St Barbara : 30 June 2020 Ore Reserves and Mineral Resources Statements

ASX Release/ 24 August 2020

Ore Reserves and Mineral Resources Statements as at 30 June 2020

• As at 30 June 2020, Group Ore Reserves increased year on year from 4.1 Moz of contained gold to 6.0 Moz, and Group Mineral Resources increased from 9.6 Moz of contained gold to 11.6 Moz.
• The increase in Resources and Reserves is due to the Atlantic Gold acquisition concluded in July 2019 and Simberi sulphide drilling completed in December 2019.

Company Summary
•Total Ore Reserves are estimated at:	93.6 Mt @ 2.0 g/t Au for 6.0 Moz of contained gold,
		comprising:
•	Leonora Operations	12.0 Mt @ 5.7 g/t Au for 2.2 Moz of contained gold
•	Simberi Operations	31.1 Mt @ 2.1 g/t Au for 2.1 Moz of contained gold
•	Atlantic Gold Operations	50.5 Mt @ 1.1 g/t Au for 1.7 Moz of contained gold

• Total Mineral Resources1are estimated at: 182.8 Mt @ 2.0 g/t Au for 11.6 Moz of contained gold, comprising:

•	Leonora Operations	27.7 Mt @ 5.6 g/t Au for 5.0 Moz of contained gold
•	Simberi Operations	91.3 Mt @ 1.4 g/t Au for 4.3 Moz of contained gold
•	Atlantic Gold Operations	63.9 Mt @ 1.1 g/t Au for 2.2 Moz of contained gold

The 30 June 2020 Ore Reserves and Mineral Resources Statements are attached.

1 Mineral Resources are reported inclusive of Ore Reserves

Investor Relations	Mr David Cotterell	Manager Investor Relations	[phone]	ASX: SBM
Media Relations	Mr Ben Wilson	GRACosway	[phone]	ADR: STBMY
Authorised by	Mr Rowan Cole	Company Secretary
St Barbara Limited	Level 10, 432 St Kilda Road, Melbourne VIC 3004	T[phone] F[phone]
ACN 009 165 066	Locked Bag 9, Collins Street East, Melbourne VIC 8003	Wwww.stbarbara.com.au

Overview

St Barbara's Mineral Resources and Ore Reserves position as at 30 June 2020 is summarised and compared with the 2019 statement below.

Project	2019 Ore Reserves			2020 Ore Reserves
Tonnes	Grade		Ounces		Tonnes	Grade		Ounces
	('000)	(g/t Au)		('000)		('000)	(g/t Au)		('000)
Gwalia (WA)	10,135	6.4		2,073		9,407	6.3		1,892
Tower Hill (WA)	2,572	3.7		306		2,572	3.7		306
Total Leonora	12,707	5.8		2,379		11,979	5.7		2,198
Simberi Oxide (PNG)	6,893	1.3		288		7,737	1.2		293
Simberi Sulphide (PNG)	18,135	2.4		1,375		22,638	2.4		1,765
Simberi Stockpile	1,058	0.7		24		678	0.6		12
Total Simberi	26,086	2.0		1,687		31,053	2.1		2,070
Atlantic Gold (NS)	-	-		-		45,070	1.1		1,647
Atlantic Stockpile (NS)	-	-		-		5,450	0.5		89
Total Atlantic Gold	-	-		-		50,520	1.1		1,737
Grand Total	38,793	3.3		4,066		93,552	2.0		6,005
Project	2019 Mineral Resources		2020 Mineral Resources
Tonnes	Grade		Ounces		Tonnes	Grade		Ounces
	('000)	(g/t Au)		('000)		('000)	(g/t Au)		('000)
Gwalia (WA)	23,690	6.3		4,775		22,595	6.0		4,386
Tower Hill (WA)	5,093	3.8		625		5,093	3.8		625
Total Leonora	28,783	5.8		5,400		27,688	5.6		5,011
Simberi Oxide (PNG)	25,862	1.0		862		18,801	1.0		630
Simberi Sulphide (PNG)	64,938	1.6		3,335		72,459	1.6		3,687
Total Simberi	90,800	1.4		4,197		91,260	1.4		4,318
Atlantic Gold (NS)	-	-		-		63,883	1.1		2,227
Total Atlantic Gold	-	-		-		63,883	1.1		2,227
Grand Total	119,583	2.5		9,597		182,832	2.0		11,555

Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.

The Company's Ore Reserves and Mineral Resources have increased since 30 June 2019 above net mining depletion as a consequence of:

• the completion of resource definition drilling at Simberi and subsequent update of Mineral Resources and Ore Reserves (referASX Release 2 March 2020 - 'Ore Reserves and Mineral Resources Statements for Simberi Gold Mine as at 31 December 2019'). Corresponding depletion from production for Simberi is therefore for the six- month period from 1 January to 30 June 2020.
• the acquisition of Nova Scotian based Atlantic Gold Corporation in July 2019. The Atlantic Gold Ore Reserves and Mineral Resources at the time of acquisition was updated as at 31 December 2018 as reported in a March 2019NI43-101 Technical Report. Corresponding depletion from production for Atlantic Gold is therefore for an eighteen month period from 1 January 2019 to 30 June 2020.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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• the reassessment of Atlantic Gold Mineral Resources at a higher gold price, up from US$1,400/oz at 31 December 2018 to US$1,800/oz at 30 June 2020.

Ore Reserves Revisions

Gwalia (-181,000 ounces)

The previous publicly reported Proved and Probable Ore Reserve Estimate reported at 30 June 2019 was 10,135,000 t @

6.4 g/t Au containing 2,073,000 ounces of gold. This has reduced by 181,000 ounces of gold to 9,407,000 t @ 6.3 g/t Au containing 1,892,000 ounces of gold. The decrease in the Ore Reserve is driven by mining depletion as there was no update to the underlying resource model during the year.

Simberi Oxide and Sulphide (-103,000 ounces)

The previous publicly reported Proved and Probable Ore Reserve Estimate reported at 31 December 2019 was 34,321,000 t

• 2.0 g/t Au containing 2,173,000 ounces of gold. This has reduced since 31 December 2019 by 103,000 ounces of gold to 30,376,000 t @ 2.1 g/t Au containing 2,070,000 ounces of gold. The decrease in the Ore Reserve is driven by mining depletion as there was no update to the underlying resource model since 31 December 2019.

Atlantic Gold (-138,000 ounces)

Atlantic Gold Corporation was acquired by St Barbara in July 2019 and Ore Reserves were initially reported in August 2019 based on a March 2019 NI43-101 Technical Report (with an effective date of 31 December 2018) compiled by Atlantic Gold. The previous publicly reported Proved and Probable Ore Reserve Estimate reported at 13 March 2019 was 51,950,000 t @

1.12 g/t Au containing 1,875,000 ounces of gold. This has reduced since 31 December 2018 by 138,000 ounces of gold to 50,250,000 t @ 1.07 g/t Au containing 1,737,000 ounces of gold. The decrease in the Ore Reserve is driven by mining depletion for the 18 month period 1 January 2019 to 30 June 2020 as there was no update to the underlying resource model since March 2019.

Notes on selected movements from left to right (as noted in text above):

1. Atlantic Gold acquisition in July 2019, increase represents Ore Reserve as at 31 December 2018.
2. Simberi depletion from production is for the six month period from 1 January to 30 June 2020.
3. Atlantic Gold depletion from production is for the 18 month period 1 January 2019 to 30 June 2020.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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Mineral Resources Revisions

Gwalia (-389,000 ounces)

The Gwalia Mineral Resources have been depleted for mining and sterilisation. The previous publicly reported Measured, Indicated and Inferred Mineral Resource Estimate reported at 30 June 2019 was 23,690,000 t @ 6.3 g/t Au containing 4,775,000 ounces of gold. This has decreased by 389,000 ounces of gold to 22,595,000 t @ 6.0 g/t Au containing 4,386,000 ounces of gold. The depletion figure includes 143,000 ounces of gold that should have been depleted in 2018 and 2019 but was overlooked. Depletion processes have been reviewed to prevent a recurrence of this oversight.

Simberi Oxide (-62,000 ounces)

The Simberi Oxide Mineral Resources have been depleted for mining. The previous publicly reported Measured, Indicated and Inferred Oxide Mineral Resource Estimate reported at 31 December 2019 was 20,551,000 t @ 1.0 g/t Au containing 692,000 ounces of gold (refer ASX Release 2 March 2020 - 'Ore Reserves and Mineral Resources Statements for Simberi Gold Mine as at 31 December 2019'). This has decreased since 31 December 2019 by 62,000 ounces of gold to 18,801,000 t @ 1.0 g/t Au containing 630,000 ounces of gold.

Simberi Sulphide (-23,000 ounces)

The Simberi Sulphide Mineral Resources have been depleted for mining. The previous publicly reported Measured, Indicated and Inferred Sulphide Mineral Resource Estimate reported at 31 December 2019 was 72,985,824,000 t @ 1.6 g/t Au containing 3,710,000 ounces (refer ASX Release 2 March 2020 - 'Ore Reserves and Mineral Resources Statements for Simberi Gold Mine as at 31 December 2019'). This has decreased since 31 December 2019 by 23,000 ounces of gold to 72,459,000 t @ 1.6 g/t Au containing 3,687,000 ounces of gold.

Atlantic Gold (-144,000 ounces)

Atlantic Gold Corporation was acquired by St Barbara in July 2019 and Mineral Resources were initially reported in August 2019 based on a March 2019 NI43-101 Technical Report (with an effective date of 31 December 2018) compiled by Atlantic Gold. The previous publicly reported Measured, Indicated and Inferred Mineral Resource Estimate reported at 13 March 2019 was 63,470,000 t @ 1.2 g/t Au containing 2,371,000 ounces of gold. This has reduced by 144,000 ounces of gold to 63,883,000 t @ 1.1 g/t Au containing 2,227,000 ounces of gold. The resource has been depleted for mining for the 18 month period 1 January 2019 to 30 June 2020 at the Touquoy pit (-207,000 ounces) and reported at a higher gold price of US$1,800/oz, up from US$1,400/oz. The higher gold price has contributed an additional 63,000 ounces to resources.

Notes on selected movements from left to right (as noted in text):

1. Atlantic Gold acquisition in July 2019, represents Mineral Resource as at 31 December 2018.
2. Simberi depletion from production is for the six month period from 1 January to 30 June 2020.
3. Atlantic Gold depletion from production is for the 18 month period 1 January 2019 to 30 June 2020.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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Ore Reserves Statement as at 30 June 2020

		Proved			Probable			Total
Project	Tonnes	Gold	Ounces	Tonnes	Gold	Ounces	Tonnes	Gold	Ounces
	('000)	(g/t)	('000)	('000)	(g/t)	('000)	('000)	(g/t)	('000)
Gwalia (WA)	1,583	8.0	409	7,824	5.9	1,483	9,407	6.3	1,892
Tower Hill (WA)	-	-	-	2,572	3.7	306	2,572	3.7	306
Simberi Oxide (PNG)	1,702	1.33	73	6,035	1.13	220	7,737	1.2	293
Simberi Sulphide (PNG)	1,386	2.6	114	21,253	2.42	1,651	22,638	2.4	1,765
Simberi Stockpile (PNG)	678	0.57	12	-	-	-	678	0.57	12
Atlantic Gold (NS)	21,370	1.2	796	23,700	1.1	851	45,070	1.1	1,647
Atlantic Stockpile (NS)	5,450	0.5	89	-	-	-	5,450	0.5	89
Total All Projects	32,168	1.4	1,493	61,384	2.3	4,511	93,552	2.0	6,005

Notes

1. Ore Reserves are based on a gold price of: Gwalia (AU$1,600/oz), Tower Hill (AU$1,250/oz), Simberi and Atlantic Gold (US$1,300/oz).
2. Cut-offGrades Gwalia (4.7 g/t Au), Tower Hill (2.8 g/t Au), Simberi Oxide (0.5 g/t Au), Atlantic Gold (0.3 g/t Au - 0.5 g/t Au).
3. Mineral Resources are reported inclusive of Ore Reserves.
4. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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Mineral Resources Statement as at 30 June 2020

		Measured			Indicated			Inferred			Total
Project	Tonnes	Gold	Ounces	Tonnes	Gold	Ounces	Tonnes	Gold	Ounces	Tonnes	Gold	Ounces
	('000)	(g/t)	('000)	('000)	(g/t)	('000)	('000)	(g/t)	('000)	('000)	(g/t)	('000)
Gwalia, (WA)	3,991	6.4	819	17,403	6.0	3,353	1,201	5.5	214	22,595	6	4,386
Tower Hill, (WA)	-	-	-	4,604	3.9	574	489	3.3	51	5,093	3.8	625
Simberi Oxide, (PNG)	2,197	1.2	90	8,062	1.1	280	8,542	0.9	260	18,801	1.0	630
Simberi Sulphide, (PNG)	3,119	1.5	168	52,642	1.6	2,772	16,699	1.4	747	72,459	1.6	3,687
Atlantic Gold, (NS)	24,281	1.1	868	32,399	1.1	1,102	7,203	1.1	256	63,883	1.1	2,227
Total All Projects	33,587	1.8	1,945	115,110	2.2	8,081	34,134	1.4	1,529	182,832	2.0	11,555

Notes

1. Mineral Resources are reported inclusive of Ore Reserves.
2. Cut-offGrades Gwalia (2.5 g/t Au), Tower Hill (2.5 g/t Au), Simberi Oxide (0.4 g/t Au), Simberi Transitional and Sulphide (0.6 g/t Au), Atlantic Gold (0.3 g/t Au)
3. Simberi and Atlantic Gold Mineral Resources are reported constrained by a US$1,800/oz pit shell.
4. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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JORC Code Compliance Statements

The information in this report that relates to Mineral Resources at Gwalia is based on information compiled by Mr. Robert Love who is a Fellow of the Australasian Institute of Mining and Metallurgy. Robert Love 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". Robert Love 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 Tower Hill is based on information compiled by Ms. Jane Bateman who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. 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 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 Moose River Consolidated 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.

The information in this report that relates to Ore Reserves at Gwalia is based on information compiled by Mr. Glen Carthew who is a Member of the Australasian Institute of Mining and Metallurgy. Glen Carthew 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". Glen Carthew 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. Glen Carthew who is a Member of the Australasian Institute of Mining and Metallurgy. Glen Carthew 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". Glen Carthew 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 is based on information compiled by Mr. Ross Halatchev who is a Member of the Australasian Institute of Mining and Metallurgy. Ross Halatchev 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". Ross Halatchev 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 Moose River Consolidated 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 a full-time employee 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.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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JORC Table 1 Checklist of Assessment and Reporting Criteria

Section 1 Sampling Techniques and Data - Gwalia Mine

CRITERIA	COMMENTS
SAMPLING TECHNIQUES	Sampling boundaries are geologically defined and mostly one metre in length unless a significant
	geological feature warrants a change from this standard unit. The upper or right-hand side of the
	core is routinely submitted for sample analysis, with each one metre 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 (50.6mm) sized core (standard tubes). SBM
	surface drill holes have been down hole surveyed by north seeking gyro and 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 drillers blocks to ensure that any core loss
	is accounted for. Sample recovery was rarely less than 100%. Minor occurrences of core loss can in
	most instances be attributed to drilling conditions and not ground conditions.
LOGGING	All SBM holes are logged primarily for lithology, alteration and vein type/intensity which are key to
	modelling gold grade distributions. Validation of geological data is controlled via the use of library
	codes and reliability and consistency of data is monitored through regular peer review.
SUB-SAMPLING TECHNIQUES	SBM half core is cut using a core saw before being sent to an accredited lab (SGS laboratory in
AND SAMPLE PREPARATION	Kalgoorlie) where the entire sample is crushed to achieve particle size <4mm followed by complete
	pulverisation (90% passing 75 µm).
QUALITY OF ASSAY DATA	SBM samples were analysed for gold using fire assay with a 50g charge and analysis by flame Atomic
AND LABORATORY TESTS	Absorption Spectrometry (AAS). QC included insertion of 3 commercial standards (1 per 20 samples),
	use of barren flush material between designated high grade samples during the pulverising stage, re-
	numbered sample pulp residues re-submitted to original laboratory, and sample pulp residues
	submitted to accredited umpire laboratory, submission of residual (duplicate) half core from ore
	intervals. The analysis of gold was sound and re-analysis of pulps showed acceptable repeatability
	with no significant bias.
VERIFICATION OF SAMPLING	Sampling data is recorded electronically in spreadsheets which ensure only valid non-overlapping
AND ASSAY	data can be recorded. Assay and down hole survey data are subsequently merged electronically. All
	drill data is stored in a SQL database on secure company server.
LOCATION OF DATA POINTS	Collars for surface holes are recorded by DGPS. Upon completion of underground drill holes an
	authorised surveyor will pick up the collar by placing a survey rod into the hole to measure azimuth
	and dip. This process may also occur while the hole is in progress by surveying the drill rods in the
	hole.
DATA SPACING AND	Data spacing for grade control drilling is approximately 10m x 15m from 1000mbs to 1480mbs,
DISTRIBUTION	resource definition is approximately 20m x 30m from 1480mbs - 1800mbs and surface drilling is
	approximately 60m x 80m from 1800mbs to 2200mbs. Drilling data is sufficient to establish down
	plunge continuity for all lodes.
ORIENTATION OF DATA IN	Sampling is perpendicular to lode orientations, and based on past production and underground
RELATION TO GEOLOGICAL	mapping.
STRUCTURE
SAMPLE SECURITY	Only SBM personnel or approved contractors are allowed on drill sites; drill samples are only
	removed from drill site by approved contractors to SBM's secure core logging/processing facility; cut
	core is consigned to accredited laboratories for sample preparation and analysis.
AUDITS OR REVIEWS	Regular reviews of core logging and sampling have been completed through SBM monitoring 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 Mine
CRITERIA	COMMENTS
MINERAL TENEMENT AND	The reported resource is completely located within M37/25, M37/333, M37/849 which are 100%
LAND TENURE STATUS	owned by St Barbara Limited. The tenements are in good standing at the time of reporting.
EXPLORATION DONE BY	Drilling of the resource by other parties is discussed in the previous section.
OTHER PARTIES

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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GEOLOGY	Gold mineralisation occurs as a number of en echelon, moderately east dipping foliation parallel
	lodes within strongly potassic altered mafic rocks and extends over a strike length of approximately
	500 m and to a vertical depth of at least 2,300 m. Four primary lodes (Main Lode, South West Branch,
	South Gwalia Series and West Lode) have been identified and the geometries summarised below.

DRILL HOLE INFORMATION		No exploration results are presented.
DATA AGGREGATION	No exploration results are presented.
METHODS
RELATIONSHIP BETWEEN		No exploration results are presented.
MINERALISATION WIDTHS
AND INTERCEPT LENGTHS
DIAGRAMS		No exploration results are presented.
BALANCED REPORTING		No exploration results are presented.
OTHER SUBSTANTIVE		No exploration results are presented.
EXPLORATION DATA
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 Main Lode and Main
		Lode 2 above and below the dyke where drilling from underground platforms have delineated a
		potential high grade shoot that remains open to the north.
Section 3 Estimation and Reporting of Mineral Resources -Gwalia Mine
CRITERIA		COMMENTS
DATABASE INTEGRITY		Information is captured through spread sheets and validated prior to loading into the SBM corporate
		database which ensures only valid non-overlapping data can be recorded. Assay and down hole
		survey data are subsequently merged electronically. All drill data is stored in an SQL database on
		secure company server. Validation of data included visual checks of hole traces, analytical and
		geological data and ad hoc validation of 20 holes to original core photos and hard copy geological
		logs.
SITE VISITS		The Competent Person directly supervised geological modelling and mineral resource estimation,
		and is the site Manager Geology.
GEOLOGICAL		Mineralisation domains are defined by abundance of quartz and quartz/carbonate veining, the
INTERPRETATION		presence of distinctive laminated veining (quartz/sericite/sulphides +/- au), strong potassic
		alteration, abundance of sulphides (commonly >3% pyrite) and elevated gold grade (>0.5g/t).
DIMENSIONS		The mineralised zone strikes 15 degrees east of true north over a distance of 500m and plunges 45
		degrees to the southeast. The mineralised zone consists of several stepped 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 individual lodes dip east at 35 to 45 degrees and are
		conformable with the foliation of the Mine Sequence mafic schists. Individual lode widths vary from

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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CRITERIA	COMMENTS
	2m to 30m true width. Mineralisation has been tested to approximately 2,300m below surface and
	remains open.
ESTIMATION AND	All domains were estimated using ordinary kriging except for South West Branch below the dyke
MODELLING TECHNIQUES	(~1240mbs) where indicator kriging was used for grade estimation. Three parent block sizes have
	been estimated; 4mE x 8mN x 4mRL for areas covered by underground grade control drilling, 8mE x
	16mN x 4mRL for the area covered by resource development drilling and 16mE x 32mN x 4mRL for
	areas covered by surface drilling below approximately 1,800 metres vertical depth. Estimation was
	completed using Datamine Studio RM. Search parameters reflect a high grade plunge orientation
	north east for WL, east north-east to east for SGS and south-east for SWB and ML consistent with
	geological observation of high grade mineralisation geometry:
	•Main Lode - Rotation Azimuth = 350 degrees, Dip = 35 degrees, Pitch = 130 degrees. Max
	search distances = 355m. Major/Semi-Major anisotropy = 4.2; Major/Minor = 14.2 Min
	samples = 8, max samples = 20
	•South West Branch - Rotation Azimuth = 350 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 = 340 degrees, Dip = 40 degrees, Pitch = 95
	degrees. Max search distances = 145m. Major/Semi-Major anisotropy = 1.5; Major/Minor
	= 4.1. Min samples = 8, max samples =20
	•South Gwalia Series 2 - Rotation Azimuth = 340 degrees, Dip = 40 degrees, Pitch = 80
	degrees. Max search distances = 170m. Major/Semi-Major anisotropy = 1.4; Major/Minor
	= 6.8. Min samples = 8, max samples =20
	•West Lode - Rotation Azimuth = 347 degrees, Dip = 40 degrees, Pitch = 60 degrees. 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,
	SWB=180/220g/t SGS1=90g/t, SGS2=90g/t, WL=90g/t).
	The model was validated by plotting composite and block model average grades against RL.
	Mineral Resources are reported inclusive of Ore Reserves.
MOISTURE	Not applicable. Tonnages are estimated on a dry basis.
CUT-OFF PARAMETERS	The model is reported at a 2.5g/t Au cut-off on 20mRL x 20mN panels for each lode to account for
	non-selective mining across strike.
MINING FACTORS OR	The mining method is underground, open stoping with paste fill. Minimum stoping panels are 20mRL
ASSUMPTIONS	x 15mN with the resource reported on similar size panels to reflect this relationship.
METALLURGICAL FACTORS	Metallurgical recovery has been proven to be consistently >95%.
OR ASSUMPTIONS
ENVIRONMENTAL FACTORS	The project covers an area that has been previously impacted by mining. The tenement area includes
OR ASSUMPTIONS	existing ethnographic heritage sites. SBM have undertaken extensive Aboriginal Heritage Surveys
	within the tenements and management measures are in place.
BULK DENSITY	Bulk density is assigned on a lode by lode basis and is routinely monitored via grade control drilling
	using the weight in air/weight in water method. Density ranges between 2.71g/cm3and 2.79g/cm3
CLASSIFICATION	The Gwalia resource is classified as a function of drill spacing, geological continuity and mining. Areas
	where grade control drilling has been completed to 20m x 30m and geological 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 continuity are classified as Indicated and elsewhere where drill
	density is sparse classified as Inferred.
AUDITS OR REVIEWS	The Gwalia Mineral Resource Estimate is reviewed internally in August, January and May of each year
	by site geologists and scrutinised by a panel of competent company geologists. The review covers all
	aspects of the estimate including source data, geological model, resource estimate and classification
	In addition, the reporting of the company Mineral Resources is guided by the company's Mineral
	Resource Estimation System and is overseen by the Executive Leadership team.
DISCUSSION OF RELATIVE	The resource estimate is a global estimate. Grade control drilling is completed in advance of
ACCURACY/CONFIDENCE	development to improve local estimates of grade.

Section 4 Estimation and Reporting of Ore Reserves - Gwalia Mine

CRITERIA	COMMENTS
MINERAL RESOURCE	The underground Ore Reserve estimate is based on the Mineral Resource estimate carried out by St
ESTIMATE FOR CONVERSION	Barbara Limited. Gold grade was estimated using ordinary kriging for all lodes with the exception of
TO ORE RESERVES

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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CRITERIA	COMMENTS
	the Southwest Branch at depths exceeding 1,240 metres below surface where 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 gw0119d-m.dm
SITE VISITS	The Competent Person is employed in a site-based role.
STUDY STATUS	A Definitive Feasibility Study was completed for the Gwalia mine in 2008. The mine has been in full
	production since. Any further studies undertaken are to extend the mine or optimise the current
	operating practices.
	The Feasibility Study for the Gwalia Extension Project was completed in 2016 and approved by the
	board. The Gwalia Extension Project provides incremental upgrades to the ventilation infrastructure
	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 Reserve
	estimate.
	o4.7 g/t Stope Evaluation Cut-Off Grade
	Used to define the extent of economic stoping areas on a level.
	o1.9 g/t Stope Only Cut-Off Grade
	Used to define additional stopes that can be mined without extra development and
	without delaying the main mining sequence.
	o0.7 g/t Process Only Cut-Off Grade
	Used to differentiate between development ore and development waste.
MINING FACTORS OR	The Gwalia Ore Reserve has been estimated based on detailed mine development and stope designs.
ASSUMPTIONS	Modifying factors for dilution and mining recovery have been applied post-geological interrogation
	to generate the final diluted and recovered Ore Reserve.
	The Gwalia Mine is in full production with an extensive production history. Mining methods
	referenced 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 to the ore
	body.
	Stope size, development placement and ground support strategies have been designed in line with
	recommendations from experienced geotechnical personnel and external subject matter experts.
	Grade control drilling is completed in advance of production with the majority of stopes to be mined
	in the next two years already grade control drilled.
	The model used to estimate the Ore Reserve is consistent with that which forms the basis of the
	Mineral Resource estimate for the Gwalia deposit. This model is internally known as gw0119d-m.dm.
	For South West Branch (SWB) and South Gwalia Series (SGS), the dilution is estimated for each
	individual stope based on known influences. These include the mining direction, strike length, stope
	width, and depth below surface. The relationships between these factors and stope dilution have
	been modelled through back-analysis of actual reconciled stope performance. The average of the
	estimated dilution for all SWB stopes in the Ore Reserve is 13% and the average estimated dilution
	for SGS stopes is 17%.
	Mining dilution of 20% has been applied to all West Lode stopes. Mining dilution of 30% has been
	applied to Main Lode stopes.
	A 92% mining recovery factor has been applied to triple-lift and double-liftlong-hole open stopes. A
	90% mining recovery factor has been applied to single-liftlong-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 exceeds the
	minimum mining width, where the ore body is narrower stoping outlines are designed to honour the
	minimum width and include planned dilution.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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CRITERIA		COMMENTS
		All ore in the Ore Reserve estimate is classified as a Proved or Probable Ore Reserve. No Inferred
		Mineral Resources are included in the Ore Reserve. The Inferred Mineral Resources in 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 or have been
		accounted for in the Life-of-Mine evaluation on which the project costings are based. The capital and
		operating costs of extending the ventilation infrastructure to support truck haulage down to the base
		of the Ore Reserve have been included in the economic evaluation which demonstrates the economic
		viability of the Ore Reserve.
METALLURGICAL FACTORS	All Gwalia ore is trucked to the Gwalia processing plant. The processing plant is located at St Barbara's
OR ASSUMPTIONS		Leonora Operations and consists of a three-stage crushing circuit, single-stage milling circuit and
		hybrid carbon-in-leach (CIL) circuit with one designated leach tank and seven adsorption tanks. Gold
		is recovered from activated carbon into concentrated solution via 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 a paddock-type tailings storage facility with multi-spigot
		distribution.
		The technology associated with processing of Gwalia ore is currently in operation and is based on
		industry standard practices.
		Metallurgical recovery is modelled based on the observed relationship between head grade and
		recovery. The average of the modelled metallurgical recovery over the Ore Reserve mine plan is
	96.8%.
		A recent study on capacity requirements of the tailings storage facility (TSF) showed that the total
		capacity that will be created (new lifts and void created by reclaiming) will be adequate for the life-
		of-mine plan. This includes an additional lift on TSF3 and construction of TSF4, which is planned for
		FY20.
ENVIRONMENTAL		The Gwalia mine is currently compliant with all environmental regulatory agreements under the
		Environmental Protection Act 1986 (WA).
		All external reporting against the environmental licenses are recorded and reported in the Annual
		Environmental Report available on the St Barbara Limited website.
INFRASTRUCTURE		An upgrade to the mine's primary ventilation system is required to support truck haulage at current
		production rates down to the base of the Ore Reserve. The capital and operating costs for the
		ventilation upgrade have been estimated to Feasibility Study level and included in the economic
		evaluation which demonstrates the economic viability of the Ore Reserve.
		All other equipment required for the mining and processing of the Ore Reserve is in place and
		operational. It is located on tenements held by St Barbara Limited. The infrastructure includes, but is
		not limited to:

1. Dedicated gas and diesel power station

1. Water supply from three sources to provide redundancyoProcessing plant
   oMine development
   oUnderground power and dewatering infrastructure oWorkshop facilities on surface and underground oVentilation fans and refrigeration plant
   oPaste-fill plant oCamp facilities
   oAccess to public roads and airstrips.

COSTS	All costs used in the estimation of Ore Reserves are based on the Life-of-Mine plan.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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	CRITERIA		COMMENTS
				Operating costs are estimated as part of the internal budgeting process and approved by the St
				Barbara Limited board.
				A gold price of AU$1,600/oz has been used in all calculations.
				Exchange rates are sourced from recommendations by the Group Treasury and accepted by the
				Executive Leadership Team (ELT).
				Costs associated with treatment and transport have been included in the cost modelling completed
				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. A Resource
				Capital Royalty (IRC) is also applied to the Gwalia tenements and is applied at 1.5% of gold produced.
	REVENUE FACTORS		A gold price of AU$1600/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 for refining.
	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 current and
				projected performances for the Ore Reserve.
	SOCIAL			St Barbara Limited's social licence to operate is underpinned by the excellent relationship that the
				Company has built, over many years, with the local community of Leonora. St Barbara Limited also
				recognises, and has a good relationship with, the Aboriginal groups within the Leonora Region.
				Formal Access and/or Heritage Protection Agreements exist with most of the Aboriginal groups in
				the Leonora and the eastern Kalgoorlie Region.
	OTHER		The Gwalia mine is an operating asset in full production. Construction is well advanced on the Gwalia
				Extension Project with no known impediments to completion. All other required government and
				statutory permits and approvals are in place.
				A company risk register is maintained to address and mitigate against all foreseeable risks that 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 classified as a
				Proved Ore Reserve.
				The economically minable component of the Indicated Mineral Resource has been classified as a
				Probable Ore Reserve.
	AUDITS OR REVIEWS		SRK Consulting undertook a review of the Gwalia underground mine Ore Reserve process and
				estimate in July 2016. The review included a review of the Ore Reserve estimation process and the
				basis of the inputs and modifying factors. SRK did not audit the Ore Reserve estimate but considered
				that the technical basis and process undertaken was of a suitable standard and supports reporting
				under the JORC Code (2012).
	DISCUSSION OF RELATIVE			The Ore Reserve estimate has been prepared in accordance with the guidelines of the JORC Code
	ACCURACY/ CONFIDENCE			(2012). The relative confidence of the estimates contained fall with the criteria of Proved and
				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. The Ore Reserve
				process was externally audited in 2012 and found to be of good industry standard. The Ore Reserve
				has been peer reviewed internally and the Competent Person is confident that it is an accurate
				estimation of the current Gwalia reserve.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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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 1m samples
		through the mineralised zone. Most samples were dry, but where wet samples were encountered
		they were allowed to dry before being split by company personnel. Half core was sampled on largely
		1m intervals based on geological boundaries. Core was cut along a plane 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 (standard double
		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 by electronic multi-shot in open
		holes. Less than 10% of SBM holes were surveyed down hole using a Reflex Single Shot camera. RC
		holes used mainly 5½" reverse circulation face sampling hammers.
	DRILL SAMPLE RECOVERY	Recovery of core from SBM drill holes was rarely less than 100%. Ore zone intersections are NQ and
		HQ (for geotechnical holes) sized diamond core using standard double tubes. Recovery information
		for historic holes is unavailable, although this data largely impacts the mined 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 geological and
		geotechnical attributes. Pre-2007 holes were commonly logged for major lithology, alteration, vein
		minerals, and vein and sulphide percentage. Historic logging data was reviewed and deemed
		acceptable.
	SUB-SAMPLING TECHNIQUES	SBM RC samples were recovered through a cone splitter to obtain mostly 1m samples from which 3
	AND SAMPLE PREPARATION	kg was pulverised to produce a 40g charge for fire assay. Half core was sampled on largely 1m
		intervals based on geological boundaries. Core was cut along a plane passing through the basal
		orientation mark using a diamond saw and was submitted for total pulverisation (85% passing 75
		µm).
	QUALITY OF ASSAY DATA	Only limited information is available for holes drilled prior to 2007. SBM samples were analysed for
	AND LABORATORY TESTS	gold using fire assay with a 40g charge and analysis by flame atomic absorption spectrometry. QC
		included insertion of 4 commercial standards per submission batch (4 commercial standards every
		50 samples for diamond core), insertion of field duplicates every 40m and 2 blank control samples
		for every 100 samples. Sample pulp residues were submitted to an alternate laboratory. Results
		indicate that pulveriser bowls were adequately cleaned between samples, that analysis of gold was
		sound and re-analysis of pulps showed acceptable repeatability with no bias.
	VERIFICATION OF SAMPLING	SBM sampling data is recorded electronically which ensures only valid non-overlapping data can be
	AND ASSAY	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 comparison of SBM (2007-2008) 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 drilling was located
		using mine surveyors and standard survey equipment.
	DATA SPACING AND	Average data spacing of between 40m N-S by 30m E-W (up to 80m by 60m) is available for the bulk
	DISTRIBUTION	of the Tower Hill Resource. Drilling data is sufficient to establish continuity of the mineralised lodes.
	ORIENTATION OF DATA IN	Sampling is perpendicular to lode orientation which is well understood from past production.
	RELATION TO GEOLOGICAL
	STRUCTURE
	SAMPLE SECURITY	Company personnel or approved contractors only allowed on drill sites. Drill samples are only
		removed from drill site to secure sampling or core logging/processing facility; core logged and cut
		and consigned to accredited laboratories for processing.
	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 AND	The reported resource is completely located within M37/0055 which is 100% owned by St Barbara
	LAND TENURE STATUS	Limited. The tenement is in good standing at the time of reporting.
	EXPLORATION DONE BY	Drilling of the resource by other parties is discussed in the previous section.
	OTHER PARTIES
	GEOLOGY	Gold mineralisation at Tower Hill is hosted within a moderately (35 - 50°) east-dipping quartz vein
		package adjacent to the contact of granite and strongly foliated ultramafic rocks. Quartz-gold vein
		lodes strike north to north-northwest with strike lengths of up to 600 m and widths from less than a
		metre to a vein package with a horizontal width of up to 50 m.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

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DRILL HOLE INFORMATION	No exploration results are presented.
DATA AGGREGATION	No exploration results are presented.
METHODS
RELATIONSHIP BETWEEN	No exploration results are presented.
MINERALISATION WIDTHS
AND INTERCEPT LENGTHS
DIAGRAMS	No exploration results are presented.
BALANCED REPORTING	No exploration results are presented.
OTHER SUBSTANTIVE	No exploration results are presented.
EXPLORATION DATA
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 spread sheets
	and validated prior to loading into the SBM corporate database which ensures only valid non-
	overlapping data can 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. Validation of data
	included visual check of drill hole traces and basic checks for overlapping sample and geological
	logging intervals.
SITE VISITS	The Competent Person for the drill hole data is an employee of SBM and directly supervised drilling
	on site during 2007-2008.
GEOLOGICAL	The mineralised domain was defined by quartz veining, the granite contact and structural controls as
INTERPRETATION	well as gold grade.
DIMENSIONS	Quartz-gold vein lodes strike north to north-northwest and dip moderately (30-50o) east with strike
	lengths of up to 600 m and widths from less than 1m to a vein package with a horizontal width of up
	to 50m. Mineralisation has been defined over a 1.1km strike length and has been tested to a
	maximum depth of approximately 525m below surface.
ESTIMATION AND	Gold grade was estimated by ordinary kriging 1m composites constrained by lode boundaries for a
MODELLING TECHNIQUES	parent block size of x = 10m * y = 20m * z = 4m. Search parameters reflect the moderate NE plunge
	control of mineralisation:
	Rotation: Azimuth = 345 degrees, Dip = 35 degrees, Pitch = 50 degrees. Max. search distance = 200m.
	Major/Semi-Major anisotropy = 1.2; Major/Minor = 3. Min. samples = 12, Max. samples = 32
	A top-cut of 60ppm was applied to the composite data prior to estimation. Model was validated by
	plotting composite and block model average grades against northing and were reasonable.
	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-off grade
	based on a A$1400/ounce gold price.
MINING FACTORS OR	The anticipated mining method is open stoping and cut and fill mining.
ASSUMPTIONS
METALLURGICAL FACTORS	Metallurgical test work completed between 2007 and 2009 shows 95% metallurgical recovery for
OR ASSUMPTIONS	fresh rock.
ENVIRONMENTAL FACTORS	The project covers an area that has been previously impacted by mining. The tenement area includes
OR ASSUMPTIONS	existing ethnographic heritage sites. SBM have undertaken extensive Aboriginal Heritage 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 core samples in air
	and water for 25 samples.
CLASSIFICATION	The variogram model shows that 90% of total sill is reached at approximately 100m down plunge and
	within 45m perpendicular (D2) to this. Based on this, the average data spacing of between 40m by
	30m (up to 80m by 60m) for the bulk of the Tower Hill Resource below the pit is considered adequate
	to classify the majority of the resource as Indicated. The down dip 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 SRK Consulting
	in 2011 and no material issues were found. In addition, the reporting of Mineral Resources is guided
	by the Company's Mineral Resource Estimation System and overseen by the SBM Resources and
	Reserves Committee.
DISCUSSION OF RELATIVE	The resource estimate is a global resource estimate. Closer spaced drilling should be completed well
ACCURACY/CONFIDENCE	ahead of mining to improve local estimates of grade.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

Page 15 of 35

Section 4 Estimation and Reporting of Ore Reserves - Tower Hill

CRITERIA		COMMENTS
MINERAL RESOURCE		The underground Ore Reserve estimate is based on the Mineral Resource estimate carried out by St
ESTIMATE FOR CONVERSION		Barbara. Gold grade was estimated using ordinary kriging.
TO ORE RESERVES		The Mineral Resources are reported inclusive of the Ore Reserve.
SITE VISITS		The Competent Person is employed in a site-based role.
STUDY STATUS		A Pre-Feasibility Study has been completed for the Tower hill project that has identified a technically
		achievable and economically viable mine plan. This PFS has since been reviewed and updated with
		modifying factors calibrated for company experience with a similar operating mine within the same
		mining district.
CUT-OFF PARAMETERS		A reserve cut-off grade of 2.8 g/t has been used in line with the now-divested King of the Hills mine
		which used similar mining methods with the same production profile. Two cut-off grades have been
		calculated and applied based on historical costs from the King of the Hills mine and forecasted costs
		and modifying factors for the Tower Hill life-of-mine plan.
		oFully Costedcut-off grade includes all operating costs associated with the extraction and
		processing of ore material.
		oIncrementalcut-off grade applies to all material that does not require additional
		development.
MINING FACTORS OR		The Tower Hill Ore Reserve has been estimated by generating detailed mining shapes for all
ASSUMPTIONS		development and stoping shapes. Modifying factors for dilution and mining recovery have been
		completed post-geological interrogation to generate the final diluted and recovered ore reserve.
		A pre-feasibility level of study has been completed for the Tower Hill mine. St Barbara successfully
		operated the King of the Hills mine using the mining methods planned for Tower Hill. The planned
		mining methods align with external geotechnical recommendations for the regional geology.
		Stope size, development placement and ground support strategies have been designed in line with
		recommendations from external evaluations. Grade control drilling will be completed in advance of
		production with Grade control drilling plans generated as part of the final Definitive Mining Study.
		The model used to estimate the Ore Reserve is consistent with that produced for the Mineral
		Resource declared for the Tower Hill deposit. This model is internally known as twh_feb2011.mdl.
		Mining dilution has been applied at 5% at a grade of 1.3g/t for the Long Hole stoping areas and 6%
		at a grade of 0g/t for the cut and fill stoping areas. This is consistent with the 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 to allow for
		any ore loss that may occur during stoping extraction. This is consistent with the recovery 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. While the ore
		body width generally exceeds the minimum mining width, where the ore body is narrower, stoping
		outlines are designed to honour the minimum width and include planned dilution. The cut and fill
		areas are mined to a minimum height of 5m, though split firing of the production face is used to
		prevent dilution of the ore zone.
		The vast majority of the life-of-mine plan is classified as a Probable Ore Reserve. Inferred Mineral
		Resources are included in the life-of-mine plan to allow for well-informed strategic planning. They
		are not included in the Ore Reserve estimate.
		The infrastructure requirements of the stoping methods used have been accounted for in the
		life-of-mine evaluation on which the project costings are based.
METALLURGICAL FACTORS		All Tower hill ore will be trucked to the Gwalia processing plant. The processing plant is located at St
OR ASSUMPTIONS		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 7 adsorption tanks. Gold is recovered from
		activated carbon into concentrated solution via a split AARL type elution circuit. Electrowinning and

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

Page 16 of 35

	CRITERIA	COMMENTS
		smelting are conducted in an adjacent secure gold room. The tailings from the process are thickened
		and pumped to a paddock type tailings storage facility with multi-spigot distribution.
		The technology associated with processing of Tower Hill ore is currently in operation and is based on
		industry standard practices.
		Target Recovery Performance is 95%.
	ENVIRONMENTAL	St Barbara currently holds a license for Tower Hill and is compliant with all environmental regulatory
		agreements under the Environmental Protection Act 1986 (WA).
		All external reporting against the environmental licenses are recorded and reported in the Annual
		Environmental Report available on the St Barbara website.
	INFRASTRUCTURE	All equipment required for the mining and processing of the reserve is either already available or
		anticipated to be available as required by the Life of Mine plan. Existing infrastructure is located on
		St Barbara held tenements and leases. Surrounding tenements have been secured for the purpose
		of new infrastructure installation. The infrastructure currently available 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
	COSTS	All costs used in the generation of the Ore Reserve estimate have been based on the life-of-mine
		plan.
		Operating costs are based on actual costs from the King of the Hills mine, and approved by the St
		Barbara board.
		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 by the
		Executive Leadership Team (ELT).
		Costs associated with treatment and transport have been included in the cost modelling completed
		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. A Resource
		Capital Royalty (IRC) is also applied to the Gwalia tenements and is applied at 1.5% 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 Mint for
		refining.
	ECONOMIC	The project has been defined to a pre-feasibility study level of confidence. Operating assumptions
		are supported by company experience with similar operating mines within the same 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 relationship that the
		Company has built, over many years, with the local community of Leonora. St Barbara Limited also
		recognises, and has a good relationship with, the Aboriginal groups within the Leonora Region.
		Formal Access and/or Heritage Protection Agreements exist with most of the Aboriginal groups in
		the Leonora and the eastern Kalgoorlie Region.

St Barbara Limited Ore Reserves and Mineral Resources Statement 30 June 2020

Page 17 of 35

CRITERIA	COMMENTS
OTHER	A company risk register is maintained to address and mitigate against all foreseeable risks that 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 classified as a
	Probable Ore Reserve.
AUDITS OR REVIEWS	While a direct audit of the Tower Hill reserve has not been conducted, the St Barbara reserve
	estimation process was independently reviewed in December 2012 by Scott Dunham of Quantitative
	Group (QG).
	"The review did not identify any material flaws in either the ore reserve estimate itself or the process
	used to generate the estimate. In QG's opinion the estimate is suitable for reporting under 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 term planning
	processes and this increases confidence in the deliverability of the ore reserve. The ore reserve
	represents a snapshot of the expected metal production over the life of each operation based on
	currently available data and mine planning assumptions" (Dunham, S. 2012).
DISCUSSION OF RELATIVE	The Ore Reserve estimate is prepared within the guidelines of the JORC code (2012). The relative
ACCURACY/ CONFIDENCE	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. The Ore
	Reserve process was externally audited in 2012 and found to be of good industry standard. The Ore
	Reserve has been peer reviewed internally and the Competent Person is confident 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 been used
	to sample the Simberi deposits.
	Drilling by Kennecott occurred between 1984 and 1989. Subsequent drilling by Nord was carried out
	between 1995 and 1998. Allied drilled from 2004 to 2012. From September 2012 St Barbara Limited
	have owned and operated the Simberi project.
	During the early part of the Kennecott percussive drilling program (up to approximately RC320,
	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-sample dispatched for assay.
	The Kennecott 1m diamond drill core samples were cut in half using a diamond saw, dried, jaw
	crushed, and hammer milled to -30 mesh. A 200-250 g sub-sample was pulverised to -80mesh before
	submitting to the laboratory.
	Nord sampled percussive and diamond holes every 1 m. RC samples were collected in polyweave
	bags direct from a cyclone. Approximately 100 g of every RC sample were washed, dried and retained
	for reference. RC samples were hammer milled at a Nord sample preparation facility, located on
	Simberi Island, to approximately -30 mesh. The sample preparation facility was supervised by
	contract personnel from Astrolabe Pty Ltd, an analytical laboratory in Madang. A 1 kg subsample
	was riffle split for dispatch for assay and the remainder stored. Nord diamond core was
	photographed, logged and cut in half using a diamond saw. One half was dried, jaw-crushed, hammer
	milled and reduced to a 1 kg sub-sample using a riffle splitter. The sub-samples were dispatched to
	Astrolabe (Madang, PNG) for final preparation and assay up until September 1996.
	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

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CRITERIA		COMMENTS
		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.
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.
		Allied drilled 816 RC (62,003 m) holes and 219 (42,098 m) diamond holes after 2003. All diamond
		drill hole core has been photographed.
		Downhole surveys were restricted to only some of the early Kennecott and Nord diamond drill 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 CSD1300G drill 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 extensions of 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 -60 degrees
		and a total depth of 250 m. Other than for the first 11,934m (61 holes), all holes have been down
		hole surveyed for dip, at the end of hole, and mid-hole. No survey for information for 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 a mixture of

4.5 inch and 5.25 inch RC hammers, a Schramm 685WS (500 psi/1350 cfm onboard 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 the required depths. This was provided by a number of independent compressor and booster units, 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 a Hurricane Booster Copco (350psi/500cfm).

Drilling has proved challenging, with broken ground and high water inflows occurring in certain areas of the Sorowar pit. This has led to the loss of one rod string, and considerable time spent 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 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 l 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.

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CRITERIACOMMENTS

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.

DRILL SAMPLE RECOVERYIn 2016 RC sample recovery was calculated from oven-dried weight of the sample and the assumedvolume. RC sample recovery is low at surface but increases up to about a downhole depth of 40 m, and then the average recovery slowly decreases. Presumably this relates to poor recovery in the clay rich oxidised material which can also have higher moisture content and then lower recovery again at greater depths were sample recovery may be more difficult and 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. There is a possibility that the density used to calculate the recovery is being overestimated, which would underestimate the recovery. This could for example be caused if the samples are sometimes not dried sufficiently. The RC drilling is recorded as mostly

5.25 inches but with some 5.5 inch diameters. If holes were sometimes breaking out wider than expected this would only make the recoveries lower.

					Ten percent of RC samples were logged as wet and 24% moist. It appears that moist RC samples occur
					at shallower downhole depths and wet samples are more abundant at greater hole depths. In relative
					terms, sample recovery is a little lower in moist and wet samples than in dry samples.
					Core recovery is around 90% at surface increasing to about 95% at a depth of 70 m below surface
					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 of intact core. Measuring core recovery is
					difficult in such holes.
	LOGGING			Lithology, alteration, structure and assay data exists as well as an extensive set of core photographs.
					All holes were logged for a combination of geological and geotechnical attributes. Twin holes suggest
					that there is often a lack of consistency between the geological logging of various geologists. Some
					check re-logging will be required if reliable 3D alteration and lithology models are to be built.
					Data is validated and stored in the company's Datashed database.
	SUB-SAMPLING TECHNIQUES		During the Kennecott percussive drilling program (up to approximately RC320, February-May 1989),
	AND SAMPLE PREPARATION				the jaw-crushed sample was split to 250 g, disc pulverised to -80 mesh, further split to a 50 g aliquot
					and finely pulverised for assay. Lack of correlation between duplicate and original 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 the laboratory a 50g aliquot was taken for pulverising
					and assay. A similar sized aliquot from the 200-250 g sub-samples(-80 mesh) from the Kennecott
					diamond core samples was fire assayed.
					Every Nord 1m RC sample was hammer milled to approximately -30 mesh and a 5 g aliquot finely
					pulverised and fire assayed. Nord diamond core sub-samples were dispatched to Astrolabe (Madang,
					PNG) for final preparation and assay up until September 1996. At the laboratory the 1 kg sub-samples
					were dried, pulverised and a 50 g sub-sample was fire assayed for gold using an atomic absorption
					spectrometer (AAS) finish. After September 1996, 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 and finely
					pulverised. A 50 g sub-sample was fire assayed and the remainder stored at their facility in Garbutt,
					Queensland. The Simberi processing equipment was flushed with glass before each hole was
					processed. After the new core shed and sample preparation facility was constructed (2008) spear
					sampling was conducted on wet samples to obtain two 800 g sub-samples, one for archive and one
					for processing. Dried RC samples of up to 600 g were milled in an LM2 to obtain a 90% pass through
					75 microns for dispatch to the laboratory. The laboratory procedures on Simberi Island were
					reviewed by ALS Chemex in October 2004 and found to be satisfactory.

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	CRITERIA		COMMENTS
				Before mid-2008, Allied drill core samples were processed in a similar way to the RC samples. 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 processing equipment was flushed with glass
				before each hole was processed. The 1 kg samples were dispatched 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 initially
				crushed to <2 mm using a Terminator jaw crusher. Samples greater than 1 kg were riffle split and this
				subsample was pulverised using an Essa LM2 pulveriser, with 150-200 g dispatched to ALS in
				Townsville for analysis.
				An adequate number of field, course and fine duplicates have generally been taken. No major issues
				were detected from this duplicate sampling. If there are any issues with the representivity of
				samples, it would most likely be in the primary sample before any splitting can occur.
				No studies exist to determine if the sample sizes are appropriate for the grainsize being sampled.
				Sample sizes are however similar to other gold deposits.
	QUALITY OF ASSAY DATA		Kennecott evaluated the results of a re-assay program in 1992 dividing the data into oxide, transition
	AND LABORATORY TESTS		and sulphide as well as grade classes. As a result, the following corrections were made to the Au
				assay data: oxide -6.1%, transition -10.3% and sulphide -9.2%. These corrections 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 to monitor
				contamination, duplicates to test splitting and milling efficiency and standards to monitor analytical
				accuracy and precision. Gold assays for 288 standards showed precision well 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. In addition, Au assays for 570 samples
				submitted to a second laboratory also showed good agreement, with a correlation coefficient of
				0.996. Between drill holes, sample preparation equipment was cleaned with crushed glass and
				compressed air. Between samples the same equipment was cleaned with compressed air and a
				brush. Due to the poor initial selection of blank material, the blanks analysis data could not be used
				to accurately determine the degree of contamination. Allied conducted Round Robin inter-laboratory
				checks in 2009 and 2010 with satisfactory results.
				SBM have inserted non-certified blank material at a ratio of 1:25; inserted certified reference
				material at a ratio of 1:21; field duplicates (RC) 1:47 and the pulverisation and analysis of coarse
				reject (core) at a ratio of 1:22. No bias or contamination issues were detected however, some assays
				of standards suggest that precision can at times be lower than ideal. Analysis of blanks suggest the
				occurrence of some sample mix ups particularly since April 2018.
	VERIFICATION OF SAMPLING			The following discussion is based on a data quality study by De-Vitry (2016).
	AND ASSAY			There are 12 diamond versus RC twin drill holes. Also present are 5,385 RC versus diamond sample
				pairs that are located within 10 m or less that may or may not have been intentionally drilled as twin
				holes. For example, holes that cross close to each other or grade control RC holes next to exploration
				diamond drill holes.
				Based on a detailed analysis of the above information and the underlying geology it is possible that
				gold grades in some of the older RC drilling is biased high. This may be due to difficult drilling
				conditions (faults, high porosity etc), down hole moisture and insufficient air pressure during RC
				drilling resulting sample loss and/or contamination. Much higher pressures are now used in RC
				drilling and operators are more experienced with the ground conditions at Simberi. Reconciliation
				exists from 2017 onwards and there is no evidence of a bias in the current RC drilling. Six twin holes
				are still planned to be drilled in areas of difficult ground conditions to verify the current RC drilling.
				Increasingly the older RC drilling is in mined out oxide areas with recent drilling focusing on sulphide
				resources.

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	CRITERIA		COMMENTS
	LOCATION OF DATA POINTS		All drill collars were surveyed using traditional EDM instruments based on UTM WGS 84. An audit by
				McMullen Nolan and Partners Surveyors Ltd in 2005, using two dual frequency GPS units, determined
				that the Simberi survey had very high accuracy. Since 2007, an additional QC step was introduced to
				record all collars with a GPS to cross check the surveyed coordinates.
				Simberi island was surveyed in 2007 before mining commenced. A LiDAR survey was flown in 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 up to 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 were completed on the
				RC holes prior to March 2018. Post March 2018, deep RC holes have been surveyed for dip as
				described above. Diamond holes were surveyed down hole every 15 metres using a single shot
			camera.
	DATA SPACING AND		For the generation of the 0.25 g/t Au grade shell and the oxide domains all available data is used i.e.
	DISTRIBUTION			diamond, RC, auger and blast hole. For resource estimation diamond, RC and RC grade control data
				are used. The RC grade control data is nominally on a 10m x 10m grid however, below the pits drill
				spacing is highly variable and this is taken into account during resource classification.
				Drilling is composited to 2m for resource estimation.
	ORIENTATION OF DATA IN		Gold mineralisation does not appear to be closely associated with any particular lithology although
	RELATION TO GEOLOGICAL		the contacts between lithologies can at times be a favourable host to gold mineralisation. It is
	STRUCTURE		recognised that the primary control of gold mineralization are NW-SE and NE-SW steeply dipping
				structures and the intersection of these also has the potential to host mineralization. Gold
				mineralisation is generally associated with sulphides or iron oxides occurring within all variety of
				hydraulic fractures, and broad disseminations in the naturally porous volcaniclastic rocks. The mix of
				vertical and inclined drilling goes some way to optimally intersect these mineralisation styles.
	SAMPLE SECURITY			Company personnel or approved contractors only were allowed on drill sites. Drill samples were
				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 accredited laboratories for processing.
	AUDITS OR REVIEWS		In 2004, Golder Associates prepared an Independent Qualified Person's Technical Report of the
				Simberi Oxide Gold Project and in June 2011 Golders produced the Competent Person's Report for
				the Simberi Gold Project, which found no compromising factors deleterious to the resource.
				In 2015, QG completed a review of the Simberi grade control which highlighted a potential bias
				between RC and diamond drilling. The results of a follow up study are discussed in the section above
				on verification of sampling and assaying.

Section 2 Reporting of Exploration Results - Simberi

CRITERIA	COMMENTS
MINERAL TENEMENT AND	The reported resource is completely located within ML 136 which is 100% owned by the Simberi Gold
LAND TENURE STATUS	Company Limited (SGCL), a wholly owned subsidiary of St Barbara Limited. ML 136 expired in
	December 2018, but the lease remains in effect while the reapproval process is undertaken.
EXPLORATION DONE BY	Drilling of the resource by other parties is discussed in the previous section.
OTHER PARTIES
GEOLOGY	The Simberi Gold Project is located on Simberi Island in the Tabar Islands Group situated in the New
	Ireland Province of Papua New Guinea (PNG), approximately 80 km north-west of Lihir Island.
	Simberi is the oldest and northernmost island of the Tabar Group. It measures approximately 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, Bekou and Monun Creek) on Simberi
	Island are located in the eastern half of the island within the central volcanic core. They are contained
	within a sub-cropping epithermal alteration system and structural corridor extending 4km north-
	south and 2km east-west. The host rocks for the mineralisation 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. Monun Creek
	is located immediately to the north-east of Pigiput, with Sorowar, the second largest resource,
	further north again. Pigibo, Botlu, Samat and Bekou lie to the west and south of Pigiput, and while

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	CRITERIA		COMMENTS
				relatively small, are relatively higher grade. All deposits lie within 2 to 3km of 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 sulphide zone
				gold is also fine grained (most grains are under 15 µm in diameter) but is generally within pyrite.
				Modifications are required to the current processing plant to allow flotation of pyrite and recovery
				of the gold.
				The grade of the mineralisation is related to the natural porosity and degree of fracturing of the host
				rocks, greatest in the vicinity of steep and moderately dipping feeder structures interpreted to have
				been the pathways for both alteration and mineralising fluids.
	DRILL HOLE INFORMATION		No exploration results are presented.
	DATA AGGREGATION			No exploration results are presented.
	METHODS
	RELATIONSHIP BETWEEN		No exploration results are presented.
	MINERALISATION WIDTHS
	AND INTERCEPT LENGTHS
	DIAGRAMS			No exploration results are presented.
	BALANCED REPORTING		No exploration results are presented.
	OTHER SUBSTANTIVE			No exploration results are presented.
	EXPLORATION DATA
	FURTHER WORK		Future work will focus on converting Inferred oxide and sulphide resources to Indicated resources.
				Work will also be conducted on areas which are currently unclassified due to not meeting the
				classification criteria (see below), in the hope they can be brought into the Inferred category.
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. Golder Associates
				visited the site in April 2004 and reviewed data collection procedures. In early 2009, the historic data
				was transferred into a Maxwell's Datashed model and subjected to QAQC, which traps and reports
				errors on import. Data is now entered directly into the Datashed SQL database.
	SITE VISITS		The Competent Person (Chris De-Vitry) visited the Simberi mining operation in 2016 and 2019.
	GEOLOGICAL			Gold does have lithological and structural controls, but these controls are complex and cannot be
	INTERPRETATION			easily used to generate domains for resource estimation. Leapfrog software was used to generate a
				0.25 g/t Au grade shell for resource estimation. A grade shell is needed to avoid smearing grades
				between mineralized and essentially unmineralized areas. This grade shell is sufficiently below the
				resource reporting cut-offs to not introduce any significant conditional bias during resource
				estimation.
				Locally the orientation, degree of anisotropy and extrapolation of the 0.25 g/t Au grade shell tends
				to be somewhat subjective however, the current grade shell is considered appropriate by the
				Competent Person. Further improvements could be made by incorporating pit mapping (lithology,
				alteration and structure) into the interpretation. To better understand the impact of uncertainty it is
				recommended that multiple 0.25 g/t Au grade shells be generated and used for resource estimation.
				Oxidation domains (oxide, transitional and sulphide (fresh)) are based on logging from drill holes. The
				domains were defined in Leapfrog by a combination of offset surfaces and solids. The offset surfaces
				utilise the logging and depth below topography to create geologically realistic oxidation surfaces. The
				modelling of oxidation solids in Leapfrog was also required because a single oxidation surface could
				not always model the observed spatial complexity. For example, there can be pods of oxide
				completely enclosed by sulphide and vice versa.
				Based on statistical analysis and contact plots the 0.25 g/t Au grade shell was subdivided into two
				zones for the estimation of gold grades; a combined oxide and transitional zone and a sulphide only
				zone.

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CRITERIA	COMMENTS
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. These splays 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 and tapering
	to about 100 m at the western and eastern extremities. It is located about 1,500 m to 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 define
	continuous mineralisation between Pigiput and Sorowar.
	Botlu is about 800 m south of Pigibo. It strikes SE-NW for approximately 680 m with an average
	width of around 250 m. About 700 m to the SE of Botlu is the discontinuous Pigicow deposit 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 for
	approximately 720 m with an average width of 300 m. Like Pigicow, Bekou is discontinuous and
	oriented towards the east-northeast with a strike length of around 600 m. Located about 650 m to
	the southwest of Samat, its width varies from 40 m to 170 m.
ESTIMATION AND	Ordinary Kriging with 2m composites was used to estimate Au with the following parameters:
MODELLING TECHNIQUES	1.	Minimum of 6 composites;
	2.	Maximum of 16 composites;
	3.	No quadrant or octant search;
	4.	Search of 600 m x 600 m x 200 m (blocks informed by large composite to block distances
		are not classified as a resource - see section on resource classification);
	5.	Anisotropic distances were used to select the closest composites;
	6.	Parent cell discretisation for kriging of 5 x 5 x 2 in X, Y and Z dimensions;
	7.	All composites within a block are used to estimate that block; and
	8. All domain boundaries except for the oxide-transitional boundary were treated as hard
		during estimation.
	The parent block model dimensions were 10 mX x 10 mY x 5 mZ, which is equal to the spacing of the
	better drilled areas.
	Outlier restricted kriging was used with grade above a specified cut-off cut to that value when the
	composite is greater than 15 m from the block being estimated. For the mineralized domains the cut-
	off was chosen at the point which the global gold distribution starts to break up. An outlier cut-off of
	35 ppm Au was used for the Oxide-Transitional Mineralized domain and 30 ppm Au for the Sulphide
	Mineralized domain
	Orientation disks were placed throughout the Simberi deposit using geology, structure and gold
	grade continuity to define each disks rotation. The orientations from these disks were then
	interpolated into every block in the mineralized domains using nearest neighbour interpolation.
	During estimation the search ellipse and variogram were rotated according the orientation stored in
	each block being estimated.
	The Au estimate was validated using an inverse distance squared check estimate as well as
	comparison against the declustered composites. The model was also validated using swath 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 relatively small
	blocks will tend to over-smooth the estimate and conditional simulation or non-linear estimation is
	recommended for these areas.
	The current estimate is yet to be compared against mill production.
	Mineral Resources are reported inclusive of Ore Reserves.

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CRITERIA	COMMENTS
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 for oxide and 0.6 g/t for transitional and sulphide.
MINING FACTORS OR	The mining method for all deposits is open pit, using 5 m flitches and 20 m benches. The principle
ASSUMPTIONS	pieces of digging equipment are four Hitachi 1200 excavators, matched with a mixed fleet of CAT 740
	and BELL 50D articulated dump trucks.
	Ore blocks are generated within the site's MineSight software utilising a Dig Block Optimisation
	module with a base SMU of 5 m x 5 m x 5 m. The optimal blocks are modified by the mine geologists
	to achieve a practical ore mark out, which is then located on the ground 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 ROM stockpiles, either at the Sorowar Feeder, for the rope conveyor, or to the Mill. The 365 tph rope conveyor from the Sorowar Feeder to the Mill ROM pad is an integral part of the mining process flow at Simberi; as is the downhill trucking that HBS conducts using Astra haul trucks to bring an additional 700 kt to 1 Mt per annum to the Mill ROM.

METALLURGICAL FACTORS			Gold recovery in oxide was calculated as follows:
OR ASSUMPTIONS
			S (%)		Fixed Tail (ppm)		Max Recovery (%)
			<0.2		0.2		86%
			>0.2 and <0.4	0.3		78%
			> 0.4 and <1	0.5		70%
			>1		0.7		50%
ENVIRONMENTAL FACTORS		Historically, there has been no large-scale mining and the previous alluvial workings have had no
OR ASSUMPTIONS			significant impact. There are no pre-existing environmental liabilities. During a 2004 environmental
			baseline study, a network of monitoring stations was established to support the ongoing collection
			of data. A 2005 Feasibility Study addressed the environmental impacts associated with waste dumps,
			open pits, pipelines, access/haul roads, process plant, deep sea tailings and stormwater. However,
			no attempt at identifying the acid rock drainage potential was made, although the resource model
			was domained with respect to visible oxidation intensity. A report by Environmental Geochemistry
			International suggests that the distribution of the acid rock drainage (ARD) material types be spatially
			determined. In this way 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 intact pieces of
			core can be measured by this approach and in extremely broken ground there is potential 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 the sample. Further work is
			required to verify the reliability of the density data and to ensure that clay 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
			estimated into the block model using inverse distance squared interpolation.
CLASSIFICATION			The resource estimate is initially classified on data spacing using the following ellipsoidal search
			criteria:
	1.	Measured - Utilising a quadrant search of 15 mX x 15 mY x 7.5 mZ (total size of the
				ellipse is 30 m x 30 m x 15 m), there must be at least one composite in each quadrant;
	2.	Indicated - Utilising a quadrant search of 30 mX x 30 mY x 15 mZ (total size of the
				ellipse is 60 m x 60 m x 30 m), there must be at least one composite in each quadrant;
	3.	Inferred - Utilising a quadrant search of 50 mX x 50 mY x 25 mZ (total size of the ellipse
				is 100 m x 100 m x 50 m), there must be at least one composite in three of the
				quadrants.

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CRITERIA	COMMENTS
	All the material unclassified by the above steps remains unclassified. Material outside of the
	mineralized domain is unclassified irrespective of the drill spacing. These unclassified areas represent
	potential drill targets.
	After applying the above criteria there were still significant areas classified as Inferred which in the
	opinion of the Competent Person had higher confidence. Wireframes were generated around areas
	that had enough gold grade continuity and drill spacing to be classified as Indicated and the
	classification was updated accordingly. The final resource classification is considered appropriate
	given the data quality and continuity of the gold mineralization.
	Almost all the material classified as Measured has been RC grade control drilled at an approximately
	10m x 10m spacing. A Measured classification is considered appropriate given that over the 12-
	month periods of 2017 and 2018 the gold ounces between grade control and the mill are within 5%.
	The resource estimate utilises the grade control RC drilling.
	In order to meet the JORC Code (2012) criteria for reasonable prospects of eventual economic
	extraction, only the material above an optimistic pit shell has been considered as a resource. This
	ultimate pit shell was calculated using a gold price of US $1800. Resources were depleted using an
	end of June surface.
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 and Pigiput/Pigibo Mineral
	Resource Estimate were reviewed internally in 2014 by a panel of experienced company geologists.
	The review covered all aspects of the estimate including source data, geological model, resource
	estimate and classification. In addition, the reporting of the company Mineral Resources is guided by
	the company's Mineral Resource Estimation System and is overseen by the Executive Leadership
	team prior to being reviewed by the company's Audit Committee.
DISCUSSION OF RELATIVE	Uncertainty in the interpretation of the 0.25 g/t Au grade shell and the interpretation of oxidation
ACCURACY/CONFIDENCE	domains are key areas of uncertainty. Gold grade uncertainty within the estimation domains is also
	high with about three quarters of the variability occurring in under 10m. Finally, there is still the
	possibility that some of the older RC drilling has 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.
	Conditional simulation into conservative, intermediate and optimistic domains is recommended.

Section 4 Estimation and Reporting of Ore Reserves - Simberi

CRITERIA		COMMENTS
MINERAL RESOURCE		The Ore Reserve estimate is based on the Mineral Resource estimate carried out by Chris De-Vitry of
ESTIMATE FOR CONVERSION		Manna Hill Geoconsulting. Gold grade was estimated using ordinary kriging.
TO ORE RESERVES		The Mineral Resources are reported inclusive of the Ore Reserve.
SITE VISITS		The Competent Person is employed in a site based role
STUDY STATUS		SGCL is currently an operating mine. Pit Optimisation and Design conducted to enable the Mineral
		Resource to be converted to Ore Reserves. Oxide Reserves are supported by operational budget
		planning and evaluations based on operational designs and current practices. The Sulphide
		component has been subject to a pre-feasibility study (PFS) carried out internally by St Barbara
		Limited during 2016. A Feasibility Study for the sulphide component is due to be completed late 2020.
CUT-OFF PARAMETERS		The economic cutâ€off was determined from the nonâ€mining breakeven value. The non-mining
		breakeven value was estimated for each block in the Ore Reserve model and takes the following
		factors into consideration:
		•	Gold Price
		•	Milling Cost
		•	G&A Costs
		•	Metallurgical Recoveries

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		CRITERIA		COMMENTS
					•	Royalties
					•	Transport and refining charges
					Only blocks with positive value are Reported in the Ore Reserve estimate.
					Open pit mining costs are excluded from the cutâ€off grade calculation. The impact of mining costs is
					accounted for in the calculation of the optimal pit shell including differences between ore and waste
					mining due to haul distances.
		MINING FACTORS OR			The Simberi Reserve has been estimated after running pit optimisations using costs, recoveries,
		ASSUMPTIONS			dilution and slope angles that are based on zero base build approach using current operating history
					as a data source.
					The mining methods used to do the LOM schedules are in line with what is currently used on site.
					The overall slopes used for the pit optimisation and design work were sourced from reports carried
					out by external geotechnical consultants. Grade control drilling is carried out in advance of mining
					and the information obtained from this drilling is made available for decision making in advance of
					mining.
					The models used for the Ore Reserve are consistent with that produced for the Mineral Resource
					declared for the Simberi deposits. This model is internally known as simc10.dat.
					Dilution is included in the Ore Reserve estimate through the estimation process. Ore losses and
					external dilution were assumed to be 0% due to the limited operating experience with the updated
					Mineral Resource model.
					An average minimum mining width of 30m was applied for all design work.
					Inferred material is set to zero value in the optimisation. Subsequently, inferred material reported in
					the pit shells is considered in the Life of Mine, but not included in the Reserve. Additional
					optimisations were run, and shells produced, to evaluate the influence of inferred material prior to
					the Mine Design phase to ensure potential future mill feed is not sterilised when generating current
					optimum Pit Designs. Inferred material can only present a potential upside to the ore reserve if and
					when it is reclassified as indicated.
					The infrastructure requirements of the current mining methods used are already in place.
					Replacement costs, expected maintenance costs or costs of additional items required have been
					accounted for in the life of mine evaluation on which the project costings are based.
		METALLURGICAL FACTORS		Material from the various Simberi Deposits is trucked and conveyed to the Simberi processing plant.
		OR ASSUMPTIONS		The Simberi processing plant consists of a Wet Scrubber, Oversize Ball Mill, Semi-Autogenous
					Grinding Mill, Cyclone Circuit, CIL Circuit, elution and acid washing facilities, electrowinning cells, and
					Kiln. Tails from the process are discharged using a Deep Sea Tailings Placement where the tailings is
					diluted with sea water, to the ratio of 8:1, prior to its disposal. Expansion of the Oxide Circuit was
					completed towards the end of 2013 and since then, the operation has been operating at 3.5 Mtpa.
					A PFS has been completed to evaluate the options for Sulphide processing.
					The technology associated with processing of Simberi ore is conventional carbon in leach and based
					on industry standard practices.
					Recovery performance is variable for the different weathering profile of the material.
					The metal recovery for oxides is calculated by a formula that uses gold grade as a predictor. The gold
					recovery has an upper limit of 93%. This gold recovery relationship was developed from plant
					performance data.
					A fixed gold recovery of 75.3% was used for sulphides, based on PFS.
		ENVIRONMENTAL			SGCL holds two environmental permits. One for the extraction of water and one for the discharge of
					waste. Together these two permits form the environmental legislative basis in which the SGCL can
					operate. Compliance with these conditions is continuously monitored and reported on in Quarterly
					Environment Performance Reports which are submitted to the National Government, Department
					of Environment and Conservation (DEC).

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	CRITERIA	COMMENTS
		SGCL has received a new permit for the 3.5Mtpa expansion project to replace the previous discharge
		permit. Both the environmental permits are only relevant to operational mining activities within the
		Mining Lease.
		In addition, SGCL maintains an Environment Permit for Exploration relating to Waste Discharge. This
		Permit is referred to as Environment Permit WDL-2A(65).
	INFRASTRUCTURE	All equipment required for the mining and processing of the reserve is in place and operational, or
		have been selected and costed for installation as part of the sulphide PFS. They are, or will be, located
		on St Barbara held tenements and leases. The infrastructure includes but is not limited to:
		•	Dedicated heavy fuel oil diesel generators
		•	Water supply
		•	Simberi Oxide Processing plant
		•	Future Simberi Sulphide 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
	COSTS	All costs used in the generation of the reserves have been derived from first principles, actual
		performance and the sulphide PFS work.
		Operating costs are estimated as part of the internal budgeting process and approved by the St
		Barbara board.
		A gold price of US$1,250/oz has been used in all calculations.
		Exchange rates are sourced from recommendations by the Group Treasury and accepted by the
		Executive Leadership Team (ELT).
		Costs associated with treatment and transport have been included in the cost modelling completed
		for the project based on actual performance and the sulphides PFS.
		Royalties have been included at the PNG government royalty of 2.0% of gold produced. A MRA levy
		is also applied to at 0.25% of gold produced.
	REVENUE FACTORS	A gold price of US$1,300/oz has been used in all revenue calculations.
	MARKET ASSESSMENT	Gold doré bars are transported fortnightly by dedicated service provider from Gold room to final
		destination Perth Mint. Armoured vehicles are used from start to end of shipment process. Gold is
		sold on an $A basis with a call option of $USD sales.
		Sulphide ore is proposed to be treated in a Sulphide Circuit and sold as a concentrate.
	ECONOMIC	SGCL is an operating asset and is not subject to project type analysis.
	SOCIAL	There are two community agreements which set the guidelines for community relations at Simberi.
		•	The Memorandum of Agreement between SGCL, the national government, New Ireland
			Provincial Government, Simberi Land Owners Association and the Tabar Community
			Government
		•	The compensation Agreement.
	OTHER	SGCL is operating on St Barbara 100% held mining leases with all required government and statutory
		permits and approval in place.
		A company risk register is maintained to address and mitigate against all foreseeable risks that could
		impact the Ore Reserve.

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	CRITERIA		COMMENTS
	CLASSIFICATION			The ore reserve includes only Proved and Probable classifications.
				The economically mineable component of the resource material identified as Measured has been
				included in the Proved category.
				The economically mineable component of the resource material identified as Indicated has been
				included in the Probable category.
				No portion of the Probable ore reserve has been derived from Inferred Mineral Resources.
				The Competent Person believes the ore reserve declared is an accurate representation for the
				Simberi deposit.
	AUDITS OR REVIEWS		No external audits or reviews have been conducted on the current ore reserve.
	DISCUSSION OF RELATIVE			The Ore Reserve estimate is prepared within the Guidelines of the JORC code (2012). The relative
	ACCURACY/ CONFIDENCE			confidence of the estimates contained fall within the criteria of Proved and Probable Reserves.
				Significant operating history supports the magnitude of modifying factors which have been applied.
				The ore reserve has been estimated in line with the St Barbara Ore Reserve process. The ore reserve
				process has been conducted to industry standard.
				The ore reserve has been peer reviewed internally and the Competent Person is confident it is an
				accurate estimation of the current Simberi ore reserve.

Section 1 Sampling Techniques and Data - Atlantic Gold

CRITERIA	COMMENTS
SAMPLING TECHNIQUES	Sample lengths have varied depending on the drill program, ranging from about 1 cm
	to 4.85 m, averaging about 0.9-1 m. Core has been halved for sampling using
	mechanical core splitters and core saws. Some early programs submitted whole core
	The default sample length was 1.0 m, and all half-core samples were sawn.
	The main independent laboratories used for sample preparation and analysis include
	ALS Chemex 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 from the 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
	were HQ (63.5 mm) or PQ (85mm) size. A grade control program at Touquoy in 2006
	was completed using BQ (37 mm) size. Drilling performed by Masval and
	Northumberland at Cochrane hill used AQ (30.5 mm) and BQ sizes.
DRILL SAMPLE RECOVERY	Diamond drilling recovery percentages were measured by comparing actual metres
	recovered per drill run versus metres measured on the core blocks. Recoveries
	averaged over >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 to
	lithology, texture, sulphide mineralization, alteration, quartz veining, structure, and in
	some cases magnetic susceptibility. All drill core has been photographed both wet and
	dry. Core recovery and rock quality designation (RQD) were measured for each hole at
	the same metre-by-metre intervals.
	Information was initially captured using logging sheets; later programs used direct
	computer entry. Core recoveries are very good overall.
SUB-SAMPLING TECHNIQUES	The main independent laboratories used for sample preparation and analysis include
AND SAMPLE PREPARATION	ALS Chemex 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 in
	accordance with exploration best practices and industry standards.
QUALITY OF ASSAY DATA	Drill programs to 2002 typically relied on quality assurance and quality control (QA/QC)
AND LABORATORY TESTS	procedures implemented at the analytical laboratory. Later programs incorporated
	QA/QC sample submissions including blank, duplicate, and standard reference

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	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
	concluded that the KMS-15 method generated data that were higher in average grade
	compared to other 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 to KMS-15method-generated data and historic resource data;
	• Comparison of grade control model to resource model in areas where estimations
	are affected by KMS assays.
VERIFICATION OF SAMPLING	Internal data verification programs have included review of QA/QC data, re-sampling
AND ASSAY	and sample reanalysis programs, and database verification for issues such as
	overlapping sample intervals, duplicate sample numbers, or lack of information for
	certain intervals. Validation checks are performed on data used to support estimation,
	and comprise checks on 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.
LOCATION OF DATA POINTS	Drill collars have been captured using global positioning system (GPS) instruments.
	Holes are surveyed downhole at approximately 30 m intervals and at the final hole
	depth. Survey instruments have included Pajari, Sperry-sun, FlexIT and Reflex tools.
DATA SPACING AND	Data spacing for all deposits is generally on 25m spaced sections. Drilling data is
DISTRIBUTION	sufficient to establish continuity for all lodes.
ORIENTATION OF DATA IN	Touquoy:Gold mineralization broadly conforms to the orientation of stratigraphy
RELATION TO GEOLOGICAL	which has been tightly folded into an upright anticline, such that drill holes angled into
STRUCTURE	the northern limb are inclined towards the south and vice-versa for drill holes angled
	into the southern limb. In this way, depending on where drill holes have been collared
	relative to the changing dips of bedding 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 not exaggerate actual widths of mineralization at the
	anticline hinge but can exaggerate widths by up to 2.9 times where bedding dips are
	steepest (70°).
	Beaver Dam:The orientation of mineralisation in both the Mill Shaft Zone and the
	Northeast Zone is uncertain at this stage and therefore the relationship between
	sample lengths and the true thickness of mineralisation is not known.
	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 of mineralisation 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 north at approximately 70° such that drill holes intersect the mineralization at
	angles of between 30° and 70° respectively and down-hole mineralized intercepts are
	exaggerated over true widths 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 has not 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 laboratory using commercial transport firms.
AUDITS OR REVIEWS	The CP has visited the Touquoy pit to view the geology exposed by the mining and to
	verify the collars of selected recent drill holes.

Section 2: Reporting of Exploration Results - Atlantic Gold

CRITERIA	COMMENTS
MINERAL TENEMENT AND	St Barbara has 100% ownership of the tenements over Touquoy (ML11 -1, EL10377)
LAND TENURE STATUS	Cochrane Hill deposit (EL51477); Fifteen Mile Stream (EL05889, EL52901 and EL10406)
	and Beaver Dam Area (EL50421).
EXPLORATION DONE BY	No Mineral Resources drilling has been completed by St Barbara. Work completed by
OTHER PARTIES	other parties is covered in the previous section.
GEOLOGY	The Meguma Terrane of Nova Scotia hosts the Moose River Member, Tangier Member,
	and Taylors Head Member of the basal greywacke-dominated Goldenville Formation.
	Gold mineralization is generally hosted in argillite and/or greywacke sequences of the

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		Moose River Member and is associated with regional-scale anticlines. Structural
		repetition due to folding and faulting may result in thickening of gold-bearing units.
		Gold occurs as native gold, and has been observed in a number of settings, including
		along shear cleavage, hair line fractures; in pressure shadows; as inclusions; on the
		margins of sulphide grains; in thin, bedding-parallel quartz veins and stringers.
		Mineralization is associated 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
		basic unit of estimation is a panel with horizontal dimensions equal to the average drill
		hole spacing.
DRILL HOLE INFORMATION		No exploration results are presented.
DATA AGGREGATION		No exploration results are presented.
METHODS
RELATIONSHIP BETWEEN		No exploration results are presented.
MINERALISATION WIDTHS
AND INTERCEPT LENGTHS
DIAGRAMS		No exploration results are presented.
BALANCED REPORTING		No exploration results are presented.
OTHER SUBSTANTIVE		No exploration results are presented.
EXPLORATION DATA
FURTHER WORK		Further work is not planned at this time.
Section 3: Estimation and Reporting of Mineral Resources - Atlantic Gold
CRITERIA		COMMENTS
DATABASE INTEGRITY		Internal data verification programs have included review of QA/QC data, re-sampling
			and sample reanalysis programs, and database verification for issues such as
			overlapping sample intervals, duplicate sample numbers, or lack of information for
			certain intervals. Validation checks are performed on data used to support estimation,
			and comprise checks on 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 has previously visited site. No site visits were undertaken during
			the last year as the resources have only been depleted for mining.
GEOLOGICAL INTERPRETATION		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 spatial
			continuity to identify areas of consistent mineralization style. For a number of the
			resource models, a single mineralized domain was used. However, in Cochrane Hill,
			Fifteen Mile Stream Egerton Zone, and Touquoy, distinctly different mineralization
			styles with clearly different histograms of composite grade were identified and
			modelled with different parameters.
DIMENSIONS		Touquoy:strike extent = 810m; width = 50m; vertical extent = 150m.
			Beaver Dam:strike extent = 810m; width = 50m; vertical extent = 200m.
			Fifteen Mile Stream:strike extent = 1400m; width = variable 20m to 100m; vertical
			extent = 225m.
			Cochrane Hill:strike extent = 950m; width = 70m; vertical extent = 285m.
ESTIMATION AND MODELLING		Multiple indicator kriging (MIK) was used to estimate the Mineral Resources based on
TECHNIQUES		an anticipated approach to mill feed material selection in mining. The basic unit of
			estimation is a panel with horizontal dimensions equal to the average drill hole spacing.
			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 spatial
			continuity to identify areas of consistent mineralization style. For a number of the
			resource models, a single mineralized domain was used. However, in Cochrane Hill,
			Fifteen Mile Stream Egerton Zone, and Touquoy, distinctly different mineralization
			styles with clearly different histograms of composite grade were identified and
			modelled with different parameters. Typically grade capping was not considered to be
			warranted; however, some high-grade samples in the Fifteen Mile Stream database
			were top-cut.
			Where possible, directional sample variograms and variogram models were generated
			for the 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
			5m flitches with a minimum mining width of around 5 m. For all deposits, following

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	variance adjustment, the resultant block histograms were assumed to be log-normal in
	shape. The variance included an adjustment for the information effect introduced by
	grade control sampling. A grade control drill hole pattern of 10 m by 5 m with a
	downhole sampling interval of 2.5 m was assumed for Touquoy, Cochrane Hill and the
	Fifteen Mile Stream zones of Egerton and Hudson. The assumptions for the remaining
	deposits of Plenty and Beaver 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	All deposits are reported at a 0.3g/t cut-off. The cut-off grade includes the following
	considerations:
	Gold Price US$1,800/oz;
	Exchange rate of 0.77 US$:C$;
	Process recovery of 92%;
	Variable overall pit slope angles.
			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			$3.35/T (PIT RIM AT 110 M)
			STREAM
			PIT RIM MINING COST, COCHRANE			$3.10/T (PIT RIM AT 120 M)
			HILL
			INCREMENTAL HAULAGE COST			$0.02 PER EVERY 5-METRE BENCH BELOW
					PIT RIM
			PROCESSING COST, TOUQUOY			$11.00/T
			PROCESSING COST, BEAVER DAM			$18.00/T
			PROCESSING COST, 15 MILE STREAM			$8.22/T
			PROCESSING COST, COCHRANE HILL			$8.64/T
			GENERAL/ADMINISTRATION COST			$2.50/T
MINING FACTORS OR	The mining method is conventional open pit.
ASSUMPTIONS
METALLURGICAL FACTORS OR	Metallurgical recovery is 92%.
ASSUMPTIONS
ENVIRONMENTAL FACTORS OR	Environmental approvals are in place for the Touquoy mine. It is assumed that Federal
ASSUMPTIONS	and Provincial approvals will be granted for Beaver Dam, Fifteen Mile Stream and
	Cochrane Hill ahead of mining.
BULK DENSITY	Bulk density (specific gravity) determinations have been performed using the water
	displacement method. Mineral Resource estimates typically use the one value for ore
	and waste as follows:
	Touquoy: 2.79 t/m3;
	Beaver Dam: 2.73 t/m3;
	Fifteen Mile Stream: 2.78 t/m3;
	Cochrane Hill: 2.77 t/m3.
CLASSIFICATION	The resource estimate for each panel was initially classified as Category 1, 2 or 3 based
	on the results of octant data searches in the panel neighbourhood. The number of
	composites required to inform an estimate varied by deposit and by category. Typically,
	Category 1 panel estimates were assigned to Measured Mineral Resources, Category 2
	to Indicated Mineral Resources and Category 3 to Inferred Mineral Resources. An
	additional constraint on the Touquoy estimate was applied to take into account the
	uncertainty associated with the KMS-15 data that were used in the resource estimation.
	Panel estimates that are significantly affected by KMS-15 data in their neighbourhood
	and were initially assigned a category 1 flag were downgraded to a category 2 flag. This
	condition was activated if the weighted proportion of KMS-15 samples in the
		neighbourhood exceeded 0.20. Approximately 5 Mt of mineralization affected by the
	KMS-15 sampling was downgraded from Measured to Indicated.
AUDITS OR REVIEWS	The Atlantic Gold Mineral Resources Estimates were compiled originally in 2019 to CIM
	2014 Definition Standards by a suitably Qualified Person. The Resource Estimates have

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	subsequently been reviewed internally by qualified St Barbara personnel and are
	considered fit for purpose.
DISCUSSION OF RELATIVE	The resource estimates are global estimates. Grade control drilling is completed in
ACCURACY/CONFIDENCE	advance of mining to improve local estimates of grade.
Section 4 Estimation and Reporting of Ore Reserves - Atlantic Gold
CRITERIA	COMMENTS
MINERAL RESOURCE ESTIMATE	The Ore Reserves estimate is based on the Mineral Resources estimates carried out by
FOR CONVERSION TO ORE	Neil Schofield of FSSI Consulting (Australia) Pty Ltd. Gold grade was estimated using
RESERVES	multiple 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 mine is an operating mine. Lerchs-Grossman(L-G) analysis and pit designs
	to enable the conversion of Mineral Resources to Ore Reserves is supported by an NI43-
	101 Technical Report completed for Atlantic Gold Corporation with an effective date of
	25 March 2019.
CUT-OFF PARAMETERS	Cut-off grade assumes US$1,300/oz gold at a currency exchange rate of 0.77 C$ per
	US$; 99.9% payable gold; $5.00/oz offsite costs (refining and transport), a 2% royalty;
	and uses a 92% metallurgical recovery. The cut off-grade covers processing costs of
	$11.00/t at Touquoy, $8.22/t at Fifteen Mile Stream, $8.64/t at Cochrane Hill, and
	$18.00/t at Beaver Dam 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 Touquoy, Fifteen Mile
	Stream and Cochrane Hill, and 0.50 g/t Au for Beaver Dam.
MINING FACTORS OR	Lerchs-Grossman(L-G) analysis and pit designs to enable the conversion of Measured
ASSUMPTIONS	and Indicated Mineral Resources to Proved and Probable Ore Reserves has been
	completed for all deposits. Inferred Mineral Resources are set to waste.
	The mining operations are planned to be typical of similar small-scale open pit
	operations in flat terrain.
	The overall slopes used for the pit optimisation and design work were sourced from
	reports carried out by independent geotechnical consultants.
	Grade control drilling is carried out in advance of mining and the information obtained
	from this 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 is
	applied in addition to the modelled in-block dilution.
METALLURGICAL FACTORS OR	The process design assumes a conventional flowsheet, including crushing, grinding,
ASSUMPTIONS	gravity recovery, CIL, desorption/electrowinning/refining, cyanide destruction and
	tailings management.
	A new, simple, satellite primary crushing facility consisting of a grizzly feeder, jaw
	crusher and 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
	recover and concentrate gold from ore mined at the proposed Fifteen Mile Stream
	open pit. The plant operates two shifts per day, 365 d/a at an overall plant availability
	of 92%. The process plant will produce a gold concentrate to be transported and further
	treated at the Touquoy process plant.
	A process facility with a nominal treatment rate of 2.0 Mt/a has been designed to
	recover and concentrate gold from ore mined at the Cochrane Hill open pit. The plant
	will operate two shifts per day, 365 d/a at an overall plant availability of 92%. The
	process plant will produce a gold concentrate to be transported and further treated at
	the Touquoy process plant.
	Metallurgical recoveries are assumed to be 92%.
ENVIRONMENTAL	Environmental approvals are in place for the Touquoy mine. It is assumed that Federal
	and Provincial approvals will be granted for Beaver Dam, Fifteen Mile Stream and
	Cochrane Hill ahead of mining.

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INFRASTRUCTURE	The Touquoy property can be accessed via 110 km of sealed road from Halifax to Moose
	River. The administration area is accessed via a 1.3 km gravel access road from
	Mooseland Road. Major onsite roads at Touquoy include the ore haulage and waste
	haulage roads. Access to the Beaver Dam administration area will be via the 7.5 km
	Beaver Dam road from Provincial Highway 224 in combination with the upgraded 30 km
	corridor used for ore haulage from Year 6. Ore will be transported from the Beaver Dam
	site to the Touquoy mine site by semi-trailer trucks using a 9-axleB-train configuration
	carrying a 50 t payload. The trucks will travel a total distance of 30 km between the two
	sites, over four, either upgraded or new sections of road. A well-maintained
	bituminized road (Provincial Highway 374), which connects several large towns in Pictou
	County (Stellarton, New Glasgow) with the coastal community of Sheet Harbour, will
	provide access to the Fifteen Mile Stream site. The administration office and need to
	shut down the public highway during blasting operations, a 2.9 km section of Provincial
	Highway 7 will 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 administration
	offices, control room complex, mill maintenance office, process plant building, reagent
	storage, laboratory, workshop and warehouse and the main plant motor control centre
	room. As ore will be transported to Touquoy for processing, building infrastructure at
	Beaver Dam will be limited. Building infrastructure will consist of a small workshop and
	warehouse facility. The infrastructure requirements for Fifteen Mile Stream and
	Cochrane Hill will include administration offices, gatehouse, mining office and change
	room, process plant, plant office and change room, plant workshop, and reagents and
	consumables storage.
	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
	powered 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
	a 1 km overhead power line connected to the 69 kV line that runs adjacent to the
	planned Fifteen Mile Stream mine site. The closest point of power supply for the
	Cochrane Hill site is the 25 kV circuit 57C-426 located at the Salmon River Substation. To
	connect the site to 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 kV power.
	Concentrates from Fifteen Mile Stream and Cochrane Hill will be transported to the
	Touquoy process plant along a combination of existing public and private roads. The
	trucks 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 Cochrane
	Hill:
	The Touquoy cost estimate represents the 2019 capital budget for the operation;
	The Beaver Dam capital cost estimate is based on the developed 2015 Feasibility Study,
	escalated to first quarter 2019, and has an accuracy range of -15%, +25% of final cost.
	Updates to the 2015 Beaver Dam capital cost estimate include scope additions such as a
	new jaw crusher in place of relocating the existing crusher from Touquoy, as well as
	escalating the 2015 Feasibility Study cost elements to first quarter 2019;
	The estimates for Fifteen Mile Stream and Cochrane Hill estimates are based on the
	developed 2018 Pre-Feasibility Study, updated for scope and escalation to first quarter
	2019, and have an accuracy range of -15%, +25% of final cost.
	Operating costs were calculated based on manpower, process and maintenance
	consumables, transport, and G&A costs. Operating costs incurred and revenue from
	production realized during the period prior to achieving commercial production were
	capitalized within the Owner's costs.
REVENUE FACTORS	A gold price of US$1300/oz has been used in all revenue calculations.
MARKET ASSESSMENT	A contract was entered into for the transportation, security, insurance, and refining of
	doré gold bars from Touquoy, and doré is currently shipped to a customer for refining.
	It is expected that doré produced from Beaver Dam, Fifteen Mile Stream and Cochrane
	Hill would 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.

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	Life-of-Mine plans are developed or updated on an annual basis. These plans reflect
	current 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,
	in addition 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 Gold may enter into additional operational contracts including, but not limited
	to, equipment maintenance and ore haulage between Touquoy and Beaver Dam,
	Fifteen Mile Stream and Cochrane Hill, depending upon operational requirements.
	These will be reviewed on a continual basis as the project moves forward. Contracts
	would be negotiated and renewed as needed. Contract terms would be in line with
	industry norms, and typical of similar contracts in Nova Scotia that Atlantic Gold is
	familiar with.
CLASSIFICATION	The Ore Reserve includes only Proved and Probable classifications.
	The economically minable component of the Measured Mineral Resource has been
	classified as a Proved Ore Reserve.
	The economically minable component of the Indicated Mineral Resource has been
	classified as a Probable Ore Reserve.
AUDITS OR REVIEWS	The Atlantic Gold Mineral Resources Estimates were compiled originally in 2019 to CIM
	2014 Definition Standards by a suitably Qualified Person. The Resource Estimates have
	subsequently been reviewed internally by qualified St Barbara personnel and are
	considered fit for purpose.
DISCUSSION OF RELATIVE	The Ore Reserves based are global estimates of Mineral Resources. Grade control
ACCURACY/ CONFIDENCE	drilling is completed in advance of mining to improve local estimates of grade.

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