Presentation to analysts and shareholders in Melbourne and Sydney - PDF document

10 March 2020 Presentation to analysts and shareholders in Melbourne and Sydney Attached is a presentation by Craig Jetson, Managing Director and CEO, to analysts and investors in Melbourne and Sydney this week. Investor Relations Mr David Cotterell Manager Investor Relations +61 3 8660 1959 Media Relations Mr Tim Duncan GRACosway with Hintons +61 408 441 122 ASX: SBM Authorised by Rowan Cole Company Secretary +61 3 8660 1900 ADR: STBMY St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T +61 3 8660 1900 F +61 3 8660 1999 W www.stbarbara.com.au ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003

CRAIG JETSON, MANAGING DIRECTOR & CEO / 10 - 12 March 2020 ASX: SBM Melbourne & Sydney Roadshow

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 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. Financial figures are in Australian dollars unless otherwise noted. Financial year is 1 July to 30 June. Q1 Sep FY20 = quarter to 30 Sep 2019 Q3 Mar FY20 = quarter to 31 Mar 2020 Q2 Dec FY20 = quarter to 31 Dec 2019 Q4 Jun FY20 = quarter to 30 June 2020 FY20F guidance per Q2 December FY20 quarterly report, released 22 Jan 2020 Published 6 March 2020 Title slide picture: Gwalia Mine, Leonora Operations, Western Australia. 2 / Melbourne & Sydney Roadshow, 10-12 March 2020

Contents • Overview • Safety • Operations • Growth initiatives • Exploration • Conclusion Gwalia Mill 3 / Melbourne & Sydney Roadshow, 10-12 March 2020

Corporate Overview Atlantic Gold Gwalia Simberi Open pit mine Underground mine Open pit mine • • • FY19 production 93 koz FY19 production 220 koz FY19 production 142 koz • • • FY20F 95-105 koz FY20F 170-180 koz FY20F 105-115 koz • • • Mine plan to FY30 Mine plan to FY31 Mine plan to FY21 • • • Four open pits planned Prospective tenements Potential for life extension • • • Regional exploration Nearby exploration • • 4 / Melbourne & Sydney Roadshow, 10-12 March 2020

Corporate Overview ASX 200 (ASX: SBM; ADR: STBMY), est. 1969 Production and cost profile Commodity Gold (Au) FY20F 9 FY19A (koz @ AISC 8 ) (koz @ AISC) Market cap 1 A$1.7B @ A$2.46/sh Shares 1 699 M 370 to 400 koz @ Consolidated 455 koz @ A$1,036/oz A$1,330 to 1,420/oz Liquidity 2 7.7 M/day (1.1%) 1H FY20 EPS 3 A$0.06 Leonora 170 to 180 koz @ 220 koz @ A$1,027/oz A$1,470 to 1,540/oz Operation 1H FY20 DPS A$0.04 Dividend yield 4 1.5% Simberi 105 to 115 koz @ 142 koz @ A$1,162/oz Cash and term deposits 5 A$79 M Operation A$1,500 to 1,645/oz Debt 6 A$138 M Atlantic Gold 95 to 105 koz @ Ore Reserves (JORC) 7 6.4 Moz 93 koz @ A$862/oz Operation A$900 to 955/oz Mineral Resources 7 12.2 Moz 1. As at 5 Mar 2020. 2. 3 months to 5 Mar 2020, Deutsche Bank. 3. Basic EPS. 4. Using share price of A$2.76 as at 18 Feb 2020. 5. As at 31 Dec 2019. Cash balance comprises $69 M cash, $10 M term deposits (4 to 12 months maturity) 6. Debt balance comprises C$100 M (Canadian Tranche) drawn down under the syndicated facility and A$32M lease liabilities (arising from AASB 16) 7. Refer ASX announcement 2 March 2020 titled ‘ Ore Reserves and Mineral 5 / Melbourne & Sydney Roadshow, 10-12 March 2020 Resources Statements for Simberi Gold Mine as at 31 December 2019 ’. Mineral Resources are reported inclusive of Ore Reserves 8. Non IFRS measure, refer Appendix. 9. FY20 guidance in Q2 December FY20 Quarterly Report.

Focus on safety Key safety frameworks St Barbara LTIFR in comparison with Western Australian Mining benchmarks 1 Health, Safety, Environment & Community • Management System (HSECMS) Critical Risk Control Standards (CRCS) • 1.9 1.9 Rules to Live By • Visual Leadership System (observations) • ‘Start Safe Stay Safe’ program • 1.0 St Barbara WA Gold WA Metal H1 FY20 1. LTIFR = Lost Time Injury Frequency Rate at H1 FY20 = 1.0, compared with 1.9 for WA gold mining (refer to 2019 Sustainability 6 / Report published 14 September 2019). Most recent statistics from www.dmp.wa.gov.au/Safety/Safety-statistics-16198.aspx Melbourne & Sydney Roadshow, 10-12 March 2020

FY20 Outlook AISC 1 (A$/oz) Consolidated 1375 1080 1007 932 907 891 Gold Production (koz) 403 381 377 385 362 328 135 100 110 116 142 80 110 267 265 268 248 220 175 FY15 FY16 FY17 FY18 FY19 FY20F Atlantic Gold Operations, Nova Scotia Guidance Gwalia Simberi Atlantic Gold Total mid-points 1. Non IFRS measure, refer corresponding slide in Appendix 7 / Melbourne & Sydney Roadshow, 10-12 March 2020

1H FY20 Key financial metrics 35 1,2 Underlying NPAT ($ M) 64 77 69 2 Atlantic EBITDA margin % 47 2 Gwalia EBITDA margin % 56 57 29 Simberi EBITDA margin % 39 44 0.06 EPS (basic, cents) 0.11 0.16 1H20 0.04 Dividend 2H19 0.04 per share (cents) 0.04 1H19 1. Underlying, see page 3 Financial Report 8 / Melbourne & Sydney Roadshow, 10-12 March 2020 2. Non-IFRS measure, refer corresponding slide in appendix

Interim dividend – 1H FY20 Dividends Paid • Interim fully franked dividend of A$0.04 3.0% 2.2% 2.1% per share Dividend 1.5% Yield 1 (%) • Record date 4 March [Interim only] • Dividend Reinvestment Plan 1 at 1.0% Total $0.12 discount to 5 day VWAP Interim (election date 5 March) $0.04 Total $0.08 • Payment/issue date of 25 March Dividends Paid (A$) Total $0.06 • Cumulative dividend payments of Interim Total $0.04 $0.12 A$0.30 since FY17 Final $0.08 Final • Interim dividend yield of 1.5% 1 $0.06 Interim Final $0.04 $0.04 FY17 FY18 FY19 FY20 1. Dividend yield is a Non IFRS measure. It is calculated as dividend ÷ share price at date of announcement. 2. DRP Rules available at www.stbarbara.com.au/investors/dividend/ 9 / Melbourne & Sydney Roadshow, 10-12 March 2020

Atlantic Gold, acquired July 2019 Touquoy pit, Atlantic Gold Operations. Touquoy pit lookout, Atlantic Gold Operations. 10 / Melbourne & Sydney Roadshow, 10-12 March 2020

Atlantic Gold production and cost profile 1H FY20 Production Highlights AISC Record production for half • (A$/oz) 1,010 51 koz @ AISC A$887/oz 970 957 • 840 823 EBITDA margin of 69% • FY20F guidance 95 to 105 koz • Production 105 (koz) 29 95 93 23 23 18 20 47 40 4 4 4 FY19 FY19 FY19 FY20 FY20 FY18 FY19 1H FY20 Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Pre-acquisition SBM attributable 1. Atlantic Gold was acquired on 19 July 2019. Atlantic Gold quarterly production prior to this date provided for comparison. Reported Q1 Sep FY20 production and FY20 guidance includes 4,362 ounces produced by Atlantic Gold prior to acquisition. SBM attributable Q1 AISC = A$964/oz. 2. Non IFRS measure, refer corresponding slide in Appendix. 3. C$810 to C$860 per ounce @ AUD 0.90 11 / Melbourne & Sydney Roadshow, 10-12 March 2020 4. Atlantic Gold Touquoy Mine commenced production in March 2018