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ST BARBARA LIMITED — Interim / Quarterly Report 2018
Jan 22, 2018
65749_rns_2018-01-22_a741f25e-4079-498a-be29-089b79674b86.pdf
Interim / Quarterly Report
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ASX Release / 23 January 2018
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Presentation on Q2 December 2017 Quarterly Report and audio webcast
Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the Q2 December 2017 Quarterly Report at 11:00 am Australian Eastern Daylight Time (UTC + 11 hours) on Tuesday 23 January 2018. Participation on the conference call is by personal invitation only.
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.
Investor Relations Mr Alistair Reid Manager Investor Relations +61 3 8660 1959 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
T +61 3 8660 1900 F +61 3 8660 1999 W www.stbarbara.com.au
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BOB VASSIE, MANAGING DIRECTOR & CEO / 23 January 2018
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Q2 December 2017 Quarterly Presentation
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Disclaimer
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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 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.
2 / Q2 December 2017 Quarterly Presentation
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Contents
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• Highlights
-
Safety
-
Operations
-
Exploration
-
Conclusion
-
Appendices
Photo: ROM Stockpile at Simberi, January 2018
3 / Q2 December 2017 Quarterly Presentation
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Highlights Q2 December 2017
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-
100 koz gold produced at AISC[1] A$910/oz
-
198 koz H1 FY18 gold production exceeded guidance, FY18 production guidance increased
-
Record production at Simberi of 37 koz for Q2, 133 koz for CY17
-
Strong balance sheet with $216M cash at bank and no debt[2]
-
Gwalia Extension Project on schedule
-
Well positioned for organic and inorganic growth
-
Non IFRS measure, refer corresponding slide in Appendix 2. Financial information unaudited. No interest bearing debt except for equipment leases amounting to approx. A$0.2M. Cash balance includes $1.2M restricted cash.
4 / Q2 December 2017 Quarterly Presentation
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Focus on safety
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Total Recordable Injury Frequency Rate[1]
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6.0
5.0
4.1
2.4
2.1
1.2 1.2
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FY 13 FY 14 FY15 FY16 FY17 Q1 Q2 FY18 FY18
-
Increase in TRIFR to 2.4 to 31 Dec 2017 due to four low-severity recordable injuries
oProgram to prevent recurrence implemented -
Corresponding LTIFR of 0.7 to 31 Dec 2017 compares with gold mining industry average of 2.3[2 ]
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Simberi Emergency Response Team (ERT) training exercise.
- Total Recordable Injury Frequency Rate (12 month avg). TRIFR includes Pacific Operations from Sept 2012. 2. Industry Lost Time Injury Frequency Rate (LTIFR) data per the Department of Mines and Petroleum report titled ‘Safety Performance in the Western Australian Mineral Industry’ for FY 2015-2016.
5 / Q2 December 2017 Quarterly Presentation
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Consolidated Q2 FY18 quarter
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AISC
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(A$/oz)
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959
910
FY17 average A$907/oz
889
876
862
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Production (koz)
-
Consolidated production of 100 koz (Q1 FY18: 98 koz)
-
Gwalia 63 koz (Q1: 64 koz)
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99 98 100
95 94
28
30 32 34 37
71
65 62 64 63
FY17 FY17 FY17 FY18 FY18
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
Gwalia Simberi
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-
Simberi 37 koz (Q1: 34 koz)
-
Consolidated AISC[1] of A$910/oz (Q1: A$889/oz)
-
Gwalia A$859/oz (Q1: A$816/oz)
-
Simberi A$994/oz (Q1: A$1,027/oz)
Figures displayed to nearest koz. Reported ounces in Quarterly Report.
- Non IFRS measure, refer corresponding slide in Appendix
6 / Q2 December 2017 Quarterly Presentation
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Gwalia Q2 FY18 results + FY18 guidance
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AISC (A$/oz)
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872 859
816
FY17 average A$785/oz
786
716
11.9
11.3 11.2
10.7
FY17 average 10.7 g/t Au
9.2
Reserve grade 7.8 g/t Au [2]
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Production (koz)
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70.9
64.9 64.3
62.1 62.8
FY17 FY17 FY17 FY18 FY18
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
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Q2 Dec 2017 production
-
62,835 oz (Q1 FY18: 64,283 oz)
-
AISC[1] A$859/oz (Q1: A$816/oz)
-
Mined grade of 11.2 g/t Au from higher grade sections of South West Branch
FY18 guidance
-
Production of 250 to 260 koz (was 245 to 260 koz)
-
AISC of A$840 to A$880/oz (was A$840 to 890/oz)
-
Sustaining capex: A$35 to A$40 M
-
PAF ramp up expected in late H2
Reported ounces in Quarterly Report.
- Non IFRS measure, refer corresponding slide in Appendix
7 / Q2 December 2017 Quarterly Presentation
Refer ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ released 23 August 2017
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Simberi Q2 FY18 results + FY18 guidance
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AISC (A$/oz)
1,277
FY17 average A$1,187/oz
1,025
1,125
1,027 994
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Q2 Dec 2017 production
- Record 36,674 oz (Q1: 33,976 oz)
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Production (koz)
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36.7
34.0
32.1
30.4
28.1
FY 17 FY 17 FY 17 FY 18 FY 18
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
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-
AISC[1] A$994/oz (Q1: 1,027/oz)
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Improved head grade
-
Consistent high recovery
-
Aerial Rope Conveyor record
FY18 guidance
-
Production increased to 115 to 125 koz (was 105 to 115 koz)
-
AISC reduced to A$1,130 to A$1,230/oz (was A$1,260 to A1,380/oz)
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Capex of A$5 to A$7 million
-
Non IFRS measure, refer corresponding slide in Appendix.
8 / Q2 December 2017 Quarterly Presentation
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Simberi Strategic Review – One year on
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-
Decision in 2017 to retain Simberi operating assets was the right one
-
Cash contribution[1] since the decision to retain the asset is $91 million
-
Simberi well placed to achieve improved FY18 production and cost guidance
-
52 koz of forward contracts to be delivered monthly between January 2018 and June 2018 at an average price of A$1,728/oz
Quarterly cash contribution[1] from Simberi
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Decision to
retain
24 24
23
20
19
12
10
9
8
5 5
2
-4
$91M
-9
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
A$ million
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- Non-IFRS measures, refer Appendix for details
9 / Q2 December 2017 Quarterly Presentation
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Gwalia Extension Project update – on schedule
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-
A$11M capex spent in Q2 Dec 2017
-
Project includes new ventilation shafts and underground crushing of waste, mixed with paste to fill emptied stopes
-
Raise bore activities have commenced, including the drilling of the first pilot hole
-
Budget of A$100 million with planned completion between Q1 Sep 2019 and Q3 March 2020[1]
-
FY18F capex of A$50 to A$55 million
-
Study with RUC underway investigating simultaneous shaft construction
-
Approximately 70% (by value) of the PAF components now on site.
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Above: Isometric view of proposed PAF crushing circuit, notionally at 1420 mbs.
- Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’. Project commenced Q3 Mar 2017.
10 / Q2 December 2017 Quarterly Presentation
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Exploration | Gwalia Seismic
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Gwalia Seismic Exploration
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Initial analysis has informed working theory of Gwalia’s mineralisation
-
Allows re-analysis of
surrounding zone to identify analogous potential ‘repeats’
- 3 target areas identified between 600 and 1,900 mbs north and south of Gwalia
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- Drilling planned for 2H FY18
For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
11 / Q2 December 2017 Quarterly Presentation
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Exploration | Gwalia Deeps Drilling Program
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For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
12 / Q2 December 2017 Quarterly Presentation
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Exploration | Gwalia Deeps, Q2 results and FY18 target
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For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
13 / Q2 December 2017 Quarterly Presentation
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Exploration | Summary of greenfields projects
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Back Creek, NSW
-
A surface Gravity and Passive Seismic survey was completed in Q1 Sep 2017.
-
Drill program to follow up in Q4 June 2018 subject to access.
Pinjin, WA
-
A 15 hole RC and 163 hole Aircore drill program was completed in Q2.
-
At Grahams Find, RC drilling returned narrow (2 to 6m) intercepts between 1 and 2 g/t Au, and Aircore drilling returned anomalous gold (≥100 ppb Au) and arsenic (>250 ppm As) in bedrock.
-
A 12 line km surface electromagnetic survey identified 17 bedrock conductors, follow up with RC drilling in Q3.
Tabar Islands, PNG
-
Renewed exploration activities on Simberi Island ML136, including pit mapping, commencing a deep diamond hole to test porphyry potential at Pigiput, and drilling seeking to identify more sulphide material to enhance the potential sulphide project.
-
Ongoing Newcrest Farm-in activities, including completion of first deep diamond drill hole at Talik North prospect on Tatau Island. Second hole commenced.
-
Surface sampling programs completed at Talik North (Tatau Island) and Tupinda (Big Tabar Island).
For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
14 / Q2 December 2017 Quarterly Presentation
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Growth Pipeline
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Exploration Feasibility
Construction Production
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Back
Creek
Pinjin Greater
Gwalia
Tower Gwalia
Catalyst Gwalia
Metals Peel Hill Extension Mine
16% Mining
16%.
Inorganic growth
Evaluating exploration, project, development and operating assets in a range of sizes in Australia and overseas
Simberi
Tabar Is Simberi
Mine
Group Sulphide
Cu-Au, OFA
with NCM [1]
Tabar Is
Group
Au $5m invested in Catalyst and $6.5 invested in Peel in Q2 Dec 2017
Australia
Overseas
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Projects owned 100%. St Barbara interest as noted.
15 / Q2 December 2017 Quarterly Presentation
- Option and Farm-in Agreement with Newcrest announced 14 November 2016
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Conclusion
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-
Sustained operational performance ,
-
record quarter for Simberi
-
Cash contribution from operations of $79M in the quarter (1H FY18: $165M)[1]
-
$216M cash at bank[2] , interim dividend to be considered with half year results
-
Profitable growth options underway:
-
Gwalia extension project
-
Simberi sulphide exploration, copper-gold porphyry exploration with Newcrest
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- Debt free[3] and positioned to grow
RUC Raisebore drill rig, pilot hole at first raisebore site in progress, visit by Gwalia management team, Gwalia November 2017
- Non IFRS measure, refer Appendix. 2. Cash balance includes $1.2M restricted cash. 3. No interest bearing borrowings, except for equipment leases amounting to approx. A$0.3M
16 / Q2 December 2017 Quarterly Presentation
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Appendices
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Summer Storms by Finlay Wilkinson, Leonora, Jan 2017
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South Sorowar mining pit at Simberi, Ropecon to right, Lihir visible centre distant background. November 2017
17 / Q2 December 2017 Quarterly Presentation
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Consolidated Production, Costs, Guidance Summary
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| Production Summary Consolidated Q4 Jun FY17 Year FY17 |
Q1 Sep FY18 Q2 Dec FY18 |
1H FY18 |
Guidance FY181 |
|---|---|---|---|
| Production Gwalia oz 62,098 265,057 Simberi oz 32,128 116,044 |
64,283 62,835 33,976 36,674 |
127,118 70,650 |
250 to 260 koz (prev. 245 to 260) 115 to 125 koz (prev. 105 to 115) |
| Consolidated oz 94,226 381,101 Mined Grade Gwalia g/t 9.2 10.7 Simberi g/t 1.21 1.13 Total Cash Operating Costs3 Gwalia A$/oz 668 592 Simberi A$/oz 1,048 1,092 |
98,259 99,509 10.7 11.2 1.21 1.32 621 668 964 908 |
197,768 10.9 1.27 645 935 |
365 to 385 koz (prev. 350 to 375) Reserve grade 2 7.8 1.3 n/a n/a |
| Consolidated A$/oz 798 689 All-In Sustaining Cost3 Gwalia A$/oz 872 785 Simberi A$/oz 1,125 1,187 |
740 757 816 859 1,027 994 |
748 838 1,010 |
840 to 880 (prev. 840 to 890) 1,130 to 1,230 (prev. 1260 to 1380) |
| Consolidated A$/oz 959 907 |
889 910 |
899 | 940 to 990 (prev. 970 to 1035) |
-
FY18 guidance announced in Q4 June 2017 report (released 26 July 2017) and revised on 9 January 2018 and in this report.
-
Ore Reserve grade at 30 June 2017, refer Ore Reserve and Mineral Resources Statement (released 23 August 2017).
-
Non-IFRS measure, refer Appendix
18 / Q2 December 2017 Quarterly Presentation
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Gwalia Deeps 1540 – 1580 lode schematic
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Reproduced from ASX release 25 September 2017 ‘Denver Gold Forum 2017’
19 / Q2 December 2017 Quarterly Presentation
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Exploration FY18 Guidance - A$16 to A$20 million
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A$8 - A$10 million Gwalia
-
Gwalia Deep Drilling infill + Intermediates
-
Gwalia 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 23 January 2018 ‘Quarterly Report December 2017’
20 / Q2 December 2017 Quarterly Presentation
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Exploration | Gwalia, Q2 FY18 results
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For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
21 / Q2 December 2017 Quarterly Presentation
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Exploration | Gwalia, Q2 FY18 results
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For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
22 / Q2 December 2017 Quarterly Presentation
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Exploration | Pinjin, Q2 FY18 results
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For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
23 / Q2 December 2017 Quarterly Presentation
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Exploration | Tabar Island group, PNG, Q2 FY18
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Tabar Islands
-
Simberi Pit mapping and geochemical review completed, Cu-Au porphyry hole commenced at Pigiput
-
Newcrest Option and Farm-in Surface (soil and rock chip) sampling program ongoing at central Tatau and Tupinda
-
First drill hole TTD084 completed for 977 metres at Talik North, targeting Cu-Au porphyry. Results pending.
For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
24 / Q2 December 2017 Quarterly Presentation
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Exploration | Tabar Island group, PNG, Q2 FY18
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For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
25 / Q2 December 2017 Quarterly Presentation
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Exploration | Tatau Island, PNG, Q2 FY18
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Copper-gold porphyry exploration Newcrest Option and Farm-in
-
Surface (soil and rock chip) sampling program completed
-
Talik North prospect identified as priority drill target
-
First diamond drill hole completed for 997 metres, second hole started January 2018
-
Other prospects identified include Kupo
For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
26 / Q2 December 2017 Quarterly Presentation
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Exploration | Horsepaddock Well – Leonora province
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Q2 FY18 commencing geophysical surveys at Horsepaddock Well
-
Previous exploration to 2006 highlighted potential for a granite-intrusive type of deposit under ultramafics
-
Recent improvements in the depth penetration of IP and SAM (Induced Polarisation and Sub-Audio Magnetic) make these potentially effective techniques for targeting disseminated sulphides 100m – 200m deep, typical of deposits in the Province
For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
27 / Q2 December 2017 Quarterly Presentation
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Exploration | Horsepaddock Well – Leonora province
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For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
28 / Q2 December 2017 Quarterly Presentation
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Ore Reserves Summary as at 30 June 2017
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| Project | Proved | Proved | Proved | Probable | Probable | Probable | Total | Total | Total |
|---|---|---|---|---|---|---|---|---|---|
| Tonnes ('000) |
Gold (g/t) |
Ounces ('000) |
Tonnes ('000) |
Gold (g/t) |
Ounces ('000) |
Tonnes ('000) |
Gold (g/t) |
Ounces ('000) |
|
| Gwalia, (WA) | 2,308 | 9.8 | 725 | 6,248 | 7.0 | 1,408 | 8,556 | 7.8 | 2,133 |
| Tower Hill, (WA) | - | - | - | 2,572 | 3.7 | 306 | 2,572 | 3.7 | 306 |
| Simberi Oxide, (PNG) | 3,294 | 1.4 | 153 | 7,613 | 1.3 | 319 | 10,907 | 1.3 | 472 |
| Simberi Sulphide, (PNG) | 245 | 3.2 | 25 | 12,291 | 3.5 | 1,307 | 12,537 | 3.5 | 1,402 |
| Total All Projects | 5,847 | 4.8 | 903 | 28,724 | 3.6 | 3,340 | 34,572 | 3.9 | 4,312 |
Notes
-
Ore Reserves are based on a gold price of: Gwalia (AU$1,350/oz), Tower Hill (AU$1,250/oz), Simberi (US$1,200/oz)
-
Cut-off Grades Gwalia (4.0g/t Au), Tower Hill (2.8g/t Au), Simberi Oxide (0.5g/t Au), Simberi Sulphide (1.1g/t Au)
-
Mineral Resources are reported inclusive of Ore Reserves.
-
Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.
-
Details relating to each of the estimates are contained in the 2017 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/
Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.
29 / Q2 December 2017 Quarterly Presentation
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Mineral Resources Summary as at 30 June 2017
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| Project | Measured | Measured | Measured | Indicated | Indicated | Indicated | Inferred | Inferred | Inferred | Total | Total | 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) | 5,045 | 7.8 | 1,265 | 14,877 | 6.4 | 3,042 | 3,831 | 6.3 | 780 | 23,753 | 6.7 | 5,087 |
| Tower Hill, (WA) | - | - | - | 4,604 | 3.9 | 574 | 489 | 3.3 | 51 | 5,093 | 3.8 | 625 |
| Simberi Oxide, (PNG) | 4,056 | 1.3 | 164 | 12,313 | 1.1 | 427 | 4,919 | 1.0 | 152 | 21,288 | 1.1 | 744 |
| Simberi Sulphide, (PNG) | 836 | 1.7 | 45 | 41,005 | 1.9 | 2,471 | 12,676 | 1.6 | 663 | 54,517 | 1.8 | 3,179 |
| Total All Projects | 9,937 | 4.6 | 1,474 | 72,799 | 2.8 | 6,514 | 21,915 | 2.3 | 1,646 | 104,651 | 2.9 | 9,635 |
Notes
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Mineral Resources are reported inclusive of Ore Reserves
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Cut-off Grades Gwalia (2.5g/t Au), Tower Hill (2.5g/t Au), Simberi Oxide (0.4g/t Au), Simberi Sulphide (0.6g/t Au)
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Simberi Mineral Resources are reported constrained by a US$1,800/oz pit shell
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Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.
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Details relating to each of the estimates are contained in the 2017 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/
Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.
30 / Q2 December 2017 Quarterly Presentation
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Competent Persons Statement
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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 is extracted from the report titled ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ released to the Australian Securities Exchange (ASX) on 23 August 2017 and available to view at www.stbarbara.com.au and for which Competent Persons’ consents were obtained. Each Competent 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 by a 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 2017 and, 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 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.
Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.
31 / Q2 December 2017 Quarterly Presentation
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Non-IFRS Measures
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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.
- 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
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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
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Cash contribution • Refer cash movements table in Finance section of corresponding Quarterly Report. It is the sum of ‘operating cash flow’ from individual operations, net of sustaining capital expenditure.
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Refer most recent quarterly report available at www.stbarbara.com.au for example
32 / Q2 December 2017 Quarterly Presentation
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Investor Relations Enquiries
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Rowan Cole Alistair Reid Company Secretary Manager Investor Relations T: +61 3 8660 1900 E: [email protected]
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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) and Tim Netscher
(Non-Executive Chairman)
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Gwalia Board visit November 2017, on northern rock waste dump vantage point, L to R: Jeff Waddington - GM HSEC, Bob Vassie - MD&CEO, Kous Kirsten - GM Leonora Operations, Kerry Gleeson – Director, Bernard Haak – Manager GEP, Bob Love – Manager Geology, Tim Netscher – Chairman, Lucas Welsh - GM Finance & Procurement, David Moroney – Director
33 / Q2 December 2017 Quarterly Presentation