ST BARBARA LIMITED — Interim / Quarterly Report 2020

Feb 18, 2020

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ASX Release / 19 February 2020
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Presentation on the December 2019 Half Year Report and webcast

Craig Jetson, Managing Director & CEO, will brief analysts and institutional investors on the December 2019 Half Year Report at 11:00 am Australian Eastern Daylight Time (UTC + 11 hours) on Wednesday 19 February 2020.

Conference call details for analysts and investors

Please dial in five minutes before the conference call starts and provide your name, company and the Conference ID 3684296.

Dial-in numbers: Australia 1800 148 258 International Toll +61 (0) 2 8038 5271 Canada 1866 837 4489 France 0800 908 221 Germany 0800 1814 827 Hong Kong 800 965 808 Norway 80 010 112 Singapore 8006 162 170 United Kingdom 0800 056 9662 USA 1866 586 2813

A live audio webcast of the briefing will be available on St Barbara’s website at 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 David Cotterell Manager Investor Relations +61 3 8660 1959 Media Relations Mr Tim Duncan GRACosway with Hintons +61 408 441 122 ASX: SBM Authorised by Rowan Cole Company Secretary +61 3 8660 1900 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

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CRAIG JETSON, MANAGING DIRECTOR & CEO
GARTH CAMPBELL‐COWAN, CHIEF FINANCIAL OFFICER / 19 February 2020 ASX:SBM
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December 2019 Half Year 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. Q1 Sep FY20 = quarter to 30 Sep 2019 Q3 Mar FY20 = quarter to 31 Mar 2020 Q2 Dec FY20 = quarter to 31 Dec 2019 Q4 Jun FY20 = quarter to 30 June 2020 FY20F guidance per Q2 December FY20 quarterly report, released 22 Jan 2020

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Title slide picture: Leonora Operations, Western Australia.

2 / December 2019 Half Year Presentation

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Contents
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• Safety

• Financials

• 1H FY20 Highlights

• Growth initiatives

• Operations

• Conclusion

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3 / December 2019 Half Year Presentation

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Focus on Safety
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Total Recordable Injury Frequency Rate[1]

St Barbara LTIFR[2] in comparison with Western Australian Mining benchmarks[2]

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5.0
5.0 5.0
4.2
2.1
2.1
1.2
FY15 FY16 FY17 FY18 FY19 Q1 Q2
FY20 FY20
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1.9 1.9
1.0
St Barbara WA Gold WA Metal
Q2 FY20
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• Total Recordable Injury Frequency Rate[1] (TRIFR, 12 month moving average) of 4.2 at the end of Q2 Dec FY20

• Implemented improved contractor management process and focus on visual safety leadership

• Total Recordable Injury Frequency Rate (12 month avg), total recordable injuries per million hours worked. Corresponding LTIFR at Q2 FY20 = 1.0, compared with 1.9 for WA gold mining (refer to 2019 Sustainability Report published 14 September 2019).

Most recent statistics from www.dmp.wa.gov.au/Safety/Safety‐statistics‐16198.aspx

4 / December 2019 Half Year Presentation

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1H FY20 Key Achievements
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Operational
performance
Financial
performance
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• Consolidated half‐year production of 182 koz of gold

• 1H FY20 AISC[1 ] of A$1,391/oz

• A$702/oz cash contribution[2]

• EBITDA margin of 47%[1]

• Cash flow from operating activities of A$65 M (1H FY19: A$95 M)

• NPAT of A$39 M (1H FY19: A$83 M)

• Sustaining and Growth capex of A$74 M (1H FY19: A$48 M)

• A$79 M cash at bank[3]

Capital

• A$138 M debt[4]

• management • 4 cents per share fully franked interim dividend (1H FY19: 4 cents)

• Growth projects or studies at all mines

Growth

• Gwalia Extension Project delivering increased ventilation now

• Encouraging drilling results in Nova Scotia and Papua New Guinea

1. Non‐IFRS measure, refer to corresponding slide in Appendix

2. Cash contribution is a non‐IFRS measure, refer to corresponding slide in Appendix. 1H FY20 cash contribution ÷ 1H FY20 ounces of gold sold reported page 4 of the 2019 Interim Financial Report

3. Cash balance comprises A$69 M cash, A$10 M term deposits (with 4 to 12 months maturity)

5 / December 2019 Half Year Presentation

1. C$100 M (Canadian Tranche) drawn down under the syndicated facility and A$32M lease liabilities (arising from AASB 16)

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Consolidated Gold Production
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AISC (Consolidated)
(A$/oz) 1,391
1,158
1,008
899 883
Production (Consolidated)
(koz)
205
198
188 182 218
175
64
71
72 51
70
50
188
141
127
116
104
80
1H 2H 1H 2H 1H 2H
FY18 FY18 FY19 FY19 FY20 FY20F
Gwalia Simberi Atlantic Gold
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‐ 1H FY20 Production Highlights Consolidated

• Gold production of 182 koz @ AISC[1] A$1,391/oz

• EBITDA margin[1] of 47%

• FY20F guidance 370 to 400 koz

• Record half‐year production at Atlantic Gold offset lower operational performance from Gwalia and Simberi

Figures displayed to nearest koz. Reported ounces in Quarterly Reports.

1. Non IFRS measure, refer corresponding slide in Appendix.

2. Atlantic Gold was acquired on 19 July 2019. Q1 Sep FY20 production and FY20 guidance includes 4,362 ounces produced by Atlantic Gold prior to acquisition.

6 / December 2019 Half Year Presentation

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Gwalia Production and Cost Profile
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Mined Grade
(g/t Au)
14.0
11.1 11.4 10.8
7.9
Reserve Grade [2]
6.4 g/t Au
June 2019
Production
(koz) 141 1,513
127
116
1,119 100
AISC
(A$/oz) 947 104 90
838 80
770
1H 2H 1H 2H 1H 2H
FY18 FY18 FY19 FY19 FY20 FY20F
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1H FY20 Production Highlights

• 80 koz @ AISC[1] A$1,513/oz

• EBITDA margin of 47%

• FY20F guidance 170 to 180 koz

• Development and production anticipated to improve during 2H as Gwalia Extension Project (GEP) construction concludes and ventilation increases

• AISC is a non IFRS measure, refer corresponding slide in Appendix.

• Reserve grade per ‘ Ore Reserves and Mineral Resources Statement 30 June 2019 ’.

7 / December 2019 Half Year Presentation

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Gwalia Extension Project Update
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• Gwalia Extension Project (GEP) comprises a ventilation upgrade and paste aggregate fill (PAF)[1 ]

• Budget of A$112 M with planned completion Q4 June FY20[1]

• PAF crushing circuit on 1420 level and mixing and pumping on 1460 is complete and commenced operation during Q2 December FY20

• Three of the four vent shafts and all major surface infrastructure operational, increasing ventilation from 450 m[3] /s to 700 m[3] /s, with the full benefit of 900 m[3] /s expected on completion of GEP

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Top: PAF crushing circuit on 1420 level Above: Exhaust fans on site at Leonora (both November 2019)

1. Refer to ASX announcement 27 March 2017 ‘ Gwalia Extension Project approved ’. Project commenced Q3 Mar 2017. PAF involves mixing paste from surface with waste crushed underground to fill stope cavities.

8 / December 2019 Half Year Presentation

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Simberi Production and Cost Profile
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1H FY20 Production Highlights

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AISC [1]
(A$/oz)
1,717
1,216
1,132 1,107
1,010
71 72 70
64 65
55
50
1H 2H 1H 2H 1H 2H
FY18 FY18 FY19 FY19 FY20 FY20F
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• 50 koz @ AISC A$1,717/oz

• EBITDA margin of 29%

• FY20F guidance 105 to 115 koz

Sulphide Project

• Updated Resources and Reserves due Feb 2020

• This will inform whether to proceed to Feasibility Study

• Should Feasibility Study proceed, investment decision anticipated by end CY 2020

• AISC is a non IFRS measure, refer corresponding slide in Appendix

9 / December 2019 Half Year Presentation

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Atlantic Gold Production and Cost Profile
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1H FY20 Production Highlights

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AISC
•
(A$/oz) Record production for half
957 1,010 970 • 51 koz @ AISC A$887/oz
840 823
•
EBITDA margin of 69%
•
FY20F guidance 95 to 105 koz
105
Production
29
95
(koz)
23 23 18
20
93
47
40
4
4
4
FY19 FY19 FY19 FY20 FY20 FY18 FY19 FY20F
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
Pre‐acquisition SBM attributable
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1. Atlantic Gold was acquired on 19 July 2019. Atlantic Gold quarterly production prior to this date provided for comparison. Reported Q1 Sep FY20 production and FY20 guidance includes 4,362 ounces produced by Atlantic Gold prior to acquisition. SBM attributable Q1 AISC = A$964/oz.

2. Non IFRS measure, refer corresponding slide in Appendix.

3. C$810 to C$860 per ounce @ AUD 0.90

4. Atlantic Gold Touquoy Mine commenced commercial production March 2018

10 / December 2019 Half Year Presentation

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Atlantic Gold Reserve and Resource Development
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• Scope to expand production 0 5 10 km beyond existing 12 year reserve life[1]

• • Expansion potential across all pits, with focus on targets along strike between Touquoy and Fifteen Mile Stream

• • The 149 Deposit was the first discovery of the Corridor Regional Program, in June 2018

• Encouraging results were also obtained from the Seloam Brook, Mill Shaft and Cameron Flowage

• • Exploration program[2] to • A$10‐A$12 M approved in Q2 FY20 to study development projects follow up previous results and • Revised project timeline anticipated Q4 June FY20

• also target Bear Brook, Union Dam, Jed Lake and Wire Lake prospects

• 1.Based on production schedule reported in 25 March 2019 "Updated MRC Production Schedule" Atlantic Gold news release

11 / December 2019 Half Year Presentation

2.Exploration targets = Green (Tier 1), Blue (Tier 2) and Red (previously drilled)

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1H FY20 Key Financial Metrics
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35
1,2
Underlying NPAT ($ M) 64
77
69
2
Atlantic EBITDA margin %
47
2
Gwalia EBITDA margin % 56
57
29
Simberi EBITDA margin % 2 39
44
6
EPS (basic, cents) 11
16
1H20
4
Dividend
2H19
4
per share (cents)
4 1H19
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1. Underlying, see page 3 Financial Report 2. Non‐IFRS measure, refer corresponding slide in appendix

12 / December 2019 Half Year Presentation

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EBITDA and NPAT Profile
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A$ M Underlying EBITDA A$ M
200 120 Underlying NPAT
150
80
148
100 127 130 77
64
40
50
35
0 0
1H FY19 2H FY19 1H FY20 1H FY19 2H FY19 1H FY20
A$ M EBITDA A$ M
NPAT
200 120
150
80
148
83
135
100 127
62
40
50 39
0 0
1H FY19 2H FY19 1H FY20 1H FY19 2H FY19 1H FY20
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EBITDA, Underlying EBITDA and Underlying NPAT are non‐IFRS measures, see corresponding slide in Appendix

13 / December 2019 Half Year Presentation

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Key Changes to Underlying Profit 1H FY19 to 1H FY20 [1]
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• Lower profit before tax in 1H FY20 due to:

• Lower production at Gwalia and Simberi

• Higher depreciation and amortisation due to Atlantic Gold acquisition

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58
‐7
‐45
112
‐34
‐5
‐4
‐26
49
1H19 Gross Profit ‐ Gross Profit ‐ Gross Profit ‐ Exploration D&A Finance + FX Other 1H20
Leonora Ops Simberi Ops Atlantic Ops
A$ M
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1. Underlying profit from operations, Non‐IFRS measure, refer to corresponding slide in Appendix Note: Gold price received of A$1,961 per ounce (1H19: A$1,702 per ounce)

December 2019 Half Year Presentation

14 /

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Segment Profit and Cash Contribution from Operations
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Reportable segment profit/ (loss) before tax[1]

Cash contribution from operations[1, 2]

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A$M
84
78
50
41
40
35
22
1H FY19 2H FY19 1H FY20
Leonora Simberi Atlantic Gold
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A$M
97
89
59
56
44
37
32
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1H FY19 2H FY19 1H FY20
Leonora Simberi Atlantic Gold
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1. Non‐IFRS measure, refer to corresponding slide in Appendix.

2. Cash contribution is before growth capex

3. Note: Atlantic Gold was acquired 19 July 2019

15 / December 2019 Half Year Presentation

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1H FY20 Application of Cash
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352
‐238
‐27
3
‐61
‐33 ‐19
‐4 ‐2
‐25
Receipts Op costs & Exploration Capex Investments Income tax Cash surplus Other Dividends Change in
Finance movements cash balance
costs
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Note: Cash surplus = cash flow from operating activities less cash used in investing activities

16 / December 2019 Half Year Presentation

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Balance Sheet
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• Cash balance at 31 December 2019 of A$79 M[1] , debt of A$138 M[2]

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A$M Cash and debt
1000
Lease Liability
(AASB 16)
800
480 Entitlement
600
Offer
400
410
Cash
343
200
161
137
79
0
Debt
‐1 ‐106
‐32
‐226
‐200
‐400
FY16 FY17 FY18 FY19 1H20
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1. Cash balance comprises A$69 M cash, A$10 M term deposits (with 4 to 12 months maturity) 2. Debt comprises C$100 M (Canadian Tranche) drawn down under the syndicated facility and A$32M lease liabilities (arising from AASB 16)

17 / December 2019 Half Year Presentation

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Interim dividend – 1H FY20
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Dividends Paid

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3.0%
2.2%
2.1%
Dividend
1.5%
Yield [1 ] (%)
[Interim
only]
Interim
$0.04
Dividends
Paid (A$)
Total Interim
$0.12 $0.04
Final
$0.08
Final
$0.06 Final Interim
$0.04 $0.04
FY17 FY18 FY19 FY20
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• Interim fully franked dividend of A$0.04 per share

• Record date 4 March

• Dividend Reinvestment Plan[1 ] at 1.0% discount to

  • 5 day VWAP (Election date 5 March)

• Payment/issue date of 25 March

• Cumulative dividend payments of A$0.30 since FY17

• Interim dividend yield of 1.5%[1]

• Dividend yield is a Non IFRS measure. It is calculated as dividend ÷ share price at date of announcement.

• DRP Rules available at www.stbarbara.com.au/investors/dividend/

18 / December 2019 Half Year Presentation

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Exploration and Equity Investments
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Gwalia, WA

• Early stage studies on historical satellite pits, Greater Gwalia and Leonora Regional medium term targets

Simberi Island, PNG

• Final results of sulphide drilling beneath Sorowar pit (69 RC holes), updated reserves and resources statement in Q3 FY20

Horn Island Qld, Pinjin & Lake Wells WA, Back Creek NSW

• Results from Horn Island (QLD) and Lake Wells (WA) JVs in full report, Pinjin and Back Creek aircore drilling results in appendix

Moose River Corridor and Cochrane Hill, Canada, NS

• Ongoing drilling at potential extensions to existing planned pits and potential satellite pits with encouraging results at Fifteen Mile Stream, exploration drilling underway east of Touquoy at Wire Lake and Jed Lake

South West Nova Scotia Regional Program

• Pleasantfield ‐ First drill results in the region find anomalous gold over 1 km strike

• North Brookfield drilling started

Potential new JV with Catalyst at Drummartin[1] , VIC

1. Subject to approval by Catalyst shareholders at a General Meeting on 21 February 2020 For full explanation and results refer to ASX release 22 January 2020 ‘ Q2 December FY20 Quarterly Report ’

19 / December 2019 Half Year Presentation

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Gender Diversity
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• WGEA Employer Of Choice For Gender Equality since 2014 and the only mining company to be currently certified

• Awarded Runner Up, Gender Diversity Leader in the Mining Journal’s 2019 International Awards

• 2018 Winner of AMMA’s Australian Women in Resources Alliance Award

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• 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’ roles[3]

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• Craig Jetson, MD & CEO, awarded the 2019 Victorian Women in Resources Gender Diversity Champion

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Council for Diversity and Inclusion

1. Compared to 26.8% nationally, WGEA Australia’s gender equality scorecard Nov 2019 https://www.wgea.gov.au/sites/default/files/documents/2018‐19‐Gender‐Equality‐Scorecard.pdf

2. Compared to 17.7% for the mining industry, WGEA Australia’s gender equality scorecard Nov 2019 https://www.wgea.gov.au/sites/default/files/documents/2018‐19‐Gender‐Equality‐Scorecard.pdf

3. Refer St Barbara Corporate Governance Statement for details, www.stbarbara.com.au/about_us/governance

20 / December 2019 Half Year Presentation

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Community and Sustainability Developments in H1 FY20
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• ACSI rated the Group as ‘Leading’ in the materials sector for its ESG Reporting

• St Barbara rated in the 2nd quintile in Macquarie’s 2019 ESG Ratings Survey

• Atlantic Gold donation towards purchase of a mobile ultrasound unit to better serve patients in and around Middle Musquodoboit.

• Leonora Bike Challenge sponsorship to improve local school aged child fitness.

• 170 employees, contractors and family members hosted at Leonora Operations Family Day in October 2019

• Bushfire Appeal donation of $25,000 to Red Cross, $25,000 to Salvation Army plus matching $17,000 of employee donations

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Leonora Operations Family Day

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Annual Report
Integrated suite of
annual reporting
Corporate
Sustainability
Governance
Report
Statement
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21 / December 2019 Half Year Presentation

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Conclusion
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• Record half‐year production at Atlantic Gold offset lower operational performance from Gwalia and Simberi

• NPAT A$39 M

• A$79 M cash at bank[1] with A$138 M debt[2]

• 4 cps fully franked interim dividend

• Focus for 2H FY20

• GEP due to be completed in April 2020

• Simberi Sulphide Resources and Reserves due Feb 2020

• Atlantic Gold growth options progressing in conjunction with encouraging drilling results in Nova Scotia

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Environment team members Ben Elliott and Jonathon Mountford conduct environmental survey around Gwalia

1. Cash balance comprises A$69 M cash, A$10 M term deposits (with 4 to 12 months maturity)

2. Debt comprises C$100 M (Canadian Tranche) drawn down under the syndicated facility and A$32M lease liabilities (arising from AASB 16)

22 / December 2019 Half Year Presentation

Appendices

23 / December 2019 Half Year Presentation

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Consolidated Production, Costs, Guidance Summary
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Production Summary Consolidated	Production Summary Consolidated	Production Summary Consolidated	Production Summary Consolidated	Q4 Jun FY19	Year FY 19	Q1 Sep FY20 AG fullquarter	Q1 Sep FY20 AG SBM attrib.	Q2 Dec FY20	1H FY20	Guidance FY20
St Barbara’s financial year is 1 July to 30 June				Qtr to 30 Jun 2019	Year to 30 June 2019	Qtr to 30 Sep 2019	Qtr to 30 Sep 2019	Qtr to 31 Dec 2019	6 months to 31` Dec 2019	Year to 30 June 2020
Production
Gwalia		oz		49,966	220,169	38,153	38,153	42,022	80,175	170‐180 koz_(prev. 175 to 190 koz)_
Simberi		oz		36,231	142,177	27,061	27,061	23,070	50,131	105‐115 koz_(prev. 110 to 125 koz)_
Atlantic Gold		oz		22,948	92,639	22,355	17,993	29,067	51,422	95‐105 koz
Consolidated		oz		109,145	454,985	87,569	83,206	94,159	181,728	370‐400 koz (prev. 380‐420 koz)
Mined Grade Gwalia g/t Simberi g/t Atlantic Gold g/t Total Cash Operating Costs2				10.0 1.48 0.91	11.1 1.43 0.98	7.8 1.09 0.86	7.8 1.09 0.86	8.0 1.03 1.02	7.9 1.06 0.93	Reserve grade1 6.4 1.3 1.1
Gwalia	A$/oz			821	746	1,124	1,124	1,016	1,067	n/a
Simberi	A$/oz			1,021	1,016	1,440	1,440	1,704	1,561	n/a
Atlantic Gold	A$/oz			744	662	747	746	669	703	n/a
Consolidated	A$/oz			871	813	1,125	1,145	1,077	1,100	n/a
All‐In Sustaining Cost2
Gwalia	A$/oz			1,230	1,027	1,559	1,559	1,471	1,513	1,470 to 1,540_(prev.1,390 to 1,450)_
Simberi	A$/oz			1,203	1,162	1,603	1,603	1,851	1,717	1,500 to 1,6453_(prev. 1,285 to 1,450)_
Atlantic Gold	A$/oz			1,010	862	970	964	823	887	900 to 9554_(new)_
Consolidated	A$/oz			1,175	1,036	1,421	1,445	1,364	1,391	1,330 to 1,420 (prev. 1,240 to 1,330)

1. Ore Reserve grade at 30 June 2019, refer Ore Reserve and Mineral Resources Statement (released 21 August 2019). 2. Non‐IFRS measure, refer Appendix.

2. US$1,025 to US$1,125 per ounce @ AUD 0.68 (prev. US$900 to US$1,015 per ounce @ AUD 0.70) 4. C$810 to C$860 per ounce @ AUD 0.90

24 / December 2019 Half Year Presentation

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Strategy for the Next 5 Years – “Stronger for Longer”
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Diversify production base
Seeking a portfolio of robust operations
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Sustainable long life operations
Aiming for above average mine life at bottom‐third AISC
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Quality growth pipeline
Actively add, manage and progress assets in all phases of the pipeline
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Talented people who deliver
Support and work with our people to continue to achieve extraordinary
results
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Trusted to operate
Our various stakeholders trust us everywhere we choose to operate
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25 / December 2019 Half Year Presentation

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Growth Pipeline
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Atlantic Gold
(Regional)
Atlantic Gold
(Moose River Corridor)
Tabar Island Group KEY
(Au, Au‐Cu) Canada
Papua New Guinea
Back Creek
Australia
Equity Investments
Atlantic Gold
Leonora Province
(Beaver Dam)
Atlantic Gold
Greater Gwalia
(Cochrane Hill)
Peel Mining Atlantic Gold Atlantic Gold
Pinjin
(16%) (Fifteen Mile Stream) (Touquoy Mine)
Catalyst Metals Lake Wells
Simberi Sulphide Simberi Mine
(14%) (Au, EJV with APC)
Duketon Mining Horn Island
Tower Hill Gwalia Extension Gwalia Mine
(12%) (Au, EJV with AQX)
Equity Investments Exploration Feasibility Construction Producing
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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 Gold owns 60% of Touquoy and 7.9% of Moose River Resources Inc. (MRRI) that has a 40% carried interest in Touquoy. Atlantic Gold has the right to purchase MRRI's 36.9% beneficial interest at fair market value. Atlantic Gold 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.

26 / December 2019 Half Year Presentation

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Hedging Summary at 19 February 2020
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Financial Year	Volume ounces	Price $/oz	Delivery (all monthly instalments)	Announced
FY20	16,456	A$1,809	January to June 2020	26 Oct 2018
FY20	20,000	US$1,300	January to June 2020	10 Dec 2018
FY21	26,000	A$1,809	July to December 2020	26 Oct 2018
FY21	26,000	US$1,300	July to December 2020	10 Dec 2018
Atlantic Gold	Volume ounces	Price $/oz	Delivery (quarterly instalments)	Announced
Nov 2019 to Feb 2021	75,250	C$1,550	February 2020 to February 2021	21 Sep 2018

27 / December 2019 Half Year Presentation

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Ore Reserves Summary as at 30 June 2019 + Atlantic Gold
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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)	2,220	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

28 / December 2019 Half Year Presentation

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Mineral Resources Summary at 30 June 2019 + Atlantic Gold
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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)	5,034	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 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

29 / December 2019 Half Year 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, Pinjin, Lake Wells, Back Creek and Horn Island 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. The information in this presentation that relates to Exploration Results for Nova Scotia is based on information compiled by Mr Klaus Popelka, M.Sc. (Applied Geosciences), who is a member of the Professional Geoscientists of Nova Scotia. Mr. Popelka 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. Popelka 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 original ASX announcement released on 21 August 2019 and 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.

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.

30 / December 2019 Half Year 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.	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.	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.	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 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 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 atstbarbara.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
ROCE	‘Return on capital employed’ is calculated as EBIT before significant items expressed as a percentage of average total capital employed (net debt and total equity).
Significant Items	Items whose nature or amount is considered material to the financial report. Refer Note 3 of 2020 Interim Financial Report (p18) for details
Underlying EBITDA / NPAT	EBITDA or NPAT after excluding identified significant items. Refer 2020 Interim Financial Report (p3) for details.
2020 Interim Financial Report	Refer 2020 Interim Financial Report available at	stbarbara.com.au

31 / December 2019 Half Year Presentation

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Investor Relations Enquiries
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Rowan Cole Company Secretary

David Cotterell Manager Investor Relations

T: +61 3 8660 1900

E: info@stbarbara.com.au

32 / December 2019 Half Year Presentation