St. Barbara Ltd. · ASX:SBM
St. Barbara — H1 2008 Earnings Presentation
16 slides from St. Barbara's earnings presentation, February 2008
Slide 1: 2007 Half Year Results
2007 Half Year Results February 2008
Slide 2: Summary
2 Summary Gold production of 83koz in line with forecast Achieved gold price of A$837/oz EBITDA from Southern Cross Operations of A$27.1m, in line with previous corresponding period Significant drilling at Tower Hill with resource of 1.4Moz Exploration expenditure at Tower Hill of A$7.7m Cash at Ban
Slide 3: Production Performance
3 Production Performance Half year ended 31 December 2007 2006 Open Pit Ore Mined t 1,049,000 534,000 Grade g/t 1.9 3.3 Underground Ore Mined t 372,000 255,000 Grade g/t 3.9 3.8 Ore Milled t 1,162,000 1,089,000 Grade g/t 2.5 2.8 Recovery % 89 92 Gold Production oz 82,880 89,558 Cash Operating Cost A
Slide 4: Cash Operating Costs
4 Cash Operating Costs Half year ended 31 December 2007 2006 A$/oz A$/oz Mining 374 340 Processing 211 179 Site Services 26 20 Royalties 22 21 Cash Operating Costs 633 560 Cost of Sales Adjustments (118) (87) Total Cash Operating Costs 515 473
Slide 5: Underlying Result
5 Underlying Result Half year ended 31 December 2007 2006 A$’000 A$’000 Sales revenue 70,442 69,174 Reported Net loss After Tax (9,272) (575) Significant items after tax: Unrealised gain on gold price options 8,303 2,244 Realised gain/(loss) on gold price options (1,411) 1,328 Gain on the sale of as
Slide 6: Net Underlying Loss After Tax
6 Net Underlying Loss After Tax Net Underlying Loss After Tax - H1 2006 v H1 2007 0 (1,000) 447 (2,000) (1,356) (3,000) A$'000 (4,000) (5,000) (3,106) (5,620) 4,719 (6,000) (1,591) (83) (6,590) (7,000) (8,000) H1 2006 Gold price Other revenue Volume Production Net interest Other H1 2007 costs
Slide 7: Cash Flow
7 Cash Flow Cash Flow - H1 2007 125,000 95,665 114,921 7,167 (14,125) 100,000 95,484 (48,723) 75,000 A$'000 50,000 (12,535) (6,315) (1,697) 25,000 0 30 Jun 2007 Operating cash PPE Mine Exploration Put options Other Share issue 31 Dec 2007 flows development
Slide 8: Exploration expenditure
8 Exploration expenditure H1 2006 H1 2007 Exploration expenditure Exploration expenditure by region by region Golden Mile South 4% Base Metals 3% Southern Cross Base Metals Southern Cross 13% 6% 23% Green Fields 3% Green Fields 1% Leonora Leonora 66% 81%
Slide 9: Capital Expenditure
9 Capital Expenditure A$ million Southern Gwalia Other Total Cross PP&E 3.8 10.2 0.1 14.1 Development 22.4 26.3 - 48.7 Total 26.2 36.5 0.1 62.8
Slide 10: Gwalia Development
10 Gwalia Development Expenditure to December A$ million 2007 Decline Development 14.5 Vertical Development 5.1 Diamond drilling, mine services and administration 5.3 Process plant 6.6 Mining 0.9 Power 0.8 Village 0.8 Other services / infrastructure 2.5 Total 36.5
Slide 11: Going forward
11 Going forward
Slide 12: Gwalia Hoover Decline at 975m
12 Gwalia Hoover Decline at 975m Development on schedule to reach top of reserves in March 2008 Capex on budget Underground stress as modelled Initial production rate of 100,000oz per annum on target Pre-production capex A$150m
Slide 13: Forecast Production Target: Production (Koz)
13 Forecast Production 450 400 350 Target: Production (Koz) 300 Rate of 250 450koz pa in 200 Dec’08 Quarter* 150 171koz 170-175koz* 166koz 100 50 0 Jun-06 Jun-07 Jun-08 Jun-09 *Company forecast
Slide 14: St Barbara's target for 2010
14 St Barbara’s target for 2010 Increase production to 1Moz per annum • Expand Southern Cross and Leonora production to 600koz per annum • Additional growth through potential development of Tarmoola and landbank discoveries • Acquisitions and joint ventures Increase reserves to 10Moz
Slide 15: St Barbara beyond 2010
15 St Barbara beyond 2010 Aggressive exploration to continue at the under explored Southern Cross and Leonora areas Commence exploration of Big Gold Study targets post 2010 using cashflow Big Gold Study is searching for gold provinces Marvel Loch known reserves to 2012 Gwalia known reserves to 2017
Slide 16: Disclaimer
16 Disclaimer This presentation includes certain statements, estimates and projections with respect to the future performance of St Barbara. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may prove to not be correct. The proje