St. Barbara Ltd. · ASX:SBM
St. Barbara — Investor Presentation (April 2026)
32 slides from St. Barbara's investor presentation, Apr 30, 2026
Slide 1: Investor Presentation
Investor Presentation April 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 – JORC Code
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 Retail (33%) Shares on issue (ASX: SBM) 1,209.8M Institutional (59%) Performance rights 88.0M Other (9%) Share price1 A$0.66 Market capitalisation1 A$792M Unrestricted cash and bullion2 A$64M Cash proceeds from Simberi transaction A$389M Broker Cov
Slide 5: Attractive Portfolio of Advanced Gold Projects
5 Attractive Portfolio of Advanced Gold Projects Project Studies based solely on Proven and Probable Ore Reserves New Simberi Gold Project, Papua New Guinea (SBM – 40% ownership) Current remnant oxide operation generating positive cash flow Simberi Operations Feasibility Study results confirmed
Slide 6: Organisation Chart for St Barbara Corporate
6 Organisation Chart for St Barbara Corporate Andrew Strelein Sara Prendergast Brett Ascott Kylie Panckhurst David Cotterell Managing Director & CEO Chief Financial Officer EGM Projects & General Counsel & GM Business Development & Technical Support Company Secretary Investor Relations Managing Dire
Slide 7: Positive Performance After Execution of Key Milestones Over the LTM
7 Positive Performance After Execution of Key Milestones Over the LTM St Barbara has outperformed the gold price over the last 12 months (LTM) Share price performance (A$/sh) vs AUD gold price (rebased to SBM share price) St Barbara (A$/sh) Gold price rebased to SBM (A$) 10 December 2025 2 April 202
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 4,500 4,000 Bubble size = ore reserves 3,500 West African 3,000 Enterprise Value ($Am) A$1,000/oz 2,500 Bellevue Ora Banda A$11,063/oz 2,000 Kingsgate 1,500 Catalyst Emerald A$500/oz Pantoro A$5,40
Slide 12: St Barbara’s Ore Reserves Undervalued Versus Select ASX Gold Peers
12 St Barbara’s Ore Reserves Undervalued Versus Select ASX Gold Peers EV / Reserve (A$/oz, Au-eq) 12,571 5,631 2,328 3,000 1,833 1,473 2,000 Average: A$872/oz 908 599 552 492 456 1,000 112 NA - Emerald Santana Turaco Rox Kingsgate St Barbara Ora Banda Pantoro Black Cat Bellevue Catalyst West African
Slide 13: New Simberi Gold Project, Papua New Guinea
New Simberi Gold Project, Papua New Guinea
Slide 14: New Simberi Gold Project update
14 New Simberi Gold Project update Brownfield expansion to deliver significant near-term production uplift over a 14-year mine life Project status Recent milestones and upcoming catalysts • New Simberi Gold Project is Mining Lease extension approved transitioning from processing remnant oxides to a
Slide 15: New Simberi Gold Project management team and key personnel
DRAFT New Simberi Gold Project management team and key personnel Simberi Operations Group has a strong management team with extensive PNG experience Huan Cai Randy McMahon Shane Kay Andrew Lawry Clayton Sinclair Paul Botman Managing Director & CEO Executive General Manager CFO Project Director – Sim
Slide 16: New Simberi Gold Project Expands Existing Infrastructure
16 New Simberi Gold Project Expands Existing Infrastructure
Slide 17: New Simberi Gold Project Highlights and Key Metrics
17 New Simberi Gold Project Highlights and Key Metrics New Simberi Gold Project production vs AISC (100% basis)1, 2 Growth Capital (US$m) (40% basis) 2 300 2,800 90 256 2,400 250 239 225 215 2,000 All-in Sustaining Costs (US$/oz) 200 202 200 195 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 H1 H2 H1 H2 H1 H2 Feasibility Study Update (complete) Mining Lease Renewal (complete) Final Investment Decision (complete) CEPA Conditions Early Works Packages Plant De
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: 1 Touquoy Restart: • Produces gold from the processing of existing stockpiles through the existing Touquoy processing plant 15-Mile: 2 • Four simple low strip ration 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
DRAFT Atlantic management team and key personnel Atlantic has a strong management team, with key personal 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 Gene
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 2000 113 112 201 105 106 107 107 102 102 100 98 96 1600 87 All-in Sustaining Cost (US$/oz) 80 Gold Production (koz) 1200 60 90 800 39 40 50 400 20 19 19 6 - - - -- 0 FY27 F
Slide 26: Nova Scotia Projects Timeline
26 Nova Scotia Projects Timeline 15-Mile Processing Hub FID targeted by end of FY27, with production expected to commence in FY30 Stage FY26 FY27 FY28 FY29 FY30 15-Mile Processing Hub Environmental Impact Assessment1 Feasibility Study Final Investment Decision Industrial Approval & Other permits Det
Slide 27: Nova Scotia Projects – Exploration Pipeline
27 Nova Scotia Projects – Exploration Pipeline Exploration targets1 • Multiple tenements acquired since 1 July 2024 within 75 kilometres of the proposed 15-Mile Processing Hub Project. • 41 exploration targets have been identified comprising: ‒ 15 Stage A targets (conceptual); ‒ 21 Stage B1 targets
Slide 28: Appendix
Appendix
Slide 29: Gold Company References: Resources and Reserves
29 Gold Company References: Resources and Reserves ASX Market Mineral Resources Ore Reserves EV/ EV/ Company Net Cash EV Source Date Code Cap (Au-Eq) (Au-Eq) Resource Reserve A$m A$m A$m Moz g/t Moz g/t A$/oz A$/oz 11 Mar Ora Banda OBM 2,843 232 2,611 3.3 2.0 0.2 2.4 ASX Announcement 789 11,063 2026
Slide 30: Gold Company References: Production
30 Gold Company References: Production Company ASX Code FY25A FY26E FY27E FY28E FY29E Emerald EMR-AU 98 101 139 294 359 West African WAF-AU 301 371 470 532 560 Bellevue BGL-AU 126 142 174 180 177 Alkane ALK-AU 70 145 154 159 175 Ora Banda OBM-AU 91 135 142 162 244 Catalyst CYL-AU 108 104 143 181 197
Slide 31: Contact Information
31 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 32: StBarbara
ie StBarbara