ST BARBARA LIMITED — AGM Information 2022

Oct 25, 2022

26 October 2022

Presentations to 2022 Annual General Meeting and webcast

Attached are the Chair's address and the Managing Director and CEO's presentation to the 2022 Annual General Meeting being held today.

The meeting will be held as a hybrid meeting in person at the Melbourne Hotel, 33 Milligan Street, Perth, Western Australia and via a live webcast at 2:00 pm AWST (UTC +8 hours). To participate in the meeting, visit https://web.lumiagm.com/390809627. The Meeting ID is 390-809-627.

For shareholders

Online registration will open thirty minutes before the start of the meeting (1:30 pm AWST).

To register as a shareholder, visit https://web.lumiagm.com/390809627 and select 'Securityholder or Proxy' and enter your username (SRN or HIN) and password (postcode for Australian residents and three character country code for overseas residents). Shareholders are able to ask the Directors questions and submit votes during the meeting.

If you are an appointed proxy, you will need to contact Computershare Investor Services on +61 3 9415 4024 during the online registration period to receive your username and password.

For guests

Online registration will open thirty minutes before the start of the meeting (1:30 pm AWST).

To register as a guest, visithttps://web.lumiagm.com/390809627 and select 'Guest' and enter your name and email address. Guests are unable to ask questions or vote at the meeting.

Instructions and assistance

For detailed instructions, visit https://stbarbara.com.au/investors/agm/.

If you require assistance prior to or during the meeting, please call +61 3 9415 4024.

Authorised by

Sarah Standish General Counsel and Company Secretary

For more information

Investor Relations Media Relations

Chris Maitland Head of Investor Relations

T: +61 3 8660 1914 M: +61 477 120 070 Kasun Liyanaarachchi Manager Investor Relations

T: +61 8 9380 7854 M: +61 499 538 252

Justine Fisher Head of People, Communications & Corporate Affairs

M: +61 416 196 403

CHAIR'S ADDRESS

The present global economic climate is the most volatile and unique seen in many decades.

The COVID-19 pandemic gave rise to unprecedented fiscal and monetary stimulus measures around the world. Regarding fiscal measures, in wealthier democracies, voters provided governments their tacit approval to "borrow and spend whatever it takes" to ameliorate the economic and social impacts of the pandemic. Coupled with these extraordinary fiscal measures, central banks rapidly reduced interest rates to near zero or even to negative levels while also adopting unprecedented levels of quantitative easing.

Not surprisingly, these twin sets of extreme measures have now given rise to multi-decade high inflation rates. Monetary authorities have responded by aggressively raising interest rates, which are forecast to continue**,** together with significant levels of quantitative tightening. To date, however, the fiscal response has been much more muted, at least in the wealthier democracies. Following the implied approval to neutralise the impacts of COVID-19 by any means necessary, these governments now appear to be gaining encouragement from segments of their electorates to continue with the "borrow and spend whatever it takes" approach to address other perceived important issues, such as climate change, reducing the impact of inflation or the energy crisis. As a consequence, even in the face of significant inflation and ballooning government debt, deficit spending by many western democracies continues apace. Despite some protestations to the contrary, we thus have the extraordinary situation of governments and monetary authorities seemingly working against each other in the battle to tame inflation. It is not clear how this will play out.

In parallel with this extraordinary economic situation, there has been a significant deterioration in the overall global security situation, with recent examples being the US withdrawal from Afghanistan, the Russian

invasion of Ukraine and the global competition between the Western democracies and the authoritarian regimes of China, Russia and others.

These global forces have already had a profound impact on the gold mining industry and on our company, with this impact expected to continue to be felt well into the future.

Along with our peers, we have been impacted by the skills and general worker shortages, as well as a variety of inflationary cost pressures. This has made the achievement of production targets, and hence revenue targets, challenging and inflationary cost pressures have compressed profit margins.

In addition to inflationary pressures on operating costs, there are also acute shortages of construction equipment and personnel. This has caused several promising projects in our industry to be deferred. In the current volatile environment, it is important that we maintain capital discipline and allocate our resources efficiently. St Barbara has recently announced the deferral of the expansion of the Leonora Processing Facility, installation of refractory ore treatment equipment and the development of the Aphrodite underground mine. However, we continue with the development of the Zoroastrian mine to fill the mill.

In the near term we are intensely focused on operational performance at Gwalia which Craig will shortly talk about.

As previously announced, we have placed our Simberi operation under strategic review. The first result is the identification of additional oxide material which has the potential to extend oxide mining through FY25. This will provide us additional time to make the appropriate strategic decision.

Turning to Leonora, there are potential synergies through sensible consolidation. St Barbara has a commanding mineral endowment in the region but with limited processing capacity. On the other hand, others in

the region have large processing capacity with lower mineral endowment. Marrying the two is a capital efficient option compared to St Barbara building the capacity, especially in the current inflationary environment.

Other potential benefits from consolidation could include management synergies, complementary orebodies, and the funding capacity of potential partners to accelerate the delivery of the full potential of the province.

Clearly the current macro-economic environment is challenging but hopefully I, and later Craig in his address, will have been able to assure you that your company's board and management are rising to the challenges and are creating and building realistic opportunities wherever we can.

We are certainly motivated to charting a path forward through these challenges.

Another challenge that looms over the industry, and in fact the world, is climate change. St Barbara, like many peers in our industry, has announced our 2030 and 2050 carbon intensity targets. St Barbara's intention is to be carbon neutral by 2050 and it is incumbent on us to meet this challenge head on. We have determined Leonora to be the best place to focus our efforts to reduce carbon emissions given its long life. We commenced a pre-feasibility study looking at the installation of solar and wind power at Leonora to offset our gas usage. Although we are still in an early stage of the decarbonisation journey, we are proud that this process is being driven by switching to renewable energy rather than through offset schemes.

Lastly, the re-emergence of high inflation and heightened global uncertainty have not translated into gold price appreciation as we have historically come to expect. With the countervailing economic forces at play it is unclear how it will unfold. In the midst of these competing forces, I remain optimistic about the medium and long term future of the gold

price. Nonetheless, as stewards of St Barbara, the board and management are obliged to plan conservatively.

For a variety of reasons, our company has had a tough few years. Notwithstanding this, we are working hard to rapidly build on the foundations of recent successes. At Leonora, the acquisition of Bardoc Gold has accelerated the Leonora Province Plan. We are seeing permitting successes at Atlantic in Nova Scotia and the Strategic Review of Simberi has identified additional oxide material, potentially extending oxide mining life. We have a clear strategic pathway forward.

In the circumstances outlined above, the Directors of St Barbara are acutely aware that shareholders, including ourselves, have seen a significant reduction in the value of their St Barbara investments. In recognition of this, director fees have remained static since 2019, the MD & CEO's salary has not been increased since his commencement in February 2020 and no executive salary increases were granted for FY23. As noted in the Remuneration Report, executives forfeited up to 85% of short term incentives for FY22 and no awards vested to the executives under the Company's Long Term Incentive Plan.

In conclusion, I would like to thank my fellow directors and the executive management team for their hard work, dedication and persistence in managing through very difficult circumstances.

[End of Chair's address]

2022 Annual General Meeting

26 October 2022

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. To the maximum extent permitted by law, neither the Company, their directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

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.

Non-IFRS financial information: We supplement our financial information reporting determined under International Financial Reporting Standards ("IFRS") with certain non-IFRS financial measures, including cash operating costs. Details of these are set out in the Supplement.

Financial figures are in Australian dollars unless otherwise noted. Financial year is 1 July to 30 June. This presentation is not audited.

The information in this presentation that relates to Ore Reserves for Tower Hill is extracted from the report titled 'Quarterly Report Q1 September FY23' released to the Australian Securities Exchange (ASX) on 18 October 2022 and available to view at stbarbara.com.au and for which Competent Persons' consents were obtained.

The information in this presentation that relates to Mineral Resources for Old South Gwalia is extracted from the report titled 'Quarterly Report Q4 June FY22' released to the Australian Securities Exchange (ASX) on 27 July 2022 and available to view at stbarbara.com.au and for which Competent Persons' consents were obtained.

The information in this presentation that relates to all other Mineral Resources or Ore Reserves is extracted from the report titled 'Quarterly Report Q3 March FY22' released to the Australian Securities Exchange (ASX) on 28 April 2022 (Original Report) and available to view at stbarbara.com.au and for which Competent Persons' consents were obtained. Each Competent Person's consent remains in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

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

Acknowledgement of Country

We at St Barbara acknowledge the First Nations people of the ancestral lands on which we operate in Australia, Canada and Papua New Guinea. We pay our respects to all First Nations people, and to Elders past, present, and emerging.

We recognise the unique cultural heritage, beliefs and connection to these lands, waters and communities held by First Nations people. We also recognise the importance of the continued protection and preservation of cultural, spiritual and educational practices.

Because we value treating all people with respect, we are committed to building successful and mutually beneficial relationships with the First Nations peoples throughout our areas of operation.

Agenda

• Items of business per Notice of Meeting

• Receive annual report

• Resolutions

• MD & CEO presentation

• General questions (from Shareholders and Proxies) • Close meeting • Welcome • Chair's address • Meeting instructions

Managing Director & CEO presentation

Craig Jetson Managing Director & CEO

TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)1

1. Total Recordable Injury Frequency Rate (12 month avg.), total recordable injuries per million hours worked

Performance in FY22

FY22 Operational Results

FY22 Consolidated Performance

		FY21	FY22
Gold Production	koz	328	281
AISC	A$/oz	1,616	1,848
Sustaining capital	A$M	91	69
Growth capital	A$M	49	61
Cash contribution afterSustaining and Growth Capital	A$M	208	77

FY23 Guidance

145 –160
	2,250 –2,450
70 –	2,5401
80	2,300 –
40 –	2,3152
50	2,075 –
260 –	2,250 –
290	2,500

1. US$1,450 to US$1,600 per ounce at AUD/USD of 0.63

2. C$1,800 to C$2,014 per ounce at AUD/CAD of 0.87

Generating operating cash flow

FY22 Financial Results

Underlying EBITDA1 (A$M) 197 24 88

Underlying EBITDA Margin1 (%)

Underlying NPAT1 (A$M)

EPS (Underlying, A$ cents )

Cash flow from operating activities (A$M)

Gearing ratio (Debt/Equity)2 29 3 15%

1. Non-IFRS financial measures, the details of these are set out in slide 13. Excludes significant items.

2. Debt excludes right-of-use asset lease liabilities

Delivering against our three-stage uplift strategy

Uplift 1

Deliver Building Brilliance in operations and extend mine life

Turning around Gwalia Simberi oxide resource growth

Atlantic productivity improvements

Building Brilliance generated $154m cash contribution to date

Execute brownfield expansion projects

Gwalia organic growth

• Old Gwalia South
• Tower Hill

Uplift 3

Grow through acquisitions and exploration

Bardoc Gold - 2022

• Accelerates Province Plan
• Increases Mineral Resource base
• Extensive exploration holdings

NS Gold - 2022

Kin Minerals - 2021

Uplift 2: Tower Hill and Old South Gwalia deliver organic growth

Tower Hill Open Pit Mineral Resource 20.7mt @ 1.8g/t Au for 1.2Moz

Old South Gwalia Mineral Resource

1.9mt @ 3.7g/t Au for 218koz

Uplift 3: Acquisition of Bardoc accelerates the Leonora Province Plan

Accelerates the filling of the Leonora Processing Plant

• Two advanced ore bodies ready for development
• First production for Zoroastrian expected in Q1 FY24

Immediate Mineral Resource Growth

• Added > 3Moz of gold to group Mineral Resources

Extensive Land Package

• Landholding increased by ~70%
• 25 priority targets identified, with top ranked targets to be drill tested

The Year Ahead The year ahead…

Supplementary slides

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(AISC)	All-InSustainingCostisbasedonCashOperatingCosts,andaddsitemsrelevanttosustainingproduction.Itincludessome,butnotall,ofthecomponentsidentifiedinWorldGoldCouncil'sGuidanceNoteonNon-GAAPMetrics-All-InSustainingCostsandAll-InCosts(June2013).Refermostrecentquarterlyreportavailableatstbarbara.com.auforexample.
Cash contribution	Cashflowfromoperationsbeforefinancecosts,referreconciliationofcashmovementinthemostrecentquarterlyreportavailableatstbarbara.com.au
Cash operating costs	CalculatedaccordingtocommonminingindustrypracticeusingTheGoldInstitute(USA)ProductionCostStandard(1999revision).Refermostrecentquarterlyreportavailableatstbarbara.com.auforexample
EBIT	Earnings before interest revenue, finance costs and income tax expense
EBITDA	EBITbeforedepreciationandamortisation
EBITDA margin	EBITDA÷Revenue
Underlying EBITDA / NPAT	EBITDAorNPATafterexcludingidentifiedsignificantitems.ReferFinancialReportforyearended30June2022(p3)fordetails.
Earnings Per Share (EPS)	Profit attributable to equity holders (excluding any costs of servicing equity other than ordinary shares) / weighted averagenumber of ordinary sharesoutstanding during the reporting period

Investor Relations enquiries

Chris Maitland

Head of Investor Relations

T: +61 3 8660 1914 M: +61 477 120 070 E: chris.maitland@stbarbara.com.au

E: info@stbarbara.com.au

Kasun Liyanaarachchi Manager - Investor Relations

T: +61 8 9380 7854 M: +61 499 538 252 E: kasun.liyanaarachchi@stbarbara.com.au

Scheduled ASX Announcements

24 January 2023 Q2 FY23 Quarterly Report