St Barbara provides update on Genesis merger and production at Leonora

St Barbara Limited (ASX: SBM) has provided an update on the merger with Genesis Minerals Limited and production at Leonora. The proposed merger would see St Barbara acquire 100% of the shares in Genesis, with the companies demerging St Barbara's non-Leonora assets to form Phoenician Metals. The scheme remains subject to the satisfaction of several conditions precedent, including St Barbara's net debt not exceeding AU$163.2 million at the end of the calendar month prior to the date of the second Court hearing for the scheme.

As at the end of the March quarter, St Barbara's net debt position improved marginally to AU$ 112 million, with a cash position of AU$60 million. St Barbara and Genesis are in discussions regarding potential alternative transaction structures and capital requirements due to recent operational and financial performance and the ongoing evolution of the mine plan at Gwalia.

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