St Barbara Ltd.

St Barbara Ltd. is a junior gold producer headquartered in Perth, Australia, operating primarily in Canada and Asia. The company's portfolio consists of 2 projects, comprising 1 operating mine and 1 suspended project. Key assets include Simberi. The company's business model is centered on open-cut mining operations with a strategic focus on maintaining business continuity to bridge current activities with future development phases. This approach involves utilizing breakeven cut-off grades to sustain operations, thereby avoiding premature closure costs and associated community impacts. Processing capabilities are characterized by the use of a Carbon-in-Leach (CIL) circuit, with performance enhanced through the application of artificial intelligence-based learning to optimize the recovery of moderate sulphur ores. This technological integration is a key component of the operational strategy to extend the viable life of existing processing infrastructure. The enterprise also demonstrates an innovative approach to asset life cycle management by actively investigating the repurposing of legacy mining infrastructure, such as open pits and waste storage areas, for renewable energy projects. This forward-looking perspective on asset utilization complements the core operational focus on efficiency and continuity, positioning the organization to maximize value from its existing footprint while planning for long-term, sustainable transitions.

Strategic focus shifted in fiscal year 2024 to prioritize the advancement of key growth projects toward definitive investment decisions. A core objective is the extension of oxide ore processing capabilities to ensure operational continuity through to the anticipated commencement of expanded sulphide processing, a strategy designed to be superior to temporary closure. The enterprise successfully completed all key strategic work streams for its development projects during the year. For fiscal year 2025, the plan is to progress the Simberi Sulphides Expansion to a Feasibility Study ahead of a Final Investment Decision, supported by a 9,000-metre drilling program. This includes optimizing a Saleable Concentrate Flowsheet following early flowsheet selection. Concurrently, the organization actively manages its portfolio of equity investments to maximize shareholder value. For its Atlantic development projects, environmental approval submissions have been paused due to external difficulties, but the company will continue to maintain environmental baselines and conduct targeted studies while engagement with government continues. This demonstrates a clear, achievable, and adaptive strategy focused on de-risking major projects and creating long-term value.

Executive leadership is headed by Managing Director and CEO Andrew Strelein, who was appointed on 1 July 2023 and brings extensive global experience in corporate development and operational management. The Board of Directors, chaired by Independent Non-Executive Chair Kerry Gleeson, underwent significant renewal in 2023 with the appointment of 3 new directors. Following a resignation at the end of fiscal year 2024, the Board determined its current composition is appropriate and will not seek a replacement. Governance is structured through an Audit and Risk Committee and a Remuneration and Nomination Committee, which oversee risk, financial reporting, and executive compensation. In fiscal year 2024, management executed a significant organizational restructure that reduced corporate costs by 48% while retaining core capabilities essential for achieving strategic development objectives. The executive remuneration framework was redesigned to feature lower fixed pay and a greater emphasis on at-risk components, including a one-off Project Incentive Performance Rights grant, directly linking compensation to the delivery of critical project milestones and long-term shareholder value creation.

The sustainability framework is guided by five group-wide commitments with direct oversight from the Board of Directors. In fiscal year 2024, a key safety initiative involved the implementation of a safety intervention plan at the Simberi operation to refocus on safety behaviors and enhance hazard analysis processes, while the exploration team achieved 5 years free of reportable injuries. Community development is a core focus, demonstrated by the establishment of the Tabar Group of Islands Cocoa Co-operative Project, a partnership designed to create sustainable, post-closure business opportunities for local communities. The company also sponsored corporate governance training for approximately 50 leaders from local landowner associations to build capacity and empower community partners. Environmental initiatives include a partnership with renewable energy company Natural Forces to study the feasibility of repurposing the Touquoy site for a pumped hydro energy storage facility. The organization has set diversity objectives, including maintaining a nil gender pay gap for like-for-like roles, which was achieved in fiscal year 2024, and targeting 40% female representation on the board, with 33% achieved as of 30 June 2024.

The company's corporate structure was significantly reshaped following the sale of its Leonora assets to Genesis Minerals Limited, a transaction completed on 30 June 2023. This divestiture marked a strategic pivot to focus on its remaining development projects. A key component of the corporate structure is an actively managed portfolio of listed equity investments. As of the end of fiscal year 2024, this portfolio included holdings in Brightstar Resources Limited, Catalyst Metals Limited, Patronus Resources, and Peel Mining Limited. The company noted its investment in Catalyst Metals was subsequently sold on 16 August 2024. The management of this portfolio is a distinct part of the company's strategy, which included providing assistance for Linden Gold Alliance’s acquisition by Brightstar Resources Limited during the year. For governance and reporting purposes, St Barbara Limited and its wholly-owned subsidiary, Phoenician Metals Limited, are parties to a Deed of Cross Guarantee, which relieves the subsidiary from certain financial reporting requirements under Australian regulations. The group's operational activities are conducted through controlled entities, including Simberi Gold Company Limited and Atlantic Mining NS Inc.