Presentation to Melbourne Mining Club Attached is a presentation by - PDF document

ASX Release / 30 May 2019 Presentation to Melbourne Mining Club Attached is a presentation by Bob Vassie, Managing Director and CEO, to the Melbourne Mining Club today. 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 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

Bo Bob V Vassie, , MD & & CE CEO, S , St Ba Barb rbara Ltd Melbourne M e Mining C g Club, 3 30 M May 2 2019

Photo credit: ABC Goldfields-Esperance

Australia’s R Resources Ex Exports a and C Commodity Price ces Price Investment Production phase phase phase 250 150 200 120 A$ billion 150 90 Index 100 60 50 30 0 0 Export value Metal price index Energy Price Index Sources: Mineral Council of Australia; World Bank; Australian Bureau of Statistics, CAT No 5368 “ International Trade in Goods and Services”

Global G Gold Reserves a and 2017 G Global G Gold Product ction Global Gold Reserves 2017 Gold Production Other Countries 34% 40% Australia 18% 10% South Africa 11% 5% Russia 10% 8% United States 6% 8% Indonesia 5% 3% Brazil 4% 3% Peru 4% 5% Canada 4% 6% China 4% 14% Sources: Citi; United States Geological Survey; Mineral Council of Australia Presentation

Australian G Gold Ex Exploration Ex Expenditure 900 90% 800 80% 700 70% 600 60% A$ million 500 50% 400 40% 300 30% 200 20% 100 10% 0 0% Financial year Exploration expenditure (LHS) Gold share (RHS) Sources: Mineral Council of Australia; Australian Bureau of Statistics, CAT No. 8412 “ Mineral and Petroleum Exploration Expenditure”

Austr tralia a as an Investm tment D t Desti tination Resource Value (2) (US$bn) 2007 1,735 Australia 2017 3,208 2007 1,338 Canada 2017 596 2007 594 USA 2017 623 2007 284 Mexico 2017 471 2007 422 Peru 2017 814 2007 1,127 Chile 2017 1,325 Persistently Attractive Persistently Unattractive 2007 122 Sweden 2017 131 Attractive to Unattractive Domestically Focused Sources: Citi; United State Geological Survey; World Economic Forum; World Bank; Mineral Council of Australia Presentation

Relative Value o of A ASX a and T TSX G Gold M Miners 7.2x 7.0x 6.3x 6.2x 5.6x 5.1x 4.2x 4.2x 2015 2016 2017 2018 ASX Average EV/EBITDA TSX Average EV/EBITDA Source: Citi; Factset; Mineral Council of Australia Presentation Notes: (1) ASX peers include Newcrest, Evolution, Northern Star, Saracen, Regis and St Barbara; (2) TSX Peers include Agnico Eagle, Kirkland Lake, Kinross, B2Gold, Yamana Gold and OceanaGold; (3) Multiples based on arithmetic average of consensus NTM EV/EBITDA multiple forecasts over the calendar year.

Simberi Mine, Papua New Guinea

Aerial rope conveyor, Simberi Operations

Gwalia, c. 1921

State Hotel, Gwalia

Leonora Operations, Western Australia

Board of Directors, 1 mile underground at Gwalia, October 2018

Absorption chiller plant, Leonora Operations

Photo credit: ABC Goldfields-Esperance Paste Aggregate Fill Plant, 1420 mbs, Gwalia

Nova Scotia Moose River processing facility

Trans ansformational nal A Acq cquisition, C Consistent with o our Stra rategy "Strong nger er fo for Longe ger" • Substantial, low cost production from an established mining  jurisdiction Diversify production base • CY19 forecast production of 92 – 98 koz at an AISC of C$695 – 755/oz (A$740 – 803/oz) 1,2 , with pathway to 200+ koz production • Moose River has meaningful reserves with mine life of 12years 2  Sustainable long life • High cash margins driven by an industry low all-in sustaining cost operations (AISC) position • Significant growth potential through planned reserve / resource  expansion (Phase 3) and regional drilling (Phase 4) programs Quality growth pipeline • Establishes a platform for future growth in North America • St Barbara is intending to retain the existing operating team and  Talented people seeking to retain key Atlantic executives for the transitional period who deliver • Atlantic's operational team has a track record of project delivery  • St Barbara and Atlantic are trusted operators in their jurisdictions Trusted to operate • Respective operational teams will be able to leverage each other's capabilities and specialisations Reproduced from ASX announcement 15 May 2019 ‘ Presentation on acquisition of Atlantic Gold Corporation and Equity Raising’ (refer full notices and disclaimer in that presentation) 1. FX conversion CADAUD = 1.0642 (as at 10 May 2019) 2. Based on production schedule reported in 25 March 2019 "Updated MRC Production Schedule" Atlantic news release

Austral alian an G Gold Peer C Compar arison 1H F FY19 N NPAT a and EV EV/R /Reserves Bubble size = Bubble size = 1H19 gold production 1H19 gold production 7% $1,600 1H FY19 NPAT ÷ Market Cap. (%) $1,400 6% NST SBM (Pro forma) $1,200 5% EV/Reserves (A$/oz) SBM $1,000 4% EVN $800 SAR RRL 3% $600 RRL OGC EVN 2% SBM (Pro forma) $400 1% SAR $200 OGC SBM NST 0% $- 0.0 2.0 4.0 6.0 8.0 0.0 2.0 4.0 6.0 8.0 10.0 Market Capitalisation (A$B) Ore Reserves (Moz Au) Australian gold peers (market cap A$2.3B to A$6.3B) as at 27 May 2019. 1H FY19 NPAT and earnings per share figures from company reports. SBM Pro forma assumes Atlantic Gold production and net income for 1H FY19 EV = Enterprise Value (a non-IFRS measure), representing market capitalisation plus market value of debt (less any cash). Ore reserves as at 30 June 2018.

Australia’s Good ods E Expor orts Australia’s Goods Exports in 2017-18 Iron ore Coal Natural gas Gold Aluminium Copper Beef Crude oil Wheat Other meat Wool 0 10 20 30 40 50 60 70 Export value, A$ billion Sources: Mineral Council of Australia; Australian Bureau of Statistics, CAT No. 5368 “ International Trade in Goods and Services”

Mining En Engineering Pi Pipeline i is Rapidly Decl clining MTEC mining engineering: enrolments and graduates 350 292 300 283 279 262 250 237 234 232 Number of students 215 214 206 203 199 198 200 171 156 145 150 136 127 125 124 107 105 104 101 100 85 78 72 68 67 66 55 53 50 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 4th year (incl double degree) Graduates Source: Minerals Council of Australia

Perce ceptions o of Young A Australians “Just lack of exposure. I mean we are in a big city, there are a couple mines near here, but they aren't very active and the big mines are all in rural areas like WA or South Australia, so I mean it's a lack of exposure, so we might not be able to get an accurate image of like what the job actually is.” - Year 12 Student, Melbourne Source: Minerals Council of Australia

• WGEA Employer Of Choice For Gender Equality since 2014 • 2018 Winner of AMMA’s Australian Women in Resources Alliance Award for Excellence in Diversity • Representation of women on the board at 40% • Representation of women in leadership roles at 28% • Overall pay equity gap reduced from 43% in 2007 to 14% in February 2019 • Nil gender pay gap in ‘like-for-like’ roles Council for Diversity and Inclusion