Moose River, Nova Scotia (February 12, 2025) – St Barbara Limited, the parent company of Atlantic Mining Nova Scotia Inc. (AMNS), has announced that it will seek to separate the company’s Nova Scotia-based operations from the rest of the company, with the intention of having the Nova Scotia operations come under the control of a Canadian-based company listed within Canada.

AMNS continues with business as usual while the process is undertaken to transition ownership to a Canadian listed company. There are no redundancies or layoffs resulting from this decision and community support arrangements also continue. AMNS continues to hold the $80 million in restricted bank accounts in support of the reclamation performance bonds for the Touquoy Gold Mine reclamation plans.

AMNS has spent over $7 million this year already in reclamation activities at Touquoy. Project design work and environmental and social impact work has continued with respect to 15-Mile, 
Beaver Dam and Cochrane Hill projects in Nova Scotia, as well as the promising closed-loop pumped hydro energy storage project at the former Touquoy gold mine. 

St Barbara’s remaining operation in Papua New Guinea (Simberi) is progressing towards an expansion and this separation allows the Atlantic Operations to be advanced in parallel with local leadership under a Canadian listed entity.

St Barbara Managing Director and CEO Andrew Strelein said “The decision to separate Atlantic from St Barbara is underpinned by the opportunity to unlock the full value potential of the Atlantic projects under a Canadian listed company, with a local leadership team to focus on delivering upcoming project milestones and benefit from being closer to regulators and key stakeholders. Atlantic has highly attractive and financially robust projects with the potential to be in production within 12 months of permitting approval. The separation of Atlantic enables St Barbara to focus solely on the Simberi Sulphide Expansion Project.”

Completion of the separation into a Canadian listed entity would be expected to conclude later in 2025.

For more information, please contact: communityrelations@stbarbara.ca.

About Atlantic Mining:

Atlantic Mining has gold exploration and development projects in Nova Scotia, Canada. Offices are located in Bedford, Sheet Harbour, Stellarton and Guysborough. In Nova Scotia, the Company prides itself on providing opportunities for families in rural areas while upholding the strictest environmental standards in the interest of current and future generations.