St. Barbara Ltd. · ASX:SBM
St. Barbara — Q4 FY2022 Earnings Presentation
35 slides from St. Barbara's earnings presentation, Jul 27, 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: St Barbara’s three uplifts progressing as planned
8 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 9: Leonora Operations
9 Leonora Operations AISC FY22 Guidance (A$/oz) 1,933 Leonora 1,513 1,456 1,611 1,568 1,882 • Production of between 180 to Operations 200koz Au PRODUCTION • AISC of A$1,605 to A$1,720/oz (koz) • Sustaining capex of A$55 to A$65M 80 91 88 100 91 • Growth capex of A$10 to A$15M 65 H1 H2 H1 H2 H1 H2 FY
Slide 10: Leonora is central to regional consolidation
10 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 11: 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 11 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 12: Old South Gwalia adds 218koz of gold resource
12 Old South Gwalia adds 218koz of gold resource Old South Gwalia Mineral Resource 1.9mt @ 3.7g/t Au 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
Slide 13: Tower Hill grows Mineral Resource by 600koz Au
13 Tower Hill grows Mineral Resource by 600koz Au 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 Au) Previous Tower Hill Underground (as at 30 June 2021) 5.1 3.8 0.6 Current Tower Hill
Slide 14: Creating a unique processing hub
14 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 15: 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 16: Two new underground mines ready to be developed
16 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$30M Ore type Free-mill Refractory Mining method Longhole open stoping Longhole
Slide 17: Zoroastrian and Aphrodite to fill the mill
17 Zoroastrian and Aphrodite to fill the mill 2.1 Mtpa Expanded 0.7 0.7 mill capacity The rapid integration of the Bardoc assets into the 1.4 Mtpa Leonora portfolio is on track 0.3 0.3 0.3 Current to be delivered earlier than mill first planned and will assist in 0.2 0.2 capacity closing the feed ga
Slide 18: Filling the Leonora processing plant
18 Filling the Leonora processing plant Ore mining Mine rate being Mineral Resources evaluated Mtpa Tonnes (Mt) Grade (g/t Au) Moz Au Gwalia Underground inc 1.1 27.1 5.7 5.0 Old South Gwalia Zoroastrian 0.3 - 0.51 1.6 4.0 0.2 Underground Aphrodite 0.9 - 1.01 6.7 3.6 0.8 Underground2 Harbour Lights2
Slide 19: Significant Mineral Resource life underpins organic growth options
19 Significant Mineral Resource life underpins organic growth options Mineral Resources Mineral Resource grade Milling capacity in region (Mtpa) in region (Mt) in region (g/t Au) Resource Life (years) St Barbara 1.4 (Leonora Process Plant) 122 2.7 87 Regis 7.0 (Rosemont & Garden Well) 169 1.0 24 Red
Slide 20: High grade Ore Reserves with long life
20 High grade Ore Reserves with long life Ore Reserve grade Milling capacity in region (Mtpa) Ore Reserve in region (Mt) in region (g/t Au) Reserve Life (years) Red5 5.5 (King of the Hills & Darlot) 67 1.2 12 St Barbara 1.4 (Leonora Process Plant) 16 4.8 12 10.0 (Thunderbox, Northern Star Carosue Da
Slide 21: Simberi Operations
21 Simberi Operations Simberi Operations AISC FY22 Guidance (A$/oz) 3,017 2,621 1,717 1,543 1,863 • Production of between 25 to 30koz Au • AISC of A$3,200 to A$3,600/oz1 PRODUCTION (koz) • Sustaining capex of A$5 to A$10M • Growth capex of A$35 to A$40M 50 54 44 30 28 H1 H2 H1 H2 H1 H2 FY20 FY20 FY2
Slide 22: Simberi under strategic review
22 Simberi under strategic review Sulphide Project remains very attractive: Strategic review announced: • Enables >10 years of life • A number of parties have expressed interest in acquiring assets • Efficiently processes 29.3Mt of Sulphide Ore Resources and • Proceeds from potential sale to go towa
Slide 23: Atlantic Operations
23 Atlantic Operations AISC FY22 Guidance (A$/oz) 2,022 Atlantic 887 968 1,002 1,062 1,447 • Production of between 55 to 65koz Au Operations • AISC of A$1,650 to A$1,850/oz1 PRODUCTION (koz) • Sustaining capex of A$5 to A$10M • Growth capex of A$15 to A$20M 51 55 54 47 32 29 H1 H2 H1 H2 H1 H2 FY20 F
Slide 24: Profitable despite Simberi being offline
24 Profitable despite Simberi being offline H1 FY22 Financial Results Cash flow from Underlying EBITDA1 Underlying NPAT1 (A$ M) (A$ M) operating activities (A$ M) 103 15 19 EBITDA Margin1 EPS Gearing ratio (%) (Underlying, A$ cents ) (Debt/Equity)2 31 2 13% 1. Non-IFRS financial measures, the detail
Slide 25: Strong underlying profit improvement at Leonora offset by Simberi
25 Strong underlying profit improvement at Leonora offset by Simberi A$ M 68 40 (84) 10 (8) 11 6 (2) (2) 15 (24) H1 FY21 Gross Gross Gross Exploration Corporate D&A Finance & Other Income Tax H1 FY22 Profit Profit Profit Costs & FX Expense Leonora Simberi Atlantic Royalties
Slide 26: Strong cashflow generated from two operations
26 Strong cashflow generated from two operations A$ M 100 37 (33) (62) (19) 133 $42M cash contributions from operations after (34) sustaining and growth capex 44 (23) 94 (22) (13) (14) Cash Leonora Simberi Atlantic Growth Exploration Corporate Income Investments Dividends Other Financing Cash Jun 20
Slide 27: Indicative operating cost breakdown by site
27 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 28: Consolidated production, costs and guidance summary
28 Consolidated production, costs and guidance summary Production Summary Q4 Jun Year Q1 Sep Q2 Dec Q3 Mar Q4 Jun Year Guidance Consolidated FY21 FY21 FY22 FY22 FY22 FY22 FY22 FY22 St Barbara’s financial year is Qtr to Year to Qtr to Qtr to Qtr to Qtr to Year to Year to 1 July to 30 June 30 Jun 2021
Slide 29: Hedging summary as at 30 June 2022
29 Hedging summary as at 30 June 2022 Financial Volume Price Type Delivery Delivery Year Ounces $/oz schedule Aug 22 to Dec 22 21,501 C$2,050 European call options Apr 2022 to Dec 2022 Monthly
Slide 30: 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 31: 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 32: Competent persons statement
32 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 33: Non-IFRS Measures
33 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 34: 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 35: StBarbara
StBarbara