St. Barbara Ltd. · ASX:SBM
St. Barbara — Q2 FY2023 Earnings Presentation
30 slides from St. Barbara's earnings presentation, Jan 25, 2023
Slide 1: Presentation on Q2 December FY23 Quarterly Report and audio webcast
25 January 2023 Presentation on Q2 December FY23 Quarterly Report and audio webcast Mr Dan Lougher, Managing Director & CEO, will brief analysts and investors on the Q2 December FY23 Quarterly Report at 11.00 am Australian Eastern Daylight Time (UTC + 11 hours) on Wednesday 25 January 2023. Analysts
Slide 2: Q2 December FY23 Quarterly Presentation
Q2 December FY23 Quarterly Presentation Dan Lougher Managing Director and CEO 25 January 2023
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: Acknowledgement of Country
3 Acknowledgement of Country We at St Barbara acknowledge the First Nations people of the ancestral lands on which we operate in Australia, Canada and Papua New Guinea. We pay our respects to all First Nations people, and to Elders past, present, and emerging. We recognise the unique cultural herita
Slide 5: Safety always
4 Safety always TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)1 5.0 4.6 4.7 3.9 3.4 3.0 2.1 FY18 FY19 FY20 FY21 FY22 Q1 FY23 Q2 FY23 1. Total Recordable Injury Frequency Rate (12 month avg.), total recordable injuries per million hours worked Atlantic Operations Emergency Response Team confined spac
Slide 6: Q2 FY23 Highlights
5 Q2 FY23 Highlights AISC (A$/oz) • Gold production of 61koz at AISC1 of $2,666 per 2,666 ounce 2,490 2,290 2,007 1,649 1,623 1,587 • $38 million cash balance 1,517 1,492 • Merger of St Barbara and Genesis to form Hoover House, and demerger of St Barbara’s non-Leonora assets to form Phoenician Metal
Slide 7: Cash impacted by lower production and working capital movements
6 Cash impacted by lower production and working capital movements • First positive operational cash flow from Simberi in • Working capital movements reflect reduction in five quarters payables at Atlantic, delayed BAS tax receipts and timing of ore purchases • Lower grade and increased mine developm
Slide 8: Leonora Q2 FY23 Results
7 Leonora Q2 FY23 Results AISC Lower than expected production at Leonora (A$/oz) 2,796 • Increased ore mined at Gwalia offset by COVID-19 2,487 absenteeism which delayed access to high grade stopes 1,916 1,854 1,653 until next quarter and resulted in lower grade development ore being processed MINED
Slide 9: Resetting Leonora
8 Resetting Leonora Costs • Contractor consolidation saving ~$1m per month • Demobilisation of excess mining equipment enabled by utilisation improvement New GM Andrew Lindsay leading change Maintenance • Hired additional skilled fitters • Increased critical spares • Standardised contractor equipmen
Slide 10: Simberi Q2 FY23 Results
9 Simberi Q2 FY23 Results AISC Stable production (A$/oz) 4,064 • Marginal production improvement driven by access to 2,754 higher grade in the Sorowar pit 2,416 2,335 • Improved grade and CIL operating consistency increased MINED GRADE gold recovery by 4% (g/t AU) Reserve grade 1.8 g/t Au 31 Dec 202
Slide 11: Atlantic Q2 FY23 Results
10 Atlantic Q2 FY23 Results AISC Lower production as Touquoy end of life (A$/oz) 2,867 approaches 2,013 2,027 2,085 • Production impacted by lower grade due to increased 1,396 proportions of long term stockpiles in mill feed MINED GRADE • Small geotechnical failure in the pit caused by Hurricane (g/
Slide 12: Creating a leading Australian gold house
Creating a leading Australian gold house Merger of St Barbara and Genesis to form Hoover House Demerger of St Barbara’s non-Leonora assets to form Phoenician Metals
Slide 13: Creating a leading Australian gold house
12 Creating a leading Australian gold house Logical regional consolidation - 100% focus on the +65Moz Leonora District1 • 14.7Moz Mineral Resources / 3.2Moz Ore Reserves2 • Operational flexibility via unique optimisation of mines and mills • “Capital-light” business - A$400m eliminated / deferred3 •
Slide 14: Focus on Leonora – right ores in the right mills
13 Focus on Leonora – right ores in the right mills Processing Ore source Current size1 Benefits to Hoover House shareholders facility Resource: 27.1Mt @ 5.7g/t for 5.0Moz The addition of Ulysses Underground enables “quality > quantity” mining strategy Gwalia Underground PRODUCING Reserve: 12.9Mt @
Slide 15: Phoenician Metals overview
14 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 extracting value from Phoenician Metals ▪ 6.2Moz in Mineral Resources / 3.7Moz in Ore Reserves
Slide 16: Phoenician Metals strategic focus
15 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 Back Creek (NSW) project Atlantic Prioritise development of Fifteen Mile Stream and target d
Slide 17: St Barbara
St Barbara
Slide 18: Supplementary slides
Supplementary slides
Slide 19: Exploration Results, Mineral Resources and Ore Reserves reporting
18 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 and has sufficient experience
Slide 20: Non-IFRS Measures
19 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 21: 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 22: Appendix A – Pro-forma snapshot as at December 2022
21 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 23: Appendix B – Dacian update
22 Appendix B – Dacian update Genesis owns approximately 77% of Dacian, with the Takeover Bid remaining open for acceptance 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
Slide 24: Appendix C – Combined Ore Reserves
23 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 Barbara1,2 Gwalia 1,543 7.3 361 11,318 4.8 1,761 12,862 5
Slide 25: Appendix C – Combined Ore Reserves
24 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 2,718 1.2 108 6,244 1.1 222 8
Slide 26: Appendix D – Combined Mineral Resources
Appendix D – Combined Mineral Resources 25 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 27: Appendix D – Combined Mineral Resources
26 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 28: Appendix G – Production target material assumptions
27 Appendix G – 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 29: Appendix G – Production target material assumptions
Appendix G – Production target material assumptions 28 • 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 30: St Barbara
St Barbara