presentation to analysts and investors at leonora operations€¦ · presentation to analysts and...
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ASX Release / 30 January 2018
Investor Relations Mr Alistair Reid Manager Investor Relations +61 3 8660 1900 Media Relations Mr Tim Duncan Hinton & Associates +61 3 9600 1979 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
Presentation to analysts and investors at Leonora Operations
Attached is a presentation to analysts and investors attending site visits today and during February at Leonora Operations, Western Australia.
Gwalia site visit presentation
Kous Kirsten, General Manager Leonora Operations / 30 January 2018
Disclaimer
This presentation has been prepared by St Barbara Limited (“Company”). The material contained in this presentation is forinformation purposes only. This presentation is not an offer or invitation for subscription or purchase of, or arecommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shallform 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 asanticipate, estimates, forecasts, should, will, expects, plans or similar expressions. Such forward-looking statements are notguarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other importantfactors, many of which are beyond the control of the Company, and which could cause actual results or trends to differmaterially from those expressed in this presentation. Actual results may vary from the information in this presentation. TheCompany does not make, and this presentation should not be relied upon as, any representation or warranty as to theaccuracy, or reasonableness, of such statements or assumptions. Investors are cautioned not to place undue reliance on suchstatements.This presentation has been prepared by the Company based on information available to it, including information from thirdparties, and has not been independently verified. No representation or warranty, express or implied, is made as to thefairness, 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 IdentifiedMineral Resources and Ore Reserves 2012 Edition (“JORC Code”), which governs such disclosures by companies listed on theAustralian Securities Exchange.
Financial figures are in Australian dollars unless otherwise noted.Financial year is 1 July to 30 June.
This presentation published 30 January 2018
2 / Gwalia Site Visit Presentation / January 2018
Contents
3 /
Overview of St Barbara• Operations• Safety
Gwalia Mine, Leonora, WA• History• Production• Innovation• Growth
Exploration
Appendices
Gwalia Site Visit Presentation / January 2018
Adrian Diaz –Senior Resource Geologist (SBM) and Alexander Phillps (DDH1) at 2600 mbs deep drilling site, Jan 2018
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Overview of operations
• Open pit mine• FY17 production 116 koz @
AISC A$1,187/oz• FY18F 115-125 koz @ AISC
A$1,130-1,230/ozLeonora
Simberi
Australia
ASX 200 Company (SBM), founded 1969• Shares on issue 515 M• Market Cap1 A$1,984 M• Ore Reserves June 2017 4.3 Moz2
• Mineral Resources June 2017 9.6 Moz2
Leonora• Gwalia underground mine• FY17 production 265 koz
@ AISC A$785/oz• FY18F 250-260 koz @ AISC A$840-880/oz
Consolidated production
• FY17 381 koz @ AISC3 A$907/oz• FY18F 365-385 koz @ AISC A$940-990/oz
Exploration• Greenfields and
brownfields exploration portfolio in Australia & PNG
• Near mine targets• JV with Newcrest in PNG
Simberi
1. As at 25 January 2018, A$3.85/share. 2. Refer ASX announcement 23 August 2017 titled ‘Ore Reserves and Mineral Resources Statement 30 June 2017.3. Non-IFRS measure, refer Appendix
Gwalia Site Visit Presentation / January 2018
Start safe, stay safe
Total Recordable Injury Frequency Rate2
Safety performance
• Increase in TRIFR to 2.4 to 31 Dec 2017 due to four low-severity recordable injuries.
• Corresponding LTIFR of 0.7 to 31 Dec 2017 compares with gold mining industry average of 2.32
1. Total Recordable Injury Frequency Rate (12 month avg). TRIFR includes Pacific Operations from Sept 2012.2. Industry Lost Time Injury Frequency Rate (LTIFR) data per the Department of Mines and Petroleum report
titled ‘Safety Performance in the Western Australian Mineral Industry’ for FY 2015-2016.5 /
6.0
4.1
5.0
2.1
1.2 1.2
2.4
FY 13 FY 14 FY15 FY16 FY17 Q1FY18
Q2FY18
Gwalia Site Visit Presentation / January 2018
Gwalia | 120 not out!
• From surface outcrop (first mined 1896) to current workings is approx. 3.5 km ‘straight line’ along shear
• Herbert Hoover was the initial Gwalia mine manager (1897-1898), later a US President (1929-1933), noted angle of deposit – took mining underground via underlay shaft (forerunner of decline)
• One of few world deposits mined for over 100 years
6 / Gwalia Site Visit Presentation / January 2018
83
109
131
185 183
214
248267 265 255
940841
783 785
FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY18F
6.95.7
6.3
8.88.2 8.4 8.9 9.3
10.7Mined Grade(g/t Au)
Reserve Grade3
7.8 g/t Au June 2017
7 /
FY17 production • Production 265 koz• Mined grade 10.7 g/t Au• AISC A$785/oz
FY18 guidance • Production 250–260 koz• AISC A$840-A$880/oz2
Gwalia production profile
1. AISC is a Non-IFRS measure, refer Appendix 2. FY18F cost guidance provided in the Q2 Dec 2017 Quarterly Report, released 23 January 2018. 3. June 2017 Reserve grade 7.8 g/t Au, refer ASX announcement released 23 August 2017 titled ‘Ore Reserves and Mineral
Resources Statement 30 June 2017’.
Production(koz)
AISC1
(A$/oz)
Gwalia Site Visit Presentation / January 2018
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Quarterly Gwalia production profile
1. AISC is a Non-IFRS measure, refer Appendix 2. FY18F cost guidance provided in the Q2 Dec 2017 Quarterly Report, released 23 January 2018.
Gwalia Site Visit Presentation / January 2018
716786
872816
859
AISC (A$/oz)
FY17 average A$785/oz
70.964.9 62.1 64.3 62.8
FY17Q2 Dec
FY17Q3 Mar
FY17Q4 Jun
FY18Q1 Sep
FY18Q2 Dec
Production (koz)
Reported ounces in Quarterly Report.
Q2 Dec 2017 Production • 62,835 oz (Q1 FY18: 64,283 oz)• AISC1 A$859/oz (Q1: A$816/oz)• Mined grade of 11.2 g/t Au from
higher grade sections of South West Branch
FY18 Guidance• Production of 250 to 260 koz• AISC of A$840 to A$880/oz• Sustaining capex: A$35 to A$40 M• PAF ramp up expected in late H2
9 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia animation
Animation of Gwalia underground mine available at https://youtu.be/e7slJIjDLtc
Dual Lift Stoping in SWB mining sequence manages the hanging wall
Gwalia Mining Strategy
FY11
15
2
3
8
4
6
11
7
Development fully in ore (limited dilution)
Note: Single lift Hanging Wall Span typically 32m (HR=6.15)
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Mining method
• Long hole stoping with fill
• North & South access on two dual lift levels gives 4 mining areas
• Greater percentage of free bogging increases productivity of each stope
• Sill drives fully in ore –reduces development dilution
• Production drilling parallel to hanging-wall to reduce blast induced dilution
Gwalia Site Visit Presentation / January 2018
Stope Cycles targeting higher production
Stope Cycle Time – 6 months per stope• ‘Bogging’ (extracting ore from the stope) represents just under 50% of stope cycle time • Filling and curing around 30% of stope cycle time• Adjacent stopes (beside, above, below) cannot be developed until curing complete• The maximum numbers of stopes ‘in cycle’ is four (on three levels)• Approximately 2 stopes ‘in production’ (blasting and bogging) at all times means overall
production rate influenced by draw-point productivity (which is current focus of business improvement activity)
• Mining commences on a new level (approx. 40 metres depth) approx. each 12 months• Commence with ‘centre slot’ on new level
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0 1 2 3 4 5 6Adjacent stope curingDevelopmentRaiseboringProduction DrillingBlasting & BoggingPaste filling & Curing
Month
‘Production’
Gwalia Site Visit Presentation / January 2018
Gwalia Production Profile – ‘Centre out’ method
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Historical stopes (light blue)
Q4 FY15 Stopes (red)
Q3 FY15 Stopes (dark blue)
‘Centre out’ –extract centre
stope of lode first, then move out to
edge of lode
Objective: Maximise production, constrained by:1) Waiting for adjacent/above stope’s paste fill
to dry2) Geotech considerations – not too many
open stopes too close together= ‘Centre out’ method
Stope diagram of South West Branch showing mining in Q3 & Q4 FY2015 for illustration purposes
Stopes on outside of lode – generally lower gradeStopes in centre – generally higher grade= Variable gold production based on stopes in production that quarter
Plunge, centre of lode
Maintain 3-4 mining fronts, each as
distant from each other as possible
Gwalia Site Visit Presentation / January 2018
13 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia Resources & Reserves
Refer ASX announcement 23 August 2017 titled ‘Ore Reserves and Mineral Resources Statement 30 June 2017’. Reserve Geology and design change gains are above 1940 mbs.
2,133
-274
+316+268 +15
1,808
June2016
Miningdepletion
Depthextension
(below1940)
Geologyand
designchanges
Modifyingfactors
June2017
koz
5,087
-276
+1,061+406
3,896
June2016
Miningdepletion &sterilisation
Depthextensions
(below1940)
Additions(above1940)
June2017
koz
Gwalia ResourcesGwalia Reserves
14 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia Ore Reserves
Refer ASX announcement 23 August 2017 titled ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.
Gwalia Ore Reserves30 June 2016
Gwalia Ore Reserves30 June 2017
ProvedProbable
200m depth extension of Ore
Reserves
15 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia Ore Reserves
Refer ASX announcement 23 August 2017 titled ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.
Gwalia Ore Reserves30 June 2016
200m depth extension of Ore
Reserves
4 - 66 – 88 – 1010 – 12>12
Ore Reserves Grade (g/t)
Gwalia Ore Reserves30 June 2017
16 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia Ore Reserves
Note: Totals may not sum due to rounding. For full details refer to ‘Ore Reserves and Mineral Resources Statement 30 June 2017’ released 23 August 2017.
7.8
0.30.2
0.1
0.6
0.20.4
8.3
Ore ReserveGrade June
2016
FY17 production Design changes(SWB above
1940)
Design changes(WL & SGS above
1940)
Design changes(ML above 1940)
Dilution factors Depth Extension Ore ReserveGrade June
2017
g/t Au
17 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia Ore Reserves
‘The Sweet Spot’• Deepest FY17 production
at 1,580 mbs• Planned FY18 mining
primarily between 1,540 mbs and 1,620 mbs
• Extend mine ~one level (40 meters) per annum
• Reserve grade 7.8 g/t Au1
• Resource model has historically under-predicted contribution of high grade shoots
• First stope below 1800 mbs due in FY22 per LOM plan
Illustration from data supporting 2017 Annual Mineral Resources and Ore Reserves Report1. Reserve grade at 30 June 2017, Resources and Reserves Statement released 23 August 2017
18 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Pinjin, May 2016
Gwalia Extension Project Gwalia Extension Project update - on schedule
• Project includes new ventilation shafts and underground crushing of waste, mixed with paste to fill emptied stopes
• Budget of A$100 million with planned completion between Q1 Sep 2019 and Q3 March 20201
• FY18F capex of A$50 to A$55 million
• A$11M capex spent in Q2 Dec 2017
• Raise bore activities have commenced, including the drilling of the first pilot hole
• Study with RUC underway investigating simultaneous shaft construction
• Approximately 70% (by value) of the PAF components now on site.
1. Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’. Project commenced Q3 Mar 2017.
Above: Isometric view of proposed PAF crushing circuit, notionally at 1420 mbs.
19 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia - March 2016
Exploration | Gwalia Deep Drilling Program
For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
20 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia - March 2016
Exploration | Gwalia Deep Drilling Program
For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
21 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia - March 2016
Exploration | Gwalia Seismic
For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
Gwalia Seismic Exploration • Initial analysis has informed
working theory of Gwalia’s mineralisation
• Allows re-analysis of surrounding zone to identify analogous potential ‘repeats’
• 3 target areas identified between 600 and 1,900 mbs north and south of Gwalia
• Drilling planned for 2H FY18
22 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia - March 2016
Gwalia Deeps 1540 – 1580 lode schematic
Reproduced from ASX release 25 September 2017 ‘Denver Gold Forum 2017’
Appendices
Gwalia Site Visit Presentation / January 201823 /November 2017 – Gwalia management team visiting raisebore drilling site.
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GwaliaA rich history with a bright future
Consolidated Production, Costs, Guidance Summary
Continuous Remote Tele-boggingAt critical times bogger operates 24 hours a day
Gwalia Site Visit Presentation / January 2018
Production SummaryConsolidated
Q4 JunFY17
YearFY17
Q1 SepFY18
Q2 DecFY18
1HFY18
GuidanceFY181
ProductionGwalia oz 62,098 265,057 64,283 62,835 127,118 250 to 260 koz
(prev. 245 to 260)Simberi oz 32,128 116,044 33,976 36,674 70,650 115 to 125 koz
(prev. 105 to 115)
Consolidated oz 94,226 381,101 98,259 99,509 197,768 365 to 385 koz(prev. 350 to 375)
Mined Grade Reserve grade2
Gwalia g/t 9.2 10.7 10.7 11.2 10.9 7.8Simberi g/t 1.21 1.13 1.21 1.32 1.27 1.3
Total Cash Operating Costs3
Gwalia A$/oz 668 592 621 668 645 n/aSimberi A$/oz 1,048 1,092 964 908 935 n/a
Consolidated A$/oz 798 689 740 757 748
All-In Sustaining Cost3
Gwalia A$/oz 872 785 816 859 838 840 to 880(prev. 840 to 890)
Simberi A$/oz 1,125 1,187 1,027 994 1,010 1,130 to 1,230(prev. 1260 to 1380)
Consolidated A$/oz 959 907 889 910 899 940 to 990(prev. 970 to 1035)
1. FY18 guidance announced in Q4 June 2017 report (released 26 July 2017) and revised on 9 January 2018 and in this report. 2. Ore Reserve grade at 30 June 2017, refer Ore Reserve and Mineral Resources Statement (released 23 August 2017).3. Non-IFRS measure, refer Appendix
Gwalia Operations
25 / Gwalia Site Visit Presentation / January 2018
Byrnecut – contract mining
• Byrnecut is part of Gwalia’s success
• Started at Gwalia in Sep 2012
• Alliance agreement from Sep 2013
• Approx. 200 employees
• Fleet: inc.
• 5 drill rigs• 4 loaders• 10 trucks
• 8 Atlas Copco MT6020s (60t)• 2 Atlas Copco MT65s (65t)
Other contractors
• Approx. 80 contractors involved as required
St Barbara
• Responsible for
• Planning
• Processing
• Procurement
• Commercial
• Approx. 150 employees, mostly FIFO
• Leonora facilities
• 1.2 Mtpa plant
• 250 bed camp
Supporting the Leonora community
26 / Gwalia Site Visit Presentation / January 2018
Sponsorships
• Golden Gift (athletic event)
• Kambalda/Leonora Football Club
• Goldfields Girl
• Leonora Primary School
• Apprenticeship program
27 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Exploration | Investment in exploration juniors
Catalyst Metals Limited• 16% holding in Catalyst Metals Limited• Landholdings in Victoria
Peel Mining Limited• 16% holding in Peel Mining Limited
• Landholdings in New South Wales (Cobar) and Western Australia
Strategy Targeted investment in early to advanced stage gold exploration through earn in arrangements, joint ventures or direct equity investments
28 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Exploration | Summary of greenfields projects
Pinjin, WA• A 16 hole RC and 163 hole Aircore drill program was
completed in Q2• At Grahams Find, RC drilling returned narrow (2 to 6m)
intercepts between 1 and 2 g/t Au, and Aircore drilling returned anomalous gold (≥100 ppb) Au and arsenic (>250ppm As) in bedrock
• A 12 line km ground electromagnetic survey identified 17 bedrock conductors, follow up with RC drilling in Q3
Tabar Islands, PNG• Renewed exploration activities on Simberi Island
ML136, including pit mapping and commencing a deep diamond hole to test porphyry potential at Pigiput, and drilling seeking to identify more sulphide material to enhance the potential sulphide project.
• Ongoing Newcrest Farm-in activities, including completion of first deep diamond drill hole at Talik North prospect on Tatau Island. Second hole commenced.
• Surface sampling programs completed at Talik North (Tatau Island) and Tupinda (Big Tabar Island).
Back Creek, NSW• A surface Gravity and Passive
Seismic survey was completed in Q1 Sep 2017
• Drill program to follow up in Q4 June 2018 subject to access
For full explanation and results refer to ASX release 23 January 2018 ‘Quarterly Report December 2017’
29 / Gwalia Site Visit Presentation / January 2018
Gwalia operations
30 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia operations
31 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Gwalia operations
32 /
Ore Reserves Summary as at 30 June 2017
ProjectProved Probable Total
Tonnes('000)
Gold (g/t)
Ounces('000)
Tonnes('000)
Gold (g/t)
Ounces('000)
Tonnes('000)
Gold (g/t)
Ounces('000)
Gwalia (WA) 2,308 9.8 725 6,248 7.0 1,408 8,556 7.8 2,133
Tower Hill (WA) - - - 2,572 3.7 306 2,572 3.7 306
Simberi Oxide (PNG) 3,294 1.4 153 7,613 1.3 319 10,907 1.3 472
Simberi Sulphide (PNG) 245 3.2 25 12,291 3.5 1,307 12,537 3.5 1,402
Total All Projects 5,847 4.8 903 28,724 3.6 3,340 34,572 3.9 4,312
Notes
1. Ore Reserves are based on a gold price of: Gwalia (AU$1,350/oz), Tower Hill (AU$1,250/oz), Simberi (US$1,200/oz)2. Cut-off Grades Gwalia (4.0g/t Au), Tower Hill (2.8g/t Au), Simberi Oxide (0.5g/t Au), Simberi Sulphide (1.1g/t Au)3. Mineral Resources are reported inclusive of Ore Reserves.4. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.5. Details relating to each of the estimates are contained in the 2017 Annual Mineral Resource and Ore Reserve Report at
www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/
Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.
Gwalia Site Visit Presentation / January 2018
33 /
Mineral Resources Summary as at 30 June 2017
ProjectMeasured Indicated Inferred Total
Tonnes('000)
Gold (g/t)
Ounces('000)
Tonnes('000)
Gold (g/t)
Ounces('000)
Tonnes('000)
Gold (g/t)
Ounces('000)
Tonnes('000)
Gold (g/t)
Ounces('000)
Gwalia (WA) 5,045 7.8 1,265 14,877 6.4 3,042 3,831 6.3 780 23,753 6.7 5,087
Tower Hill (WA) - - - 4,604 3.9 574 489 3.3 51 5,093 3.8 625
Simberi Oxide (PNG) 4,056 1.3 164 12,313 1.1 427 4,919 1.0 152 21,288 1.1 744
Simberi Sulphide (PNG) 836 1.7 45 41,005 1.9 2,471 12,676 1.6 663 54,517 1.8 3,179
Total All Projects 9,937 4.6 1,474 72,799 2.8 6,514 21,915 2.3 1,646 104,651 2.9 9,635
Notes
1. Mineral Resources are reported inclusive of Ore Reserves2. Cut-off Grades Gwalia (2.5g/t Au), Tower Hill (2.5g/t Au), Simberi Oxide (0.4g/t Au), Simberi Sulphide (0.6g/t Au)3. Simberi Mineral Resources are reported constrained by a US$1,800/oz pit shell4. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.5. Details relating to each of the estimates are contained in the 2017 Annual Mineral Resource and Ore Reserve Report at
www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/
Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.
Gwalia Site Visit Presentation / January 2018
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Predominantly institutional share register
Gwalia Site Visit Presentation / January 2018
Institutional88%
Non Institutional
4%
Not analysed8%
Not analysed 8%Other 10%
UK 15%
USA 32%
Australia35%
Data as at 12 January 2018
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Substantial shareholders and broker coverage
Gwalia Site Visit Presentation / January 2018
Substantial Shareholders 1
Van Eck 9.7%M&G Investment Mgt 6.3%Vinva 5.2%
Institutional Shareholders 2 88%Shares on issue 515M
American Depositary Receipts (ADR) trade in USA through BNY Mellon (ADR OTC Code ‘STBMY’)
Broker Research Coverage
Argonaut James Wilson
Canaccord Reg Spencer
Citi Trent Allen
Credit Suisse Mike Slifirski
Deutsche Bank Matthew Frydman
GMR David Cotterell
JP Morgan Mathew Hocking
Macquarie Ben Crowley
1. As notified by substantial shareholders to 25 January 20182. As at 12 January 2018
36 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Board of Directors
Bob VassieManaging Director and CEOAppointed July 2014
Mr Vassie is a mining engineer with over 30years international mining industryexperience, including 18 years with Rio Tintoin a range of senior management roles. He hasparticular experience in operationsmanagement, resource development strategy,mine planning, feasibility studies, businessimprovement, corporate restructuring, andstrategic procurement. Mr Vassie is a non-executive director of Tawana Resources NL.
Tim NetscherChairman– Non ExecutiveAppointed Director February 2014Appointed Chairman July 2015
Mr Netscher is an experienced internationalmining executive with extensive operational,project development, and transactionalexperience and expertise in senior executivemanagement roles. Mr Netscher’s experiencecovers a wide range of resources includingnickel, coal, iron ore, uranium and gold andregions including Africa, Asia and Australia. MrNetscher is a director of ASX listed Gold RoadResources Limited and Western Areas Limited.
David MoroneyDirector– Non ExecutiveAppointed March 2015
Mr Moroney is an experienced finance executivewith more than 20 years’ experience in seniorcorporate finance roles, including 15 years in themining industry, and extensive international workexperience with strong skills in finance, strategicplanning, governance, risk management andleadership.Mr Moroney is an independent non-executivedirector of non-ASX listed Geraldton Fishermen’sCo-operative Ltd, WA Super (Western Australia’slargest public offer superannuation fund) andHockey Australia Ltd.
Kerry GleesonDirector– Non ExecutiveAppointed May 2015Ms Gleeson is an experienced corporateexecutive with over 20 years boardroom andsenior management experience acrossAustralia, UK and the US, in a variety ofindustries including mining, agriculture,chemicals, logistics and manufacturing. Aqualified lawyer in both UK and Australia, shehas significant expertise in complex corporatefinance and transactional matters, and incorporate governance in Australian andinternational businesses. Ms Gleeson is a Non-Executive Director of Trinity College,University of Melbourne.
37 / Gwalia Site Visit Presentation / January 2018
GwaliaA rich history with a bright future
Executive Leadership Team
Garth Campbell-Cowan
Chief Financial Officer
Joined 2006
Mr Campbell-Cowan is a CharteredAccountant with 30 years experience infinance and management positions acrossa number of different industries. He isresponsible for the Group’s Financefunction, covering financial reporting andaccounting, treasury, taxation, businessanalysis, capital management,procurement and information technology.
Prior to joining St Barbara, he was Directorof Corporate Accounting at Telstra and hasheld senior finance leadership roles withWMC, Newcrest Mining and ANZ.
Bob Vassie
Managing Director and CEO
Appointed 2014
Mr Vassie is a mining engineer with over30 years international mining industryexperience, including as Managing Directorand CEO of Inova Resources Limited(formerly Ivanhoe Australia Limited) and18 years with Rio Tinto in a range of seniormanagement roles.
He has particular experience in operationsmanagement, resource developmentstrategy, mine planning, feasibility studies,business improvement, corporaterestructuring, and strategic procurement.
Rowan Cole
Company Secretary
Joined 2010
Mr Cole joined St Barbara in 2010 asGeneral Manager Corporate Services andwas appointed Company Secretary in 2014.He has over 30 years’ experience acrosschartered accounting, retail banking,private and public companies.
Mr Cole's experience includes external,internal and IT audit, strategy formulation,execution and measurement, process andbusiness improvement, marketing,financial services, head of risk andcompliance, chief audit executive and chieffinancial and risk officer.
Val Madsen
GM Human Resources
Joined 2013
Ms Madsen joined St Barbara in September2013. Ms Madsen leads the HumanResources Function covering recruitment,remuneration and benefits, talentmanagement, employee relations andwellbeing, diversity and training anddevelopment. Val is a member of AMMA’sAWRA Advisory Board and Chair of theMinerals Council of Australia’s GenderDiversity Working Group.
With a Masters in Education and a numberof other business qualifications andaccreditations, Val has enjoyed a diversecareer in Human Resources.
Competent Persons Statement
Exploration ResultsThe information in this presentation that relates to Exploration Results for Simberi and Pinjin is based on information compiled by Dr Roger Mustard,who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Mustard is a full-time employee of St Barbara and has sufficient experiencerelevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a CompetentPerson as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Mustardconsents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this presentation that relates to Exploration Results for Gwalia and the Leonora region is based on information compiled by MrRobert Love, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Love is a full-time employee of St Barbara and has sufficientexperience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as aCompetent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves’. Mr Love consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Mineral Resource and Ore Reserve EstimatesThe information in this presentation that relates to Mineral Resources or Ore Reserves is extracted from the report titled ‘Ore Reserves and MineralResources Statements 30 June 2017’ released to the Australian Securities Exchange (ASX) on 23 August 2017 and available to view atwww.stbarbara.com.au and for which Competent Persons’ consents were obtained. Each Competent Person’s consent remain in place for subsequentreleases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report andaccompanying consent.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASXannouncement released on 23 August 2017 and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions andtechnical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed. The Companyconfirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASXannouncement.
Competent Person Tim Richards is entitled to participate in St Barbara’s long term incentive plan, details of which are included in the 2017 Directors’and Financial Report released to the ASX on 23 August 2017.
Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ availableat www.stbarbara.com.au.
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Non-IFRS Measures
We supplement our financial information reporting determined under International Financial Reporting Standards (IFRS) withcertain non-IFRS financial measures, including cash operating costs. We believe that these measures provide meaningfulinformation to assist management, investors and analysts in understanding our financial results and assessing our prospectsfor future performance.
Cash operating costs ˃ Calculated according to common mining industry practice using The Gold Institute (USA)Production Cost Standard (1999 revision).Refer most recent quarterly report available at www.stbarbara.com.au for example
All-In Sustaining Cost ˃ All-In Sustaining Cost is based on Cash Operating Costs, and adds items relevant to sustainingproduction. It includes some, but not all, of the components identified in World Gold Council’sGuidance Note on Non-GAAP Metrics - All-In Sustaining Costs and All-In Costs (June 2013).Refer most recent quarterly report available at www.stbarbara.com.au for example
Investor Relations Enquiries
Rowan ColeCompany Secretary
Alistair ReidManager Investor Relations
T: +61 3 8660 1900E: [email protected]
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