Melb lbourne Min inin ing Clu lub, 30 30 May 20 2019 19 Photo - - PowerPoint PPT Presentation

Bob

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assie ie, MD D & CEO, St St Bar arbara Ltd Melb lbourne Min inin ing Clu lub, 30 30 May 20 2019 19

Photo credit: ABC Goldfields-Esperance

Australia’s Resources Exports and Commodity Prices

Sources: Mineral Council of Australia; World Bank; Australian Bureau of Statistics, CAT No 5368 “International Trade in Goods and Services”

30 60 90 120 150 50 100 150 200 250 Index A$ billion Export value Metal price index Energy Price Index

Price phase Production phase Investment phase

Glo lobal Gold ld Reserves and 2017 Glo lobal Gold ld Production

Sources: Citi; United States Geological Survey; Mineral Council of Australia Presentation

34% 18% 11% 10% 6% 5% 4% 4% 4% 4% 40% 10% 5% 8% 8% 3% 3% 5% 6% 14% Other Countries Australia South Africa Russia United States Indonesia Brazil Peru Canada China Global Gold Reserves 2017 Gold Production

Australia ian Gold ld Exp xploration Exp xpendit iture

Sources: Mineral Council of Australia; Australian Bureau of Statistics, CAT No. 8412 “Mineral and Petroleum Exploration Expenditure”

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 200 300 400 500 600 700 800 900 A$ million Financial year Exploration expenditure (LHS) Gold share (RHS)

Australia ia as an In Investment Destination

Domestically Focused Attractive to Unattractive Persistently Unattractive Persistently Attractive

Sources: Citi; United State Geological Survey; World Economic Forum; World Bank; Mineral Council of Australia Presentation

Canada USA Mexico Peru Chile Sweden Australia

1,338 596 2007 2017 1,735 3,208 2007 2017 594 623 2007 2017 284 471 2007 2017 422 814 2007 2017 1,127 1,325 2007 2017 122 131 2007 2017

Resource Value(2) (US$bn)

Rela lative Valu lue of ASX and TSX Gold ld Min iners

4.2x 4.2x 6.3x 7.2x 5.1x 5.6x 6.2x 7.0x 2015 2016 2017 2018

ASX Average EV/EBITDA TSX Average EV/EBITDA

Source: Citi; Factset; Mineral Council of Australia Presentation Notes: (1) ASX peers include Newcrest, Evolution, Northern Star, Saracen, Regis and St Barbara; (2) TSX Peers include Agnico Eagle, Kirkland Lake, Kinross, B2Gold, Yamana Gold and OceanaGold; (3) Multiples based on arithmetic average of consensus NTM EV/EBITDA multiple forecasts over the calendar year.

Simberi Mine, Papua New Guinea

Aerial rope conveyor, Simberi Operations

Gwalia, c. 1921

State Hotel, Gwalia

Leonora Operations, Western Australia

Board of Directors, 1 mile underground at Gwalia, October 2018

Absorption chiller plant, Leonora Operations

Paste Aggregate Fill Plant, 1420 mbs, Gwalia Photo credit: ABC Goldfields-Esperance

Nova Scotia

Moose River processing facility

Transformational Acquisition, Consistent with our Strategy "Stronger for Longer"

Diversify production base Sustainable long life

• perations

Quality growth pipeline Talented people who deliver Trusted to operate

    

• 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)1,2, with pathway to 200+ koz production

• Moose River 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 (Phase 3) and regional drilling (Phase 4) programs

• Establishes a platform for future growth in North America
• St Barbara is intending to retain the existing operating team and

seeking to retain 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
• ther's capabilities and specialisations

Reproduced from ASX announcement 15 May 2019 ‘Presentation on acquisition of Atlantic Gold Corporation and Equity Raising’ (refer full notices and disclaimer in that presentation) 1. FX conversion CADAUD = 1.0642 (as at 10 May 2019) 2. Based on production schedule reported in 25 March 2019 "Updated MRC Production Schedule" Atlantic news release

Australia ian Gold ld Peer Comparison 1H FY19 NPAT and EV/Reserves

[CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] 0% 1% 2% 3% 4% 5% 6% 7% 0.0 2.0 4.0 6.0 8.0

1H FY19 NPAT ÷ Market Cap. (%) Market Capitalisation (A$B)

Australian gold peers (market cap A$2.3B to A$6.3B) as at 27 May 2019. 1H FY19 NPAT and earnings per share figures from company reports. SBM Pro forma assumes Atlantic Gold production and net income for 1H FY19 EV = Enterprise Value (a non-IFRS measure), representing market capitalisation plus market value of debt (less any cash). Ore reserves as at 30 June 2018.

Bubble size = 1H19 gold production

[CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 0.0 2.0 4.0 6.0 8.0 10.0

EV/Reserves (A$/oz) Ore Reserves (Moz Au)

Bubble size = 1H19 gold production

Australia’s Goods Exports

Sources: Mineral Council of Australia; Australian Bureau of Statistics, CAT No. 5368 “International Trade in Goods and Services”

10 20 30 40 50 60 70 Wool Other meat Wheat Crude oil Beef Copper Aluminium Gold Natural gas Coal Iron ore Export value, A$ billion

Australia’s Goods Exports in 2017-18

Min inin ing Engin ineering Pip ipeli line is is Rapid idly Declin lining

Source: Minerals Council of Australia

85 66 105 127 124 145 215 234 232 283 292 279 237 171 107 68 55 53 101 67 78 72 104 125 136 203 198 214 262 206 199 156 50 100 150 200 250 300 350 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Number of students

MTEC mining engineering: enrolments and graduates

4th year (incl double degree) Graduates

Perceptions of Young Australians

Source: Minerals Council of Australia

“Just lack of exposure. I mean we are in a big city, there are a couple mines near here, but they aren't very active and the big mines are all in rural areas like WA or South Australia, so I mean it's a lack of exposure, so we might not be able to get an accurate image of like what the job actually is.”

• Year 12 Student, Melbourne

• WGEA Employer Of Choice For Gender Equality since 2014
• 2018 Winner of AMMA’s Australian Women in Resources

Alliance Award for Excellence in Diversity

• Representation of women on the board at 40%
• Representation of women in leadership roles at 28%
• Overall pay equity gap reduced from 43% in 2007 to

14% in February 2019

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

Council for Diversity and Inclusion