St Barbara Reports Significant Increase in Q3 Gold Production
St Barbara has announced a substantial upswing in its gold production for the March 2024 quarter (Q3 FY24), marking a significant 33% increase compared to the previous quarter. The Simberi gold operation produced 17,257 ounces of gold during this period, showcasing an improved average milled grade of 1.63 g/t Au and a gold recovery rate of 77%.
Despite challenges in reaching targeted levels for mill and rope conveyor availability, the company reported a positive trend as mined grade increased throughout the quarter. This improvement was attributed to the mining schedule's focus on higher-grade zones within the Sorowar pit, which yielded a favorable reconciliation.
Gold sales also saw a rise, with 18,016 ounces sold at an average realized gold price of A$3,178 per ounce. Furthermore, St Barbara closed the quarter with A$218 million in cash reserves, an increase from A$214 million at the end of the previous quarter. This financial growth was achieved even after settling creditor balances, thanks to enhanced operating cash flow and a tax refund received by the company's Canadian subsidiary.
St Barbara's Managing Director and CEO, Andrew Strelein, expressed satisfaction with the quarter's outcomes, emphasizing that the improved performance was in line with expectations set in the December quarterly report. According to Strelein, the company had anticipated a stronger second half for the FY24 fiscal year for the Simberi operation, and the latest figures confirm that they are on course to meet these projections.
