St. Barbara Ltd. · ASX:SBM
St. Barbara — 2021 Denver Gold Forum
57 slides from St. Barbara's conference presentation, Sep 13, 2021
Slide 1: Presentation to 2021 Denver Gold Forum
13 September 2021 Presentation to 2021 Denver Gold Forum Mr Craig Jetson, Managing Director & CEO, will present virtually to the Denver Gold Forum being held this week. A webcast of the presentation will be available on the Gold Forum Americas website at https://www.denvergold.org/company-live- sess
Slide 2: Briefing Book
Briefing Book September 2021
Slide 3: 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 4: Competent persons statement
3 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 an
Slide 5: Safety always
4 Safety always TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)1 5.0 3.9 Safety 3.0 Always 2.1 Zero harm is always our target. Zero harm 1.2 to all people as we responsibly operate our assets to their full potential. This focus FY17 FY18 FY19 FY20 FY21 on safety guides everything we do. 1. Total Reco
Slide 6: Our sustainability framework
5 Our sustainability framework
Slide 7: Our commitments
6 Our commitments EMPOWERED STRONGER RESPECTING SAFETY GROWING PEOPLE COMMUNITIES THE ALWAYS SUSTAINABLY DIVERSE TEAMS ENVIRONMENT Zero harm is always We are an employer We strive to help We are committed Growing our our target. Zero of choice committed our communities to caring for the business sus
Slide 8: Key sustainability targets
7 Key sustainability targets Measure FY21 performance Target Total recordable injury frequency rate (TRIFR) 3.9 2.1 • Fatalities 1 0 Overall gender pay gap 8% 8% by 2022 Nil gender pay gap for ‘like-for-like’ roles nil maintain nil Proportion of women employed (Australia) 28% 30% by 2022 Proportion
Slide 9: Sustainability alignment
8 Sustainability alignment ✓ Minerals Council of Australia Enduring Value sustainability framework (aligned to ICMM Sustainability Principles) • Implementing Towards Sustainable Mining ✓ Global Reporting Initiative (GRI) and reports sustainability disclosures in accordance with its Core option ✓ UN
Slide 10: Sustainability commitments and achievements
9 Sustainability commitments and achievements • 7th year-on-year WGEA1 Employer of Choice for Gender Equality • Zero harm tolerance for any form of sexual harassment: annually disclosed as part of WGEA citation • Gender safety audits conducted across all operations • MD & CEO – WGEA Pay Equity Ambas
Slide 11: A growing gold company with a global outlook
10 A growing gold company with a global outlook 3 operations with pathway to greater than 10 years of operating life
Slide 12: FY22 Guidance
11 FY22 Guidance Operation Production AISC1 Capex (koz) (A$/oz) ($AM) Sustaining Growth Atlantic Operations 65 – 85 1,305 – 1,5152 15 – 20 30 – 40 Leonora Operations 180 – 200 1,605 – 1,720 65 – 75 15 – 20 Simberi Operations 60 – 70 2,465 – 2,6503 15 – 20 25 – 35 Consolidated 305 – 355 1,710 – 1,860
Slide 13: Project pipeline
12 Project pipeline KEY Canada Papua New Guinea Regional Nova Scotia Australia Equity Investments Moose River Corridor Simberi Island (oxides) Back Creek Leonora Province Cochrane Hill Kin Mining1 Pinjin Gwalia Shallows Fifteen Mile Stream Touquoy Mine (19%) Peel Mining Lake Wells JV2 Harbour Lights
Slide 14: Building Brilliance: our pathway to growing operating life
13 Building Brilliance our pathway to growing operating life Uplift 3: Grow through Uplift 2: Execute brownfield acquisitions and exploration 18 months – 3 years Uplift 1: Deliver Building expansion projects Acquire assets with a scalable Brilliance in operations and production outlook and capture D
Slide 15: Leonora Operations
Leonora Operations
Slide 16: Leonora Operations: Operational Performance
15 Leonora Operations Operational Performance AISC (A$/oz) FY19 FY20 FY21 2,592 1,559 1,471 1,556 1,389 1,573 1,555 1,663 833 1,081 1,016 1,230 Underground ore mined kt 625 697 605 Waste mined kt 406 347 331 MINED GRADE g/t Au 11.1 7.7 7.6 (g/t Au) Mined grade 12.4 11.7 10.4 10.0 Ore milled kt 652 7
Slide 17: Operational overview
16 Operational overview Key Statistics MINING COSTS (A$/t ore) 279 190 198 197 186 221 Mining method long hole open stope with fill 166 159 Current mining depth 1,740 metres below surface MILLING COSTS Processing Carbon-in-leach (A$/t ore) 53.0 1.2Mtpa hard rock (1.4Mtpa 44.0 42.0 37.0 36.0 36.0 Pla
Slide 18: Future mill capacity
17 Future mill capacity +1.7 0.3 1.4 1.4 Mtpa 1.3 0.3 Current 0.4 mill Maximise the value from current 0.2 capacity operations through productivity improvements and cost reduction 0.7 0.1 0.9 0.6 FY21 FY22 Uplift 1 ~FY23 Uplift 2 ~FY25 Actuals Guidance Outlook Gwalia underground Leonora province tot
Slide 19: Leonora Province Plan
18 Leonora Province Plan Uplift 1 – ore purchase and / or toll milling • Linden Gold Alliance ‒ 180kt of 3-4 g/t ore in FY22 ‒ 90kt of 3-4 g/t ore in FY23 ‒ Potential for higher tonnages and / or a longer period • Continuing discussions with other potential 3rd parties on options Uplift 2 – Leonora
Slide 20: Tower Hill and Harbour Lights
19 Tower Hill and Harbour Lights Aerial view Tower Hill and Harbour Lights
Slide 21: Leonora regional targets
Leonora regional targets heen Region, WitSonorh ag Targets aN i ‘Abe FY22 Work Program @ Gold Prospect WW © Target Area | Work Programme 1 InProgress RC Diiling| | t 6 816 000mN 1 SBM Tenement Area Felsic Voloanics @® Mined Open Pit — [ET ttrematic I ron Formation —— Road (=) Undifferentiated Mafic
Slide 22: Leonora Province indicative timeline
21 Leonora Province Indicative timeline for development FY22 FY23 FY24 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Linden Gold / Other Ore purchase / toll milling Gwalia Intermediates Development & production Feasibility & mine planning Gwalia Shallows1 Development & production Feasibility & mine planning J
Slide 23: Tailings Storage Facility
22 Tailings Storage Facility • Type: Paddock, Upstream raise construction Leonora • First approved: 1992 (TSF 3), 2018 (TSF 4) Township • Elevation: 376 metres above sea level (TSF 3); 336 metres above sea level (TSF 4) Gwalia TSF 3 • Current wall height: 30 metres (TSF 3); 7 metres (TSF 4) • Projec
Slide 24: Atlantic Operations
Atlantic Operations
Slide 25: Atlantic Operations: Operational Performance
24 Atlantic Operations1 Operational Performance AISC (A$/oz) 1,128 FY201 FY21 970 951 988 1,008 999 1,011 823 Open pit ore mined kt 4,574 3,710 MILLED GRADE (g/t Au) Waste mined kt 3,491 4,723 Mined grade g/t Au 0.91 0.88 1.51 1.41 1.29 1.29 1.24 1.24 0.96 1.11 Ore milled kt 2,588 2,918 Reserve grad
Slide 26: Operational overview
25 Operational overview Key Statistics MINING COSTS (A$/t of total material moved) 4 4 4 4 3 3 3 3 Mining method open pit – shovel / truck Current mining depth 120 metres below surface MILLING COSTS Processing Carbon-in-leach (A$/t of ore) Plant capacity 2Mtpa (nominal) 16 15 14 14 12 11 12 Power ge
Slide 27: Beaver Dam & Fifteen Mile Stream Expansion Projects
26 Beaver Dam & Fifteen Mile Stream Expansion Projects
Slide 28: Exploration targets in Nova Scotia
27 Exploration targets in Nova Scotia
Slide 29: Atlantic Projects
28 Atlantic Projects Indicative timeline for development FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Production Touquoy Processing stockpiles Permitting EIS Provincial Approval permits1 Beaver Construction & ramp-up Dam First ore Production Permitting EIS Provincial Fifteen A
Slide 30: Tailings Storage Facility
29 Tailings Storage Facility • Type: Downstream raise. Rock dam with clay core and 2 filter layers • Water Management: tailings pond, effluent treatment plant (ETP), polishing pond and engineered wetland • Elevation: 128 metres above sea level • Current wall height: 20 metres • Projected final wall
Slide 31: Simberi Operations
Simberi Operations
Slide 32: Simberi Operations: Operational Performance
31 Simberi Operations AISC Operational Performance (A$/oz) 2,964 FY19 FY20 FY21 2,426 1,851 2,070 1,146 1,229 1,203 1,603 1,629 1,467 1,678 Open pit ore mined kt 3,396 2,963 2,390 1,068 Waste mined kt 8,949 8,638 6,410 MILLED GRADE g/t Au 1.43 1.06 1.35 (g/t Au) Mined grade 1.83 1.68 kt 3,072 3,314
Slide 33: Operational overview
32 Operational overview Key Statistics MINING COST (A$/t of total material moved) 10 5 4 5 5 5 6 6 Mining method open pit – shovel / truck Processing Carbon-in-leach MILLING COST (A$/t of ore) 20 20 Plant capacity 2.7 Mtpa 18 19 19 17 17 17 Power generation Diesel and renewables ORE MILLED Workforce
Slide 34: Sulphide project – FY24 and beyond
33 Sulphide project – FY24 and beyond In April 2021, the Board approved pre-investment work of Forecast Gold Production (koz) US$13 million Feasibility Study highlights: • Initial capital expenditure of US$170 M • Payback period of ~3 years • Life of mine averages • Gold production of ~160 koz per a
Slide 35: Simberi Sulphide Project
34 Simberi Sulphide Project Indicative timeline for development FY22 FY23 FY24 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Oxide production Mining lease variation approval1 Issue mining lease Environmental permit approval Ministerial sign-off Construction approval Construction approval Construction First su
Slide 36: Exploration – near mine oxide targets
35 Exploration – near mine oxide targets Oxide exploration drill rig at Simberi
Slide 37: Exploration on Tabar Islands Group
36 Exploration on Tabar Islands Group Exploration drilling on Big Tabar Island
Slide 38: Tailings Storage Facility
37 Tailings Storage Facility • Type: Deep-Sea Tailings Placement deposition (DSTP) • Discharge point: 135 metres below sea level and 300 metres offshore • Tailings thickened to recover process water for re-use, then diluted with Pipe Sea water sea water mixing tank • Pipeline begins below sea level
Slide 39: Financials
Financials
Slide 40: Consolidated Performance
39 Consolidated Performance AISC1 (A$/oz) FY21 Consolidated Performance 1,711 1,517 1,649 1,623 FY20 FY21 1,421 1,364 1,405 1,301 Production koz 382 328 AISC A$/oz 1,369 1,616 GOLD PRODUCTION Sustaining capital A$M 73 91 (koz) Growth capital A$M 60 49 109 94 92 Net Operations Cashflow A$M 273 208 88
Slide 41: FY21 Group All-In Sustaining Cost reconciliation
40 FY21 Group All-In Sustaining Cost reconciliation Leonora Atlantic Simberi Group A$/oz A$/oz A$/oz A$/oz Gold Production (koz) 152,696 101,243 73,723 327,662 Mining 844 286 787 659 Processing 158 331 683 330 Site services 116 144 401 189 Stripping and ore inventory adjustments 9 (43) 0 (9) By-prod
Slide 42: FY21 Financial Summary
41 FY21 Financial Summary • Solid NPAT, EBITDA and cash flow from operations • A$133 million cash at bank • A$84 million debt1 • Fully franked final dividend of 2 cents per share (6 cents total for FY21) FY20 FY21 Change EBITDA (excluding significant items)2 A$M 339 300 (12%) Underlying EBITDA margi
Slide 43: Maintained shareholder returns since dividends recommenced
42 Maintained shareholder returns since dividends recommenced Dividends per ounce produced (A$/oz)1 Dividends paid (cps) 14 45 40 40 12 35 34 $154 10 $149 30 $135 $129 8 8 26 25 6 4 4 20 18 $81 2 15 4 6 10 2 6 4 4 4 4 5 0 0 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 Interim Final Cumulative d
Slide 44: Movement in FY21 Underlying NPAT
43 Movement in FY21 Underlying NPAT A$ M 108 7 (27) 30 81 (21) 17 1 (31) (3) FY20 Profit - Profit - Profit - Exploration Corporate & Finance + FX Income tax Other FY21 Leonora Ops Simberi Ops Atlantic Ops Corp expense Royalties
Slide 45: FY21 cash movement
44 FY21 cash movement A$ M 111 (32) 52 (34) (37) 79 (22) (36) (45) 406 (62) (27) (220) 133 Cash Leonora Simberi Atlantic Growth Exploration Corporate Income Net Dividends MRRI Other Debt Cash Jun 2020 Ops Ops Ops capex & Corp tax financing acquisition repayment Jun 2021 Royalties costs
Slide 46: FY21 quarterly cash balance
45 FY21 quarterly cash balance 406 (313) 26 41 119 133 93 (27) 92 (102) (102) (102) (84) Q1 movement net of: Q2 movement net of: Q3 movement net of: Q4 movement net of: $200 M debt repayment $15 M tax $23 M dividends $21 M debt repayment (307) $61 M investments $9 M tax $16 M equipment $9 M explorat
Slide 47: Balance sheet
46 Balance sheet1 A$ M Cash Debt Entitlement Offer 480 343 410 406 161 133 -1 -84 -307 FY17 FY18 FY19 FY20 FY21 1. Debt excludes lease liabilities
Slide 48: Consolidated production, costs and guidance summary
47 Consolidated production, costs and guidance summary Production Summary Year Q1 Sep Q2 Dec Q3 Mar Q4 Jun Year Guidance Guidance Consolidated FY20 FY21 FY21 FY21 FY21 FY21 FY21 FY22 St Barbara’s financial year is Year to Qtr to Qtr to Qtr to Qtr to Year to Year to Year to 1 July to 30 June 30 June
Slide 49: Hedging summary as at 13 September 2021
48 Hedging summary as at 13 September 2021 Financial Volume Price Type Delivery Delivery Announced Year Ounces $/oz schedule Sep 21 to Dec 22 58,906 C$2,050 European call options Sep 2021 to Dec 22 Monthly 24 Feb 20201 1. The European call options replaced previous forward contacts priced at C$1,550
Slide 50: Resources & Reserves
Resources & Reserves
Slide 51: FY21 Ore Reserves increase greater than depletion
50 FY21 Ore Reserves increase greater than depletion koz 222 400 5 (161) (104) (89) (34) 6,244 6,005 June Leonora Gold Price Gwalia Atlantic Simberi Simberi Stockpile June 2020 Reserve depletion depletion depletion Reserve Additions 2021 Update Update
Slide 52: Leonora Province Plan delivers ~2 Moz of Mineral Resources in FY21
51 Leonora Province Plan delivers ~2 Moz of Mineral Resources in FY21 koz 602 764 618 (191) (136) (126) 13,087 11,555 June Gwalia Deeps Gwalia Open Pit Harbour Lights Leonora Atlantic Simberi June 2020 Resource depletion depletion depletion 2021 update
Slide 53: Ore Reserves summary at June 2021
52 Ore Reserves summary at 30 June 2021 Proved Probable Total Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Project ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) Gwalia, (WA) 1,631 7.0 368 11,677 4.9 1,853 13,308 5.2 2,221 Tower Hill, (WA) - - - 2,572 3.7 306 2,572 3.7 306 S
Slide 54: Mineral Resources summary at June 2021
53 Mineral Resources summary at 30 June 2021 Measured Indicated Inferred Total Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Project ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) Gwalia Deeps, (WA) 3,843 5.9 730 19,120 5.8 3,543 2,485 6
Slide 55: Non-IFRS measures
54 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 56: Investor Relations enquiries
Investor Relations enquiries Chris Maitland Head of Investor Relations T: +61 3 8660 1914 M: +61 477 120 070 E: info@stbarbara.com.au
Slide 57: St Barbara
StBarbara