ASX Release / 18 September 2020 2020 Annual Report The 2020 Annual Report for St Barbara Limited is attached, as distributed to shareholders today. The Annual Report complements, and should be read in conjunction with, information contained in the Annual Report Company’s corresponding Sustainability Report and Corporate Governance Statement, both released today and available at www.stbarbara.com.au. Integrated suite of annual reporting Corporate Sustainability Governance Report Statement Investor Relations Mr David Cotterell Manager Investor Relations +61 3 8660 1900 ASX: SBM Media Relations Mr Ben Wilson GRACosway +61 407 966 083 ADR: STBMY Authorised by Mr Rowan Cole Company Secretary 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 ANNUAL REPORT 2020 St Barbara Limited ABN 36 009 165 066 OUR BUSINESS We are St Barbara – a growing gold company with a global outlook. An ASX 200 company, our gold mining operations are located in Australia, Canada and Papua New Guinea. As we operate our business and care for our people, we are guided by our five commitments and values-led culture. At St Barbara, doing the right thing is important to all of us. Our commitments SAFETY EMPOWERED PEOPLE STRONGER RESPECTING THE GROWING ALWAYS DIVERSE TEAMS COMMUNITIES ENVIRONMENT SUSTAINABLY Zero harm is always We are an employer We strive to help our We are committed Growing our business our target. Zero harm of choice committed communities thrive, to caring for the sustainably, where it to all people as we to inclusion and grow and prosper. environment. makes sense, and with responsibly operate diversity. We provide We build meaningful We think differently strong governance our assets to their full a caring work relationships, investing to find solutions to practices, means potential. This focus environment where time and energy actively manage and we can add value on safety guides our talented people to ensure local neutralise our impact; for everyone: everything we do. are happy, thrive, communities are because we care about our shareholders, feel safe and can fulfil enriched by being the environment and our people and their potential. our neighbours. our planet. our communities. More detailed information about our policies, that support these commitments, can be found in the governance section of our website. Our values We act with We treat We value We deliver We strive honesty and people with working to promise to do better integrity respect together St Barbara Annual Report 2020 | i 8696 StB Annual Report 2020.indd 1 7/9/20 4:07 pm LETTER FROM THE CHAIRMAN I am proud to report that our unwavering In 2020, the Board was also pleased to focus on the safety and wellbeing of approve the advancement of the Simberi our employees and communities, along sulphide project to the next stage and with our robust governance and risk conduct a feasibility study which is due management practices, have positioned to be completed this calendar year. us well to respond to the people and An investment decision is slated for the operational impacts of this global crisis. March quarter, 2021. In Papua New Our response was, and continues to be, Guinea, we are making a real difference swift and proactive. There is no greater to social outcomes in the New Ireland priority than keeping our people and province, home to the Simberi Operations. communities safe and in good health, If successful, the sulphide project will supported by our ability to maintain allow us to continue to do this for production through the difficult years to come. circumstances which prevailed. Our Gwalia mine is one of Australia’s Pleasingly, our overall safety performance oldest and deepest underground gold improved with a Total Recordable Injury mines – Leonora Operations was originally Dear Shareholder Frequency Rate (TRIFR) for the year of established in 1896. It was exciting to mark It is with great pleasure that I present 3.0, significantly better than many of our our 15 years of ownership of Leonora to you, our 2020 Annual Report. industry peers. It is a source of great pride Operations this year. We respect the The 2020 financial year saw many to know that safety lies firmly at the heart legacy of this asset while recognising important and positive changes to our of our pursuit of operational excellence. and managing the technical challenges of a mature operation. Following a business. With our acquisition of Atlantic In terms of our financial performance, strong final quarter, we look forward Gold in Nova Scotia, Canada, we became our strong balance sheet reflects our to continuing to build on the success a truly global gold company and we disciplined culture of prudent cash of this magnificent operation. also welcomed Craig Jetson as our new management. We finished the year with Managing Director and CEO. a healthy cash position of A$406 million As a diverse, global gold mining This acquisition, along with our new and debt of A$307 million, of which company, we are well positioned to leadership, has marked the dawn A$200 million was repaid on 30 July 2020. benefit from this year’s strengthening of a new era for St Barbara. We drew down on this debt in March gold price to deliver positive returns 2020 as a precautionary measure in to our shareholders. With an extremely On behalf of the Board, I would like to case our operations were impacted by competent leadership team in place, welcome Craig to St Barbara. Craig joined COVID-19. I am pleased to confirm that the Board and I are optimistic about us in February 2020 and brings strong we have maintained a total fully franked the future of St Barbara. I extend credentials in operational focus, along dividend of A$0.08 cents per share for my thanks to both my fellow Board with an authentic passion for people the 2020 financial year, comprising the members for their valued contribution and preserving our values-led culture. interim dividend and final dividend and the leadership team for their St Barbara is in excellent and capable of A$0.04 cents per share each. tireless commitment. hands with Craig. Looking forward, this solid financial Thank you for your continued support Bob Vassie’s retirement as Managing performance positions us well for the and investment in St Barbara. I firmly Director and CEO of St Barbara was year to come. Our newly acquired believe that our Company has a bright announced in December 2019 and he Atlantic Gold asset has opened up future and I look forward to keeping stepped down in February 2020. Since significant opportunities for us in North you informed of our progress and July 2014, Bob led the Company through America. The transaction, which was achievements during the current year. significant stages of our development, successfully completed in July 2019, gives including life extensions at Leonora St Barbara a secure foothold in another and Simberi and the acquisition of key gold mining jurisdiction of the world. Atlantic Gold. I thank Bob for his tireless It has established us as a global gold contribution and his leadership, during company with assets now in Australia, which we restored the Company’s balance Papua New Guinea and Canada, providing sheet and established a platform for good geographical and production Tim Netscher growth. From these foundations, Craig diversification. Since acquisition, Atlantic Non-Executive Chairman is now capably leading us forward. Gold has already made a substantial At the time of writing, the COVID-19 contribution to our business. pandemic continues to present the world, and our business, with significant challenges. Our response was the first item on Craig’s agenda as he settled into his role; a challenge which he is very capably meeting, with the support of a seasoned leadership team. ii | St Barbara Annual Report 2020 8696 StB Annual Report 2020.indd 2 7/9/20 4:07 pm LETTER FROM THE MANAGING DIRECTOR AND CEO A pleasing safety result in 2020 My own experience in Papua New Guinea taught me about the power of the Safety is always our number one priority community and the connection of the and lies at the heart of everything we people – to each other and their land. do – and every decision we make – at I am passionate about respecting St Barbara. It is my top priority to ensure Indigenous cultures and working in our people remain empowered to always partnership with the traditional owners put safety first with a strong focus on of all the lands on which we operate. Visual Leadership, where leaders are in Building stronger communities – which the field coaching others and ensuring involves supporting the next generation safe work practices. of Indigenous leaders – is one of our Operating our assets to their fullest five business-wide commitments potential means nothing if we are not to operating in a sustainable way. doing it safely, for our people and for At our Leonora Operations, we are helping our communities. to build the next generation of Indigenous In 2020, we saw a pleasing decrease leaders with our support of programs Dear Shareholder in our Total Recordable Injury Frequency such as Shooting Stars and the Clontarf In this, my first Annual Report Rate (TRIFR), down from 5.0 in 2019 to Foundation, which help youth from local as the Managing Director and CEO 3.0 in 2020, ahead of the mining industry communities continue their education of St Barbara, I want to update you average (according to the latest report and achieve their goals.