St. Barbara Ltd. · ASX:SBM
St. Barbara — Investor Presentation (October 2025)
49 slides from St. Barbara's investor presentation, Oct 7, 2025
Slide 1: Capital Raising Presentation
Capital Raising Presentation 7 October 2025 Not for release to US wire services or distribution in the United States
Slide 2: Important notices and disclaimers
2 Important notices and disclaimers You are advised to read the following carefully before making any use of the information contained in this presentation. This presentation is dated 7 October 2025 (“Presentation”) and has been prepared by St Barbara Limited (ACN 009 165 066) (ASX ticker SBM) (“St
Slide 3: Important notices and disclaimers (continued)
3 Important notices and disclaimers (continued) Before making an investment decision, prospective investors should consider their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to th
Slide 4: Important notices and disclaimers (continued)
4 Important notices and disclaimers (continued) Production Targets This Presentation contains production targets and forecast financial information derived from those production targets (including in respect of all-in sustaining costs and capital costs). The information in this Presentation relating
Slide 5: Important notices and disclaimers (continued)
5 Important notices and disclaimers (continued) No liability This Presentation has been prepared by the Company in good faith, based on information available to it, including information from third parties, and has not been independently verified. No representation or warranty is made as to the accu
Slide 6: Corporate Overview
Corporate Overview
Slide 7: Corporate Summary
7 Corporate Summary Capital Structure Pre-Raise Shareholders (Pre-Raise)4 Shares on issue (ASX: SBM) 1,083.7M Retail (38%) Institutional (52%) Performance rights 71.2M Other (10%) Share price1 A$0.59 Market capitalisation1 A$639M Unrestricted cash and gold sale receivables2 A$45M Restricted cash for
Slide 8: St Barbara Asset Portfolio
8 St Barbara Asset Portfolio Simberi operations, Papua New Guinea Atlantic Projects, Nova Scotia, Canada Investment portfolio Simberi Operations Atlantic Projects Assets Ore Reserves 44.3Mt @ 1.8 g/t for 2.6Moz Au Ore Reserves 38.3Mt @ 1.1 g/t for 1.4Moz Au Unrestricted cash and gold sale receivable
Slide 9: Strategic Focus Scorecard
9 Strategic Focus Scorecard Delivering on our Plan Simberi Operations Status Extend oxide production through FY25 and into FY26 Exceeded – Oxides extended to FY28 Sulphide Mineral Resource and Ore Reserve extension drilling Complete – 1.5Moz converted Revisit Sulphide Expansion development plan by F
Slide 10: Potential Production Outlook for Simberi
10 Potential Production Outlook for Simberi PFS confirmed 200+kozpa gold production over a 13 yr mine life1,2 Project Metrics2 Total gold production 2.2Moz 300 $2,500 Total silver production 4.0Moz Operational years FY26 – FY38 250 Ore mined 41.8Mt $2,000 Concentrate gold grade 19.3 g/t LOM 200 Tota
Slide 11: Potential Production Outlook for Atlantic
11 Potential Production Outlook for Atlantic Concept Study – 100kozpa gold production over a 11 yr mine life1,2 Project Metrics1 Total waste mined 114.3Mt 300 $2,500 Average Strip Ratio 3.4 w:o Operational years FY30 – FY41 250 Total Mill Feed 33.4Mt $2,000 Average Mill Feed Grade 1.1 g/t 200 Averag
Slide 12: Capital Raising Overview
Capital Raising Overview
Slide 13: Capital Raising Overview
13 Capital Raising Overview Institutional Placement of approximately A$58M • Firm commitments received for an institutional placement of approximately 126.1 million fully paid ordinary shares (New Shares) to raise approximately A$58.0 million (Placement or Offer) Offer structure and size • The New S
Slide 14: Sources & Use of Funds
14 Sources & Use of Funds Source of Funds A$M A$58M equity raising to continue progressing the Simberi Expansion Project towards FID Placement proceeds (before costs) 58 ● The underperformance of Simberi oxides in FY25 resulted in an earlier than expected drawdown of cash reserves to Use of Funds A$
Slide 15: Indicative Timetable
15 Indicative Timetable Event Date Announcement of Placement, trading halt lifted and recommencement of trading Tuesday, 7 October 2025 Settlement of New Shares under the Placement Friday, 10 October 2025 Allotment, quotation and trading of New Shares under the Placement Monday, 13 October 2025 The
Slide 16: Simberi Operations
Simberi Operations
Slide 17: Simberi Oxide Operations
17 Simberi Oxide Operations • Simberi open pit mine is transitioning from processing remnant oxides to a high annual production / low-cost sulphide processing operation • FY26 guidance of 54-70koz of gold at AISC of A$4,000 to 4,400/oz1 o Oxide remnant mining avoids disruptive closure and associated
Slide 18: Simberi Sulphide Expansion Project
18 Simberi Sulphide Expansion Project1 Simberi Operations • Total gold production of 2.2 Moz (FY26 – FY38) • Simberi Expansion Project Life Of Mine Plan extends to 13 years (2038) • Average annual gold production over 200 kozpa • All-in Sustaining Cost of between US$1,200 – US$1,300/oz • Initial Pro
Slide 19: Simberi Sulphides Expansion Project
19 Simberi Sulphides Expansion Project Proposed site infrastructure Legend 1 ROM Pad 2 Sizer 3 Transfer Conveyor 4 Radial Stacker 5 Coarse Ore Stockpile 6 Sag Mill 7 Ball Mill 8 Float Circuit 9 Reagents 10 RO Plant 11 CIL Circuit 12 Power Plant Power Plant 13 Expansion 14 Concentrate Shed 15 New Wha
Slide 20: Simberi Sulphides Expansion Project
20 Simberi Sulphides Expansion Project Indicative Timeline (based on FID in late Q2 FY26)
Slide 21: Simberi Sulphides Expansion Project
21 Simberi Sulphides Expansion Project Next Steps for FY26 • Resolution of PNG IRC tax assessment • Mining Lease early renewal approval • Continue Early Works Packages and Pre-Expansion Growth capital projects only for specific long-lead items. The timeline for other early works will be rescheduled
Slide 22: Mining Lease Extension & PNG IRC Tax Update
22 Mining Lease Extension & PNG IRC Tax Update • Mining Lease early renewal and • Mining Lease Extension Progress Update: PNG IRC tax assessment o Early renewal application registered in November 2024 with strong support progressing. from all landowners, Regional Governor, and Local MPs • A response
Slide 23: Simberi – FY25 Resource & Exploration Drilling
23 Simberi – FY25 Resource & Exploration Drilling • FY25 drill program comprised 61 holes for almost 10.5km, targeting: ‒ Resource definition; ‒ Extending known mineralisation; and ‒ Sterilisation. • Drill holes included 34 resource definition drill holes, 27 exploration / sterilisation drill holes
Slide 24: Simberi – FY25 Sorowar – Pigiput Trend Drilling
24 Simberi – FY25 Sorowar – Pigiput Trend Drilling • Results received during Q4 FY25 from four resource definition/exploration drill holes at Sorowar – Pigiput Trend intersected: ‒ SDH600: 8 m @ 18.9 g/t Au from 54 m, including 3 m @ 45.9 g/t Au from 56 m, 55 m @ 1.2 g/t Au from 121 m including 6 m
Slide 25: Simberi – FY25 Samat Drilling
25 Simberi – FY25 Samat Drilling1 • Two resource definition drill holes completed at the Samat deposit intersected significant high-grade gold mineralisation, including: ‒ SDH620: 17 m @ 4.2 g/t Au from 53 m, including 6 m @ 6.4 g/t Au from 56 m, and ‒ SDH622: 43 m @ 2.1 g/t Au from 17 m and 27 m @
Slide 26: Atlantic Operations
Atlantic Operations
Slide 27: Atlantic Development Projects
27 Atlantic Development Projects • Three advanced gold development projects (15-Mile, Beaver Dam and Cochrane Hill) with combined 1.4Moz in Ore Reserves • 15-Mile to become Processing Hub, utilising the relocated Touquoy mill, with potential additional ore trucked ~60km from Beaver Dam and ~70km fro
Slide 28: Nova Scotia Permitting Improvements
28 Nova Scotia Permitting Improvements • Nova Scotia government designates gold as Provincial Strategic Mineral (May 2025) • Specialist Large Industrial File Team (LIFT) created within Nova Scotia Department of Environment and Climate Change (NSECC) to pool expertise in large industrial projects fro
Slide 29: Atlantic Development Projects
29 Atlantic Development Projects Integrated Operation Utilising 15-Mile as Processing Hub • 15-Mile: ‒ Four simple open pits (Egerton- Maclean, Plenty, Hudson & 149) providing baseline feed to the relocated mill • Beaver Dam: ‒ Low capital, satellite deposit introduced in year 4 of the mine plan lev
Slide 30: 15-Mile Processing Hub Project Development
30 15-Mile Processing Hub Project Development Indicative Timeline Stage FY26 FY27 FY28 FY29 FY30 Consolidated PFS Feasibility Study Environmental Assessment (Prep & Approval)1 Final Investment Decision Industrial Approval & Other permits Detailed Engineering Site construction Works Commissioning/ Op
Slide 31: Investigating Re-Opening Touquoy to Process Low and Medium Grade Stockpile
Investigating Re-Opening Touquoy to Process Low and Medium Grade 31 Stockpile Current gold price provides significant enticement to process the stockpiles • Approximately 3.1Mt of low and medium grade stockpile material at an average grade of ~0.46g/t gold when the applicable Ore Reserve was written
Slide 32: Appendix A Ore Reserves
Appendix A Ore Reserves
Slide 33: APPENDIX A – St Barbara Gold Ore Reserves
33 APPENDIX A – St Barbara Gold Ore Reserves Proved Probable Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) Simberi Oxide 10.3 1.2 410 6.8 1.2 260 17.1 1.2 670 Simberi Sulphide 8.4 2.3 630 17.2 2.3 1,260 25.
Slide 34: APPENDIX A – St Barbara Silver Ore Reserves
34 APPENDIX A – St Barbara Silver Ore Reserves Proved Probable Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) Simberi Oxide 10.3 2.0 670 6.8 2.2 480 17.1 2.1 1,150 Simberi Sulphide 8.4 3.3 900 17.2 4.8 2,630
Slide 35: Appendix B Mineral Resources
Appendix B Mineral Resources
Slide 36: APPENDIX B – St Barbara Gold Mineral Resources
36 APPENDIX B – St Barbara Gold Mineral Resources Measured Indicated Inferred Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) (Mt) (g/t Au) (000’s) Simberi Oxide 14.2 1.0 480 13.5 1.2 520
Slide 37: APPENDIX B – St Barbara Silver Mineral Resources
37 APPENDIX B – St Barbara Silver Mineral Resources Measured Indicated Inferred Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Deposit (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) (Mt) (g/t Ag) (000’s) Simberi Oxide 14.2 2.1 980 13.5 4.0 1,
Slide 38: Appendix C Key Risks
Appendix C Key Risks
Slide 39: APPENDIX C – Key Risks
39 APPENDIX C – Key Risks Set out in this section are potential risks associated with St Barbara, the offer, the industry in which St Barbara operates and an investment in St Barbara shares. It is not an exhaustive list of every risk faced by St Barbara now or in the future. Changes in global econom
Slide 40: APPENDIX C – Key Risks (Continued)
40 APPENDIX C – Key Risks (Continued) Exchange rate risk A portion of mine operation expenditures and future project equipment expenditures are denominated in foreign currency which exposes the Company to exchange rate risk. The Company’s success depends on the continued services of its key personne
Slide 41: APPENDIX C – Key Risks (Continued)
41 APPENDIX C – Key Risks (Continued) The permits and agreements on the Company’s projects are governed by Australian, Papua New Guinea and Canadian laws and legislation (as determined by the location of the project) and are evidenced by the granting of permits and agreements and the extension of su
Slide 42: APPENDIX C – Key Risks (Continued)
42 APPENDIX C – Key Risks (Continued) National and local environmental laws and regulations in jurisdictions in which the Company operates affect the Company. These laws and regulations set various standards regulating certain aspects of health and environmental quality, provide for penalties and ot
Slide 43: APPENDIX C – Key Risks (Continued)
43 APPENDIX C – Key Risks (Continued) From time to time, the Company evaluates opportunities for acquisition and divestment of assets and participates in discussions with third parties on a confidential basis. Neither the opportunities nor the negotiations will be disclosed publicly until such time
Slide 44: Appendix D International Offer Restrictions
Appendix D International Offer Restrictions
Slide 45: APPENDIX D – International Offer Restrictions
45 APPENDIX D – International Offer Restrictions This Presentation does not constitute an offer of new ordinary shares in the Company (“New Shares”) pursuant to the Placement in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the
Slide 46: APPENDIX D – International Offer Restrictions (Continued)
46 APPENDIX D – International Offer Restrictions (Continued) WARNING: This Presentation has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures C
Slide 47: APPENDIX D – International Offer Restrictions (Continued)
47 APPENDIX D – International Offer Restrictions (Continued) The New Shares have not been, and will not be, registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended (the “FIEL”) pursuant to an exemption from the registration requ
Slide 48: Contact Information
48 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 49: StBarbara
ie StBarbara