ST BARBARA LIMITED — M&A Activity 2023

May 21, 2023

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22 May 2023

Revised Proposal from Silver Lake to Acquire Leonora Assets

St Barbara Limited (“ St Barbara ”) (ASX: SBM) notes the announcement by Silver Lake Resources Limited (“ Silver Lake ”) (ASX:SLR) on 19 May 2023 setting out the terms of a revised non-binding, indicative and conditional proposal (“ Non-binding, Indicative and Conditional Proposal ”) for St Barbara’s Leonora assets.

The revised, Non-binding, Indicative and Conditional Proposal comprises:

• Cash consideration of $370 million; and

• Scrip consideration, comprising 327.1 million new Silver Lake shares to be issued to St Barbara.

St Barbara acknowledges receipt of the revised Non-binding, Indicative and Conditional Proposal which is currently being reviewed by the St Barbara Board. The St Barbara Board will update the market once it has concluded its deliberations.

St Barbara is advised by Macquarie Capital (Australia) Limited as financial adviser and King & Wood Mallesons as legal adviser.

Authorised by

St Barbara Board of Directors

For more information

Investor Relations

David Cotterell Manager Business Development

info@stbarbara.com.au T: +61 3 8660 1959 M: +61 447 644 648

Media Relations

Paul Ryan / Michael Weir Citadel-MAGNUS 0409 296 511 / 0402 347 032