Presentation on FY19 Financial Report and audio webcast Bob Vassie, - - PDF document

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.

FY19 Financial Results Presentation

BOB VASSIE, MANAGING DIRECTOR & CEO GARTH 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 information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the 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 performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, and which could cause actual results or trends to differ materially from those expressed in this presentation. Actual results may vary from the information in this presentation. The Company does not make, and this presentation should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, of such statements or assumptions. Investors are cautioned not to place undue reliance on such statements. This presentation has been prepared by the Company based on information available to it, including information from third parties, and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness 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 Mineral Resources and Ore Reserves 2012 Edition (“JORC Code”), which governs such disclosures by companies listed on the Australian Securities Exchange. 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 FY19 Financial Results Presentation

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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.

FY19 Financial Results Presentation

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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 FY19 Financial Results Presentation

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FY18 Financial Results – Another record year FY19 Highlights

FY19 Financial Results Presentation

• 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 Appendix 2. Cash contribution is a non-IFRS measure, refer page 4 2019 Directors’ and Financial Report. Cash contribution per ounce – cash contribution ÷ ounces of gold sold 3. 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 2019 4. C$100M debt facility acquired with Atlantic Gold on 19 July 2019

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St Barbara Safety Focus

FY19 Financial Results Presentation

Total Recordable Injury Frequency Rate1

9.0 6.0 4.1 5.0 2.1 1.2 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 Barbara FY19 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 worked
• 3. Most recent statistics from http://www.dmp.wa.gov.au/Documents/Safety/MSH_Stats_Reports_SafetyPerfWA_2017-

18.pdf

Atlantic Gold acquisition completed 19 July 2019

Touquoy pit lookout, Atlantic Gold Operations.

FY19 Financial Results Presentation 7 /

FY19 Financial Results Presentation 8 /

Transformational Acquisition Consistent with our Strategy "Stronger for Longer"

Diversify production base Sustainable long life operations Quality growth pipeline Talented people who deliver Trusted to

• perate

    

• 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 12years2
• 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 = 0.7200 2. 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’

FY19 Financial Results Presentation 9 /

Gwalia

Leonora Operations at dusk, June 2018.

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Gwalia Production, Cost and Grade Profile1

Portal, Hoover Decline, Gwalia.

185 183 214 248 267 265 268 220 200 940 841 783 785 802 1027 12601 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20F

6.9 5.7 6.3 8.8 8.2 8.4 8.9 9.3 10.7 12.5 11.1 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’.

FY19 Financial Results Presentation

210

FY19 Financial Results Presentation 11 /

Simberi

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

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Simberi Production and Cost Profile

FY19 Financial Results Presentation

80 110 116 135 142 110 125 FY15 FY16 FY17 FY18 FY19 FY20F AISC1

(A$/oz)

1,464 1,293 1,187 1,068 1,162 1,3682

1.23 1.26 1.13 1.25 1.43 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
• pen 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 0.70 3. 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)

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 FY17

3 2 1,2 2

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FY19 Key financial metrics

1. Underlying, see page 3 Financial Report 2. Non-IFRS measure, refer corresponding slide in appendix 3. 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

FY19 Financial Results Presentation

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Profit

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

284 321 346 279 FY16 FY17 FY18 FY19 A$M

Underlying EBITDA

127 160 202 142 FY16 FY17 FY18 FY19 A$M

Underlying NPAT

298 293 346 275 FY16 FY17 FY18 FY19 A$M

EBITDA

169 158 227 144 FY16 FY17 FY18 FY19 A$M

NPAT

FY19 Financial Results Presentation

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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 tax expense FY19

A$ M

FY19 Financial Results Presentation

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Segment Profit and Cash Contribution From Operations

198 220 219 162 34 51 78 90 FY16 FY17 FY18 FY19 A$M

Reportable segment profit before tax1

Leonora Simberi 244 249 255 186 33 70 83 103 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)

• perating 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 Other movements Dividends paid Change in cash & deposits

A$ M

FY19 Financial Results Presentation

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Balance Sheet

FY19 Financial Results Presentation

• 347
• 226
• 1
• 200 limit

77 137 161 343 410

• 400
• 200

200 400 600 800 1000 FY15 FY16 FY17 FY18 FY19 A$M

Debt Cash Entitlement Offer (net receipts)

890

Undrawn debt facility A$780 M purchase 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’

2.1% 3.0% 2.2% Annual Yield1 (%) 19 /

Paying Fully Franked Dividends

FY19 Financial Results Presentation

• 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%1

Final $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$) Cumulative dividend (A$) 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

FY19 Financial Results Presentation

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 0.6 0.6 0.9

3.1 3.3 2.4 9.2 12.0 FY18 FY19

Mineral Resources

(Moz)

1.9 2.1

0.3 0.3 0.3 0.3

1.4 1.4 1.9 3.9 5.9

FY18 FY19 Ore Reserves

(Moz)

Gwalia Tower Hill Simberi Oxide Simberi Sulphide Atlantic 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
• 87

85 315 24 36 171 3,923

June 2018 Mining depletion Cut-off Grade Lode Strike Extensions Mining depletion Stockpile Additions Updated Resource Model Updated Pit Design and Gold Price Updated Met Recovery and Op costs June 2019

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

June 2018 Mining depletion Geology Model Update Mining depletion Geological Model Revison (Measured & Indicated) Geological Model Revision (Inferred) June 2019

koz

Gwalia Simberi

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Mine Life

FY19 Financial Results Presentation

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.

FY19 Financial Results Presentation 24 /

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 2018 2. 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 recoup capital expenditures relating to the development of the mine and related assets before it begins making payments to MRRI with respect to the carried interest.

FY19 Financial Results Presentation 25 /

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 pipeline

Actively add, manage and progress assets in all phases of the pipeline

Talented people who deliver

Support and work with our people to continue to achieve extraordinary results

Trusted to operate

Our various stakeholders trust us everywhere we choose to operate

FY19 Financial Results Presentation

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Gender Diversity

FY19 Financial Results Presentation

• 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 Inclusion

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Conclusion

FY19 Financial Results Presentation

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. 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

FY19 Financial Results Presentation

30 /

Consolidated Production, Costs, Guidance Summary

FY19 Financial Results Presentation

Production Summary Consolidated Year FY18 Q1 Sep FY19 Q2 Dec FY19 Q3 Mar FY19 Q4 Jun FY19 Year FY19 Guidance FY191 Guidance FY20

St Barbara’s financial year is 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

Production Gwalia

• z

268,428 62,685 53,257 54,261 49,966 220,169 220 koz 200 to 210 koz Simberi

• z

134,661 35,862 35,987 34,097 36,231 142,177 140 koz 110 to 125 koz Consolidated

• z

403,089 98,547 89,244 88,358 86,197 362,346 360 koz 310 to 335 koz Mined Grade Reserve grade2 Reserve grade2 Gwalia g/t 12.5 12.4 10.4 11.7 10.0 11.1 7.5 6.4 Simberi 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 0.72 5. US$900 to US$1,015 per ounce @ AUD 0.70

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

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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 2019 3. Underlying, see page 3 2019 Directors’ and Financial Report 4. Non-IFRS measure, refer to corresponding slide in Appendix. 5. Net cash inflow from operating activities

FY19 Financial Results Presentation

Increasing Cash Balance

FY19 Financial Results Presentation 32 /

343 350 357 382 410 7 7 25 28 480

• 200
• 200

200 400 600 800 1000 FY18 Q4 Jun FY19 Q1 Sep FY19 Q2 Dec FY19 Q3 Mar FY19 Q4 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

33 /

FY19 Cash Movement

410

• 60
• 33
• 6
• 31
• 61
• 4
• 42

186 102 16 343

Cash Jun 2018 Leonora Ops GEP Capex Simberi ops Corporate &

• ther

(inc. capex) Corporate royalties Exploration Income tax Investments Dividends Working capital & financing Cash Jun 2019

A$M

Reconciliation of cash movement

FY19 Financial Results Presentation

4801

1. Net Entitlement Offer Proceeds 2. As at 30 June 2019, with A$780 M applied to settlement of Atlantic acquisition in July

8902

34 /

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 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 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

FY19 Financial Results Presentation

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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 Reserves 2. 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 shell 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 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

• riginal 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

FY19 Financial Results Presentation

FY19 Financial Results Presentation 36 /

Competent Persons Statement

Exploration Results

The information in this presentation that relates to Exploration Results for Simberi and Pinjin is based on information compiled by Dr Roger Mustard, who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Mustard is a full-time employee of St Barbara and has sufficient experience relevant to the style of mineralisation and type of deposit under 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 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 The Australasian 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 deposit under 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 Exploration Results, 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 Estimates

The 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 to view 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 the

• riginal ASX announcement released on 21 August 2019 and that all material assumptions and technical parameters underpinning the estimates in the
• riginal ASX 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 ASX announcement. 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 stbarbara.com.au.

Scheduled ASX Announcements 13 September 2019 Annual Report Notice 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, 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. Cash contribution Cash flow from operations before finance costs, refer reconciliation of cash movement in the most recent quarterly report available at www.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 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

FY19 Financial Results Presentation

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Investor Relations Enquiries

Rowan Cole Company Secretary T: +61 3 8660 1900 David Cotterell Manager Investor Relations E: info@stbarbara.com.au

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