St. Barbara Ltd. · ASX:SBM
St. Barbara — FY2022 Earnings Presentation
40 slides from St. Barbara's earnings presentation, Aug 31, 2022
Slide 1: Presentation on FY22 Full Year Report and audio webcast
31 August 2022 Presentation on FY22 Full Year Report and audio webcast Mr Craig Jetson, Managing Director & CEO, and Mr Lucas Welsh, Chief Financial Officer, will brief analysts and investors on the FY22 Full Year Report at 11:00 am Australian Eastern Standard Time (UTC + 10 hours) on Wednesday 31 A
Slide 2: Full Year FY22 Presentation
Full Year FY22 Presentation Craig Jetson Managing Director and CEO Lucas Welsh Chief Financial Officer 31 August 2022
Slide 3: Disclaimer
2 Disclaimer 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, securities in the Com
Slide 4: Acknowledgement of Country
3 Acknowledgement of Country We at St Barbara acknowledge the First Nations people of the ancestral lands on which we operate in Australia, Canada and Papua New Guinea. We pay our respects to all First Nations people, and to Elders past, present, and emerging. We recognise the unique cultural herita
Slide 5: Safety always
4 Safety always TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)1 5.0 3.9 3.6 3.4 3.0 2.7 2.8 2.1 FY18 FY19 FY20 FY21 Q1 Q2 Q3 Q4 FY22 FY22 FY22 FY22 1. Total Recordable Injury Frequency Rate (12 month avg.), total recordable injuries per million hours worked Atlantic Operations Emergency Response Tea
Slide 6: FY22 Highlights
5 FY22 Highlights • Production of 281koz at AISC1 of $1,848 per ounce • Underlying profit1 of $24M • Net operational cash contribution1 of $77M • Acquisition of Bardoc Gold Limited • First ore from Zoroastrian expected in Q1 FY24 • 3.6Moz of Mineral Resource growth to 16.7Moz of gold • Balance sheet
Slide 7: Strong finish to FY22
6 Strong finish to FY22 FY22 Consolidated Performance AISC (A$/oz) -12% FY21 FY22 2,290 Gold Production koz 328 281 2,007 1,711 1,649 1,623 1,587 A$/oz 1,616 1,848 1,517 1,492 AISC Sustaining capital A$M 91 69 Growth capital A$M 49 61 Cash contribution after A$M 208 77 GOLD PRODUCTION +40% Sustainin
Slide 8: Leonora FY22 Results
7 Leonora FY22 Results AISC (A$/oz) -2% 1,744 FY22 Operational Performance 1,717 1,485 1,027 802 FY21 FY22 MINED GRADE koz 153 191 (g/t Au) Production 12.5 AISC A$/oz 1,744 1,717 11.1 -4% Mined grade g/t Au 7.6 7.3 7.7 7.6 7.3 Reserve grade 5.1 g/t Au Sustaining capital A$M 64 50 31 Dec 2021 Growth
Slide 9: Managing grade decline through improved productivity
8 Managing grade decline through improved productivity GRADE MILLED IN GRADUAL DECLINE (g/t Au) 12.4 11.1 12.0 10.7 7.6 7.6 7.2 Gwalia UG 7.1 6.6 6.0 Combined Milled Grade 3.2 3.2 Ore Purchase 2.3 2.5 3.6 2.2 2.3 Gwalia Mineralised Waste 1.3 Gwalia Low-Grade Stockpiles FY18 FY19 FY20 FY21 FY22 FY23
Slide 10: Turning around operational performance at Gwalia
9 Turning around operational performance at Gwalia 1,600 • FY16 to FY20 – Declining performance Ore and Waste movement to 1,400 1,200 • Fewer tonnes moved to surface surface (kt) 1,000 • Limited development metres 800 600 • Waste material stored underground 400 • FY21 to FY22 – Turnaround 200 • Movi
Slide 11: Atlantic FY22 Results
10 Atlantic FY22 Results AISC +67% (A$/oz) 1,720 FY22 Operational Performance 927 1,027 FY21 FY22 MINED GRADE koz 101 61 (g/t Au) Production Reserve grade 1.0 g/t Au -25% AISC A$/oz 1,027 1,720 0.9 31 Dec 2021 0.9 0.7 Mined grade g/t Au 0.88 0.66 Sustaining capital A$M 18 8 Growth capital A$M 12 10
Slide 12: Recent permitting successes build confidence
11 Recent permitting successes build confidence Provincial permitting successes Next steps • New collaborative process has resulted in the approval of • Further updates on Fifteen Mile ‒ A Tailings management facility lift, securing business continuity for FY23 Stream expected in Q2 FY23 ‒ Ammonia t
Slide 13: Applying Leonora's province plan strategy to Atlantic
12 Applying Leonora’s province plan strategy to Atlantic Atlantic and Leonora share attributes Atlantic Province Plan conducive to Province Planning • Permit Beaver Dam, Fifteen Mile Stream & • Underutilised, high productivity mill with Cochrane Hill access to several good quality ore sources with g
Slide 14: Simberi FY22 Results
13 Simberi FY22 Results AISC (A$/oz) +40% 3,017 FY22 Operational Performance 2,162 1,631 1,068 1,162 FY21 FY22 MINED GRADE koz 74 28 (g/t Au) Production Reserve grade 1.8 g/t Au -16% 31 Dec 2021 AISC A$/oz 2,162 3,017 1.25 1.35 1.06 1.14 Mined grade g/t Au 1.35 1.14 1.43 Sustaining capital A$M 9 11
Slide 15: Sustainability – Plan to reduce carbon intensity
14 Sustainability – Plan1 to reduce carbon intensity 2023 Leonora & 1.2 2024 Install Leonora Atlantic Leonora Solar Renewables SBM projected carbon intensity electric LVs New 1.0 Operational technologies Haulage Tonnes CO2 / Au oz 0.8 electrification, hydrogen, batteries 0.6 2030 Target 0.4 0.45 CO2
Slide 16: Summary of Financial Results
Summary of Financial Results
Slide 17: Generating operating cash flow
16 Generating operating cash flow FY22 Financial Results Cash flow from Underlying EBITDA1 Underlying NPAT1 (A$M) (A$M) operating activities (A$M) 197 24 88 Underlying EBITDA Margin1 EPS Gearing ratio (%) (Underlying, A$ cents ) (Debt/Equity)2 29 3 15% 1. Non-IFRS financial measures, the details of
Slide 18: Movement in underlying NPAT
17 Movement in underlying NPAT A$M 61 (82) 81 15 5 2 24 (51) (7) FY21 Gross Gross Gross Exploration Corporate Finance & FX Income Tax FY22 Profit Loss Loss Costs & Expense Leonora Simberi Atlantic Royalties
Slide 19: Drivers of Atlantic revaluation
18 Drivers of Atlantic revaluation $159M Non-cash post tax asset impairment A$M 41 622 • Permitting Delays & Costs: Delays (59) to timelines of Beaver Dam, Fifteen (52) Mine Stream and Cochrane Hill 463 (57) assumed (32) 110 • Updated Resource Model: 30koz reduction to Touquoy Mineral Resource estim
Slide 20: Strong cashflow generated from two operations
19 Strong cashflow generated from two operations A$M 179 40 (81) (61) (22) (51) 59 $77M cash contributions from operations after (27) sustaining and growth capex (16) 133 (13) 99 (31) (10) Cash Leonora Simberi Atlantic Growth Exploration Corp Tax paid Net Dividends Invest- Other Debt Cash Jun 2021 O
Slide 21: Balance sheet
20 Balance sheet1 890 A$M Entitlement Offer 480 102 343 160 410 406 343 34 161 133 99 Cash (1) (84) Syndicated (139) (15) Debt Facility 2 (304) (24) Other Debt (64) (Net Debt) /Net Cash FY17 FY18 FY19 FY20 FY21 FY22 1. Debt excludes right-of-use assets lease liabilities 2. Net of capitalised borrowi
Slide 22: Leonora is central to regional consolidation
Leonora is central to regional consolidation
Slide 23: Leonora is central to regional consolidation
22 Leonora is central to regional consolidation Largest Mineral Resource and Ore Reserve in region1 Near term Mineral Resource and Ore Reserve growth Zoroastrian mine to commence production in Q1 FY24 Significant exploration potential in land holding Leonora Processing Plant expansion 1 – Refer to r
Slide 24: St Barbara's Leonora Province has a productive mill, region leading resource base
St Barbara’s Leonora Province has a productive mill, region leading 23 resource base and a long mine life Mineral Resources in the Leonora Province 16% 27% 27% 3% 2% 122Mt 7% 10.5Moz 52% 2% 9% 11% 11% 1% 5% 6% 17% 2% Gwalia Harbour Lights Aphrodite Underground Excelsior Old South Gwalia Tower Hill Z
Slide 25: Province Plan strategy unlocks value with Bardoc acquisition
24 Province Plan strategy unlocks value with Bardoc acquisition 2.1 Mtpa Expanded mill 0.7 0.7 capacity 1.4 Mtpa 0.3 0.3 Current 0.1 mill 0.15 capacity 0.1 1.1 1.1 1.1 0.9 0.7 FY21 FY22 FY23 FY24 Uplift22 Uplift FY26 Actuals Actual Outlook Gwalia underground Toll milling / Ore purchase Zoroastrian A
Slide 26: Zoroastrian first production six months ahead of original guidance
25 Zoroastrian first production six months ahead of original guidance Proposed decline Zoroastrian Underground Mineral Resource 1.6mt @ 4.0g/t Au On track for first production in Q1 FY24 • The first full year of production to contribute 30koz of gold from ~300kt at 3g/t Au Mineral Resources to suppl
Slide 27: Tower Hill grows Mineral Resource by 600koz
26 Tower Hill grows Mineral Resource by 600koz Plan view of Tower Hill deposit Long section view of Tower Hill deposit Change in Indicated and Inferred Mineral Resource Million Tonnes Grade Million Ounces (g/t) Previous Tower Hill Underground (as at 30 June 2021) 5.1 3.8 0.6 Current Tower Hill Open
Slide 28: Old South Gwalia adds 218koz of gold resource
27 Old South Gwalia adds 218koz of gold resource Old South Gwalia Mineral Resource 1.9mt @ 3.7g/t Au Old South Gwalia has the potential to become a new, shallower mining front at Gwalia Further near term Ore Reserve and Mineral Resource growth to come • Updated resource estimate in progress for area
Slide 29: Exploring for high grade deposits in the Leonora Province
28 Exploring for high grade deposits in the Leonora Province • 475km2 of prospective ground in the Leonora Province • Landholding increased by ~70% since the acquisition of Bardoc • ~$12M of exploration expenditure to be deployed to Leonora and Bardoc regions • Up to 22,000m of drilling planned for
Slide 30: Low cost plant expansion from 1.4mtpa to 2.1mtpa
29 Low cost plant expansion from 1.4mtpa to 2.1mtpa Proposed expansion layout Low capital cost debottlenecking opportunity • 50% capacity expansion for modest investment N • Additional ball mill and CIL tank to debottleneck • Feasibility study completion expected in Q3 FY23 Additional • Expansion to
Slide 31: Significant Mineral Resource life underpins organic growth options
30 Significant Mineral Resource life underpins organic growth options Mineral Resources Mineral Resource grade Milling capacity in region (Mtpa) in region (Mt) in region (g/t Au) Resource Life (years) St Barbara 1.4 (Leonora Process Plant) 122 2.7 87 Regis 7.0 (Rosemont & Garden Well) 169 1.0 24 Red
Slide 32: High grade Ore Reserves with long life
31 High grade Ore Reserves with long life Ore Reserve grade Milling capacity in province (Mtpa) Ore Reserve in province (Mt) in province (g/t Au) Reserve Life (years) Red5 5.5 (King of the Hills & Darlot) 67 1.2 12 St Barbara 1.4 (Leonora Process Plant) 16 4.8 12 10.0 (Thunderbox, Northern Star Caro
Slide 33: Delivering on strategy
32 Delivering on strategy Strong result to finish year Leonora Province Plan delivering Leonora central to regional consolidation Permitting progressing at Atlantic Simberi recovered
Slide 34: StBarbara
StBarbara
Slide 35: Supplementary slides
Supplementary slides
Slide 36: FY23 Guidance
35 FY23 Guidance Operation Production AISC Capex (koz) (A$/oz) ($AM) Sustaining Growth Atlantic Operations 40 – 50 1,950 – 2,2501 5 – 10 20 – 30 Leonora Operations 170 – 185 1,900 – 2,100 65 – 75 70 – 80 Simberi Operations 70 – 80 2,200 – 2,4002 5 – 10 5 – 10 Consolidated 280 – 315 2,050 – 2,150 75
Slide 37: Exploration Results; Mineral Resources and Ore Reserves reporting
36 Exploration Results The information in this presentation that relates to Exploration Results is based on information compiled by Dr Roger Mustard, who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Mustard is a full-time employee of St Barbara and has sufficient experience
Slide 38: Non-IFRS Measures
37 Non-IFRS Measures 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 assist management, inv
Slide 39: Investor Relations enquiries
Investor Relations enquiries Chris Maitland Kasun Liyanaarachchi Head of Investor Relations Manager - Investor Relations T: +61 3 8660 1914 T: +61 8 9380 7854 M: +61 477 120 070 M: +61 499 538 252 E: chris.maitland@stbarbara.com.au E: kasun.liyanaarachchi@stbarbara.com.au E: info@stbarbara.com.au Sc
Slide 40: StBarbara
StBarbara