St. Barbara Ltd. · ASX:SBM
St. Barbara — H1 FY2023 Earnings Presentation
48 slides from St. Barbara's earnings presentation, Feb 22, 2023
Slide 1: Briefing Book
> 4 stBarbara Briefing Book February 2023
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: St Barbara’s operations
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 3 St Barbara’s operations Simberi Operations GOLD ORE RESERVES Simberi Papua New Guinea Mine Atlantic 23% 3 6.5 46% Leonora Leonora Moz Operations Gwalia 30% Mine Australia Simberi Canada Atlantic GOLD MINERAL R
Slide 4: Group Mineral Resource ounces (Moz)
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 4 Resource addition through acquisition1 Acquisition of Bardoc 18 Acquisition of Atlantic 16 Atlantic Group Mineral Resource ounces (Moz) 14 12 10 8 Leonora 6 4 2 Simberi - 30/06/2017 30/06/2018 30/06/2019 30/06
Slide 5: We are taking action across our sustainability commitments
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 5 We are taking action across our sustainability commitments Safety Empowered People Stronger Respecting the Growing Always Diverse Teams Communities Environment Sustainably Target is Zero Harm We are the only m
Slide 6: Safety always
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 6 Safety always TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)1 5.0 4.6 4.7 3.9 Safety 3.0 3.4 Always 2.1 Zero harm is always our target. Zero harm to all people as we responsibly operate our assets to their ful
Slide 7: Post Merger and Demerger transaction structure
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 7 Post Merger and Demerger transaction structure St Barbara Genesis Capital raising Hoover House St Barbara shareholders shareholders shares issued Limited shareholders 38% 41% 22% 20% 80% Hoover House Phoenicia
Slide 8: Focus on Leonora – right ores in the right mills
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 8 Focus on Leonora – right ores in the right mills Processing Ore source Current size1 Benefits to Hoover House shareholders facility Resource: 27.6Mt @ 5.5g/t for 4.9Moz The addition of Ulysses Underground enab
Slide 9: Leonora organic growth opportunities
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 9 Leonora organic growth opportunities Growth to +300kozpa; 3.1Moz of Ore Reserves1 +300kozpa assumes delivery of near term growth options: Leonora mill (St Barbara) - 1.4Mtpa 300 • Gwalia underground (St Barbar
Slide 10: Phoenician Metals overview
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 10 Phoenician Metals overview Phoenician Metals to realise the value of non-core assets for St Barbara shareholders Phoenician Metals is to be established with: ▪ High calibre management team dedicated to extrac
Slide 11: Phoenician Metals strategic focus
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 11 Phoenician Metals strategic focus Corporate Atlantic operations Establish a distinctive corporate culture and identity focused on value Actively manage investment portfolio to enhance value Exploration of Bac
Slide 12: Gwalia – the heart of the province
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 12 12 Gwalia – the heart of the province Ore Reserve 2.0Moz FY23 Guidance • Production of between 145 to 160koz Reserve Grade 5.0g/t Leonora • AISC of $2,250 to $2,450/oz Operations Mineral Resource 4.9Moz • Sus
Slide 13: Gwalia - “heart of gold”
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 13 Gwalia - “heart of gold” World-class deposit with the enviable trifecta - grade, width and continuity Prolific high-grade, long-life deposit Life of mine plan underwritten by a heart of gold - 5,600oz per ver
Slide 14: Delivering Gwalia’s true potential
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 14 Delivering Gwalia’s true potential Ulysses is a unique opportunity to restore Gwalia up to 200kozpa1,5 with lower costs and lower risk Two becomes one5 Gwalia / Ulysses to be operated as one mine: Gwalia Ulys
Slide 15: Gwalia Shallows
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 15 Gwalia Shallows 0mbs Gwalia Shallows Mineral Resource 3.4mt @ 3.5g/t $2500 Optimal Pit Shell Gwalia Open Pit Resource Gwalia Shallows (includes Old 400mbs South Gwalia) has the potential to become a new, shal
Slide 16: Tower Hill - high grade pit lost in time
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 16 Tower Hill - high grade pit lost in time Location, location, location Shallow 1.2Moz Mineral Resource / 560koz Ore December 2022 Open Pit Resource Reserve just 2km north of Gwalia1 21Mt @ 1.8g/t for 1.2Moz Bu
Slide 17: Inaugural Tower Hill Open Pit Ore Reserve adds 560koz
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 17 Inaugural Tower Hill Open Pit Ore Reserve adds 560koz Tower Hill Open Pit Ore Reserve • 9.7mt @ 1.8g/t Au Tower Hill is ~2km from the Leonora Processing Plant
Slide 18: High quality future expansion options
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 18 High quality future expansion options 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$30M Estimated A
Slide 19: Simberi Operations
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 19 Simberi Operations Simberi Operations Ore Reserve 2.0Moz FY23 Guidance Reserve Grade 1.8g/t • Production of between 70 to 80koz • AISC of $2,300 to $2,540/oz1 Mineral Resource 4.0Moz • Sustaining capex of $5
Slide 20: Simberi
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 20 Simberi Outstanding option value with 4.0Moz in Mineral Resources and 2.0Moz in Ore Reserves Simberi consists of an open cut mine on the northernmost island in the Tabar group of islands in the province of Ne
Slide 21: Phoenician Metals’ Simberi strategy reset
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 21 Phoenician Metals’ Simberi strategy reset • Resource development drilling in FY24 to resume expansion of Mineral Resource and Ore Reserve (current Mineral Resource bottoms on drilling) • Extend oxide producti
Slide 22: Atlantic Operations
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 22 Atlantic Operations Ore Reserve 1.5Moz FY23 Guidance Atlantic • Production of between 40 to 50koz Operations Reserve Grade 1.0g/t • AISC of $2,075 to $2,315/oz1 Mineral Resource 1.9Moz • Sustaining capex of $
Slide 23: Atlantic
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 23 Atlantic Outstanding option value with 1.9Moz in Mineral Resources / 1.5Moz in Ore Reserves • Located ~80 kilometres north-east of Halifax, Nova Scotia, Canada • Mining of the current open pit commenced in To
Slide 24: Phoenician Metals’ Atlantic strategy reset
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 24 Phoenician Metals’ Atlantic strategy reset Prioritise Fifteen Mile Stream and target development in FY26 Investigate repurposing of Touquoy processing facility for use at Fifteen Mile Stream • Lower capital c
Slide 25: Overview of merger, equity raising and demerger
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 25 Overview of merger, equity raising and demerger Creating a leading Australian gold house - long-life, high-quality, substantial organic growth • Merger of St Barbara and Genesis, forming Hoover House (Merger)
Slide 26: Equity raising - use of funds
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 26 Equity raising - use of funds Sources and Uses Sources A$m Details Conditional Placement 275 Fully subscribed TOTAL 275 Uses A$m Details Gwalia re-set / future-proofing 50 Progressing organic growth opportuni
Slide 27: Transaction timetable
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 27 Transaction timetable Scheme implementation expected to be completed by May 2023 Key Dates Date Conditional Placement Dispatch Notice of Meeting March 2023 Extraordinary General Meeting May 2023 Settlement an
Slide 28: Financial overview of H1 FY23
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 28 Financial overview of H1 FY23 Statutory NPAT Underlying NPAT1 Underlying EBITDA1 (A$ M) (A$ M) (A$ M) (407) (9) 44 Underlying Cash flow from Net Debt1,2 EBITDA Margin1 operating activities (A$ M) (%) (A$ M) 1
Slide 29: Significant Items
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 29 Significant Items Significant Items ($M) H1 FY23 Atlantic impairment ($420M pre-tax) Call option fair value movements (1) • Pause in permitting for Beaver Dam for further Business development costs (2) discus
Slide 30: Lower production at Leonora driving underlying net profit result
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 30 Lower production at Leonora driving underlying net profit result Movement in underlying net profit ($M) 15 9 (9) 7 29 36 7 0 (29) (83) H1 FY22 Gross Gross Gross Explor’n Corp Costs D&A Finance & FX Income Tax
Slide 31: Cash position impacted by lower production
Overview Merger/Demerger Leonora Simberi Atlantic Transaction details H1 FY23 Financials 31 Cash position impacted by lower production • $4.7M Operating cash contribution after growth • $20M drawn down from debt facility during January capex 2023 in light of lower than expected production from Gwali
Slide 32: St Barbara
StBarbara
Slide 33: Consolidated production, costs and guidance summary
33 Consolidated production, costs and guidance summary Production Summary Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Half Year Guidance Consolidated FY22 FY22 FY22 FY23 FY23 FY23 FY23 St Barbara’s financial year is Qtr to Qtr to Qtr to Qtr to Qtr to 6 months to Year to 1 July to 30 June 31 Dec 2021 31 March
Slide 34: AISC Cost breakdown by operation
34 AISC Cost breakdown by operation 1 All-In Sustaining Cost Atlantic Operations Leonora Operations Simberi Operations (A$/oz produced) Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec FY22 FY22 FY22 FY23 FY23 FY22 FY22 FY22 FY23 FY23 FY22 FY22
Slide 35: Hedging summary as at 31 December 2022
35 Hedging summary as at 31 December 2022 Financial Volume Price Type Delivery Delivery Year Ounces $/oz schedule Jul 22 to Jun 23 3,012 C$2,060 Vanilla forwards Feb 2023 Monthly
Slide 36: Ore Reserves Summary as at 31 December 2022
Ore Reserves Summary as at 31 December 2022 Proved Probable Total Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Region Project ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) Gwalia, (WA) 2,121 5.1 345 10,525 5.0 1,696 12,647 5.0 2,041 Tower Hill, (WA) - - - 9,700 1.8 560 9,70
Slide 37: Mineral Resources Summary as at 31 December 2022
Mineral Resources Summary as at 31 December 2022 Measured Indicated Inferred Total Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Region Project ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) Gwalia Deeps 3,573 5.5 633 18,208 5.7 3,326 2,
Slide 38: Competent persons statement
38 Competent persons statement Exploration Results The information in this presentation that relates to Exploration Results is based on information compiled by Dr Roger Mustard, who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Mustard is a full-time employee of St Barbara a
Slide 39: Non-IFRS Measures
39 Non-IFRS Measures We supplement our financial information reporting determined under International Financial Reporting Standards (IFRS) with certain non-IFRS financial measures, including cash operating costs. We believe that these measures provide meaningful information to assist management, inv
Slide 40: Appendix A – Pro-forma snapshot as at 9 December 2022
40 Appendix A – Pro-forma snapshot as at 9 December 2022 Pro-forma entities St Barbara Genesis Equity raising Hoover House Phoenician Share price A$ $0.65 $1.20 $1.20 30-day VWAP A$ $0.61 $1.24 No. ordinary shares1 M 817 410 229 Market Capitalisation A$M 531 490 275 % shareholding in MergeCo % 37.8%
Slide 41: Appendix B – Dacian update
41 Appendix B – Dacian update Genesis owns approximately 80.1% of Dacian Dacian owns strategic 2.9Mtpa processing plant in the heart of the Leonora district Dacian strategic review continues with Dacian seeking expressions of interest for access to Mt Morgans Mill from ~March quarter of CY2023 throu
Slide 42: Appendix C – Combined Ore Reserves
42 Appendix C – Combined Ore Reserves Hoover House Ore Reserves by deposit Proved Probable Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (000’s) (g/t Au) (000’s) (000’s) (g/t Au) (000’s) (000’s) (g/t Au) (000’s) St Barbara1 Gwalia 2,121 5.1 345 10,525 5.0 1,696 12,647 5.0
Slide 43: Appendix C – Combined Ore Reserves
43 Appendix C – Combined Ore Reserves Phoenician Metals Ore Reserves by deposit Proved Probable Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (000’s) (g/t Au) (000’s) (000’s) (g/t Au) (000’s) (000’s) (g/t Au) (000’s) St Barbara1 Simberi Oxide 2,091 1.3 86 5,488 1.1 194 7,
Slide 44: Appendix D – Combined Mineral Resources
Appendix D – Combined Mineral Resources 44 Hoover House Mineral Resources by deposit Measured Indicated Inferred Total Deposit Tonnes (000’s) Grade (g/t Au) Ounces (000’s) Tonnes (000’s) Grade (g/t Au) Ounces (000’s) Tonnes (000’s) Grade (g/t Au) Ounces (000’s) Tonnes (000’s) Grade (g/t Au) Ounces (
Slide 45: Appendix D – Combined Mineral Resources
45 Appendix D – Combined Mineral Resources Phoenician Metals Mineral Resources by deposit Measured Indicated Inferred Total Tonnes Grade (g/t Ounces Tonnes Grade (g/t Ounces Tonnes Grade (g/t Ounces Tonnes Grade (g/t Ounces Deposit (000’s) Au) (000’s) (000’s) Au) (000’s) (000’s) Au) (000’s) (000’s)
Slide 46: Appendix E – Production target material assumptions
46 Appendix E – Production target material assumptions Pursuant to Listing Rule 5.16, Genesis and St Barbara (as applicable) provide the following information in respect of the material assumptions on which the “300koz pa” production target is based. This information also applies in respect of the “
Slide 47: Appendix E – Production target material assumptions
Appendix E – Production target material assumptions 47 • Mining – Open pit For the open pit production targets, conventional mechanised open pit mining equipment utilising hydraulic excavators and rear dump trucks remains and continues to be the selected mining method. In terms of open pit wall angl
Slide 48: 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