ST BARBARA LIMITED — Interim / Quarterly Report 2021

Jul 27, 2021

28 July 2021

Presentation on Q4 June FY21 Quarterly Report and audio webcast

Mr Craig Jetson, Managing Director & CEO, will brief analysts and institutional investors on the Q4 June FY21 Quarterly Report at 11:00 am Australian Eastern Standard Time (UTC + 10 hours) on Wednesday 28 July 2021.

Analysts and institutional investors

Analysts and institutional investors can register for the briefing at https://s1.c-conf.com/DiamondPass/10014896-sj84f3.html.

Shareholders and media

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.

For more information

Head of Investor Relations

Investor Relations Media Relations

Chris Maitland

Ben Wilson GRACosway

T M +61 3 8660 1914 +61 447 120 070 M+61 407 966 083

David Cotterell Manager Investor Relations T M +61 3 8660 1959 +61 447 644 648

Authorised by

Craig Jetson

Managing Director & CEO 28 July 2021

Q4 June FY21 Quarterly Presentation

Craig Jetson Managing Director and CEO 28 July 2021

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.

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.

Unless otherwise noted, information in this report that relates to Mineral Resources or Ore Reserves is extracted from the report titled 'Ore Reserves and Mineral Resources Statements 30 June 2020' released to the ASX on 24 August 2020. Full details of recent exploration results in ASX release 28 July 2021 'Q4 June FY21 Quarterly Report'.

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

Published 28 July 2021

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 .

Safety always

TOTAL RECORDABLE INJURY FREQUNCY RATE (TRIFR)¹

Zero harm is always our target. Zero harm to all people as we responsibly operate our assets to their full potential. This focus on safety guides everything we do.

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

Key achievements Q4 FY21

• 1. Pathway to establishing 3 mines each with greater than 10 years of operating life:
• o Leonora Province Plan: update added ~1.4 million ounces to Mineral Resource
• o Simberi Sulphide Feasibility Study: Progressed the Social and Environmental Impact Statement
• o Atlantic Operations: Record mill throughput
• 2. Improved operational performance at Atlantic and Leonora operations
• 3. Strong operational cash contribution of A\$100 M

Consolidated Q4 FY21 Results

GOLD PRODUCTION (koz)

Figures displayed to nearest thousand ounces. Reported ounces in table in Appendix.

Q4 FY21 AISC

• Consolidated A\$1,623/oz (Q3: A\$1,649/oz)
• Atlantic A\$1,011/oz (Q3: A\$1,128/oz)
• Leonora A\$1,663/oz (Q3: A\$1,555/oz)
• Simberi A\$2,964/oz (Q3: A\$2,426/oz)

Q4 FY21 Production

• Consolidated 83 koz (Q3: 82 koz) • Atlantic 27 koz (Q3: 21 koz) • Leonora 45 koz (Q3: 43 koz) • Simberi 11 koz (Q3: 19 koz)

Consolidated Q4 FY21 production included consistent operational performance throughout the quarter at Atlantic and Leonora, despite the impact due to the fatality and pipe damage at Simberi.

Update on DSTP1 at Simberi

• Mineral Resource Authority (MRA) has granted conditional approval for mining to recommence, with production to ramp up over the weeks ahead
• Independent assessment conducted into pipeline failure concluded likely cause of failure to be a localised landslide
• New pipeline to be constructed in Q2 Dec FY22
• Processing plant restart expected late Q2 Dec FY22

FY22 Guidance

Operation	Production (koz)	AISC (A\$/oz)		Capex (\$AM)
			Sustaining	Growth
Atlantic Operations	65 –	1,5151	15 –	30 –
	85	1,305 –	20	40
Leonora Operations	180 –	1,605 –	65 –	15 –
	200	1,720	75	20
Simberi Operations	60 –	2,6502	15 –	25 –
	70	2,465 –	20	35
Consolidated	305 –	1,710 –	95 –	70 –
	355	1,860	115	95
		1.	C\$1,240 to C\$1,440 per ounce at AUD/CAD of 0.95

FY22 Production Indicative Quarterly Guidance Profile

1. US\$1,850 to US\$1,990 per ounce at AUD/USD of 0.75

Building Brilliance at St Barbara and future brownfield growth

Delivered A\$41 M of savings in FY21

Building Brilliance – Atlantic Operations

Mill throughput (tph) 22% improvement

Mill availability (%) 14% improvement

• Implemented a larger gravity screen aperture, enabling better separation and debottlenecked the gravity circuit
• Modified the spray bar in the trommel to better screen fine material through the trommel screen panels
• Increased mill power draw to enable an increase in feed tonnes to the ball mill without negatively impacting on vibration
• Optimised mill shutdown work to move from scheduled/ calendar based to condition based shutdowns
• Minor upgrades to the plant (gear spray system, ball mill feed chute) which reduced prior instances of unplanned

Recovery (%)

• Downcomers installed in CIL tanks to increase residence time

• Installed air spargers in CIL tank to increase dissolved oxygen concentration, resulting in increased recovery

Building Brilliance – Leonora Operations

Development Fronts (Nos.)

• Reduced the number of hole cleans and redrills by using "just in time" drilling for 'top level down' drilling in double and triple lift stopes
• Implementing WiFi underground has enabled teleremote drilling through shift changes increasing the utilisation of equipment
• Reduced total curing time for a stope by reducing the number of pours required to back fill a mined stope, resulting in shorter stope cycle time.
• Underground WiFi enabled implementation of better short term interval control by obtaining real time data on equipment utilisation to better coordinate equipment underground
• Replacing static cable bolts with self drilling anchors for ground support reduced development cycle time
• Using an Epiroc Boltec to reduce bolt installation time
• Improved development cut length by implementing alternative detonators to better utilise explosive properties to assist with blasting the face

Leonora Province

Work undertaken in Q4 has focussed on:

• Geological interpretation and wire -framing for the Gwalia Shallows
• Completion of an RC drilling program on historical ore stockpiles at Tower Hill
• Commencing late in the quarter was an RC drill program testing Falklands Trend, Hawaii, Jasper Hill, Trevor Bore and Ascension

Update on Atlantic Permitting

Touquoy

• Increase waste rock storage at site final permits in place by Q3 Mar FY22
• Convert the Touquoy pit into a TSF expected to be in place by Q3 Mar FY22 required for FY23 processing

Beaver Dam

• Revised EIS (Environmental Impact Statement) currently in progress with Federal Government expected to be approved Q4 Jun FY22
• In parallel Mining licence approval process is being conducted expected to be completed by end of Q3 Mar FY22
• After EIS is approved will apply for Industrial Approval which will allow commencement of construction and mining Q2 Dec FY23
• First ore expected to be delivered from Beaver Dam first half FY24

Fifteen Mile Stream

• EIS submissions underway expected to be completed Q1 Sep FY23. First production expected FY25

Strong Q4 Performance

• Pathway to establishing 3 mines each with greater than 10 years of operating life:
• o Provided further updates on Leonora Province Plan
• o Delivered SEIS addendum on field studies for Simberi Sulphide Project
• o Completed Feasibility Study for Beaver Dam for internal review
• Maintained the improved operational performance at Atlantic and Leonora Operations
• Mineral Resource Authority has granted conditional approval for Simberi to recommence mining
• Operational cash contribution of A\$100 M , further strengthening the balance sheet with A\$133 M of cash and A\$82 M of debt
• Delivered A\$41 M of Building Brilliance savings and set the FY22 target of A\$60 M to A\$100 M in annualised cash contribution
• Continue COVID-19 management work across the Company

Supplementary slides

Atlantic Q4 FY21 Results

Q4 FY21 production

• 26,718 oz (Q3: 20,606 oz)
• AISC A\$1,011/oz (C\$956/oz) (Q3: A\$1,128/oz (C\$1,104/oz)

Production was 30% higher than Q3 Mar FY21 due to higher grade ore and increased ore mined from the open pit. For the quarter the mill achieved record throughput

Beaver Dam revised Environmental Impact Statement and second round of information requests were submitted in June 2021

FY22 Guidance

• Production of between 65 to 85 koz
• AISC of A\$1,305 to A\$1,515/oz1
• Sustaining capex of A\$15 M to A\$20 M
• Growth capex of A\$30 M to A\$40 M

Leonora Q4 FY21 Results

PRODUCTION (koz)

Q4 FY21 production

• 45,157 oz (Q3: 42,716 oz)
• AISC A\$1,663/oz (Q3: A\$1,555/oz)
• Mined grade of 6.5 g/t Au (Q3: 8.0 g/t Au)

June quarter performance highlighted improvements in ore mined (up 16% under new contractor), with mill throughput the highest since Q1 Sep FY16

Improved mine planning has increased mining fronts to 24 compared to 12 at the start of FY21. The number of development fronts is expected to increase to 28 by the end of FY22

FY22 Guidance

• Production of between 180 to 200 koz
• AISC of A\$1,605 to A\$1,720/oz
• Sustaining capex of A\$65 M to A\$75 M
• Growth capex of A\$15 M to A\$20 M

Simberi Q4 FY21 Results

Q4 FY21 production

• 10,824 oz (Q3: 18,981 oz)
• AISC A\$2,964/oz (Q3: A\$2,426/oz)
• Milled grade at 1.30 g/t Au (Q3: 1.12 g/t Au)

Production was impacted by the shutdown of mining operations due to the fatality. In addition, routine inspection of the DSTP pipeline identified damage and operations ceased

A recovery plan is underway, incorporating corrective actions from the mining fatality and replacement of the DSTP pipeline. Mining at Simberi has been conditionally approved to recommence with ore stockpiled until milling restarts in Q2 Dec FY22.

FY22 Guidance

• Production of between 60 to 70 koz
• AISC of A\$2,465 to A\$2,650/oz1
• Sustaining capex of A\$15 M to A\$20 M
• Growth capex of A\$25 M to A\$35 M

Consolidated production, costs and guidance summary

Production Summary Consolidated		Year FY20	Q1 Sep FY21	Q2 Dec FY21	Q3 Mar FY21	Q4 Jun Year FY21 FY21		Guidance FY21	Guidance FY22
St Barbara's financial year is 1 July to 30 June		Year to 30 June 2020	Qtr to 30 Sep 2020	Qtr to 31 Dec 2020	Qtr to 31 Mar 2021	Qtr to 30 Jun 2021	Year to 30 June 2021	Year to 30 June 2021	Year to 30 June 2022
Production
Atlantic	oz	106,663	27,226	26,693	20,606	26,718	101,243	100 to 110 koz	65 to 85 koz
Gwalia	oz	171,156	22,625	42,198	42,716	45,157	152,696	150 to 160 koz	180 to 200 koz
Simberi	oz	104,068	23,139	20,779	18,981	10,824	73,723	withdrawn	60 to 70 koz
Consolidated	oz	381,887	72,990	89,670	82,303	82,698	327,662	n/a	305 to 355 koz
Mined Grade								Milled grade
Atlantic	g/t	0.93	0.95	0.91	0.71	0.91	0.88	1.33
Gwalia	g/t	7.7	8.1	8.3	8.0	6.5	7.6	8.3
Simberi	g/t	1.06	1.19	1.49	1.33	1.47	1.35	1.25
Total Cash Operating Costs
Atlantic	A\$/oz	713	669	736	903	769	761	n/a
Gwalia	A\$/oz	1,071	1,560	1,037	1,044	1,271	1,185	n/a
Simberi	A\$/oz	1,482	1,481	1817	2,032	2,835	1,912	n/a
Consolidated	A\$/oz	1,083	1,203	1,128	1,237	1,314	1,218	n/a
All-In Sustaining Cost
Atlantic	A\$/oz	928	1,008	999	1,128	1,011	1,027	958 to 1,0501	1,305 to 1,5152
Gwalia	A\$/oz	1,485	2,592	1,573	1,555	1,663	1,744	1,815 to 1,950	1,605 to 1,720
Simberi	A\$/oz	1,631	1,678	2,070	2,426	2,964	2,162	withdrawn	2,465 to 2,6503
Consolidated	A\$/oz	1,369	1,711	1,517	1,649	1,623	1,616	n/a	1,710 to 1,860

Hedging summary as at 28 July 2021

Financial Year	Volume Ounces	Price \$/oz	Type	Delivery	Delivery schedule	Announced
Jul 21 to Dec 22	66,010	C\$2,050	European call options	Jul 2021 to Dec 22	Monthly	24 Feb 20201

Leonora Province

		FY22	FY23	FY24
LGA / Other	Ore purchase / Tolling
Gwalia Intermediates	Development & production
Gwalia Shallows1	Feasibility & mine planning
	Development & production
Jasper Region (open pit development)	Drilling, Feasibility & mine planning & permitting
	Development & production
Tower Hill, Harbour Lights & Mill	Feasibility & mine planning & permitting
Expansion	Development & production
Surface stockpiles	Production	Variable grade

Exploration

Gwalia near mine and regional targets

A\$10 M - \$11 M exploration budgeted for FY22

Exploration activity during the year will focus on:

• Targets between the Gwalia mine, Tower Hill and Harbour Lights, with particular focus on testing potential high grade extensions to known deposits
• Leonora Region – testing targets in the Jasper area within 20 km trucking distance of the Gwalia mill

Exploration

Nova Scotia

A\$7 M – \$8 M exploration budgeted in Canada for FY22

• Exploration activity during the year will focus on: Moose River Corridor drill testing several targets immediately adjacent to and along strike from known deposits
• Northeast Regional – drill test the highest ranked target
• Southwest Regional – drill testing numerous defined targets and follow -up best results from FY21
• Touquoy Camp – mapping, sampling, geophysics and modelling at HLS -Gap and HLS -Scheelite Closure Area

Exploration

Simberi Island

A\$5 M – \$6 M exploration budget in PNG for FY22

Exploration activity during the year will focus on:

• Continued drilling at six oxide targets on Simberi Island with the aim of defining additional Inferred and Indicated Resources
• Initial drilling will target Cell Tower / Pigibo East and Bekou South

Project pipeline

					Canada
					Papua New Guinea
	Regional Nova Scotia				Australia
					Equity Investments
	Moose River Corridor
	Simberi Island (oxides)	Cochrane Hill
	Back Creek	Simberi Sulphides
	Greater Gwalia	Leonora Province
Kin Mining1 (19%)	Pinjin	Gwalia Shallows			Touquoy Mine
Peel Mining (10%)	Aust Potash2 (Au, EJV)	Gwalia Intermediates	Fifteen Mile Stream		Simberi Mine
Catalyst Metals (13%)	Catalyst Metals3 (Au, EJV with CYL)	Tower Hill	Beaver Dam		Gwalia Mine
Equity Investments	Exploration	Feasibility	Permitting	Construction	Producing

1. Equity interest announced 14 July 2021

2. Earn-in and Joint Venture Agreement with Australian Potash announced 8 October 2018

3. Earn-in and Joint Venture Agreement with Catalyst Metals announced 25 November 2020

KEY

Ore Reserves summary at 30 June 2020

	Proved			Probable			Total
Project	Tonnes ('000)	Gold (g/t)	Ounces ('000)	Tonnes ('000)	Gold (g/t)	Ounces ('000)	Tonnes ('000)	Gold (g/t)	Ounces ('000)
Gwalia, (WA)	1,583	8.0	409	7,824	5.9	1,483	9,407	6.3	1,892
Tower Hill, (WA)	-	-	-	2,572	3.7	306	2,572	3.7	306
Simberi Oxide, (PNG)	1,702	1.3	73	6,035	1.1	220	7,737	1.2	293
Simberi Sulphide, (PNG)	1,386	2.6	114	21,253	2.4	1,651	22,638	2.4	1,765
Simberi Stockpiles, (PNG)	678	0.6	12	-	-	-	678	0.6	12
Atlantic Gold, (NS)	21,370	1.2	796	23,700	1.1	851	45,070	1.1	1,647
Atlantic Gold Stockpiles, (NS)	5,450	0.5	89	-	-	-	5,450	0.5	89
Total All Projects	32,168	1.4	1,493	61,384	2.3	4,511	93,552	2.0	6,005

1. Ore Reserves are based on a gold price of: Gwalia (AU\$1,600/oz), Tower Hill (AU\$1,250/oz), Simberi and Atlantic Gold (US\$1,300/oz)

2. Cut-off Grades Gwalia (4.7 g/t Au), Tower Hill (2.8 g/t Au), Simberi Oxide (0.5 g/t Au), Atlantic Gold (0.3 g/t Au – 0.5 g/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

Full details are contained in the ASX release dated 24 August 2020 'Ore Reserves and Mineral Resources Statements 30 June 2020' available at www.stbarbara.com.au

Mineral Resources summary at 30 June 2020

	Measured			Indicated			Inferred			Total
Project	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)	3,991	6.4	819	17,403	6.0	3,353	1,201	5.5	214	22,595	6.0	4,386
Tower Hill, (WA)	-	-	-	4,604	3.9	574	489	3.3	51	5,093	3.8	625
Simberi Oxide, (PNG)	2,197	1.2	90	8,062	1.1	280	8,542	0.9	260	18,801	1.0	630
Simberi Sulphide, (PNG)	3,119	1.5	168	52,642	1.6	2,772	16,699	1.4	747	72,459	1.6	3,687
Atlantic Gold, (NS)	24,281	1.1	868	32,399	1.1	1,102	7,203	1.1	256	63,883	1.1	2,227
Total All Projects	33,587	1.8	1,945	115,110	2.2	8,081	34,134	1.4	1,529	182,832	2.0	11,555

1. Mineral Resources are reported inclusive of Ore Reserves

2. 1. Cut-off Grades Gwalia (2.5 g/t Au), Tower Hill (2.5 g/t Au), Simberi Oxide (0.4 g/t Au), Simberi Transitional and Sulphide (0.6 g/t Au), Atlantic Gold (0.3 g/t Au)
3. 1. Atlantic and Simberi Mineral Resources are reported constrained by a US\$1,800/oz pit shell
4. 1. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding
5. Full details are contained in the ASX release dated 24 August 2020 'Ore Reserves and Mineral Resources Statements 30 June 2020' available at www.stbarbara.com.au

Exploration Results

The information in this presentation that relates to Exploration Results 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.

Mineral Resource and Ore Reserve Estimates

The information in this presentation that relates to Mineral Resources or Ore Reserves for Gwalia, Tower Hill, Simberi and Atlantic Gold is extracted from the report titled 'Ore Reserves and Mineral Resources Statements 30 June 2020' released to the Australian Securities Exchange (ASX) on 24 August 2020. The report 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 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.

Full details are contained in the ASX release dated 24 August 2020 'Ore Reserves and Mineral Resources Statements 30 June 2020' available at stbarbara.com.au.

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-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 at stbarbara.com.au for example

Investor Relations enquiries

Chris Maitland

Head of Investor Relations

T: +61 3 8660 1914 E: info@stbarbara.com.au

Scheduled ASX Announcements

26 August 2021 FY21 Financial Results Ore Reserves and Mineral Resources Statements