St. Barbara Ltd. · ASX:SBM
St. Barbara — Corporate Update (March 2019)
38 slides from St. Barbara's corporate update, Mar 25, 2019
Slide 1: Presentation to analysts and investors at Leonora Operations
ASX Release / 25 March 2019 Presentation to analysts and investors at Leonora Operations Attached is a presentation to analysts and investors attending site visits this week at Leonora Operations, Western Australia. Investor Relations Mr David Cotterell Manager Investor Relations +61 3 8660 1959 ASX
Slide 2: Gwalia site visit presentation
Stean Barrie, General Manager Leonora Operations / March 2019 Gwalia site visit presentation
Slide 3: Disclaimer
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 Compa
Slide 4: Contents
Contents Overview of St Barbara • Operations • Safety Gwalia Mine, Leonora, WA • History • Production • Innovation • Growth Exploration Appendices 2600 mbs deep drilling site, June 2018 3/ Gwalia Site Visit Presentation / March 2019
Slide 5: Corporate Overview
Corporate Overview ASX 200 (ASX: SBM; ADR: STBMY), est. 1969 Papua Simberi Commodity Gold (Au) New Guinea Market Cap1 A$1.7B @ A$3.29/sh Shares1 524 M Liquidity2 4.2 M/day (0.8%) 1H FY19 EPS3 A$0.16 1H FY19 Dividend A$0.04 Australia Leonora Cash and cash deposits4 A$357 M (Gwalia mine) Debt Nil Ore
Slide 6: Focus on Safety
Focus on Safety Total Recordable Injury Frequency Rate1 St Barbara LTIFR in comparison with Western Australian Mining benchmarks2 5.0 2.9 4.1 2.1 2.2 2.9 2.8 2.1 2.1 1.2 0.5 FY 14 FY15 FY16 FY17 FY18 Q1 Q2 St Barbara WA Gold WA Metal, WA Metal, FY19 FY19 2018 Surface Underground • Total Recordable I
Slide 7: Gwalia | 120 not out!
Gwalia | 120 not out! • From surface outcrop (first mined 1896) to current workings is approx. 3.5 km ‘straight line’ along shear • Herbert Hoover was the initial Gwalia mine manager (1897-1898), later a US President (1929-1933), noted angle of deposit – took mining underground via underlay shaft (f
Slide 8: Gwalia production profile
Gwalia production profile Mined Grade (g/t Au) 12.5 10.7 10.5 9.3 8.4 8.9 FY18 performance Reserve Grade1 7.5 g/t Au June 2018 • Record production of 268 koz (FY17: 265 koz) • AISC1 of A$802/oz Production 267 265 268 (koz) 248 240 (FY17: A$785/oz) 235 214 AISC2 (A$/oz) FY19 guidance 9903 940 841 802
Slide 9: Quarterly Gwalia production profile
Quarterly Gwalia production profile AISC (A$/oz) 1,081 859 905 833 679 Q2 Dec FY19 production FY18 average $802/oz Mined grade (g/t Au) 15.0 • 53,257 oz (Q1 FY19: 62,685oz) 13.4 12.4 11.2 10.4 • AISC1 A$1,081/oz (Q1 FY19: Reserve grade FY18 A$833/oz) Reserve grade FY192 • Lower production, higher ca
Slide 10: Gwalia animation
Gwalia animation Gwalia A rich history with a bright future Animation of Gwalia underground mine available at https://youtu.be/fw91T7KFIQ4 9/ Gwalia Site Visit Presentation / March 2019
Slide 11: Gwalia Mining Strategy
Gwalia Mining Strategy Dual Lift Stoping in SWB Mining method mining sequence manages the hanging wall • Long hole stoping with fill • North & South access on FY11 two dual lift levels gives 4 2 mining areas • Greater percentage of free 1 5 bogging increases productivity of each stope 4 • Sill drive
Slide 12: Stope Cycles targeting higher production
Stope Cycles targeting higher production Stope Cycle Time – 6 months per stope • ‘Bogging’ (extracting ore from the stope) represents just under 50% of stope cycle time • Filling and curing around 30% of stope cycle time • Adjacent stopes (beside, above, below) cannot be developed until curing compl
Slide 13: Gwalia Production Profile – 'Centre out' method
Gwalia Production Profile – ‘Centre out’ method Objective: Maximise production, constrained by: 1) Waiting for adjacent/above stope’s paste fill to dry Plunge, centre 2) Geotech considerations – not too many of lode open stopes too close together = ‘Centre out’ method Historical stopes (light blue)
Slide 14: Extension Project update
Gwalia Extension Project update • Project extends mining at Gwalia to at • PAF crushing circuit on 1420 level nearing least 2,000 mbs1 completion and 1460 level civil work is • Budget of $100 million on schedule for well advanced. PAF commissioning scheduled Q4 FY19 completion in Q2 December FY201 •
Slide 15: Exploration | Gwalia Deeps Drilling Program
Exploration | Gwalia Deeps Drilling Program For full explanation and results refer to ASX release 23 January 2019 ‘Quarterly Report Q2 December FY19’ 14 / Gwalia Site Visit Presentation / March 2019
Slide 16: Exploration | Gwalia Deeps Drilling Program
Exploration | Gwalia Deeps Drilling Program Gwalia A rich history with a bright future • Daughter holes GWDD16F, GWDD16G and GWDD16H intersected the mine sequence between 1,900 and 2,013 mbs Gwaliagold • Results suggest the deposit trends progressively shallower and this zone has a greater - March 2
Slide 17: Exploration | Gwalia Seismic
Exploration | Gwalia Seismic Gwalia Seismic Exploration A • rich historyparent Completed with ahole bright future GWDD22 1 km south of underground mine development • The hole intersected 88 m of alteration and veined material interpreted as the southern extension of the Gwalia Shear Zone • Additiona
Slide 18: Exploration | Gwalia Region
Exploration | Gwalia Region Horse-Paddock Well, WA Gwalia A rich history with a bright future • RC drilling of several geophysical targets, with 3 holes returned anomalous gold • Best intercept was hole HWRC0007 which returned a 4 m zone of mineralisation including 1 m at 7.2 g/t Au • Second phase R
Slide 19: Geological Interpretation
Gwalia Geological Interpretation Gwalia A rich history with a bright future Note: Stylised conceptual interpretation of the Gwalia geology and mineralisation 18 / Gwalia Site Visit Presentation / March 2019 For full explanation and results refer to ASX release 23 January 2019 ‘Quarterly Report Q2 De
Slide 20: Deeps 1540 – 1580 lode schematic
Gwalia Deeps 1540 – 1580 lode schematic Gwalia A rich history with a bright future Gwalia - March 2016 Reproduced from ASX release 25 September 2017 ‘Denver Gold Forum 2017’ 19 / Gwalia Site Visit Presentation / March 2019
Slide 21: Appendices
Appendices Water sampling, June 2018 20 / Gwalia Site Visit Presentation / March 2019
Slide 22: Consolidated Production, Costs, Guidance Summary
Consolidated Production, Costs, Guidance Summary Production Summary Q4 Jun Year Q1 Sep Q2 Dec 1H Guidance Consolidated FY18 FY18 FY19 FY19 FY19 FY191 St Barbara’s financial year is Qtr to Year to 30 June Qtr to Qtr to 6 months to Year to 30 June 2019 1 July to 30 June 30 June 2018 2018 30 Sep 2018 3
Slide 23: Operations
Gwalia Operations St Barbara Byrnecut – contract mining • Responsible for • Byrnecut is part of Gwalia’s success • Planning • Started at Gwalia in Sep 2012 • Processing • Alliance agreement from Sep 2013 • Procurement • Approx. 230 employees • Commercial Underground fleet • Approx. 150 employees, mo
Slide 24: Supporting the Leonora community
Supporting the Leonora community St Barbara is focused on working within the Leonora community Sponsorships • Golden Gift (athletic carnival) • Shooting Stars (netball program for indigenous girls) • Kambalda/Leonora Football Club • Indigenous Hip Hop Program • Goldfields Girl (personal development
Slide 25: Gwalia operations
Gwalia operations 24 / Gwalia Site Visit Presentation / March 2019
Slide 26: Gwalia operations
Gwalia operations Gwalia A rich history with a bright future 25 / Gwalia Site Visit Presentation / March 2019
Slide 27: Gwalia operations
Gwalia operations Gwalia A rich history with a bright future 26 / Gwalia Site Visit Presentation / March 2019
Slide 28: Deepest mineralised intersection – Lowest expected mined depth
Gwalia – Lowest expected mined depth Lowest Expected Mined Depth in Year mbs FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19F FY20F FY21F FY22F 1000 1100 1200 1220 1300 Mineral Resources 1400 deepest mineralised intersection Ore Reserves 1380 1420 1500 1500 1600 1540 1580 1620 1700 1800 1740
Slide 29: Gwalia – Depth of Ore Reserves
Gwalia – Depth of Ore Reserves Maximum Depth of Ore Reserves (mbs) 30 Jun 2014 30 Jun 2015 30 Jun 2016 30 Jun 2017 30 Jun 2018 0 500 1000 1500 mbs 1500 mbs 1540 mbs 1580 mbs 1500 1620 mbs Maximum 1540 mbs Mined Depth 1740 mbs 2000 1940 mbs Maximum Reserves Depth 2140 mbs 2140 mbs Ore Reserves and Mi
Slide 30: Gwalia Resources & Reserves
Gwalia Resources & Reserves Gwalia Gwalia Reserves Gwalia Resources A rich history with a bright future koz koz -262 -234 5,087 4,825 2,133 1,899 June Mining depletion June June Mining depletion June 2017 2018 2017 2018 Refer ASX announcement 27 August 2018 titled ‘Ore Reserves and Mineral Resources
Slide 31: Ore Reserves Summary as at 30 June 2018
Ore Reserves Summary as at 30 June 2018 Proved Probable Total Project Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) Gwalia, (WA) 1,845 9.0 531 6,061 7.0 1,368 7,907 7.5 1,899 Tower Hill, (WA) - - - 2,572 3.7 306 2,572 3.7 306 Sim
Slide 32: Mineral Resources Summary as at 30 June 2018
Mineral Resources Summary as at 30 June 2018 Measured Indicated Inferred Total Project Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces Tonnes Gold Ounces ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) ('000) (g/t) ('000) Gwalia, (WA) 4,581 7.1 1,048 14,690 6.3 2,997 3,831 6.3 7
Slide 33: Shareholders and broker coverage
Shareholders1 and broker coverage Broker Research Coverage Not analysed Argonaut James Wilson 7% Institutional Canaccord Reg Spencer 88% Non Citi Trent Allen Institutional 4% Credit Suisse Mike Slifirski Deutsche Bank Tim Hoff GMR David Radclyffe Goldman Sachs Matthew Frydman JP Morgan Mathew Hockin
Slide 34: Board of Directors
Board of Directors Tim Netscher Bob Vassie Chairman – Non Executive Managing Director and CEO Appointed Director February 2014 Appointed July 2014 Appointed Chairman July 2015 Mr Vassie is a mining engineer with over 30 years’ Mr Netscher is an experienced international mining executive with interna
Slide 35: Executive Leadership Team
Executive Leadership Team Gwalia A rich history with a bright future Bob Vassie Garth Campbell-Cowan Rowan Cole Val Madsen Managing Director and CEO Chief Financial Officer Company Secretary General Manager Human and HSEC Appointed 2014 Joined 2006 Joined 2010 Joined 2013 Mr Vassie is a mining engin
Slide 36: Competent Persons Statement
Competent Persons Statement Exploration Results The information in this presentation that relates to Exploration Results for Simberi and Pinjin 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 empl
Slide 37: Non-IFRS Measures
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, invest
Slide 38: Investor Relations Enquiries
Investor Relations Enquiries Rowan Cole Company Secretary David Cotterell Manager Investor Relations T: +61 3 8660 1900 E: info@stbarbara.com.au 37 / Gwalia Site Visit Presentation / March 2019