Quarterly Report / Q3 March FY21

(3 months to 31 March 2021)

Highlights Q3 March FY210F1

Record production in March; Company-wide transformation unlocks value

Safety

  • TRIFR1F2safety performance was 3.7 (31 December 2020: 3.3), with corresponding LTIFR2F3of 0.39 (31 December 2020: 0.39)
  • TheCOVID-19 situation in Papua New Guinea deteriorated during the quarter, with a significant increase in community transmissions. Simberi has continued to implement St Barbara's COVID-19 protocols with the support and guidance of external medical specialists and the implementation of additional controls to limit people movements. By the end of March, a number of employees and community members tested positive for COVID-19. These employees were isolated in the onsite quarantine camp with containment measures to protect other employees and continue operations. While medical care and support has ensured the recovery of the majority of cases, two employees with pre-existing conditions passed away whilst they had a positive COVID-19 diagnosis.

Delivering St Barbara's strategy

  • As outlined in the Investor Briefing on 15 December 2020, thenear-term focus is on delivering 'Uplift 1' of St Barbara's strategy at all operating sites, enabled by the Building Brilliance program. The first five months of this program were focused on structured debottlenecking and setting up each site for improved production and reduced cost. St Barbara delivered its strongest monthly performance of the year in March, which is expected to continue in Q4 Jun FY21.
  1. Atlantic Operationsreported a record milling month of 255 kt, which is a 9% increase with respect to the FY20 average.
  1. Leonora Operationsdebottlenecked the underground mine and continued to 'fill the mill'. Milling rates in late March increased to nameplate capacity of 1.2 Mtpa, with production of 22,905 ounces during the month (the highest month of production in FY21). In addition, over 400 development metres has been advanced over consecutive months to support future production.
    1. Simberi Operationsproduced 9 koz in March with significant improvements in mobile fleet productivity.
  • In parallel St Barbara is focused on 'Uplift 2' of the strategy which is to grow production from the Leonora Province and deliver brownfield projects in Simberi and Atlantic.
    1. As announced on 27 April 2021, the Board has approved US$13 million ofpre-investment capital for the Simberi Sulphide Project. This capital expenditure includes metallurgical testing, engineering studies, mining fleet and long-lead items. The final investment decision is unchanged and is targeted for March 2022.
  1. Review and study work progressed on the Leonora Province Plan, with results to be outlined in detail in the June quarter.

Operations

  • Consolidated gold production of 82,303 ounces (Q2 Dec FY21: 89,670 ounces)
  • ConsolidatedAll-In Sustaining Cost (AISC) of A$1,649 per ounce (Q2 Dec FY21: A$1,517 per ounce)
  • To date, due to extraordinary efforts by the Simberi workforce and the corporate support team, theCOVID-19 situation in PNG has continued to maintain a safe operating performance. However, should the situation worsen, this could result in FY21 production being negatively affected and guidance not achieved.
  1. This report uses certainNon-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 'Ore Reserves and Mineral Resources Statements 30 June 2020' released to the ASX on 24 August 2020. This report has not been audited.
  2. Total Recordable Injury Frequency Rate per million hours worked (12 month average)
  3. Lost Time Injury Frequency Rate per million hours worked (12 month average)

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

Authorised by

Mr Craig Jetson

Managing Director & CEO

28 April 2021

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

Wwww.stbarbara.com.au

  • Strong March performance is expected to continue in Q4 Jun FY21, with consolidated full year production guidance anticipated to be in the range of 370 to 380 koz (previously 370 to 410koz) and AISC expected between A$1,440 and A$1,520 per ounce (previously A$1,360 and A$1,510 per ounce).

Finance (unaudited)

  • Gold sold of 71,329 ounces (Q2 Dec FY21: 99,461 ounces)
  • Average realised gold price of A$2,247 per ounce (Q2 Dec FY21: A$2,126 per ounce), with 8,790 ounces delivered into hedge contracts in the quarter at an average hedge price of A$1,898 per ounce
  • Operational cash contribution of A$41 million (Q2 Dec FY21: A$83 million)
  • Total cash at bank of A$100 million (Q2 Dec FY21: A$118 million)
  • Total debt of A$102 million (Q2 Dec FY21: A$102 million)

Production Summary

Q3 Mar

Q4 Jun

Q1 Sep

Q2 Dec

Q3 Mar

Q3 YTD

FY20

FY20

FY21

FY21

FY21

FY21

Group TRIFR2

3.2

3.0

3.1

3.3

3.7

3.7

Gold Production

koz

92

109

73

90

82

245

All-In Sustaining Cost

A$/oz

1,405

1,301

1,711

1,517

1,649

1,618

Gold Sold

koz

99

104

66

99

71

237

Realised Gold Price

A$/oz

2,123

2,412

2,171

2,126

2,247

2,175

Comment on the Quarter from Managing Director and Chief Executive Officer

Mr Craig Jetson, Managing Director and CEO, said, "The third quarter of the financial year saw the results of Building Brilliance start to be realised across our business. This is the first of three uplifts that form our Company strategy and it is pleasing to see strong foundations now established.

The business performance during the month of March, across all three operations, reflects this positive improvement. Since Building Brilliance was launched in September 2020, it has delivered significant operational efficiencies and cost reductions. Of the targeted A$30 to A$40 million annualised cash contribution benefit for FY21, A$18 million has been achieved as at the end of March 2021. Many of the production related improvements were realised in the latter part of the March quarter, including a record milling month and improved gold recovery at Atlantic, and 'filling the mill' at Leonora. This is expected to continue in the final quarter of FY21, supported by excellent development rates at Gwalia and the early transition of Macmahon as the new underground mining contractor.

Uplift 2 - the execution of our brownfield expansion projects - is unlocking value in our business as we utilise our deep resource knowledge and execute to plan. The Simberi Sulphide Project Feasibility Study results announced on Tuesday is an important first step.

At Gwalia, new areas in our mining lease and current footprint have been identified for inclusion in overall Mineral Resources. Drilling is underway, with the results of this work is to be discussed in more detail in the June quarter in a Province Plan update. This will include an increase in Mineral Resources and discussion on plans to launch a Pre-Feasibility Study covering Tower Hill, Harbour lights and consideration of a mill expansion.

As part of debottlenecking Gwalia's underground production rate a number of areas above the current Gwalia Deeps mining front have been identified and incorporated into the mine plan, including the 'Intermediates' and 'Shallows'. An initial start-up team from Macmahon was brought in during March to commence works in this area. In addition to the Gwalia Shallows target, a review of the upper part of the mine identified a number of attractive targets for further infill drill programs, with these areas to be drilled over the coming 12 months.

St Barbara Limited Quarterly Report / Q3 March FY21

Page 2 of 21

With cost reductions achieved and strong progress made with regards to our brownfield project pipeline, the quarter has set us up for a strong finish to the financial year. However, on a cautionary note, this relies on no deterioration of the COVID-19 situation at our sites and upon the continued seamless transition of the mining contractor at our Leonora operations."

Quarterly briefing and audio webcast

Craig Jetson, Managing Director & CEO, will brief analysts and investors on the Q3 March FY21 Quarterly Report at 11:00 am Australian Eastern Standard Time (UTC + 10 hours) on Wednesday 28 April 2021.

Analysts and institutional investors

Analysts and institutional investors can register for the briefing at https://s1.c-conf.com/diamondpass/10013320-gb65c4.html

Shareholders and media

An audio webcast will be available live and after the event on St Barbara's website at stbarbara.com.au/investors/webcast/or by clicking here. The audio webcast is 'listen only' and does not enable questions.

St Barbara Limited Quarterly Report / Q3 March FY21

Page 3 of 21

Overview

Group Safety Performance

Total Recordable Injury Frequency Rate

3.2

3.0

3.1

3.3

3.7

FY20

FY20

FY21

FY21

FY21

Q3 Mar

Q4 Jun

Q1 Sep

Q2 Dec

Q3 Mar

Consolidated Gold Production

Quarterly AISC

1,711

1,517

1,649

1,405

1,301

Combined Quarterly Gold Production

(koz)

109

92

90

82

29

73

26

27

21

40

51

27

42

43

23

26

28

23

21

19

FY20

FY20

FY21

FY21

FY21

Q3 Mar

Q4 Jun

Q1 Sep

Q2 Dec

Q3 Mar

Atlantic

Leonora

Simberi

Figures displayed to nearest thousand ounces. Reported ounces in associated table.

Consolidated Quarterly Operational Cash Contribution

(A$M) 126

86

46

83

36

55

27

33

41

17

28

36

20

22

25

33

14

24

-23

-3

FY20

FY20

FY21

FY21

FY21

Q3 Mar

Q4 Jun

Q1 Sep

Q2 Dec

Q3 Mar

Atlantic

Leonora

Simberi

FY21 Production

Indicative Quarterly Guidance Profile

35%

19%

24%

22%

FY21

FY21

FY21

FY21

Q1 Sep

Q2 Dec

Q3 Mar

Q4 Jun

Actual

Indicative % of annual production (koz)

St Barbara Limited Quarterly Report / Q3 March FY21

Page 4 of 21

Consolidated Gold Production & Guidance

Production Summary

Year

Q1 Sep

Q2 Dec

Q3 Mar

Q3 YTD

Guidance

Consolidated

FY20

FY21

FY21

FY21

FY21

FY21

St Barbara's financial year is 1 July to 30

Year to

Qtr to

Qtr to

Qtr to

9 months to

Year to

June

30 Jun 2020

30 Sep 2020

31 Dec 2020

31 Mar 2021

31 Mar 2021

30 June 2021

Production

Atlantic

oz

106,663

27,226

26,693

20,606

74,525

100 to 110 koz3F1

(prev. 100 to 115 koz)

Gwalia

oz

171,156

22,625

42,198

42,716

107,539

175 koz

(prev. 175 to 190 koz)

Simberi

oz

104,068

23,139

20,779

18,981

62,899

95 koz

(prev. 95 to 105 koz)

Consolidated

oz

381,887

72,990

89,670

82,303

244,963

370 to 380 koz4F2

Mined Grade

(prev. 370 to 410 koz)

Milled grade

Atlantic

g/t

0.93

0.95

0.91

0.71

0.86

1.33

Gwalia

g/t

7.7

8.1

8.3

8.0

8.2

8.3

Simberi

g/t

1.06

1.19

1.49

1.33

1.32

1.25

Total Cash Op. Costs

Atlantic

A$/oz

713

669

736

903

758

n/a

Gwalia

A$/oz

1,071

1,560

1,037

1,044

1,150

n/a

Simberi

A$/oz

1,482

1,481

1,817

2,032

1,759

n/a

Consolidated

A$/oz

1,083

1,203

1,128

1,237

1,187

n/a

All-In Sustaining Cost

Atlantic

A$/oz

928

1,008

999

1,128

1,035

958 to 1,0505F3

(prev. 955 to 1,100)

Gwalia

A$/oz

1,485

2,592

1,573

1,555

1,780

1,590 to 1,630

(prev. 1,435 to 1,560)

Simberi

A$/oz

1,631

1,678

2,070

2,426

2,032

1,720 to 1,8106F4

(prev. 1,665 to 1,840)

Consolidated

A$/oz

1,369

1,711

1,517

1,649

1,618

1,440 to 1,520

(prev. 1,360 to 1,510)

Group Exploration

Actual

Guidance

3Q YTD FY21

FY21

A$M

A$M

Australia

12.1

18-20

Papua New Guinea

3.0

2- 3

Nova Scotia, Canada

5.6

10 - 12

Consolidated

20.7

30 - 35

Group Capex

Actual

Guidance

3Q YTD FY21

FY21

Sustaining

Growth

Sustaining

Growth

A$M

A$M

A$M

A$M

Atlantic

13

6

15 - 20

15 - 20

Gwalia

53

13

70 - 80

15 - 20

Simberi

(prev. 30 - 32)

9

4

12 - 15

4 - 5

Consolidated

75

23

97 - 115

34 - 45

(prev. 49 - 57)

  1. Refer to revised guidance in Atlantic operation section on Page 8
  2. Subject to no impact fromCOVID-19 and continued seamless transition of the underground mining contractor at Leonora
  3. C$920 to C$1,010 per ounce at AUD/CAD of 0.96 (previously C$880 to C$1,010 per ounce at AUD/CAD of 0.92)
  4. US$1,325 to US$1,395 per ounce @ AUD/USD 0.77 (previously US$1,185 to US$1,305 per ounce @ AUD/USD 0.71)

St Barbara Limited Quarterly Report / Q3 March FY21

Page 5 of 21

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Disclaimer

St. Barbara Limited published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2021 08:24:08 UTC.