A week after completing the sale of its Leonora assets to Genesis Minerals, St Barbara has provided a production update for the June 2023 quarter (Q4 FY23) and 2023 financial year (FY23).
St Barbara has recorded a total group gold production for FY23 of 260,368 ounces, achieving the upper end of FY23 production guidance.
The total group gold production for the Q4 FY23 was 77,125 ounces, a notable increase from the 58,567 ounces recorded for its March quarter 2023.
The company also reported a cash balance increase to $294 million during Q4 FY23, $234 million increase from the March quarter 2023.
St Barbara’s Atlantic operations produced 11,081 ounces for Q4 FY23, and 43,998 ounces for FY23 within a production guidance of 40,000–50,000 ounces.
The Simberi operations produced 25,189 ounces for Q4 FY23, and 78,320 for FY23 within a production guidance of 70,000–80,000 ounces.
The Leonora assets finished FY23 by producing 138,050 ounces of gold within a production guidance of 130,000–135,000 ounces, with 40,855 ounces produced in Q4 FY23.
“Gwalia underground was able to produce from higher grade stopes that had been delayed from the previous quarter,” St Barbara said.
“These higher-grade stopes and better grade material from development drives allowed mill throughput for the quarter of 243 kilotons at an average grade of 5.45 grams per tonne.”
Genesis managing director Raleigh Finlayson said the transaction with St Barbara has created a leading Australian gold house that is 100 per cent focused on the Leonora assets.
“The next six months will be focused on a strategic review of Gwalia, rebuilding the foundations to ensure a new lease of life for this prolific gold asset,” Finlayson said.
St Barbara is expected to release its June quarter report for FY23 on July 27.