St. Barbara Ltd. · ASX:SBM
St. Barbara — Investor Presentation (September 2025)
33 slides from St. Barbara's investor presentation, Sep 15, 2025
Slide 1: Gold Forum Americas Presentation
Gold Forum Americas Presentation Andrew Strelein, Managing Director & CEO 16 September 2025
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: Disclaimer – JORC Code
3 Disclaimer JORC Code It is a requirement of the ASX Listing Rules that the reporting of (amongst other things) 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 R
Slide 4: Corporate Overview
Corporate Overview
Slide 5: Corporate Summary
5 Corporate Summary Capital Structure Shareholders4 Retail (39%) Shares on issue (ASX: SBM) 1,083.7M Institutional (53%) Performance rights 71.2M Other (8%) Share price1 A$0.39 Market capitalisation1 A$423M Unrestricted cash and bullion2 A$72M Restricted cash for Atlantic bond3 A$89M Broker Coverage
Slide 6: St Barbara Asset Portfolio
6 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 bullion2 $72M Minera
Slide 7: Strategic Focus Scorecard
7 Strategic Focus Scorecard Simberi 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 FY26 Complete – PFS competed Q4 FY2
Slide 8: EV / Resource and EV / Reserve peer comparison
100 200 300 400 500 - 200 400 600 800 - 1,000 1,200 Ora Banda 509 Ora Banda 5,192 Dateline 486 Emerald 2,136 Gorilla Gold 466 Ramelius 1,307 Gold Road 461 Pantoro 1,226 Emerald 402 Catalyst 1,213 Capricorn 393 Alkane 1,182 Catalyst 303 Gold Road 1,155 Ramelius 272 Regis 1,151 Regis 254 Black Cat 1,1
Slide 9: Potential Production Outlook for Simberi
9 Potential Production Outlook for Simberi PFS confirmed 200+kozpa gold production over a 13 yr mine life1 Project Metrics 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 Total co
Slide 10: Comparing Undeveloped Open Pit Gold Projects
10 Comparing Undeveloped Open Pit Gold Projects Strip Ratio vs Mined Gold Grade • Simberi Sulphide Expansion Project ranks well compared to other undeveloped open pit gold projects Source: Argonaut Research; Blue line: $4.50/t ore+waste mining cost, A$3,000/oz gold price, $35/t ore non mining cost,
Slide 11: Potential Production Outlook for Atlantic
11 Potential Production Outlook for Atlantic Concept Study – 100kozpa gold production over a 11 yr mine life1 Project Metrics 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 Average G
Slide 12: Simberi Operations
Simberi Operations
Slide 13: Simberi Oxide Operations
13 Simberi Oxide Operations • Simberi open pit mine is transitioning from processing remnant oxides to a high annual production / low-cost sulphide processing operation • FY25 production of 51koz of gold at AISC of US$2,968/oz1 (in line with guidance) o Oxide remnant mining avoids disruptive closure
Slide 14: Simberi Sulphide Expansion Project
14 Simberi Sulphide Expansion Project 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
Slide 15: Simberi Sulphides Expansion Project – Proposed site infrastructure
15 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 16: Simberi Sulphides Expansion Project – Indicative Timeline
16 Simberi Sulphides Expansion Project Indicative Timeline (based on FID in late Q2 FY26)
Slide 17: Simberi Sulphides Expansion Project – Next Steps for FY26
17 Simberi Sulphides Expansion Project Next Steps for FY26 • Mining Lease early renewal approval; • Resolution of PNG IRC tax assessment; • Continue Early Works Packages and Pre-Expansion Growth capital projects only for specific long-lead items. The timeline for other early works will be reschedule
Slide 18: Mining Lease Extension & PNG IRC Tax Update
18 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, with approval of the from all landowners, Regional Governor, and L
Slide 19: Simberi – FY25 Resource & Exploration Drilling
19 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 20: Simberi – FY25 Sorowar – Pigiput Trend Drilling
20 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 21: Simberi – FY25 Samat Drilling
21 Simberi – FY25 Samat Drilling • 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 @ 1
Slide 22: Atlantic Operations
Atlantic Operations
Slide 23: Atlantic Development Projects
23 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 24: Nova Scotia Permitting Improvements
24 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 25: Atlantic Development Projects – Integrated Operation
25 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 26: 15-Mile Processing Hub Project Development
26 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 27: Investigating Re-Opening Touquoy to Process Low and Medium Grade Stockpile
Investigating Re-Opening Touquoy to Process Low and Medium Grade 27 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 28: St Barbara Gold Ore Reserves
28 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 25.6 2.3 1,880 S
Slide 29: St Barbara Silver Ore Reserves
29 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 25.6 4.3 3,5
Slide 30: St Barbara Gold Mineral Resources
30 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 2.2 1.0 70 29
Slide 31: St Barbara Silver Mineral Resources
31 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 1,740 2.2 2.8 1
Slide 32: Contact Information
32 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 33: St Barbara
ie StBarbara