St. Barbara Ltd. · ASX:SBM
St. Barbara — Investor Presentation (April 2005)
52 slides from St. Barbara's investor presentation, Apr 28, 2005
Slide 1: The Outlook for St Barbara April 2005
Slide 2: Continue to expand the landbank and explore for major deposits
® Continue to expand the landbank and explore for major mineral deposits of gold, nickel & copper in Australia — Consider strategic acquisitions with potential for the discovery of major mineral deposits capable of sustainable production ® Create corporate growth and shareholder wealth, through expl
Slide 3: Australian exploration focus
Slide 4: Consolidated landbank
Slide 5: Acquisition includes resources, reserves and landbank
Includes: > Resources 7.6Moz > Reserves 560koz > Landbank 10,000km2 > Southern Cross and South Laverton operations
Slide 6: Cash payment and control of operations assumed
® Cash payment of $2M - 28 March 2005 ® Control of operations assumed - 28 March 2005 ® Forecast gold production 150koz @ cash cost of A$450/o0z to Dec 2005
Slide 7: Environmental bonds and bank guarantees
@ Total - $35.7M Reductions possible by e Rehabilitation e Transfer of assets e Sale of tenements and associated bonds W Target - reduction of bank guarantees of $12M by Dec 05
Slide 8: RCF III facility
@ RCF Ill Facility e« $7Mcash to be converted to shares @ 7¢ per share (subject to shareholder approval) e $33M line of credit to support performance bonds e Royalty at 1.5% on future gold production, can be reduced to 1% e 0.5% for bank guarantees
Slide 9: Benefits of the acquisition
® Purchased cashflow which in turn will fund immediate exploration B 4 strategic processing plants and associated infrastructure which would cost approximately $250M to replace ® The opportunity to re-establish annual production of 250,0000zs by September 2007
Slide 10: Leonora Region
Leonora Region Southern Cross Operations South Laverton Operations Meekatharra Region
Slide 11: Leonora Region
Slide 12: Tarmoola overview
EE SSG SECTS a ® Historic production 5.65Moz ® Mineral resources 4.8Moz ® Open Pit reserves 0.2Moz © 3.5Mtpa plant
Slide 13: wraaaug
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Slide 14: aS S
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Slide 15: Tarmoola Open Pit with Granite
Slide 16: Granite mineral resource
Granite Mineral resource of 56Mt @ 1.2¢/t for 2.2Moz 4.0 - 2.5g/t Au (0.6g.t cut off) >2.5g/t Au
Slide 17: Current pit outline and historic workings
Current pit outline N a A it soy 20 eos. , . . Historic yt Workings 1.6Moz including satellite deposits (29Mt @ 1.85g/t)
Slide 18: Historic workings
i é Historic Workings , 400m
Slide 19: Historic workings, pit outline plus 50m
Historic Workings Pit outline +50m
Slide 20: Gravity low indicates granite
Gravity low (in blue) indicates granite Pit located on steep gravity gradient Gravity confirms testing of western flank Also suggests potential immediately to north
Slide 21: Gwalia mining history
UG mining to 1073mBS Open Pit to 280mBS SGW UG to 375mBS 1896 1963 1983 1999 1999 2003 7.3 12.5 1.1 11.4 3.3 4.1 2.60 1.30 0.15
Slide 22: Decline to 375m
Decline to 375m ' Base of historic underground mining 1,073m Resource: Intermediate 8.3Mt @ 4.0g/t fo} Deeps 6.6Mt @ 8.4g/t for 1.8M Generate cash from intermediates as decline progresses ® Deeps production thru decline later by raised bore shaft eo Mipa plant
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Slide 24: Southern Cross Operations overview
® Historic Production 5.1Moz ~" | ® 2.1Moz Resources v & 0.5Moz Reserves Se © 2.5Mtpa Plant
Slide 25: Lodes open at depth
' Lodes are open at depth Areas between lodes are sparsely drilled » Infill drilling will improve shoot definition ' Resources to be reviewed
Slide 26: Yilgarn Star
Yilgarn Star Open Cut & Underground 6Mt@4.6g/t Au (1.14Moz) Mined a 6m@5.4g/t Au 10m@31 5q/t Au Premier Deeps Resource 15m@13.92g/t Au 385kt@6.6g/t Au (80 0000z)
Slide 27: Drilling from surface to test down plunge
& Drilling from surface to test down plunge & Potential to increase ounces per vertical metre ® Currently on care and maintenance decline to 465m depth
Slide 28: Marvel Loch shear zone
© Historic production - 1.8Moz ® Convergence of structures tp Mining only to depth of 100m (except ‘ ' | Frasers, Golden Pig FRASERS - MARVEL LOCH we and Transvaal) SHEAR ZONE ‘ Asli : Re-evaluation of all ik data in progress
Slide 29: South Laverton Operations
Slide 30: Cc N
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Slide 31: Airborne magnetic map: Red October and Sunrise Dam
Airborne magnetic map showing similarities between Red October and Sunrise Dam enviros
Slide 32: Patriot and Catalina prospects
Patriot ® Gold associated with granite Catalina & Similarity to geometry at Sunrise Dam E Some drilling ineffective SGW 80% ownership © Prospect Lake take Pending Tenement (oresang Tesement Live Tenement Tote Teremest > Dighan 5 OLsgtar D Ost ngtar @ >ingtan
Slide 33: What's happened since 28th March?
-What’s happene -. since 28¢ March?
Slide 34: Produced 24,500oz of gold in first weeks
Produced 24,500o0zs of gold in first 4 weeks from Southern Cross and South Laverton Re-engaged important contractors and suppliers Commenced comprehensive review of environmental performance bonds Commenced planning for drilling to start at some or all of Gwalia Deeps, Tarmoola, Yilgarn Star and Mar
Slide 35: Integrate staff and maximise cashflow
& Integrate selected technical and operational ex-SGW staff — Maximise cashflow from operations - 150,0000zs @ $450/oz over next 9 months ® Divest surplus assets for cash ® Reduce bank guarantees & environmental performance bonds ... & Commence drilling to re-establish reserves
Slide 36: Strategy
Strategy E TYarmoola - drill granite and overlying ultramafic rocks along western and northern flanks of pit BE Gwalia - commence early deep infill drilling from the surface
Slide 37: Planned timetable
Planned timetable ® Drilling at Tarmoola & Gwalia to commence June/July 2005 & Feasibility studies completed by Dec 2006 ® Tarmoola plant upgrade to 5Mt by June 2007 © Production from Gwalia Intermediates and Tarmoola open pit __& Indicative annual production - 250,000o0zs | at cash cost ~$415/oz
Slide 38: Tarmoola/Gwalia Deeps scoping studies
® Tarmoola/Gwalia Deeps scoping studies during due diligence incorporated substantial expected cost increases ® Capital base, infrastructure, tailings dams, water and accommodation already in place
Slide 39: Optimise cashflow from production
Optimise cashflow from production Marvel Loch North underground drilling to increase reserves Yilgarn Star surface drilling to test down plunge of high grade mineralisation Southern Cross Camp data re-evaluation Assess nickel sulphide potential
Slide 40: Red October and Jubilee Well plans
® Optimise cashflows prior to suspension of operations scheduled 30 June 2005 Red October & Jubilee Well ®& Evaluate all past data by September 2005 & Commence strategic drilling during December 2005 quarter ® Divestment
Slide 41: Meekatharra Exploration & Development
Slide 42: Historical production and resources
® Historical Production - 4.9Moz ® Resources e 1.59Moz Resources (100% owned) e Reserves target of 600,0000zs
Slide 43: Future annual production target
® Future Annual Production Target e Commencing approximately June 2006 quarter e Production of 140,0000zs per annum initially for 4 years ® Development Capital Estimate - $25M
Slide 44: Proposed spending
Proposed spending: @ S4M by August 2005 to earn 51% interest BE an additional $4M by March 2008 to earna total of 70%
Slide 45: Rand prospect down-plunge drilling
& Delineating down-plunge | of bonanza shoot mined in North Rand pit & Shoot plunging at 50° to south for at least 400m & None of Rand was mae effectively drill tested thee below 200m prior to 2005 ee, Rand Prospect Section 11560N i SY Reaseeissba Mian Latiistn ae
Slide 46: Strategy
Strategy E 16 high ranking nickel sulphide targets identified E Acquired 3,900km of land at Wallal and Scorpion
Slide 47: Corporate
Slide 48: Board and management
Colin Wise: Non-executive Chairman legal counsel / corporate governance Eduard Eshuys: Managing Director & CEO geologist Hank Tuten: Non-executive Director investment banker Mark Wheatley: Non-executive Director engineer / corporate development
Slide 49: Major shareholder and capital structure
& Major Shareholder Resource Capital Fund II LP 177.9M shares totalling 31.4% of St Barbara shares & Issued Capital 566M New capital to be issued ~100M Options - unlisted & employee 97M ® Fully Diluted 763M
Slide 50: Landbank, resources, reserves and workforce
Landbank of - 15,500km2 Mineral resources - 9.4Moz Current reserves - 560koz Skilled workforce - 200 people Immediate gold production of 150,0000zs next 9 months
Slide 51: Cashflow to fund exploration and production opportunity
& Cashflow from operations and sale of assets to fund immediate exploration ® The opportunity to establish gold production 400,0000zs per annum from Meekatharra and Leonora by September 2007 quarter — The opportunity to discover substantial deposits of gold, copper and nickel
Slide 52: Thank you