St. Barbara Ltd. · ASX:SBM
St. Barbara — FY2022 Earnings Presentation
39 slides from St. Barbara's earnings presentation, Aug 31, 2022
Slide 1: Briefing Book
+4 StBarbara Briefing Book
Slide 2: 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 3: A growing gold company with a global outlook
3 A growing gold company with a global outlook Three operations with pathway to greater than 10 years of operating life GOLD ORE RESERVES Atlantic 26% Leonora 41% 6.2 Moz 34% Simberi GOLD MINERAL RESOURCES Atlantic 12% Simberi 25% 16.7 Moz 63% Leonora
Slide 4: Our sustainability framework underpins our business
4 Our sustainability framework underpins our business
Slide 5: We are taking action across our sustainability commitments
5 We are taking action across our sustainability commitments Target is Zero Harm We are the only mining Delivering on action plan Carbon neutral by 2050 Growing our business company to be a WGEA2 to address risks of and by 2025 at Atlantic sustainably, where it makes TRIFR1 - 3.4 in FY22 Employer of
Slide 6: Safety always
6 Safety always TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)1 5.0 3.9 Safety 3.6 3.0 3.4 Always 2.7 2.8 2.1 Zero harm is always our target. Zero harm to all people as we responsibly operate our assets to their full potential. This focus FY18 FY19 FY20 FY21 Q1 Q2 Q3 Q4 on safety guides FY22 FY22 FY
Slide 7: 2022 Bloomberg Gender Equality Index (GEI) Inclusion
2022 Bloomberg Gender Equality 7 Index (GEI) Inclusion “Inclusion in the GEI matters to us because it brings transparency to gender-related practices and policies at publicly listed companies thereby increasing the breadth of environmental, social and governance data available to investors. We are p
Slide 8: Sustainability – Plan to reduce carbon intensity
8 Sustainability – Plan1 to reduce carbon intensity 2023 Leonora & 1.2 2024 Install Leonora Atlantic Leonora Solar Renewables electric LVs SBM projected carbon intensity Operational New 1.0 technologies Haulage Tonnes CO2 / Au oz 0.8 electrification, hydrogen, batteries 0.6 2030 Target 0.4 0.45 CO2t
Slide 9: St Barbara’s three uplifts progressing as planned
9 St Barbara’s three uplifts progressing as planned Uplift 2: Uplift 3: Uplift 1: Execute brownfield Grow through acquisitions Deliver Building Brilliance in operations and extend mine life expansion projects and exploration Our Operate safely and Empower our Operate our assets Disciplined project D
Slide 10: Leonora Operations
10 Leonora Operations AISC FY23 Guidance ($/oz) 1,744 1,717 Leonora 1,485 • Production of between 170 to Operations 1,027 802 185koz PRODUCTION • AISC of $1,900 to $2,100/oz (koz) • Sustaining capex of $65 to $75M 268 220 • Growth capex of $70 to $80M 171 153 191 FY18 FY19 FY20 FY21 FY22 Ore Reserve
Slide 11: Managing grade decline through improved productivity
11 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 12: Turning around operational performance at Gwalia
12 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 • Mov
Slide 13: Leonora is central to regional consolidation
13 Leonora is central to regional consolidation • Largest Mineral Resource of 10.5 million ounces and Ore Reserve of 2.5 million ounces1 • Near term Mineral Resource and Ore Reserve growth • New Zoroastrian mine on track to commence production in Q1 FY24 • Significant exploration potential with a la
Slide 14: Leonora Province has a productive mill, region leading resource base and long mine life
St Barbara’s Leonora Province has a productive mill, region leading 14 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 15: Old South Gwalia adds 218koz of resource
15 Old South Gwalia adds 218koz of resource Old South Gwalia Mineral Resource 1.9mt @ 3.7g/t 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 above O
Slide 16: Tower Hill grows Mineral Resource by 600koz
16 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 17: Creating a unique processing hub
17 Creating a unique processing hub Increasing processing capacity to 2.1Mtpa and adding refractory capability N Free Milling Refractory ROM Pad ROM Pad Additional 3-stage CIL Tank Crushing New Ball Refractory Tails (~95% Ore Flotation Tailings Mill Ball Milling mass flow) Storage 2.1 Mtpa Facility
Slide 18: Acquisition of Bardoc Gold complete
Railway from Bardoc Acquisition of Bardoc Gold complete tenements to Leonora Bardoc tenement overview • 3.0Moz Mineral Resources & 0.4Moz Ore Reserves • Large contiguous tenement package located ~180km south of Leonora by rail • Aphrodite and Zoroastrian higher grade deposits ready for development •
Slide 19: Two new underground mines ready to be developed
19 Two new underground mines ready to be developed Zoroastrian underground mine Aphrodite underground mine Total Mineral Resources 1.6Mt @ 4.0 g/t Au 6.7Mt @ 3.6 g/t Au Capital cost to develop1 Estimated A$15M Estimated A$30M Ore type Free-mill Refractory Mining method Longhole open stoping Longhole
Slide 20: Zoroastrian and Aphrodite to fill the mill
20 Zoroastrian and Aphrodite to fill the mill 2.1 Mtpa Expanded 0.7 0.7 mill capacity The rapid integration of the Bardoc assets into the 1.4 Mtpa Leonora portfolio is on track 0.3 0.3 Current to be delivered earlier than 0.1 mill 0.15 first planned and will assist in capacity closing the feed gap i
Slide 21: Filling the Leonora processing plant
21 Filling the Leonora processing plant Ore mining Mine rate being Mineral Resources evaluated Mtpa Tonnes (Mt) Grade (g/t Au) Moz Au Gwalia Underground inc 1.1 27.1 5.7 5.0 Old South Gwalia Zoroastrian 0.3 - 0.51 1.6 4.0 0.2 Underground Aphrodite 0.9 - 1.01 6.7 3.6 0.8 Underground2 Harbour Lights2
Slide 22: Significant Mineral Resource life underpins organic growth options
22 Significant Mineral Resource life underpins organic growth options Mineral Resources Mineral Resource grade Milling capacity in region (Mtpa) in region (Mt) in region (g/t Au) Resource Life (years) St Barbara 1.4 (Leonora Process Plant) 122 2.7 87 Regis 7.0 (Rosemont & Garden Well) 169 1.0 24 Red
Slide 23: High grade Ore Reserves with long life
23 High grade Ore Reserves with long life Ore Reserve grade Milling capacity in province (Mtpa) Ore Reserve in province (Mt) in province (g/t Au) Reserve Life (years) Red5 5.5 (King of the Hills & Darlot) 67 1.2 12 St Barbara 1.4 (Leonora Process Plant) 16 4.8 12 10.0 (Thunderbox, Northern Star Caro
Slide 24: Simberi Operations
24 Simberi Operations Simberi Operations AISC FY23 Guidance ($/oz) 3,017 2,162 • Production of between 70 to 80koz 1,631 1,068 1,162 • AISC of $2,200 to $2,400/oz1 PRODUCTION (koz) • Sustaining capex of $5 to $10M • Growth capex of $5 to $10M 135 142 104 74 28 FY18 FY19 FY20 FY21 FY22 Ore Reserve 2.
Slide 25: Simberi under strategic review
25 Simberi under strategic review Sulphide Project remains attractive: Strategic review announced: • Enables >10 years of life • A number of parties have expressed interest in acquiring assets • Efficiently processes 29.3Mt of Sulphide Ore Resources and • Proceeds from potential sale to go towards o
Slide 26: Atlantic Operations
26 Atlantic Operations AISC FY23 Guidance ($/oz) 1,720 Atlantic 1,027 • Production of between 40 to 50koz Operations 927 • AISC of $1,950 to $2,250/oz1 PRODUCTION (koz) • Sustaining capex of $5 to $10M • Growth capex of $20 to $30M 102 101 61 FY20 FY21 FY22 Ore Reserve 1.6Moz A$ / t A$ / t Q4 FY22 C
Slide 27: Generating operating cash flow
27 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 28: Movement in underlying NPAT
28 Movement in underlying NPAT A$M 61 (82) 81 15 5 2 24 (51) (7) FY21 Gross Gross Gross Exploration Corporate Finance & FX Income Tax FY22 Profit Loss Loss Costs & Expense Leonora Simberi Atlantic Royalties
Slide 29: Strong cashflow generated from two operations
29 Strong cashflow generated from two operations A$M 179 40 (81) (61) (22) (51) 59 $77M cash contributions from operations after (27) sustaining and growth capex (16) 133 (13) 99 (31) (10) Cash Leonora Simberi Atlantic Growth Exploration Corp Tax paid Net Dividends Invest- Other Debt Cash Jun 2021 O
Slide 30: Balance sheet
30 Balance sheet1 890 A$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 31: Indicative operating cost breakdown by site
31 Indicative operating cost breakdown by site Leonora Simberi Atlantic Reagents Reagents Reagents Shipping 8% Others 2% Other 2% Other 4% Contractors Contractors 10% 9% 2% 15% 25% Materials 12% Materials Contractors 28% Energy Materials 38% 15% 16% Energy Labour 12% 15% Equipment Hire 12% Equipment
Slide 32: Consolidated production, costs and guidance summary
32 Consolidated production, costs and guidance summary Production Summary Q4 Jun Year Q1 Sep Q2 Dec Q3 Mar Q4 Jun Year Guidance Guidance Consolidated FY21 FY21 FY22 FY22 FY22 FY22 FY22 FY22 FY23 St Barbara’s financial year is Qtr to Year to Qtr to Qtr to Qtr to Qtr to Year to Year to Year to 1 July
Slide 33: Hedging summary as at 31 August 2022
33 Hedging summary as at 31 August 2022 Financial Volume Price Type Delivery Delivery Year Ounces $/oz schedule Sept 22 to Dec 22 17,866 C$2,050 European call options Apr 2022 to Dec 2022 Monthly
Slide 34: Ore Reserves Summary at 31 December 2021
Ore Reserves Summary at 31 December 2021 Proved Probable Total Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Region Project ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) Gwalia, (WA) 1,543 7.3 361 11,318 4.8 1,761 12,862 5.1 2,121 Australia Aphrodite, (WA) 2,782 3.6 322 2,78
Slide 35: Mineral Resources Summary
Mineral Resources Summary Measured Indicated Inferred Total Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Region Project ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) Gwalia Deeps 3,776 5.8 704 18,946 5.7 3,492 2,485 6.8 540 25,206 5.8
Slide 36: Competent persons statement
36 Competent persons statement 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 a
Slide 37: 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 38: 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 39: StBarbara
StBarbara