St. Barbara Ltd. · ASX:SBM
St. Barbara — St Barbara Mines — Merger or Acquisition (January 2003)
31 slides from St. Barbara's merger presentation, Jan 10, 2003
Slide 1: ASX Shareholders Report: Investor Presentation — Defiance Mining Corporation
ST BARBARA MINES LIMITED ACN 009 165 066 ASX SHAREHOLDERS REPORT Enquiries regarding this report may be directed to: Stephen W. Miller Executive Chairman Telephone (08) 9476 5555 Overseas +61 8 9476 5555 or Colin G, Jackson investor Relations Telephone 0417 929 107 St Barbara Mines Limited Level 2,
Slide 2: A New Year...A New Gold Story...A New Growth Producer
A New Year...A New Gold Story...A New Growth Producer DEFIANCE MINING CORPORATION Sr BARBARA MINES LIMITED goby — —o Fy GEOMAQUE ' GOLDoric investor Presentation Stephen Miller danuary 10, 2003 Executive Chairman, St Barbara Mines Limited John Hick President and CEO, Geomaque Explorations Ltd.
Slide 3: Cautionary Statements
DEFIANCE MINING CORPORATION Cautionary Statements Statements made in this presentation, other than those concerning historical information, should be considered forward-looking statements which are subject fo various risks and uncertainties. When used in this presentation, the ferms “expects”, “anti
Slide 4: St. Barbara, Geomaque and Midas Gold to combine to form Defiance Mining
DEFIANCE MINING CORPORATION + St. Barbara, Geomaque and Midas Gold are to combine to form Defiance Mining Corporation + Transaction to be completed through a concurrent court-approved statutory amalgamation for Geomaque shareholders and a scheme of arrangement for St Barbara shareholders and acquisi
Slide 5: Defiance Mining Corporation at a glance
St BARBARA Mines LIMITED OE GEOMADUE DEFIANCE MINING CORPORATION Defiance Mining Corporatio + Exchange rate CDN:AUD 0.860, USD:AUD 0.560 Transaction Value Reserves Reserves + Measured & Indicated Resources (2) Additional Inferred Resources ?) 2003E Production 2004E Production Total Cash Costs 2003E
Slide 6: A New Intermediate Gold Producer
DEFIANCE MINING CORPORATION A New Intermediate Gold Producer + Strong growth profile * Entrepreneurial management * Experienced board of directors + Highly liquid shares * Strong gold price leverage * Balanced political risks * Greater access to capital
Slide 7: Diversified Growth Profile Base
DEFIANCE MINING CORPORATION Diversified Growth Profile Base + Brings together two producing operations: > Meekatharra - Western Australia > Vueltas - Honduras + Plus three development properties: > Paddys Flat - Meekatharra, Western Australia > Paulsens - Western Australia > Tasiast - Mauritania Mee
Slide 8: Forecast Production Profile
DEFIANCE MINING CORPORATION Forecast Production Profile 500,000 | - $300 400,000 4 ; $250 a 8 + $200 B » 300,000 2 8 an 5 + $150 8 © 200,000 4 4 L $100 & 3 100,000 4 L gs0 0 $0 2003 2004 2005 2006 fiTasiast BPaulsens @ Meekatharra 0 Vueltas Nole: Meekatharra includes production from Paddys Flat
Slide 9: Where Do We Rank? 2004 Forecast Production
DEFIANCE MINING CORPORATION Croesus Golden Star Apollo Gold Eldorado Gold DEFIANCE Wheaton River Equigold Resolute Kingsgate Richmont Mines River Gold Gympie Gold Where Do We Rank? 2004 Forecast Production 0 100,000 200,000 300,000 Ounces
Slide 10: Where Do We Rank? Ranking by Market Capitalization
DEFIANCE MINING CORPORATION Where Do We Rank? Ranking by Market Capitalization Eldorado Gold El Wheaton River [il Kingsgate idl Croesus Golden Star oy River Gold [#ll Equigold im Apollo Gold E#E DEFIANCE I= Gympie Gold i Resolute Richmont Mines Ill $0 $100 $200 $300 US$ millions (1) Based on transac
Slide 11: Where Do We Rank? Market Capitalization per Ounce of Production
DEFIANCE MINING CORPORATION Where Do We Rank? Ranking by Market Capitalization per Ounce of Production “) Eldorado Gold +l Gympie Gold gil Kingsgate 7am Wheaton River Ill River Gold [+l Golden Star +l Croesus (ail Richmont Mines +l Equigoid a) Resolute iii Apollo Gold ® DEFIANCE il] $0 $200 $400 $60
Slide 12: Where Do We Rank? Share Trading Liquidity
DEFIANCE MINING CORPORATION Where Do We Rank? Share Trading Liquidity GEOMAQUE Ill ] Wheaton River Bll Eldorado Gold Ill Croesus jal Apolic Gold Ill Golden Star IW ST BARBARA [7 Kingsgate jig Richmont Mines +l Gympie Gold il Resolute jaa River Gold Ill Equigold aid 0.00% 0.25% 0.50% 0.75% 1.00% Dail
Slide 13: Entrepreneurial and Experienced Management
DEFIANCE MINING CORPORATION Entrepreneurial and Experienced Management Chairman John Hick President and CEO — Stephen Miller CFO Alan Rule 11
Slide 14: Board of Directors
DEFIANCE MINING CORPORATION John Hick Stephen Miller Dick Tastula Kevin Dundo Cliff Davis Hank Tuten Gordon Bogden Board of Directors Chairman, Defiance Mining Corporation President and CEO, Defiance Mining Corporation Former Chief Executive, Homestake Australia Partner, Clayton Utz Former President
Slide 15: Key Facts
DEFIANCE MINING CORPORATION Key Facts 41) ST BARBARA GEOMAQUE MIDAS GOLD DEFIANCE Transaction Price/Share AS0.21 C$0.10 A$0.41 C$0.80 Basic Shares o/s (million) 365.0 139.9 58.7 130.6 Transaction Value (million) AS76.7 A$16.3 A$24.1 AS121.5 C$65.9 C$14.0 C$20.7 C$104.5 Reserves (02z.) 594,000 169,00
Slide 16: Strong Asset Base
DEFIANCE MINING CORPORATION Strong Asset Base Giobal Reserves and Resources (12) Classification Tonnes Gold Grade Ounces Gold (000) (g/t) Total, other than Paddy's Flat and Tasiast Proven Reserves 3,216 2.93 302,573 Probable Reserves 4,916 2.91 460,187 Measured Resources 6,241 2.55 512,105 Indicated
Slide 17: Strong Asset Base (cont'd)
DEFIANCE MINING CORPORATION Strong Asset Base (cont'd) Eootnotes: 1. The information in this table is based upon the tables in respect of each of the properties set out in the joint prass release dated January 8 (Canada) and January 9 (Australia), 2003 2. The information in this table is as of ihe f
Slide 18: Meekatharra
16 DEFIANCE MINING CORPORATION Meekatharra Western Australia + Located in the historic Murchison gold district, the Meekatharra operations have produced over 1.5 million of the 12 million ounces produced from the area + Measured and Indicated Resources of approximately 800,000 ounces have recently b
Slide 19: Meekatharra (cont'd)
DEFIANCE MINING CORPORATION Meekatharra (cont’d) + — Exciting exploration potential centred on the Norie Pluton + Initial success already at Mulla Mulla { NORIE { PLuton 17
Slide 20: Meekatharra (cont'd) - Paddys Flat
(i) DEFIANCE MINING CORPORATION Meekatharra (cont’d) Paddys Flat * Acquisition from subsidiary of Barrick Gold Corporation + — Project located 15km from St Barbara’s Bluebird treatment plant + Historic Paddys Flat mining area has a past production record of nearly 2 million ounces * Current resource
Slide 21: Meekatharra (cont'd) - Paddys Flat
DEFIANCE MINING CORPORATION Meekatharra (cont’d) Paddys Flat Note: This information has not yet been classified as between categories of resources and does not currently comply with the Australasian Code for Reporting of Identified Minerals and Ore Reserves (the “JORC Code’). 19
Slide 22: Tasiast
DEFIANCE MINING CORPORATION Tasiast Mauritania a) 12 exploration licenses covering 16,000km? of prospective Archean greenstone (close similarities to Archean formations of Western Australia and Canada) 1.4 million ounces of indicated and 0.7 million ounces of inferred resources(') already identified
Slide 23: Tasiast (cont'd) - Geology
DEFIANCE MINING CORPORATION Tasiast (cont'd) Geology + Banded Iron Formation hosted gold mineralization « 4.5km mineralized strike length identified and open. Focus to date has been on 1km long central zone * 20-25m wide mineralized plunging shoots « Mineralized from surface with 40m oxide zone abov
Slide 24: Tasiast (cont'd) - Geology and Location
DEFIANCE MINING CORPORATION Tasiast (cont'd) Geology and Location Sta oa0e Ga a ead re Rosie TA anhent weer 22 Cross-section in the High-grade Area
Slide 25: Paulsens (88.3%)
DEFIANCE MINING CORPORATION Paulsens (88.3%) Western Australia Meskatharra Gold Opsrations Located in the Ashburton district of northern Western Australia — a new gold exploration area in Australia currently being targeted by several producers including Newcrest Mining Limited and Barrick Gold Corpo
Slide 26: Paulsens (cont'd) - Longitudinal Cross-section
DEFIANCE MINING CORPORATION Paulsens (cont’d) Longitudinal Cross-section 24
Slide 27: Paulsens (cont'd) - Ashburton Regional Geology
DEFIANCE MINING CORPORATION Paulsens (cont’d) Electric Ding | (Bipa? Moweraal} Ashburton Regional Geology 25
Slide 28: Vueltas
26 DEFIANCE MINING CORPORATION Vueltas Honduras + Located in Honduras, Vueltas is a heap leach operation that is currently forecast to continue production until the end of 2004 + Remaining production set to be of the order of 77,000 ounces at an average cash cost of $214/oz. + Exploration potential
Slide 29: Vueltas
27 DEFIANCE MINING CORPORATION 7 Vueltas 2 (= a |S 5 V2 ‘ LAR oe Y & a) Qa ay S| — el A Vueltas (cont'd)
Slide 30: Vueltas (cont'd)
DEFIANCE MINING CORPORATION Vueltas (cont'd) Andesite intrusions * E21 Light grey fimestond Dark grey limestone Feisic metayolcanics} Intermediate metavol cs Granodi ~.Geochem survey lin? existing, new Geochem Au anomasy ‘ault ol Geochem Au AnomalicR 28
Slide 31: Transaction Summary
29 DEFIANCE MINING CORPORATION Transaction: Structure: Consideration: Conditions: Regulatory Approvals: Due Diligence: Non-soliciting: Meeting: Closing: Transaction Summary St Barbara, Geornaque and Midas Gold combine to create Defiance Mining Corporation The combination of St Barbara and Geornaque
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