Presentation to analysts and investors attending BMO ......2018/02/26 · 27th Global Metals & Mining Conference Attached is a presentation by Bob Vassie, Managing Director and CEO,

ASX Release / 26 February 2018

Investor Relations Mr Alistair Reid Manager Investor Relations +61 3 8660 1959 Media Relations Mr Tim Duncan Hinton & Associates +61 3 9600 1979 St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T +61 3 8660 1900 F +61 3 8660 1999 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

Presentation to analysts and investors attending BMO Capital Markets 27th Global Metals & Mining Conference

Attached is a presentation by Bob Vassie, Managing Director and CEO, to analysts and investors attending BMO Capital Markets 27th Global Metals & Mining Conference this week.

BMO 27th Global Metals & Mining Conference

BOB VASSIE, MANAGING DIRECTOR & CEO 26 - 28 February 2018 ASX: SBM

2 /

Forward statements

BMO Metals & Mining Conference, 26-28 February 2018

This presentation has been prepared by St Barbara Limited (“the Company”). The material containedin this presentation is for information purposes only. This presentation is not an offer or invitation forsubscription or purchase of, or a recommendation in relation to, securities in the Company andneither this presentation nor anything contained in it shall form the basis of any contract orcommitment. This presentation is not a financial product or investment advice. It does not take intoaccount the investment objectives, financial situation or particular needs of any investor. Beforemaking an investment in the Company, an investor or prospective investor should read thisdocument in its entirety, consider whether such an investment is appropriate to their particularinvestment needs, objectives and financial circumstances, seek legal and taxation advice appropriateto their jurisdiction and consult a financial adviser if necessary. The Company is not licensed toprovide financial product advice in respect of the Company’s securities.This presentation may contain forward-looking statements that are subject to risk factors associatedwith exploring for, developing, mining, processing, sale of gold, as well as financing, hedging andsovereign risk matters. Forward-looking statements include those containing such words asanticipate, estimates, forecasts, guidance, outlook, should, will, expects, plans or similar expressions.Such forward-looking statements are not guarantees of future performance and involve known andunknown risks, uncertainties, assumptions and other important factors, many of which are beyondthe control of the Company. It is believed that the expectations reflected in these statements arereasonable but they may be affected by a range of variables and changes in underlying assumptionswhich could cause actual results or trends to differ materially. Nothing in this document is a promiseor representation as to the future. Actual results may vary from the information in this presentationand any variation may be material. Past performance is not an indication of future performance.Statements or assumptions in this presentation as to future matters may prove to be incorrect andany differences may be material. The Company does not make any representation or warranty as tothe accuracy of such statements or assumptions. Investors are cautioned not to place undue relianceon such statements.This presentation has been prepared by the Company based on information available to it and hasnot been independently verified. No representation or warranty, express or implied, is made as tothe fairness, accuracy, completeness or correctness of the information, opinions and conclusionscontained in this presentation. To the maximum extent permitted by law, none of the Company orits subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of anysuch party, nor any other person accepts any liability for any loss arising from the use of this

presentation or its contents or otherwise arising in connection with it, including without limitation,any liability arising from fault or negligence on the part of the Company or its subsidiaries or affiliatesor the directors, employees, agents, representatives or advisers of any such party.The Company estimates its Ore Reserves and Mineral Resources in accordance with The AustralasianCode for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition ("JORCCode"), which governs such disclosures by companies listed on the Australian Securities Exchange.The JORC Code differs in several significant respects from Industry Guide 7 of the US Securities andExchange Commission (“SEC”), which governs disclosures of mineral reserves in registrationstatements and reports filed with the SEC. In particular, Industry Guide 7 does not recogniseclassifications other than Proved and Probable Reserves, and the SEC does not permit miningcompanies to disclose Mineral Resources in SEC filings.

The Company’s fiscal year (‘FY’) is 1 July to 30 June, e.g. FY18 = 1 July 2017 to 30 June 2018.The Company uses Australian dollar presentation currency for reporting purposes. Financial figuresare in Australian dollars unless otherwise stated. Several items in this presentation are shown in USdollars to aid comparison. US$ in this presentation converted from previously published A$ resultsusing FX rates used in preparation of published quarterly reports and financial statements asfollows:Averages: 1H FY18 = 0.7790, FY17 = 0.7539, FY16 = 0.7281, FY15 = 0.8319, FY14 = 0.9178.Spot rate: 31 Dec 2017 = 0.7801. 30 Jun spot rates: 2017 = 0.7695, 2016 = 0.7452, 2015 = 0.7713,2014 = 0.9430 (Reuters). All forward looking estimates converted at A$1.00 = US$0.79 per initialFY18 guidance released in June 2017 Quarterly Report.For reference, at 22 Feb 2018 A$1.00 = 0.7806 www.rba.gov.au.

Published 26 February 2018.

http://www.rba.gov.au/

BMO Metals & Mining Conference, 26-28 February 20183 /

Contents

• St Barbara overview• Safety• Operations

• Growth initiatives • Exploration• Conclusion

Simberi operations, October 2017

Corporate Overview

FX conversion per note on page 2. 1. As at 22 Feb 2018. 2. 1 month to 16 Feb 2018, source IRESS. 3. Basic EPS. 4. 31 Dec 2017. 5. Nointerest bearing liabilities, except equipment leases totalling approx. US$0.2 million. 6. Refer ASX announcement titled ‘Ore Reservesand Mineral Resources Statement 30 June 2017’. Mineral Resources are reported inclusive of Ore Reserves. 7. Non IFRS measure,refer Appendix. 8. FY18 guidance in Q2 December 2017 Quarterly Report.

Consolidated Gwalia underground mine Simberi open pit mine

FY17 381 koz @ AISC7 A$907/oz(US$684/oz)

265 koz @ AISC A$785/oz (US$592/oz)

116 koz @ AISC A$1187/oz (US$895/oz)

FY18F8 365 to 385 koz @ AISC A$940 to $990/oz(US$745 to $780/oz)

250 to 260 koz @ AISC A$840 to A$880/oz(US$665 to $695/oz)

115 to 125 koz @ AISC A$1,130 to A$1,230/oz(US$895 to $970/oz)

ASX 200 (ASX: SBM), est. 1969

Commodity Gold (Au)

Market cap1 A$2.1B @ A$4.02/sh (US$1.6B)

Shares1 515 M

Liquidity2 4.3 M/day (0.8%)

FY17 EPS3 A$0.32 (US$0.24)

FY17 DPS A$0.06 (US$0.045)

Cash4 A$215 M (US$168 M)

Debt Nil5

Ore Reserves (JORC)6 4.3 Moz

Mineral Resources6 9.1 Moz

4 / BMO Metals & Mining Conference, 26-28 February 2018

Australia

PapuaNew Guinea

Simberi Operations

Leonora Operations (Gwalia mine)

Focus on safety

Total Recordable Injury Frequency Rate1

6.0

4.15.0

2.1

1.2 1.2

2.4

FY 13 FY 14 FY15 FY16 FY17 Q1FY18

Q2FY18

• Increase in TRIFR to 2.4 to 31 Dec 2017 due to four low-severity recordable injuries

• Program to prevent recurrence implemented• Corresponding LTIFR of 0.7 to 31 Dec 2017 compares

with gold mining industry average of 2.12

1. Total Recordable Injury Frequency Rate (12 month avg). TRIFR includes Pacific Operations from Sept 2012.2. Industry Lost Time Injury Frequency Rate (LTIFR) data per the Department of Mines and Petroleum report

titled ‘Safety Performance in the Western Australian Mineral Industry’ for FY 2016-2017.

Surface raise bore site visit by Gwalia Management team, November 2017


6 /

1H FY18 key achievements

1.On a continuing operations basis. 2. Non-IFRS measure, refer to corresponding slide in Appendix.3. No interest bearing debt except for equipment leases amounting to US$0.2 M. Cash balance excludes US$1 M restricted cash.FX conversion per note on page 2.

• Record consolidated half-year production1 of 198 koz• Record low half-year AISC2 of A$899/oz (US$700/oz)• AISC margin2 of A$761/oz (US$593/oz)• Full year guidance increased at both operations

Operational excellence

• EBITDA margin of 49%1

• Strong cash flow from operating activities A$128 M (US$100 M)• Record profitability: NPAT A$106 M (US$83 M)

Financial performance

• 47% annualised return on capital employed2

• Debt free, A$215 M (US$168 M) cash at bank3

• A$0.04 (US$0.03) per share fully franked interim dividend

Capital management

• A$100 M (US$79 M) Gwalia Extension Project progressing • Gwalia Life of Mine Plan to FY 2031• Simberi sulphide project; copper-gold porphyry exploration with Newcrest• Systematic evaluation of inorganic growth opportunities

Growth


7 /

Balance Sheet

• Cash balance at 31 December of A$215 M (US$168 M), no debt1

• Hedging in place as at 21 February 2018:• FY18: 36 koz forward contracts at average A$1,728/oz (US$ 1,365/oz) deliverable Feb to June 2018 • FY19: 83 koz forward contracts at A$1,750/oz (US$ 1,383/oz) between July 2018 and June 2019• FY20: 42 koz forward contracts at A$1,750/oz (US$ 1,383/oz) between July and December 2019

-320-268

-169

-0.4 -0.2

75 59102

124168

-400

-300

-200

-100

0

100

200

FY14 FY15 FY16 FY17 1H FY18

US$M Cash and debt

Cash

Debt

1. Cash balance excludes US$1 M restricted cash, no interest bearing debt except for equipment leases amounting to US$0.2 M. FX conversion per note on page 2.BMO Metals & Mining Conference, 26-28 February 2018

83

109131

185 183

214

248267 265

250260

FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18F

6.95.7 6.3

8.8 8.2 8.4 8.9 9.310.7

11.7

Mined Grade(g/t Au)

Reserve Grade7.8 g/t Au June 2017


Gwalia production and cost profile

FY18F AISC is midpoint of guidance, released 23 January 2018 in Q2 December 2017 Quarterly Report. AISC is a non IFRS measure, refer corresponding slide in Appendix. Reserve grade per ‘Ore Reserves and Mineral Resources Statement 30 June 2017’. FX conversion per note on page 2.

Production(koz)

AISC(US$/oz)

Loader and surface haul truck at in-pit ROM at Gwalia, February 2017

863700 570 592

679

1H = 127@

653


Animation of Gwalia underground mine available at https://youtu.be/e7slJIjDLtc

Gwalia animation

https://youtu.be/e7slJIjDLtc

10 /

Gwalia Extension Project update – on schedule

1. Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’. Project commenced Q3 Mar 2017.

• Project includes new ventilation shafts and underground crushing of waste, mixed with paste to fill emptied stopes

• Budget of A$100 M (US$79 M) with planned completion between Q1 Sep 2019 and Q3 March 20201

• FY18F capex of A$50 to A$55 M (US$40 to US$44 M )

• A$15 M (US$12 M) capex spent in 1H FY18,A$23 M (US$18 M) project capex spent to date

• Raise bore activities have commenced, reaming underway on the first surface shaft

• Study with RUC underway investigating simultaneous shaft construction

• Approximately 70% (by value) of the PAF components now on site.

Above: Isometric view of proposed PAF crushing circuit, notionally at 1420 mbs.



Gwalia Deeps 1540 – 1580 lode schematic

Gwalia - March 2016

Reproduced from ASX release 25 September 2017 ‘Denver Gold Forum 2017’


Gwalia 5-year outlook

For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released on 21 February 2018. FY18F AISC is midpoint of guidance, released 23 January 2018 in Q2 December 2017 Quarterly Report. AISC is a non IFRS measure, refer corresponding slide in Appendix. Reserve grade per ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.

•“Gwalia Mass Extraction” (GMX) PFS completed for a major production rate increase, potentially within 5-year outlook.

•GMX investment decision targeted for Dec 2018.•Without hydraulic hoisting, production levels expected to remain robust at around current levels.

83

109131

185 183

214

248267 265

250 250 240

280 290260

863

700570 592

679 727 735

569 514

FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18F FY19 FY20 FY21 FY22

AISC(US$/oz)

Outlook

260240

6.95.7 6.3

8.8 8.2 8.4 8.9 9.310.7

11.7

9.88.1 7.7

6.7

Mined Grade(g/t Au)

Reserve Grade to 2140 mbs7.8 g/t Au June 2017

without hydraulic hoisting

LoM to FY 2031

Production(koz)


Gwalia Mass ExtractionSlurry Hydraulic Hoisting - single stage pumping from 1500 mbs

Overland Slurry Transport pipelines(Duty and Stand-by)

Top-up water from Tower Hill

Slurry cyclone sizing – Mill feed

Agitator tank with overland slurry pumps

(Duty and Stand-by)

At 1500mbs, crusher, HPGR1, screens,

mixer, agitator tank

3 x 2 MW additional generators

Top-up water from Tower Hill

Top-up water from old workings

2 duty and 1 stand-by to surface slurry pipes

2 duty and 1 stand-by PD1 pumps

Plan and cross-section views of proposed GMX hydraulic hoisting (for illustration only)1. HPGR = High Pressure Grinding Rolls, PD = Positive Displacement

13 /


Exploration | Gwalia Seismic

Gwalia - March 2016

For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’

Gwalia Seismic Exploration • Initial analysis has informed working

theory of Gwalia’s mineralisation• Allows re-analysis of surrounding

zone to identify analogous potential ‘repeats’

• 3 target areas identified between 600 and 1,900 mbs north and south of Gwalia

• Drilling planned for 2H FY18

44

80

110116 115

125

1H = 71

FY14 FY15 FY16 FY17 FY18F

2,111

1,218941 895 932


Simberi production and cost profile

FY18F AISC is midpoint of guidance, released 23 January 2018 in Q2 December 2017 Quarterly Report. AISC is a non IFRS measure, refer corresponding slide in Appendix.

Production(koz)

AISC(US$/oz)

Survey work in Sorowar pit, October 2017

1.7

2.73.3

3.7

Mill throughput(Mt)

16 /

Simberi Strategic Review – one year on

• Decision in November 2016 to retain Simberi operating assets was the right one• Cash contribution1 since the decision to retain the asset is A$91 million• Simberi well placed to achieve improved FY18 production and cost guidance

-9

-4

2

1012

5

8 9

19

5

24

20

24 23

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

A$ m

illio

n

Quarterly cash contribution1 from SimberiDecision to

retain

1. Non-IFRS measures, refer Appendix for details

A$91M



Simberi Sulphide – potential long life mine extension

17 /

1.4 Moz Sulphide Reserve @ 3.5 g/t Au, 3.2 Moz Sulphide Resource @ 1.8 g/t Au

For full explanation refer to ASX release ‘Simberi Strategic Review Concluded ’ 14 November 2016Ore Reserves and Mineral Resources Statements 30 June 2017 release 23 August 2017

Simberi Sulphide PFSCapex US$100 million

Production 130,000 ounces over 8 years (1 Moz Sulphides. 80 koz oxide in total)

Output Gold concentrate @ 35+ g/t Au from sulphide ores, Gold doré from oxide ores

Concentrate payable 90%

All-In Sustaining Cost US$930 to US$990 per ounce

• Focused exploration for sulphide ore underway to improve project economics

• Study to improve project capex via potential lower cost processing models ongoing

Strictly Commercial in Confidence

18 /

Exploration FY18 Guidance - A$16 to 20 million (US$12 to 16 million)

Leonora Region & Gwalia, WA • Gwalia Deep Drilling + Seismic• A$8 - 10 million (US$6 - 8 million)

Pinjin, WA • Aircore drilling of targets identified in FY17• A$4 - 5 million (US$3 – 4 million)

Tabar Island Group, PNG • Simberi Oxides/Sulphides• Tatau & Big Tabar Oxides/Sulphides• A$4 - 5 million (US$3 – 4 million)

Tatau Island, PNG• Option and farm in with Newcrest• Copper-gold porphyry program continuing

For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’BMO Metals & Mining Conference, 26-28 February 2018


Simberi Island Group (PNG)Pinjin, Western Australia

19 / For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report Q2 December 2017’

Leonora, Western Australia

Exploration activities


Reserves and Resources as at 30 June 2017

Gwalia Reserves

• Increased by net 325 koz after depletion

• Lower average grade 8.3 to 7.8 g/t Au

• Cost of discovery at depth in FY17 A$23/oz (US$17/oz)

Gwalia Resources

• Increased by net 1,191 koz

• Lower average grade 7.0 to 6.7 g/t Au

Simberi Resources and Reserves

• Oxide mine life extended, grade maintained at 1.3 g/t Au

• Sulphide reserve increased by 81 koz to 1.4 Moz, grade increased from 3.0 to 3.5 g/t Au

Note: For full details refer to ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.

3.95.1

0.60.61.00.7

3.63.2

9.19.6

FY16 FY17

Mineral Resources(Moz)

1.8 2.1

0.30.30.6 0.5

1.3 1.4

4.0 4.3

FY16 FY17

Ore Reserves (Moz)

Gwalia Tower Hill Simberi Oxide Simberi Sulphide Total


Strategy for the next 5 years – “stronger for longer”

Diversify production baseSeeking a portfolio of robust operations

Sustainable long life operationsAiming for above average mine life at bottom-third AISC

Quality growth pipelineActively add, manage and progress assets in all phases of the pipeline

Talented people who deliverSupport and work with our people to continue to achieve amazing results

Trusted to operateOur various stakeholders trust us everywhere we choose to operate

Sustainability Report

Sustainability Report topics

Governance & Economic Performance• Ethical business conduct with all stakeholders• Manage for long term growth Health & Safety• Safe work environment and practicesPeople• Attract, retain, engage and develop workforce• DiversitySocial & Communities• Engage, respect and enhance• Minimise adverse impactEnvironment• Emissions and incidents• Waste management • Energy efficiency


Sustainability Report • Complements Annual Report and Corporate

Governance Statement • Disclosure guided by GRI standards• Available on website at

www.stbarbara.com.au/sustainability/

http://www.stbarbara.com.au/sustainability/sustainability-report/

23 /

Conclusion

• Sustained operational performance; record half-year production1 and record low half-year AISC2

• Record profitability: underlying NPAT2 A$98 M (US$76 M)

• A$215 M (US$168 M) cash at bank3,

• A$0.04 cps fully franked interim dividend

• Profitable growth options underway:

• Gwalia extension project

• Simberi sulphide exploration, copper-gold porphyry exploration with Newcrest

• Debt free4 and positioned to grow

1. From continuing operations.2. Non-IFRS measure, refer Appendix. 3. Cash balance excludes A$1.2M (US$0.9M) restricted cash. 4. No interest bearing borrowings, except for equipment leases amounting to approx. A$0.2M (US$0.2M)

INSERT NEW PHOTO

Above: PAF equipment (mixer) on-site at Gwalia. Below: Reaming head of raise bore, January 2018BMO Metals & Mining Conference, 26-28 February 2018


Appendices

2600 mbs drill hole in progress at Gwalia, Feb 2018

1. FY18 guidance announced in Q4 June 2017 report (released 26 July 2017) and revised on 9 January 2018 and in this report. 2. Ore Reserve grade at 30 June 2017, refer Ore Reserve and Mineral Resources Statement (released 23 August 2017).3. Non-IFRS measure, refer Appendix

25 /

Consolidated Production, Costs, Guidance Summary

Production SummaryConsolidated

Q4 JunFY17

YearFY17

Q1 SepFY18

Q2 DecFY18

1HFY18

GuidanceFY181

ProductionGwalia oz 62,098 265,057 64,283 62,835 127,118 250 to 260 koz

(prev. 245 to 260)Simberi oz 32,128 116,044 33,976 36,674 70,650 115 to 125 koz

(prev. 105 to 115)

Consolidated oz 94,226 381,101 98,259 99,509 197,768 365 to 385 koz(prev. 350 to 375)

Mined Grade Reserve grade2

Gwalia g/t 9.2 10.7 10.7 11.2 10.9 7.8Simberi g/t 1.21 1.13 1.21 1.32 1.27 1.3

Total Cash Operating Costs3

Gwalia A$/oz 668 592 621 668 645 n/aSimberi A$/oz 1,048 1,092 964 908 935 n/a

Consolidated A$/oz 798 689 740 757 748

All-In Sustaining Cost3

Gwalia A$/oz 872 785 816 859 838 840 to 880(prev. 840 to 890)

Simberi A$/oz 1,125 1,187 1,027 994 1,010 1,130 to 1,230(prev. 1260 to 1380)

Consolidated A$/oz 959 907 889 910 899 940 to 990(prev. 970 to 1035)


657700 682 687 700

Consolidated Gold Production

1. All-In Sustaining Cost, Non IFRS measure, refer corresponding slide in Appendix. FX conversion per note on page 2.2. Figures shown on a continuing operations basis.

AISC (Consolidated)(US$/oz)

136 131 138 127 127

58 52 53 63 71

194 184 191 190 198

1H FY16 2H FY16 1H FY17 2H FY17 1H FY18

Gwalia Simberi Total

koz

Figures displayed to nearest koz. Reported ounces in Quarterly Reports.

1H FY18 Production HighlightsConsolidated • Record 198 koz @

record-low AISC1 A$899/oz (US$700/oz)• EBITDA margin of 49%• FY18F 365-385 kozGwalia • 127 koz @ AISC A$838/oz (US$653/oz)• EBITDA margin of 60%• FY18F 250-260 kozSimberi • Record 71 koz @

record-low AISC A$1,010/oz (US$787/oz)• EBITDA margin of 45%• FY18F 115-125 koz


27 /

Interim dividend

Dividend (for first half 2018 financial year) • A$0.04 (US$0.03) per share, fully franked.• Dividends are considered at each financial reporting date • Amount influenced by financial performance, balance sheet, internal and

external investment opportunitiesDividend Reinvestment Plan (DRP)1

• Allows eligible shareholders to re-invest • 1.5% discount to the 5 day VWAP for the interim dividend

1. A copy of the DRP Rules is available at www.stbarbara.com.au/investors/dividend/

Action Date

Ex-Dividend Date 6 March 2018

Record Date 7 March 2018

DRP Election Date (final date to participate in the DRP) 8 March 2018

DRP price calculation period 7-13 March 2018

Payment / Share Issue / Allotment Date 28 March 2018


http://www.stbarbara.com.au/investors/dividend/

28 /

Gender Diversity

• WGEA Employer Of Choice For GenderEquality in 2014, 2015, 2016-7 and 2018 and the only mining company to be certified this year.

• 2017 Winner Excellence in Diversity Programs and Performance, National Women in Resources Awards

• Overall pay equity gap reduced from 43% in 2007 to 14% in 20171

• Nil gender pay gap in ‘like-for-like’ roles2

• Bob Vassie, MD & CEO, appointed in 2014 as one of the first CEO Ambassadors of the Workplace Gender Equality Agency pay equity campaign

1. Compared to 22% nationally and 15% for the mining industry, WGEA Australia’s gender equality scorecard Nov 2017 https://www.wgea.gov.au/sites/default/files/2016-17-gender-equality-scorecard.pdf2. Refer St Barbara Corporate Governance Statement for details, www.stbarbara.com.au/about_us/governance


https://www.wgea.gov.au/sites/default/files/2016-17-gender-equality-scorecard.pdf

http://www.stbarbara.com.au/about_us/governance

29 /

Growth Pipeline

Feasibility Construction ProductionExplorationAu

stra

liaO

vers

eas

Greater Gwalia

Pinjin

Back Creek

16%

Catalyst Metals

16%.

Peel Mining

Au

Tabar Is Group

Cu-Au, OFA with NCM1

Tabar Is Group

Tower Hill

Simberi Sulphide

Inorganic growthEvaluating exploration, project, development and operating assets in a range of sizes in Australia and overseas

Gwalia Extension

Gwalia Mine

Simberi Mine

Projects owned 100%. St Barbara interest as noted.

1. Option and Farm-in Agreement with Newcrest announced 14 November 2016. Note GMX refers to Gwalia Mass Extraction.

A$5m (US$4m) invested in Catalyst and A$6.5m (US$5) invested in Peel in Q2 Dec 2017


GMX


Exploration | Gwalia Deep Drilling Program

Gwalia - March 2016



Exploration | Gwalia Deep Drilling Program

Gwalia - March 2016


1800MBS

1480MBS

Deepest level of mining, Q4 FY7, 1620 mbs

‘The Sweet Spot’• Deepest FY17 production at

1,580 mbs• Planned FY18 mining primarily

between 1,540 mbs and 1,620 mbs• Extend mine ~one level (40 meters)

per annum• Reserve grade 7.8 g/t Au1

• Resource model has historically under-predicted contribution of high grade shoots

Illustration from data supporting 2017 Annual Mineral Resources and Ore Reserves Report1. Reserve grade at 30 June 2017, Resources and Reserves Statements released 23 August 2017BMO Metals & Mining Conference, 26-28 February 201832 /

Gwalia mining | South West Branch


Gwalia – lowest expected mined depth

For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released on 21 February 2018.

Ore

Res

erve

s

Min

eral

Res

ourc

es

1100

1220

1300

13801420

1500 15001540

15801620

17001740

17801820

2140

2200

1000

1200

1400

1600

1800

2000

2200

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18F FY19F FY20F FY21F FY22Fmbs

Lowest Expected Mined Depth in Year

Ore Reserves and Mineral Resources Statements as at 30 June 2017 (released 23 August 2017), Ore Reserves extended down to 2140 mbs, Mineral Resources extend down to 2200 mbs, work continues to seek further extensions.


Gwalia – depth of Ore Reserves

1540

1740

1940

2140

1000

1200

1400

1600

1800

2000

2200

30 Jun 2014 30 Jun 2015 30 Jun 2016 30 Jun 2017

mbs

Depth of Ore Reserves

Ore Reserves and Mineral Resources Statements as at 30 June 2017 (released 23 August 2017), and corresponding prior Statements.Ore Reserves extended down to 2140 mbs, Mineral Resources extend down to 2200 mbs, work continues to seek further extensions.

2.1 Moz1.6 Moz1.9 Moz 1.8 Moz

For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released on 21 February 2018.

35

Gwalia GMX Mining Method30m Strike x 40m High stopes with Island Pillars

80m

30m

40m

15m

25m

Rock pillar

Looking North Looking West



Gwalia LoM to FY 2031 (with hydraulic hoisting)

Gwalia Key Metrics Guidance Outlook

FY18F FY19 FY20 FY21 FY22

Underground ore mined kt 700 820 940 1,150 1,400Mined grade g/t Au 11.7 9.8 8.1 7.7 6.7Gold Production koz 250-260 250 240 280 290AISC A$/oz 840-880 920 930 720 650Capital expenditure

• Sustaining

• Growth (GEP)

A$M

35-40

50-55

40

37

35

5

50

0

40

0

• GMX (PFS) 40 60• GEP additional ventilation 1 15 10 7Anticipated lowest mining depth in FY mbs 1620 1700 1740 1780 1820

Table 1: 5-year key metrics (with hydraulic hoisting)

1. GEP additional ventilation per ASX release 27 March 2017 “Gwalia Extension Project approved”.For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released 21 February 2018.

Outlook projections are mid-point estimates with anticipated range ±5%.


Gwalia LoM to FY 2031 (without hydraulic hoisting)

Gwalia Key Metrics Guidance Outlook

FY18F FY19 FY20 FY21 FY22

Underground ore mined kt 700 820 950 1,000 1,180Mined grade g/t Au 11.7 9.7 7.9 8.3 6.5Gold Production koz 250-260 250 240 260 240AISC A$/oz 840-880 920 930 920 880Capital expenditure

• Sustaining

• Growth (GEP)

A$M

35-40

50-55

40

37

35

5

45

0

30

0

Anticipated lowest mining depth in FY mbs 1620 1660 1720 1760 1820

Table 2: 5-year key metrics (without hydraulic hoisting)

For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released 21 February 2018.

Outlook projections are mid-point estimates with anticipated range ±5%.

38 /

Exploration | Tabar Island group, PNG, Q2 FY18

Tabar Islands• Simberi Pit mapping and geochemical review

completed, Cu-Au porphyry hole commenced at Pigiput

• Newcrest Option and Farm-in Surface (soil and rock chip) sampling program ongoing at central Tatau and Tupinda

• First drill hole TTD084 completed for 977 metres at Talik North, targeting Cu-Au porphyry. Results pending.


39 /

Exploration | Tatau Island, PNG, Q2 FY18

Copper-gold porphyry exploration

Newcrest Option and Farm-in

• Surface (soil and rock chip) sampling program completed

• Talik North prospect identified as priority drill target

• First diamond drill hole completed for 997 metres, second hole started January 2018

• Other prospects identified include Kupo


2,133

-274

+316+268 +15

1,808

June2016

Miningdepletion

Depthextension

(below1940)

Geologyand design

changes

Modifyingfactors

June2017

koz


Gwalia Reserves and Resources

5,087

-276

+1,061+406

3,896

June2016

Miningdepletion &sterilisation

Depthextensions

(below 1940)

Additions(above 1940)

June2017

koz

Gwalia ResourcesGwalia Reserves

Note: For details refer to ‘Ore Reserves and Mineral Resources Statement 30 June 2017’. Reserve Geology and design change gains are above 1940 mbs.

41 /

Gwalia Ore Reserves

Refer ASX announcement 23 August 2017 titled ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.

Gwalia Ore Reserves30 June 2016

Gwalia Ore Reserves30 June 2017

ProvedProbable

200m depth extension of Ore

Reserves


42 /

Gwalia Deep Drilling

Oxide Reserves• Additional Reserves offset depletion• Mine life extended one year to mid FY20Sulphides Reserves• Change in reserves based on improved geological

interpretation• Sulphide reserve grade increased from

3.0 to 3.5 g/t AuResources decreased by 635 koz• Oxides primarily depleted by mining• More conservative view of inferred sulphide ounces

leads to reduction in ounces and increase in sulphide resource grade 1.7 to 1.8 g/t Au

1,873

-116

+92

1,897

June2016

Mining depletion Op costs & modelrevision

June2017

koz

Reserves

3,923

-202

-433

4,558

June2016

Mining depletion Resource modelchanges

June2017

koz

Resources

Simberi Reserves and Resources

Note: For full details refer to ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.BMO Metals & Mining Conference, 26-28 February 2018

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Ore Reserves Summary as at 30 June 2017

Notes

1. Ore Reserves are based on a gold price of: Gwalia (AU$1,350/oz), Tower Hill (AU$1,250/oz), Simberi (US$1,200/oz)2. Cut-off Grades Gwalia (4.0g/t Au), Tower Hill (2.8g/t Au), Simberi Oxide (0.5g/t Au), Simberi Sulphide (1.1g/t Au)3. Mineral Resources are reported inclusive of Ore Reserves.4. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.5. Details relating to each of the estimates are contained in the 2017 Annual Mineral Resource and Ore Reserve Report at

www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/

Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.

Project

Proved Probable Total

Tonnes('000)

Gold (g/t)

Ounces('000)

Tonnes('000)

Gold (g/t)

Ounces('000)

Tonnes('000)

Gold (g/t)

Ounces('000)

Gwalia, (WA) 2,308 9.8 725 6,248 7.0 1,408 8,556 7.8 2,133

Tower Hill, (WA) - - - 2,572 3.7 306 2,572 3.7 306

Simberi Oxide, (PNG) 3,294 1.4 153 7,613 1.3 319 10,907 1.3 472

Simberi Sulphide, (PNG) 245 3.2 25 12,291 3.5 1,307 12,537 3.5 1,402

Total All Projects 5,847 4.8 903 28,724 3.6 3,340 34,572 3.9 4,312


http://www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/

http://www.stbarbara.com.au/

44 /

Mineral Resources Summary as at 30 June 2017

Notes

1. Mineral Resources are reported inclusive of Ore Reserves2. Cut-off Grades Gwalia (2.5g/t Au), Tower Hill (2.5g/t Au), Simberi Oxide (0.4g/t Au), Simberi Sulphide (0.6g/t Au)3. Simberi Mineral Resources are reported constrained by a US$1,800/oz pit shell4. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.5. Details relating to each of the estimates are contained in the 2017 Annual Mineral Resource and Ore Reserve Report at

www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/


Project

Measured Indicated Inferred Total

Tonnes('000)

Gold (g/t)

Ounces('000)

Tonnes('000)

Gold (g/t)

Ounces('000)

Tonnes('000)

Gold (g/t)

Ounces('000)

Tonnes('000)

Gold (g/t)

Ounces('000)

Gwalia, (WA) 5,045 7.8 1,265 14,877 6.4 3,042 3,831 6.3 780 23,753 6.7 5,087

Tower Hill, (WA) - - - 4,604 3.9 574 489 3.3 51 5,093 3.8 625

Simberi Oxide, (PNG) 4,056 1.3 164 12,313 1.1 427 4,919 1.0 152 21,288 1.1 744

Simberi Sulphide, (PNG) 836 1.7 45 41,005 1.9 2,471 12,676 1.6 663 54,517 1.8 3,179

Total All Projects 9,937 4.6 1,474 72,799 2.8 6,514 21,915 2.3 1,646 104,651 2.9 9,635


http://www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/



Predominantly institutional share register

Institutional 88%

Non Institutional

4%

Not analysed8%

Not analysed 8%Other 10%

UK 15%

USA 32%

Australia35%

Data as at 12 January 2018


Substantial shareholders and broker coverage

Substantial Shareholders 1

Van Eck 11.2%M&G Investment Mgt 6.3%Vinva 5.2%

Institutional Shareholders 2 88%Shares on issue 515M

American Depositary Receipts (ADR) trade in USA through BNY Mellon (ADR OTC Code ‘STBMY’)

Broker Research Coverage

Argonaut James Wilson

Canaccord Reg Spencer

Citi Trent Allen

Credit Suisse Mike Slifirski

Deutsche Bank Matthew Frydman

GMR David Cotterell

JP Morgan Mathew Hocking

Macquarie Ben Crowley

1. As notified by substantial shareholders to 20 February 20182. As at 12 January 2018


Board of Directors

Bob VassieManaging Director and CEOAppointed July 2014

Mr Vassie is a mining engineer with over 30 yearsinternational mining industry experience, including 18years with Rio Tinto in a range of senior managementroles. He has particular experience in operationsmanagement, resource development strategy, mineplanning, feasibility studies, business improvement,corporate restructuring, and strategic procurement.Mr Vassie is a non-executive director of TawanaResources NL.

Tim NetscherChairman– Non ExecutiveAppointed Director February 2014Appointed Chairman July 2015

Mr Netscher is an experienced international miningexecutive with extensive operational, projectdevelopment, and transactional experience andexpertise in senior executive management roles.Mr Netscher’s experience covers a wide range ofresources including nickel, coal, iron ore, uranium andgold and regions including Africa, Asia and Australia.Mr Netscher is a director of ASX listed Gold RoadResources Limited and Western Areas Limited.

David MoroneyDirector– Non ExecutiveAppointed March 2015

Mr Moroney is an experienced finance executive withmore than 20 years’ experience in senior corporatefinance roles, including 15 years in the miningindustry, and extensive international work experiencewith strong skills in finance, strategic planning,governance, risk management and leadership.Mr Moroney is an independent non-executivedirector of non-ASX listed WA Super (WesternAustralia’s largest public offer superannuation fund)and Hockey Australia Ltd.

Kerry GleesonDirector– Non ExecutiveAppointed May 2015Ms Gleeson is an experienced corporate executivewith over 20 years boardroom and seniormanagement experience across Australia, UK and theUS, in a variety of industries including mining,agriculture, chemicals, logistics and manufacturing. Aqualified lawyer in both UK and Australia, she hassignificant expertise in complex corporate finance andtransactional matters, and in corporate governance inAustralian and international businesses. Ms Gleesonis a Non-Executive Director of Trinity College,University of Melbourne.


Executive Leadership Team

Garth Campbell-Cowan

Chief Financial Officer

Joined 2006

Mr Campbell-Cowan is a CharteredAccountant with 30 years experience infinance and management positions acrossa number of different industries. He isresponsible for the Group’s Financefunction, covering financial reporting andaccounting, treasury, taxation, businessanalysis, capital management,procurement and information technology.

Prior to joining St Barbara, he was Directorof Corporate Accounting at Telstra and hasheld senior finance leadership roles withWMC, Newcrest Mining and ANZ.

Bob Vassie

Managing Director and CEO

Appointed 2014

Mr Vassie is a mining engineer with over30 years international mining industryexperience, including as Managing Directorand CEO of Inova Resources Limited(formerly Ivanhoe Australia Limited) and18 years with Rio Tinto in a range of seniormanagement roles.

He has particular experience in operationsmanagement, resource developmentstrategy, mine planning, feasibility studies,business improvement, corporaterestructuring, and strategic procurement.

Rowan Cole

Company Secretary

Joined 2010

Mr Cole joined St Barbara in 2010 asGeneral Manager Corporate Services andwas appointed Company Secretary in 2014.He has over 30 years’ experience acrosschartered accounting, retail banking,private and public companies.

Mr Cole's experience includes external,internal and IT audit, strategy formulation,execution and measurement, process andbusiness improvement, marketing,financial services, head of risk andcompliance, chief audit executive and chieffinancial and risk officer.

Val Madsen

GM Human Resources

Joined 2013

Ms Madsen joined St Barbara in September2013. Ms Madsen leads the HumanResources Function covering recruitment,remuneration and benefits, talentmanagement, employee relations andwellbeing, diversity and training anddevelopment. Val is a member of AMMA’sAWRA Advisory Board and Chair of theMinerals Council of Australia’s GenderDiversity Working Group.

With a Masters in Education and a numberof other business qualifications andaccreditations, Val has enjoyed a diversecareer in Human Resources.

49 /

Competent Persons Statement

Exploration ResultsThe 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 ofMining and Metallurgy. Dr Mustard is a full-time employee of St Barbara and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activitywhich he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Mustardconsents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this presentation that relates to Exploration Results for Gwalia and the Leonora region is based on information compiled by Mr Robert Love, who is a Fellow of The Australasian Instituteof Mining and Metallurgy. Mr Love is a full-time employee of St Barbara and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activitywhich he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Loveconsents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mineral Resource and Ore Reserve EstimatesThe information in this presentation that relates to Mineral Resources or Ore Reserves is extracted from the report titled ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ released to theAustralian Securities Exchange (ASX) on 23 August 2017 and available to view at www.stbarbara.com.au and for which Competent Persons’ consents were obtained. Each Competent Person’s consentremain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanyingconsent.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcement released on 23 August 2017 and, in the case ofestimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have notmaterially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcement.





50 /

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, investors and analysts in understanding ourfinancial results and assessing our prospects for future performance.

All-In Sustaining Cost

(AISC)

All-In Sustaining Cost is based on Cash Operating Costs, and adds items relevant to sustaining production. It includes some, but not all,of the components identified in World Gold Council’s Guidance Note on Non-GAAP Metrics - All-In Sustaining Costs and All-In Costs(June 2013). Refer most recent quarterly report available at www.stbarbara.com.au for example

AISC margin Average gold price realised - AISC

Cash contribution Cash flow from operations before finance costs, refer reconciliation of cash movement in the most recent quarterly report available atwww.stbarbara.com.au

Cash operating costs Calculated according to common mining industry practice using The Gold Institute (USA) Production Cost Standard (1999 revision).Refer most recent quarterly report available at www.stbarbara.com.au for example

Dividend yield Dividend ÷ share priceEBIT Earnings before interest revenue, finance costs and income tax expense.EBITDA EBIT before depreciation and amortisation.EBITDA margin EBITDA ÷ RevenueNet-cash Net-cash equivalent to cash and cash equivalents less current and non-current interest bearing borrowingsNet-debt Net-debt equivalent to current and non-current interest bearing borrowings less cash and cash equivalentsROCE ‘Return on capital employed’ is calculated as EBIT before significant items expressed as a percentage of average total capital employed

(net debt and total equity).

Significant Items Items whose nature or amount is considered material to the financial report. Refer Note 3 of 2018 Interim Financial Report (p18) for details

Underlying EBITDA / NPAT EBITDA or NPAT after excluding identified significant items. Refer 2018 Interim Financial Report (p3) for details.

2018 Interim Financial Report

Refer 2018 Interim Financial Report available at www.stbarbara.com.au






51 /

Investor Relations Enquiries

Rowan ColeCompany Secretary

T: +61 3 8660 1900

Alistair ReidManager Investor Relations

E: [email protected]

St Barbara Board, executive and members of Leonora management team, October 2017 at Gwalia. L to R: Jeff Waddington (GM HSEC), Bob Vassie (MD&CEO), Kous Kirsten(GM Leonora), Kerry Gleeson (Non-Executive Director), Bernard Haak (Project Manager GEP) Bob Love (Leonora Geology Manager), Tim Netscher (Non-Executive Chairman), Lucas Welsh (GM Finance), David Moroney (Non-Executive Director),


Documents

Presentation to analysts and investors attending BMO ......2018/02/26 · 27th Global Metals & Mining Conference Attached is a presentation by Bob Vassie, Managing Director and CEO,