presentation on fy19 financial report and audio webcast ... · 8/21/2019 · presentation on fy19...

ASX Release / 21 August 2019

Investor Relations Mr David Cotterell Manager Investor Relations +61 3 8660 1900 ASX: SBM Media Relations Mr Tim Duncan GRACosway with Hintons +61 408 441 122 ADR: STBMY 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 on FY19 Financial Report and audio webcast

Bob Vassie, Managing Director & CEO, and Garth Campbell-Cowan, Chief Financial Officer, will brief analysts and institutional investors on the full year financial results at 11:00 am Australian Eastern Standard Time (UTC + 10 hours) on Wednesday 21 August 2019. A live audio webcast of the briefing will be available on St Barbara’s website at www.stbarbara.com.au/investors/webcast/ or by clicking here. The audio webcast is ‘listen only’ and does not enable questions. The audio webcast will subsequently be made available on the website.

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https://stbarbara.com.au/investors/webcast/

https://edge.media-server.com/mmc/p/qgg2erar

FY19 Financial Results Presentation

BOB VASSIE, MANAGING DIRECTOR & CEOGARTH CAMPBELL-COWAN, CHIEF FINANCIAL OFFICER / 21 August 2019

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Disclaimer

This presentation has been prepared by St Barbara Limited (“Company”). The material contained in this presentation is for informationpurposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to,securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment.

This presentation may contain forward-looking statements that are subject to risk factors associated with exploring for, developing,mining, processing and the sale of gold. Forward-looking statements include those containing such words as anticipate, estimates,forecasts, should, will, expects, plans or similar expressions. Such forward-looking statements are not guarantees of future performanceand involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control ofthe Company, and which could cause actual results or trends to differ materially from those expressed in this presentation. Actual resultsmay vary from the information in this presentation. The Company does not make, and this presentation should not be relied upon as, anyrepresentation or warranty as to the accuracy, or reasonableness, of such statements or assumptions. Investors are cautioned not toplace undue reliance on such statements.

This presentation has been prepared by the Company based on information available to it, including information from third parties, andhas not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy orcompleteness of the information or opinions contained in this presentation.

The Company estimates its reserves and resources in accordance with the Australasian Code for Reporting of Identified MineralResources and Ore Reserves 2012 Edition (“JORC Code”), which governs such disclosures by companies listed on the Australian SecuritiesExchange.

Financial figures are in Australian dollars unless otherwise noted.Financial year is 1 July to 30 June.

Australian Securities Exchange (ASX) Listing code “SBM”American Depositary Receipts (ADR OTC code “STBMY”) through BNY Mellon, www.adrbnymellon.com/dr_profile.jsp?cusip=852278100

Title slide picture: Light vehicle underground at Gwalia. Photo by Finlay Wilkinson.Published 21 August 2019


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http://www.adrbnymellon.com/dr_profile.jsp?cusip=852278100

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Contents

• Overview• Safety• Operations• Profit & Cash• Reserves & Resources

• Growth• Exploration• Strategy• Conclusion• Appendices

Simberi truck fleet, February 2019. Photo by Elvis Karon.


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Corporate Overview

1. As at close 20 Aug 2019 2. 3 months to 20 Aug 2019, Deutsche Bank 3. Basic EPS for FY19 4. As at 30 Jun 2019. Cash balance comprises $212 M cash, $678 M term deposits and excludes A$2 M restricted cash, net of $780 M Atlantic consideration paid in July 2019 5. Refer corresponding Ore Reserves and Mineral Resources slides in Appendix, Leonora and Simberi as at 30 June 2019, Atlantic Gold as at 13 March 2019 6. Non IFRS measure, refer corresponding slide in Appendix. 7. FY20F guidance released 24 July 2019 ‘Quarterly Report Q4 June FY19’ 8. Atlantic Gold production attributable to St Barbara from 19 July 2019. 9. C$100M debt facility acquired with Atlantic Gold on 19 July 2019

ASX 200 (ASX: SBM; ADR: STBMY), est. 1969

Commodity Gold (Au)

Market Cap1 A$2.5B @ A$3.59/sh

Shares1 696 M

Liquidity2 9.0 M/day (1.3%)

FY19 EPS3 A$0.27

FY19 Total Dividend A$0.08

Cash and cash deposits4 A$110 M

Debt A$112 M (C$100 M)9

Ore Reserves (JORC) 5 5.9 Moz (4.1 Moz + 1.9 Moz)

Mineral Resources 5 12.0 Moz (9.6 Moz + 2.4 Moz)

FY19A FY20F7

Consolidated 362 koz @ AISC6 A$1,080/oz 310 to 335 koz @ AISC A$1,250 to A$1,350/oz (+Atlantic TBA)

Gwalia 220 koz @ AISC A$1,027/oz 200 to 210 koz @ AISC A$1,230 to A$1,290/oz

Simberi 142 koz @ AISC A$1,162/oz 110 to 125 koz @ AISC A$1,285 to A$1,450/oz

Atlantic Gold8 93 koz @ AISC A$787/oz (AISC YTD Q3 FY19) Due to be released in Q1 September FY20 quarterly report


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FY18 Financial Results – Another record year

FY19 Highlights


•FY19 production 362 koz @ AISC1 of A$1,080/oz•Simberi record production and cash flow for FY19•Continued successful Gwalia deep drilling and exploration

Operational excellence

• NPAT of A$144 million (FY18: A$227 M)• FY19 operating cash contribution2 of A$289 M (FY18: A$338 M)• A$783/oz cash contribution2 (FY18: A$842/oz)

Financial performance

• A$110 M cash at bank (net of A$780 M Atlantic Gold consideration)3

• A$200 million debt facility available, undrawn4

• Final fully franked dividend A$0.04 per share (FY19 total of A$0.08)

Capital management

• Atlantic Gold acquisition completed 19 July 2019• Life-of-mine extension projects or studies at all mines• Operating cash flow will fund all anticipated growth projects

Growth

1. Non IFRS measure, refer corresponding slide in Appendix2. Cash contribution is a non-IFRS measure, refer page 4 2019 Directors’ and Financial Report.

Cash contribution per ounce – cash contribution ÷ ounces of gold sold3. Cash balance comprises $212 M cash, $678 M term deposits, and excludes $2 M restricted cash, net of $780 M

Atlantic consideration paid in July 20194. C$100M debt facility acquired with Atlantic Gold on 19 July 2019

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St Barbara Safety Focus


Total Recordable Injury Frequency Rate1

9.0

6.0

4.15.0

2.11.2

2.1

5.0

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

• TRIFR corresponds to 23 low severity injuries in last 12 months

• Deterioration is being vigorously addressed with focus on HS culture and maturity, personal accountability and safety mindset

• Corresponding LTIFR remains well below WA industry average

1.1

1.6

1.9 2.0

St BarbaraFY19

WA Metal,Underground

WA Gold WA Metal,Surface

St Barbara LTIFR2 in comparison with Western Australian Mining benchmarks3

1. Total Recordable Injury Frequency Rate (12 month avg.), total recordable injuries per million hours worked. 2. LTIFR = Lost Time Injury Frequency Rate (12 month avg.), the number of lost time injuries per million hours worked3. Most recent statistics from http://www.dmp.wa.gov.au/Documents/Safety/MSH_Stats_Reports_SafetyPerfWA_2017-

18.pdf

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Atlantic Gold acquisition completed 19 July 2019

Touquoy pit lookout, Atlantic Gold Operations.

FY19 Financial Results Presentation7 /

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Transformational Acquisition Consistent with our Strategy "Stronger for Longer"

Diversify production base

Sustainable long life operations

Quality growthpipeline

Talented people who deliver

Trusted tooperate

• Substantial, low cost production from an established mining jurisdiction

• CY19 forecast production of 92 – 98 koz at an AISC of C$695 –755/oz (A$740 – 803/oz)1, with pathway to 200+ kozpa

• Atlantic has meaningful reserves with mine life of 12 years2

• High cash margins driven by an industry low all-in sustaining cost (AISC) position

• Significant growth potential through planned reserve / resource expansion and regional drilling programs

• Establishes a platform for future growth in North America

• St Barbara has retained the existing operating team and key Atlantic executives for the transitional period

• Atlantic's operational team has a track record of project delivery

• St Barbara and Atlantic are trusted operators in their jurisdictions• Respective operational teams will be able to leverage each other's

capabilities and specialisations

1. Forward looking statements and offer consideration as per spot rate on 10 May 2019 (FactSet) for CADAUD = 1.0642 and AUDUSD = 0.72002. Based on production schedule reported in 25 March 2019 ‘Updated MRC Production Schedule’ Atlantic news release

For full details refer to release 15 May 2019 ‘Acquisition of Atlantic Gold Corporation and Equity Raising’

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Gwalia

Leonora Operations at dusk, June 2018.

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Gwalia Production, Cost and Grade Profile1

Portal, Hoover Decline, Gwalia.

185 183

214

248267 265 268

220200

940841

783 785 802

1027

12601

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20F

6.95.7 6.3

8.8 8.2 8.4 8.9 9.310.7

12.511.1

8.0

Mined Grade(g/t Au)

Reserve Grade2

6.4 g/t Au June 2019

Production(koz)AISC(A$/oz)

1. FY20F AISC is midpoint of guidance, released 24 July 2019 in Q4 June 2019 Quarterly Report. AISC is a non IFRS measure, refer corresponding slide in Appendix. 2. June 2019 Reserve grade 6.4 g/t Au, refer ASX announcement released 21 August 2019 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2019’.


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Simberi

Jason Eade, Manager Fixed Plant Maintenance, viewing the Ropecon Simberi Operations, July 2019.

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Simberi Production and Cost Profile


80

110 116

135142

110

125

FY15 FY16 FY17 FY18 FY19 FY20F

AISC1

(A$/oz)

1,464 1,293 1,187 1,068 1,1621,3682

1.23 1.26 1.13 1.251.43

1.16

Mined Grade(g/t Au)

Reserve Grade3

1.3 g/t Au June 2019

• Fifth consecutive record annual production 142 koz (FY18: 135 koz)

• Benefitted from improved grade and record recovery of 87% (FY19: 85%)

• Sulphide drilling beneath Sorowar open pit continues to identify sulphide and oxide mineralisation

• Close spaced drilling (30 m x 30 m) due to finish in Q1 September FY20

1. Non IFRS measure, refer corresponding slide in Appendix 2. FY20F AISC is midpoint of guidance, released 24 July 2019 in Q4 June 2019 Quarterly Report Derived

from US$900 to US$1,015 per oz @ AUD 0.703. June 2019 Reserve grade 1.3 g/t Au, refer ASX announcement released 21 August 2019 titled ‘Ore

Reserves and Mineral Resources Statements 30 June 2019’.

Production(koz)

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2.1

6

32

36

64

50

3.0

12

39

44

62

51

2.2

8

27

42

56

43

Dividend yield (%)

Dividend per share (cents)

EPS (basic, cents)

Simberi EBITDA margin %

Gwalia EBITDA margin %

EBITDA margin %

FY19

FY18

FY173

2

1,2

2

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FY19 Key financial metrics

1. Underlying, see page 3 Financial Report2. Non-IFRS measure, refer corresponding slide in appendix3. Based on share price of A$3.59 on 20 August 2019, A$3.99 on 21 August 2018 and A$2.91 on 22 August 2017

1,2

1,2


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Profit

EBITDA, Underlying EBITDA and Underlying NPAT are non IFRS measures, see corresponding slide in Appendix

284321 346

279

FY16 FY17 FY18 FY19

A$MUnderlying EBITDA

127160

202

142

FY16 FY17 FY18 FY19

A$MUnderlying NPAT

298 293346

275

FY16 FY17 FY18 FY19

A$MEBITDA

169158

227

144

FY16 FY17 FY18 FY19

A$M

NPAT


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Key Changes to Underlying NPAT FY18 to FY191

1. Underlying NPAT from continuing operations, Non-IFRS measure, refer to corresponding slide in Appendix

142

-66 -10 -4 -6

14 4 8

202

FY18 Gross Profit -Leonora Ops

Gross Profit -Simberi Ops

Exploration Corporate &Royalties

D&A Finance + FX Income taxexpense

FY19

A$ M


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Segment Profit and Cash Contribution From Operations

198220 219

162

34 5178

90

FY16 FY17 FY18 FY19

A$M

Reportable segment profit before tax1

Leonora Simberi

244 249 255

186

33

70 83103

FY16 FY17 FY18 FY19

Cash contribution from operations1, 2, 3

Leonora Simberi

A$M

1. Results for Leonora include King of the Hills (which ceased production in the September 2015 quarter) operating results, but exclude significant items relating to the King of the Hills sale.

2. Non-IFRS measure, refer to corresponding slide in Appendix.3. Contribution is before Gwalia’s growth capex and deep drilling expenditure of $71 M (FY18: $37 M) and

Simberi sulphide drilling of $5.0 M (FY18: $0.3 M)FY19 Financial Results Presentation

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FY19 Application of Cash

Note: Cash surplus = cash flow from operating less investing activities

107 68

-327-31

-118 -4-61

-42

3

648

Receipts Op costs &finance

costs

Exploration Capex Investments Tax paid Cash surplus Othermovements

Dividendspaid

Change incash &

deposits

A$ M


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Balance Sheet


-347

-226

-1-200 limit

77 137 161

343410

-400

-200

0

200

400

600

800

1000

FY15 FY16 FY17 FY18 FY19

A$M

Debt Cash Entitlement Offer(net receipts)

890

Undrawn debt facility

A$780 Mpurchase price for Atlantic Gold(net balance $110 M)

480

Separate A$112 M (C$100 M) debt facility acquired with Atlantic Gold on 19 July 2019

Cash balance at 30 June 2019 of A$890M

As at 30 June 2019, with A$780 M applied to settlement of Atlantic Gold acquisition in July. Cash balance excludes restricted cash and $200 M undrawn three year syndicated revolving debt facility.For details refer to cash movements table in ASX release 24 July 2019 ‘Quarterly Report Q4 June FY19’

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2.1%3.0%

2.2%Annual Yield1 (%)

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Paying Fully Franked Dividends


• Dividend payments recommenced in FY17

• Fully franked final dividend of A$0.04 per share to be paid 25 September 2019

• Cumulative dividend payments of A$0.26 since FY17

• Dividend yield of 2.2%1Final $0.06

Final $0.08 Final $0.04

Interim$0.04

Interim$0.04

$0.06

$0.18

$0.26

FY17 FY18 FY19

Dividends Paid

Dividends Paid (A$)

Cumulativedividend

(A$)

Total

1. Annual dividend yield is a Non IFRS measure. It is calculated as (interim plus final dividend) ÷ share price at date final dividend announced.

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Reserves and Resources as at 30 June 2019


Gwalia Reserves

• Increased by net 174 koz after depletion

• Lower average grade 7.5 to 6.4 g/t Au

Gwalia Resources

• Decreased by net 50 koz

• Lower average grade 6.5 to 6.3 g/t Au

Simberi R&R models reviewed

• Oxides reserves marginally decreased, grade maintained at 1.3 g/t Au

• Added 6.4 Mt at near cut-off grade (1.2 g/t Au) of sulphide ore in Pigiput, adding 240 koz and lowering the overall grade deposit to 2.8 g/t Au. Depletion, model changes and drilling resulted in the overall sulphide reserve grade of 2.4 g/t Au.

Atlantic Gold Reserves and Resources

• Atlantic Gold acquired 19 July 2019

Note: For full details refer to ‘Ore Reserves and Mineral Resources Statement 30 June 2019’ released 21 August 2019

4.8 4.8

0.6 0.60.6 0.9

3.1 3.3

2.49.2

12.0

FY18 FY19

Mineral Resources(Moz)

1.9 2.1

0.3 0.30.3 0.31.4 1.4

1.93.9

5.9

FY18 FY19

Ore Reserves (Moz)

Gwalia Tower HillSimberi Oxide Simberi SulphideAtlantic Gold

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Ore Reserve Changes 2018 to 2019

FY19 Financial Results Presentation Note: For full details refer to ‘Ore Reserves and Mineral Resources Statement 30 June 2019’ released 21 August 2019

4,066

-225-175 -8785

315 24 36 171

3,923

June2018

Miningdepletion

Cut-offGrade

Lode StrikeExtensions

Miningdepletion

StockpileAdditions

UpdatedResource

Model

Updated PitDesign andGold Price

UpdatedMet

Recoveryand Op

costs

June2019

koz

Gwalia Simberi

• Results of Sorowar drilling to 30 April 2019 included in Resources and Reserves, before the commencement of 30m x 30m infill drilling

• An update to Sorowar reserves will be post completion of the infill drilling

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Mineral Resources Changes 2018 to 2019

FY19 Financial Results Presentation Note: For full details refer to ‘Ore Reserves and Mineral Resources Statement 30 June 2019’ released 21 August 2019

9,597

-233 -268

183 346 407

9,162

June2018

Mining depletion Geology ModelUpdate

Mining depletion GeologicalModel Revison(Measured &

Indicated)

GeologicalModel Revision

(Inferred)

June2019

koz

Gwalia Simberi

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Mine Life


2030

2021

2020

2018

2031

2024

2024

2015 2020 2025 2030

FY19

Atlantic Gold

FY18

FY17

FY16

Simberi (oxide)

FY18

FY17

FY16

Gwalia

Life of Mine

Gwalia and Simberi mine life as published in relevant Annual Report, based on corresponding Ore Reserves and Mineral Resources Statements. Atlantic Gold mine life based on production schedule reported in 25 March 2019 “Updated MRC Production Schedule” Atlantic news release.

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Growth Pipeline

Atlantic Gold(Regional)

Tabar Island Group (Au, Au-Cu)

Atlantic Gold(Beaver Dam)

Back Creek Atlantic Gold(Cochrane Hill)

Peel Mining(18%) Greater Gwalia Atlantic Gold

(Fifteen Mile Stream)

Catalyst Metals(14%) Pinjin Simberi Sulphide Atlantic Gold

(Touquoy Mine)

Duketon Mining(12%)

Aust Potash (Au, EJV) Gwalia GMX Simberi Mine

Prodigy Gold(10%)

Horn Island(Au, EJV with AQX) Tower Hill Gwalia Extension Gwalia Mine

Equity Investments Exploration Feasibility Construction Producing

KEY

Canada

Papua New Guinea

Australia

Equity Investments

Producing

1. Earn-in and Joint Venture Agreement with Australian Potash announced 8 October 20182. Earn-in and Joint Venture Agreement in Horn Island with Alice Queen announced 5 June 2019.3. Atlantic holds a 63.1% beneficial interest in Touquoy. Atlantic owns 60% of Touquoy and 7.9% of Moose River Resources Inc.

(MRRI) that has a 40% carried interest in Touquoy. Atlantic has the option to purchase MRRI's 36.9% beneficial interest at fair market value after the later of (i) 18 months following commercial production or (ii) 3 Mt ore processed. Atlantic can recoupcapital expenditures relating to the development of the mine and related assets before it begins making payments to MRRI with respect to the carried interest.

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Exploration | FY20 Guidance - A$20 to A$28 million

A$7 – A$9 million Leonora • Greater Gwalia Area • Gwalia Deep Drilling

A$5 – A$7 million Pinjin, Lake Wells and Back Creek • Geophysics/aircore drilling of identified

targets

A$8 – A$12 million PNG• Simberi Oxides/Sulphides and Porphyry• Newcrest have advised that they do not

wish to exercise their option and are withdrawing from the Option and Farm-in Agreement on Tatau and Big Tabar Islands

Atlantic Gold • FY20 guidance to be provided in

Q1 September FY20 Report

For full explanation and results refer to ASX release 24 July 2019 ‘Quarterly Report Q4 June FY19’

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

Diversify production base Seeking a portfolio of robust operations

Sustainable long life operations Aiming 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 extraordinaryresults

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


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Gender Diversity


• WGEA Employer Of Choice For Gender Equality since 2014 and the only mining company to be currently certified

• 2018 Winner of AMMA’s Australian Women in Resources Alliance Award

• Representation of women on the board at 33%1

• Representation of women in leadership roles at 29%2

• Overall pay equity gap reduced from 43% in 2007 to 12% in June 2019

• Nil gender pay gap in ‘like-for-like’ roles3

• Bob Vassie, MD & CEO:

• Appointed in 2014 as one of the first WGEA Pay Equity Ambassadors

• Member of AusIMM Council for Diversity and Inclusion

1. Compared to 25.8% nationally, WGEA Australia’s gender equality scorecard Nov 2018 https://www.wgea.gov.au/sites/default/files/documents/WGEA_2017-18%20Gender%20Equality%20Scorecard.pdf

2. Compared to 17.2% for the mining industry, WGEA Australia’s gender equality scorecard Nov 2018 https://www.wgea.gov.au/sites/default/files/documents/WGEA_2017-18%20Gender%20Equality%20Scorecard.pdf

3. Refer St Barbara Corporate Governance Statement for details, stbarbara.com.au/about_us/governance

Council for Diversity and InclusionFor

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https://www.wgea.gov.au/sites/default/files/documents/WGEA_2017-18%20Gender%20Equality%20Scorecard.pdf

https://stbarbara.com.au/about_us/governance

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Conclusion

FY19 Financial Results Presentation1. Balance comprises A$212 M cash, A$678 M term deposits and excludes A$2 M restricted cash, net of $780 M

Atlantic consideration paid in July 2019. In addition to an undrawn A$200 M debt facility, A$112 M (C$100M) debt facility was acquired with Atlantic Gold on 19 July 2019

New Atlantic Gold flag, Atlantic Gold Operations, Nova Scotia.

• Current operations continue to perform well, with record production and cash flow from Simberi in FY19

• Atlantic Gold acquisition consistent with strategic objectives

• 4 cents per share fully franked final dividend, 8 cent total for FY19

• Significant drilling results at Gwalia Deeps and regionally

• Continued positive Simberi Sulphide drilling results

• Life-of-mine extension projects or studies at all mines, funded from forecast cash flow

• $110 M cash and term deposits (post Atlantic Gold acquisition in July), and an undrawn $200 M debt facility1

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Appendices

Aircore drilling, Pinjin, Western Australia. Photo by Kiran Hudson


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Consolidated Production, Costs, Guidance Summary


Production SummaryConsolidated

YearFY18

Q1 SepFY19

Q2 DecFY19

Q3 MarFY19

Q4 JunFY19

Year FY19

GuidanceFY191

Guidance FY20

St Barbara’s financial yearis 1 July to 30 June

Year to 30 June 2018

Qtr to 30 Sep 2018

Qtr to 31 Dec 2018

Qtr to 31 Mar 2019

9 months to 31 Mar 2019

Year to 30 June 2019

Year to 30 June 2019 Year to 30 June 2020

ProductionGwalia oz 268,428 62,685 53,257 54,261 49,966 220,169 220 koz 200 to 210 kozSimberi oz 134,661 35,862 35,987 34,097 36,231 142,177 140 koz 110 to 125 kozConsolidated oz 403,089 98,547 89,244 88,358 86,197 362,346 360 koz 310 to 335 koz

Mined GradeReserve grade2 Reserve grade2

Gwalia g/t 12.5 12.4 10.4 11.7 10.0 11.1 7.5 6.4Simberi g/t 1.25 1.29 1.55 1.46 1.48 1.43 1.3 1.3

Total Cash Operating Costs3

Gwalia A$/oz 613 665 806 713 821 746 n/a n/a

Simberi A$/oz 969 952 1,027 1,066 1,021 1,016 n/a n/a

Consolidated A$/oz 732 769 895 849 905 852 n/a n/a

All-In Sustaining Cost3

Gwalia A$/oz 802 833 1,081 1,016 1,230 1,027 980 to 1,000 1,230 to 1,290

Simberi A$/oz 1,068 1,068 1,146 1,229 1,203 1,162 1,245 to 1,3004 1,285 to 1,4505

Consolidated A$/oz 891 919 1,108 1,098 1,219 1,080 1,075 to 1,100 1,250 to 1,350

1. Amended FY19 guidance released 17 June 2019 in ‘Atlantic Gold acquisition and St Barbara operations update’.2. Ore Reserve grade, refer Ore Reserve and Mineral Resources Statements (released 27 August 2018 & 21 August 2019).3. Non-IFRS measure, refer Appendix.4. US$895 to US$935 per ounce @ AUD 0.725. US$900 to US$1,015 per ounce @ AUD 0.70

NB: Atlantic Gold guidance due to be released in Q1 September FY20 Quarterly ReportFor

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FY19 Financial Summary

FY19 FY18 Change

Underlying EBITDA 3, 4 A$M 279 346 (19%)

Underlying NPAT 3 A$M 142 202 (30%)

Reported NPAT A$M 144 227 (36%)

Cashflow from operations 5 A$M 241 316 (24%)

Cash and cash deposits A$M 110 1 343 (68%)

Earnings per share (basic) 3 cents 26.5 39.4 (33%)

Dividend per share cents 8.0 12.0 (33%)

Return on equity 3 % 15% 37% (22 points)

• Solid underlying NPAT, EBITDA and cash flow from operations

• A$110 million cash at bank and term deposits (net of A$780 M Atlantic Gold consideration paid in July), and an undrawn A$200 M debt facility1

• A$112 million (C$100 million) debt assumed with Atlantic Gold acquisition2

• Fully franked final dividend of 4 cents per share (8 cents total for FY19)

1. Balance comprises A$212 M cash, A$678 M term deposits and excludes A$2 M restricted cash, net of $780 M Atlantic consideration paid in July 2019.

2. A$112 M (C$100M) debt facility was acquired with Atlantic Gold on 19 July 20193. Underlying, see page 3 2019 Directors’ and Financial Report4. Non-IFRS measure, refer to corresponding slide in Appendix.5. Net cash inflow from operating activities


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Increasing Cash Balance


343 350 357 382 4107 7 2528

480

-200

-200

0

200

400

600

800

1000

FY18Q4 Jun

FY19Q1 Sep

FY19Q2 Dec

FY19Q3 Mar

FY19Q4 Jun

Cash balance Net cash movement Undrawn debt facility

Q2 movement net of:

$46 M tax

$13 M growth capex

$2 M investments

Q1 movement net of:

$28 M dividends

$11 M growth capex

$6 M tax

$4 M investments

Entitlement Offer (net receipts)

A$M

As at 30 June 2019, with A$780 M applied to settlement of Atlantic acquisition in July. Cash balance excludes restricted cash and $200 M undrawn three year syndicated revolving debt facility.For details refer to cash movements table in ASX release 24 July 2019 ‘Quarterly Report Q4 June FY19’

Q3 movement net of:

$19 M growth capex

$14 M dividends

$4 M tax

Q4 movement net of:

$20 M growth capex

$10 M exploration

$8 M tax

A$780 M purchase price for Atlantic Gold

Undrawn debt facility

890

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FY19 Cash Movement

410

-60

-33 -6-31

-61-4 -42

186102

16

343

Cash Jun2018

Leonora Ops GEP Capex Simberi ops Corporate &other

(inc. capex)

Corporateroyalties

Exploration Income tax Investments Dividends Workingcapital &financing

Cash Jun2019

A$MReconciliation of cash movement


4801

1. Net Entitlement Offer Proceeds2. As at 30 June 2019, with A$780 M applied to settlement of Atlantic acquisition in July

8902

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Ore Reserves Summary as at 30 June 2019 + Atlantic Gold

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) 2,220 8.0 568 7,915 5.9 1,506 10,135 6.4 2,073

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

Simberi Oxide, (PNG) 1,547 1.5 75 5,346 1.2 213 6,893 1.3 288

Simberi Sulphide, (PNG) 1,615 2.0 105 16,520 2.4 1,270 18,135 2.4 1,375

Simberi Stockpiles, (PNG) 1,058 0.7 24 - - - 1,058 0.7 24

Total (30 June 2019) 6,440 3.7 772 32,353 1.1 3,295 38,793 3.3 4,066

Atlantic Gold, (NS) 25,400 1.1 902 26,550 1.1 973 51,950 1.1 1,875

Total All Projects 31,840 1.6 1,674 58,903 2.3 4,268 90,743 2.0 5,941

Notes

1. Ore Reserves are based on a gold price of: Gwalia (AU$1,600/oz), Tower Hill (AU$1,250/oz), Simberi (US$1,250/oz)2. Cut-off Grades Gwalia (4.7g/t Au), Tower Hill (2.8g/t Au), Simberi Oxide (0.5g/t Au) 3. Mineral Resources are reported inclusive of Ore Reserves4. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding5. Details relating to each of the estimates are contained in the 2019 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/6. The information for the Atlantic Gold Mineral Resources or Ore Reserves is extracted from the report entitled ‘Moose River Consolidated Mine, Nova Scotia, Canada, NI 43-101 Technical Report’ created on 25 March

2019 and is available to view at stbarbara.com.au . The company confirms that it is not aware of any new information or data that materially affects the estimates of Mineral Resources or Ore Reserves, that all material technical assumptions and technical parameters underpinning the estimates in the market announcement continue to apply and have not materially 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 market announcement.

Full details are contained in the ASX release dated 21 August 2019 ‘Ore Reserves and Mineral Resources Statements 30 June 2019’ available at www.stbarbara.com.au


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Mineral Resources Summary at 30 June 2019 + Atlantic Gold

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) 5,034 7.3 1,183 17,527 6.0 3,393 1,129 5.5 199 23,690 6.3 4,775

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

Simberi Oxide, (PNG) 2,414 1.3 103 10,562 1.1 376 12,886 0.9 383 25,862 1.0 862

Simberi Sulphide, (PNG) 2,897 1.6 150 43,450 1.7 2,375 18,591 1.4 810 64,938 1.6 3,335

Total (30 June 2019) 10,345 4.3 1,436 76,143 2.7 6,718 33,095 1.4 1,443 119,583 2.5 9,597

Atlantic Gold, (NS) 25,180 1.2 936 32,230 1.1 1,183 6,060 1.3 252 63,470 1.2 2,371

Total All Projects 35,525 2.1 2,372 108,373 2.3 7,901 39,155 1.3 1,695 183,053 2.0 11,968

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 Transitional and 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 rounding5. Details relating to each of the estimates are contained in the 2019 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/ 6. The information for the Atlantic Gold Mineral Resources or Ore Reserves is extracted from the report entitled ‘Moose River Consolidated Mine, Nova Scotia, Canada, NI 43-101 Technical

Report’ created on 25 March 2019 and is available to view at stbarbara.com.au . The company confirms that it is not aware of any new information or data that materially affects the estimates of Mineral Resources or Ore Reserves, that all material technical assumptions and technical parameters underpinning the estimates in the market announcement continue to apply and have not materially 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 market announcement.

Full details are contained in the ASX release dated 21 August 2019 ‘Ore Reserves and Mineral Resources Statements 30 June 2019’ available at www.stbarbara.com.au


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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 isa Member of The Australasian Institute of Mining and Metallurgy. Dr Mustard is a full-time employee of St Barbara and has sufficient experience relevantto the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person asdefined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Mustard consents tothe 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 RobertLove, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Love is a full-time employee of St Barbara and has sufficient experiencerelevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Personas defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Love consents tothe 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 for Gwalia, Tower Hill and Simberi is extracted from the report titled‘Ore Reserves and Mineral Resources Statements 30 June 2019’ released to the Australian Securities Exchange (ASX) on 21 August 2019 and available toview at stbarbara.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in theoriginal ASX announcement released on 21 August 2019 and that all material assumptions and technical parameters underpinning the estimates in theoriginal ASX announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the CompetentPerson's findings are presented have not been materially modified from the original ASX announcement.

The information for the Atlantic Gold Mineral Resources or Ore Reserves is extracted from the report entitled ‘Moose River Consolidated Mine, NovaScotia, Canada, NI 43-101 Technical Report’ created on 25 March 2019 and is available to view at stbarbara.com.au. The company confirms that it is notaware of any new information or data that materially affects the estimates of Mineral Resources or Ore Reserves, that all material technical assumptionsand technical parameters underpinning the estimates in the market announcement continue to apply and have not materially changed. The companyconfirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original marketannouncement.

Full details are contained in the ASX release dated 21 August 2019 ‘Ore Reserves and Mineral Resources Statements 30 June 2019’ available atstbarbara.com.au.

Scheduled ASX Announcements

13 September 2019 Annual ReportNotice of Annual General Meeting

16 October 2019 Q1 September 2019 Quarterly Report

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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 our financial results and assessing our prospects for future performance.

All-In Sustaining Cost All-In Sustaining Cost is based on Cash Operating Costs, and adds items relevant to sustaining production. It includes some, butnot all, of the components identified in World Gold Council’s Guidance Note on Non-GAAP Metrics - All-In Sustaining Costs andAll-In Costs (June 2013). Refer most recent quarterly report available at www.stbarbara.com.au for example.

Cash contribution Cash flow from operations before finance costs, refer reconciliation of cash movement in the most recent quarterly reportavailable at www.stbarbara.com.au

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

Dividend yield Dividend ÷ share price

EBIT Earnings before interest revenue, finance costs and income tax expense.

EBITDA EBIT before depreciation and amortisation.

EBITDA margin EBITDA ÷ Revenue

Earnings Per Share (EPS) Profit attributable to equity holders (excluding any costs of servicing equity other than ordinary shares) ÷ weighted average number of ordinary shares outstanding during the reporting period.

Net-cash Net-cash equivalent to cash and cash equivalents less current and non-current interest bearing borrowings

Net-debt Net-debt equivalent to current and non-current interest bearing borrowings less cash and cash equivalents

ROE ‘Return on equity’ is calculated as underlying NPAT expressed as a percentage of average total equity. Refer 2019 Directors’ and Financial Report (p3) for details

Significant Items Items whose nature or amount is considered material to the financial report. Refer Note 3 of 2019 Financial Report (p51) for details

Underlying EBITDA / NPAT

EBITDA or NPAT after excluding identified significant items. Refer 2019 Financial Report (p3) for details.

2019 Financial Report Refer 2019 Directors’ and Financial Report available at www.stbarbara.com.au


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Investor Relations Enquiries

Rowan ColeCompany Secretary

T: +61 3 8660 1900

David CotterellManager Investor Relations

E: [email protected]

St Barbara Board, underground at Gwalia. L to R: Tim Netscher (Non-Executive Chairman), Andrew Walker (Underground Manager), Rowan Cole (Company Secretary), Kerry Gleeson (Non-Executive Director), Bob Vassie (MD & CEO), and David Moroney (Non-Executive Director)FY19 Financial Results Presentation

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