Presentation to BMO Capital Markets 30th Global Metals & Mining Conference

Attached is a presentation by Mr Craig Jetson, Managing Director and CEO, to analysts and investors attending BMO Capital Markets 30th Global Metals & Mining Conference this week.

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		3 March 2021
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

BMO 30th Global Metals & Mining Conference

1 - 5 March 2021

Craig Jetson Managing Director and Chief Executive Officer

1 / Q2 December FY21 Quarterly 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.

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: Leonora Operations, Western Australia Published: 3 March 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.

We're here to create value in everything we do, for our people, our communities and our shareholders

Our vision is to be a brilliant, global mining company that grows sustainably and creates enduring, positive impacts.

We are St Barbara An ASX 200 global gold producer

We are an experienced operator with gold mining operations in Australia, Canada and Papua New Guinea.

We are committed to growing our company sustainably and have a pipeline of growth projects that will provide employment, ongoing investment and benefits in each of the regions in which we operate.

We respect the environment, neutralise our impact and have set a target to be carbon neutral at Atlantic Gold by 2025 and at all operations by 2050.

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.

EMPOWERED PEOPLE DIVERSE TEAMS

We are an employer of choice committed to inclusion and diversity. We provide a caring work environment where our talented people are happy, thrive, feel safe and can fulfil their potential.

STRONGER COMMUNITIES

We strive to help our communities thrive, grow and prosper. We build meaningful relationships, investing time and energy to ensure local communities are enriched by being our neighbours.

RESPECTING THE ENVIRONMENT

We are committed to caring for the environment. We think differently to find solutions to actively manage and neutralise our impact; because we care about the environment and our planet.

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.

Building Brilliance is an integrated company-wide transformation that can create A\$80- 120 M of annualised cash contribution

Cumulative cash contribution delivered annually (A\$M)

	FY21	FY22	FY23
Atlantic	10-12	15-25	20-30
Leonora	15-20	30-50	40-60
Simberi	5-8	15-25	20-30
Total	30-40	60-100	80-120

Additional throughput based on gold price of A\$2,200 and a baseline cost figure based on FY20 fixed costs and variable costs scaled for future volumes
Not included in guidance

7 / BMO Metals & Mining Conference, 1-5 March 2021

Across sites, roughly 1/3 of value comes from cost reductions while 2/3 of value comes from volume improvements¹

One-time capital implementation cost over FY21-22:

A\$20-30 M²

Most initiatives require no up-front investment

Those that require investment have an average payback period of 5 months

St Barbara's strategy will be delivered in three uplifts, focusing on Building Brilliance and brownfield expansion projects in the near-term

Three stages of uplift for St Barbara

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

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

18 months

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

Uplift 3: Grow through acquisitions and exploration

Acquire assets with a scalable production outlook and capture portfolio synergies

Invest in prospective joint ventures and exploration opportunities that have the potential to develop into future operations

Our strategy at Leonora is to fill the mill

Annual mill throughput (Mt)

Uplift #1: Maximise the value from current operations through productivity improvements and cost reduction

Achieve consistency in performance with Building Brilliance and open new mining fronts
Maximise mill throughput through operational improvements and low capital options
Process additional ore with toll milling to reduce costs, while exploring and developing other opportunities in province

Uplift #2: Realise opportunities in the Leonora province to expand production

Explore options in Gwalia Shallows, historical open pits and stockpiles
Replace toll-milling ore with St Barbara mined material from ore sources in surrounding areas
Consider expansion of mill capacity or explore other outside tolling arrangements to maximise production

Leonora Province

An internal review completed in December 2020 assessed the current resource, mineral inventory base and historical stockpiles (with some milled in December and January)
The next stage is a strategic action plan, with a number of initial scopes now advanced and in the planning phase
Work is commencing on assessing additional stockpiles at Braemore Sands and larger bulk stockpiles at Tower Hill. Further desktop assessment of an ore sorting trial is also planned
Fully understanding throughput capacity of the Gwalia mill is a key focus area.

Extending Touquoy to sustain production trajectory while ramping up expansion projects

Annual production outlook

11 / BMO Metals & Mining Conference, 1-5 March 2021 Forecast Outlook Actual

Non-IFRS measure. 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).

Operations summary

Building Brilliance productivity initiatives will maintain production levels before expansion projects come online
Building Brilliance also reduces annual recurring costs by approximately A\$10 M per year starting in FY22
Brownfield project timelines may be accelerated through project simplification and construction optimisation
We are collaboratively working with stakeholders and governments to accelerate permitting where possible to bring forward production
AISC¹ unit cost is expected to continue at the FY21 range at current production levels, before the Building Brilliance annual cost reduction benefit that equates to around A\$100/oz

Atlantic brownfield expansion projects are progressing to provide long-term stable production

Indicative timeline for Atlantic project development

Changes in Federal regulatory permitting have impacted project timelines

Beaver Dam

Satellite pit (37 km from Touquoy mill)
Minimal infrastructure utilising innovative solutions and technology
Dedicated team to facilitate permitting

Fifteen Mile Stream

EIS Submitted in February 2021
Requires EIS and provincial approvals

Cochrane Hill

Decision in October 2020 on Archibald Lake defers any decision on conservation subject to outcome of EIS process

Provincial permits: Industrial Approval; Wetland Alteration; Water Withdrawal Authorization; Fisheries Authorization; Metal and Diamond Mining Effluent Regulations Schedule 2

Oxide production will be maintained at ~100 koz per year, providing a bridge to Sulphides

10% inferred oxide resources

13 / BMO Metals & Mining Conference, 1-5 March 2021

Operations summary

Extending oxide mine life through near-mine exploration
Improving productivity with Building Brilliance, while also reducing annual recurring spend by approximately A\$15 M per year by 1H FY22
Investing in maintenance to improve equipment availability
Progressing permitting and feasibility study for Sulphides expansion
Expect production profile to maintain until Sulphides brownfield project comes online
At the current oxide production levels the AISC unit cost is anticipated to be similar to FY21 before the Building Brilliance annual cost reduction benefit that equates to around A\$150/oz

Simberi brownfield expansion will maintain production beyond FY24

Simberi sulphides expansion project indicative timeline

FY20 FY21 FY22 FY23 FY24 Mining until FY24 Construction approval Mining lease variation approval¹ First sulphide ore PNG Mining Tax Ore oxide processing & Sulphide stockpiling March 2022 FID Ministerial sign-off March 2021 Conditional FID Construction and ramp up Issue mining lease Submission of EIS Detailed plan Construction approval Feasibility study Environmental permit approval

Simberi sulphides expansion is an extension of existing operations

Utilises existing infrastructure on Simberi Island
Maintains mining methodology; requires deepening of existing pits
Requires an amendment to the existing mining lease to allow for processing of sulphides—new lease is not required
Does not exceed current processing or deep-sea tailings pipe throughput

St Barbara is managing risks around the project timeline

Engaging with government and stakeholders to discuss project
Potentially bringing forward long lead item purchases
Starting detailed design ahead of final permit approval
Making conditional investment decisions under legislative uncertainty
Required for sulphide processing of any kind Source: St Barbara SME interviews; expert interviews; PNG Environmental Act

Timeline variability Critical path

Investor Relations enquiries

Garth Campbell-Cowan

Chief Financial Officer

David Cotterell

Manager Investor Relations

T: +61 3 8660 1900 E: [email protected]

AI assistant

ST BARBARA LIMITED Investor Presentation 2021

65749_rns_2021-03-02_49979f60-5f44-4f77-9c2a-698eb8dc6000.pdf