ST BARBARA LIMITED — Investor Presentation 2021

Dec 19, 2021

20 December 2021

Presentation on Accelerating the Leonora Province Plan

Mr Craig Jetson, Managing Director & CEO, will brief analysts and investors on the Bardoc Acquisition and accelerated Leonora Province Plan at 11:00 am Australian Eastern Daylight Time (UTC + 11 hours) on Monday 20 December 2021.

Analysts and institutional investors

Analysts and institutional investors can register for the briefing at https://s1.c-conf.com/diamondpass/10018669-5ha1l2.html

Shareholders and media

An audio webcast will be available live and after the event 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.

For more information

Investor Relations Media Relations

Chris Maitland Head of Investor Relations

T: +61 3 8660 1914 M: +61 477 120 070 Kasun Liyanaarachchi Manager Investor Relations T: +61 8 9380 7854

M: +61 499 538 252

Authorised by

Board of Directors

Justine Fisher Head of People, Communication & Corporate Affairs M: +61 416 196 403

Accelerating the Leonora Province Plan

Craig Jetson Managing Director and CEO

20 December 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 contains 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, indicative, should, will, would, expects, plans or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, and which could cause actual results or trends to differ materially from those expressed in this presentation. Actual results may vary from the information in this presentation. The Company does not make, and this presentation should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, of such statements or assumptions. Investors are cautioned not to place undue reliance on such statements.

This presentation has been prepared by the Company based on information available to it, including information from third parties, and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained in this presentation. To the maximum extent permitted by law, neither the Company, their directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

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

Mineral Resources and Ore Reserves reporting

Any information in this presentation that relates to St Barbara Mineral Resources or Ore Reserves estimates (other than Tower Hill Mineral Resource estimates) has been extracted from the ASX announcement released by St Barbara entitled "Ore Reserves and Mineral Resources Statements 30 June 2021" dated 26 August 2021 which is available to view on www.stbarbara.com.au and www.asx.com.au.

Any information in this presentation that relates to Bardoc Gold Project Mineral Resource and Ore Reserve estimates has been extracted from the ASX announcement jointly released by St Barbara and Bardoc entitled "St Barbara to acquire Bardoc Gold via Board recommended scheme of arrangement" dated 20 December 2021 which is available to view on www.stbarbara.com.au and www.asx.com.au.

Any information in this presentation that relates to Tower Hill Mineral Resource estimates has been extracted from the ASX announcement released by St Barbara entitled "Strategic acquisition of Bardoc accelerates Leonora Province Plan" dated 20 December 2021 which is available to view on www.stbarbara.com.au and www.asx.com.au.

St Barbara confirms that it is not aware of any new information or data that materially affects the information included in the announcements referred to above (Original Announcements) and that all material assumptions and technical parameters underpinning the Mineral Resources and Ore Reserves estimates in the Original Announcements continue to apply and have not materially changed. St Barbara confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the Original Announcements.

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 20 December 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.

Transaction overview and rationale

Transaction overview

St Barbara to acquire Bardoc Gold via recommended scheme of arrangement

Transaction overview	St Barbara Limited (St Barbara) has entered into a scheme implementation deed for the all-scrip acquisition of Bardoc Gold • Limited (Bardoc) by way of a scheme of arrangement (Scheme) Board1 The Scheme has been recommended by the Bardoc •
Consideration	Bardoc shareholders will receive 0.3604 new St Barbara shares for each Bardoc share held • share2 The offer values Bardoc at \$157 million or 53.0 cents per Bardoc , representing: • a 29% premium to the closing price of Bardoc shares on 17 December 2021 (Last Closing Date) — a 35% premium to the 30-day VWAP of Bardoc shares for the period ended on the Last Closing Date — St Barbara shareholders to hold 87% of the combined entity, while Bardoc shareholders will hold 13% —
Conditions and Deal Protections	The Scheme is subject to customary conditions, including: • An independent expert concluding that the Scheme is in the best interests of Bardoc shareholders — Bardoc shareholder and Court approvals — The Scheme is also subject to customary deal protection mechanisms, including no shop and no talk provisions, matching • rights in the event of a competing proposal for Bardoc and a break fee payable by Bardoc in specified circumstances
Spin-Out Transaction	Subject to approval from Bardoc shareholders and regulatory authorities, Bardoc's South Woodie Woodie Project will be • demerged into a wholly-owned subsidiary of Bardoc (SpinCo), with Bardoc shareholders owning 100% of the value of SpinCo
Timing	The Scheme is expected to be implemented in April 2022 subject to Bardoc shareholder and Court approvals •

1. In the absence of a superior proposal and subject to an independent expert concluding that the Scheme is in the best interests of Bardoc shareholders

2. Based on the closing price of St Barbara shares on the ASX on 17 December 2021

Transaction rationale

Transaction expands St Barbara's footprint in the Leonora province and accelerates the Leonora Province Plan

Strategic acquisition of Bardoc Gold

• Two Bardoc Gold projects ready to be developed
• i. Aphrodite Underground
• ii. Zoroastrian Underground
• Synergies to be achieved by delivering Bardoc ore by rail to the Leonora Processing Plant
• Expansive tenement package with significant future development potential

Upgrading Leonora processing plant

• Significant resource position underpins plans to expand Leonora processing plant from 1.4Mtpa to 2.1Mtpa
• Low capital cost debottlenecking opportunity
• Enables the treatment of refractory ore from Harbour Lights and Bardoc's Aphrodite Underground
• Mining Proposal submitted for construction of dedicated rail siding at Leonora 1 2 3

Updated Leonora Province Plan fills the mill

• Refractory treatment capability will be unique to Leonora, within a 200km radius, thereby providing future upside potential
• Open pit development of Tower Hill - initial open pit Indicated Mineral Resource 1.2Moz

Strategic acquisition of Bardoc Gold

1. All Bardoc Gold estimates of mineral resources and ore reserves referable to joint Bardoc Gold/St Barbara ASX announcement of 20 December 2021 titled "St Barbara to acquire Bardoc Gold via Board recommended scheme of arrangement"

Two new underground mines ready to be developed

Total Mineral Resources1	1.6Mt @ 4.0 g/t Au	6.7Mt @ 3.6 g/t Au
Capital cost to develop2	Estimated A\$15M	Estimated A\$30M
Ore type	Free-mill	Refractory
Mining method	Longhole open stoping	Longhole open stoping
Targeted construction commencement	Q4 FY23	Q1 FY24
Targeted first production	H2 FY24	H1 FY25
Permitting	Mining Proposal and Closure Plan Approved	Mining Proposal and Closure Plan Submitted

1. All Bardoc Gold estimates of mineral resources and ore reserves referable to joint Bardoc Gold/St Barbara ASX announcement of 20 December 2021 titled "St Barbara to acquire Bardoc Gold via Board recommended scheme of arrangement"

2. Preliminary estimate only, to be the subject of detailed analysis as part of proposed Leonora Province Plan Pre-Feasibility study

Upgrading Leonora processing plant

Building a regional processing hub

Leonora processing plant layout

Low capital cost debottlenecking opportunity

• Plan increases processing throughput from 1.4Mtpa to 2.1Mtpa
• Capital cost: ~A\$30M¹
• Conveyor upgrades, additional ball mill and CIL tank to debottleneck existing infrastructure

Integrated refractory treatment capability

• Capital cost: ~A\$110 120M¹
• Treat Aphrodite and Harbour Lights refractory ore
• Flotation circuit and fine grind via IsaMill™ installation enables use of Albion Process™
• Pre-Feasibility Study to be completed by Q4 FY22

Safe low cost Albion Process™

Overview of the Albion Process™ Process flow diagram

• Developed by Glencore, the process has historically delivered 97% recoveries in refractory gold
• ‒ Promising test work already completed on Aphrodite ore
• ‒ In the process of conducting test work at Harbour Lights
• The Albion Process™ achieves safe and efficient atmospheric oxidation through:
• ‒ Fine grinding of flotation concentrate
• ‒ Efficient agitation and oxygen injection in Albion Leach Reactors
• The Leonora process plant will run campaign milling over approximately one month, seamlessly interchanging between refractory and free milling ore

Updated Leonora Province Plan fills the mill

Tower Hill shifts to open cut and grows Mineral Resource by 0.6Moz

Plan view of Tower Hill deposit Long section view of Tower Hill deposit

Change in Indicated and Inferred Mineral Resource	Million Tonnes	Grade (g/t)	Million Ounces
Previous Tower Hill Underground (as at 30 June 2021)	5.1	3.8	0.6
Current Tower Hill Open Pit	21.0	1.8	1.2
Variance	16.0	1.2	0.6

Filling the Leonora processing plant

Mine	Ore mining rate being evaluated	Mineral Resources
	Mtpa	Tonnes (Mt)	Grade (g/t Au)	Moz Au
Gwalia Underground	1.1	25.4	5.9	4.8
Trevor Bore	TBD	TBD	TBD	TBD
Zoroastrian Underground	0.51 0.3 -	1.62	4.02	0.22
Aphrodite Underground3	1.01 0.9 -	6.72	3.62	0.82
Harbour Lights3	1.1 – 2.1	12.9	1.5	0.6
Tower Hill Open Pit	1.1 – 2.9	20.7	1.8	1.2

1. Indicative rates, to be the subject of detailed analysis as part of the proposed Leonora Province Plan Pre-Feasibility Study

2. As stated in the market release titled "St Barbara to acquire Bardoc Gold via Board recommended scheme of arrangement" on 20 December 2021

3. Refractory ore

Targeted timeline¹

Target date	Event
December 2021	Execution of Scheme Implementation Deed for acquisition of Bardoc
April 2022	Anticipated implementation of Bardoc Scheme of Arrangement
Q4 FY22	Pre-Feasibility Study of Leonora mill expansion to 2.1Mtpa & Refractory ore processing complete
Q2 FY23	Feasibility Study of Leonora mill expansion to 2.1Mtpa & Refractory ore processing complete
Q3 FY23	Mobilisation of mining contractor for Aphrodite and Zoroastrian underground mines
Q3 FY23	Construction of Leonora expansion to 2.1Mtpa & Refractory ore processing commences
Q4 FY23	Construction of Zoroastrian underground mine commences
Q1 FY24	Construction of Aphrodite underground mine commences
H2 FY24	Zoroastrian underground mine first ore
Q4 FY24	Leonora mill expansion to 2.1Mtpa complete
H1 FY25	Aphrodite underground mine & Leonora mill refractory ore processing commences

Growth plans are expected fully funded through debt and operating cash flow¹

Capital projects estimates

• Simberi Sulphide Project: ~US\$170M FY22 to FY24
• Beaver Dam mine construction: ~A\$117M FY23 to FY24
• Zoroastrian mine construction: ~A\$15M FY23 to FY24²
• Aphrodite mine construction: ~A\$30M FY24²
• Leonora additional ball mill and debottlenecking: ~A\$30M FY23 to FY24²
• Leonora mill Albion Process™: ~A\$110M 120M FY23 to FY25²

Syndicated debt facility

• Maturity date: 31 July 2025
• Facility A: A\$200M
• Facility B: C\$100M (C\$80M drawn down as at 30 June 2021)
• Accordion facility of US\$150M to be subscribed to following approval of Simberi Sulphide project

^1. Subject to market and operating conditions including the granting of required permits. Financial modelling based on following key assumptions: Gold price A\$2,267/oz, AUD:USD 0.75 AUD:CAD 0.92

^2. Preliminary estimate only, to be the subject of detailed analysis as part of proposed Leonora Province Plan Pre-Feasibility study

Accelerating the Leonora Province Plan

Strategic acquisition of Bardoc Gold

• Two Bardoc Gold projects ready to be developed
• i. Aphrodite Underground
• ii. Zoroastrian Underground
• Synergies to be achieved by delivering Bardoc ore by rail to the Leonora processing plant
• Expansive tenement package with significant future development potential

Upgrading Leonora processing plant

• Significant resource position underpins plans to expand Leonora processing plant from 1.4Mtpa to 2.1Mtpa
• Low capital cost debottlenecking opportunity
• Enables the treatment of refractory ore from Harbour Lights and Bardoc's Aphrodite Underground
• Mining Proposal submitted for construction of dedicated rail siding at Leonora 1 2 3

Updated Leonora Province Plan fills the mill

• Refractory treatment capability will be unique to Leonora, within a 200km radius, thereby providing future upside potential
• Open pit development of Tower Hill - initial open pit Indicated Mineral Resource 1.2Moz