St Barbara shares dropped over 19% following its Q1 FY2023 results update

St Barbara Limited (ASX: SBM) noted a drop in its share price post the release of its September 2022 results (Q1 FY2023).

Q1 FY2023 Highlights:

1. During the quarter, the Group’s gold production was 63,700 ounces.

• Gwalia production impacted by lower than projected mining equipment availability and utilisation.
• Atlantic production was consistent with expectations with lower mined grade and increased stockpile processing.
• Simberi production was stable, consistent with expectations.

1. Group AISC for Q1 of AU$2,490 per ounce.

• Lower production from Gwalia did not adequately counterbalance fixed costs.
• Atlantic and Simberi costs as per the expectations.

1. Simberi Strategic Review: Additional oxide material identified with the capacity to extend oxide mining through FY2025 which was earlier FY2024.
2. Leonora Ore Reserves grew 560koz to 3.1Moz with the inaugural Tower Hill Open Pit Ore Reserve.
3. Zoroastrian high grade underground mine on way to fill Leonora Processing Plant from Q1 FY2024.

At AEDT 11:45 AM, SBM shares are trading at AU$0.540, down 19.402% from its previous close.

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