St Barbara : Quarterly Report Q4 FY22

Q4 June FY22

	3 months to 30 June 2022
only
	Highlights Q4 June FY221
	• Full year production and All-In Sustaining Cost (AISC) guidance achieved for Group and all sites
	• Group gold production for Q4 was 86,403 ounces up 40% quarter on quarter with full year 280,746 ounces
	• Group AISC for Q4 of $2,007 per ounce and full year $1,848 per ounce
use
	•	Cash in bank increased 25% quarter on quarter to $99 million

• Senior executive relationships established with Nova Scotian Government which has improved permitting pathways for Atlantic Operations:

• Two permits issued during quarter

• Multiple permits able to be processed concurrently

	• Inaugural Ore Resource for Old South Gwalia 1.9Mt @ 3.7g/t Au (0.2Moz)
	• Corporate cost savings of $5 million identified with an aspiration to reduce corporate cost by $10 million in first
personal	year by consolidating into Perth
	Production summary
				Q4 Jun	Q1 Sep	Q2 Dec	Q3 Mar		Q4 Jun	Year	Year	Y o Y
				FY21	FY22	FY22	FY22		FY22	FY21	FY22
	Group TRIFR2	mhrs	3.9	3.6	2.7	2.8		3.4	3.9	3.4	(13)%
	Gold Production	koz	83	67	66	62		86	328	281	(14)%
	All-In Sustaining Cost	$/oz	1,623	1,492	1,587	2,290		2,007	1,616	1,848	14%
	Gold Sold	koz	96	58	76	56		86	333	276	(17)%
	Realised Gold Price	$/oz	2,336	2,408	2,423	2,475		2,521	2,221	2,462	11%

St Barbara Managing Director and CEO Craig Jetson said, "St Barbara has finished the year strongly, achieving both our production and cost guidance at a site and group level for FY22. Against the headwinds of cost inflation and COVID-19 impacts on our workforce availability as well as associated travel restrictions this is a rewarding result. It was achieved with improved safety performance with a lower TRIFR of 3.4 injuries per million hours worked.

Today we announce a further increase to our extensive Mineral Resource base in the Leonora province with the Forelease of our inaugural Mineral Resource for Old South Gwalia. This initial Mineral Resource is the first instalment

f om Old South Gwalia from between 600 metres below surface down to 1000 metres below surface. Further resource extension drilling is planned for the coming year to grow a productive new mining front at Gwalia.

Management's focus on Gwalia and the Leonora province plan is generating early rewards with expansion of Mineral Resources and Ore Reserves and our expanded footprint across the region. We continue to execute our Leonora Province Plan. St Barbara is central to any regional consolidation with the largest Mineral Resource and Ore Reserve base in the Leonora region, a host of near term growth options, growing production from the new Zoroastrian underground mine and a cash generating processing facility which is expected to increase its processing capacity by 50% to 2.1mtpa. Following our acquisition of Bardoc, the assets have been promptly assimilated with Zoroastrian on track for first ore at the start of FY24.

1. This report uses certain Non-IFRS measures as set out on the last page of this report. Unless otherwise noted, information in this report that relates to Mineral Resources or Ore Reserves is extracted from the report titled 'Quarterly Report Q3 March FY22' released to the Australian Securities Exchange (ASX) on 28 April
   2022 (Original Report) and available to view at stbarbara.com.au. This report has not been audited.
2. Total Recordable Injury Frequency Rate rolling 12-month average, mhrs - injuries per million hours.

Page 1of 36

Near term Mineral Resource and Ore Reserve growth:

Mineral Resource extensions for Old South Gwalia targeted for September quarter FY23 Inaugural Tower Hill Open Pit Ore Reserve targeted for September quarter FY23 Inaugural Harbour Lights Open Pit Ore Reserve targeted for March quarter FY23

Gwalia Mineral Resources at 25mt at 5.8g/t Au and Ore Reserve base of 12.9mt at 5.1g/t Au The only sizeable +5g/t Au mine in the Leonora region outside the majors

Largest Mineral Resource base of 10.5 million ounces and Ore Reserve base of 2.5 million ounces in the Leonora region3:

St Barbara Quarterly Report / Q4 June FY22

Our development of the Leonora Province has provided invaluable insights that we are now applying in considering alternative pathways for scheduling our Atlantic Province projects, together with plans to maintain production at the Touquoy mine. With travel restrictions lifted, we have strengthened our relationships with the Government and First

onlyNations people in Nova Scotia. In collaboration with the Government, a new permitting approach has commenced and has already yielded promising results with two permits already granted. These results provide encouragement that outstanding permitting issues can be addressed and the potential of Atlantic can be realised. Furthermore, our decision to place Simberi Operations under strategic review is aligned with our clear focus on leveraging the highest value options for the St Barbara Group.

We have made progress on plans to consolidate our corporate offices as we strive to deliver the appropriate level of support for our sites and optimise our cost base. Having already identified $5 million in ongoing cost reduction we have an aspiration to increase cost savings to $10 million in FY23 with a further $10 million in FY24."

Overview

useGroup gold production for the June quarter was up 40%, with all operations delivering significant quarter on quarter production improvement. Leonora's production increased due to improved grade after regaining access to higher grade stopes. Production at Simberi improved as it recovered from the COVID-19 outbreak in the third quarter. Atlantic recovered from the difficult weather conditions of the March quarter and accessed higher grade mining zones after the completion of in-pit waste relocation work.

Group All-In Sustaining Cost for the June quarter was $2,007 per ounce, an improvement of 12% on the prior quarter due to higher grades at both Leonora and Atlantic that drove increased production efficiency.

personalAs at 30 June 2022, St Barbara's total cash at bank was $99 million (up from $79 million at 31 March 2021). Total debt owing under the Company's syndicated facility on 30 June 2022 remains unchanged at C$80 million and $50

million.

FY23 production and cost guidance will be provided as part of the FY22 Full Year Results on 25 August 2022.

Leonora central to consolidation in the region

The strong production quarter is further demonstration of St Barbara's progress with successful execution of its Leonora Province Plan.

The Company continues to build on its substantial Mineral Resources and Ore Reserves in and around its cash generating Gwalia mine and its readily expandable Leonora processing plant. The recently acquired Zoroastrian and Aphrodite assets are a significant addition to St Barbara's already extensive tenement holdings in this highly strategic gold region.

Key value drivers

•

−

For• −

−

−

−

• Further Mineral Resource extension and infill drilling planned throughout FY23 at: − Old South Gwalia

− Harbour Lights

3 Refer to report titled 'Quarterly Report Q3 March FY22' released to the Australian Securities Exchange (ASX) on 28 April 2022 for updated Ore Resources and

Mineral Reserves. The Leonora region includes deposits within 100km radius of Leonora processing plant and Zoroastrian and Aphrodite which are planned to be transported by rail.

Page 2of 36

St Barbara Quarterly Report / Q4 June FY22

only•

•

•

•

•

•

• Zoroastrian extensions along strike and depth
• Aphrodite

On track to commence underground mine portal construction at Zoroastrian in March quarter FY23

Significant exploration potential with a Leonora land holding that increased by 70% with the Bardoc acquisition Leonora Processing Plant to be expanded from 1.4mtpa to 2.1mtpa

Significant resource life underpins organic growth options with a clear plan for mill expansion underway Refocus of Australian exploration to maximise value for the long-term Leonora Province Plan Cashflow positive producer, with the Leonora operations producing $177 million in FY22.

use
	Consolidated Gold Production and Guidance
	Production Summary		Year		Q1 Sep	Q2 Dec	Q3 Mar	Q4 Jun	Year	Guidance
	Consolidated		FY21		FY22	FY22	FY22	FY22	FY22	FY22
	St Barbara's financial year	Year to	Qtr to	Qtr to	Qtr to	Qtr to	Year to	Year to
	is 1 July to 30 June		30 June 2021	30 Sep 2021	31 Dec 2021	31 Mar 2022	30 Jun 2022	30 Jun 2022	30 June 2022
personal
	Production
	Atlantic	oz	101,243		15,243	16,887	11,006	18,015	61,151	55-65 koz
	Leonora	oz	152,696		51,757	48,637	40,559	50,506	191,459	180-200 koz
	Simberi	oz	73,723		-	-	10,254	17,882	28,136	25-30 koz
	Consolidated	oz	327,662		67,000	65,524	61,819	86,403	280,746	275-290 koz
	Mined Grade
	Atlantic	g/t	0.88	0.63	0.76	0.52	0.70	0.66	n/a
	Leonora	g/t	7.6	8.6	6.8	6.1	7.83	7.30	n/a
	Simberi	g/t	1.35	1.41	1.29	1.21	1.07	1.14	n/a
	Total Cash Op. Costs
	Atlantic	$/oz	761	1,188	1,234	1,799	1,751	1,476	n/a
	L onora	$/oz	1,185		1,033	1,164	1,341	1,323	1,206	n/a
	Simberi	$/oz	1,912		-	-	3,829	2,276	2,841	n/a
	Consolidated	$/oz	1,218		1,071	1,184	1,861	1,632	1,444	n/a
	All-In Sustaining Cost
	Atlantic	$/oz	1,027		1,504	1,396	2,013	2,027	1,720	1,650-1,8504
	Leonora	$/oz	1,744		1,488	1,653	1,916	1,854	1,717	1,605-1,720
For	$/oz	2,162		-	-	4,064	2,416	3,017	3,200-3,6005
	Simberi
	C nsolidated	$/oz	1,616		1,492	1,587	2,290	2,007	1,848	1,750-1,870

4 C$1,500 to C$1,685 per ounce at AUD/CAD of 0.91

5 US$2,400 to US$2,700 per ounce at AUD/USD of 0.75

Page 3of 36

St Barbara Quarterly Report / Q4 June FY22

Leonora Operations, Western Australia

only	6
		Production				Q4 Jun			Q1 Sep		Q2 Dec			Q3 Mar		Q4 Jun		Year		Year		Y o Y
		Summary				FY21			FY22		FY22			FY22		FY22		FY21		FY22
		Ore Mined			kt	195	179	193	194	160	605	727		20%
		Waste mined	kt	71	105	42	64	71	331	283		(15)%
		Mined grade	g/t	6.5	8.6	6.8	6.1	7.8	7.6	7.3		(4)%
		Ore milled6			kt	281	244	279	254	250	749	1,027		37%
		Milled grade			g/t	5.2	6.8	5.6	5.2	6.5	6.6	6.0		(9)%
		Recovery			%	96	97	97	96	97	97	97		0%
use			oz	45,157	51,757	48,637		40,559	50,506	152,696	191,459		25%
		Gold production
		Gold sold			oz	49,597	45,472	55,600		37,566	53,832	150,797	192,470		28%
		Realised gold price	$/oz	2,348	2,439	2,453	2,511	2,542	2,185	2,486		14%
		All-In Sustaining	$/oz	1,663	1,488	1,653	1,916	1,854	1,744	1,717		(2)%
		Cost (AISC)	produced
	Operations
	Leonora's gold production for Q4 was 50.5koz which was 25% higher than the prior quarter, primarily driven by
personal

access to higher grade stopes, which had been delayed by seismic events in November 2021 and became available for mining in this quarter. Higher grade and volume of purchased ore from Linden Gold Alliance contributed an

dditional 2,754oz compared to the prior quarter.

Gold production for the full year was up 25% to 191.5koz, primarily driven by an increase in ore delivered to the mill which increased 37% offsetting a 9% decrease in grade. Total material moved underground increased 17% year on year as a result of a recent focus of removing historical waste stored underground and increasing ore movement capacity. During the year the underground contractor, Macmahon, mobilised a new fleet of trucks and boggers and has worked closely with St Barbara to implement a new attraction and retention program for key personnel. Rehabilitation of support for key areas of the decline has been completed during the year reducing downtime caused by decline blockages. As a result of the productivity improvements total mining cost per tonne moved decreased 4% year on year.

It is expected that grade delivered to the mill in FY23 will continue to decline as the mine enters a lower grade

s ction. However, ore volumes mined from the Gwalia underground will continue to increase with reduced reliance on third party purchased ore. Net ore delivered to the mill is expected to increase ~15% to ~1.2mt to maintain steady gold production for the year overall.

In FY22, ore mined was negatively impacted by ongoing labour shortages due to the COVID-19 pandemic, which affected fleet reliability and utilisation. It is expected that by the end of July staffing for mining crews will be at full complement. Difficulty sourcing sufficient specialised trades such as fitters and some maintenance parts, coupled with

Forsupply chain interruptions is expected to constrain FY23 productivity at times. Development metres improved 26% to 1,244m for the quarter with a full quarter with four additional jumbo drills available.

Leonora's AISC for the quarter dropped three percent compared to the prior quarter to $1,854 per ounce. This was principally driven by the increase in gold production due to higher head grades, offset predominantly by elevated mining costs due to major contractor labour and equipment cost increases.

6 Includes Gwalia mineralised waste, stockpile material and third party ore purchases.

Page 4of 36

St Barbara Quarterly Report / Q4 June FY22

	Delivering on the Leonora Province Plan
	Old South Gwalia inaugural Mineral Resource delivered
only
	An inaugural Mineral Resource estimate for the Old South Gwalia area between approximately 600mbs and 1000mbs
	is summarised in the table below. Drilling of mineralisation immediately to the south of historic mine workings has
	successfully defined an additional 218koz of gold.
	Category	Tonnes ('000)		Grade (g/t Au)	Ounces ('000)
	Measured	27		4.4	4
	Indicated	1,223		3.6	142
	Total Measured & Indicated	1,250		3.6	146
	Inferred	607		3.7	72
	Total Resource	1,857		3.7	218
	Additional work has been completed updating the geology models between 600mbs and the surface, with an updated
	resource estimate in progress.
useZoroastrian and Aphrodite underground
	Following the successful integration of the Bardoc assets into St Barbara, the Zoroastrian underground mine remains
personal

on track for first ore to be delivered to the Leonora processing plant in Q1 FY24. The underground decline location is ll but finalised with the completion of a geotechnical drilling program in early June. The first full year of production is

expected to contribute ~30koz of gold production from ~300kt of ore at an average 3g/t Au.

The Zoroastrian underground mine has a Mineral Resource of 1.6mt of ore at 4.0g/t Au7. A mining rate of up to 400ktpa is anticipated. With the orebody open to the south along strike, St Barbara intends to move quickly to drill targeted extensions from surface to extend the mine life.

W rk on Aphrodite progressed over the quarter with drilling for further metallurgical test work purposes commencing during the quarter. Construction of the Aphrodite underground mine continues to be targeted to commence in Q1 FY24 at an estimated capital cost of ~$30 million.8

Leonora Province Plan milestones

	Asset		Target date		Milestone
	L	onora Processing Plant		Q3 FY23		Feasibility Study of mill expansion to 2.1Mtpa & Refractory ore processing complete
				Q3 FY23		Construction of expansion to 2.1Mtpa commences
				Q2 FY24		Construction of Refractory ore processing commences
				Q4 FY24		Mill expansion to 2.1Mtpa complete
				H1 FY25		Leonora mill refractory ore processing commences
	Z	roastrian		Q2 FY23		Mobilisation of mining contractor for Zoroastrian underground
				Q3 FY23		Construction of underground mine commences
For		Q1 FY24		Underground mine first ore
	Aphrodite		Q1 FY24		Construction of underground mine portal commences
				H1 FY25		Aphrodite underground ore processing commences
	Gwalia UG and near mine		Q1 FY23		Inaugural Old South Gwalia Mineral Resource (delivered ahead of schedule)
	assets
		Q1 FY23		Inaugural Tower Hill Open Pit Reserve
				Q3 FY23		Inaugural Harbour Lights Open Pit Reserve

7 Refer to report titled 'Quarterly Report Q3 March FY22' released to the Australian Securities Exchange (ASX) on 28 April 2022 for updated Ore Resources and Mineral Reserves.

8 Subject to the outcome of the PFS and final studies

Page 5of 36