St Barbara (SBM) Investor Presentation summary

Corporate structure and financial position

• 818.3 million shares on issue with a market capitalization of A$188 million and a share price of A$0.23 as of September 2024.

• Cash position of A$191 million, including A$45 million restricted for Atlantic rehabilitation; no debt.

• Listed equity investments valued at A$24 million and proceeds from Catalyst shares at A$25 million.

• Shareholder base: 41% institutional, 50% retail/HNW, 9% other; major holders include Baker Steel (9.2%) and Schroder (5.4%).

Asset portfolio and operations

• Two main operations: Atlantic (Nova Scotia, Canada) and Simberi (Papua New Guinea), plus an investment portfolio.

• Simberi: 5.0 Moz in Mineral Resources, 2.8 Moz in Ore Reserves; FY25 gold production guidance of 65-75koz at AISC US$2,100–2,400/oz.

• Atlantic: 2.0 Moz in Mineral Resources, 1.4 Moz in Ore Reserves; three advanced gold development projects.

• Investment holdings include stakes in Brightstar (10.9%), Patronus (13.4%), and Peel Mining (7.2%).

Simberi operations and expansion

• Open cut mine with 3.5 Mtpa plant; current production from oxide ores.

• Sulphide Expansion Project targets >10-year mine life, average 230koz gold/year (FY28–34), AISC US$1,000–1,200/oz.

• Expansion growth capital estimated at US$213 million (FY26–28); pre-expansion capex US$40–55 million (FY25–27).

• Saleable concentrate flowsheet selected, with new ball mill, flotation circuit, and infrastructure upgrades.

• FY25 focus: metallurgical testwork, feasibility study update, environmental permitting, and 9,000m drilling program.