Recoveries averagedover >90% with increased core loss present in fault zones and zones of strong alteration.
Logging	Drill core logging procedures are described on a metre-by-metre basis with regards tolithology, texture, sulphide mineralization, alteration, quartz veining, structure, and in somecases magnetic susceptibility. All drill core has been photographed both wet and dry. Corerecovery and rock quality designation (RQD) were measured for each hole at the samemetre-by-metre intervals.
	Information was initially captured using logging sheets; later programs used direct computerentry. Core recoveries are very good overall.
Sub-SamplingTechniques and SamplePreparation	The main independent laboratories used for sample preparation and analysis include ALSChemex and SGS; these laboratories hold accreditations for selected analytical techniques.Samples have been typically crushed and pulverized to P85 75 μm.
	Sample preparation, analysis, and security procedures undertaken are performed inaccordance with exploration best practices and industry standards.

Quality of Assay Dataand Laboratory Tests	Drill programs to 2002 typically relied on quality assurance and quality control (QA/QC)procedures implemented at the analytical laboratory. Later programs incorporated QA/QCsample submissions including blank, duplicate, and standard reference
	materials (SRMs).
	A number of review and resampling programs have been conducted, including:
	• Trial grade control reconciliation from the upper edge of the Touquoy Mine. It was concludedthat the KMS-15 method generated data that were higher in average grade compared toother methods such as traditional 30FA and screened fire assay;
	• Resampling of selected drill core from earlier exploration efforts;
	• Nearest neighbourhood comparison of grade control data collected from 2017 and 2018 toKMS-15 method-generated data and historic resource data;
	• Comparison of grade control model to resource model in areas where estimations areaffected by KMS assays.
Verification of Samplingand Assay	Internal data verification programs have included review of QA/QC data, re-sampling andsample reanalysis programs, and database verification for issues such as overlappingsample intervals, duplicate sample numbers, or lack of information for certain intervals.Validation checks are performed on data used to support estimation, and comprise checkson surveys, collar co-ordinates, lithology data, and assay data.
	A review of the Touquoy database was conducted in 2007 by external consultants, Hellmanand Schofield.
Location of Data Points	Drill collars have been captured using global positioning system (GPS) instruments. Holesare surveyed downhole at approximately 30 m intervals and at the final hole depth. Surveyinstruments have included Pajari, Sperry-sun, FlexIT and Reflex tools.
Data Spacing andDistribution	Data spacing for all deposits is generally on 25m spaced sections. Drilling data is sufficientto establish continuity for all lodes.
Orientation of Data InRelation To GeologicalStructure	Touquoy: Gold mineralization broadly conforms to the orientation of stratigraphy which hasbeen tightly folded into an upright anticline, such that drill holes angled into the northern limbare inclined towards the south and vice-versa for drill holes angled into the southern limb. Inthis way, depending on where drill holes have been collared relative to the changing dips ofbedding in the anticline, the angled holes intersect bedding at between 45° and 90°,exaggerating true widths by up to 1.4 times. Samples taken from vertical holes do notexaggerate actual widths of mineralization at the anticline hinge but can exaggerate widthsby up to 2.9 times where bedding dips are steepest (70°).
	Beaver Dam: Mineralised quartz veins are typically 0.5 – 20cm in width and are commonlybedding parallel but can also be cross-cutting. Mineralized zones typically vary between 5m– 40m downhole, with the true thickness of mineralisation varying between 70% and 100%of the down hole intercept
	Fifteen Mile Stream: Gold mineralisation at Fifteen Mile Stream is to some degree stratiform.Bedding was intersected at angles of between 45° and 90° such that the true thickness ofmineralisation is generally between 70% and 100% of the downhole intercepts.
	Cochrane Hill: Holes drilled from surface were inclined to the south at angles between 80°and 40° from horizontal. Mineralisation is confined to a zone or envelope that dips to the northat approximately 70° such that drill holes intersect the mineralization at angles of between30° and 70° respectively and down-hole mineralized intercepts are exaggerated over truewidths by between 1.1 and two times.
Sample Security	Security procedures prior to Atlantic Gold Corp's involvement in the Project are not known,although check sampling and re-examination of core from a large number of drill holes hasnot shown any sign of sample tampering. Core was typically kept in a secure and locked area

	with limited access. Samples are typically conveyed from the Project site to the laboratoryusing commercial transport firms.
Audits or Reviews	The Competent Person has visited the Touquoy pit to view the geology exposed by themining and to verify the collars of selected recent drill holes.

Section 2: Reporting of Exploration Results – Atlantic Operations

Criteria	Comments
Mineral Tenement andLand Tenure Status	St Barbara has 100% ownership of the tenements over Touquoy (ML11 -1, EL10377)Cochrane Hill deposit (EL51477); Fifteen Mile Stream (EL05889, EL52901 and EL10406)and Beaver Dam Area (EL50421).
Exploration Done byOther Parties	No Mineral Resources drilling has been completed by St Barbara. Work completed by otherparties is covered in the previous section.
Geology	The Meguma Terrane of Nova Scotia hosts the Moose River Member, Tangier Member, andTaylors Head Member of the basal greywacke-dominated Goldenville Formation. Goldmineralization is generally hosted in argillite and/or greywacke sequences of the Moose RiverMember and is associated with regional-scale anticlines. Structural repetition due to foldingand faulting may result in thickening of gold-bearing units.
	Gold occurs as native gold, and has been observed in a number of settings, including alongshear cleavage, hair line fractures; in pressure shadows; as inclusions; on the margins ofsulphide grains; in thin, bedding-parallel quartz veins and stringers. Mineralization isassociated with sulphides, including arsenopyrite, pyrite and pyrrhotite. Lesser chalcopyrite,galena, and sphalerite have been observed.
	Gold grade was estimated using multiple indicator kriging (MIK) for all deposits. The basicunit of estimation is a panel with horizontal dimensions equal to the average drill hole spacing.
Drill Hole Information	No exploration results are presented.
Data AggregationMethods	No exploration results are presented.
Relationship BetweenMineralisation Widthsand Intercept Lengths	No exploration results are presented.
Diagrams	No exploration results are presented.
Balanced Reporting	No exploration results are presented.
Other SubstantiveExploration Data	No exploration results are presented.
Further Work	Further work is not planned at this time.

Section 3: Estimation and Reporting of Mineral Resources – Atlantic Operations

Criteria

Comments

Database Integrity

Internal data verification programs have included review of QA/QC data, re-sampling andsample reanalysis programs, and database verification for issues such as overlappingsample intervals, duplicate sample numbers, or lack of information for certain intervals.Validation checks are performed on data used to support estimation, and comprise checkson surveys, collar co-ordinates, lithology data, and assay data.

A review of the Touquoy database was conducted in 2007 by external consultants,Hellman and Schofield.

Site Visits	The Competent Person previously visited site in 2019
Geological Interpretation	parameters.	Depending on the deposit, samples were composited to either 1 m or 2 m intervals.Statistical properties of the composites were reviewed in terms of histogram and spatialcontinuity to identify areas of consistent mineralization style. For a number of the resourcemodels, a single mineralized domain was used. However, in Cochrane Hill, Fifteen MileStream Egerton Zone, and Touquoy, distinctly different mineralization styles with clearlydifferent histograms of composite grade were identified and modelled with different
Dimensions	Touquoy: strike extent = 810m ; width = 50m; vertical extent = 150m.
	Beaver Dam: strike extent = 810m ; width = 50m; vertical extent = 200m.
	= 225m.	Fifteen Mile Stream: strike extent = 1400m ; width = variable 20m to 100m; vertical extent
	Cochrane Hill: strike extent = 950m ; width = 70m; vertical extent = 285m.
Estimation and ModellingTechniques	is a panel with horizontal dimensions equal to the average drill hole spacing.	Multiple indicator kriging (MIK) was used to estimate the Mineral Resources based on ananticipated approach to mill feed material selection in mining. The basic unit of estimation
	high-grade samples in the Fifteen Mile Stream database were top-cut.	Depending on the deposit, samples were composited to either 1 m or 2 m intervals.Statistical properties of the composites were reviewed in terms of histogram and spatialcontinuity to identify areas of consistent mineralization style. For a number of the resourcemodels, a single mineralized domain was used. However, in Cochrane Hill, Fifteen MileStream Egerton Zone, and Touquoy, distinctly different mineralization styles with clearlydifferent histograms of composite grade were identified and modelled with differentparameters. Typically grade capping was not considered to be warranted; however, some
		Where possible, directional sample variograms and variogram models were generated forthe domains, and the resulting data used to inform estimation search criteria.
		The resource estimates assume mining ore selection in all deposits will take place on 5mflitches with a minimum mining width of around 5 m. For all deposits, following varianceadjustment, the resultant block histograms were assumed to be log-normal in shape. Thevariance included an adjustment for the information effect introduced by grade controlsampling. A grade control drill hole pattern of 10 m by 5 m with a downhole samplinginterval of 2.5 m was assumed for Touquoy, Cochrane Hill and the Fifteen Mile Streamzones of Egerton and Hudson. The assumptions for the remaining deposits of Plenty andBeaver Dam was a 5 m by 5 m pattern, with a down-hole sampling interval of 2.5 m.
Moisture	Tonnages are estimated on a dry basis.
Cut-Off Parameters	considerations:	All deposits are reported at a 0.3g/t Au cut-off. The cut-off grade includes the following
	Gold Price US$1,800/oz;
	Exchange rate of 0.77 US$:C$;
	Process recovery of 92%;
	Operating Cost Inputs: Operation	Cost
	Pit Rim Mining Cost, Touquoy	$3.70/t (pit rim at 115 m)
	Pit Rim Mining Cost, Beaver Dam	$2.90/t (pit rim at 130 m)
	Pit Rim Mining Cost, 15 Mile Stream	$3.35/t (pit rim at 110 m)
	Pit Rim Mining Cost, Cochrane Hill	$3.10/t (pit rim at 120 m)

Section 4 Estimation and Reporting of Ore Reserves – Atlantic Operations

Criteria	Comments

Mineral Resource Estimatefor Conversion To OreReserves	The Ore Reserves estimate is based on the Mineral Resources estimates carried out byNeil Schofield of FSSI Consulting (Australia) Pty Ltd. Gold grade was estimated usingmultiple indicator kriging (MIK).
	The Mineral Resources are reported inclusive of the Ore Reserves.
Site Visits	The Competent Person has visited the site from 7 – 13 January 2018.
Study Status	The Touquoy (TQ) mine is an operating mine.
	Lerchs-Grossman (L-G) analysis and pit designs to enable the conversion of MineralResources to Ore Reserves is supported by an NI43-101 Technical Report completed forAtlantic Gold Corporation with an effective date of 25 March 2019 for the Fifteen MileStream (FMS) and Cochrane Hill (CH) deposits.
	A Feasibility Study was completed in May 2021 for the mining of the Beaver Dam (BD)deposit with processing at the Touquoy mill.
Cut-Off Parameters	Cut-off grade for TQ assumes US$1,500/oz gold at a currency exchange rate of 0.77 C$per US$; 100%payable gold; $2.26/oz offsite costs (refining and transport); 2% royalty;92% metallurgical recovery. The cut off-grade covers processing costs of $12.68/t,general and administrative costs of $4.50/t and rehandle of $1.00/t
	For BD cut-off grade assumes US$1,500/oz gold price at a currency exchange rate of0.77 C$ per US$; 100% payable gold; $2.26/oz offsite costs (refining and transport), a1.6% royalty; 92% metallurgical recovery.The cut-off grade covers processing andtransport costs of $19.80/t and G&A costs of $4.50/t.
	For FMS and CH cut-off grade assumes US$1,300/oz gold at a currency exchange rateof 0.77 C$ per US$; 99.9% payable gold; $5.00/oz offsite costs (refining and transport), a2% royalty; and uses a 92% metallurgical recovery. The cut off-grade covers processingcosts of $8.22/t at FMS, $8.64/t at CH, and general and administrative (G&A) costs of$2.50/t.
	A breakeven incremental cut-off grade of 0.30 g/t Au is used for TQ, FMS and CH, and0.40 g/t Au for BD.
Mining Factors orAssumptions	Lerchs-Grossman (L-G) analysis and pit designs to enable the conversion of Measuredand Indicated Mineral Resources to Proved and Probable Ore Reserves has beencompleted for all deposits. Inferred Mineral Resources are set to waste.
	The mining operations are planned to be typical of similar small-scale open pit operationsin flat terrain.
	The overall slopes used for the pit optimisation and design work were sourced fromreports carried out by independent geotechnical consultants.
	Grade control drilling is carried out in advance of mining and the information obtained fromthis drilling is made available for decision making in advance of mining.
	Mining recovery of 98.4% and external mining dilution of 1.6% at 0.20 g/t Au grade isapplied in addition to the modelled in-block dilution for TQ, FMS and CH. For BD dilutiongrade is 0.28g/t Au

Metallurgical Factors orAssumptions	The process design assumes a conventional flowsheet, including crushing, grinding,gravity recovery, CIL, desorption/electrowinning/refining, cyanide destruction and tailingsmanagement.
	A new, simple, satellite primary crushing facility consisting of a grizzly feeder, jaw crusherand primary coarse ore stockpile feed conveyor will be required at Beaver Dam.
	A process facility with a nominal treatment rate of 2.0 Mt/a has been designed to recoverand concentrate gold from ore mined at the proposed Fifteen Mile Stream open pit. Theplant operates two shifts per day, 365 d/a at an overall plant availability of 92%. Theprocess plant will produce a gold concentrate to be transported and further treated at theTouquoy process plant.
	A process facility with a nominal treatment rate of 2.0 Mt/a has been designed to recoverand concentrate gold from ore mined at the Cochrane Hill open pit. The plant will operatetwo shifts per day, 365 d/a at an overall plant availability of 92%. The process plant willproduce a gold concentrate to be transported and further treated at the Touquoy processplant.
	Metallurgical recoveries are assumed to be 92%
Environmental	Environmental approvals are in place for the Touquoy mine. It is assumed that Federaland Provincial approvals will be granted for Beaver Dam, Fifteen Mile Stream andCochrane Hill ahead of mining.
Infrastructure	The Touquoy property can be accessed via 110 km of sealed road from Halifax to MooseRiver. The administration area is accessed via a 1.3 km gravel access road fromMooseland Road. Major onsite roads at Touquoy include the ore haulage and wastehaulage roads. Access to the Beaver Dam administration area will be via the 7.5 kmBeaver Dam road from Provincial Highway 224 in combination with the upgraded 30 kmcorridor used for ore haulage from Year 6. Ore will be transported from the Beaver Damsite to the Touquoy mine site by semi-trailer trucks using a 9-axle B-train configurationcarrying a 50 t payload. The trucks will travel a total distance of 30 km between the twosites, over four, either upgraded or new sections of road. A well-maintained bituminizedroad (Provincial Highway 374), which connects several large towns in Pictou County(Stellarton, New Glasgow) with the coastal community of Sheet Harbour, will provideaccess to the Fifteen Mile Stream site. The administration office and need to shut downthe public highway during blasting operations, a 2.9 km section of Provincial Highway 7will be relocated approximately 300 m to the west. In addition to the mine access road,three major ex-pit haul roads to haul ore and waste materials will be constructed.
	Built infrastructure supporting the Touquoy Mine operations includes administrationoffices, control room complex, mill maintenance office, process plant building, reagentstorage, laboratory, workshop and warehouse and the main plant motor control centreroom. As ore will be transported to Touquoy for processing, building infrastructure atBeaver Dam will be limited. Building infrastructure will consist of a small workshop andwarehouse facility. The infrastructure requirements for Fifteen Mile Stream and CochraneHill will include administration offices, gatehouse, mining office and change room, processplant, plant office and change room, plant workshop, and reagents and consumablesstorage.
	At Touquoy, the power supply comes from a connection to the Provincial distribution grid.The power demand at Beaver Dam is insufficient to justify providing permanent poweredgenerators. Therefore two (duty/standby) self-contained, skid-mounted 500kW dieselpowered generators will provide the required 600 V electrical power for Beaver Dam

	surface consumers. The Fifteen Mile Stream site will be connected to the power grid by a1 km overhead power line connected to the 69 kV line that runs adjacent to the plannedFifteen Mile Stream mine site. The closest point of power supply for the Cochrane Hill siteis the 25 kV circuit 57C-426 located at the Salmon River Substation. To connect the siteto the substation it is necessary to upgrade a 4 km section of overhead singlephase line,and to build an additional 9 km of overhead three phase line to supply the site with 25 kVpower.
	Concentrates from Fifteen Mile Stream and Cochrane Hill will be transported to theTouquoy process plant along a combination of existing public and private roads. Thetrucks will complete approximately 6–8 return trips per day at the design production rate.
Costs	The capital cost estimate for the project includes four separate
	cost estimates, one each for Touquoy, Beaver Dam, Fifteen-Mile Stream and CochraneHill:
	The Touquoy cost estimate represents the 2019 capital budget for the operation;
	The Beaver Dam capital cost estimate is based on the May 2021 Feasibility Study with anaccuracy of -10% to +15%
	The estimates for Fifteen Mile Stream and Cochrane Hill estimates are based on thedeveloped 2018 Pre-Feasibility Study, updated for scope and escalation to first quarter2019, and have an accuracy range of -15%, +25% of final cost.
	Operating costs were calculated based on labour, process and maintenanceconsumables, transport, and G&A costs. Operating costs incurred and revenue fromproduction realized during the period prior to achieving commercial production were
	capitalized within the Owner's costs
Revenue Factors	A gold price of US$1500/oz has been used in revenue calculations for TQ and BD andUS$1300/oz for FMS and CH.
Market Assessment	A contract was entered into for the transportation, security, insurance, and refining of dorégold bars from Touquoy, and doré is currently shipped to a customer for refining. It isexpected that doré produced from Beaver Dam, Fifteen Mile Stream and Cochrane Hillwould be subject to similar contracts to that in place for Touquoy.
Economic	The mine is an operating asset and is not subject to project-type analysis.
	Life-of-Mine plans are developed or updated on an annual basis. These plans reflectcurrent and projected performances for the Ore Reserve.
Social	There are no First Nations (Mi'kmaq) communities within the Touquoy, Beaver Dam,Fifteen Mile Stream and Cochrane Hill site boundaries.
	No significant archaeological sites were identified during surveys.
Other	There are major contracts currently in place to support the Touquoy Mine operations, inaddition to the refining contract. These contracts cover items such as bulk reagents,operational and technical services, process equipment maintenance support,
	earthworks projects, transportation and logistics, and administrative services.
	Atlantic may enter into additional operational contracts including, but not limited to,equipment maintenance and ore haulage between Touquoy and Beaver Dam, FifteenMile Stream and Cochrane Hill, depending upon operational requirements. These will bereviewed on a continual basis as the project moves forward. Contracts would benegotiated and renewed as needed. Contract terms would be in line with industry norms,and typical of similar contracts in Nova Scotia that Atlantic is familiar with.

Classification	The Ore Reserve includes only Proved and Probable classifications.
	The economically minable component of the Measured Mineral Resource has beenclassified as a Proved Ore Reserve.
	The economically minable component of the Indicated Mineral Resource has beenclassified as a Probable Ore Reserve.
Audits or Reviews	The Atlantic Mining Ore Reserves Estimates were compiled originally in 2019 to CIM 2014Definition Standards by a suitably Qualified Person.The Resource Estimates havesubsequently been reviewed internally by qualified St Barbara personnel and areconsidered fit for purpose.
Discussion of RelativeAccuracy/ Confidence	The Ore Reserves based are global estimates of Mineral Resources. Grade control drillingis completed in advance of mining to improve local estimates of grade.

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ST BARBARA LIMITED — Interim / Quarterly Report 2021

65749_rns_2021-08-25_61c3aeca-ea11-4881-b9f2-05836ddcf2a4.pdf

26 August 2021

Ore Reserves and Mineral Resources Statements as at 30 June 2021

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Overview

Ore Reserves Revisions

Gwalia Deeps

Simberi Operations

Atlantic Operation

Mineral Resources Revisions

Gwalia Deeps

Gwalia Open Pit

Harbour Lights

Simberi Operations

Atlantic Operations

Ore Reserves 30 June 2021

Notes

Notes

JORC Code Compliance Statements

Section 1 Sampling Techniques and Data – Gwalia Deeps

Section 2 Reporting of Exploration Results – Gwalia Deeps

Section 3 Estimation and Reporting of Mineral Resources – Gwalia Deeps

Section 4 Estimation and Reporting of Ore Reserves – Gwalia Deeps

Section 1 Sampling Techniques and Data – Gwalia Open Pit

Section 2 Reporting of Exploration Results – Gwalia Open Pit

Section 3 Estimation and Reporting of Mineral Resources –Gwalia Open Pit

Section 1 Sampling Techniques and Data – Harbour Lights

Section 2 Reporting of Exploration Results – Harbour Lights

Section 3 Estimation and Reporting of Mineral Resources – Harbour Lights

Criteria Comments

Section 2 Reporting of Exploration Results – Tower Hill

Section 3 Estimation and Reporting of Mineral Resources – Tower Hill

Section 4 Estimation and Reporting of Ore Reserves – Tower Hill

Section 1 Sampling Techniques and Data - Simberi

Criteria Comments

Section 2 Reporting of Exploration Results – Simberi

Section 3 Estimation and Reporting of Mineral Resources - Simberi

Section 4 Estimation and Reporting of Ore Reserves - Simberi

Section 1 Sampling Techniques and Data – Atlantic Operations

Section 2: Reporting of Exploration Results – Atlantic Operations

Section 3: Estimation and Reporting of Mineral Resources – Atlantic Operations

Section 4 Estimation and Reporting of Ore Reserves – Atlantic Operations

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ST BARBARA LIMITED Interim / Quarterly Report 2021