St. Barbara Ltd. · ASX:SBM
St. Barbara — Deutsche Bank Australia Gold Corporate Forum 2012
41 slides from St. Barbara's conference presentation, Sep 18, 2012
Slide 1: Presentation to Deutsche Bank Australia Gold Corporate Forum
St Barbara Limited ACN 009 165 066 Level 10, 432 St Kilda Road, Melbourne VIC 3004 Locked Bag 9, Collins Street East, Melbourne VIC 8003 Tel +61 3 8660 1900 Fax +61 3 8660 1999 www.stbarbara.com.au For personal use only Presentation to Deutsche Bank Australia Gold Corporate Forum Attached is a prese
Slide 2: Creation of a growing international gold company
For personal use only Creation of a growing international gold company Deutsche Bank Gold Corporate Day Garth Campbell-Cowan, CFO 18 September 2012 1
Slide 3: Disclaimer
Disclaimer For personal use only This presentation has been prepared by St Barbara Limited (“Company”). The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, s
Slide 4: Company Overview
For personal use only Company Overview Creation of a growing international gold company – September 2012 3
Slide 5: Combination with Allied Gold
Combination with Allied Gold For personal use only • On 7 September 2012, St Barbara acquired 100% of Allied Gold • The acquisition is consistent with the strategy of the last 3 years to grow long term EPS • Immediately NAV accretive and EPS accretive after first year of combination for St Barbara s
Slide 6: Three diverse and established gold operations
Three diverse and established gold operations; all underpinned by long life ore reserves and each prospective for growth For personal use only Reserves: 5.7 Moz Simberi Resources: 16.6 Moz Simberi 2 FY13F production : 435 koz • Expanding oxide plant • FY13F: 70 – 80 koz1 Gold Ridge • 9+ year mine li
Slide 7: Enhanced Diversification
Enhanced Diversification For personal use only Reserves by Asset1 St Barbara Combined Group Allied Gold (2.5 Moz) (5.7 Moz) (3.2 Moz) 13% 20% 6% 34% 5% 36% 64% 76% 36% 5% 2% 3% FY13F Production by Asset (midpoint)2 St Barbara Combined Group Allied Gold (c.260 koz) (c.435 koz) (c.175 koz) 22% 23% 42%
Slide 8: St Barbara, a leading Australian listed mid tier gold company
St Barbara, a leading Australian listed mid tier gold company For personal use only #1 Resources Position (Moz)1 #1 Reserves Position (Moz)1 Reserves Grade 16.6 13.9 8.0 12.0 10.3 9.8 5.7 5.3 8.0 6.0 9.0 6.5 6.2 4.4 5.0 4.5 4.3 3.7 3.6 3.1 2.8 4.0 3.2 3.0 2.9 6.0 2.1 1.4 2.4 0.4 2.0 1.3 0.8 3.0 0.6
Slide 9: FY12 Performance
For personal use only FY12 Performance Creation of a growing international gold company – September 2012 8
Slide 10: Financial highlights – FY12
Financial highlights – FY12 For personal use only Record profit and cash flow • Statutory profit up 90% to $130M • Underlying NPAT [1] up 140% to $131M • Cash flow from operations up 115% to $222M • Cash flow after funding capex $117M [2] • EPS up from $0.21 in 2011 to $0.40 in 2012 Investment in gr
Slide 11: Proven operating capability and track record of translating production into profit
St Barbara has a proven operating capability and a track record of translating production into profit For personal use only Gold Production Underlying NPAT[1] +116% +140% FY 08 to FY 12 FY 11 to FY 12 131 339 258 239 231 157 54 15 0.2 FY 08 FY 09 FY 10 FY 11 FY 12 FY 12 FY 09 FY 10 FY 11 FY 12 koz A
Slide 12: Allied Gold acquisition consistent with strategy to grow earnings and cash per share
Allied Gold acquisition consistent with Company strategy to grow earnings and cash per share For personal use only Allied Gold acquisition NAV accretive immediately & EPS accretive after first year Cash Flow From Operations EPS Per Share $0.68 $0.40 $0.21 $0.36 $0.26 $0.11 -$0.14 FY 10 FY 11 FY 12 F
Slide 13: Strong balance sheet – Post Allied Gold acquisition
Strong balance sheet – Post Allied Gold acquisition For personal use only • Issued Shares: 488M2 • Market Cap: A$969M3 • At combination date: • Total debt expected to be approx. A$195M1 • Net debt expected to be < A$100M1 • Gearing < 20%1,4 • Gearing reduces significantly over next two years • Upsid
Slide 14: Gold operations
For personal use only Gold operations Creation of a growing international gold company – September 2012 13
Slide 15: Gwalia Mine, Leonora, WA
Gwalia Mine, Leonora, WA - high quality, long life, rich gold deposit For personal use only • Ore Reserves of 6.9 Mt at 8.7 g/t Au containing 1.9 Moz of gold [1] • Mineral Resources extended to 1,840 mbs, open to north, south and at depth • Indicative 9+ year mine life based on Ore Reserves • FY13 f
Slide 16: Simberi, Papua New Guinea
Simberi, Papua New Guinea Growing gold production, highly prospective Western Pacific Rim For personal use only • 2.0 Moz Ore Reserves1, 2 • 6.5 Moz Mineral Resources1 • Anticipated 70-80 koz for FY13 • Oxide expansion to be completed in FY13 lifts production to 100 koz p.a. • 9+ year mine life • Si
Slide 17: Gold Ridge, Solomon Islands
Gold Ridge, Solomon Islands Long life operation with near mine potential For personal use only • 1.1 Moz Ore reserves1 • 2.5 Moz Mineral Resources1 • Targeting production of 105 koz pa • 9+ year mine life • Significant near mine potential • Significant cost reduction opportunities • Australian-led R
Slide 18: Exploration targets and organic growth opportunities
For personal use only Exploration targets and organic growth opportunities Creation of a growing international gold company – September 2012 17
Slide 19: FY13 focus on extending near mine reserves and targeting new discoveries
FY13 focus on extending near mine reserves and targeting new discoveries For personal use only Exploration spend $25+M Simberi Active drilling programs Simberi • Ore bodies open • Near mine targets for exploration Leonora Gold Ridge • Sulphide potential • Gwalia open at depth • King of the Hills rem
Slide 20: Simberi and Gold Ridge in world class Western Pacific Rim
Simberi and Gold Ridge in world class Western Pacific Rim For personal use only North WOODLARK 2Moz Creation of a growing international gold company – September 2012 19
Slide 21: Simberi – exploration potential within mining lease and EL 09
Simberi – exploration potential within mining lease and EL 609 For personal use only • Large hydrothermal mineralized gold system exposed 4km x 2km. • Prospective area twice as large on eastern side. • Excellent geological data base to target drill testing. • Significant opportunity to expand sulphi
Slide 22: Gold Ridge Extensional Potential
Gold Ridge Extensional Potential For personal use only • Known ore bodies in a large system where gold mineralisation extends 1.5 x 2.5 km • Established mineralization at Charivunga, requires infilling for conversion to resource – Has near surface open pit and underground potential. – Possible feede
Slide 23: What to expect
For personal use only What to expect Creation of a growing international gold company – September 2012 22
Slide 24: Plans for Simberi and Gold Ridge – improving operating capabilities
Plans for Simberi and Gold Ridge – improving operating capabilities For personal use only Phase 1 – FY2013 • Integration of Allied Gold well underway • Includes strategic review of Simberi and Gold Ridge • Update guidance after strategic review – December 2012 • Simberi and Gold Ridge FY13 performan
Slide 25: Diversified project pipeline spanning exploration to gold production
Diversified project pipeline spanning exploration to gold production For personal use only Project Pipeline Production Profile1 LEONORA YILGARN Gold production (koz) EAST LACHLAN EXPLORATION REGION TARGETS 600 SOUTHERN GWALIA REGION TABAR - TATAU CROSS 500 ADVANCED SIMBERI NEAR GOLD RIDGE NEAR MINE
Slide 26: Significant re-rating potential
Significant re-rating potential For personal use only EV/Reserves (A$/oz)1,2 EV/Resources (A$/oz)1,2 659 2,807 2,077 378 371 330 945 837 229 Peer average: 194 629 Peer average: 588 191 587 175 164 387 360 119 113 348 93 89 89 311 294 250 250 233 71 64 186 43 Focus Minerals Regis Resources Medusa Min
Slide 27: Investment opportunity
Investment opportunity For personal use only • Track record of delivering production growth • Track record of converting production to cash and profit • Pathways identified to improve performance of Pacific assets • Growth opportunities identified • Strong balance sheet to pursue organic growth opti
Slide 28: Appendices
Appendices For personal use only Creation of a growing international gold company – September 2012 27
Slide 29: Strong institutional share register, wide broker coverage
Strong institutional share register, wide broker coverage For personal use only Broker Research Coverage • Approved Depositary Receipts (ADR) Argonaut Securities Troy Irvin are trading in USA Baillieu Ray Chantry Bell Potter Stephen Thomas Citi Daniel Seeney CLSA James Stewart Deutsche Bank Chris Te
Slide 30: FY13 guidance
FY13 guidance Australian operations For personal use only King of Gwalia Total the Hills Leonora Leonora Leonora Gold production koz 175-190 55-60 230-250 Cash operating cost $/oz 670-700 840-870 710-745 Capex $M 45-50 20-25 65-75 Creation of a growing international gold company – September 2012 29
Slide 31: Board of Directors
Board Boardof Directors of Directors For personal use only S J Colin Wise Phillip C Lockyer Chairman – Non Executive Director– Non Executive Mr Wise is an experienced corporate lawyer, consultant Mr Lockyer is an experienced mining engineer and and company director with significant expertise in the
Slide 32: Executive Management
Executive Management Executive management For personal use only Tim Lehany Ross Kennedy Managing Director Executive General Manager Corporate and Chief Executive Officer Services/Company Secretary Tim joined St Barbara in March 2009, and has over 20 years Ross has been with St Barbara since 2004. He
Slide 33: Australian Production Summary
Australian Production Summary For personal use only Production Summary Sep Qtr Dec Qtr Mar Qtr Jun Qtr Year Consolidated FY12 FY12 FY12 FY12 FY12 Gold Production Gwalia oz 40,306 46,007 43,881 54,340 184,534 King of the Hills oz 9,343 14,107 17,110 16,393 56,953 Southern Cross oz 20,959 23,501 24,84
Slide 34: Australian Mineral Resources Statement – As at June 2012
Australian Mineral Resources Statement - As at 30 June 2012* For personal use only Category Measured Indicated Inferred Total Tonnes Au g/t koz Tonnes (k) Au g/t koz Tonnes (k) Au g/t koz Tonnes (k) Au g/t koz Region Project (k) Gwalia Deeps 4,684 5.6 842 8,965 9.5 2,727 1,601 7.0 360 15,250 8.0 3,9
Slide 35: Australian Ore Reserves Statement – As at June 2012
Australian Ore Reserves Statement As at 30 June 2012* For personal use only Category Proved Probable Total Region Project Tonnes (k) Au g/t koz Tonnes (k) Au g/t koz Tonnes (k) Au g/t koz Leonora Gwalia Deeps 1,279 8.5 348 5,601 8.8 1,577 6,880 8.7 1,925 Tower Hill* 2,699 3.8 329 2,699 3.8 329 King
Slide 36: South West Pacific Mineral Resources Statement – As at December 2011
South West Pacific Mineral Resources Statement - As at 31 December 2011 For personal use only Mineral Resources as at 31 December 2011 Mt Au g/t Moz Gold Ridge Measured 7.33 1.54 0.36 Indicated 38.06 1.22 1.49 Measured & Indicated 45.39 1.27 1.85 Inferred 15.15 1.28 0.62 Simberi Measured 9.58 1.11 0
Slide 37: South West Pacific Ore Reserves Statement – As at December 2011
South West Pacific Ore Reserves Statement - As at 31 December 2011 For personal use only Ore Reserves as at 31 December 2011 Mt Au g/t Moz Gold Ridge Proved - - - Probable 20.29 1.73 1.13 Total Reserves 20.29 1.73 1.13 Simberi Proved 10.55 1.06 0.36 Probable 31.91 1.63 1.67 Total Reserves 42.45 1.49
Slide 38: Competent Persons Statement
Competent Persons Statement For personal use only The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Phillip Uttley, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Phillip Uttley is a full-time emp
Slide 39: Non-IFRS Measures
Non-IFRS Measures For personal use only We supplement our financial information reporting determined under International Financial Reporting Standards (IFRS) with certain non-IFRS financial measures, including cash operating costs. We believe that these measures provide meaningful information to ass
Slide 40: Non-IFRS Measures
Non-IFRS Measures For personal use only Underlying Profit Per Ounce FY 12 FY 11 FY 10 FY 09 FY 08 Underlying net profit after tax A$000 130,782 54,431 14,547 209 (29,291) Gold production oz 338,879 258,474 231,018 238,900 157,477 Underlying Profit Per Ounce A$/oz 386 211 63 1 -186 Source: FY 08 to F
Slide 41: Investor Relations Enquires
Investor Relations Enquires For personal use only Ross Kennedy Executive General Manager Corporate Services E: ross.kennedy@stbarbara.com.au Rowan Cole General Manager Corporate Services E: rowan.cole@stbarbara.com.au T: +61 3 8660 1900 www.stbarbara.com.au ASX: SBM Creation of a growing internation
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