St. Barbara Ltd. · ASX:SBM
St. Barbara — Merger or Acquisition (September 2026)
32 slides from St. Barbara's merger presentation, Sep 10, 2026
Slide 1: Investor presentation
ASX: SBM · INVESTOR PRESENTATION · AUGUST 2026 ━━━━━━ Investor presentation September 2026
Slide 2: Disclaimer
2 Disclaimer This presentation has been prepared by St Barbara Limited (“Company”). The material contained in this presentation is summary information for general information purposes only. This presentation is not investment advice, nor is it an offer or invitation for subscription or purchase of,
Slide 3: Disclaimer
3 Disclaimer JORC Code It is a requirement of the ASX Listing Rules that the reporting of exploration results and mineral resources in Australia comply with the 2012 edition of the Joint Ore Reserves Committee’s Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserv
Slide 4: Transaction Overview
01 Transaction Overview
Slide 5: Transaction Summary
5 Transaction Summary St Barbara to divest its remaining interest in the New Simberi Gold Project to Lingbao Gold for A$453m cash PLUS royalties TOTAL CONSIDERATION ROYALTY PORTFOLIO TRANSACTION STRUCTURE A$453 million cash PLUS royalties 2.75% & 1.5% NSR Sale of interest in New Simberi ► 2.75% NSR
Slide 6: Strategic Rationale
6 Strategic Rationale Crystallises material value for shareholders and enables St Barbara to focus on its 100% owned Nova Scotia growth pipeline 01 Focus on 100% owned Nova Scotia growth St Barbara to shift strategic focus to Atlantic Canada including the 15-Mile Processing Hub Project and the Touqu
Slide 7: Indicative Timetable
7 Indicative Timetable Path to completion — key milestones from announcement through Q3 FY27 Transaction conditions Indicative timeline ► PRC regulatory approvals Sept 2026 FY27 Q2 – Q3 FY27 ► PNG ICCC clearance Announcement Buy-back Regulatory ► Lingbao shareholder approval if required Transaction
Slide 8: Valuation benchmarks favourably to recent transactions
8 Valuation benchmarks favourably to recent transactions EV / Reserve (A$/oz, Au-eq) 641 638 518 368 264 100 42 - Genesis Minerals / Lingbao Gold / Simberi OceanaGold / Ausgold Alkane Resources / Metals Exploration / Newmont (Coffee) / CMOC / Lumina Gold Montage Gold Corp./ Magnetic Resources Mandal
Slide 9: Capital Management outlook
02 Capital Management outlook
Slide 10: Anticipated proforma cash position upon completion
10 Anticipated proforma cash position upon completion Cash build up (A$m) Key takeaways • St Barbara to receive A$410m in 453 880 cash from Lingbao and A$43m capital reimbursement for capital expenditure on the New Simberi Gold Project from April 2026 until signing • Existing cash balance of A$427m
Slide 11: Potential for Further Fully Franked Dividends
11 Potential for Further Fully Franked Dividends • Following the transaction, St Fully franked dividend payment capacity (A$m) Barbara will be considering distribution of fully franked dividends up to the total available of A$221m to shareholders, consisting of 159 221 1) A$0.05 per share dividend d
Slide 12: Business overview
03 Business overview
Slide 13: Overview of Nova Scotia Projects
13 Overview of Nova Scotia Projects Integrated Operation with 15-Mile Processing Hub Project Nova Scotia Projects comprise: Touquoy Restart: 1 • To produce gold from the processing of existing stockpiles through the existing Touquoy processing plant 15-Mile Mine: 2a • Four simple low strip ratio ope
Slide 14: St Barbara management team
14 St Barbara management team Andrew Strelein Sara Prendergast Phil Stephenson Brett Ascott Kylie Panckhurst Roger Mustard David Cotterell Managing Director & CEO Chief Financial Officer Operations Advisor EGM Projects & General Counsel & EGM Exploration GM Business Development & Technical Support C
Slide 15: Atlantic management team
15 Atlantic management team Atlantic has a strong management team, with key personnel having years of experience in the region Andrew Taylor P. Eng Craig Hudson P. Eng Andrew Taylor P. Eng VP Operations Dustin O'Leary Adam Guignard Jennifer Adshade Melissa Nicholson Executive Vice President, Vice Pr
Slide 16: Touquoy Restart / Project status
16 Project status Following the sale, St Barbara will be a Nova Scotia focused developer, with near term production at Touquoy Restart supporting development activities at the 15-Mile Processing Hub Touquoy Restart Touquoy Restart PFS completed Operating cash flow at US$4,000/oz anticipated at C$118
Slide 17: Upcoming Milestones
17 Upcoming Milestones Following the sale, St Barbara will be a Nova Scotia focused developer, with near term production at Touquoy Restart supporting development activities at the 15-Mile Processing Hub Touquoy Restart Q4 CY26 Touquoy Restart production Restart of ore processing at the Touquoy plan
Slide 18: Nova Scotia Projects Timeline
18 Nova Scotia Projects Timeline 15-Mile Processing Hub FID targeted by end of FY27, with production targeted to commence in FY30 FY 2027 FY 2028 FY 2029 FY 2030 Touquoy Restart Dec Jun Dec Jun Dec Jun Dec Jun Permitting, re-commissioning mill and construction of in-pit tailings Touquoy production 1
Slide 19: Attractive Royalty Portfolio
19 Attractive Royalty Portfolio St Barbara retains long-dated, capex-free exposure to gold via two NSR royalties (subject to completion occurring) on future production volumes from New Simberi Project and Tabar Islands Exploration Licences New Simberi Gold Project Tabar Islands Exploration 2.75% NSR
Slide 20: New Simberi and Tabar Islands Royalties
20 New Simberi and Tabar Islands Royalties Key Takeaways New Simberi estimated annual royalty cash flows (A$m)1 • New Simberi is forecast to produce a 40 total of 2.2 Moz (2.0 Moz payable) of gold over the life of mine 34 35 • The royalty is estimated to produce 32 30 cumulative cash flows of A$286m
Slide 21: Corporate Summary
21 Corporate Summary Capital Structure Shareholders3 Shares on issue (ASX: SBM) 1,226.1M Performance rights 69.5M Institutional (60%) Share price1 A$0.73 Retail (34%) Other (6%) Market capitalisation1 A$895M Substantial Cash2 A$427M Shareholders - Paradice (6.9%) - Vanguard (5.7%) Debt Nil - Baker S
Slide 22: Appendix
A Appendix
Slide 23: New Simberi and Tabar Islands Royalties
23 New Simberi and Tabar Islands Royalties New Simberi estimated annual royalty cash flows (A$m) Units 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Gold production Koz 72 101 181 195 216 232 204 182 177 98 80 118 56 23 Silver production Koz 147 89 32 209 247 360 579 455 478
Slide 24: Comparable transaction details
24 Comparable transaction details Ore Mineral EV/ EV/ Acquiror Target Date EV Source Reserves Resources Reserve Resource (US$m) Moz Moz US$/oz US$/oz Date Announcement title Alkane Resources Mandalay Resources Alkane & Mandalay Merge to Create Gold Apr - 2025 391 1.5 3.6 258 107 28-Apr-2025 Limited
Slide 25: Simberi Gold Ore Reserves
25 Simberi Gold Ore Reserves Proved Probable Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) Simberi Oxide 4.6 1.1 160 2.1 1.1 75 6.6 1.1 235 Simberi Sulphide 5.0 2.1 330 10.3 2.1 680 15.3 2.1 1,010 Simberi S
Slide 26: Simberi Gold Mineral Resources
26 Simberi Gold Mineral Resources Measured Indicated Inferred Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) Simberi Oxide 6.5 1.0 210 7.5 1.2 290 1.5 0.9 45 15.4 1.
Slide 27: Simberi Silver Ore Reserves
27 Simberi Silver Ore Reserves Proved Probable Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) Simberi Oxide 4.6 1.6 230 2.1 2.3 155 6.6 1.8 380 Simberi Sulphide 5.0 3.0 490 10.3 4.7 1,555 15.3 4.2 2,045 Tota
Slide 28: Simberi Silver Mineral Resources
28 Simberi Silver Mineral Resources Measured Indicated Inferred Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) Simberi Oxide 6.5 2.2 460 7.5 4.1 985 1.5 2.4 115 15.4
Slide 29: Atlantic Gold Ore Reserves
29 Atlantic Gold Ore Reserves Proved Probable Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) 15-Mile Mine 4.2 1.0 140 14.3 1.0 480 18.5 1.0 620 Old Mitchell Mine 7.2 1.2 280 3.3 1.1 110 10.5 1.2 390 Old Aust
Slide 30: Atlantic Gold Mineral Resources
30 Atlantic Gold Mineral Resources Measured Indicated Inferred Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) 15-Mile Mine - - - 30.2 1.2 1,190 5.5 1.1 200 35.7 1.2
Slide 31: Contact Information
31 Contact Information INVESTOR RELATIONS MEDIA RELATIONS David Cotterell Sodali & Co. General Manager Business Development & Investor Relations Paul Ryan T: +61 3 8660 1959 M: +61 409 296 511 M: +61 447 644 648 E: info@stbarbara.com.au
Slide 32: StBarbara
ie StBarbara