ST BARBARA LIMITED — Interim / Quarterly Report 2021

Feb 16, 2021

Presentation on the December 2020 Half Year Report and webcast

Mr Craig Jetson, Managing Director & CEO, and Mr Garth Campbell-Cowan, Chief Financial Officer, will brief analysts and institutional investors on the half year financial results at 11:00 am Australian Eastern Daylight Time (UTC + 11 hours) on Wednesday 17 February 2021.

Analysts and institutional investors

Analysts and institutional investors can register for the briefing at https://s1.c-conf.com/diamondpass/10012223-l3kozu.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.

Investor Relations	Mr David Cotterell	Manager Investor Relations	+61 3 8660 1959	ASX: SBM
Media Relations	Mr Ben Wilson	GRACosway	+61 407 966 083	ADR: STBMY
Authorised by	Ms Sarah Standish	General Counsel & Company Secretary
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

December 2020 Half Year Presentation

17 February 2021

Craig Jetson Managing Director and Chief Executive Officer Garth Campbell-Cowan

Chief Financial Officer

1 / December 2020 Half Year Presentation

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 27 January 2021 'Q2 December 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

Title slide picture: Atlantic Operations, Nova Scotia Published: 17 February 2021

Acknowledgement of Country

We at St Barbara acknowledge the Traditional Custodians of the land upon which we operate and recognise their unique cultural heritage, beliefs and connection to these lands, waters and communities.

We pay our respects to all members of these Indigenous communities, and to Elders past, present, and emerging. We also recognise the importance of 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 traditional custodians throughout our areas of operation.

3 / December 2020 Half Year Presentation

Contents

• Our Commitments
• Safety Always
• FY21 First Half Key Achievements & Performance
• Building Brilliance & Future Brownfield Growth
• FY21 First Half Financial Results
• Deliver our Strategy

St Barbara is taking action across our sustainability commitments

SAFETY ALWAYS

Target is Zero Harm TRIFR1 40% improvement in FY20 A workplace safe from injury, bias, discrimination and harm

EMPOWERED PEOPLE DIVERSE TEAMS

We are the only mining company to be a WGEA2 Employer of Choice (2015-2020) Included in the 2021 Bloomberg Gender-Equality Index

Continue to meet and exceed diversity objectives—two new targets set in 2020

STRONGER COMMUNITIES

Delivering on action plan to address risks of Modern Slavery

Extending 'CARE' to community – mental health, domestic violence & community wellbeing

Supporting next generation of Indigenous leaders through consultation and education

RESPECTING THE ENVIRONMENT

Carbon neutral by 2050 and by 2025 at Atlantic Gold Operations

Targeting 18% reduction in CO2 per ounce of gold produced by 2030

Operations do not compete with agricultural or domestic for water

GROWING SUSTAINABLY

Growing our business sustainably, where it makes sense, and with strong governance practices, means we can add value for everyone: our shareholders, our people and our communities.

5 / December 2020 Half Year Presentation

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

2. Australian Workplace Gender Equality Agency (www.wgea.gov.au)

Safety Always

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.

During 1H FY21 we embedded CARE4 behaviours across all operations.

CARE stands for Control, Action, Respect and Engage. Acting with CARE is how we always put safety first.

• We can control our environment by identifying hazards, conducting risk assessments and reducing our exposure.
• We can take action by planning our work, managing change and reporting.
• We can respect our processes that are there to keep us safe including permit to work, inspections and incident investigations.
• We can engage through visual leadership, START safe discussion and safety forums.

St Barbara LTIFR2 in comparison with Western Australian Mining benchmarks3

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

1. Lost Time Injury Frequency Rate (12 month avg.), the number of lost time injuries per million hours worked LTIFR comparison not available for Canada, where common safety measure is number of lost time injury claims per 100 workers.

2. http://www.dmp.wa.gov.au/Documents/Safety/MSH\_Stats\_Reports\_SafetyPerfWA\_2018-19.pdf

3. CARE stands for the following behaviours: C = Control; A = Action; R = Respect; E = Engage

FY21 First Half – Key Achievements

1 2 3

4

5

• 1. Consistent profit performance: NPAT of A$37 M for the half
• 2. Strong cash from operations: global operations contributed A$100 M after all capex
• 1. Paying dividends: interim fully franked dividend of 4 cents per share
• 1. Launched Building Brilliance: delivering early benefits
• 5. Leonora Province Plan: maximise value from our tenement package and mill throughput
• 6

7

8

• 6. Simberi Sulphide Feasibility Study: advancing for review in the Q3 March FY21
• 7. Atlantic Operations: continue to deliver low-cost, consistent production. Environmental Impact Statement (EIS) for Fifteen Mile Stream was recently submitted
• 8. Key Appointments: Chief Operating Officer and technical services focus

FY21 First Half – Operational Performance

Building Brilliance at St Barbara and future Brownfield Growth

Uplift 1: Deliver Building Brilliance in operations and extend mine life

0 – 18 months

Reduce cost while increasing throughput and recovery through Building Brilliance program

Extend mine life of Simberi Oxides and Touquoy through near-mine exploration and mine plan optimisation

Uplift 2: Execute brownfield expansion projects

Deliver Simberi Sulphide and Atlantic expansion projects on-time and within budget – 3 years

Develop surrounding Leonora province to fill mill with St Barbara mined ore 18 months

• Leonora Province Plan completed and being developed into a strategic action plan to leverage the region's potential
• Toll processing agreement with Linden Gold Alliance delivers into Uplift 1 strategy
• Building Brilliance initiatives are driving improvements in operational efficiency and unit costs
• Simberi Sulphide Project on schedule for Q3 March FY21 Board review
• EIS submitted for Fifteen Mile Stream in early February 2021

FY21 First Half – Financial Highlights

GROWING SUSTAINABLY

Growing our business sustainably, where it

makes sense, and with

practices, means we can add value for everyone:

our shareholders, our

people and our communities.

strong governance

Financial

metrics

• EBITDA margin of 42%1(1H FY20: 36%)
• Cash flow from operating activities of A$94 M (1H FY20: A$65 M)
• NPAT of A$37 M (1H FY20: A$39 M)
• Sustaining and growth capex of A$68 M (1H FY20: A$74 M)

Capital management

• A$119 M cash at bank
• A$101 M debt 2 , with A$200 M undrawn facility
• Gold hedges 78,010 European call options at strike price of C$2,050/oz with delivery from April 2021 to December 2022
  • Earnings per share of A$0.05 (1H FY20: A$0.06)
• Fully franked interim dividend of 4 cents per share (1H FY20: 4 cents)
  • Dividend Reinvestment Plan (DRP) provides 1% discount to shares issued under DRP

Shareholder

returns

2.C$100 M (Canadian tranche) drawn down under the syndicated facility, excluding A$11 M lease liabilities (arising from AASB 16)

FY21 First Half – Financial Summary

• Solid NPAT, EBITDA and cash flow from operations
• A$119 million cash1 at bank

11 / December 2020 Half Year Presentation

• A$101 million debt2 (A$200 M undrawn credit facility)
• Fully franked interim dividend of 4 cents per share

		1HFY21	1HFY20	Change
Underlying EBITDA 3	A$ M	151	130	17%
3EBITDAmargin	%	42%	36%	17%
Reported NPAT	A$ M	37	39	(3%)
Underlying NPAT	A$ M	40	35	15%
Cash flow from operatingactivities	A$ M	94	65	45%
Cash and cash deposits	A$ M	119	79	50%
Earnings per share (basic)	cents	5.32	5.54	(4%)
Dividend per share	cents	4	4	-

1. Balance comprises A$119 M cash as at 31 December 2020

• 1. Comprises of C$100 M syndicated debt facility (repayment date July 2022), excluding A$11 M in lease liabilities
• 1. Non-IFRS measure, refer to corresponding slide in Appendix.

Key Changes to Underlying Profit – 1H FY20 to 1H FY211

Movement in Cash Balance – First Half FY21

13 / December 2020 Half Year Presentation

Balance Sheet

Returns to Shareholders

Fully franked interim dividend of A$0.04 per share to be paid 24 March 2021

Dividend represents A$173 per ounce of gold produced 1

Cumulative dividend payments of A$0.38 per share (or A$226 M) since FY17

Dividend yield of 1.7% 2

1.Gross dividends paid ÷ gold production in ounces (attributable to St Barbara)

1. Dividend yield is a Non IFRS measure. Calculated as interim dividend ÷ share price at date interim dividend announced

FY21 – Deliver on our Strategy

We will progress each of our three assets aligned with the strategy presented in December:

• Deliver the Simberi Sulphide Feasibility Study for Board review
• Advance the Leonora Province plan, including regional exploration
• Submission of the EIS for Beaver Dam
• Building Brilliance Program to deliver FY21 target cash contribution from productivity and cost reduction initiatives
• Drill results from Gwalia Shallows, Leonora Regional and Simberi oxide targets are expected in 2H FY21

Supplementary slides

Snapshot of St Barbara (SBM.ASX) – A global ASX 200 gold producer

Market	Market Capitalisation1	A$1.6B @ A$2.30/share
	Outstanding shares1	705 M
	Liquidity2	6 M/day (0.8%)
Financial	1H FY21 EPS3	A$0.05
	1H FY21 interim dividend	A$0.04
	Cash and term deposits4	A$119 M
	Debt5	A$101 M
Reserves /	6Ore Reserves (JORC)	6.0 Moz
Resources	6Mineral Resources	11.6 Moz

1. Refer corresponding Ore Reserves and Mineral Resources slides in Appendix as at 30 June 2020

St Barbara has a strong balance sheet supported by operational performance providing a platform for growth

Consolidated production, costs and guidance summary

Production SummaryConsolidated		Q2DecFY20	Q3MarFY20	Q4JunFY20	YearFY20	Q1 SepFY21	Q2 DecFY21	1HFY21	GuidanceFY21
St Barbara's financial year is1July to 30 June		Qtr to31 Dec 2019	Qtr to31 Mar 2020	Qtr to30Jun 2020	Year to30 June 2020	Qtr to30 Sep 2020	Qtr to31 Dec 2020	6 months to31Dec 2020	Year to30 June 2021
Production
Atlantic	oz	29,067	26,032	29,209	106,663	27,226	26,693	53,919	100 to 115 koz
Gwalia	oz	42,022	39,684	51,297	171,156	22,625	42,198	64,823	175 to 190 koz
Simberi	oz	23,070	25,831	28,106	104,068	23,139	20,779	43,918	95 to 105 koz
Consolidated	oz	94,159	91,547	108,612	381,887	72,990	89,670	162,660	370 to 410 koz
Mined Grade									Milled grade
Atlantic	g/t	1.02	0.91	0.88	0.93	0.95	0.91	0.93	1.33
Gwalia	g/t	8.0	8.1	7.0	7.7	8.1	8.3	8.2	8.3
Simberi	g/t	1.03	1.05	1.07	1.06	1.19	1.49	1.32	1.25
Total Cash Operating Costs
Atlantic	A$/oz	669	773	675	713	669	736	703	n/a
Gwalia	A$/oz	1,016	1,117	1,041	1,071	1,560	1,037	1,220	n/a
Simberi	A$/oz	1,704	1,459	1,360	1,482	1,481	1817	1,640	n/a
Consolidated	A$/oz	1,077	1,116	1,025	1,083	1,203	1,128	1,162	n/a
All-In Sustaining Cost
Atlantic	A$/oz	823	951	988	928	1,008	999	1,002	955 to 1,1001
Gwalia	A$/oz	1,471	1,556	1,389	1,485	2,592	1,573	1,933	1,435 to 1,560
Simberi	A$/oz	1,851	1,629	1,467	1,631	1,678	2,070	1,863	1,665 to 1,8402
Consolidated	A$/oz	1,364	1,405	1,301	1,369	1,711	1,517	1,605	1,360 to 1,510

1. C$880 to C$1,010 per ounce @ AUD/CAD 0.92

2. US$1,185 to US$1,305 per ounce @ AUD/USD 0.71

19 / December 2020 Half Year Presentation

Guidance summary – exploration, capex, production profile

Exploration Guidance FY21	A$ M
Australia
Leonora Region	8 –9
Pinjin WA, Lake Wells WA, Back Creek NSW	10 –11
Tabar Island Group, Papua New Guinea	2 –3
Nova Scotia, Canada	10 –12
Consolidated	30 –35

FY21 Production Indicative Quarterly Guidance Profile

Capex	Guidance FY21
	Sustaining	Growth
	A$ M	A$ M
Leonora	70 –80	30 –32
Simberi	12 –15	4 –5
Atlantic	15 –20	15 –20
Consolidated	97 –115	49 –57

Brownfield project pipeline

Indicative development timeline1

21 / December 2020 Half Year Presentation

1. Indicative project timeline assumes approvals and permitting milestones achieved

Project pipeline

					KEY
	Regional NovaScotia				Canada
					Papua New Guinea
	MooseRiver Corridor				Australia
					EquityInvestments
	SimberiIsland (oxides)
	Back Creek	Cochrane Hill
	Greater Gwalia	SimberiSulphides
	Pinjin	Leonora Province
Peel Mining(13%)	Aust Potash1(Au, EJV)	Gwalia Shallows			TouquoyMine
Catalyst Metals(14%)	Horn Island2(Au, EJV with AQX)	Gwalia Intermediates	Fifteen Mile Stream		Simberi Mine
Duketon Mining(12%)	Catalyst Metals3(Au, EJV with CYL)	Tower Hill	Beaver Dam		Gwalia Mine
Equity Investments	Exploration	Feasibility	Permitting	Construction	Producing

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

2. Earn-in and Joint Venture Agreement in Horn Island with Alice Queen announced 5 June 2019

22 / December 2020 Half Year Presentation

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

Ore Reserves Summary as 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

Notes

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

23 / December 2020 Half Year Presentation

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

Notes

1. Mineral Resources are reported inclusive of Ore Reserves

2. 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. Atlantic and 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

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

Non-IFRS measures

We supplement our financial information reporting determined under International Financial Reporting Standards (IFRS) with certain non-IFRS financial measures, including cash operating costs. We believe that these measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance.

All-In Sustaining Cost	All-InSustainingCostisbasedonCashOperatingCosts,andaddsitemsrelevanttosustainingproduction.Itincludessome,butnotall,ofthecomponentsidentifiedinWorldGoldCouncil'sGuidanceNoteonNon-GAAPMetrics-All-InSustainingCostsandAll-InCosts(June2013).Refermostrecentquarterlyreportavailableatwww.stbarbara.com.auforexample.
Cash contribution	Cashflowfromoperationsbeforefinancecosts,referreconciliationofcashmovementinthemostrecentquarterlyreportavailableatwww.stbarbara.com.au
Cash operating costs	CalculatedaccordingtocommonminingindustrypracticeusingTheGoldInstitute(USA)ProductionCostStandard(1999revision).Refermostrecentquarterlyreportavailableatwww.stbarbara.com.auforexample
Dividend yield	Dividend share price
EBIT	Earnings before interest revenue, finance costs and income tax expense.
EBITDA	EBIT before depreciation and amortisation.
EBITDA margin	EBITDA Revenue
Earnings Per Share (EPS)	Profit attributable to equity holders (excluding any costs of servicing equity other than ordinary shares) weighted average number of ordinary shares outstandingduring the reporting period.
Net-cash	Net-cash equivalent to cash and cash equivalents less current and non-current interest bearing borrowings
Net-debt	Net-debt equivalent to current and non-current interest bearing borrowings less cash and cash equivalents
NPAT	Net profit after tax
Significant Items	Items whose nature or amount is considered material to the financial report. Refer Note 3 of 2021 Interim Financial Report (p19) for details
Underlying EBITDA / NPAT	EBITDAorNPATafterexcludingidentifiedsignificantitems.Refer2021InterimFinancialReport(p3)fordetails.
2021 Interim FinancialReport	Refer2021InterimFinancialReportavailableatwww.stbarbara.com.au

Competent persons statement

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.

Investor Relations enquiries

Garth Campbell-Cowan Chief Financial Officer

David Cotterell

Manager Investor Relations

T: +61 3 8660 1900 E: info@stbarbara.com.au

Scheduled ASX Announcements

28 April 2021 Q3 FY21 Quarterly Report