Presentation to Diggers and Dealers Mining Forum · 2017. 8. 7. · Presentation to Diggers and Dealers Mining Forum ... 865 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

ASX Release / 7 August 2017

Investor Relations Mr Rowan Cole Company Secretary +61 3 8660 1900

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 Diggers and Dealers Mining Forum

Attached is a presentation by Bob Vassie, Managing Director and CEO, to the Diggers and Dealers Mining Forum in Kalgoorlie, Western Australia.

Diggers & Dealers Mining Forum

BOB VASSIE, MANAGING DIRECTOR & CEO / 7-9 August 2017

2 /

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.

Published 7 August 2017

Diggers & Dealers Mining Forum – 7-9 August 2017

Diggers & Dealers Mining Forum – 7-9 August 20173 /

Corporate Overview

1. Refer ASX announcement 23 August 2016 titled ‘Ore

Reserves and Mineral Resources Statements 30 June 2016’.

Mineral Resources are reported inclusive of Ore Reserves.

2. As at close 4 August 2017, A$2.81 ea. 3. FY18F guidance

released 26 July 2017 Q4 June 2017 Quarterly Report. 4. Non

IFRS measure, refer corresponding slide in Appendix.

5. 3 months to 2 Aug 2017, per IRESS. 6. Basic EPS for FY16.

7. No interest bearing borrowings, except for equipment

leases amounting to less than A$1 million. 8. Cash at 30 June

2017.

Consolidated Gwalia Simberi

FY17A 381 koz @ AISC A$907/oz 265 koz @ AISC4 A$785/oz 116 koz @ AISC A$1,187/oz

FY18F3 350 to 375 koz @

AISC A$970 to $1,035/oz

245 to 260 koz @

AISC A$840 to A$890/oz

105 to 115 koz @

AISC A$1,260 to A$1,380/oz

ASX 200 (ASX: SBM), est. 1969

Commodity Gold (Au)

Market cap2 A$1.4B @ A$2.81/sh

Shares2 497 M

Liquidity5 5.4 M/day (1.1%)

EPS6 A$0.34

Cash8 A$161 M

Debt Nil7

Ore Reserves (JORC) 1 4.0 Moz

Mineral Resources 1 9.1 Moz

Australia

PapuaNew Guinea

Simberi

Leonora(Gwalia mine)

4 /

Highlights FY17

• Record safety

• Record annual production1 381 koz (FY16: 377 koz)

• Record low AISC2 $907/oz (FY16: $933/oz)

• Record cash contribution3 A$323M(FY16: A$277M)

• Debt free, $161M cash at bank4

• $0.06 dividend (fully franked)5

• Positioned to grow1. From continuing operations2. Non IFRS measure, refer corresponding slide in Appendix3. Non-IFRS measure of site operating cash flow, refer table p12, 26 July

2016 ‘Quarterly Report June 2017’.

4. Financial information unaudited. No interest bearing debt except for equipment leases amounting to approx. A$0.5 M.

5. Full details in ASX announcement dated 7 August 2017 Diggers & Dealers Mining Forum – 7-9 August 2017

9.0

6.0

4.15.0

2.1

1.2

FY 12 FY 13 FY 14 FY15 FY16 FY17


Record safety TRIFR result + trophies

Total Recordable Injury Frequency Rate 1,2,3

1. Total Recordable Injury Frequency Rate (12 month avg) 2. TRIFR includes Pacific Operations from September 2012 3. Gold mining industry average TRIFR is 2.2, industry TRIFR data per the Department of Mines and Petroleum report titled ‘Safety Performance in the Western Australian Mineral Industry’ for 2015-2016 FY, available at: http://www.dmp.wa.gov.au/Documents/Safety/MSH_Stats_Reports_SafetyPerfWA_2015-16.pdf4. CME WA Underground mine Emergency Response Team Competition: https://www.cmewa.com/news-and-events/latest-news/historical-media-releases/2016/292-underground-mine-emergency-response-winners-announced

St Barbara Gwalia ERT4

Winners2015.

Again2016.

2015 team

2016 team

http://www.dmp.wa.gov.au/Documents/Safety/MSH_Stats_Reports_SafetyPerfWA_2015-16.pdf

https://www.cmewa.com/news-and-events/latest-news/historical-media-releases/2016/292-underground-mine-emergency-response-winners-announced

6 /

‘Three moving parts’ from FY16 resolved in FY17

FY16 questions FY17 results

Gwalia materials handling

Gwalia extension project 1

• $100 M project approved March 2017• Extends mining to at least 2,000 mbs in FY 2024

Simberi sulphides & strategic review

Simberi retained 2

• Production & cash flow increased Y on Y• Copper-gold porphyry exploration JV with Newcrest• Oxide and sulphide gold exploration seeking to improve

economics of possible future sulphide expansion

US$ debt Repaid in full one year ahead of schedule 3

• Debt free since March 2017• Cash balance increased Y on Y

1. Refer ASX announcement 27 March 20172. Refer ASX announcement 14 November 2016

3. Refer ASX announcement 13 February 2017 and Q4 June 2017 Quarterly report released 26 July 2017Diggers & Dealers Mining Forum – 7-9 August 2017

80% 85% 90% 95% 100% 105% 110% 115% 120%

AISC - Simberi (A$/oz)

AISC - Gwalia (A$/oz)

Production - Simberi (koz)

Production - Gwalia (koz)

FY17 Actual vs guidance

95

795 815

116

785

1187

100% = initial guidance mid-point

850

105

265

Actual

265245

105 110

910

1,4901,330

FY17 actual vs guidance


Initial guidance

1,285 - 1,330

260 - 265

Final guidance

8 /

Debt repaid in full in March 2017

79 77

137161

-340 -347

-226

-1

-400

-300

-200

-100

0

100

200

2014 2015 2016 2017

A$M

Cash and debt

Cash Debt

-311 -320 -312

-270-243

-199

-134

-92

-15

31

98

160

-400

-300

-200

-100

0

100

200

FY15Q1Sep

FY15Q2Dec

FY15Q3

Mar

FY15Q4Jun

FY16Q1Sep

FY16Q2Dec

FY16Q3

Mar

FY16Q4Jun

FY17Q1Sep

FY17Q2Dec

FY17Q3

Mar

FY17Q4Jun

Net Debt / Net Cash1

Net Debt

Net Cash

A$M

Diggers & Dealers Mining Forum – 7-9 August 20171. Non-IFRS measures, refer Appendix for details

1,007

932 907

1,000

AISC (Consolidated)(A$/oz)

9 /

Consolidated FY17 results + FY18 guidance

1. Non IFRS measure, refer corresponding slide in Appendix2. For continuing operations

Record production2 of 381 koz

• Exceeded FY17 guidance of 365 to 375 koz

AISC record low A$907/oz

• Outperformed FY17 guidance of A$940 to A$980/oz

FY18 Guidance

• Production 350 to 375 koz

• AISC A$970/oz to A$1,035/oz

• Sustaining capex A$40 to A$45 M

• Growth capex A$50 to A$55 M

248 267 265 253

80110 116 110

328377 381 363

FY15 FY16 FY17 FY18F

Gwalia Simberi Total

Figures displayed to nearest thousand ounces. Reported ounces in associated table.

Gold Production(koz)

Guidance mid-points


83109

131

185 183

214

248267 265

245260

940841 783 785

865

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

6.9

5.76.3

8.88.2 8.4

8.99.3

10.7Mined Grade(g/t Au)

Reserve Grade8.3 g/t Au June 2016


Gwalia production year on year

FY18F AISC is midpoint of guidance, released 26 July 2017 in Q4 June 2017 Quarterly Report. AISC is a non IFRS measure, refer corresponding slide in Appendix. June 2016 Reserve grade 8.3 g/t Au, refer ASX announcement released 26 August 2016 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2016’.

Production(koz)

Gwalia – Absorption Chiller Plant

AISC(A$/oz)

Gwalia –Absorption Chiller Plant

1800MBS

1480MBS

Gwalia mining | South West Branch

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 8.3 g/t Au1

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

• First stope below 1800 due in FY22 per LOM plan South West Branch (SWB) 2016 reserve grade model

Illustration from data supporting 2016 Annual Mineral Resources and Ore Reserves Report1. Reserve grade at 30 June 2016, Resources and Reserves Statements released 23 August 2016

‘Sweet Spot’

12 /

Simberi FY14 to FY17

1. Non IFRS measure, refer corresponding slide in Appendix2. FY18F guidance released 26 July 2017 in Q4 June 2017 Quarterly Report.

1,714

2,670

3,3153,690

FY14 FY15 FY16 FY17

Simberi Ore Milled

kt

44

80

110 116105

115

FY14 FY15 FY16 FY17 FY18F

Simberi Production

koz

4,1516,294

9,899

14,335

FY14 FY15 FY16 FY17

Simberi Total Material Moved

kt

2,300

1,4641,293 1,187 1,260

1,380

FY14 FY15 FY16 FY17 FY18F

Simberi AISC1

A$/oz


13 /

Gwalia Extension Project

• Gwalia Extension Project approved

March 20171

• Detailed budget and execution plan

confirm that the project will generate a

robust financial return and extend

mining at Gwalia to at least 2,000 mbs2

• Provides foundation for potential

further extensions

• Budget of A$100 million and will take

two and half to three years to construct

1. Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’2. Ore Reserves at 30 June 2016 extend down to 1,940 mbs, Annual Mineral Resources and Ore Reserves Report at 30 June 2016,

available at www.stbarbara.com.au Diggers & Dealers Mining Forum – 7-9 August 2017

14 /

Conceptual illustration only.

1

pump

1 Preferred bogging location Current Paste Infrastructure

PAF Fixed Plant locations

Waste storage

Gwalia Extension Project | Paste Aggregate Fill

Paste aggregate fill (PAF)

• Waste from development (and

raise-boring) deposited in 1 or 2

disused northern abutment

stopes

• Crushed via 2 stage crushing

circuit on 1420 level

• Aggregate stored in waste pass

• Aggregate mixed with paste from

surface on 1460 level

• Pumped to stope voids

• Likely to operate ~25% of time

Diggers & Dealers Mining Forum – 7-9 August 2017 Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’

15 /

Gwalia Extension Project | Paste Aggregate Fill

Innovative combination of

existing techniques for unique

challenges of a deep trucking

mine

• Fills stopes more rapidly

• Eliminates waste haulage to

surface, increasing truck

efficiency

• Increases ventilation

efficiency

• Reduces production impact of

vent shaft construction

Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’Diggers & Dealers Mining Forum – 7-9 August 2017

Isometric diagram of PAF crushing circuit

16 /

Gwalia Extension Project update | on schedule

1. Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’. Project commenced Q3 Mar 2017. Note ‘Paste Aggregate Fill’ PAF

• A$8M capex spent in FY17 (inc. A$3.5m

in Q4) - drilling, studies, tunnel

development

• Major contracts completed:

• Weir Minerals for PAF

• RUC Cementation for vent shafts

• Study with RUC for simultaneous shaft

construction, potential for acceleration

of project schedule

• FY18F capex of A$50 to A$55 million


Gwalia Seismic Exploration


Gwalia Seismic Exploration

• Results analysis during

1H FY18

• Key geological features

strongly reflective

• Early results indicate

downward plunge below

2,500 mbs

• Inform drilling program

• Further seismic testing

planned in Greater Gwalia

area

Conceptual illustration using raw seismic data with lode sequence and open pit superimposed.

18 /

Exploration | Gwalia Deep + Intermediates Drilling Program

For full explanation and results refer to ASX release 26 July 2017 ‘Quarterly Report June 2017’

Gwalia deep drilling objectives

• Extend resources below 2,000 mbs

• Intermediates – follow-up historic narrow high grade intercepts ~1,000 mbs


19 /

Exploration | Gwalia Deeps

For full explanation and results refer to ASX release 26 July 2017 ‘Quarterly Report June 2017’Diggers & Dealers Mining Forum – 7-9 August 2017

FY18 Gwalia Deeps

• Further drilling 2,000 to 2,200 mbs with objective to extend Indicated Resource

• 2,600 mbs drill starting Q2 Sep 2017

20 /

Exploration | FY18 Guidance - A$16 to A$20 million

A$8 - A$10 million Gwalia• Gwalia Deep Drilling + Seismic

A$4 - A$5 million Pinjin WA

• Aircore drilling of targets identified in FY17

A$4 - A$5 million PNG• Simberi Oxides/Sulphides

• Tatau Oxides/Sulphides

Option and farm in with Newcrest

• Copper-gold porphyry program continuing

For full explanation and results refer to ASX release 26 July 2017 ‘Quarterly Report June 2017’Diggers & Dealers Mining Forum – 7-9 August 2017

21 /

Simberi Island Group (PNG)

For full explanation and results refer to ASX release 26 July 2017 ‘Quarterly Report Q4 June 2017’

PNG Exploration | Tatau Island

Tatau Island

Company’s own oxide and sulphide gold exploration

• Aim to increase Simberi mine-life

Option and farm-in agreement with Newcrest

• Copper - gold porphyry exploration


Tatau Is. viewed from Simberi, Tabar Is. left back

22 /

Exploration | Pinjin

For full explanation and results refer to ASX release 26 July 2017 ‘Quarterly Report June 2017’

Pinjin Project

• Located 150 km northeast of Kalgoorlie, 1,358 km2 tenement package nearby Carosue Dam mine

FY17 results

• Aircore drilling of early stage prospects

• Gravity and electromagnetic surveys

FY18 program

• Aircore testing of targets identified in surveys, plus follow up of promising initial drill targets


23 /

Gender Diversity

• WGEA Employer Of Choice For GenderEquality in 2014, 2015 & 2016, one of three resources companies certified

• 2017 Company Diversity Program –Victorian Women in Resources Awards

• Overall pay equity gap reduced from 43% in 2007 to 16% in 2016 1

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

• Bob Vassie, MD & CEO, appointed in 2014 as one of 32 CEO Ambassadors of the Workplace Gender Equality Agency pay equity campaign

1. Compared to 23% nationally and 16% for the mining industry, WGEA Australia’s gender equality scorecard Nov 2016, www.wgea.gov.au/sites/default/files/2015-16-gender-equality-scorecard.pdf ,

2. Refer St Barbara Corporate Governance Statement for details, www.stbarbara.com.au/about_us/governanceDiggers & Dealers Mining Forum – 7-9 August 2017

https://www.wgea.gov.au/sites/default/files/2015-16-gender-equality-scorecard.pdf

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


Profitable growth options

Existing opportunities • Gwalia extension project• Simberi mine life review, sulphides• Exploration in WA and PNGEyes open for opportunities• Consider sensible inorganic growth

where it increases shareholder value• Systematic evaluation process underwayWill consider• ‘Investible’ assets, preference for Australia• Exploration, project, development and

operating assets in a range of sizesRecent outcomes• Strategic and highly prospective investments

in Catalyst (ASX:CYL) & Peel (ASX:PEX)

25 /

How we create shareholder value

Operational Excellence

Strong Balance Sheet

Safe and Responsible

Mining

Organic Growth Options

Disciplined Capital

Allocation

Organic growth

• A$100m Gwalia Extension Project• PNG exploration• Internal exploration pipeline

Robust balance sheet

• Strong free cashflow• Dividend & dividend policy

Operational improvements

• Continuous improvement program• Paste aggregate fill• Stope-paste-fill cycle time

Sensible inorganic growth

• Diversify production base• Developing the long term pipeline

Focused on delivering further shareholder value


FY18 Priorities

26 /

Conclusion

• Another record year – safety, production, cash flow, and a dividend!

• Sustained production and cash flow outlook, cash reserves, debt free2

• Profitable growth options in current portfolio:

• Gwalia & Pinjin in WA

• Simberi & Tatau in PNG

• Positioned to grow

1. For continuing operations2. No interest bearing borrowings, except for equipment leases amounting to approx. A$0.5M

Lake Rebecca, Pinjin, by Kylie Okley, Aug 2016


27 /

Questions?


Shadows silhouetted viewing an ore pass, Gwalia mine, January 2016



Appendices

Gwalia - January 2017


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 AustralasianInstitute of Mining 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 underconsideration and to the activity which 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 Mustard consents 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 TheAustralasian Institute of 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 depositunder consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves’. Mr Love consents 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 2016’released to the Australian Securities Exchange (ASX) on 23 August 2016 and available to view at www.stbarbara.com.au and for which Competent Persons’ consents were obtained. EachCompetent Person’s consent remain 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 bya subsequent report and accompanying consent.

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 2016and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcementcontinue 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 materiallymodified from the original ASX announcement.

Competent Person Tim Richards is entitled to participate in St Barbara’s long term incentive plan, details of which are included in the 2016 Directors’ and Financial Report released to theASX on 23 August 2016

Full details are contained in the ASX release dated 23 August 2016 ‘Ore Reserves and Mineral Resources Statements 30 June 2016’ available at www.stbarbara.com.au.

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



Non-IFRS Measures

We supplement our financial information reporting determined under International Financial Reporting Standards (IFRS) with certainnon-IFRS financial measures, including cash operating costs. We believe that these measures provide meaningful information to assistmanagement, 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. Itincludes some, but not all, of the components identified in World Gold Council’s Guidance Note on Non-GAAPMetrics - All-In Sustaining Costs and All-In Costs (June 2013). Refer most recent quarterly report available atwww.stbarbara.com.au for example

Cash contribution Cash flow from operations before finance costs, refer reconciliation of cash movement in the most recentquarterly report available at www.stbarbara.com.au

Cash operating costs Calculated according to common mining industry practice using The Gold Institute (USA) Production CostStandard (1999 revision).

Refer most recent quarterly report available at www.stbarbara.com.au for example

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





Investor Relations Enquiries

Rowan ColeCompany Secretary

T: +61 3 8660 1900

Alistair ReidManager Investor Relations

E: [email protected]

St Barbara Board and executive June 2016 at Simberi. L to R: Garth Campbell-Cowan (CFO), David Moroney (Non-Executive Director),Bob Vassie (MD&CEO), Tim Richards (GM Simberi), Kerry Gleeson (Non-Executive Director), Wayne Schiller (Simberi Ops Manager), Tim Netscher (Non-Executive Chairman)