St. Barbara Ltd. · ASX:SBM
St. Barbara — Investor Presentation (May 2026)
33 slides from St. Barbara's investor presentation, May 26, 2026
Slide 1: UK / Europe Investor presentation
UK / Europe Investor presentation May 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: Corporate Summary
4 Corporate Summary Capital Structure Shareholders4 Institutional (59%) Shares on issue (ASX: SBM) 1,209.8M Retail (33%) Performance rights 88.0M Other (9%) Share price1 A$0.58 Market capitalisation1 A$702M Unrestricted cash2 A$453M Restricted cash for Atlantic bond3 A$83M Broker Coverage Debt Nil H
Slide 5: Attractive Portfolio of Advanced Gold Projects
5 Attractive Portfolio of Advanced Gold Projects Project Studies based solely on Proven and Probable Ore Reserves New Simberi Gold Project, Papua New Guinea (SBM – 40% ownership) Current remnant oxide operation generating positive cash flow Simberi Operations Feasibility Study results confirmed
Slide 6: Organisation Chart for St Barbara Corporate
6 Organisation Chart for St Barbara Corporate Andrew Strelein Sara Prendergast Phil Stephenson Brett Ascott Kylie Panckhurst Roger Mustard David Cotterell Managing Director & CEO Chief Financial Officer Operations Advisor EGM Projects & General Counsel & EGM Exploration GM Business Development & Tec
Slide 7: Positive Performance After Execution of Key Milestones Over the LTM
7 Positive Performance After Execution of Key Milestones Over the LTM St Barbara has outperformed the gold price over the last 12 months (LTM) Share price performance (A$/sh) vs AUD gold price (rebased to SBM share price) St Barbara (A$/sh) Gold price rebased to SBM (A$) 24 December 2025 Lingbao dep
Slide 8: Investment Proposition – Recent and Upcoming Milestones
8 Investment Proposition – Recent and Upcoming Milestones New Simberi Gold Project Nova Scotia Projects Touquoy Restart PFS completed De-risked regulatory milestones Ore Reserves updated Exploration pipeline bolstered Operating cash flow from the Touquoy Mining Lease renewal granted in Ore Reserve e
Slide 9: Attributable Gold Production Outlook for St Barbara
9 Attributable Gold Production Outlook for St Barbara St Barbara is targeting significant production growth over the next few years New Simberi Nova Scotia AISC (US$/oz) 250 2,000 Over 200% increase in 209 production in the next four 202 193 200 191 1,600 years All-in Sustaining Costs (US$/oz) Attri
Slide 10: Highly Attractive Attributable Gold Production CAGR
10 Highly Attractive Attributable Gold Production CAGR Production CAGR of select ASX gold companies (FY25-FY29) 70% CAGR jumps to 59% with inclusion of 15-Mile in FY30 60% 59% 50% 40% CAGR (FY25-FY29) 30% 43% 20% 38% 26% 25% 10% 16% 16% 15% 9% 6% -% Emerald Alkane St Barbara Kingsgate Ora Banda Cata
Slide 11: St Barbara’s Relative Value Proposition
11 St Barbara’s Relative Value Proposition Select ASX gold companies: EV / Reserve vs Enterprise Value 4,000 3,500 Bubble size = ore reserves 3,000 West African Enterprise Value ($Am) A$1,000/oz 2,500 Bellevue 2,000 Ora Banda A$4,131/oz Kingsgate 1,500 A$500/oz Emerald Catalyst A4,763/oz 1,000 Panto
Slide 12: St Barbara’s Ore Reserves Undervalued Versus Select ASX Gold Peers
12 St Barbara’s Ore Reserves Undervalued Versus Select ASX Gold Peers EV / Reserve (A$/oz, Au-eq) 4,763 4,131 3,000 1,997 1,601 Average: A$1,491/oz 1,122 2,000 724 589 538 470 384 1,000 NA 77 - Emerald Santana Turaco Rox Kingsgate St Barbara Ora Banda Pantoro Black Cat Bellevue Catalyst West African
Slide 13: New Simberi Gold Project, Papua New Guinea
New Simberi Gold Project, Papua New Guinea
Slide 14: New Simberi Gold Project update
14 New Simberi Gold Project update Brownfield expansion to deliver significant near-term production uplift over a 14-year mine life Project status Recent milestones and upcoming catalysts • New Simberi Gold Project is Mining Lease extension approved transitioning from processing remnant oxides to a
Slide 15: New Simberi Gold Project management team and key personnel
15 New Simberi Gold Project management team and key personnel Simberi Operations Group has a strong management team with extensive PNG experience Huan Cai Randy McMahon Shane Kay Andrew Lawry Clayton Sinclair Paul Botman Managing Director & CEO Executive General Manager CFO Project Director – Simber
Slide 16: New Simberi Gold Project Expands Existing Infrastructure
16 New Simberi Gold Project Expands Existing Infrastructure
Slide 17: New Simberi Gold Project Highlights and Key Metrics
17 New Simberi Gold Project Highlights and Key Metrics New Simberi Gold Project production vs AISC (100% basis)1, 2 Growth Capital (US$m) (40% basis) 2 90 300 2,800 256 2,400 250 239 225 215 All-in Sustaining Costs (US$/oz) 202 2,000 200 200 195 Gold Production (koz) 1,600 150 141 128 119 1,200 103
Slide 18: New Simberi Gold Project Timeline
18 New Simberi Gold Project Timeline FID announced H2 FY26 with first ore production expected H2 FY28 FY 2026 FY 2027 FY 2028 December June December June December June Feasibility Study Update (complete) Mining Lease Renewal (complete) Final Investment Decision (complete) CEPA Conditions Early
Slide 19: Nova Scotia Projects, Canada
Nova Scotia Projects, Canada
Slide 20: Overview of Nova Scotia Projects
20 Overview of Nova Scotia Projects Integrated Operation with 15-Mile Processing Hub Project Nova Scotia Projects comprise: Touquoy Restart: 1 • Produces gold from the processing of existing stockpiles through the existing Touquoy processing plant 15-Mile: 2 • Four simple low strip ratio open pits (
Slide 21: Nova Scotia Projects Status and Upcoming Milestones
21 Nova Scotia Projects Status and Upcoming Milestones Offer near-term upside through the Touquoy Restart and development of 15-Mile Processing Hub Recent milestones and upcoming catalysts Touquoy Restart Pre-Feasibility Study completed 38koz gold production over a 13-month operation Pre-tax N
Slide 22: Atlantic management team and key personnel
22 Atlantic management team and key personnel Atlantic has a strong management team, with key personnel having years of experience in the region Andrew AndrewTaylor TaylorP.P.Eng Eng Craig Hudson P. Eng Dustin O'Leary Jennifer Adshade Melissa Nicholson Adam Guignard VP VPOperations Operations Genera
Slide 23: Touquoy Restart Project Overview
23 Touquoy Restart Project Overview Novia Scotia Projects 1 Project Details Key Project Metrics Processing life 1.1 years • Touquoy Restart Study results1 outlined a near-term, low capital and low-cost restart Total Mill Feed Tonnes 3.0 Mt ‒ Initial capital of C$11.4m ‒ Estimated gold production of
Slide 24: 15-Mile Processing Hub Project Overview
24 15-Mile Processing Hub Project Overview Novia Scotia Projects 2 3 4 Project Details1 Key Metrics • 15-Mile Processing Hub Project Pre-Feasibility Study completed in Total waste mined 114.5 Mt December 2025 confirmed project with production over 100kozpa Average Strip Ratio 3.4 w:o across an 11+ y
Slide 25: Nova Scotia Projects – Touquoy Restart and 15-Mile Hub
25 Nova Scotia Projects – Touquoy Restart and 15-Mile Hub Nova Scotia Projects Production vs AISC 1 Growth Capital (US$m) 1 120 2,000 113 112 201 105 106 107 107 102 102 100 98 96 1,600 87 All-in Sustaining Cost (US$/oz) 80 Gold Production (koz) 1,200 60 90 800 39 40 50 400 20 19 19 6 - - - -- 0 FY2
Slide 26: Nova Scotia Projects Timeline
26 Nova Scotia Projects Timeline 15-Mile Processing Hub FID targeted by end of FY27, with production expected to commence in FY30 FY26 FY27 FY28 FY29 FY30 15-Mile Processing Hub Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Environmental Impact Assessment1 Feasibility Study Final Investment Decision Indus
Slide 27: Nova Scotia Projects – Exploration Pipeline
27 Nova Scotia Projects – Exploration Pipeline Exploration targets1 • Multiple tenements acquired since 1 July 2024 within 75 kilometres of the proposed 15-Mile Processing Hub Project. • 41 exploration targets have been identified comprising: ‒ 15 Stage A targets (conceptual); ‒ 21 Stage B1 targets
Slide 28: Appendix
Appendix
Slide 29: Gold Company References: Resources and Reserves
29 Gold Company References: Resources and Reserves ASX Market Mineral Resources Ore Reserves EV/ EV/ Company Net Cash EV Source Date Code Cap (Au-Eq) (Au-Eq) Resource Reserve A$m A$m A$m Moz g/t Moz g/t A$/oz A$/oz 18 May Ora Banda OBM 2,525 232 2,293 3.6 2.0 0.6 2.2 ASX Announcement 642 4,131 2026
Slide 30: Gold Company References: Production
30 Gold Company References: Production Company ASX Code FY25A FY26E FY27E FY28E FY29E Emerald EMR-AU 98 102 127 249 353 West African WAF-AU 301 371 469 532 560 Bellevue BGL-AU 126 141 170 180 178 Alkane ALK-AU 70 163 169 173 175 Ora Banda OBM-AU 91 135 137 178 289 Catalyst CYL-AU 108 101 134 176 180
Slide 31: New Simberi Gold Project – Ownership Structure
31 New Simberi Gold Project – Ownership Structure Tabar Islands Atlantic Mining NS 15 Mile Minerals & Holdings Pty Ltd Inc. Renewables Ltd Simberi Gold TIG Exploration Ltd Company Limited New Simberi Gold TIG Exploration JV Project JV
Slide 32: Contact Information
32 Contact Information INVESTOR RELATIONS MEDIA RELATIONS David Cotterell Sodali & Co. General Manager Business Development & Investor Relations Paul Ryan / Russell Quinn T: +61 3 8660 1959 M: +61 409 296 511 M: +61 447 644 648 M: +61 403 322 097 E: info@stbarbara.com.au
Slide 33: StBarbara
ie StBarbara