16 September 2022
2022 Annual Report
The 2022 Annual Report for St Barbara Limited (ASX: SBM) (“Company”) is attached, as distributed to shareholders today.
The Annual Report complements, and should be read in conjunction with, information contained in the Company’s corresponding
Sustainability Report and Corporate Governance Statement, both released today and are available at www.stbarbara.com.au.
Authorised by
Board of Directors
For more information
Investor Relations
Chris Maitland
Head of Investor Relations
Kasun Liyanaarachchi
Manager Investor Relations
T: +61 3 8660 1914
M: +61 477 120 070
T: +61 8 9380 7854
M: +61 499 538 252
Media Relations
Justine Fisher
Head of People, Communications &
Corporate Affairs
M: +61 416 196 403
St Barbara Limited ACN 009 165 066
Level 7, 40 The Esplanade, Perth WA 6000
PO Box 1161, West Perth, WA 6872
T +61 8 9476 5555 F +61 8 9476 5500 stbarbara.com.au
ASX: SBM
ADR: STBMY
Annual
Report
2022
We are St Barbara
A growing gold company with a global outlook. We’re here to create
value in everything we do for our people, our communities and our
shareholders.
As we strive towards our vision to be a brilliant, global mining company
that grows sustainably and creates enduring, positive impacts, we are
guided every day by our five commitments and values-led culture.
At St Barbara, doing the right thing genuinely matters to all of us.
Our commitments
Our values
Safety Always
Empowered People, Diverse Teams
Stronger Communities
Growing Sustainably
Respecting the Environment
Our values guide us in our decision-
making every day.
We act with honesty and integrity
We treat people with respect
We value working together
We deliver to promise
We strive to do better
Contents
Our company ..........................................................................I
Letter from the Chair ..........................................................II
Letter from the Managing Director and CEO ......IV
Our sustainability story and culturally diverse,
inclusive culture .................................................................VII
FY22 key performance achievements ....................IX
Leonora Operations ...........................................................X
Simberi Operations ..........................................................XII
Atlantic Operations ........................................................XIV
Exploration ...........................................................................XVI
Directors and Financial Report .....................................1
Ore Reserves and Mineral Resources........................92
Shareholder Information and Corporate
Directory...............................................................................................100
St Barbara Limited ABN 36 009 165 066
Cover photo: Peter Cowley
Our company
We are an Australian based, ASX listed gold mining company. Our
assets include our Leonora Operations in Western Australia, our Atlantic
Operations in Nova Scotia, Canada and our Simberi Operations in New
Ireland Province, Papua New Guinea.
Our purpose
We’re here to create value in everything we do, for our people, our communities
and our shareholders.
Our vision
To be a brilliant, global mining company that grows sustainably and creates
enduring positive impacts
Our assets
Leonora Operations
Simberi Operations
Atlantic Operations
Gwalia underground mine
Simberi open pit mine
Touquoy open pit mine
FY22 production
FY22 production
FY22 production
191 koz
Leonora Province Plan - substantial
near term growth opportunities
Leonora processing plant 2.1mtpa
expansion to be completed Q4 FY24
Construction of Zoroastrian
underground mine will commence
in FY23, with first ore planned for
Q1 FY24
28koz
Social & Environmental Impact
Statement for Simberi Sulphides
project approved by the
Conservation & Environmental
Protection Authority of Papua New
Guinea
Under strategic review
61koz
Three additional potential
operations in Moose River Corridor
Approval of Touquoy Tailings
Management Facility lift
Beaver Dam and Fifteen Mile
Stream remain under the Federal
Canadian Environmental
Assessment Act 2012 process
At 31 December 2021, St Barbara had almost 16.5 million ounces of mineral resources, including 6.2 million
ounces of contained gold in Ore Reserves*. We also hold an extensive landholding with granted tenements and
tenement applications in all three countries in which we operate. Our approach to exploration activity is
coordinated centrally to maximise value from our global portfolio.
*This includes the Bardoc assets that were added in April 2022.
St Barbara 2022 Annual Report | I
Letter from the Chair
Our expanded footprint, together with the
proposed upgrades to the Leonora
processing plant, positions us for
sustainable growth in the Leonora Province
and surrounding area.
Dear fellow shareholder
Looking back over the last year, the
significant highlights for St Barbara
have undoubtedly been our
improved safety record, the
performance of our Leonora
Operations and the progress made
with our Company province strategy
via the acquisition of Bardoc Gold in
the Leonora Province and NSGold in
Nova Scotia. It was particularly
encouraging to see an improved
TRIFR of 3.4 for FY22, compared to 3.9
last year – a reflection of our
commitment to put safety first every
day, driven by strong leadership.
Our Company priorities remain clear:
to build our province strategy by
operating safely and sustainably,
utilising our empowered people and
diverse teams to operate our assets
with excellence and by executing
projects by means of disciplined
project management to deliver
deliberate, sustainable and value-
accretive growth.
It has been a busy year as we
worked to deliver on our promise of
provincial strategic growth –
particularly in Western Australia.
Our expanded footprint, together
with the proposed upgrades to
the Leonora processing plant,
positions us for sustainable growth
in the Leonora Province and
surrounding area.
As we focus on developing our
Leonora Operations and the
opportunities within this province,
some difficult – but important –
decisions have been made to
ensure a strong future for St Barbara.
This includes the decision to
conduct a strategic review of our
Simberi Operations.
For shareholders, I know there have
been some frustrations as our
Atlantic Operations continued to be
thwarted by permitting delays and
Simberi’s full year production was
disrupted by COVID-19 and the
replacement of the deep sea tailings
pipeline. Notwithstanding, the
pipeline replacement project was
achieved on time, with Simberi
returning to operations in January
2022; an amazing project
management achievement
conducted in a very remote location
at the height of the COVID-19
pandemic in Papua New Guinea.
One of our biggest accomplishments
was the acquisition of Bardoc Gold,
accelerating the delivery of our
Leonora Province Plan, unlocking
significant synergistic value in
the region.
Regarding our Atlantic Operations, in
the past few months there has been
some commentary made with the
benefit of hindsight regarding the
2019 decision to invest A$780 million
to acquire Atlantic Gold.
In FY22, we added Mineral Resources
containing more than three million
ounces of gold through the
acquisition of Bardoc and its
advanced Zoroastrian and Aphrodite
deposits. The transaction included a
large land package which has
expanded our extensive regional
tenement holdings.
St Barbara 2022 Annual Report | II
In this regard, I wish to point out:
Since acquisition, Atlantic has
delivered just over $150 million of
operational cash flow after
funding sustaining capital costs,
exploration costs and projected
development costs and also the
cost of purchasing Moose River
Resources Inc's (MRRI) 40
percent interest in Touquoy.
We purchased one fully
permitted operating mine,
together with three other
prospective mines, to be
developed in sequence over a
period of time, with a robust
pathway to secure the required
permits over this timeframe,
providing an envisaged
continuity of operations over the
life of the integrated mining
operations.
Like Australia, Canada has a
well-developed permitting
regime, with some permits falling
under Federal jurisdiction and
others falling under Provincial
jurisdiction, with an overarching
requirement for extensive First
Nations consultation. We were
justifiably encouraged by the fact
that the first mine had already
been permitted.
Unfortunately, and totally
unpredictably, COVID-19 struck at
the beginning of 2020 and, for a
period of about 18 months,
consultations with First Nations
were not able to occur, as also
happened in Western Australia,
albeit for a shorter time period.
Consultations with government
authorities were also inhibited for
times during this period, both
federally and provincially.
The loss of a year and a half of
consultation effectively resulted
in a bigger gap in the permitting
programs, given the inevitable
accompanying loss of
momentum.
The appointment of Meryl Jones
to President Americas, based at
our Atlantic Operations, has
enabled strong local
engagement with key
stakeholders and fostered
important relationships in the last
nine months.
Pleasingly, following multiple visits
this year by CEO and Managing
Director Craig Jetson to Canada,
including Nova Scotia, permitting
momentum has now been
restored.
Given the delays that have
already occurred, combined with
increases to operating and
capital cost assumptions and the
revised update to Atlantic
resource models as disclosed in
February, we recognised a non-
cash, post tax impairment of
$159 million.
The ore reserves in the remaining
three mines to be developed at
Atlantic, as well as the stockpiles
at Touquoy, total 1.6 million
ounces of gold. They represent
an asset of considerable value,
which we remain convinced will
become permitted and duly
exploited within a reasonable
timeframe. Canada and Nova
Scotia are first-world jurisdictions,
with track records of fair and
consistent application of
permitting laws.
Turning to our FY22 operating
performance, the Board and I were
pleased to see full year production
and All-In Sustaining Cost (AISC)
guidance achieved across the
operations, noting that guidance for
Simberi and Atlantic were revised
during the year. Our Group
production for the year was 280,746
ounces of gold, and a Group AISC of
A$1,848. Against the impacts of
COVID-19, travel restrictions and cost
inflation during the year, this is a
strong result.
While COVID-19 continues to present
challenges, our business is
constantly learning and adapting in
these changing times. With
enhanced flexible work practices,
complemented by a strong focus on
employee engagement, health and
wellbeing, we have identified ways
to further strengthen our culture
of care.
I was therefore dismayed by the
findings detailed in the recent
Western Australian Government’s
Parliamentary Inquiry into sexual
harassment in the fly-in, fly-out
mining industry, which are contrary
to the values and ethos that we
uphold at St Barbara.
Our Diversity and Inclusion Policy,
Workplace Behaviour Policy and
Equal Opportunity Policy support the
reporting of any instance of unlawful
or unacceptable behaviour to the
Board, with zero tolerance of sexual
harassment, discrimination and
bullying. The Board and Executive are
united in our commitment to
fostering the right culture and
encouraging behaviours where
everyone feels safe, included, able to
speak up and raise concerns, and
ultimately feel welcome and
respected in our workplace.
Extending this thinking, our social
responsibilities to the communities
neighbouring our operations are
central to our license to operate.
These mutually beneficial
relationships with local organisations,
community partners, First Nations
people and local government
provide the opportunity to deliver
long-term socioeconomic benefits
to the regions where we operate.
Our renewable energy plans for
Leonora are an exciting and
essential step in our commitment to
Respecting the Environment. I am
pleased to see this thinking coming
together as this is key to our long-
term sustainability strategy.
We continue to deliver environmental
sustainability initiatives with a local
engagement approach, including
the implementation of recycling
programs and tailing storage facility
improvements at Leonora, mangrove
planting and coral propagation at
Simberi and advances in
management of potentially acid
generating materials at our
Atlantic Operations.
In FY22 we released our new Human
Rights Policy, ensuring the rights of
our employees and local
communities are upheld. We also
released our annual Modern Slavery
Statement, consistent with our
Modern Slavery Policy and
compliance with Australia’s
Commonwealth Modern Slavery Act.
As we look to FY23, with our long-
term vision focused on our
Australian and Canadian operations,
I look forward to capitalising on our
investment in the Leonora Province
as a significant Western Australian
gold producer and realising the
progress the management team is
making with permitting to support
the Atlantic growth projects.
I take this opportunity to thank and
recognise my follow Board members
and the leadership team, led by
Craig Jetson.
In June 2022, due to the workload
associated with his full-time position
as Executive Chairman of Artemis
Gold, Steven Dean resigned from his
role as a non-executive director
after providing several years of
valued input following our acquisition
of Atlantic Gold. My fellow directors
and I wish Steven all the best for his
future endeavours.
Looking ahead, on behalf of St
Barbara and, you, our shareholders, I
am optimistic about the year ahead.
Thank you for your continued
support of St Barbara.
Tim Netscher
Non-Executive Chairman
St Barbara 2022 Annual Report | III
Letter from the Managing Director and CEO
With our provincial
strategy in place – both at
Leonora and Atlantic –
supported by recent
permitting progress at
Atlantic, FY23 is an
important stepping stone
in our growth aspirations.
Key to this is providing a safe and
inclusive workplace for our people.
The Western Australian
Government’s Parliamentary Inquiry
into sexual harassment in the fly-in,
fly-out mining industry highlighted
aspects of our industry culture that
are completely unacceptable at St
Barbara. I was appalled by the
findings and took action to nominate
myself as a member of the
Australian Resources & Energy
Employer Association (AREEA)
National Taskforce on Workplace
Sexual Harassment.
As the only mining company in
Australia to hold the citation of
Workplace Gender Equality Agency
(WGEA) Employer of Choice for
Gender Equality, we remain focused
on providing a safe and inclusive
workplace for our people – wherever
they work in the world.
Our Respectful Workplace Safety
audits form part of our overarching
strategy to care for our people and
to keep building a culturally inclusive
St Barbara.
During FY22, as we endeavoured to
learn from the lessons from COVID-
19, we introduced flexible working
models, where practicable, to further
provide a workplace that fosters
positive mental health and
wellbeing. We recognise pressures
placed on families, especially during
COVID-19 lockdowns, and have
sought to help our employees
manage both work and home life
and support their overall mental
health and wellbeing.
We continue to manage COVID-19
and its impacts, guided by our
COVID-19 Management Plan. The
pandemic is still presenting
disruptions to our business,
evidenced through employee
absences, impacts on talent
recruitment and supply disruptions
and shortages. This is not without
its challenges.
Notwithstanding, it has been
encouraging to see borders re-
open, enabling our people to travel
more freely across our global
business, share learnings and
reconnect with colleagues.
Progressing our strategy
During the year, we unlocked value in
our business with the strategic
acquisitions of Bardoc Gold in
Western Australia and NSGold in
Nova Scotia – consistent with our
provincial plans for each jurisdiction.
The Leonora Province provides
opportunity for further growth and
possible industry consolidation; for
which our Leonora Operations is
well positioned.
We have also unlocked value within
our business via our company-wide
transformation program – Building
Brilliance – and the owner’s mindset
this has embedded and reflected in
the performance of our assets.
Building Brilliance commenced in
September 2020. Aimed at
increasing productivity and reducing
operating costs, it has enabled us to
unlock value and deliver against
our targets.
Dear fellow shareholder
This year it is pleasing to see our
provincial strategic approach being
realised with our acquisition of
Bardoc Gold, our expanding footprint
in the Leonora Province and applying
these learnings to our Atlantic
Operations. Certainly, a highlight of
the year has been getting our
technical experts and our executive
back on the ground at our
operations. The travel hiatus due to
COVID-19 was tough and our
business felt the absence of this
support. It is important to be able to
provide this in person – with benefits
borne across our business.
Safety Always
At St Barbara, nothing is more
important than the health, safety
and wellbeing of our people, which is
why our CARE (Control, Action,
Respect and Engage) safety
behaviours are central to our culture.
It was therefore pleasing to see our
CARE safety behaviours were front of
mind throughout the year.
Our TRIFR of 3.4 reflects this; a great
improvement compared to 3.9 in
FY21 and the result of the right
initiatives, hard work, innovation,
teamwork and strong leadership.
The accompanying Sustainability
Report provides detail on our
safety performance, focus on
health and mental wellbeing,
environmental practices and
community engagement.
Of note in FY22 was the delivery of
our new leadership program, the
Safety Always program, which
focuses on the leadership
behaviours, skills and knowledge that
drive the delivery of a strong health
and safety performance.
St Barbara 2022 Annual Report | IV
With an ambitious target set, I am
pleased to report the program has
generated a cash contribution of
$154 million to date.
We will continue to build brilliance in
our business as we identify and
implement improvement
opportunities and reduce costs.
Consistent operational
performance
Despite the impact of COVID-19 on
availability of people and – in some
instances – equipment, our Leonora
and Atlantic Operations delivered to
plan, with Simberi having a strong
second half of the year. Guidance
was achieved, with total Group gold
production of 280,746 ounces. This
reflects management focus on
delivering to promise.
Leonora Operations
Leonora Operations this year
produced 191,459 ounces of gold
with an average milled ore grade of
6.0g/t Au. AISC was $1,717 per ounce.
We’re now in our second year of
partnership with underground mining
contractor Macmahon at our Gwalia
mine. Throughout FY22, we worked
together to improve performance. As
a result, our partnership has
delivered strong outcomes.
Pre-Feasibility Study (PFS) work
continued throughout the year,
focused on the expansion of the
Leonora processing plant capacity
from 1.4mtpa to 2.1mtpa. This work
confirmed the viability of the
planned upgrade and identified
enhancements to the preliminary
design.
Following the successful integration
of the Bardoc assets, the Zoroastrian
mine remains on track for first ore to
be delivered to the Leonora
processing plant in Q1 FY24.
Development of the refractory
Aphrodite underground deposit will
be timed to coincide with installation
of refractory ore treatment capability
at the Leonora processing plant.
We continue to work hard to deliver
our other near term growth
opportunities at Leonora, including
Old South Gwalia. The Feasibility
Study into Tower Hill and Harbour
Lights is expected to be completed
in Q3 FY23, delivering with it the
inaugural Open Pit Ore Reserves for
Harbour Lights. The inaugural Open
Pit Ore Reserve for Tower Hill is
expected earlier, in Q1 FY23.
Atlantic Operations
At Atlantic Operations, we produced
61,151 ounces of gold at an average
milled grade of 0.75g/t Au and an
AISC of A$1,720 per ounce.
The focus for FY22 at Atlantic has
been to secure provincial permitting
outcomes to support production
from our Touquoy mine. With the
Touquoy mine approaching end of
life and continued delays to the in-
pit tailings permit, we applied and
were granted approval to raise the
existing Touquoy TMF to provide
continuity of operations.
Further to this, we are working to
obtain approval to convert the
Touquoy open pit into a Tailings
Management Facility (TMF) upon
completion of open pit mining. This
is vital to support ongoing
production from our Atlantic
Operations post FY23.
In August, our application to the
Impact Assessment Agency of
Canada (IAAC) for both Beaver
Dam and Fifteen Mile Stream to
remain under the Federal Canadian
Environmental Assessment Act 2012
(CEAA 2012) process was approved.
This removes the risk to these
projects being materially delayed by
the permitting process having to
restart under the new Impact
Assessment Act 2019.
As a result, pending successful
completion of permitting
requirements, Beaver Dam remains
on track for first ore to be
delivered prior to the completion of
stockpile processing at Touquoy in
December 2024.
Our plans for our Atlantic Operations
continue to progress with the team
focused on continuity of operations,
supported by respectful community
engagement, exacting
environmental stewardship – with
the goal of enabling ongoing
employment and other opportunities
for Nova Scotians for many years
to come.
I have spent some time on the
ground in Nova Scotia since January
2022. While there, I met with
important local stakeholders
including federal government
officials, provincial government
representatives and many
community members.
I also had the honour to participate
in a cultural experience with local
First Nations peoples. This was both
an honour and a truly humbling
experience as we seek to build on
and foster strong relationships.
Simberi Operations
Turning to our Simberi Operations,
the highlight was the safe and
successful replacement of the deep
sea tailings pipeline. This saw
Simberi return to operations in
January 2022.
With the pipeline replaced, the team
delivered 28,136 ounces of gold
production, which was in line with
revised guidance. Simberi had a
milled grade of 1.07g/t and an AISC
of A$3,017 per ounce, with AISC
reducing in the fourth quarter as the
site returned to full operation.
Another achievement was receiving
Social & Environmental Impact
Statement approval for the
Simberi Sulphide Project from the
Conservation & Environment
Protection Authority of Papua
New Guinea.
We have now commenced a
strategic review of our investment in
Simberi Operations and have
deferred the Final Investment
Decision in the Sulphide Expansion
project. With capital investments
anticipated at each of our
operations in the next two years, this
strategic review will assess the best
allocation of capital for risk and
return compared with our other
projects across the Group.
Empowered People, Diverse Teams
It is with great pride that we continue
to be recognised as a leader in
inclusion and diversity in the
minerals industry.
I know a diverse and inclusive culture
generates many positive business
outcomes, driving creativity and
innovation while also improving
business performance, employee
engagement and overall culture.
With zero tolerance for any form of
harassment including sexual
harassment, discrimination, bullying
and behaviours that are not aligned
to our values and Code of Conduct,
we are committed to calling out
such behaviours, encouraging our
people to report any concerns and
reporting annually on our diversity
and inclusion performance.
For the second year in a row, we are
also the only Australian mining
company to be included in the
global Bloomberg Gender Equality
Index (GEI) improving our
performance this year by eight
percent to 77 percent.
St Barbara 2022 Annual Report | V
We are one of 413 companies across
45 countries to join the GEI, achieving
100 percent for transparency; 100
percent on sexual harassment
policies and 94 percent for equal
pay and gender pay parity.
In Papua New Guinea, women make
up 16 percent of the workforce, with
21 percent representation in Canada.
In Australia, women comprise 26
percent of our workforce and 28
percent of Group management roles
are held by women. We do, however,
still have a way to go with our First
Nations employment opportunities in
both Australia and Canada.
This year we took steps to enhance
our First Nation representation. We
have standalone objectives to
increase the proportion of First
Nation employees in both our
Australian and Canadian operations
to five percent by 30 June 2024.
In Australia, we are drawing on the
expertise of First Nations
employment specialists to conduct a
baseline assessment of our
strategies and effectiveness to
attract, recruit and retain First Nation
candidates. We will look for synergies
in our Canadian recruitment
practices. Additionally, we have
joined the Goldfields Aboriginal
Industry Network to enhance our
local engagement and Indigenous
employment opportunities in the
Leonora Province.
Stronger Communities
This year, we continued to deliver
social investment programs against
our six pillars of support including:
psychological health, Indigenous
leadership, socioeconomic
development, environmental
responsibility, community wellbeing,
and youth and education.
At our Leonora Operations, we focus
on providing opportunities to
empower young First Nations people
to build their confidence and
leadership skills, while remaining
committed to their education.
At our Atlantic Operations, we
proudly partner with community
organisations to support key local
business and social activities –
providing positive socioeconomic
benefits to a region deeply impacted
by COVID-19.
Growing Sustainably
Growing our business sustainably,
where it makes sense, and with
strong governance practices, means
we add value for everyone: our
shareholders, our people, and
local communities.
In FY22, our support for the
community neighbouring our Simberi
Operations focused on infrastructure
projects, with contributions to new
classrooms and a library for the local
primary school.
We remain committed to the
priorities of the local communities,
enhancing their independence and
prosperity. By continuing to foster
and deepen our relationships with
community rights holders and
stakeholders we can together deliver
positive long-term outcomes for the
communities where we work and live.
Respecting the Environment
We are proud to run our business
sustainably and identify different
solutions to actively manage and
minimise our impact. As we progress
projects, we are committed to
meeting our environmental and
social commitments and
proactively engaging with
regulators and stakeholders.
We maintain environmental
specialists at each site to manage
the unique obligations relevant to the
different jurisdictions in which we
operate. Each site continues to lift
our environmental performance and
understand the obligations and
expectations of local communities,
regulators, and other stakeholders.
Of note, our renewable energy plans
for Leonora are a vital component of
our province strategy and key to our
long-term sustainability strategy. I
refer you to our Sustainability Report
for more detailed information on our
commitment to and progress with
regards to Environment, Social and
Governance matters.
With the acquisition of Bardoc Gold,
we are delivering on growth
opportunities for our Leonora
Operations. This is critical to our
Leonora Province Plan to sustain and
enhance our future production
profile and footprint in the province
well into the future.
We are also consolidating our two
corporate offices into one, in Perth,
Western Australia – an important
step to set the business up for
the future.
In support of the Leonora Province
Plan and regional exploration
activities, we are proud to undertake
archaeological and ethnographic
surveys in partnership with the Darlot
people, ensuring future activities do
not impact on their cultural heritage.
Summary
With our provincial strategy in place
– both at Leonora and Atlantic –
supported by recent permitting
progress at Atlantic, FY23 is an
important stepping stone in our
growth aspirations. The strategic
review of Simberi Operations is
underway, and this is an important
step in realising a future for Simberi
where the Sulphide Expansion project
can be delivered, thus adding more
than ten years to Simberi’s mine life.
These are times of opportunity for St
Barbara; and the Executive and I look
forward to delivering on these
opportunities in the year ahead.
Craig Jetson
Managing Director and CEO
St Barbara 2022 Annual Report | VI
Our sustainability story and culturally diverse,
inclusive culture
Our sustainability framework supports St Barbara’s purpose, vision and business strategy, which
collectively focuses on value creation for our stakeholders. Environmental, social and corporate
governance are central to our framework.
We measure and report on our environmental, social, and economic performance, govern our
business via approved charters, policies and standards, and our Code of Conduct ensures we do
the right thing – always.
Objective
As at 30
June 2019
As at 30
June 2020
At at 30
June 2021
Target
By
As at 30
June 2022
1 Maintain the percentage of women on the
Board (including MD & CEO)
40%
33%
33%
33% Ongoing 40%
2 Maintain like-for-like gender pay equity
0%
0%
0%
0% Ongoing 0%
3 Increase the proportion of women in
Australia
25%
26%
28%
35% 30 June
2024
26%
4 Reduce the Australian Operations overall
gender pay gap
12%
12%
8%
5% 30 June
2024
7%
Increase the proportion of Aboriginal
employees in the Australian Operations
(Leonora)
5
3%
3%
2%
5% 30 June
2024
1%
6 Increase the proportion of women in the
Leonora Operations
-
-
-
20% 30 June
2024
16%
7 Increase the proportion of women in the
PNG Operations (Simberi)
15%
15%
16%
18% 30 June
2024
16%
8 Increase the proportion of women in the
Canadian Operations (Atlantic)
Increase the proportion of First Nations
employees in the Canadian Operations
(Atlantic)
9
-
-
19%
23%
30% 30 June
2024
21%
3%
2%
5% 30 June
2024
2%
We are delivering against long-standing objectives, supported by policies and procedures that support diversity,
inclusion, flexibility, respect and safety. Our goal is to provide an equitable workplace for all people, where all forms
of diversity are celebrated. We also support those affected by domestic violence, including in the communities in
which we operate.
Our progress against our objectives remains steady. During the year, we focused on building the proportion of First
Nation employees in our business, with foundations laid through partnerships with external experts for activation in
the year ahead. Our entry pathways program supports this.
St Barbara received the Employer of Choice for Gender Equality (EOCGE) citation from the Workplace Gender
Equality Agency (WGEA) for the eighth consecutive year. We remain the only Australian Mining company to receive
this citation. Further to this Australian citation, we were included in the global 2022 Bloomberg Gender-Equality Index
(GEI), for the second year in a row, recording a score of 77.7 percent, eight percent higher than last year, with a
score of 100 percent on transparency and 100 percent for our sexual harassment policies (compared to the
average of 66 percent). These citations demonstrate our commitment to Empowered People, Diverse Teams.
St Barbara 2022 Annual Report |VII
St Barbara 2022 Annual Report | VIII
FY22 key performance achievements
A successful year with the following highlights:
Full year gold production of 280,746 ounces and AISC of $1,848 per ounce
TRIFR of 3.4, down from 3.9 in FY21
Acquisition and integration of Bardoc Gold Limited completed, with first ore from
Zoroastrian expected in Q1 FY24
Mineral Resource growth of 3.6Moz to 16.5Moz of gold
Total recordable injury frequency rate
Gold production (ounces)
5
4
3
2
1
0
5.0
3.9
FY22
3.4 TRIFR
3.0
3.4
2.1
FY18
FY19
FY20
FY21
FY22
St Barbara Group
FY22
280,746
ounces of gold
500,000
400,000
300,000
200,000
100,000
0
9
8
0
3
0
4
,
7
8
8
,
1
8
3
6
4
3
2
6
3
,
2
6
6
7
2
3
,
6
4
7
0
8
2
,
FY18
FY19
FY20
FY21
FY22
All-In Sustaining Cost (A$/oz)
Ore Reserves and Mineral Resources (Moz)
2,000
1,500
1,000
500
0
1
6
6
,
1
9
6
3
,
1
0
8
0
,
1
1
9
8
8
4
8
,
1
FY22
A$1,848 /oz
Leonora
Simberi
Atlantic
20
15
10
5
0
6.2
1.7
2.1
2.5
6.2
1.6
2.1
2.5
16.5
2.0
4.2
10.3
13.1
2.1
4.2
6.8
FY18
FY19
FY20
FY21
FY22
FY21
FY22
Ore Reserves
FY21
FY22
Mineral Resources
Employee numbers and gender breakdown
Total Employees
Female
1,338
253
26%
Male
1,085
74%
St Barbara 2022 Annual Report | IX
Leonora Operations
The Gwalia underground mine is located outside Leonora, 235 kilometres from Kalgoorlie-Boulder,
Western Australia. Gwalia, the cornerstone of Leonora Operations, is the deepest underground
trucking mine in Australia and has been operating for more than a century. The mine was originally
established in 1896, with Herbert Hoover – who eventually became the 31st President of the United
States - appointed as Manager in May 1898. Our Leonora Operations includes the Gwalia 1.4mtpa
processing plant and underground mine, as well as nearby development opportunities which form
part of our Leonora Province Plan.
We have been part of the Goldfields community since we commenced operations in 2005 and are
active in our support of the community, as part of our commitment to Stronger Communities. We
have built and continue to foster strong relationships with community organisations, local
government and WA-based organisations that have a footprint in the Goldfields region. Through
our partnerships we help support improved educational outcomes and community vibrancy,
helping the community to thrive, grow and prosper.
FY22 highlights
Safety performance: TRIFR
9.1
Gold production
191
koz
All-In Sustaining Cost
A$1,717
Workforce composition
/oz
165
employees
16%
female
84%
male
Highlights
In FY22, Leonora met its production guidance, with 191,459 ounces of gold
produced with an average milled ore grade of 6.0 g/t Au at an AISC of
$1,717 per ounce.
Safety performance deteriorated year-on-year, with our TRIFR rising from
6.4 in FY21 to 9.1. This was impacted by turnover, which was high during
this period due to border closures, and a tight talent market, with an
increase in new starters. The Safety Always leadership program was
delivered during the year, with a continued focus on Critical Risk Control
Standards and the Rules to Live By.
With the aim of increasing mining optionality within the Gwalia
underground mine, we focused on mining development and increasing
the number of headings. In FY22, this allowed for production goals to
continue to be met following a seismic event in November 2021. In the
past, seismic events of similar size have forced extended mine closures
and guidance downgrades. The focus on development, together with
mine planning, mitigated against this.
In July 2022, we announced a further increase to our extensive Mineral
Resource base in the Leonora province with the release of an inaugural
Mineral Resource for Old Gwalia South of 1.85Mt @ 3.7g/t Au (0.2Moz).
This inaugural Mineral Resource is the first instalment from Old South
Gwalia. This will add an additional mining front to Gwalia with Old South
Gwalia, a high grade section of the mine between 600 and 1000 meters
below sea level. Further resource extension drilling is planned for the
coming year to support this new mining front.
Building Brilliance
The Building Brilliance transformation program at Leonora Operations
had a direct impact on production and costs. Since commencing in FY21,
Building Brilliance has delivered a cash contribution, through production
uplifts and cost savings, of $101 million. These benefits are supported by
our key KPIs, with a six percent reduction in cost per tonne mined and
seven percent for cost per tonne processed. Importantly, cost per
development metre has reduced by around ten percent, with an
increase in total material moved by almost five percent.
Key projects delivered include the installation of an underground Wi-Fi
system, enabling remote operation of equipment including the loader
fleet, and the introduction of a custom-designed water cannon mounted
on a mobile carrier underground, which also increased performance in
the mine. The new cannon, with better range and capability, enabled
remote washing down of the footwall, increasing recovery and reducing
the requirement for including waste in the footwall. These projects have
now been business as usual for 12 months.
At the Leonora processing plant a trial was undertaken in the ball mill to
use chrome grinding media in place of forged carbon steel. The
outcome was a success and, with the improved wear characteristics
and consumption rates, the switch to high chrome media is delivering
significant cost savings on an annual basis.
St Barbara 2022 Annual Report | X
Current Ore Reserves at Zoroastrian
are anticipated to supply
approximately three years of ore to
the Leonora processing plant. We
intend to move quickly to infill drill
the Mineral Resource and to drill
extensions to the Resource in a
surface drilling campaign
during FY23.
Development of the refractory
Aphrodite underground deposit will
be timed to coincide with installation
of refractory ore treatment
capability at the Leonora processing
plant. Aphrodite is a high margin
refractory ore source that will
complement the Harbour Lights
refractory deposit, which has also
recently been confirmed to be
amenable to the Glencore Albion
Process™ installation - the
technology planned to enable
refractory processing at the Leonora
processing plant.
Leonora Province Plan
In delivering our strategy and
unlocking value in the business, we
have significantly matured our
provincial plan for Leonora. Our
vision for Leonora includes an
expansion of the Leonora
processing plant to a capacity of
2.1mtpa and increasing the number
of ore sources capable of feeding
the mill. This satellite mining
approach provides mining
optionality and robust production for
a region that will support gold
processing for decades to come.
Our future plans include upgrades
to the Leonora processing plant, with
the ability to process refractory ore
– a unique capability within a
200km radius. Refractory processing
unlocks our Harbour Lights and
Aphrodite ore body along with
numerous orphaned refractory ore
bodies in the region.
The prefeasibility study into Tower
Hill and Harbour Lights made
significant headway during the year
with resource definition drilling to
inform our resource models. The
study identified that open pit
extraction was the best option for
development. This enabled the
issuing of a maiden open pit Mineral
Resource for Tower Hill during the
year, increasing our gold resources
in the province by 600koz.
In FY22, we took an important step
towards accelerating our Leonora
Province Plan with the successful
acquisition of Bardoc Gold. Via a
completed scheme of arrangement,
the acquisition delivered St Barbara
ownership of the advanced
Aphrodite and Zoroastrian
underground deposits as well as an
extensive land holding with
numerous additional resources and
new exploration targets. Due to their
proximity to road and rail
infrastructure connected to Leonora,
the deposits will become additional
ore sources which will accelerate
the Leonora Province Plan by filling
the Leonora mill sooner than
previously expected.
We have already made significant
progress at the Zoroastrian
underground deposit and are
targeting construction of surface
works and contractor mobilisation in
Q2 FY23, with portal construction in
Q3 FY23. First ore from Zoroastrian is
now targeted from Q1 FY24. In its first
full year of production, we are
expecting Zoroastrian to deliver
approximately 300kt of ore at an
average grade of 3g/t, producing
~30koz of gold.
St Barbara is central to any regional consolidation
Our Leonora Province Plan is generating early rewards with expansion of Mineral Resources and Ore
Reserves and our expanded footprint across the region. St Barbara has the largest Mineral Resource and
Ore Reserve base in the Leonora region, a host of near-term growth options including the new Zoroastrian
underground mine (delivery of first ore on track for the start of FY24), making St Barbara central to any
regional consolidation. This will be further enhanced through the expected increase in processing capacity
by 50 percent to 2.1mtpa.
In support of the Leonora Province Plan, we identified an opportunity to increase our understanding of our
Harbour Lights deposit by relogging and re-assaying historical diamond drill core for multi-element
analysis. The reprocessing will significantly increase the knowledge of the Harbour Lights resource through
better geological domaining. This will give us greater understanding on the controls of high-grade
mineralisation as well as increased information on the metallurgical properties of the deposit. Early
estimates suggest this work could save the equivalent of drilling 25,000 metres.
St Barbara 2022 Annual Report | XI
Simberi Operations
Simberi is an open cut mining operation situated on the northern most island of the Tabar Group, in
New Ireland province of Papua New Guinea, which we purchased in 2012. The Sulphide Expansion
project is expected to extend Simberi’s life by more than ten years.
More than 90 percent of the workforce are from Simberi Island, the nearby Tabar Islands, and other
parts of Papua New Guinea, meaning sustainable economic opportunities for local families,
businesses and suppliers. We work in partnership with the island community and have provided
support around COVID-19 since 2020.
Across Simberi, we were proud to provide COVID-19 vaccines to local community members, with
daily vaccination clinics and incentives to encourage our employees to get vaccinated and
increase vaccination rates across the region. Our team coordinated several vaccination rollouts
which helped to educate the community and address vaccine hesitancy, which helped make
Simberi a safer place for locals and visitors.
Highlights
Despite a surge of COVID-19 infections across the Tabar Group
exacerbating the challenges of ramping up, our Simberi Operations
produced 28,136 ounces of gold at an AISC of A$3,017 per ounce in FY22.
FY22 highlights
Safety performance: TRIFR
0.4
Gold production
koz28
All-In Sustaining Cost
A$3,017
Workforce composition
/oz
742
16%
female
employees
84%
male
In early January 2022, processing of ore recommenced following the
successful installation of a new deep sea tailings pipeline (DSTP). A
failure of the previous DSTP in June 2021 put Simberi in care and
maintenance for seven months.
The final quarter of the year saw significant improvements to ore mined,
waste mined, and ore milled as it recovered from the impact of the
COVID-19 outbreak that affected ramp-up rates in the prior quarter.
Due to border restrictions caused by the COVID-19 pandemic, the first on
ground CEO operational review for two years occurred in the third
quarter. In collaboration with the new General Manager on site, a revised
mine plan has been developed which delivered more ore to the mill
improving production in the final quarter of the year.
Safety performance was noteworthy, with a TRIFR of 0.4 – down from 2.7
in FY21. The installation of the DSTP was completed, on time and with
no injuries.
A key focus during the year was the front end engineering and design
study for the Sulphide Expansion project, including finalising the mine
design for the preferred pit development sequence and seeking to
confirm a reliable capital cost estimate in a volatile pricing environment.
The cost inflationary pressures in the global project construction market,
together with some project scope changes, resulted in a significant
increase in the capital cost estimate relative to that calculated in the
Feasibility Study.
In June 2022, we commenced a strategic review of our investment in
Simberi Operations and deferred the Final Investment Decision in the
Sulphide Expansion project. There are capital investments with strong
returns at each of our three operations in the next two years. This
strategic review will assess the best allocation of capital for risk and
return compared with our other projects. We have received unsolicited
enquiries from potential investors in Simberi and we anticipate the
Sulphide Expansion project to proceed either under St Barbara or
different ownership.
The environmental permit for the Simberi Sulphide project was received
by the Conservation & Environmental Protection Authority of Papua New
Guinea on 1 August 2022. This expansion will extend the operating life of
the mine by more than ten years.
St Barbara 2022 Annual Report | XII
Driving local biodiversity through active participation
Located on Simberi Island in the New Ireland province of Papua New Guinea, our Simberi Operations have
an important role to support local biodiversity and long-term sustainability of the area. As part of our
commitment to Respecting the Environment, we develop and implement a range of environmental
projects aimed to improve the local ecosystem and environment.
We know mangroves play an important part in the ocean’s ecosystem. Considered a nursery for the
ocean, mangroves provide benefits to both the ocean and the land, preventing land erosion and
absorbing storm surges during extreme weather, while providing a rich source of food for local fauna. As a
result, we have been planting mangrove shoots as part of our environmental commitment for more than
four years, enriching the local ecosystem, and providing a habitat for local marine species that contributes
to strong marine biodiversity.
We also work closely with local schools to educate young people about the importance of biodiversity and
environmental sustainability. This year we honoured World Environment Day by planting more than 300
mangrove shoots, while also working with students from Simberi Primary school to get them involved and
raise awareness of the importance of mangroves in Simberi.
During the course of operations, we have supported a range of infrastructure projects that leave a
sustaining legacy. More recently, we made contributions to the construction of new classrooms and a
library for the local primary school, maintenance of houses for community and healthcare workers, a new
bus stop and work on two community markets.
Our Simberi Operations’ biodiversity initiatives enable us to continue to meet conservation expectations,
with our mangrove propagation part of our long-term conservation strategy in addition to mariculture and
agriculture projects.
St Barbara 2022 Annual Report | XIII
Atlantic Operations
Becoming part of St Barbara in July 2019, our Atlantic Operations* are located approximately
80 kilometres northeast of Halifax in Nova Scotia, Canada. Open cut mining of the current open pit
at Touquoy commenced in 2017, with commercial production commencing in March 2018.
With additional operations planned at Beaver Dam and Fifteen Mile Stream and, thereafter,
Cochrane Hill, Atlantic Operations has an estimated mine life to 2030, with strong regional
exploration potential. Atlantic Operations prides itself on operating sustainably and providing
prosperity and opportunity for families in rural Nova Scotia.
FY22 highlights
Safety performance: TRIFR
6.2
Gold production
koz61
All-In Sustaining Cost
A$1,720
Workforce composition
/oz
322
21%
female
employees
79%
male
Highlights
Atlantic Operations achieved guidance in FY22 with production of 61,151
ounces of gold at an AISC of A$1,720 per ounce. TFIFR increased from
5.7 in FY21 to 6.2. The Atlantic Exploration team reported zero
recordable injuries.
In FY22, Touquoy Operations reached several milestones. On 31 May
2022, the Touquoy mill poured its 400,000th ounce of gold. By the end
of the financial year over 500,000 ounces of gold had been mined
from the pit, well beyond the original Life of Mine (LOM) plan of
425,000 ounces. Atlantic’s long-term stockpiles stand at 5.78mt
containing 84,924 contained ounces of gold ready for processing.
Looking back at the five years of operations, the 2017 LOM plan had
the mine producing 9,461,355 tonnes of ore at a strip ratio of 1.89.
Instead, the mine has produced 17,368,086 tonnes of ore at a strip
ratio of 1.04, representing an increase of more than 80 percent. This
contributed significantly to the current long-term stockpiles which
stand ready for processing.
Permitting
In the second half of the year, with global borders re-opened, St
Barbara’s Managing Director and CEO had the opportunity to travel to
Nova Scotia on two occasions and spend time on the ground with the
Atlantic Operations team, Federal and Provincial Government
representatives, community members and First Nations peoples.
In collaboration with the Government, a new permitting approach has
commenced and has already yielded promising results with two
permits approved for an ammonia treatment plant and for storage of
waste rock in the clay cut in July 2022.
This collaborative approach also contributed to the successful permit
approval of the Tailings Management Facility lift in August 2022.
Cessation of mining of the Touquoy pit will occur at the end of the first
half of FY23. Once mining is completed, the plant will move to
processing stockpiles.
Also in August, our application to the Impact Assessment Agency of
Canada (IAAC) was approved for both Beaver Dam and Fifteen Mile
Stream to remain under the Federal Canadian Environmental
Assessment Act 2012 (CEAA 2012) process.
Pending outcomes from ongoing discussions with the Department of
Fisheries and Oceans and First Nations groups, Beaver Dam is on track
for first ore to be delivered prior to the completion of stockpile
processing at Touquoy in December 2024.
*NSGold, Moose River Resources Inc., 4318146 Nova Scotia Limited and 4406446 Nova Scotia Limited were amalgamated into Atlantic Mining NS Inc. effective 1 July to
consolidate our Atlantic operations.
St Barbara 2022 Annual Report | XIV
Building Brilliance
The Atlantic Operations team
embraced the Building Brilliance
program and with a focus on
improving the performance of the
mill, delivered a cash contribution
of around $45 million for the
duration of the program.
This is evidenced by a 13 percent
reduction in the cost of tonnes
processed and a four percent
improvement in mill availability. In
addition, throughput increased by
five percent and gold recovery by
almost one percent.
Increased throughput
performance in the mill was
delivered with a number of
initiatives focused on
debottlenecking the grinding
circuit, increasing power draw on
the ball mill, enhancements in the
gravity circuit, and improved
operator capability.
Availability improvements were
attributable to installation of tank
bypasses, high impact wear
plates, and optimisation of
shutdown planning.
One of the more unique initiatives
was to treat secondary and tertiary
crusher cone and mantles with new
technology (cryogenics) to reduce
wear rates.
The results of a trial proved positive,
with post-treatment performance
improving replacement times by
14 percent.
This is now contributing to the
overall performance of the plant,
including the replacement cost of
the cones and mantles, and
reduced maintenance.
Our provincial strategy in play at Atlantic Operations
The Company’s province-focused strategy, which is underway at Leonora Operations, is being applied in
Canada, with recent permitting outcomes achieved to support business continuity at Atlantic Operations.
In August 2022, the Nova Scotia Department of Environment and Climate Change (NSECC) issued the
Final Conditions for the Industrial Approval to allow for the Tailings Management Facility (TMF) lift, enabling
construction to commence. The capital cost for the tailings lift is ~A$6 million and will extend the life of the
Touquoy operation until the end of FY23. This positive outcome was enabled as a result of government
engagement and a new collaborative approach to the permitting process in Nova Scotia.
This approach has seen three permits granted in the final quarter of FY22 and early FY23. The TMF lift
should provide sufficient time to work with the Provincial government to resolve NSECC’s outstanding
queries on the Environmental Assessment for in-pit tailings deposition. Upon receipt of the in-pit tailings
deposition permit, the Touquoy site will have sufficient tailings capacity to support the longer-term
Atlantic Province Plan, which is also proposed to include Beaver Dam and Fifteen Mile Stream. There are
sufficient stockpiles in place at Touquoy to ensure continued gold production from the Atlantic Operations
until December 2024. It is expected that first ore from Beaver Dam will be achieved prior to this time,
pending successful completion of permitting requirements..
St Barbara 2022 Annual Report | XV
Exploration
Exploration at St Barbara is focused on extending the life of each operation and providing
future growth options for St Barbara. This is fundamental to the Group’s respective
provincial plans and paving the way for each operation to have greater than ten years of
operating life.
FY22 highlights
Safety performance: TRIFR
0.0
Production
1,500
(Diamond, RC and Aircore)
holes drilled for 40,000 metres
completed testing 30 targets
Location
Exploration teams based at
Gwalia mine, Touquoy mine,
Simberi mine and Perth for
regional Australian projects
Workforce composition
70
24%
female
employees
76%
male
Highlights
Our annual exploration targeting process ranks targets from the global
exploration portfolio to provide a clear annual exploration plan. During
FY22, our exploration program met its objectives for the year. Exploration
continued across all three jurisdictions to support our provincial plans,
with significant progress achieved at and surrounding our operations.
In Western Australia, the exploration program focused on supporting the
execution of the Leonora Province Plan. Resource definition and
geotechnical diamond drill programs were conducted at Tower Hill and
Harbour Lights deposits to assist with upcoming Resource Estimates and
pit optimisations as part of the current Pre-Feasibility Study. Following the
acquisition of Bardoc Gold, diamond drilling commenced in Q4 FY22,
including geotechnical drilling at Zoroastrian deposit and metallurgical
drilling at Aphrodite deposit.
In Nova Scotia, across the exploration camps, planned drilling programs
were voluntarily deferred to allow for consultation with First Nations
groups, which has been positive. Regional surface sampling programs
were completed in the southwest region to define follow-up drill targets
and maintain tenements. Exploration and sterilisation drilling are planned
for Cochrane Hill in FY23. Upon acquiring the Mooseland Gold project in H2
FY22, a program of historical logging and re-assaying has commenced.
On Simberi Island, drill testing for oxide resources immediately adjacent to
current open cuts continued throughout the year within tenement ML136.
Eight targets were drill tested including Bekou South, Cell Tower, Trotsky,
Botlu South, Bekow West, Magazine, Pigicow and Andora.
Drilling was conducted at all four Australian regional projects including
Pinjin JV, Lake Wells JV (Western Australia), Back Creek (NSW), and
Drummartin JV (Victoria). St Barbara withdrew from three JVs at Pinjin
North, Lake Wells and Drummartin after drill testing the highest ranked
targets.
Exploration in FY23 will focus on the potential for additional near-mine ore
sources around the three existing operations including Gwalia mine and
the surrounding mine lease, Touquoy mine and the Moose River Corridor
and Simberi mine and mining lease ML136.
At the end of FY22, St Barbara had investments in Australian exploration
companies including Catalyst Metals Limited, Kin Mining NL and Peel
Mining Limited.
Zero recordable injuries for two consecutive years
In FY22, extensive drilling and exploration field work was
conducted across 12 projects within three countries. Even with
300 drill holes completed for 38,000 metres, the global
exploration group achieved its target of zero recordable
injuries across all sites for the second consecutive year. This
reflects the strong culture of zero harm and our approach to
Safety Always centred on CARE.
All activities are conducted within St Barbara’s environmental
management system with a proactive focus on conducting
exploration to both comply with and respect regulatory and
community expectations. Exploration activities include active
consultation with community and other stakeholders
consistent with our commitment to ensuring local communities
thrive, grow and prosper.
St Barbara 2022 Annual Report | XVI
Directors and
Financial Report
Directors and Financial Report / 30 June 2022
Directors Report
Contents
Directors Report
Directors
Principal activities
Overview of group results
Overview of operating results
Analysis of Leonora Operations
Analysis of Simberi Operations
Analysis of Atlantic Operations
Discussion and analysis of the consolidated
comprehensive income statement
Discussion and analysis of the consolidated cash flow
statement
Discussion and analysis of the consolidated balance
sheet
Business strategy and future prospects
Material business risks
Risk management
Regulatory environment
Information on Directors
Information on Executives
Meetings of Directors
Directors interests
Remuneration Report (Audited)
Indemnification and insurance of officers
Proceedings on behalf of the company
Environmental management
Non-audit services
Auditor independence
Events occurring after the end of the financial year
Rounding of amounts
Financial Report
Directors Report
Directors
The Directors present their report on the “St Barbara Group”,
consisting of St Barbara Limited and the entities it controlled at
the end of, or during, the financial year ended 30 June 2022.
The following persons were Directors of St Barbara Limited at
any time during the year and up to the date of this report:
(cid:120)
T C Netscher
Non-Executive Chairman
(cid:120) C A Jetson
Managing Director & CEO
(cid:120) S G Dean
Non-Executive Director (resigned 9 June 2022)
(cid:120) K J Gleeson
Non-Executive Director
(cid:120) S E Loader
Non-Executive Director
(cid:120) D E J Moroney
Non-Executive Director
The qualifications, experience and special responsibilities of the
Directors are presented on pages 17-19.
Principal activities
During the year the principal activities of the Group were mining
and the sale of gold, mineral exploration and development.
There were no significant changes in the nature of activities of
the Group during the year.
2
2
2
3
5
7
8
9
10
11
11
12
13
16
16
17
20
21
21
22
46
46
46
46
47
47
47
49
St Barbara Annual Report 2022 | 2
Directors and Financial Report / 30 June 2022
Directors Report
Overview of group results
The consolidated results for the year are summarised as
follows:
EBITDA(3)(6)
EBIT(2)(6)
Loss before tax(4)
Statutory loss (1) after tax
2022
$’000
2021
$’000
(32,427)
(63,001)
(192,226)
(250,871)
(196,626)
(257,764)
(160,821)
(176,596)
Total net significant items after tax
(184,919)
(257,224)
EBITDA (6) (excluding significant
items)
EBIT (6) (excluding significant items)
Profit before tax (excluding
significant items)
197,244
299,719
37,445
33,045
111,849
104,956
Underlying net profit after tax(5)(6)
24,098
80,628
Details of significant items included in the statutory profit/(loss)
for the year are reported in the table below. Descriptions of
each item are provided in Note 3 to the Financial Report.
2022
$’000
2021
$’000
Call option fair value movements
(2,488)
17,271
Building Brilliance transformation
(3,641)
(22,695)
Impairment loss on assets
(223,542)
(349,296)
Capitalised exploration write off
-
(8,000)
Significant items before tax
(229,671)
(362,720)
Tax effect of impairment
Tax effect of other items
Tax losses de- recognised
64,827
101,296
1,814
4,200
(21,889)
-
Significant items after tax
(184,919)
(257,224)
(1) Statutory loss is net loss after tax attributable to owners of the parent.
(2) EBIT is earnings before interest revenue, finance costs and income tax expense.
(3) EBITDA is EBIT before depreciation and amortisation.
(4) Profit/(loss) before tax is earnings before income tax expense.
(5) Underlying net profit after income tax is net profit after income tax (“statutory profit”)
excluding significant items as described in Note 3 to the consolidated financial statements.
(6) EBIT, EBITDA and underlying net profit after tax are non-IFRS financial measures, which
have not been subject to review or audit by the Group’s external auditors. These measures
are presented to enable understanding of the underlying performance of the Group by users.
The Group’s underlying net profit after tax for the 2022 financial
year was materially lower than the prior year due to reduced
production from Simberi and Atlantic Gold and higher mine
operating costs across the group. This was partly offset by
higher production from Leonora and lower depreciation &
amortisation at Simberi and Atlantic Gold. The key results for
the year were:
(cid:120) Statutory net loss after tax of $160,821,000 (2021: loss of
$176,596,000) after recognising an after-tax impairment
write off in relation to the Atlantic Gold cash generating unit
of $158,715,000;
to
(cid:120) Acquisition on 13 April 2022 of Bardoc Gold Limited to gain
access
the advanced Zoroastrian and Aphrodite
underground deposits, increase land holdings in the province
by approx. 70%, increase Mineral Resources by over 3
million ounces of gold and accelerate the execution of the
Leonora Province Plan;
(cid:120) Strong production at Leonora for the period of 191,459
ounces (2021: 152,696 ounces) and production for the Group
totalled 280,746 ounces (2021: 327,662 ounces);
(cid:120) Successful construction and installation of the Simberi Deep
Sea Tailings Placement (DSTP) pipeline at the end of
December 2021 allowing production to recommence in
January 2022;
(cid:120) EBITDA loss of $32,427,000 (2021: $63,001,000 loss)
reflecting the significant impact of the impairment write off in
Atlantic Gold and lower results at Simberi and Atlantic Gold;
(cid:120) Cash contribution from operations of $77,180,000 (2021:
$208,094,000) after sustaining and growth capital totalling
$129,485,000 (2021: $139,683,000). The temporary break in
operations at Simberi while the DSTP pipeline was re-
established and associated costs drove
lower cash
contribution compared to the prior period. Lower production
at Atlantic Gold also contributed to the reduction in cash
contribution;
(cid:120) Total dividends paid in the year of $14,165,000 for the 2021
final dividend (2021: $56,356,000), with $12,525,000 paid in
cash and $1,640,000 issued in new shares as part of the
dividend reinvestment plan. No dividends were declared or
paid in relation to the 2022 financial year; and
(cid:120) Acquisition on 23 February 2022 of NS Gold Corporation to
gain access to advanced exploration properties with high
prospectivity
thereby
expanding the Company’s exploration footprint in the Atlantic
Province.
just 14km away
from Touquoy,
Underlying net profit after tax, representing net profit excluding
significant items, was $24,098,000 for the year (2021:
$80,628,000). Net significant items in the 2022 financial year
included the impairment; costs associated with the Building
Brilliance transformation program, unrealised fair value loss
related to gold call options and the derecognition of Simberi tax
losses. Net significant items totalling $184,919,000 after tax
resulted in the statutory net loss after tax of $160,821,000
(2021: items totalling a net $257,224,000 were deducted from
statutory net profit after tax).
Cash on hand was $98,512,000 at 30 June 2022 (2021:
$133,370,000). The reduction in cash in the year was a result
of the temporary break in operations at Simberi while the DSTP
was re-established and associated costs, the purchase of Kin
Mining and NS Gold Corporation, partially offset by the
drawdown on the Australian tranche of the syndicated facility
undertaken as a prudent measure to maintain liquidity in a
volatile operating environment due to potential COVID-19
interruptions.
interest-bearing
Total
liabilities at 30 June 2022 were
$171,638,000 (2021: $109,253,000), which included the
syndicated debt facility of $140,083,000 (2021: $84,216,000),
leases associated with ‘right-of-use’ assets $8,537,000 (2021:
$10,539,000) and
(2021:
$14,515,000). The increase against the prior period is a result
of the drawdown of the syndicated facility.
lease $18,627,000
finance
Impact of COVID-19
During the period, border closures and absenteeism relating to
COVID-19 have resulted in reduced access to required skilled
labour and was an impact at all three operations.
St Barbara Annual Report 2022 | 3
Directors and Financial Report / 30 June 2022
Directors Report
The COVID-19 situation in Papua New Guinea deteriorated
during the second quarter and spiked during the third quarter.
This led to a significant increase in community transmissions,
with a number of employees and community members testing
positive for COVID-19 impacting production during the third
quarter due to lack of available labour on the island. All of St
Barbara’s operations have business continuity plans and
contingencies
related
disruptions, including access to labour, equipment and
supplies as well as delayed permitting progress. These plans
have enabled the operations to continue producing.
to minimise COVID-19
in place
As restrictions were put in place at the Group’s various
operations around
the world, measures have been
implemented in line with relevant local government advice,
including temperature screening at all sites, and at Leonora
and Simberi the screening of all workers for COVID-19 prior to
attending site, cancelling all non-essential travel, working from
home where practicable, enforcing self-isolation policies when
appropriate, and encouraging good hygiene practices and
physical distancing across all workplaces.
Key Shareholder Returns
The key shareholder returns for the year are presented in the
table below.
Basic earnings per share
(cents per share)
Return on equity
Change in closing share price
2022
2021
(21.96)
(15%)
(56%)
(25.03)
(14%)
(46%)
Underlying shareholder returns for the year are presented in
the table below.
Underlying basic earnings per
share(1)(cents per share)
Underlying return on equity(1)
2022
3.29
2%
2021
11.43
6%
(1) Underlying basic earnings per share and return on equity are non-IFRS financial measures,
which have not been subject to review or audit by the Group’s external auditors. These easures
are presented to enable understanding of the underlying performance of the Group by users.
St Barbara Annual Report 2022 | 4
Directors and Financial Report / 30 June 2022
Directors Report
Overview of operating results
The table below provides a summary of the profit before tax from St Barbara Group operations.
Leonora
Simberi
Atlantic
Group
$’000
Revenue
2022
2021
2022
2021
2022
2021
2022
2021
479,073
329,893
59,367
204,754
141,905
205,600
680,345
740,247
Mine operating costs
(242,368)
(160,269)
(87,573)
(144,039)
(84,618)
(67,529)
(414,559)
(371,837)
Gross profit
Royalties
EBITDA
236,705
169,624
(28,206)
60,715
57,287
138,071
265,786
368,410
(21,023)
(16,632)
(1,632)
(5,025)
(2,834)
(4,107)
(25,489)
(25,764)
215,682
152,992
(29,838)
55,690
54,453
133,964
240,297
342,646
Depreciation and amortisation
(73,547)
(71,951)
(13,068)
(16,470)
(68,717)
(96,759)
(155,332)
(185,180)
Profit from operations(1)
142,135
81,041
(42,906)
39,220
(14,264)
37,205
84,965
157,466
(1) Excludes impairment and other write offs, corporate costs, exploration expenses, interest and tax and is non-IFRS financial information, which has not been subject to review or audit by the
Group’s external auditors.
The table below provides a summary of the cash contribution from St Barbara Group cash generating units.
$’000
2022
2021
2022
2021
2022
2021
2022
2021
Operating cash contribution
228,663
158,596
(70,532)
60,715
48,534
128,466
206,665
347,777
Leonora
Simberi
Atlantic
Group
Capital - sustaining
Cash Contribution (1)
Growth capital (2)
Cash contribution after growth
capital
(49,588)
(63,683)
(10,810)
(9,214)
(8,142)
(17,657)
(68,540)
(90,554)
179,075
94,913
(81,342)
51,501
40,392
110,809
138,125
257,223
(6,897)
(32,499)
(43,732)
(5,129)
(10,316)
(11,501)
(60,945)
(49,129)
172,178
62,414 (125,074)
46,372
30,076
99,308
77,180
208,094
(1) Cash contribution is non-IFRS financial information, which has not been subject to review or audit by the Group’s external auditors. This measure is provided to enable an understanding of the
cash generating performance of the operations. This amount excludes corporate royalties paid, taxation and growth capital.
(2) Growth capital at Gwalia represents mainly projects with the underground mine and the Tailings Storage Facility. At Simberi growth capital represents expenditure associated with the Deep Sea
Tailings Placement and the sulphides project. At Atlantic Gold growth capital represents expenditure associated with capitalised exploration and studies for near mine projects in the Moose River
Corridor.
Safety of people working across the Group is of paramount
importance, and the primary performance measure is to
maintain a low Total Recordable Injury Frequency rate (TRIFR)
calculated as a rolling 12-month average, on a per million
hours basis.
TRIFR safety performance was 3.4 as at 30 June 2022 (2021:
3.9). The corresponding Lost Time Injury Frequency Rate on
30 June 2022 was 0.2 (2021: 0.6).
The focus on every person going home safe and well continued
as we deployed the Safety Improvement work developed in
2021. This involved improving risk management and control by
deploying the Infield Critical Control Checks (ICCC’s) and
improved safety leadership of all employees and contractors
by the delivery of the Safety Always Leadership program at all
three sites and exploration. Investigating and learning from
incidents to prevent reoccurrence is a key consideration in
developing a learning culture in the business.
included mandatory
All areas of the business were impacted by COVID. Health
management programs
temperature
testing at all sites, with blanket rapid antigen testing before
entry employed at Leonora and Simberi as well as enabling
work from home where possible. Proactive reporting of
symptoms and mandatory isolation were foundational to the
management of the virus.
The safety focus for the coming year will be aimed at ensuring
that we are “brilliant at the basics.’ This will reinforce the
linkages between
the activities of work planning, risk
assessment, Infield Safety Leadership and ensuring our
incident investigations are robust, fit for purpose and deliver
targeted actions that we can learn from have been embedded
in our Safety Always leadership culture.
Operating profit before tax
Profit from operations of $84,965,000 (2021: $157,466,000)
was impacted by a lower contribution from Simberi and
Atlantic, partially offset by a higher contribution from Leonora
and the average gold price.
Total production for the Group in the 2022 financial year was
280,746 ounces of gold (2021: 327,662 ounces), and gold
sales amounted to 276,412 ounces (2021: 332,786 ounces) at
an average gold price of $2,457 per ounce (2021: $2,215 per
ounce). The lower production compared to the prior period was
attributable to Atlantic Gold and Simberi. At Atlantic Gold,
production was impacted by delays in waste rock storage
permitting, declining grade from the Touqouy pit and unusually
high number of severe winter weather events. At Simberi,
production was significantly impacted in the first half of the year
by the temporary break in operations while the DSTP was re-
established. In the second half of the year, the ramp up of
production at Simberi was slowed by a COVID-19 outbreak.
This was partially offset by higher production at Leonora,
driven by an increase in ore delivery to the mill.
Consolidated All-In Sustaining Cost (AISC) for the Group was
$1,848 per ounce in 2022 (2021: $1,616 per ounce), reflecting
the impact of lower production, increase in material moved to
achieve production, and rising input costs.
St Barbara Annual Report 2022 | 5
Directors and Financial Report / 30 June 2022
Directors Report
The decrease in the depreciation and amortisation for the
group reflects lower production at Atlantic and Simberi.
Operating cash contribution
from
the operations was
Total net cash contribution
$77,180,000 (2021: $208,094,000). The cash contribution from
the operations was lower than the prior period due to the
reduced production and higher capital at Simberi and lower
production at Atlantic. The increase in capital expenditure at
Simberi was, largely due to construction and commissioning of
the DSTP pipeline, the feasibility studies for the sulphides
project and processing and truck fleet improvements. At
Atlantic, sustaining capital was lower due to lower spend on
the Tailings Management Facility with the majority of the work
completed in the prior period. The lower sustaining capital at
Gwalia was associated with decreased mine development due
to a fall of ground event, where the mining fleet was redirected
to ore haulage. In 2021, growth capital included the acquisition
of mining fleet as part of the contractor change over at Gwalia.
St Barbara Annual Report 2022 | 6
Directors and Financial Report / 30 June 2022
Directors Report
Analysis of Leonora Operations
from
Total sales revenue
the Leonora Operations of
$479,073,000 (2021: $329,893,000) was generated from gold
sales of 192,471 ounces (2021: 150,797 ounces) in the year at
an average achieved gold price of $2,486 per ounce (2021:
$2,185 per ounce). The increase in gold ounces sold was
attributable to higher gold production.
A summary of production performance for the year ended
30 June 2022 is provided in the table below.
Details of 2022 production performance
Underground ore mined (kt)
Grade (g/t)
Ore milled (kt)
Grade (g/t)
Recovery (%)
Gold production (oz.)
Gold sales (oz.)
Cash cost (1) (A$/oz.)
All-In Sustaining Cost (AISC)
(2) (A$/oz.)
Leonora Operations
2022
2021
727
7.3
1,027
6.0
97
191,459
192,471
1,206
1,717
605
7.6
749
6.6
97
152,696
150,797
1,185
1,744
(1) Cash operating costs are mine operating costs including government royalties, and after
by-product credits. This is a non-IFRS financial measure that has not been subject to review
or audit by the Group’s external auditors. It is presented to provide meaningful information to
assist management, investors and analysts in understanding the results of the operations.
Cash operating costs are calculated according to common mining industry practice using The
Gold Institute (USA) Production Cost Standard (1999 revision).
(2) All-In Sustaining Cost (AISC) is a non-IFRS financial measure that has not been subject to
review or audit by the Group’s external auditors. AISC is based on cash operating costs and
adds items relevant to sustaining production. It includes some, but not all, of the components
identified in the World Gold Council’s Guidance Note on Non-GAAP Metrics – All-In Sustaining
Costs and All-In Costs (June 2013), which is a non-IFRS financial measure.
Leonora produced 191,459 ounces of gold in 2022 (2021:
152,696 ounces), which included 17,267 ounces recovered
from ore purchased from Linden Gold Alliance. The higher gold
production in the year was attributable to higher mined tonnes
sent to the mill.
Gwalia Processing Plant improvements resulted in tonnes per
hour processed increasing 13%. Ore tonnes mined from the
Gwalia underground mine increased substantially to 726,683
tonnes (2021: 605,178 tonnes), mainly due to access to an
increased number of available headings provided by the
increased development rates and removal of underground
waste which commenced in 2021, and continued in 2022, as
part of the focus on debottlenecking the Gwalia underground
mine.
The following figure shows total tonnes moved, including ore,
mineralised development, waste over the past five years.
Leonora total material moved (kt)
988
282
1,040
389
1,137
379
978
331
706
651
758
647
1,142
283
859
FY18
FY19
FY20
FY21
FY22
Ore mined
Waste
Ore mined grade was only marginally lower at 7.3 grams per
tonne (2021: 7.6 grams per tonne). The Leonora mill continued
to perform consistently, with the average recovery at 97%
(2021: 97%). The lower processed grade of 6.0 grams per
tonne (2021: 6.6 grams per tonne) was due to processing lower
grade ore purchased material.
Leonora gold production
(koz)
268
220
171
153
191
2018
2019
2020
2021
2022
Leonora unit cash operating cost (1) for the year was $1,206 per
ounce (2021: $1,185 per ounce). The higher unit operating cost
in the 2022 financial year was due mainly to the increasing
depth of the Gwalia underground, mining 17% higher material
than prior year, higher processing consumable and reagent
costs partially offset by lower mining costs due to vacancies as
result of labour market shortages. The unit All-In Sustaining
Cost (AISC)(2) for Leonora was $1,717 per ounce in 2022
(2021: $1,744 per ounce), with the lower unit cost attributable
to the lower sustaining capital expenditure. Total cash
operating costs at Gwalia were $230,900,000
(2021:
$180,945,000).
to $49,588,000
in 2022 decreased
Leonora generated net cash flows in 2022 of $172,178,000
(2021: $62,414,000), after sustaining and growth capital. The
higher cash contribution from Leonora was due to increased
production and lower sustaining and growth capital. Sustaining
(2021:
capital
$63,683,000), mainly due to lower capital mine development of
$42,909,000 (2021: $54,682,000) and mine infrastructure of
$2,298,000 (2021: $8,550,000). Growth capital in 2022 was a
total of $6,897,000 (2021: $32,499,000), consisting mainly of
capital projects within the underground mine and the Tailings
Storage Facility (TSF) and
feasibility work
associated with the Leonora Province Plan. In the prior year
growth capital included mining equipment with a value of
$16,275,000 and the mine cooling project of $9,500,000.
the project
St Barbara Annual Report 2022 | 7
Directors and Financial Report / 30 June 2022
Directors Report
Analysis of Simberi Operations
Simberi Operations re-commenced full operations in the
second half of 2022 following completion of the DSTP pipeline
replacement in December 2021.
Total sales revenue from Simberi in 2022 was $59,367,000
(2021: $204,754,000), generated from gold sales of 22,762
ounces (2021: 82,013 ounces) at an average achieved gold
price of A$2,591 per ounce (2021: A$2,482 per ounce).
Gold production in 2022 of 28,136 ounces (2021: 72,723
ounces) was significantly down on the prior period due to the
temporary break in operations in the first half while the DSTP
pipeline was re-established as well as the third quarter impact
of COVID19 impacting staff availability on the ramp up
following re-commencement of operations. Grade in 2022 of
1.14 was lower than prior period as a result of a mine plan
change to focus on maximising oxide ore throughput to the mill.
A summary of production performance at Simberi for the year
ended 30 June 2022 is provided in the table below.
Details of 2022 production performance
Open pit ore mined (kt)
Grade (g/t)
Ore milled (kt)
Grade (g/t)
Recovery (%)
Gold production (oz.)
Gold sales (oz.)
Cash cost(1) (A$/oz.)
All-In Sustaining Cost (AISC)(2) (A$/oz.)
Simberi Operations
2022
1,471
1.14
1,205
1.07
70
2021
2,390
1.35
2,758
1.25
67
28,136
73,723
22,762
82,013
2,841
3,017
1,912
2,162
(1) Cash operating costs are mine operating costs including government royalties, and after
by-product credits. This is a non-IFRS financial measure that has not been subject to review
or audit by the Group’s external auditors. It is presented to provide meaningful information to
assist management, investors and analysts in understanding the results of the operations.
Cash operating costs are calculated according to common mining industry practice using The
Gold Institute (USA) Production Cost Standard (1999 revision).
(2) All-In Sustaining Cost (AISC) is a non-IFRS financial measure that has not been subject to
review or audit by the Group’s external auditors. AISC is based on cash operating costs and
adds items relevant to sustaining production. It includes some, but not all, of the components
identified in the World Gold Council’s Guidance Note on Non-GAAP Metrics – All-In Sustaining
Costs and All-In Costs (June 2013), which is a non-IFRS financial measure.
Ore mined in 2022 totalled 1,471,000 tonnes (2021: 2,390,000
tonnes). Waste material moved in 2022 was 5,332,000 tonnes
(2021: 6,410,000 tonnes). Movement was impacted by the
shutdown of mining in May 2021. The Mining operations
focused on waste removal for the first half of the year whilst the
DSTP pipeline was replaced.
Simberi annual total material moved
(kt)
13,610
12,345
11,601
11,599
7,998
2018
2019
2020
2021
2022
Ore milled during the year totalled 1,205,000 tonnes (2021:
2,758,000 tonnes), with the shutdown of operations impacting
the first half of the financial year. The recovery performance of
the Simberi mill for the year was an average of 70% (2021:
67%), with the increase attributable to the increased availability
of oxide ore in the fourth quarter.
Simberi Operations gold production
(koz)
135
142
104
74
2018
2019
2020
2021
28
2022
Simberi unit cash operating cost for the year was $2,841 per
ounce (2021: $1,912 per ounce). The unit All-In Sustaining
Cost (AISC) for Simberi for the year was $3,017 per ounce
(2021: $2,162 per ounce), which reflected the impact of lower
production and higher consumable and reagent costs. Total
cash operating costs at Simberi during 2022 were lower than
the prior year at $79,934,000 (2021: $140,958,000) due to the
impact of lower mining activity and mill throughput.
In 2022 Simberi generated negative net cash flows of
$125,074,000 (2021: $46,372,000), after sustaining and
growth capital expenditure. Sustaining capital expenditure of
$10,810,000 (2021: $9,214,000) included processing and truck
fleet improvements. Growth capital of $43,732,000 (2021:
$5,129,000) related to DSTP pipeline and the feasibility studies
for the sulphides project.
St Barbara Annual Report 2022 | 8
Directors and Financial Report / 30 June 2022
Directors Report
Analysis of Atlantic Operations
Total gold sales revenue from Atlantic Operations in 2022 was
$141,905,000 (2021: $205,600,000), generated from gold
sales of 61,179 ounces (2021: 99,976 ounces) at an average
achieved gold price of A$2,318 per ounce (2021: A$2,062 per
ounce). During the year 41,000 ounces of gold sales were
delivered to gold call options, with revenue realised at the call
option strike price of C$2,050 per ounce.
A summary of production performance at Atlantic Operations
for the year ended 30 June 2022 is provided in the table below.
Details of 2022 production performance
Total material moved in the year was 7,348,000 tonnes (2021:
8,433,000 tonnes), which included total ore mined of 2,217,000
tonnes (2021: 3,710,000 tonnes) at an average grade of 0.66
grams per tonne (2021: 0.88 grams per tonne).
Atlantic Operatons
quarterly total material moved (kt)
2,693
2,802
2,251
2,200
1,981
Open pit ore mined (kt)
Grade (g/t)
Ore milled (kt)
Grade (g/t)
Recovery (%)
Gold production (oz.)
Gold sales (oz.)
Cash cost(1) (A$/oz.)
Atlantic Operations
2022
2021
2,217
3,710
0.66
0.88
2,755
2,918
0.75
92
1.15
94
61,151
101,243
61,179
99,976
1,476
761
FY21
Q4 Jun
FY22
Q1 Sep
FY22
Q2 Dec
FY22
Q3 Mar
FY22
Q4 Jun
Ore milled was 2,755,000 tonnes in the year (2021: 2,918,000
tonnes) at a grade of 0.75 grams per tonne (2021: 1.15 grams
per tonne) and recovery of 92% (2021: 94%). Grade and
recoveries were impacted as the Touquoy pit nears the end of
its mine life, with material being of lower grade than in previous
periods. Additionally, low grade stockpile material was
processed to supplement feed from the Touquoy pit to keep
the mill full.
All-In Sustaining Cost (AISC)(2) (A$/oz.)
1,027
(1) Cash operating costs are mine operating costs including government royalties, and after
by-product credits. This is a non-IFRS financial measure that has not been subject to review
or audit by the Group’s external auditors. It is presented to provide meaningful information to
assist management, investors and analysts in understanding the results of the operations.
Cash operating costs are calculated according to common mining industry practice using The
Gold Institute (USA) Production Cost Standard (1999 revision).
1,720
(2) AISC is a non-IFRS financial measure that has not been subject to review or audit by the
Group’s external auditors. It is presented to provide a meaningful measure by which to assess
the total sustaining cash cost of operation. It is calculated in accordance with the World Gold
Council’s Guidance Note on Non-GAAP Metrics – All-In Sustaining Costs and All-In Costs
(June 2013).
Atlantic Gold production for the year was 61,151 ounces (2021:
101,243 ounces). The result for the year was impacted by
lower processed grade. Mining was impacted by delays in
waste rock permitting, and more severe than usual winter
weather conditions.
Atlantic Gold quarterly
production
(koz)
27
15
17
18
11
FY21
Q4 Jun
FY22
Q1 Sep
FY22
Q2 Dec
FY22
Q3 Mar
FY22
Q4 Jun
Atlantic Gold unit cash operating cost for the year was $1,476
per ounce (2021: $761 per ounce), with the increase mainly
due to lower production. The unit AISC was $1,720 per ounce
for the year (2021: $1,027 per ounce), which reflected the
impact of lower production, higher consumable and labour
costs partially offset by lower sustaining capital. Total cash
operating costs for the year were $90,259,000 (2021:
$77,045,000).
In the year, Atlantic Gold generated net cash flows of
$30,076,000 (2021: $99,308,000), after sustaining capital of
$8,142,000
(2021: $17,657,000) and growth capital
expenditure of $10,316,000 (2021: $11,501,000). Decreased
sustaining capital was mainly related to work on the Tailings
Management Facility substantially completed in the prior
period. Growth capital was related to studies associated with
the development projects at Beaver Dam, Fifteen Mile Stream
and Cochrane Hill.
Cessation of mining of the Touquoy pit remains on schedule
for the first half of 2023. Once mining is completed, milling
operations will move to processing lower grade stockpiles.
St Barbara Annual Report 2022 | 9
Directors and Financial Report / 30 June 2022
Directors Report
Discussion and analysis of the consolidated
comprehensive income statement
Revenue
Total revenue decreased from $740,247,000 in 2021 to
$680,345 in 2022 mainly due to lower production at Atlantic
and Simberi partially offset with higher production at Leonora
and a higher gold price. The average realised gold price for the
year was A$2,462 per ounce (2021: A$2,215 per ounce).
Mine operating costs
Mine operating costs in 2022 were $414,559,000 compared
with $371,837,000 in the prior year. Total operating costs were
higher in the year due to increased activities to support
increased production at Leonora, including increased mine
material moved compared with prior year, as well as increases
in input costs such as consumables, reagents and labour.
Other revenue and income
Interest revenue was $1,619,000 in 2022 (2021: $1,103,000),
earned on the Linden Gold loan and cash held during the year.
The higher interest revenue was predominantly due to a full
year of interest being earned on the Linden Gold loan.
Other income was $587,000 for the year (2021: $1,113,000)
mainly comprised of a fair value gain on the rehabilitation
provision due to a change in the discount rate.
Exploration and evaluation
Total exploration and evaluation expenditure during the year
amounted to $50,484,000 (2021: $34,189,000), with an
amount of $28,965,000 (2021: $7,593,000) capitalised.
Capitalised exploration related to project evaluation in the
Moose River Corridor at Atlantic Gold, Sulphide project at
Simberi and exploration of Tower Hill and Harbour lights at
Leonora. Exploration expenditure expensed in the income
statement in the year was $21,519,000 (2021: $34,596,000).
Corporate costs
for
the year of $31,686,000
Corporate costs
(2021:
$26,621,000) comprised mainly expenses relating to the
corporate office, technical support to the operations and
compliance costs.
Royalties
Royalty expenses for the year were $25,489,000 (2021:
$25,764,000). Royalties paid in Western Australia are 2.5% of
gold revenues, plus a corporate royalty of 1.5% of gold
revenues. Royalties paid in Papua New Guinea are 2.5% of
gold revenues earned from the Simberi mine. Royalties paid in
Canada (Nova Scotia) are 1% of gold revenues due to the
Province, plus a 1% royalty on gold revenues to third parties.
The lower royalties expense in the year was due to reduced
gold revenue.
Depreciation and amortisation
Depreciation and amortisation of fixed assets, capitalised mine
development and mineral rights amounted to $159,799,000
the year. Depreciation and
(2021: $187,870,000)
amortisation attributable
the Gwalia Operations was
$73,547,000 (2021: $71,951,000) and included $4,461,000
relating to right of use assets. The expense at Simberi was
$13,068,000
including $1,314,000
relating to ‘right-of-use’ assets (2021: $2,800,000). Simberi
depreciation was lower due to decreased production partially
(2021: $16,470,000),
for
to
offset with a higher asset base. Atlantic Gold expensed an
including
amount of $68,717,000
$239,000 relating to ‘right-of-use’ assets (2021: $212,000).
Atlantic amortisation was lower due the prior year impairment
and lower production.
(2021: $96,759,000),
Share based payments
Share based payments of $1,123,000 (2021: $1,765,000)
relate to the amortisation of employee benefits under the
performance rights plan (refer to Note 19).
Other expenses
Other expenditure of $3,641,000
(2021: $22,695,000)
comprised of the cost of the Building Brilliance program. Prior
year expenditure included the cost of establishing and
implementing the Building Brilliance program.
Impairment of assets
Impairment of mineral rights in relation to the Atlantic Gold
cash-generating unit (CGU) was recognised as at 30 June
2022 amounting
to a charge of $223,542,000 (2021:
$349,296,000). The non-cash impairment charge was taken as
the carrying value of the CGU exceeded its recoverable
amount.
Finance costs
Finance costs in the year were $6,019,000 (2021: $7,996,000)
and comprised interest paid of $3,265,000 (2021: $4,658,000)
and undrawn facility fees of $1,742,000 (2021: $1,862,000) on
the syndicated facility. Finance costs also included interest
paid on finance leases of $706,000 (2021: $907,000) including
‘right-of-use’ assets lease liabilities expense. Borrowing costs
relating to banking facilities and guarantee fees were $306,000
(2021: $569,000).
Net foreign exchange gain
A net foreign exchange gain of $1,829,000 was recognised for
the year (2021: net gain of $5,316,000). The foreign exchange
gain related to movements in exchange rates associated with
US dollar and Canadian dollar bank accounts and
intercompany balances.
Gold instrument fair value adjustments
A net movement in the fair value of gold call options amounted
to a gain of $6,371,000 (2021: gain of $22,897,000). The call
options are associated with the Atlantic Gold operations and
are marked to market at each reporting date. The net gain
reported comprised a realised component of $8,859,000
(2021: $5,626,000) and unrealised loss of $2,488,000 (2021:
$17,271,000 unrealised gain).
Income tax
income
An income tax credit of $35,805,000 was recognised for the
year (2021:
tax credit of $81,168,000), which
comprised an income tax expense of $28,367,000 in relation
to Australia (2021: credit of $184,000), an income tax expense
of $5,922,000 for the PNG operations (2021: $11,088,000 tax
credit) and an income tax credit of $70,094,000 (2021:
$92,072,000 tax credit) for the Canadian operations. The
income tax expense for PNG operations included an expense
of $21,889,000 for deferred tax assets which have been
derecognised due to the strategic review being undertaken, of
which one option is to sell Simberi to a third party. The income
tax credit for the Canadian operations relates to the tax effect
of the impairment write off in the income statement.
St Barbara Annual Report 2022 | 10
Directors and Financial Report / 30 June 2022
Directors Report
Discussion and analysis of the consolidated
cash flow statement
Operating activities
Cash flows from operating activities for the year were
$87,656,000 (2021: $227,098,000), reflecting the impact of
lower production at Atlantic Gold and Simberi.
Receipts from customers in the year were $687,645,000
(2021: $737,195,000), reflecting the impact of lower gold sales
from Atlantic and Simberi.
Payments to suppliers and employees were $545,301,000
(2021: $454,455,000), with the higher expenditure driven by
higher production at Leonora and
increased cost of
consumables, reagents and labour across all operations.
Payments for exploration expensed in the year amounted to
$21,519,000 (2021: $26,596,000).
interest received was $251,000 (2021: $1,103,000
Net
received). Interest paid in the year totalled $5,713,000 (2021:
$5,565,000), which was higher than the prior period due to
draw down of $50,000,000 of the Australian tranche of the
syndicated facility during the year.
tax payments
Income
(2021:
$22,152,000). The increase in income tax reflects the increase
in operational contribution from Leonora.
totalled $26,514,000
Investing activities
in
the year
Net cash flows used in investing activities amounted to
$170,011,000 (2021: $199,265,000) for the year. Investing
activities
included expenditure on mine
development expenditure of $46,140,000 (2021: $58,414,000)
and property, plant and equipment of $63,694,000 (2021:
$67,425,000). Investing activities also included investments in
Kin Mining ($25,401,000) and acquisition costs for NS Gold
Corporation
($8,912,000) and Bardoc Gold Limited
($3,865,000) offset by the cash acquired ($2,966,000), and the
disposal of Duketon ($4,000,000).
Investing capital expenditure was in the following major areas:
(cid:120) Underground mine development and
Gwalia: $42,909,000 (2021: $54,683,000)
infrastructure at
(cid:120) Purchase of property, plant and equipment at Leonora of
$3,348,000 (2021: $25,275,000), Simberi of $10,810,000
(2021: $9,214,000) and Atlantic Gold of $8,142,000 (2021:
$17,657,000).
(cid:120) Leonora growth capital of $6,897,000 (2021: $32,499,000).
2021 included $16,275,000 for the purchase of mining
equipment to support transition to the new mining contractor
and exploration of Tower Hill and Harbour Lights.
(cid:120) Simberi growth: $43,732,000 (2021: $5,129,000) made up of
the Deep Sea Tailings Placement
(DSTP) pipeline
recommencement, processing plant improvements, mining
fleet improvements, and the sulphide feasibility study.
(cid:120) Atlantic Gold growth expenditure: $10,316,000 (2021:
$11,501,000) representing studies and permitting activities
for Beaver Dam and Fifteen Mile Stream.
Financing activities
Net cash flows related to financing activities was a net inflow
of $38,428,000 (2021: net outflow of $293,784,000). Financing
activities in 2022 included inflow of $50,000,000 (2021:
repayment of $219,973,000) from the drawdown of the
syndicated facility as well as $9,513,000 (2021: nil) drawn
down under a finance lease facility. This was partly offset by
dividend payments totalling $12,525,000 (2021: $45,357,000)
(2021:
finance
and
$12,704,000).
repayments of $8,560,000
lease
Discussion and analysis of the consolidated
balance sheet
Net assets and total equity
St Barbara’s net assets decreased during the year by
$5,002,000 to $1,108,665,000 mainly due to the post-tax
impairment of $158,715,000, offset by the acquisition of
Bardoc Gold Limited of $167,540,000.
Current assets decreased
(2021:
$263,286,000). Increases in gold in circuit, ore stockpiles and
warehouse inventories, were offset by a lower cash balance.
A tax receivable of $6,179,000 was recognised at 30 June
2022 (2021: $14,538,000 tax payable).
to $255,475,000
Non-current assets decreased during the year by $29,612,000
to $1,342,863,000 (2021: $1,372,475,000) due
the
impairment recognised for the Atlantic cash generating unit.
Deferred mining costs increased due to the deferred waste
mined at Simberi in the first half of 2022. The mineral rights
decreased in the year to $525,031,000 (2021: $569,230,000)
due to the impairment offset by the acquisitions of Bardoc Gold
Limited and NS Gold Corporation.
to
Current trade and other payables increased to $78,593,000 at
30 June 2022 (2021: $69,583,000) due to the timing of
payments at year end. Current interest-bearing liabilities of
$15,197,000 (2021: $93,534,000) includes finance leases of
$7,704,000, right of use lease liabilities of $3,489,000 and
insurance premium funding of $3,754,000. $84,216,000 in
syndicated debt facility was reclassified from current to non-
current following the refinancing of the facility resulting in the
extension of the facility from 2022 to 2025, and all covenants
being met at 30 June 2022. The current rehabilitation provision
of $8,160,000 in 2021 was reclassified from current to non-
current with the update of mine closure plans.
liabilities
increased
Non-current
to $372,768,000 (2021:
$313,589,000) due to the reclassification of the syndicated
debt facility to non-current and drawdown of $50,000,000 of
the Australian tranche of the syndicated facility.
The deferred tax balance was a net liability of $133,509,000
(2021: net
liability of $219,419,000). The non-current
rehabilitation provision increased to $74,753,000 (2021:
$61,701,000) due to a revision to the Leonora provision,
reclassification of the Atlantic provision from current to non-
current, inclusion of the Bardoc Gold Limited provision partially
offset with the increase in discount rate applied to the
provisions. The
liabilities of
$8,154,000 (2021: $14,088,000) was lower than the prior year
as a result of call option contracts maturing during the year.
total derivative
financial
Debt management and liquidity
The available cash balance at 30 June 2022 was $98,512,000
(2021: $133,370,000), with no deposits held to maturity (2021:
$Nil).
St Barbara Annual Report 2022 | 11
Directors and Financial Report / 30 June 2022
Directors Report
Total interest-bearing liabilities were $171,638,000 at 30 June
2022 (2021: $109,252,000), comprising $140,083,000 (2021:
$85,388,000) drawn down under the syndicated facility;
$8,537,000 (2021: $10,521,000) of ‘right-of-use asset’ lease
liabilities; finance leases of $18,627,000 (2021: $14,515,000),
and $3,754,000 relating to the insurance premium funding.
The AUD/USD exchange rate as at 30 June 2022 was 0.6904
(30 June 2021: 0.7501). The AUD/CAD exchange rate as at
30 June 2022 was 0.8887 (30 June 2021: 0.9296).
Business strategy and future prospects
St Barbara’s strategic focus is on developing or acquiring gold
deposits in order to diversify the Group’s production base to
create a portfolio of sustainable long life operations at cost. In
relation to growth by acquisition or development, St Barbara’s
focus is to actively add, manage and progress assets in all
phases of the ‘growth pipeline’ from exploration through
feasibility and construction to production. The Group aligns its
decisions and activities to this strategy by focusing on key
value drivers: relative total shareholder returns, increase in
gold ore reserves, return on capital employed and exploration
success.
The Group’s priorities in the 2023 financial year are:
Atlantic Province: progress permitting applications for Beaver
Dam, Fifteen Mile Stream and Cochrane Hill.
Leonora Province: progress the Leonora province plan with
the objective of maximising the value of tenements in the
region and providing ore to the Gwalia processing facility, by
delivering a new Zoroastrian mine in Q1 2024, expand the
Leonora Processing Plant from 1.4mtpa to 2.1mtpa, and
complete further resource extension and infill drilling at South
Gwalia, Aphrodite, Zoroastrain and Harbour Lights.
Simberi Operations: completing strategic review to ensure
appropriate allocation of capital of the group. The sulphide
project presents an opportunity to create over 10 years of
production at Simberi.
The Group achieved a number of strategic milestones:
Strategic drivers for the business include:
(cid:120) Optimising cash flow and reducing the cost base: The
Group is focused on optimising cash flow from operations
through maximising production and managing costs at its
existing operations, enhancing operating capabilities and
incorporating new technologies across St Barbara. The
Group will continue to identify opportunities to enhance
productivity and improve operating performance in a
volatile gold market, for example increasing the efficiency
of underground equipment at Leonora to increase tonnes
mined during the year.
(cid:120)
is
The Group
Improving productivity:
focused on
maintaining consistent operations at Leonora, Simberi and
Atlantic Gold. St Barbara continues to invest to improve
infrastructure, mining fleets and capability to ensure
consistent and reliable production at its operations and to
maintain operating costs at levels that protect profit
margins and ensure an adequate return on capital
invested.
(cid:120) Growing the ore reserve base through the development of
existing Mineral Resources and exploration activities: A
number of potential organic growth opportunities have
been identified, which could increase production and
extend the life of the Gwalia, Simberi and Atlantic Gold
operations.
o During 2022 the Leonora Province Plan was further
advanced with the acquisition of Bardoc Gold Limited
with 3Moz of mineral resources, and the development
of a South Gwalia mineral resource estimate 0.2Moz.
Additionally, as a result of the work completed during
the year Leonora Processing Plant expansion plan will
see production increase from 1.4mtpa to 2.1mtpa, and
the new Zoroastrian mine is on track to commence in
2024.
o
In Canada, the focus has been on advancing the growth
projects at Beaver Dam, Fifteen Mile Stream and
Cochrane Hill. Relationships with the Government and
First Nations people in Nova Scotia have been a focal
point in 2022 resulting in a new permitting approach
being established that has resulted in 2 permits being
granted late in the year.
(cid:120) Maintaining a conservative financial profile: The Group
continues to maintain prudent financial management
policies with the objective of ensuring adequate liquidity to
pursue appropriate investments in the operations and
exploration. The Group’s financial management policies
are aimed at generating net cash flows from operations to
meet financial commitments and fund exploration to the
extent viable and appropriate. The Group’s capital
management plan is reviewed and discussed with the
Board on a regular basis.
(cid:120) Continue and strengthen the Group’s commitment to
employees and local communities: The Group considers
the capability and wellbeing of its employees as key in
delivering the business strategy. Creating and sustaining a
safe work environment and ensuring that operations
conform to applicable environmental and sustainability
standards are an important focus for the Group. The Group
invests in the training and development of its employees,
talent management and succession planning.
(cid:120) The Company views such efforts as an
important
component of instilling St Barbara’s values throughout the
organisation and retaining continuity in the workforce. The
Group has in place a comprehensive talent management
framework to strengthen the capacity to attract, motivate
and retain capable people. St Barbara places significant
importance on gender diversity and is certified by the
Workplace Gender Equality Agency (WEGA) as an
Employer of Choice for Gender Equality. The Group also
has an ongoing commitment to work with local communities
to
in health and
education, support local businesses, and provide venues
for leisure activities, and other opportunities for developing
communities in which the Group operates.
infrastructure, particularly
improve
Focussed exploration and business development activity will
continue.
For the 2023 financial year the Group’s operational and
financial outlook is as follows:
(cid:120) Gold production is expected to be in the range 280,000
ounces to 315,000 ounces;
(cid:120) All-In Sustaining Cost is expected to be in the range of
$2,050 per ounce to $2,150 per ounce for the Group;
(cid:120) Sustaining capital expenditure is expected to be in the
range of $75 million to $95 million;
(cid:120) Growth capital is anticipated to be between $95 million to
$120 million; and
St Barbara Annual Report 2022 | 12
Directors and Financial Report / 30 June 2022
Directors Report
(cid:120) Exploration expenditure of between $19 million and $28
million.
The focus for the exploration program in 2023 will be to extend
the life of each operation and provide future growth options for
the Company. The program will largely concentrate on the
potential for additional near-mine ore sources around the three
existing operations,
the
surrounding mine lease, Touquoy mine and the Moose River
Corridor, and Simberi mine and mining lease ML136.
including: Gwalia mine and
Material business risks
St Barbara prepares its business plan using estimates of
production and financial performance based on a business
range of assumptions and
planning system and a
expectations. There is uncertainty in these assumptions and
expectations, and risk that variation from them could result in
actual performance being different to planned outcomes. St
Barbara’s business, operating and financial results and
performance are subject to risks and uncertainties, some of
which are beyond the Company’s reasonable control. The
uncertainties arise from a range of factors, including the
Group’s international operating scope, nature of the mining
industry and changing economic factors. The business risks
assessed as having the potential to have a material impact on
the business, operating and/or
results and
performance by the Group include:
financial
(cid:120) Fluctuations in the United States Dollar (“USD”) spot gold
price: Volatility in the gold price creates revenue uncertainty
and requires careful management of business performance
to ensure that operating cash margins are maintained
despite a fall in the spot gold price.
(cid:120) Declining gold prices can also impact operations by requiring
a reassessment of the feasibility of a particular exploration or
development project. Even
is ultimately
determined to be economically viable, the need to conduct
such a reassessment could cause substantial delays and/or
interrupt operations, which may have a material adverse
effect on the results of operations and financial condition.
if a project
(cid:120) In assessing the feasibility of a project for development, the
Group may consider whether a hedging instrument should be
put in place to guarantee a minimum level of return. The
Group has also used gold forward contracts to secure
revenues during the completion of the turnaround at Simberi
and subsequently to ensure a reasonable margin.
(cid:120) The Group has a centralised treasury function that monitors
the risk of fluctuations in the USD gold price and impacts on
expenditures from movements in local currencies. Where
possible, the exposure to movements in the USD relative to
USD denominated expenditure is offset by the exposure to
the USD gold price (a natural hedge position).
(cid:120) Hedging risk: The Group has hedging agreements in place
for the forward sale of fixed quantities of gold production from
its operations. There is a risk that the Group may not be able
to deliver the amount of gold required under its hedging
arrangements if, for example, there is a production shortage.
In this event the Group’s financial performance may be
adversely affected. Under the hedging agreements, rising
gold prices could result in part of the Group’s gold production
being sold at less than the prevailing spot gold prices at the
time of sale.
(cid:120) Government regulation: The Group’s current and future
mining, processing, development and exploration activities
are subject to various laws and statutory regulations
governing prospecting, development, production, taxes,
royalty payments, labour standards and occupational health,
land use, water use,
mine safety,
communications, land claims of local people and other
matters, and to obtaining and maintaining the necessary
titles, authorisations, permits and licences.
toxic substances,
(cid:120) No assurance can be given that new laws, rules and
regulations will not be enacted or that existing laws, rules and
regulations will not be applied in a manner which could have
an adverse effect on the Group’s financial position and
results of operations, or on the success of development
projects. Any such amendments to current laws, regulations
and permits governing operations and activities of mining,
exploration and development projects, or more stringent
implementation thereof, could have a material adverse
impact on the Group’s result of operations, financial condition
and prospects. Failure to comply with any applicable laws,
regulations or permitting requirements may result
in
enforcement actions against the Group, including orders
issued by regulatory or judicial authorities causing operations
to cease or be curtailed, and may include corrective
measures requiring capital expenditures, installation of
additional equipment, or remedial actions.
(cid:120) Operating risks and hazards:
The Group’s mining
operations, consisting of open pit and underground mines,
generally involve a high degree of risk, and these risks
increase when mining occurs at depth. The Group’s
operations are subject to all the hazards and risks normally
encountered in the exploration, development and production
of gold. Processing operations are subject to hazards such
as equipment failure, toxic chemical leakage, loss of power,
fast-moving heavy equipment, failure of deep sea tailings
placement pipelines and retaining dams around tailings
containment areas, rain and seismic events that may result
in environmental pollution and consequent liability. The
impact of these events could lead to disruptions in production
and scheduling, increased costs and loss of facilities, which
may have a material adverse impact on the Group’s results
of operations, financial condition, license to operate and
prospects. These risks are managed by a structured
operations risk management framework and formalised
procedures.
facilities and
(cid:120) Reliance on transportation facilities and infrastructure: The
Group depends on the availability and affordability of reliable
transportation
infrastructure (e.g. roads,
bridges, airports, air transport, power sources and water
supply) to deliver consumables to site, and final product to
market. Interruption in the provision of such infrastructure
(e.g. due to adverse weather, pandemic, community or
government interference) could adversely affect St Barbara's
operations, financial condition and results of operations. The
Group’s operating procedures include business continuity
plans which can be enacted in the event any particular
infrastructure is temporarily unavailable.
(cid:120) Supply chain interruption: The Group relies on supply chain
networks across the globe for its supply of consumables,
equipment and other project materials. Disruptions to this
supply chain network may result in interruption to business
continuity and increases to input prices. Likelihood of supply
St Barbara Annual Report 2022 | 13
Directors and Financial Report / 30 June 2022
Directors Report
chain irruptions have increased due to the impact COVID-19
has had on the global supply chain. This risk is managed by
ensuring critical spares and consumable items remain on
hand, forecasting and monitoring supply chain congestion.
(cid:120) Permitting delays: The group relies on government and
government agencies to issue and renew permits that allow
the development of mines to commence, or operations to
continue. If permits are not issued, renewed, or there is a
delayed in a permit being issued, this may result in an
interruption to business continuity, a mine development to
not occur, or increased cost. The business develops plans
and specialised capability to address and comply with
permitting criteria. Following the lifting of COVID-19 travel
and interpersonal contact restrictions, management has
been able to engage and collaborate with Government more
effectively as evidenced by recent granting of permits.
(cid:120) Information technology and cyber risk: The Group’s
operations are supported by information technology systems,
consisting of infrastructure, networks, applications and
service providers. The Group could be subject to network and
systems interference or disruptions from a number of
sources, including security breaches, cyber-attacks and
system failures. The impact of information technology
systems interferences or disruption could include production
downtime, operational delays, destruction or corruption of
data, disclosure of sensitive information and data breaches,
any of which could have a material impact on the Group’s
business, operations, financial condition and performance.
Disaster recovery plans are in place for all of the Group’s
major sites and critical information technology systems,
together with a well-developed cyber-security protection and
monitoring system.
(cid:120) Production, cost and capital estimates: The Group prepares
estimates of future production, operating costs and capital
expenditure relating to production at its operations. The
ability of the Group to achieve production targets or meet
operating and capital expenditure estimates on a timely basis
cannot be assured. The assets of the Group are subject to
uncertainty with regards to ore tonnes, grade, metallurgical
recovery, ground conditions, operational environment,
funding for development, regulatory changes, accidents and
other unforeseen circumstances such as unplanned
mechanical failure of plant and equipment. Failure to achieve
production, cost or capital estimates, or material increases to
costs, could have an adverse impact on the Group’s future
financial condition. The
cash
development of estimates is managed by the Group using a
rigorous budgeting and forecasting process. Actual results
are compared with budgets and forecasts on a regular basis
to identify drivers behind discrepancies that may result in
updates to future estimates.
flows, profitability and
(cid:120) Changes in input costs: Mining operations and facilities are
intensive users of electricity, gas and carbon-based fuels.
Energy prices can be affected by numerous factors beyond
the Group's control, including global and regional supply and
demand, carbon taxes, inflation, political and economic
conditions, and applicable regulatory regimes. The prices of
various sources of energy may increase significantly from
current levels.
The Group's production costs are also affected by the prices
of commodities it consumes or uses in its operations, such
as diesel, lime, sodium cyanide and explosives, and
increases in labour rates. The prices of such commodities
are influenced by supply and demand trends affecting the
mining industry in general and other factors outside the
Group's control. Increases in the price for materials
consumed in St Barbara's mining and production activities
could materially adversely affect its results of operations and
financial condition.
Labour costs are impacted by the overall supply of skilled
labour to the mining industry, where a lack of labour will
increase competition and therefore cost. A lack of skilled
labour may also impact the Group’s ability to effectively and
efficiently execute operational plans.
The Group's operations use contractors for mining services
at those operations, and some of its construction projects are
conducted by contractors. As a result, the Group's operations
are subject to a number of risks, including:
(cid:120) negotiation and renewal of agreements with contractors on
acceptable terms;
(cid:120) failure of contractors to perform under their agreements,
including failure to comply with safety systems and
standards, contractor insolvency and failure to maintain
appropriate insurance;
(cid:120) failure of contractors to comply with applicable legal and
regulatory requirements; and
(cid:120) changes in contractors.
In addition, St Barbara may incur liability to third parties as a
result of the actions of its contractors. The occurrence of one
or more of these risks could have a material adverse effect
on its results of operations and financial position.
The Group manages risks associated with input costs
through a centralised procurement function which analyses
market trends, supply environment, and operational demand
planning, to establish appropriate sourcing strategies for
spend categories.
The Group manages risks associated with contractors
through a contractor management system.
(cid:120) Exploration and development risk: Although the Group’s
activities are primarily directed towards mining operations
and the development of mineral deposits, its activities also
include the exploration for mineral deposits and the
possibility of third- party arrangements including joint
ventures, partnerships, toll treating arrangements, ore
purchase arrangements or other third-party contracts. An
ability to sustain or increase the current level of production
in the longer term is in part dependent on the success of
the Group’s exploration activities and development
projects, and the expansion of existing mining operations.
(cid:120) The exploration for and development of mineral deposits
involves significant risks that even a combination of careful
evaluation, experience and knowledge may not eliminate.
While the discovery of an ore body may result in substantial
rewards, few properties that are explored subsequently
have economic deposits of gold identified, and even fewer
are ultimately developed into producing mines. Major
expenses may be required to locate and establish mineral
reserves, to establish rights to mine the ground, to receive
all necessary operating permits, to develop metallurgical
St Barbara Annual Report 2022 | 14
Directors and Financial Report / 30 June 2022
Directors Report
processes and to construct mining and processing facilities
at a particular site. It is impossible to ensure that the
exploration or development programs the Group plans will
result in a profitable mining operation.
Whether a mineral deposit will be commercially viable
depends on a number of factors.
The Group has a disciplined approach to allocating budget to
exploration projects. The Group also has investment criteria
to ensure that development projects are only approved if an
adequate economic return on the investment is expected.
(cid:120) Ore Reserves and Mineral Resources: The Group's
estimates of Ore Reserves and Mineral Resources are
based on different levels of geological confidence and
different degrees of technical and economic evaluation,
and no assurance can be given that anticipated tonnages
and grades will be achieved, that the indicated level of
recovery will be realised or that Ore Reserves could be
mined or processed profitably. The quality of any Ore
Reserve or Mineral Resource estimate is a function of the
quantity of available technical data and of the assumptions
used in engineering and geological interpretation and
modifying factors affecting economic extraction. Such
estimates are compiled by experienced and appropriately
qualified geoscientists using mapping and sampling data
obtained from bore holes and field observations, and
subsequently reported by Competent Persons under the
JORC Code.
Fluctuation in gold prices, key input costs to production, as
well as the results of additional drilling, and the evaluation
of reconciled production and processing data subsequent
to any estimate may require revision of such estimates.
Actual mineralisation of ore bodies may be different from
those predicted, and any material variation in the estimated
Ore Reserves, including metallurgy, grade, dilution, ore
loss, or stripping ratio at the Group's properties may affect
the economic viability of its properties, and this may have
a material adverse impact on the Group's results of
operations, financial condition and prospects.
There is also a risk that depletion of reserves will not be
offset by discoveries or acquisitions, or that divestitures of
assets will lead to a lower reserve base. The reserve base
of the Group may decline if reserves are mined without
adequate replacement and the Group may not be able to
sustain production beyond current mine lives, based on
current production rates.
(cid:120) Political, social and security risks: St Barbara has
production and exploration operations in a developing
country that is subject to political, economic and other risks
and uncertainties. The formulation and implementation of
government policies in this country may be unpredictable.
Operating in developing countries also involves managing
security risks associated with the areas where the Group
has activities. The Group has established policies and
procedures
in managing and monitoring
government relations. The Group’s operating procedures at
its mine in Papua New Guinea (PNG) includes detailed
security plans. In PNG there is political focus on potential
future policy changes that could include changes to the
existing Mining Act, the level and manner of local equity
participation in projects, taxation regimes, changes to
to assist
banking and foreign exchange controls and changes in
controls pertaining to the holding of cash and remittance of
profits and capital to the parent company.
the operating costs are denominated
(cid:120) Foreign exchange: The Group has an Australian dollar
presentation currency for reporting purposes. However,
gold is sold throughout the world based principally on the
U.S. dollar price, and most of the Group's revenues are
realised in, or linked to, U.S. dollars. The Group is also
exposed to U.S. dollars and Papua New Guinea Kina in
respect of operations located in Papua New Guinea and
Canadian dollars in respect of the Atlantic Gold operations
as
these
currencies. There is a “natural” (but not perfect) hedge that
matches to some degree U.S. denominated revenue and
obligations related to U.S. dollar expenditure (similarly with
Canadian dollar denominated revenues and expenses).
The Group is therefore exposed to fluctuations in foreign
currency exchange rates. The Group monitors foreign
exchange exposure and risk on a monthly basis through
the centralised treasury function and a Management
Treasury Risk Committee.
in
the Group operates may
(cid:120) Community relations: A failure to adequately manage
community and social expectations within the communities
in which
local
dissatisfaction which, in turn, could lead to interruptions to
production, permitting and exploration operations. The
Group has an established stakeholder engagement
framework to guide the management of the Group’s
community relations efforts. At Simberi there is a dedicated
community relations team to work closely with the local
communities and government.
lead
to
(cid:120) Insurance: The Group maintains insurance to protect
against certain risks. However, the Group’s insurance will
not cover all the potential risks associated with a mining
company’s operations. The Group may also be unable to
maintain insurance to cover these risks at economically
feasible premiums. Insurance coverage may not continue
to be available or may not be adequate to cover any
resulting liability. Moreover, insurance against risks such as
loss of title to mineral property, environmental pollution, or
other hazards as a result of exploration and production is
not generally available to the Group, or to other companies
in the mining industry on acceptable terms. The Group
might also become subject to liability for pollution or other
hazards which may not be insured against, or which it may
elect not to insure against because of premium costs or
other reasons. Losses from these events may cause the
Group to incur significant costs that could have a material
adverse effect upon its financial performance and results of
operations.
(cid:120) Climate change: Climate change related risks that may
impact the Group include physical as well as regulatory and
macro-economic impacts. The effects of changes in rainfall
patterns, changing storm patterns and intensities have from
time to time adversely impacted, and may in the future
adversely impact, the cost, production levels and financial
performance of the Group's operations. The Group's
mining operations have been, and may in the future be,
subject from time to time to severe storms and high rainfalls
leading to flooding and associated damage, which has
resulted, and may result in delays to, or loss of production
at its mines (e.g. due to water ingress and flooding at the
St Barbara Annual Report 2022 | 15
The financial reporting and control mechanisms are reviewed
the Audit and Risk
during
Committee, the internal audit function and the external auditor.
the year by management,
Senior management and the Board regularly review the risk
portfolio of the business and the effectiveness of the Group’s
management of those risks.
Regulatory environment
St Barbara is subject to the legal jurisdictions of the countries
in which we operate. The Australian Commonwealth, Western
Australian, Canadian Federal, Nova Scotian and Papua New
Guinea legislation permits and that governs St Barbara’s
exploration, mining and processing operations. St Barbara is
not aware of any material breach of legislation and regulations
applicable to its operations during 2022. The Group remains
committed to compliance with its obligations through training,
reporting, audits and process improvements.
Directors and Financial Report / 30 June 2022
Directors Report
base of the mine at Leonora WA and tropical storms; sea
level increases impacting logistics and mining operations
at Simberi PNG; and/or snow storms preventing access to
the mining operations at Touquoy in Nova Scotia). Carbon
related regulatory impacts on the Group’s operations are
currently low, but may increase adversely in future, for
instance should a carbon trading scheme be introduced.
Climate change related impacts on commodity markets are
difficult to predict, but might include increased energy cost
to the Group.
(cid:120) Other natural disasters: Seismic activity is of particular
concern to mining operations. The Simberi mine in Papua
New Guinea is in an area known to be seismically active
and is subject to risks of earthquakes and the related risks
of tidal surges and tsunamis. The Gwalia underground
mine may be impacted by potential seismic events
associated with operating at depth.
(cid:120) Risk of impairment: If the gold price suffers a significant
decline, or the operations are not expected to meet future
production levels, there may be the potential for future
impairment write downs at any of the operations. At Atlantic
Gold a significant portion of the value ascribed to the
acquisition is in mineral rights. The value of mineral rights
is realised through profitable production from the Touquoy
operation, the development of projects at Beaver Dam,
Fifteen Mile Stream and Cochrane Hill and an increase to
ore reserves through exploration. Any further delay in the
permitting and development of the Atlantic Gold projects or
changes to the expected performance of the future
operations, and in achieving positive exploration results in
Canada, could give rise to the impairment of assets. The
recoverability of the carrying value of the Group’s assets is
assessed on a regular basis using a range of assumptions
and expectations as part of the business planning system.
(cid:120) COVID-19: While St Barbara has implemented extensive
procedures to manage the risk of COVID-19 spreading
through an operation, there is a risk that if broader
community transmission of COVID-19 increases in a
particular region, there is a risk that the local government
(state, provincial or federal) may place restrictions that
could ultimately result in closing the site and running in care
and maintenance until restrictions are lifted. The closure of
a site will have a material impact on cash flows.
Additionally, while COVID-19 related restrictions may not
directly impact the operations, there is a risk that suppliers
of key consumables, parts and equipment could be
negatively impacted, resulting in interruption of supply to
the operations. The restriction in the mobility of the work
force both within Australia and globally could also impact
the operations.
Risk management
risks
through an established enterprise-wide
The Group manages the risks listed above, and other day-to-
risk
day
management framework, which conforms to Australian and
international standards and guidance. The Group’s risk
reporting and control mechanisms are designed to ensure
strategic, safety, environment, operational, legal, financial, tax,
reputational and other risks are identified, assessed and
appropriately managed.
St Barbara Annual Report 2022 | 16
Directors and Financial Report / 30 June 2022
Directors Report
Information on Directors
Timothy (Tim) C Netscher
BSc (Eng.) (Chemical), BCom, MBA, FIChE, CEng, FAICD
Craig A Jetson
Accredited Mechanical Engineer
Managing Director and Chief Executive Officer
Appointed as Managing Director and CEO 3 February 2020
Special responsibilities:
(cid:120) Nil (attends Board Committee Meetings by invitation)
Mr Jetson is a highly experienced international career mining
executive, having most recently served as Executive General
Manager of Cadia, Lihir and Global Technical Services at
Newcrest Mining Limited. Previously, he was the General
Manager of Lihir and prior to that held long-term senior
operating roles in Australia, USA, Canada and Europe. His
career began in Comalco (majority-owned and subsequently
fully acquired by Rio Tinto) in operations, engineering and
asset management which led him to senior management and
leadership roles with Nyrstar and Zinifex in their zinc smelting
businesses.
Mr Jetson has experience in successfully leading challenging
businesses in complex operating environments, together with
deep technical knowledge. He was awarded the 2019
Victorian Women in Resources Gender Diversity Champion.
Other current listed public company directorships: Nil
Former listed company directorships in last three years: Nil
Other current relevant experience:
(cid:120) Professional Society of Engineers
(cid:120) Member of Strategic Industry Research Foundation
Australia
Independent Non-Executive Chairman
Appointed as a Director 17 February 2014
Appointed as Chairman 1 July 2015
Special responsibilities:
(cid:120) Member of Audit and Risk Committee
(cid:120) Member of Growth and Business Development
Committee
(cid:120) Member of Health, Safety, Environment and Community
Committee
(cid:120) Member of Remuneration and Nomination Committee
Mr Netscher is an experienced international mining executive
with extensive operational, project development, transactional
and sustainability experience gained in senior executive and
board roles over many years. His key executive positions
during a 25 year executive career have included Managing
Director and CEO of Gindalbie Metals Ltd, Senior Vice
President Asia Pacific Region of Newmont Inc., Managing
Director of Vale Coal Australia, President of P T Inco and
Executive Director of Refining & New Business at Impala
Platinum Ltd.
Mr Netscher’s experience covers a wide range of resources
including platinum group metals, nickel, coal, iron ore, uranium
and gold in Africa, Asia, USA and Australia.
Other current listed company directorships:
(cid:120) Gold Road Resources Limited
o Non-Executive Chairman
o Member of Audit & Risk Committee
o Member of Remuneration & Nomination Committee
Former listed company directorships in last three years:
(cid:120) Non-Executive Director of Western Areas Limited
Other previous relevant experience:
(cid:120) Non-Executive Chairman of Deep Yellow Limited
(cid:120) Non-Executive Chairman of Toro Energy Limited
(cid:120) Director of Queensland Resources Council
(cid:120) Director of Minerals Council of Australia
(cid:120) Director of Chamber of Minerals and Energy of Western
Australia
St Barbara Annual Report 2022 | 17
Directors and Financial Report / 30 June 2022
Directors Report
Kerry J Gleeson
LLB (Hons), FAICD
Stefanie (Stef) E Loader
BSc Hons (Geology), GAICD, MAIG
Independent Non-Executive Director
Appointed as a Director 18 May 2015
Independent Non-Executive Director
Appointed as a Director 1 November 2018
Special responsibilities:
Special responsibilities:
(cid:120) Chair of Remuneration and Nomination Committee
(cid:120) Member of Audit and Risk Committee
(cid:120) Member of Safety and Sustainability Committee
(previously, Health, Safety, Environment and Community
Committee)
Ms Gleeson
is an experienced Non-Executive Director
following a 30-year career as a senior executive and as a
lawyer in both the UK and Australia. She has significant
experience in international governance, strategic mergers and
acquisitions and complex corporate finance transactions, as
well as in risk and crisis management.
Ms Gleeson was a member of the Group Executive at Incitec
Pivot Limited for 10 years until 2013, including as Company
Secretary and General Counsel, with involvement across its
international operations in explosives and chemicals, mining,
transport and logistics. Ms Gleeson led Incitec Pivot’s
Corporate Affairs function across government, media and
regulatory affairs as well as leading international crises
responses and major environmental remediation projects, and
the Group’s Culture & Values and Diversity programs.
Earlier in her career, Ms Gleeson practised as a corporate
lawyer, with Blake Dawson Waldron (now Ashurst)
in
Melbourne after a 10 year legal career in the UK, including as
a corporate finance and transactional partner in an English law
firm, focusing on mergers and acquisitions and initial public
offerings.
(cid:120) Chair of Safety and Sustainability Committee (previously,
Health, Safety, Environment and Community Committee)
(cid:120) Member of Audit and Risk Committee
Ms Loader is a company director, geologist and former mining
executive with experience in mining operations, mineral
exploration and project development.
In her extensive
executive career, Ms Loader has worked in seven countries
across four continents.
Ms Loader’s experience covers a wide range of commodities
and regions including copper and gold in Australia, Laos, Chile
and Peru, and diamonds in Canada and India. Ms Loader held
the role of Managing Director of Northparkes copper and gold
mine for CMOC International and Rio Tinto from 2012 to 2017
and was Chair of the NSW Minerals Council from 2015 to 2017.
Ms Loader has also served in the office of the CEO for Rio
Tinto supporting the Executive Committee and as Exploration
Executive.
Ms Loader was recognised as one of the Australian Financial
Review 100 Women of Influence in 2013.
Other current listed company directorships:
(cid:120) Sunrise Energy Metals Ltd (ASX:SRL)
o Non-Executive Director
o Lead
Independent Director, Chair of People
Governance and Sustainability Committee, Member
Audit, Finance and Risk Committee
Other current listed company directorships:
Former listed company directorships in last three years:
(cid:120) New Century Resources Limited (ASX: NCZ)
o Non- Executive Director
o Chair of the ESG Committee
o Member of the Audit and Risk Committee
o Member of
the Nomination and Remuneration
Committee
(cid:120) Chrysos Corporation Ltd (ASX: C79)
o Non-Executive Director
o Lead Independent Director
o Member of
Committee
the Remuneration and Nomination
o Member of the Audit, Risk and Finance Committee
(cid:120) Australian Strategic Materials Limited (ASX: ASM)
o Non-Executive Director
o Chair of the Risk Committee
o Chair of the Nomination Committee
o Member of the Audit Committee
o Member of Remuneration Committee
Former listed company directorships in last three years: Nil
Other current relevant experience:
(cid:120) Chair of Trinity College, University of Melbourne
Other previous relevant experience:
(cid:120) Non-Executive Director of Rivet Group (formerly known as
McAleese Limited)
(cid:120) Member of the Directory Advisory Panel of the Australian
Securities and Investments Commission
(cid:120) Non-Executive director of Clean TeQ Water Ltd (ASX:
CNQ)
Other current relevant experience:
(cid:120) Chair of Port Waratah Coal Services Limited
(cid:120) Chair of Forestry Corporation NSW (from 1 July 2022)
Other previous relevant experience:
(cid:120) Chair of the NSW Minerals Council from 2015 to 2017
St Barbara Annual Report 2022 | 18
(cid:3)
(cid:3)
Directors and Financial Report / 30 June 2022
Directors Report
David E J Moroney
BCom, FCA, FCPA, GAICD
Independent Non-Executive Director
Appointed as a Director 16 March 2015
Special responsibilities:
(cid:120) Chair of Audit and Risk Committee
(cid:120) Member of Safety and Sustainability Committee
(previously, Health, Safety, Environment and Community
Committee)
(cid:120) Member of Remuneration and Nomination Committee
Mr Moroney is an experienced finance executive with more
than 30 years’ experience in senior corporate finance roles,
including 20 years in the mining industry, and extensive
international work experience with strong skills in finance,
strategic planning, governance,
risk management and
leadership. Mr Moroney’s executive positions included CFO of
Co-Operative Bulk Handling, CFO of First Quantum Minerals
Ltd, General Manager Group Business Services at
Wesfarmers Ltd, CFO of Wesfarmers CSBP Ltd, Deputy
CFO/Executive GM Accounting of Normandy Mining Ltd and
CFO at Aurora Gold Ltd.
Mr Moroney’s experience covers a wide range of resources
including diamonds, copper, cobalt, nickel, silver and gold in
Africa, Asia, Scandinavia and Australia.
Other current listed company directorships:
(cid:120)
Independent Non-Executive Chair
Juno Minerals Limited
o
o Member of the Audit Committee
o Member of
Committee
the Remuneration and Nomination
Former listed company directorships in last three years: Nil
Other current relevant experience: Nil
Other previous relevant experience:
(cid:120) Non-Executive
Independent Director, WA Super
largest public offer
(previously Western Australia’s
superannuation fund)
(cid:120) Non-Executive Director, Hockey Australia Ltd (National
Sporting Organisation for Hockey enabling Australian
national hockey teams the Kookaburras and Hockeyroos)
(cid:120) Non-Executive Director, Geraldton Fishermen’s Co-
Operative Ltd (largest exporter of rock lobster in the
southern hemisphere)
(cid:120) National Councillor, Group of 100 Inc.
(cid:120) Non-Executive Director, CPA Australia Ltd
(cid:3)
St Barbara Annual Report 2022 | 19
Directors and Financial Report / 30 June 2022
Directors Report
Information on Executives
Craig Jetson
Accredited Mechanical Engineer
Sarah Standish
BA, LLB, GAICD
Managing Director and Chief Executive Officer
General Counsel and Company Secretary
Ms Standish has over 17 years’ experience in Australia and
internationally in both private practice and in-house roles
spanning
legal, governance, risk and compliance. Ms
Standish’s most recent experience, prior to joining St Barbara,
includes leading the legal, risk and compliance functions at an
ASX listed mining technology company. Ms Standish’s
experience and key areas of expertise include corporate and
commercial transactions, regulatory compliance, corporate
governance, corporate and commercial law, anti-bribery and
anti-corruption compliance,
risk management, corporate
restructuring, strategy development and execution, project
management and delivery and intellectual property and
technology.
Mr Jetson is a highly experienced career mining executive,
having most recently served as Executive General Manager
Cadia, Lihir and Global Technical Services at Newcrest Mining
Limited. Previously, Mr Jetson was GM Lihir and prior to that
held long-term senior operating roles at Nyrstar and Zinifex in
Australia, USA, Canada and Europe. Mr Jetson has
experience in successfully leading challenging businesses in
complex operating environments, together with deep technical
knowledge.
Lucas Welsh
B.Com, CA, MBA, DipInvRel
Chief Financial Officer
Appointed 27 August 2021
Mr Welsh is a Chartered Accountant with over 20 years’
experience. Mr Welsh joined St Barbara in 2007 as General
Manager Finance and Procurement. In 2020, Mr Welsh joined
our Building Brilliance
team as General Manager
Transformation (Commercial) before leading the team in 2021
as Chief Transformation Officer.
Mr Welsh is responsible for the Group’s Finance function,
covering financial reporting and accounting, treasury, taxation,
internal audit, capital management, Group procurement and
information technology. Prior to joining the Group, Mr Welsh
worked at PwC in their Transaction Services department,
before developing a Sarbanes-Oxley risk management
compliance framework and toolset at WMC Resources.
Andrew Strelein
B.Com
Chief Development Officer
Appointed 26 July 2021
Mr Strelein joined St Barbara as Chief Development Officer in
July 2021. He has global experience gained from leadership
roles across a number of mining jurisdictions including
Western Australia, Indonesia, West Africa and Colorado.
Prior to joining St Barbara, Mr Strelein was based in West
Africa for five years leading the Nimba Iron Ore Project. He
worked at Newmont as Group Executive Corporate
Development and in a Group Executive role for the Asia Pacific
region. Earlier in his career, he was based in Perth and
accountable for joint venture investments in Boddington,
KCGM, Goldfields Power and Kaltails. With a Bachelor of
Commerce, he has completed the AICD course and ASCPA.
St Barbara Annual Report 2022 | 20
Directors and Financial Report / 30 June 2022
Directors Report
Meetings of directors
The number of meetings of Directors (including meetings of Committees of Directors), and the numbers of meetings attended by
each of the Directors of the Company during the financial year was:
Board meetings
Board Committee meetings
Scheduled Supplementary Audit & Risk
Committee
Remuneration
& Nomination
Committee
Health,
Safety,
Environment
& Community
Committee
Growth &
Business
Development
Committee1
Investment
Committee
A
H
A
S Dean2
K Gleeson
S Loader
D Moroney
T Netscher
C Jetson4, 5
6
7
7
7
7
7
6
7
7
7
7
7
4
6
6
57
6
6
Table 1: Meetings of Directors
H
4
6
6
6
6
6
A
-
4
4
4
4
4
H
-
4
4
4
4
4
A
3
4
46
4
4
4
H
3
4
4
4
4
4
A
-
4
4
4
4
3
H
-
4
4
4
4
4
A
2
16
2
26
2
1
H
2
2
2
2
2
2
A
46
4
46
4
4
4
H
4
4
4
43
4
4
A = Number of meetings attended
H = Number of meetings held during the time the Director held office or was a member of the committee during the year and was
eligible to attend
1 The Growth and Business Development Committee was dissolved effective 10 June 2022.
2 Mr Steven Dean resigned as a director effective 9 June 2022.
3 Mr David Moroney was appointed as a member of the Investment Committee effective 31 March 2022.
4 Mr Craig Jetson resigned as a member of the Investment Committee effective 31 March 2022.
5 The Managing Director and CEO has a standing invitation to attend meetings of the Health, Safety and Environment Committee and the Growth
and Business Development Committee. Attendance at a meeting of any of the Investment Committee, Audit and Risk Committee and
Remuneration and Nomination Committee is at the discretion of the Chair of that committee. Attendance at a meeting of the Remuneration and
Nomination Committee is not permitted where discussion is related to personal remuneration.
6 Per charters of all committees referred to in the above table, with the exception of the Investment Committee, a non-executive director who is not
a member of a committee has a standing invitation to attend a meeting of that committee.
7 Mr David Moroney was an apology for this meeting due to restricted access to communication in a remote location.
In addition to the meetings of Directors, Directors attended additional meetings with Management in consideration of strategic
projects.
Directors interests
The relevant interest of each Director in the shares and rights over such instruments issued by the companies within the Group and
other related bodies corporate as notified by the Directors to the ASX in accordance with S205G(1) of the Corporations Act 2001, as
the date of this report is as follows:
Ordinary shares
Rights over
ordinary shares
-
28,785
30,414
105,438
107,616
200,000
-
5,576
18,587
-
-
769,212
S Dean1
K Gleeson
S Loader
D Moroney
T Netscher
C Jetson
Table 2: Directors Interests
No Directors have an interest in options over shares issued by companies within the Group.
1 Mr Steven Dean resigned as a director effective 9 June 2022.
St Barbara Annual Report 2022 | 21
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
Remuneration Report (Audited)
Contents
1.
Introduction and Key Management Personnel
2. 2022 Remuneration Summary
3. Remuneration Governance
4. Executive Remuneration Framework
5. Components of Executive remuneration
6. Relationship between Group performance and remuneration - past five years
7. FY22 Executive remuneration outcomes and disclosures
8. Non-Executive Director remuneration
9. Additional statutory information
10. Looking ahead to FY23
1.
Introduction and Key Management Personnel
The Remuneration Report (as part of the Annual Report) complements, and should be read in conjunction with, information contained
in the Company’s corresponding annual Corporate Governance Statement and Sustainability Report, both available at
www.stbarbara.com.au
The pages of the report that follow have been prepared in accordance with section 300A of the Corporations Act 2001 (Cth) (Act)
and audited as required by section 308(3C) of the Act.
The Group’s Key Management Personnel (KMP) named in this report are those with the authority and responsibility for planning,
directing and controlling the activities of the Group. KMP for the financial year ended 30 June 2022 are outlined below and each was
a KMP for the entire period unless otherwise stated.
1.1 Key Management Personnel during FY22
Non-Executive Directors
Tim Netscher
Independent Non-Executive Chairman
Kerry Gleeson
Independent Non-Executive Director
David Moroney
Independent Non-Executive Director
Stef Loader
Independent Non-Executive Director
Steven Dean
Independent Non-Executive Director (resigned 9 June 2022)
Executives
Craig Jetson
Lucas Welsh
Managing Director & Chief Executive Officer
Chief Financial Officer (appointed 27 August 2021)
Andrew Strelein
Chief Development Officer (appointed 26 July 2021)
Former Executives
Garth Campbell-Cowan
Chief Financial Officer (ceased 10 September 2021)
Evan Spencer
Chief Operating Officer (ceased 14 October 2021)
Table 1: FY22 Key Management Personnel
St Barbara Annual Report 2022 | 22
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
2. 2022 remuneration summary
The information below provides a high-level summary of remuneration outcomes for KMP in respect of FY22:
Executive
remuneration
ZERO
Increase
There were no increases to Total Fixed Remuneration (TFR) for Executives in
FY22.
Refer to Section 9 for Statutory Remuneration disclosures.
Short Term
Incentive (STI)
outcomes
STI
Group KPIs - ZERO
Individual KPIs - per
assessment
Long Term
Incentive (LTI)
outcomes
ZERO LTI
VESTING
The FY22 STI was subject to performance against Key Performance Indicators
(KPIs) for Group performance and individual performance. For Executive KMP their
STI comprises 80% for Group performance and 20% for individual performance.
With regards to Group performance, the threshold measure was met for Group
safety. However, the threshold for KPIs on production and all-in sustaining cost
(AISC) were not met. The Board exercised its discretion to zero out the STI award
for Executive KMPs for the Group STI measures.
With regards to individual performance, the Board assessed the performance
against the individual KPIs which included strategy and business development, in
particular the acquisition of Bardoc Gold Limited and NS Gold Corporation, and
operational improvement through Building Brilliance - the Group’s transformation
program.
Refer to Section 7 for detail on STI outcomes.
The FY20 Performance rights were assessed against set performance measures:
Relative Total Shareholder Return (RTSR) - for which there is a positive Total
Shareholder Return (TSR) gateway - and Return on Capital Employed (ROCE).
TSR for the three-year period to 30 June 2022 did not meet the ‘positive TSR’
gateway required to be considered for performance vesting, and this portion of the
FY20 LTI (67%) lapsed.
Using the same methodology as in previous years (refer to Section 7), ROCE for
the Group over the three-year period was assessed to have exceeded threshold.
Notwithstanding, having regard to the Company’s overall performance over the
three years which included the non-cash impairment made in FY21, the Board
exercised its discretion not to make any award of Performance rights for
Executive KMP (current and former) and accordingly this portion of the FY20 LTI
(33%) also lapsed.
No Performance rights have been deferred for re-testing in a subsequent financial
year.
Refer to Section 7 which provides more detail on LTI vesting outcomes.
Non-Executive
Director
remuneration
ZERO
Increase
There were no increases to Non-Executive Director Fees in FY22 with the last
increase being FY19.
Refer to Section 8 for information relating to Non-Executive Directors.
St Barbara Annual Report 2022 | 23
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
FY22
FY23
After conducting a review of the Company’s remuneration framework, in light of
practice of the Company’s peers, market trends, the Company’s strategic long-term
objectives and continued strong support of the remuneration report by the
Company’s Shareholders at its AGM (FY21: 97.73%, FY20: 98.45% and FY19:
97.25%), the Board remained satisfied that the current framework was robust and
appropriate for the Group.
One change was made
the FY22 LTI Plan.
in FY21 with regard
A third strategic performance measure, Replenishment of Reserves (20%
weighting) was included to complement the two existing performance measures,
RTSR and ROCE. The respective weightings were adjusted for RTSR (50%) and
ROCE (30%).
to
All LTI measures cover a three-year performance period.
Fixed Remuneration for Executive KMP will remain unchanged.
STI Group measures will continue to focus on Group safety, production and AISC.
Non-Executive Director fees remain unchanged since FY19.
Refer to Section 10 for more information regarding KMP Remuneration in FY23.
3. Remuneration governance
The Remuneration & Nomination Committee (Committee) operates under a Board approved Charter and is comprised entirely of
independent Non-Executive Directors – K Gleeson (Chair), T Netscher (Member), D Moroney (Member) and S Dean (Member up to
9 June 2022).
The roles and responsibilities of the Board, Committee, Management, and external remuneration consultants in relation to the
governance of remuneration for KMP and employees at St Barbara is outlined below.
(cid:120) Approves the remuneration of the Non-Executive Directors, the Managing Director and CEO Executive Key
Management Personnel and specific senior executives.
Board
(cid:120) Ensures the Remuneration Framework is market competitive and aligned with shareholder interests, the
Company’s values, purpose, strategic objectives and risk appetite.
Advises the Board on:
(cid:120) Remuneration strategies, policies and practices.
(cid:120) Remuneration of the Managing Director and CEO, Executive Key Management Personnel, Non-Executive
Directors and specific senior executives.
(cid:120) Composition, structure, succession planning and performance of the Board.
(cid:120) Diversity and inclusion, organisation capability and effectiveness, skills, training and development and
succession planning for key roles.
(cid:120)
Implementation and continuous improvement of remuneration policies and practices.
(cid:120) Provides the Committee with information and insights to assist the Committee in discharging its duties.
Remuneration &
Nomination
Committee
Management
(cid:120)
External
Remuneration
Consultants
(cid:120) May be engaged directly by the Board or the Committee to provide information or advice relating to KMP,
that is free of influence from management.
In FY22, there were no engagements with remuneration specialists on advice relating to KMP and therefore
no fees were paid to remuneration consultants during the period. Godfrey Remuneration Group Pty Ltd were
engaged for assistance and advice on the review of the LTI plan for FY22 as well as advice on a potential
Canadian Employee Share Scheme and their fee including GST did not exceed A$15,000. The assistance
and advice from Godfrey did not include any remuneration recommendation.
Additional information regarding the Committee's roles and responsibilities can be found in the Committee Charter at https://stbarbara.com.au/our-company/governance/
St Barbara Annual Report 2022 | 24
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
4. Executive remuneration framework
The Group’s Executive remuneration strategy is designed to attract, reward and retain high calibre, high performing, and team
orientated individuals capable of delivering the Group strategy. The remuneration strategy and related employment policies and
practices are aligned with the Group strategy. The guiding principles that underpin the Executive remuneration strategy are outlined
below:
Strategy and
Vision
Align short and long-term performance measures to drive the execution of the Company’s strategy, including
our commitment to safety and sustainability in order to create value in everything we do, for our people, our
communities and our shareholders.
Culture and
Values
In setting the remuneration strategy, the Board is cognisant of the link between remuneration and setting and
maintaining a positive company culture. The clawback of Executive incentives for poor Executive or
organisational behaviour is therefore permissible under its framework. Our values guide the way we make
decisions and how we treat one another and all our stakeholders.
Shareholders
Executive remuneration outcomes are aligned with the shareholder experience, as the STI and LTI link personal
remuneration outcomes with the achievement of targets which drive Group performance and sustainable
shareholder returns.
Performance
Appropriate levels of remuneration ‘at risk’, to encourage and reward sustainable, high performance aligned
with value creation for shareholders. This includes STI based on achieving key safety, production and strategic
milestones and LTI closely aligned with the shareholder experience.
Market
The Group’s remuneration strategy and practices are influenced by the Australian gold mining industry and the
peer companies with which it competes for talent, with remuneration mix and levels aligned to comparable roles
in our peer companies.
5. Components of Executive remuneration
5.1 Remuneration components and links to strategy
Executive remuneration comprises of both fixed and ‘at risk’ components to ensure an appropriate amount of remuneration is linked
to the performance and success of the Group and thereby align the interests of Executives and shareholders.
The STI and LTI are integral to a competitive total remuneration package that is prevalent with the Company’s market peers and
ensure a significant portion of Executive remuneration is ‘at risk’ based on challenging performance measures.
Each of these components is outlined in more detail below:
FIXED COMPONENT
Purpose
Attract and retain talented Executives to lead the Group.
Links to Strategy
Reviewed annually based on individual performance and role responsibilities, the
knowledge, skills and experience required for the position, and the Group’s need to attract
and retain the right person for the role.
Vehicle
Base salary, superannuation and other benefits.
Approach in FY22
In setting remuneration for Executives, the Remuneration & Nomination Committee
considers relevant industry trend data and other remuneration information including market
salary surveys and benchmarking.
St Barbara Annual Report 2022 | 25
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
‘AT RISK’ COMPONENT - SHORT TERM INCENTIVE
Purpose
Reward business and individual performance in the financial year.
Links to Strategy
Vehicle
The STI is linked to specific corporate and personal objectives over the financial year and is
structured to incentivise Executives for achieving outcomes that are within their control, as
well as their own individual performance targets and behaviours. In the event of a fatality, the
Safety component of the STI Group measures will be assessed as zero.
Ordinarily payable in cash, however, the Board retains discretion to pay some or all of the
STI in equity.
Maximum quantum (percentage of Total Fixed Remuneration):
CEO
Other Executives
Target = 50% of Max.
Measures:
100%
90%
1)
Group measures (80%): reflect financial and non-financial measures – safety,
production and AISC.
Approach in FY22
Group
AISC
30%
Safety
30%
Gold
Production
40%
Figure 1: Group STI measures
2) Individual measures (20%): reflect a balance of financial and non-financial measures,
aligned to the Group’s strategic objectives.
The Board has discretion on whether any STI should be awarded, or the amount varied in any given year. The Board also has
absolute discretion to reduce, withhold or cancel any unpaid STI in relation to fraud, defalcation or gross misconduct, or a material
misstatement in the Group’s financial statements.
St Barbara Annual Report 2022 | 26
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
‘AT RISK’ COMPONENT – LONG TERM INCENTIVE
Purpose
Reward long-term performance of the Company the creation of value for shareholders.
Links to Strategy
Delivered in equity and based on measures that are correlated with shareholder returns and capital
management (TSR, ROCE and Reserves Replenishment). Outcomes for Executives will be aligned to
the returns of shareholders over the performance period. The TSR portion can only vest if the
Company’s TSR performance is positive over the performance period (TSR gateway).
Vehicle
Performance rights (Rights)
Maximum quantum (percentage of Fixed Remuneration):
CEO
Other Executives
Target = 50% of Max.
75%
60%
Measures: (assessed at the conclusion of the three-year performance period to 30 June 2025.
1) TSR (50%) Vesting relative to a peer group of companies* (RTSR):
< Median
Nil
= Median
= or >P75
50%
100%
> Median and < P75
Pro-rata
Approach in FY22
*FY22 TSR Peer Group: Alamos Gold Inc, Bellevue Gold, Capricorn Metals Ltd, Coeur Mining Inc., Gold Road
Resources, OceanaGold Corporation, Perseus Mining, Ramelius Resources, Regis Resources, Resolute Mining,
Silver Lake Resources, SSR Mining Inc, West African Resources, Westgold Resources.
2) ROCE (30%) Vesting:
<= WACC
WACC + 3%
WACC +7%
> +3% and < +7%
Nil
50%1
100%
Pro-rata
3) Reserves Replenishment (20%)
Vesting:
No growth / depletion
replaced
Depletion replaced plus
10% growth
Depletion replaced plus
20% growth
100%
50%
Nil
Rationale for LTI measures: RTSR - Includes being subject to a positive TSR Gateway ensuring alignment of remuneration outcomes for Executives
with the shareholder experience over a three-year period. The primary LTI performance measure of RTSR means that LTI awards will not increase
merely due to an increase in gold price, but only on better than average industry performance. ROCE - measures the Company’s profitability and
capital management efficiency. Reserves replenishment - Critical driver of long-term sustainability and ensures long-term resource quantity and
value, no reduction in life of mine and quality of tenements.
The Board has discretion on whether any LTI should be awarded, or the amount varied in any given year. The Board also has absolute discretion
to reduce, withhold or cancel any unpaid LTI in relation to fraud, defalcation or gross misconduct, or a material misstatement in the Group’s financial
statements.
In respect to the LTI, if an executive resigns or is terminated for cause, any unvested Rights are forfeited, unless otherwise determined by the
Board. If an executive ceases employment during the performance period by reason of redundancy, retirement or other circumstances approved
by the Board, the executive may be entitled to a pro-rata number of unvested Rights based on achievement of the performance measures as
assessed at the date of ceasing employment (subject to Board discretion). The treatment of vested and unexercised Rights will be determined by
the Board with reference to the circumstances of cessation
Figure 2: Components of remuneration
St Barbara Annual Report 2022 | 27
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
5.2 Remuneration mix
The mix of fixed and at-risk remuneration for Executives for 2022 is as follows:
CEO - at target
53%
27%
20%
CEO - at max
36%
36%
27%
FR STI
LTI
Executive KMPs - at target
57%
26%
17%
Executive KMPs - at max
40%
36%
24%
Figure 3: Composition of Executive remuneration
FR STI
LTI
(1) STI as a % of Total Fixed Remuneration at ‘target’ with STI at ‘maximum’ = 2 x ‘target’. Less than target performance will result in less
than the target allocation, potentially down to zero, and significant outperformance can lead to achieving ‘maximum’ (100%) of the STI.
(2) LTI as a % of Total Fixed Remuneration at ‘target’ with LTI at ‘maximum’ = 2 x ‘target’. The LTI allocation is fixed at grant, but the
proportion of the grant that ultimately vests, if any, is subject to performance measurement under the relevant LTI plan.
(3) Refer to Sections 7.2 and 7.3 for STI outcome in FY22.
The relationship between ‘target’ and ‘maximum’ remuneration of the Managing Director and CEO for 2022 is as follows:
Target
Max
53%
53%
27%
20%
100%
53%
40%
146%
0%
20%
40%
60%
80%
100%
120%
140%
160%
Figure 4: Relationship of STI and LTI at target and maximum for Managing Director and CEO remuneration
(1) Figures are rounded to nearest whole percent and may not add.
FR STI
LTI
The remuneration mix is considered by the Board to provide appropriate alignment with short term business priorities, long
term share price performance and retention of Executives
St Barbara Annual Report 2022 | 28
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
5.3 Executive remuneration profile
The timing of payments of Executive remuneration for 2022 is as follows (illustrated using Managing Director and CEO at target):
LTI(cid:3)(at(cid:882)risk)
STI(cid:3)(at(cid:882)risk)
Fixed
remuneration(cid:3)(FR)
20%
27%
FY22(cid:3)LTI(cid:3)measurement(cid:3)period(cid:3)(cid:882) 3(cid:3)yrs(cid:3)from(cid:3)1(cid:3)Jul 2021(cid:3)to(cid:3)30(cid:3)Jul(cid:3)2024
20%
FY22(cid:3)STI(cid:3)
measurement(cid:3)
period
27%
53%
53%
53%
53%
FY22(cid:3)Target
FY22
(FY22(cid:3)TFR(cid:3)paid)
FY23
(FY22(cid:3)STI(cid:3)paid)
0%
FY24
FY25
(FY22(cid:3)LTI(cid:3)vested)
Figure 5: Payment profile of Executive remuneration
(cid:120)
(cid:120)
(cid:120)
Total Fixed Remuneration (TFR) is inclusive of cash, superannuation & benefits. Fixed Remuneration for 2022 was paid during 2022.
STI performance for 2022 is assessed as part of this report after the end of the 2022 financial year and is paid in the 2023 financial year
(provided an STI is awarded).
LTI performance for 2022 is assessed after the end of the three-year performance period (1 July 2021 to 30 June 2024) and, if
determined to have vested, the corresponding Performance rights vest in the 2025 financial year.
5.4 Executive contracts
Remuneration and other terms of employment for Executives are formalised in service agreements. These agreements provide,
where applicable, for the provision of performance related cash payments, other benefits including allowances, and participation in
the St Barbara Limited LTI Plan.
All service agreements with Executives comply with the provisions of Part 2 D.2, Division 2 of the Corporations Act.
These service agreements may be terminated early by either party giving the required notice and subject to termination payments
detailed in the agreement.
Other major provisions of the agreements relating to remuneration are set out below:
C Jetson – Managing Director and CEO
Term of agreement – permanent employee, commenced 3 February 2020.
A summary of the material terms of Mr Jetson’s executive employment contract was released to the Australian Securities
Exchange (ASX) on 6 December 2020. Key components of the contract include:
o Total Fixed Remuneration (TFR) of $1,000,000 to be reviewed annually, inclusive of superannuation and salary sacrifice
benefits
o One-off onboarding payment of:
(cid:120)
(cid:120)
100,000 shares six months from the commencement date (issued on 3 August 2020)
100,000 shares 18 months from the commencement date (issued on 3 August 2021)
o STI of up to 100% of TFR and LTI of up to 75% of TFR as detailed above in Section 5.
Mr Jetson’s overall remuneration package was determined at the time of his appointment giving regard to relevant market
data. The one-off on-boarding shares provided a non-cash, immediate retention and shareholder-aligned performance incentive
until such time as Performance rights associated with the LTI can be issued.
Mr Jetson’s salary has not increased since his appointment aligning with the guiding principles of the Company’s remuneration
framework.
Other than for serious misconduct or serious breach of duty, the Company or Mr Jetson may terminate employment at any time
with 6 months’ notice.
St Barbara Annual Report 2022 | 29
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
L Welsh – Chief Financial Officer
Term of agreement – permanent employee, appointed Deputy Chief Financial Officer on 5 July, 2021 and appointed Chief
Financial Officer on 27 August 2021.
o TFR of $475,000 to be reviewed annually, inclusive of superannuation and salary sacrifice benefits
o STI of up to 90% of TFR and LTI of up to 60% of TFR as detailed above in Section 5.
Other than for gross misconduct or for poor performance as judged by the Company in its absolute discretion, the Company may
terminate employment at any time with payment of a termination benefit equal to 6 months’ notice. Mr Welsh may terminate
employment at any time with 6 months’ notice.
A Strelein – Chief Development Officer
Term of agreement – permanent employee, appointed 26 July 2021.
o TFR of $520,000 to be reviewed annually, inclusive of superannuation and salary sacrifice benefits
o STI of up to 90% of TFR and LTI of up to 60% of TFR as detailed above in Section 5.
Other than for gross misconduct or for poor performance as judged by the Company in its absolute discretion, the Company may
terminate employment at any time with payment of a termination benefit equal to 6 months’ notice. Mr Strelein may terminate
employment at any time with 6 months’ notice.
6. Relationship between Group performance and remuneration - past five years
The Board has regard to the overall performance of the Group over a number of years in assessing and ensuring proper alignment
of the performance linked ‘at risk’ remuneration framework to deliver fair and proper outcomes consistent with the Group’s
performance.
Full details of the Group’s operational and financial performance are set out in the Directors Report immediately preceding the
Remuneration Report, and in the Financial Report, immediately following the Remuneration Report. For convenience, a summary of
key operating and financial measures is reproduced in the Remuneration Report.
In assessing the Group’s performance and shareholder return, consideration is given to the following measures in respect of the
current financial year and the previous four financial years.
Earnings
Sales revenue
EBITDA
2022
2021
2020
2019
2018
680,345
740,247
827,726
650,321
679,204
(32,427)
(63,001)
338,762
274,810
345,514
Statutory net profit/(loss) after tax
(160,821)
(176,596)
128,230
144,163
226,998
Underlying net profit/(loss) after tax1
24,098
80,628
108,472
141,728
201,892
Table 2: Five-year financial performance ($’000)
The table below provides the share price performance of the Group’s shares in the current financial year and the previous four
financial years.
Share price history
Period end share price
(cid:120)
(cid:120)
Closing price on last trading day
10-day VWAP used for Relative Total
Shareholder Return (RTSR) and
Rights pricing
Dividends paid and declared for financial year3
Average share price for the year
Market capitalisation
Table 3: Five-year share price history ($/share)
2022
2021
2020
2019
2018
0.75
0.94
0.00
1.44
1.71
1.77
0.06
2.56
3.15
3.152
0.08
2.83
2.94
2.91
0.08
4.01
4.83
4.92
0.12
3.58
$0.61 B
$1.21 B
$2.20 B
$2.05 B
$2.51 B
1
2
3
Underlying net profit/(loss) after tax is calculated as statutory net profit/(loss) after tax before significant items as disclosed within Note 3 of the Financial Report.
10-day VWAP coincidentally equalled close price on 30 June 2020. 10 day close price ranged between $2.99 and $3.31.
Interim and final dividend allocated to relevant financial year (e.g. FY20 interim and final dividends allocated to 2020 (i.e. FY20)). Fully franked unless otherwise noted.
St Barbara Annual Report 2022 | 30
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
During the 2022 financial year, the Company’s daily closing share price ranged between $0.75 to $1.98 per share (2021 financial
year: $1.70 to $3.98 per share).
The table below provides the percentage of performance linked remuneration awarded to Executive KMPs in the current financial
year and the previous four financial years.
LTI earned in 2021 relates only to former KMPs, Mr Campbell-Cowan and Mr Cole, as Mr Jetson and Mr Spencer were not
participants in the FY19 LTI.
STI and LTI earned in 2021 relates only to Mr Welsh in his former position as General Manager Finance before commencing as a
KMP.
LTI in 2022 relates only to Mr Jetson, Mr Campbell-Cowan, Mr Vassie, Mr Cole and Mr Welsh1 as Mr Strelein was not a participant
in the FY20 LTI.
Performance-linked remuneration
% of maximum potential STI earned
% of maximum potential LTI earned
Table 4: Five-year performance-linked remuneration history
2022
18%2
0%
2021
0%
33%
2020
34%
33%
2019
60%
33%
2018
84%
100%
z
o
k
400
350
300
250
200
150
100
50
0
Gold Production
1848
1616
1369
1080
891
1800
1600
1400
1200
1000
800
600
400
200
0
z
o
/
$
2018
2019
2020
2021
2022
Gwalia
Simberi
Atlantic
AISC
6
5
4
3
2
1
0
Total Recordable Injury Frequency Rate
2018
2019
2020
2021
2022
Figure 6: Five-year gold production and AISC history
Figure 7: Five-year TRIFR3 history
7. FY22 Executive remuneration outcomes and disclosures
7.1 Performance linked remuneration – STI Outcomes
The STI is an annual ‘at risk’ component of remuneration for Executives. It is payable based on performance against Key
Performance Indicators (KPIs) set at the beginning of the financial year.
In relation to the STI, for each KPI there are defined ‘threshold’, ‘target’ and ‘stretch’ measures which are capable of objective
assessment:
Threshold performance
Threshold performance represents the minimum level of acceptable performance acknowledging
extrinsic risks assumed in achievement of the full year budget (where the budget is normally more
demanding year on year) for quantifiable measures which are within the control of STI participants
such as safety, production and all-in sustaining cost (as proxies for profitability and cash generation),
as well as the achievement of near-term goals linked to the annual strategy.
Target performance
Target performance represents challenging but achievable levels of performance beyond
achievement of budget measures.
Stretch (or maximum)
performance
Stretch (or maximum) performance requires significant performance above and beyond normal
expectations and, if achieved, is anticipated to result in a substantial improvement in key strategic
outcomes, operational or financial results, and/or the business performance of the Group.
1
2
3
LTI earned in 2022 for Mr Welsh was related to his previous position as General Manager Finance before commencing as a KMP.
Refers to the average of the STI award against individual KPIs for KMP (Mr Jetson, Mr Welsh and Mr Strelein).
Total Recordable Injury Frequency Rate based on 12 months rolling average.
St Barbara Annual Report 2022 | 31
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
The proportion of the STI earned is calculated by adding the weighted result of the Group measures with the individual’s performance
outcome. The overall STI for each KMP are weighted to 80% Group targets and 20% individual targets. Group and individual targets
are established by reference to the Group Strategy and those measures that are priority for the Company during the year. The Safety
component of the Group Measures is subject to a ‘no fatalities’ gateway. This portion of the STI will be assessed as zero (or below
threshold) in the event of a fatality.
The net amount of any STI after allowing for applicable taxation, is normally payable in cash, however, the Board retains discretion
to pay some or all of the STI in shares.
The calculation of STI earned can be summarised as follows:
STI earned = STI value at risk x [(80% x overall Group STI performance) plus (20% x Individual performance outcome)]
7.2 FY22 Group STI measure outcomes
The Group STI Measures were assessed for the financial year ended 30 June 2022 with outcomes as shown below, noting that the
Board exercised its discretion to not make any award for the FY22 Group STI for Executive KMPs.
Threshold
Target
Max
0%
25%
50%
75%
100%
STI Measure
Target
Weighting Result
(a) Group Safety –
Recordable
Injuries
(b) Group Gold
production
Performance Gateway of
no fatalities
30%
16 Recordable
Injuries recorded
11 Recordable Injuries1
339koz
40%
281koz
(c) Group AISC
A$1,689/oz
30%
A$1,848/oz
% of max
achieved
25%
0%
0%
Table 5: 2022 Group STI performance
7.3
Individual Performance outcomes
For 2022, the Board assessed the performance against the individual KPIs which included strategy and business development, in
particular the acquisition of Bardoc Gold Limited and NS Gold Corporation, and operational improvement through Building Brilliance
- the Group’s transformation program. The outcome of the assessment is included below. Some of the detailed measures and
outcomes assessed are commercially sensitive and are described below in general terms only.
Safety and People
(cid:120) Management of the COVID-19 pandemic, responding to the various Government and global restrictions,
and maintained the health and safety of personnel and communities.
Overview of performance
(cid:120)
(cid:120)
Developed and delivered the Safety Always program across the Group including safety culture and
leadership workshops, infield critical risk control checks and coaching for frontline supervisors.
Developed a sustainability strategy incorporating a five-year outlook with targets and programs of work.
(cid:120) Group-wide study of opportunities for greenhouse gas (GHG) emission production efficiency.
(cid:120) WGEA Employer of Choice for Gender Equality for the 8th consecutive year (the only mining company in
Australia that holds this citation); Bloomberg Gender Equality Index scoring 100% for transparency.
Strategy and Growth
(cid:120)
Leonora Province Plan
(cid:120) Acquired Bardoc Gold Limited (ASX: BDC) in Western Australia by scheme of arrangement, thereby
acquiring the underground assets of Zoroastrian (1.6mt @ 4.0g/t Au) and Aphrodite and providing
significant exploration potential with land holding increased by 70%.
(cid:120) Acquired a 18.3% investment in Kin Mining Ltd (ASX: KIN).
(cid:120) Drilling programs completed at Tower Hill, Old South Gwalia and Harbour Lights.
(cid:120)
Atlantic Province Plan
(cid:120) Acquisition of NS Gold Corporation in Nova Scotia, Canada including the Mooseland property
located approximately 14km south of Touquoy.
(cid:120) Sequencing of Atlantic growth projects.
(cid:120) Engagement with First Nations groups and community groups.
1
Recordable Injury (RI) includes fatalities, lost time injuries, medical treatment injuries. It does not include first aid injury.
St Barbara Annual Report 2022 | 32
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
Operations and Finance
(cid:120) Engagement with federal and provincial government representatives including the Nova Scotia
Premier and other ministers.
Progression of the Simberi Sulphide Project.
Continued, structured identification and evaluation of multiple inorganic growth opportunities within the
Group’s province plans.
Increased ore delivery to surface to 859kt at Gwalia in FY22.
New Zoroastrian mine on track to commence production in the first quarter of FY24.
Permit granted for Sulphide Expansion at Simberi.
Two operational permits granted at Atlantic.
Permitting in Atlantic for Beaver Dam in advanced stage including engagement of federal and provincial
government, communities and First Nations.
Safe replacement of the Deep Sea Tailings Pipeline (DSTP) at Simberi Operations.
Delivered an additional A$12M in Building Brilliance – the Group-wide transformation program, taking
the full program value to A$126M of net recurring benefit.
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
7.4 STI outcomes for FY22
The table below describes the STIs available to and achieved by Executives during the year. Amounts shown as ‘Actual STI’
represent the amounts accrued in relation to the 2022 financial year, based on achievement of the specified performance criteria.
No additional amounts vest in future years in respect of the STI plan for the 2022 financial year.
Pro-
rata
Type
Maximum potential
STI
Actual STI
Awarded
Executive
months
Target
$
Stretch1
$
$
C Jetson
L Welsh
A Strelein
12
102
11
Standard
500,000
1,000,000
150,000
Standard
213,750
427,500
71,9513
Standard
234,000
468,000
86,951
Table 6: FY22 STI Outcomes
7.5 Performance linked remuneration – LTI outcomes
Weighted
Group
Component
Weighted
Individual
Componen
t
% of Maximum
%
0%
0%
0%
%
75%
100%
100%
Earned
Forfeited
7.5%
10%
10%
92.5%
90%
90%
The three-year performance period for the FY20 Performance rights was 1 July 2019 to 30 June 2022.
Selected highlights of the Group’s performance during the three-year performance period from 1 July 2019 to 30 June 2022 are
below:
30 June 2022
30 June 20194
Change
Change (%)
$2.91
-$1.97
-62% TSR inc $0.18 dividends paid during
period
Share price (10-day VWAP)
$
Dividend declared for financial
year
cents
$0.94
$0.00
$0.08
-$0.08
Market Cap
EBITDA
Cash and deposits
Net cash6
Safety
Reserves
Resources
Table 7: Three-year performance
$B
$M
$M
$M
TRIFR
Moz
Moz
$0.61 B
$2.05 B
-$1.44 B
$(32)M
$99 M
$275 M
-$307 M
$880 M5
-$781 M
$(73) M
$880 M5
-$953 M
3.4
5.87
13.57
5.0
5.9
11.7
+1.6
-0.1
+1.8
100%
-70%
-112%
-89%
-108%
32% decrease
-2%
+15%
1
2
3
4
5
6
7
Inclusive of STI ‘Target’.
Mr Welsh was an Executive KMP for 10 months of FY22.
Mr Welsh STI payment is pro-rata for 10 months of FY22.
30 June 2019 figures used as ‘starting’ balances for the three-year performance period from 1 July 2019 to 30 June 2022 (i.e., the corresponding Notice of 2019 Annual General Meeting notes TSR for the period to be calculated
from ‘the 10-day VWAP calculation up to, and including, the last business day of the financial period immediately preceding the period that the Performance rights relate to’.
The cash balance at 30 June 2019 included funds raised for the acquisition of Atlantic Gold which was completed on 19 July 2019.
Net cash is cash and cash equivalents less interest-bearing liabilities.
Reserves and Resources represents the amounts disclosed in the 31 December 2021 Ore Reserves and Mineral Resources Statement.
St Barbara Annual Report 2022 | 33
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
Absolute performance over
FY20 LTI 3 year vesting period
SBM
$5.00
$4.00
$3.00
$2.00
$1.00
$-
2019
2020
2021
2022
XGD
A$
gold
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
140%
120%
100%
80%
60%
40%
20%
0%
Relative performance over
FY20 LTI 3 year vesting period
130%
71%
32%
2019
2020
2021
2022
ASX:XGD
Source: IRESS, Refinitiv Eikon
Gold Price
(A$/oz)
SBM
(10 day VWAP)
Excludes dividends
SBM
(10(cid:3)day(cid:3)VWAP)
Source:(cid:3)IRESS,(cid:3)Refinitiv(cid:3)Eikon
ASX:XGD
Gold(cid:3)Price
(A$/oz)
Excludes dividends
Market cap over
FY20LTI 3 year vesting period
$(cid:3)1,285(cid:3)
A$M
2,500
2,000
1,500
1,000
500
0
ASX: SBM share price
FY20 LTI vsting period
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
2019
2020
2021
2022
decrease
2019(cid:3)to(cid:3)2022
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
M'Cap
Source: Refinitive Eikon
SBM
Figure 8: Five-year LTI-related performance history
7.6 Calculation of the FY20 Performance Rights
The FY20 Rights were issued in November 2019 at a 10-day VWAP price calculated under the Rights Plan Rules and Notice of 2019
Annual General Meeting of $2.91 each.
The FY20 LTI relates to Mr Jetson and former KMPs - Mr Vassie, Mr Campbell-Cowan and Mr Cole. Mr Welsh was a participant in
the FY20 LTI in his former role as General Manager Finance. Mr Strelein was not a participant in the FY20 LTI.
Of the FY20 Rights, 67% lapsed due to not meeting the positive TSR gateway over the three-year performance period. Using the
same methodology as in previous years, ROCE for the Group over the three-year period was assessed to have exceeded threshold.
Notwithstanding, having regard to the Company’s overall performance over the three years which included the non-cash impairment
made in FY21, the Board exercised its discretion not to make any award of Performance rights for Executive KMP (current and
former) and accordingly this portion of the FY20 LTI (33%) also lapsed.
No Performance rights have been deferred for retesting in a subsequent financial year.
The FY20 Performance rights were assessed as follows:
(a)
(b)
Weighting:
Actual score:
Calculation:
Weighting:
Actual ROCE:
Calculation:
(c)
Combined score:
RTSR
67%
TSR of (65.2%) 12th percentile of
comparator group (details below)
0% (failed to meet positive TSR
gateway)
ROCE
33%
8.3% (details below)
79% (for achieving between lower and
upper threshold of WACC)
(0% x 67%)
+ (79% x 33%)
= 26%
Table 8: FY20 Performance Rights Assessment
Nil
(0%)
Proportion of Rights to vest
Min
(50%)
Max
(100%)
St Barbara Annual Report 2022 | 34
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
7.7 RTSR calculation for FY20 Performance Rights
The result of the RTSR component of the FY20 Performance rights for the period 1 July 2019 to 30 June 2022 was:
Relative TSR Performance
Below 50th percentile
50th percentile
Between 50th & 75th percentiles
75th percentile and above
Percentage of Performance
rights to vest
Result
0%
50%
Pro-rata from 50% to 100%
100%
St Barbara achieved a TSR of (-65.21%)
for the period and ranked at the 12th
percentile of the comparator group of
companies for the period. As a result, TSR
the positive TSR
did not meet
performance
all
gateway
Performance rights linked to this measure
have lapsed.
and
TSR over LTI vesting period
ROCE over LTI vesting period
250%
200%
150%
100%
50%
0%
-50%
-100%
27%
11%
30%
25%
20%
15%
10%
5%
0%
14%
12%
8%
10%
A B
M C D E F G H I J K L M N O P
B
S
2020
2021
2022
ROCE(cid:3)(3(cid:3)yr)
100%(cid:3)threshold
Figure 9: Chart of TSR results for comparator companies
Figure 10: Chart of ROCE (calculated on the next page)
The comparator group of companies for FY20 Performance rights comprised:
Alacer Gold Corp. (ASX: AQG)1
AngloGold Ashanti Limited (ASX: AGG)
50th percentile
Newcrest Mining Limited (ASX: NCM)
Northern Star Resources Ltd (ASX: NST)
Bellevue Gold Limited (ASX: BGL)
OceanaGold Corporation (ASX: OGC)
Evolution Mining Limited (ASX: EVN)
Gold Road Resources Limited (ASX: GOR)
Perseus Mining Limited (ASX: PRU)
Ramelius Resources Limited (ASX: RMS)
Regis Resources Limited (ASX: RRL)
Resolute Mining Limited (ASX: RSG)
Saracen Mineral Holdings Limited (ASX:
SAR)2
Silver Lake Resources Limited (ASX: SLR)
Tribune Resources Limited (ASX: TBR)
Westgold Resources Limited (ASX: WGX)
7.8 ROCE calculation for FY20 Performance Rights
The result of the ROCE component over the three-year vesting period commencing 1 July 2019 and ending on 30 June 2022 was:
ROCE
Percentage of Performance
Rights to vest
Result
Less than or equal to the average annual
WACC
period
commencing on 1 July 2019
three-year
over
the
WACC (calculated as above):
+ 3%
0%
50%3
+ between 3% and 7%
Pro-rata from 50% to 100%
+ 7%
100%
Table 9: ROCE vesting
1
2
3
Alacer Gold Corp. (AQG) has been replaced with SSR Mining (SSR) as Alacer Gold Corp. was merged with SSR Mining.
Saracen Mineral Holdings Limited (SAR) was delisted after merging with Northern Star (NST).
If threshold is not achieved (WACC + 3%) the outcome would be Nil with no provision for pro-rata.
St Barbara achieved a ROCE for the period of 8.3% (see
calculation below), which is below the upper threshold of WACC
for the period 3.0% + 7.0% = 10.0%, but above the lower
threshold of 3.0% + 3.0% = 6.0%.
ROCE for the Group over the three-year period was assessed
to have exceeded the lower threshold. Notwithstanding, having
regard to the Company’s overall performance over the three
years which included the non-cash impairment made in FY21,
the Board exercised its discretion not to make any award of
Performance rights for Executive KMP (current and former) and
therefore all Performance rights related to this measure lapsed.
St Barbara Annual Report 2022 | 35
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
ROCE is calculated as EBIT before significant items expressed as a percentage of average total capital employed (net debt and
total equity) 1.
Measure
EBIT (excluding significant items)
Capital employed – opening balance
Total equity2
Net debt3
Capital employed – opening balance
Capital employed– closing balance
Total equity (before impairment)
Net debt3
Capital employed– closing balance
Capital employed – average for period
ROCE (EBIT ÷ average total capital employed) for year
ROCE average of the 3 years in the vesting period
WACC average of the 3 years in the vesting period
Table 10: ROCE calculation
2022
37,445
1,370,891
_____ -
1,370,891
1,524,604
___73,126
1,597,730
1,484,311
2.5%
8.3%
3.0%
2021
111,849
1,348,977
_____ -
1,348,977
1,370,891
_____ -
1,370,891
1,359,934
9.1%
14.4%
4.7%
2020
173,503
1,257,023
_____ -
1,257,023
1,348,977
_____ -
1,348,977
1,303,000
13.3%
26.6%
4.3%
WACC is calculated using the widely available formula of (relative weight of equity x required rate of return) + (relative weight of debt
x cost of debt) 4. In this instance, WACC is calculated on a pre-tax basis to match the pre-tax nature of EBIT. The full calculation of
WACC is not disclosed as it is considered to be commercial in confidence, however, the primary variables include:
(cid:120) Reported balance sheet figures for debt and equity;
(cid:120) Government 10-year bond rate as proxy for risk free premium; and
(cid:120) ASX All Ordinaries Index as proxy for market portfolio and to determine relative volatility.
On this basis, average WACC of the three-year measurement period commencing 1 July 2019 and ending on 30 June 2022 is 3.0%
(2021 financial year: 4.7%).
7.9 Board discretion not to award LTI for FY22
No Performance rights were awarded to Executive KMPs (current and former) in FY22. The RTSR measure did not meet the positive
TSR gateway and therefore all Performance rights related to this measure lapsed. Using the same calculation methodology as in
previous years, ROCE for the Group over the three-year period was assessed to have exceeded threshold. Notwithstanding, having
regard to the Company’s overall performance over the three years which included the non-cash impairment made in FY21, the Board
exercised its discretion not to make any award of Performance rights for Executive KMPs (current and former) and therefore all
Performance rights related to this measure lapsed.
7.10 Allocation of sign-on awards for the Managing Director and CEO
As disclosed in the FY20 and FY21 Remuneration Report and as detailed in Section 5.1, Mr Jetson received a one-off on-boarding
payment of two tranches of 100,000 shares in the Company. The first tranche of that award was allocated in August 2020 (see ASX
announcement dated 3 August 2020) and the remaining tranche was allocated on 3 August 2021 (refer to ASX announcement dated
3 August 2021).
7.11 Rights Vested and On Issue
There are three LTI tranches relevant to the 2022 financial year, which are summarised below:
Grant year /
tranche name
FY20 Performance
Rights
FY21 Performance
Rights
FY22 Performance
Rights
Description
Granted as LTI remuneration in
2020 and disclosed in the
2019 Notice of AGM and
2020 Remuneration Report
Granted as LTI remuneration in
2021 and disclosed in the
2020 Notice of AGM and
2021 Remuneration Report
Granted as LTI remuneration in
2022 and disclosed in the
2021 Notice of AGM and
2022 Remuneration Report
Performance
Conditions
Weighting
RTSR
67%
ROCE
33%
RTSR
67%
ROCE
33%
RTSR
50%
ROCE
30%
Reserves 20%
Replenishment
Table 11: LTI tranches relevant to 2022 financial year
&
Performance
Period
Status
1 July 2019
to 30 June 2022
Assessed as at 30 June
2022 and reported above
1 July 2020
to 30 June 2023
To be tested June 2023
1 July 2021
to 30 June 2024
To be tested June 2024
1
2
3
ROCE is not an IFRS measure and is calculated in the table above.
The opening equity balance has been adjusted to exclude impairments posted in prior periods
Net debt comprises cash and cash equivalents, interest bearing borrowings – current and interest-bearing borrowings – non-current. The minimum net debt figure applied to the calculation is nil (i.e., where the Company is in a net
cash position).
4 WACC is not an IFRS measure. The above parameters can be used to calculate WACC using commonly available formula.
St Barbara Annual Report 2022 | 36
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
The three LTI tranches are illustrated on a timeline below:
2020
2021
2022
2023
2024
Financial year
FY20 Performance Rights
3-yr vesting period - tested June 2022
FY21 Performance Rights
3-yr vesting period - to be tested June 2023
FY22 Performance Rights
Issued in FY22
3-yr vesting period - to be tested June 2024
Figure 11: Current LTI tranche timeline
7.12 Summary of Rights on issue and vested in 2022
The number of rights over ordinary shares in the Company held directly, indirectly or beneficially during the financial year by each
Executive, including their related parties, and the number of rights that vested, are set out below:
Grant
year /
tranche
name
FY20
FY21
FY22
FY20
FY21
FY22
FY22
FY20
FY20
FY21
Grant Date
28 Oct 2020
28 Oct 2020
27 Oct 2021
27 Nov 2019
30 Nov 2020
22 July 2021
26 Jul 2021
27 Nov 2019
27 Nov 2019
24 Jul 2020
C Jetson
L Welsh
A Strelein
Former Executives
R Vassie3
R Cole
G Campbell-Cowan
FY20
27 Nov 2019
FY21
24 Jul 2020
E Spencer
Table 12: Summary of rights on issue and vested in 2022
2 Nov 2020
FY21
Price on
issue
date
Held at
1 July 2021
Granted as
compensati
on during
the year
Vested
during the
year
Forfeited
during the
year
Held at
30 June
2022 1
Financial
year in
which
grant may
vest
$2.91
$3.15
$1.77
$2.91
$3.15
$1.77
$1.77
$2.91
$2.91
$3.15
$2.91
$3.15
$3.15
107,388
238,095
-
-
-
423,729
52,200
51,428
-
-
-
-
161,017
176,271
168,127
88,748
37,757
111,275
105,367
123,809
-
-
-
-
-
-
(17,2262)
(34,974)
-
-
-
-
-
-
-
-
-
-
-
-
(107,388)
-
-
-
-
-
-
238,095
423,729
-
51,428
161,017
176,271
(168,127)
(88,748)
-
-
-
37,757
(111,275)
-
-
105,367
(123,809)
-
2022
2023
2024
2022
2023
2024
2024
2022
2022
2023
2022
2023
2023
7.13 Rights granted in 2022
Details on rights over ordinary shares in the Company that were granted as remuneration to each Executive in the 2022 financial
year are as follows:
Grant year /
tranche
identifier
Grant date
Number of
performance
rights granted
during FY2022
Issue price per
performance
right
C Jetson5
L Welsh
A Strelein
FY22
FY22
FY22
27 Oct 2021
423,729
22 July 2021
161,017
26 Jul 2021
176,271
$1.77
$1.77
$1.77
Table 13: Rights granted in 2022
Expiry date
30 Jun 2024
30 Jun 2024
30 Jun 2024
Fair value per
performance right
at grant date
($ per share)4
$0.71
$1.10
$1.10
1
2
3
4
The vesting of Rights held at 30 June 2022 is subject to future performance conditions.
The vesting of FY20 Rights for Mr Welsh is related to his previous role as a non-KMP.
Former Managing Director & Chief Executive Officer (ceased as MD & CEO 2 February 2020, ceased as a KMP 31 March 2020).
AASB 2 requires that the liability under the Rights to be measured initially and at each reporting date until settled, at the fair value of the pay-out, by applying an option pricing model taking into account the terms and conditions on
which the pay-out is granted. The valuation of the Rights was completed using various option pricing models. Models used included a hybrid trinomial option model with absolute and relative total shareholder return hurdles. The
absolute total shareholder return hurdle component used a Black Scholes model with a single share price target. The models are weighted to arrive at values that reflect both hurdles.
5
The granting of FY21 Rights for Mr Jetson were approved by shareholders at the AGM on 27 October 2021.
St Barbara Annual Report 2022 | 37
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
7.14 Details of FY22 Performance Rights granted during 2022
FY22 Performance rights were granted under the St Barbara Limited Rights Plan and details of the performance conditions were set
out in the Notice of 2021 Annual General Meeting, with the grant of Rights for the Managing Director and CEO approved by
shareholders at the meeting.
Key Features of FY22 Performance Rights
Performance conditions
RTSR (50% weighting)
ROCE in excess of the weighted average cost of capital (30% weighting)
Reserves Replenishment (20%)
Other conditions
Issue price
Continuing employment
10-day VWAP at start, 30 June 2021, $1.77
Measurement period
1 July 2021 to 30 June 2024
Vesting date
30 June 2024
The Reserves Replenishment measure was introduced in the FY22 LTI. At that time, the Company’s Ore Reserves and Minerals
Resources reporting period was based on a financial year. In December 2021, the Company changed the Ore Reserves and Mineral
Resources reporting to a calendar year.
With this change in Ore Reserves and Mineral Resources reporting, the FY22 LTI will be measured for the three-year period (1 July
2021 – 30 June 2024) using the Ore Reserves and Mineral Resources Statement dated 30 June 2021, the Ore Reserves and Mineral
Resources Statement dated 31 December 2023 and that the calculation of the period 1 January 2024 to 30 June 2024 applies a pro-
rata Mineral Resources to Ore Reserves conversion based on the remainder of the period, depletion, any out of cycle Ore Reserves
updates and acquired or divested Ore Reserves.
7.15 Relative Total Shareholder Return
Relative Total Shareholder Return (RTSR) is measured against a defined peer group of companies which the Board considers
compete with the Company for the same investment capital, both in Australia and overseas, and which by the nature of their business
are influenced by commodity prices and other external factors similar to those that influence the TSR performance of the Company.
The comparator group of companies for FY22 Performance Rights comprises 14 companies that are of a similar size (up to $5 billion
market capitalisation) and complexity, with operations and geographic footprint similar to St Barbara and is set out in the table below.
At the discretion of the Board, the composition of the comparator group may change from time to time.
FY22 TSR Peer Group
Alamos Gold Inc. (AGI)
Coeur Mining Inc. (CDE)
Bellevue Gold Limited (BGL)
Capricorn Metals Limited (CMM)
Ramelius Resources (RMS)
Regis Resources Limited (RRL)
Resolute Mining Limited (RSG)
Silver Lake Resources Limited (SLR)
Gold Road Resources Limited (GOR)
SSR Mining Inc (SSR)
OceanaGold Corp (OGC)
Perseus Mining Limited (PRU)
West African Resources (WAF)
Westgold Resources Limited (WGX)
The proportion of the FY22 Performance Rights that vest will be influenced by the Company’s TSR relative to the comparator group
over the three-year vesting period commencing 1 July 2021 and ending 30 June 2024 as outlined below:
Relative TSR Performance
Below 50th percentile
50th percentile
Between 50th & 75th percentiles
75th percentile and above
% Contribution to the Number of
Performance Rights to Vest
0%
50%
Pro-rata from 50% to 100%
100%
St Barbara Annual Report 2022 | 38
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
7.16 Return on Capital Employed
The proportion of FY22 Performance Rights that vest will be influenced by the ROCE achieved by the Company over the three-year
vesting period commencing 1 July 2021 and ending 30 June 2024.
Return on Capital Employed (ROCE)
% Contribution to the Number of
Performance Rights to Vest
Less than or equal to the average annual weighted average cost of capital (WACC) over
the three-year period commencing on 1 July 2017
0%
WACC (calculated as above) + 3%
WACC (calculated as above) + between 3% and 7%
WACC (calculated as above) + 7%
7.17 Reserves Replenishment
50%1
Pro-rata from 50% to 100%
100%
Reserves Replenishment measures long-term sustainability of the Company. This measure was introduced in the FY22 LTI.
Reserves Replenishment
Zero growth/depletion replaced
Depletion replaced plus 10% growth
Depletion replaced plus 20% growth
% of the performance rights that vest will be determined based on the
Company’s replenishment of Ore Reserves net of production over the
three-year period commencing on 1 July 2021 as outlined below:
0% of performance rights to vest
50% of performance rights to vest
100% of performance rights to vest
The outcome of FY22 Performance Rights will be reported in the 2024 Remuneration Report.
8. Non-Executive Director Remuneration
8.1 Non-Executive Director remuneration policy
Non-Executive Director fees are reviewed annually by the Board with reference to the responsibilities and time commitment relevant
to the role of Director, Committee memberships and corresponding Chair roles and external advice, including benchmarking, may
be sought as part of the review.
The fee of the Board Chair is determined independently, based on roles and responsibilities in the external market for companies
comparable with St Barbara. The Board Chair is not present at any discussions relating to the determination of his own remuneration.
The level of fees paid to Non-Executive Directors is set by the Board, within the aggregate pool approved by shareholders (which is
$1,200,000 per annum in aggregate, approved by shareholders at the Annual General Meeting in November 2012) and reported to
shareholders in this report each year.
Consistent with Australian corporate governance practice, Non-Executive Directors do not receive performance-based remuneration
to maintain their independence.
8.2 Board and Committee Fees
The remuneration of Non-Executive Directors consists of Director Fees and Committee Fees. Committee Fees are paid in addition
to Director Fees to recognise the additional time commitment required by Non-Executive Directors who serve those committees. The
Board Chair does not receive any additional fees in addition to the Board Chair fee.
Non-Executive Director Fees have not increased since 2019. For FY22, the aggregate of Non-Executive Director fees was $893,380
(representing 74% of the aggregate pool). Following the retirement of Mr Dean and with no increase to fees in FY23, the aggregate
of the fees will be $732,120 (representing 61% of the aggregate pool).
1
If threshold is not achieved (WACC + 3%) the outcome would be Nil with no provision for pro-rata.
St Barbara Annual Report 2022 | 39
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
The table below summarises the Non-Executive Director fee policy for FY22. All fees are inclusive of superannuation.
Director Fees
Board Chair
Non-Executive Directors
Committee Fees
Committee Chair
Committee Member
Table 14: Board and Committee Fees
$263,340
$106,260
$25,000
$15,000
8.3 FY22 Non-Executive Director statutory remuneration
Name
T C Netscher
S G Dean2
K J Gleeson
S E Loader
D E J Moroney
Totals
Year
FY22
FY21
FY22
FY21
FY22
FY21
FY22
FY21
FY22
FY21
FY22
FY21
Table 15: Non-Executive Director Remuneration
Cash
salary & fees1
$
239,400
240,493
138,337
146,260
146,600
148,571
146,600
151,607
146,600
147,270
Non-
monetary
benefits
$
-
-
-
-
-
-
-
-
-
-
Superannuation
$
23,940
22,847
-
-
14,660
12,689
14,660
9,653
14,660
13,990
817,537
834,201
-
-
67,920
59,179
Total
$
263,340
263,340
138,337
146,260
161,260
161,260
161,260
161,260
161,260
161,260
885,457
893,380
1 Inclusive of any participation in the Non-Executive Director Equity Plan.
2 Mr Dean resigned as Non-Executive Director from 9 June 2022.
St Barbara Annual Report 2022 | 40
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Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
9.2 Key Management Personnel shareholdings
The numbers of shares in the Company held directly, indirectly or beneficially during the year by each Key Management Personnel,
including their related parties, are set out below. There were no shares granted during the year as compensation.
Name
Non-Executive Directors
K J Gleeson
S E Loader
D E J Moroney
T C Netscher
S G Dean1
Executives
C A Jetson2
L Welsh4
A Strelein5
Former Executives
G Campbell-Cowan
E Spencer
Balance at
the start of
the year
Issued upon
exercised of
employee
rights
Purchased
Sold
Dividend
Reinvestment
Plan
Other
changes
Balance at
the end of
the year
34,188
48,587
105,438
90,170
-
100,000
114,816
-
21,293
-
-
-
-
-
-
-
9,844
-
-
-
-
-
-
16,200
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(21,293)
-
173
414
-
1,246
-
-
-
-
-
-
-
-
-
-
-
100,0003
-
-
-
-
34,361
49,001
105,438
107,616
-
200,000
124,660
-
-
-
Table 17: Key Management Personnel Shareholding
9.3 Shareholding guidelines for Non-Executive Directors and Executives
The Group encourages Non-Executive Directors, Executives and employees to own shares in St Barbara Limited (subject to the
Group’s Securities Dealing Policy). The Group is not licenced or authorised to provide individuals with financial product advice under
the Corporations Act.
To facilitate the acquisition of shares by the Group’s Non-Executive Directors, the Company adopted a Non-Executive Director equity
plan approved by the Board in July 2020. The plan enables Non-Executive Directors to nominate at the beginning of each financial
year a fixed amount of their total Director’s fee to acquire shares on an ongoing basis, in compliance with the Corporations Law and
Securities Dealing Policy restrictions on Director share trading. In FY21, two Directors participated in the NED Plan through
nominating a proportion of their fees to acquire shares, (Stef Loader and Kerry Gleeson) and continued their election through to
FY22 and David Moroney also participated in the plan in FY22. In accordance with the rules of the NED Plan and in compliance with
the Corporations law and Securities Dealing Policy on restrictions on Director share trading, no shares were issued under the plan,
with Directors instead receiving their nominated amount of fees in cash.
Refer to Table 15 for more detail on the Non-Executive Director Remuneration.
The Group does not specify target volumes for such shareholdings, as it does not know the personal preferences and objectives,
financial situation or risk profile of individuals. The Group acknowledges that gold mining equities would normally only comprise a
small proportion of an individual’s balanced investment portfolio, and that gold mining equities are generally considered to be volatile
and counter-cyclical to economic cycles. Shareholding guidelines are uncommon amongst key peers with which the Group competes
for talent and would be a disincentive in attracting executives.
The Group acknowledges that, in the absence of share trading prohibitions, KMP generally incur an income tax liability on the market
value of shares issued upon vesting of employee rights under the LTI and will generally need to sell a portion of their allocated shares
to cover their income tax obligations. Where this occurs, it will be in compliance with the Company’s Securities Dealing Policy.
See Section 9.2 for information relating to Non-Executive Director shareholdings and movements.
9.4 Loans to Directors and Executives
There were no loans to Directors or Executives during the 2022 financial year
1
2
3
4
5
Mr Dean resigned as Non-Executive Director from 9 June 2022.
Appointed as a Director 3 February 2020.
Issue of 100,000 fully paid ordinary shares as one-off onboarding payment to Mr Jetson, MD & CEO, six months from his commencement date, in accordance with his employment contract as disclosed in ASX announcement
dated 6 December 2019.
Mr Welsh was appointed to the Chief Financial Officer role on 27 August 2021.
Mr Strelein was appointed to the Chief Development Officer role on 26 July 2021.
St Barbara Annual Report 2022 | 42
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
10. Looking ahead to FY23
The introduction of the Replenishment of Reserves measure to the FY22 LTI was made as a result of a review undertaken by the
Board in FY21. As with the other measures, RTSR and ROCE, this new measure will be assessed over the three-year performance
period, from 1 July 2021 to 30 June 2024.
With the Company’s decision to change its reporting period for the annual statement of Ore Reserves and Mineral Resources from
financial year to calendar year, the FY22 LTI will be measured for the three-year period (1 July 2021 – 30 June 2024) using the Ore
Reserves and Mineral Resources Statement dated 30 June 2021, the Ore Reserves and Mineral Resources Statement dated 31
December 2023 and that the calculation of the period 1 January 2024 to 30 June 2024 applies a pro-rata Mineral Resources to Ore
Reserves conversion based on the remainder of the period, depletion, any out of cycle Ore Reserves updates and acquired or
divested Ore Reserves.
For the FY23 LTI (1 July 2022 to 30 June 2025), there will be a reconciliation of the period of 1 January 2024 to 30 June 2024 that
occurs in both the FY22 and FY23 LTI.
The Board is confident that the revised LTI measures and weightings are aligned to the creation value for shareholders and our
guiding principles (see Section 4) and continues to seek a balance between rewarding and retaining our Executives and recognising
the interests of shareholders.
Fixed remuneration
There will be no increases to Fixed Remuneration for Executive KMP in FY23.
The Managing Director and CEO’s Fixed Remuneration will remain at $1,000,000 per annum, inclusive of superannuation. There
have been no changes to the Managing Director and CEO remuneration since Mr Jetsons’ appointment in 2020.
STI FY23
There will be no change to the STI design in FY23. The Group measures have been set and are detailed below. The weighting
between Group measures and Individual measures will remain as 80/20.
Group Measure
Weighting
Rationale
Group Safety
Group Gold
Production
AISC
LTI FY23
30%
40%
30%
Includes being subject to a ‘no fatalities’ gateway. This portion of the STI will be assessed
as zero (or below threshold) in the event of a fatality. This measure is assessed based on
Recordable Injuries1 across the Group.
A key performance measure being a function of the quantity of ore processed, head ore
grade and recovery rates.
Like many other gold mining companies, the use of the ‘all-in sustaining costs’ has
been widely adopted as a key performance indicator. AISC includes cash cost,
sustaining exploration spending, royalties and taxes, sustaining capex and
corporate overheads.
Performance rights to be granted to KMP in respect of the 2023 financial year (FY23 Performance rights) will be offered pursuant to
the St Barbara Rights Plan Rules approved by the Board in 2015 and the performance conditions set out below.
In relation to any Performance rights offered to the Manging Director and CEO, these will be subject to shareholder approval at the
2022 AGM.
The performance measurement period is 1 July 2022 to 30 June 2025 with no change to the three measures detailed below with the
exception of a change to measurement period for reserves replenishment for FY23 from financial to calendar year:
Measure
Weighting
Rationale
Relative TSR
50%
ROCE
Reserves
Replenishment
30%
20%
Includes being subject to a positive TSR Gateway. Ensures alignment of
remuneration outcomes for Executives with the shareholder experience over a
three-year period. The primary LTI performance measure of relative total
shareholder return means that LTI awards will not increase merely due to an
increase in gold price, but only on better than average industry performance.
Like all mining companies St Barbara is a capital-intensive business and ROCE
measures the Company’s profitability and capital management efficiency.
Critical driver of long-term sustainability of the Company. Ensures long-term
resource quantity and value, no reduction in life of mine and quality of tenements.
1
Recordable Injury (RI) includes fatalities, lost time injuries, medical treatment injuries. It does not include first aid injury
St Barbara Annual Report 2022 | 43
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
The LTI opportunity for Executives or the vesting schedule for relative TSR, ROCE and the Reserves Replenishment measure will
be assessed by the Board at the end of the performance period, based on the FY22 baseline.
The proportion of the FY23 Performance rights that vest will be influenced by the Company’s TSR relative to the comparator group
over the three-year vesting period commencing 1 July 2022 and ending on 30 June 2025 as outlined below:
Relative TSR Performance
Below 50th percentile
50th percentile
Between 50th & 75th percentiles
75th percentile and above
% Contribution to the Number of Rights to Vest
0%
50%
Pro-rata from 50% to 100%
100%
The Peer Group for measuring TSR performance includes two North American companies. The Peer Group comprises 14 companies
that are of a similar size (up to $5 billion market capitalisation) and complexity, with operations and geographic footprint similar to
St Barbara.
FY23 TSR Peer Group
Alamos Gold Inc. (AGI)
Ramelius Resources (RMS)
Coeur Mining Inc. (CDE)
Regis Resources Limited (RRL)
Bellevue Gold Limited (BGL)
Resolute Mining Limited (RSG)
Capricorn Metals Limited (CMM)
Silver Lake Resources Limited (SLR)
Gold Road Resources Limited (GOR)
SSR Mining Inc (SSR)
OceanaGold Corp (OGC)
West African Resources (WAF)
Perseus Mining Limited (PRU)
Westgold Resources Limited (WGX)
For ROCE, the margins above the Company’s WACC for vesting to occur are sufficiently challenging, based on historical
performance and near-term forecasts over the three-year period.
Return on Capital Employed (ROCE)
% Contribution to the Number of Rights to Vest
Less than or equal to the average annual weighted average cost of
capital (WACC) over the three-year period commencing on 1 July 2021
WACC (calculated as above) + 3%
WACC (calculated as above) + between 3% and 7%
WACC (calculated as above) + 7%
0%
50%1
Pro-rata from 50% to 100%
100%
Reserves Replenishment measures long-term sustainability of the Company. Ensuring long-term resource quantity and value, no
reduction in life of mine and quality of tenements within three years is aligned with the long-term interest of shareholders. The
proportion of the FY23 Performance Rights that vest will be influenced by the Company’s replenishment of Ore Reserves net of
production over the three-year vesting period commencing 31 December 2021 and ending on 31 December 2024 as outlined below:
Reserves Replenishment
Zero growth/depletion replaced
Depletion replaced plus 10% growth
Depletion replaced plus 20% growth
Percentage of the Performance rights that vest will be determined based
on the Company’s replenishment of Ore Reserves net of production over
the three-year period commencing on 31 December 2021 as outlined below:
0% of Performance rights to vest
50% of Performance rights to vest
100% of Performance rights to vest
1
If threshold is not achieved (WACC + 3%) the outcome would be Nil with no provision for pro-rata.
St Barbara Annual Report 2022 | 44
Directors and Financial Report / 30 June 2022
Remuneration Report (audited)
The Reserves Replenishment measure was introduced in the FY22 LTI. At that time, the Company’s Ore Reserves and Minerals
Resources reporting period was based on a financial year.
In December 2021, the Company changed the Ore Reserves and Mineral Resources reporting to a calendar year.
With this change in Ore Reserves and Mineral Resources reporting, the FY22 LTI will be measured for the three-year period (1 July
2021 – 30 June 2024) using the Ore Reserves and Mineral Resources Statement dated 30 June 2021, the Ore Reserves and Mineral
Resources Statement dated 31 December 2023 and that the calculation of the period 1 January 2024 to 30 June 2024 applies a pro-
rata Mineral Resources to Ore Reserves conversion based on the remainder of the period, depletion, any out of cycle Ore Reserves
updates and acquired or divested Ore Reserves.
For the FY23 LTI (1 July 2022 to 30 June 2025), Reserves Replenishment will be assessed using the three-year period, specifically
31 December 2021 to 31 December 2024.
Non-Executive Director Remuneration
There will be no increase to Non-Executive Director Fees or Committee Fees in FY23. There have been no increases to Director
Fees or Committee Fees since FY19. As fees are inclusive of superannuation, changes to the superannuation guarantee to 10.5%
will not have any impact on overall fees paid. The Non-Executive Director Equity Plan, adopted by the Board in July 2020 with
participation commencing in FY21, with the primary objective to facilitate the acquisition of shares by the Group’s Non-Executive
Directors, will remain in place.
Refer to Section 9.3 for more detail on the Non-Executive Director Equity Plan.
St Barbara Annual Report 2022 | 45
Directors and Financial Report / 30 June 2022
Directors Report
Indemnification and insurance of officers
The Company’s Constitution provides that, to the extent
permitted by law, the Company must indemnify any person
who is, or has been, an officer of the Company against any
liability incurred by that person including any liability incurred
as an officer of the Company or a subsidiary of the Company
and legal costs incurred by that person in defending an action.
The Constitution further provides that the Company may enter
into an agreement with any person who is, or has been, an
officer of the Company or a subsidiary of the Company to
indemnify the person against such liabilities.
The Company has entered into Deeds of Access, Indemnity
and Insurance with current and former officers. The Deeds
address the matters set out in the Constitution. Pursuant to
those deeds, the Company has paid a premium in respect of
a contract insuring current and former officers of the Company
and current and former officers of its controlled entities against
liability for costs and expenses incurred by them in defending
civil or criminal proceedings involving them as such officers,
with some exceptions where the liability relates to conduct
involving lack of good faith.
During the year the Company paid an insurance premium for
Directors and Officers’ Liability and Statutory Liability policies.
The contract of insurance prohibits disclosure of the amount
of the premium and the nature of the liabilities insured under
the policy.
The Company has agreed to indemnify their external auditors,
PricewaterhouseCoopers, to the extent permitted by law,
against any claim by a third party arising from the Company’s
breach of their agreement. The indemnity stipulates that the
Company will meet the full amount of any such liabilities
including a reasonable amount of legal costs.
Proceedings on behalf of the company
No person has applied to the Court under section 237 of the
Corporations Act 2001 for leave to bring proceedings on
behalf of the Company, or to intervene in any proceedings to
which the Company is a party, for the purpose of taking
responsibility on behalf of the Company for all or part of those
proceedings.
No proceedings have been brought or intervened in on behalf
of the Company with leave of the Court under section 237 of
the Corporations Act 2001.
Environmental management
to
environmental
St Barbara is committed to Respecting the Environment, it’s
one of our five commitments. The Group regards compliance
with environmental legislation, regulations and regulatory
instruments as the minimum performance standard for its
operations. The Group’s operations in Western Australia are
both
subject
Commonwealth and State legislation. In Papua New Guinea,
the Group ensures compliance with the relevant National and
Provincial legislation and where appropriate standards or
legislation are not available, the Group reverts to the standard
of environmental performance as stipulated in the Western
Australian legislation. In Canada, the Group is subject to both
Federal and Provincial legislation.
regulation
under
A Group-wide, integrated Health, Safety, Environment and
Community Management System (HSEC MS) has been
implemented to facilitate the effective and responsible
management of environmental issues to the same high
standard across all sites in both Australia, Canada and Papua
New Guinea. Adoption of the HSEC MS at all operations has
contributed
the number of
environmental incidents and an ongoing improvement in
outcomes from internal environmental audits and inspections.
All operations have developed and deliver on environmental
improvement plans as a part of compliance management and
continuous improvement.
reductions
further
to
in
St Barbara reported two separate environmental compliance
issues during the 2021 financial year and completed remedial
works in the 2022 financial year. Atlantic Operations received
notification from Nova Scotia Environment (NSE) of legal
proceedings in relation to environmental non-compliances, in
the 2017 to 2021 calendar year periods, which were self-
reported. During this reporting year, the matter was settled
with the federal and provincial prosecutors on 4 February
2022, total fines and orders were $281,000(1). The operation
has undertaken extensive corrective work including, redesign
and reconstruction of the tailing management facility haul road
with the incorporation of filtration layers (including geotextiles)
as well as an alteration of surface grading to direct storm
water from the haul road into collection ponds. At our Simberi
Operations in May 2021, placement of tailings through the
Deep Sea Tailings Placement
(DSTP) pipeline was
suspended when a routine inspection of the pipe, by a remote-
controlled submersible vehicle, discovered the pipe had
ruptured at a depth of 55 metres. No environmental damage
or pluming of tailings was observed, with environmental
monitoring indicating the pipe was essentially performing
effectively from the shallower depth. During the reporting
period, the DSTP pipeline was replaced and successfully
recommissioned to allow compliant resumption of processing.
The site continues to monitor the operations and has invested
in deep sea scanning and video mobile submersible
technology to support the ongoing monitoring programs in
place.
(1) C$250,000
Non-audit services
Details of the amounts paid or payable to the auditor,
PricewaterhouseCoopers, for non-audit services provided
during the 2022 financial year are set out in Note 20 to the
consolidated financial statements.
The Board of Directors has considered the position and, in
accordance with the advice received from the Audit & Risk
Committee, is satisfied that the provision of non-audit services
during the year as set out in Note 20 did not compromise the
auditor independence requirements of the Corporations Act
2001 for the following reasons:
(cid:120) All non-audit services were reviewed by the Audit & Risk
Committee to ensure they do not impact the impartiality and
objectivity of the auditor; and
(cid:120) The Audit & Risk Committee annually informs the Board of
the detail, nature and amount of any non-audit services
rendered by PricewaterhouseCoopers during the financial
year, giving an explanation of why the provision of these
St Barbara Annual Report 2022 | 46
Directors and Financial Report / 30 June 2022
Directors Report
is compatible with auditor
If
services
applicable, the Audit & Risk Committee recommends that
the Board take appropriate action in response to the Audit &
Risk Committee’s report to satisfy itself of the independence
of PricewaterhouseCoopers.
independence.
Auditor independence
A copy of the Auditor’s Independence Declaration required
under section 307C of the Corporations Act 2001 is set out on
page 48 and forms part of this Directors Report.
Events occurring after the end of the financial
year
The Directors are not aware of any matter or circumstance
that has arisen since the end of the financial year that, in their
opinion, has significantly affected or may significantly affect in
future years the Company’s or the Group’s operations, the
results of those operations or the state of affairs.
Rounding of amounts
St Barbara Limited is a Company of the kind referred to in
ASIC Corporations (Rounding in Financial/Directors Report)
Instrument 2016/191 issued by the Australian Securities and
Investment Commission (ASIC). As a result, amounts in this
Directors Report and the accompanying Financial Report
have been rounded to the nearest thousand dollars, except
where otherwise indicated.
This report is made in accordance with a resolution of
Directors.
For and on behalf of the Board
Dated at Perth this 31st day of August 2022.
Craig Jetson
Managing Director and CEO
St Barbara Annual Report 2022 | 47
Directors and Financial Report / 30 June 2022
Directors Report
Auditor’s Independence Declaration
Auditor’s Independence Declaration
As lead auditor for the audit of St Barbara Limited for the year ended 30 June 2022, I declare that to
the best of my knowledge and belief, there have been:
(a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
(b) no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of St Barbara Limited and the entities it controlled during the period.
Amanda Campbell
Partner
PricewaterhouseCoopers
Melbourne
31 August 2022
PricewaterhouseCoopers, ABN 52 780 433 757
2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001
T: 61 3 8603 1000, F: 61 3 8603 1999, www.pwc.com.au
Liability limited by a scheme approved under Professional Standards Legislation.
St Barbara Annual Report 2022 | 48
Directors and Financial Report / 30 June 2022
Financial Report
Financial Report
Contents
Consolidated Financial Statements
Page
About this report
Consolidated comprehensive income statement
Consolidated balance sheet
Consolidated statement of changes in equity
Consolidated cash flow statement
Notes to the consolidated financial
statements
A. Key results
1 Segment information
2 Tax
3 Significant items
4 Earnings per share
5 Dividends
B. Mining operations
6 Property, plant and equipment
7 Deferred mining costs
8 Mine properties and mineral rights
9 Exploration and evaluation
10 Rehabilitation provision
C. Capital and risk
11 Working capital
12 Financial risk management
13 Net debt
14 Contributed equity
D. Business Portfolio
15 Parent entity disclosures
16 Financial assets and fair value of financial
assets
17 Controlled entities
E. Remunerating our people
18 Employee benefit expenses and provisions
19 Share-based payments
F. Further disclosures
20 Remuneration of auditors
21 Events occurring after the balance sheet
date
22 Contingencies
23 Business combinations
24 Asset acquisitions
25 Basis of preparation
26 Accounting standards
Signed reports
Directors declaration
Independent auditor’s report
49
50
51
52
53
54
56
58
59
59
60
62
63
67
68
69
70
75
76
77
77
78
79
80
82
82
82
82
83
84
84
85
86
About this report
St Barbara Limited (the “Company” or “Parent Entity”) is a
company limited by shares incorporated in Australia whose
shares are publicly traded on the Australian Stock Exchange.
The consolidated financial statements of the Company as at
and for the year ended 30 June 2022 comprise the Company
and its subsidiaries (together referred to as the “Group”). The
Group is a for-profit entity primarily involved in mining and sale
of gold, mineral exploration and development.
The financial report is a general-purpose financial report,
which has been prepared in accordance with Australian
(including Australian
Accounting Standards
(AASBs)
the Australian Accounting
Interpretations) adopted by
Standards Board (AASB) and the Corporations Act 2001.
Where required by accounting standards comparative figures
have been adjusted to conform to changes in presentation in
the current year. The consolidated financial report of the
International Financial Reporting
Group complies with
Standards (IFRSs) and
the
interpretations
International Accounting Standards Board.
issued by
The consolidated financial statements have been presented
in Australian dollars and all values are rounded to the nearest
thousand dollars ($000) as specified in the ASIC Corporation
Instrument 2016/191 unless otherwise stated.
The Board of Directors approved and authorised for issue the
consolidated financial statements on 31st August 2022. The
Directors have the power to amend and reissue the financial
statements.
What’s in this report
St Barbara’s Directors have included information in this report
that
the
to
understanding of the financial statements and the Group.
to be material and relevant
they deem
A disclosure has been considered material and relevant
where:
(cid:120) the dollar amount is significant in size (quantitative);
(cid:120) the dollar amount is significant in nature (qualitative);
(cid:120) the Group’s result cannot be understood without the specific
disclosure; and
(cid:120) it relates to an aspect of the Group’s operations that is
important to its future performance.
Accounting policies and critical accounting judgements and
estimates applied to the preparation of the consolidated
the related
financial statements are presented where
accounting balance or consolidated financial statement
matter is discussed. To assist in identifying critical accounting
judgements and estimates, we have highlighted them in the
following manner:
Accounting judgements and estimates
St Barbara Annual Report 2022 | 49
Directors and Financial Report / 30 June 2022
Financial Report
Consolidated Financial Statements
Consolidated comprehensive income statement
for the year ended 30 June 2022
Operations
Revenue
Mine operating costs
Gross profit
Interest revenue
Other income
Exploration expensed
Corporate costs
Royalties
Depreciation and amortisation
Share based payments
Other expenses
Impairment loss on assets
Operating loss
Finance costs
Net foreign exchange gain
Gold instrument fair value adjustments
Loss before income tax
Income tax benefit
Net loss after tax
Loss attributable to equity holders of the Company
Other comprehensive income
Items that will not be reclassified to profit or loss:
Changes in fair value of financial assets
Income tax on other comprehensive income
Items that may be reclassified to profit or loss:
Foreign currency translation differences - foreign operations
Other comprehensive income net of tax(1)
Total comprehensive income attributable to equity holders of the Company
Earnings per share
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
Consolidated
2022
$'000
2021
$'000
Notes
1
1
680,345
740,247
(414,559)
(371,837)
265,786
368,410
1,619
587
1,103
1,113
(21,519)
(34,596)
(31,686)
(26,621)
(25,489)
(25,764)
(159,799)
(187,870)
(1,123)
(1,765)
(3,641)
(22,695)
(223,542)
(349,296)
(198,807)
(277,981)
1
6
19
3
3
13
(6,019)
(7,996)
3
2
1,829
6,371
5,316
22,897
(196,626)
(257,764)
35,805
81,168
(160,821)
(176,596)
(160,821)
(176,596)
(29,706)
(11,976)
4,151
3,473
36,856
(6,809)
11,301
(15,312)
(149,520)
(191,908)
4
4
(21.96)
(25.03)
(21.96)
(24.91)
(1) Other comprehensive income comprises items of income and expense that are recognised directly in reserves or equity. These items are not recognised in the consolidated comprehensive income
statement in accordance with the requirements of the relevant accounting standards. Total comprehensive income comprises the result for the year adjusted for the other comprehensive income.
The above consolidated comprehensive income statement should be read in conjunction with the notes to the consolidated financial statements.
St Barbara Annual Report 2022 | 50
Directors and Financial Report / 30 June 2022
Financial Report
Consolidated Financial Statements
Consolidated balance sheet
As at 30 June 2022
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Deferred mining costs
Total current assets
Non-current assets
Inventories
Property, plant and equipment
Financial assets
Trade and other receivables
Deferred mining costs
Mine properties
Exploration and evaluation
Mineral rights
Deferred tax assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Interest bearing liabilities
Rehabilitation provision
Other provisions
Derivative financial liabilities
Current tax liability
Total current liabilities
Non-current liabilities
Interest bearing liabilities
Rehabilitation provision
Deferred tax liabilities
Derivative financial liabilities
Other provisions
Total non-current liabilities
Total liabilities
Net assets
Equity
Contributed equity
Reserves
Accumulated losses
Total equity
Notes
Consolidated
2022
$'000
2021
$'000
13
11
11
7
11
6
16
11
7
8
9
8
2
11
13
10
18
12
13
10
2
12
18
98,512
26,866
126,174
3,923
133,370
40,301
86,628
2,987
255,475
263,286
42,297
40,077
347,083
344,314
33,980
16,780
26,604
180,676
164,536
525,031
5,876
42,163
4,250
3,173
206,189
153,943
569,230
9,136
1,342,863
1,372,475
1,598,338
1,635,761
78,593
15,197
268
14,693
8,154
-
69,583
93,543
8,160
13,931
8,750
14,538
116,905
208,505
156,441
74,753
15,709
61,701
139,385
228,555
-
2,189
5,338
2,286
372,768
313,589
489,673
522,094
1,108,665
1,113,667
14
1,592,576
1,434,573
(39,641)
(50,137)
(444,270)
(270,769)
1,108,665
1,113,667
The above consolidated balance sheet should be read in conjunction with the notes to the consolidated financial statements.
St Barbara Annual Report 2022 | 51
Directors and Financial Report / 30 June 2022
Financial Report
Consolidated Financial Statements
Consolidated statement of changes in equity
for the year ended 30 June 2022
Consolidated
Contributed
Equity
$'000
Foreign
Currency
Translation
Reserve
$'000
Note
Other
Reserves
Accumulated
Losses
$'000
$'000
Total
$'000
Balance at 1 July 2020
1,422,290
(53,018)
17,927
(38,222)
1,348,977
Transactions with owners of the Company recognised directly
in equity:
Share-based payments expense
Performance rights issued/(expired)
Dividends paid
Dividends reinvested
Sale of shares in financial asset
Total comprehensive income for the year
Loss attributable to equity holders of the Company
Other comprehensive loss
Balance at 30 June 2021
Transactions with owners of the Company recognised
directly in equity:
Share-based payments expense
Performance rights issued/(expired)
Dividends paid
Dividends reinvested
Equity issued (net of transaction costs)
Total comprehensive income for the year
Loss attributable to equity holders of the Company
Other comprehensive income
Balance at 30 June 2022
19
5
19
5
-
1,284
-
10,999
-
-
-
-
-
-
-
-
-
1,765
(1,094)
-
-
(405)
-
-
1,765
190
(45,357)
(45,357)
(10,999)
405
-
-
-
(176,596)
(176,596)
(6,809)
(8,503)
-
(15,312)
1,434,573
(59,827)
9,690
(270,769)
1,113,667
-
587
-
1,640
155,776
-
-
-
-
-
-
-
-
1,123
(1,928)
-
-
-
-
-
1,485
1,123
144
(12,525)
(12,525)
(1,640)
-
-
155,776
(160,821)
(160,821)
36,856
(25,555)
-
11,301
1,592,576
(22,971)
(16,670)
(444,270)
1,108,665
The above consolidated statement of changes in equity should be read in conjunction with the notes to the consolidated financial statements.
St Barbara Annual Report 2022 | 52
Directors and Financial Report / 30 June 2022
Financial Report
Consolidated Financial Statements
Consolidated cash flow statement
for the year ended 30 June 2022
Cash Flows From Operating Activities:
Receipts from customers (inclusive of GST)
Payments to suppliers and employees (inclusive of GST)
Payments for exploration and evaluation
Interest received
Interest paid
Borrowing cost
Net income tax payments
Net cash inflow from operating activities
Cash Flows From Investing Activities:
Proceeds from sale of property, plant and equipment
Payments for property, plant and equipment
Payments for development of mining properties
Payments for exploration and evaluation
Investment in financial assets
Divestment of financial assets
Acquisitions net of cash acquired
Net cash outflow from investing activities
Cash Flows From Financing Activities:
Dividend payments
Loan to Linden Gold Alliance Pty Ltd
Syndicate facility drawn/(payments)
Finance lease drawn down
Principal elements of lease payments
Net cash inflow/(outflow) from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Net movement in foreign exchange rates
Notes
Consolidated
2022
$'000
2021
$'000
687,645
737,195
(545,301)
(454,455)
(21,519)
(26,596)
251
(5,713)
(1,193)
1,103
(5,565)
(2,432)
(26,514)
(22,152)
13
87,656
227,098
-
(63,694)
(46,140)
(28,965)
(25,401)
4,000
2
(67,425)
(58,414)
(7,593)
(3,717)
-
(9,811)
(62,118)
(170,011)
(199,265)
(12,525)
-
50,000
9,513
(45,357)
(15,750)
(219,973)
-
(8,560)
(12,704)
38,428
(293,784)
(43,927)
(265,951)
133,370
405,541
9,069
98,512
(6,220)
133,370
Cash and cash equivalents at the end of the year
13
Cash flows are included in the consolidated statement of cash flows on a gross basis. The GST component of cash flows arising from investing or financing activities,
which are recoverable from, or payable to, the taxation authority are classified as part of operating cash flows.
The above consolidated cash flow statement should be read in conjunction the notes to the consolidated financial statements
St Barbara Annual Report 2022 | 53
Directors and Financial Report / 30 June 2022
Financial Report
Consolidated Financial Statements
A. Key results
1
Segment information
Gold revenue
Silver revenue
Total revenue
Leonora
Simberi
Atlantic
Total segments
2022
$’000
2021
$’000
2022
$’000
2021
$’000
2022
$’000
2021
$’000
2022
$’000
2021
$’000
478,490
329,431
58,986
202,177
141,789
205,458
679,265
737,066
583
462
381
2,577
116
142
1,080
3,181
479,073
329,893
59,367
204,754
141,905
205,600
680,345
740,247
Mine operating costs
(242,368)
(160,269)
(87,573)
(144,039)
(84,618)
(67,529)
(414,559)
(371,837)
Gross profit
236,705
169,624
(28,206)
60,715
57,287
138,071
265,786
368,410
Royalties (1)
(21,023)
(16,632)
(1,632)
(5,025)
(2,834)
(4,107)
(25,489)
(25,764)
Depreciation and amortisation
(73,547)
(71,951)
(13,068)
(16,470)
(68,717)
(96,759)
(155,332)
(185,180)
Impairment loss on assets
-
-
-
-
(223,542)
(349,296)
(223,542)
(349,296)
Segment profit before income tax
142,135
81,041
(42,906)
39,220
(237,806)
(312,091)
(138,577)
(191,830)
Capital expenditure
Sustaining
Growth(2)
(49,588)
(63,683)
(10,810)
(9,214)
(8,142)
(17,657)
(68,540)
(90,554)
(6,897)
(32,499)
(43,732)
(5,129)
(10,316)
(11,501)
(60,945)
(49,129)
Total capital expenditure
(56,485)
(96,182)
(54,542)
(14,343)
(18,458)
(29,158)
(129,485)
(139,683)
Segment assets
557,463
430,099
202,629
102,850
703,932
925,413
1,464,024 1,458,362
Segment non-current assets
552,065
401,070
Segment liabilities
45,474
53,608
89,482
54,812
50,028
630,494
863,782
1,272,041 1,314,880
50,284
282,228
355,745
382,514
459,637
(1) Royalties include state and government royalties for each operation, and corporate royalties in relation to Atlantic Gold and Leonora gold sales.
(2) Growth capital at Gwalia represents mainly projects with the underground mine and the Tailings Storage Facility. At Simberi growth capital represents expenditure
associated with the Deep Sea Tailings Placement and the sulphides project. At Atlantic Gold growth capital represents expenditure associated with capitalised
exploration and near mine studies projects in the Moose River Corridor .
The Group has three operational business units: Leonora
Operations, Simberi Operations, and Atlantic Operations. The
operational business units are managed separately due to their
separate geographic regions.
to
transactions with any of
A reportable segment is a component of the Group that
engages in business activities from which it may earn revenues
and incur expenses, including revenues and expenses that
relate
the Group’s other
components. The operating results (including production, cost
per ounce and capital expenditure) of all reportable segments
are regularly reviewed by the Group’s Executive Leadership
Team (“ELT”) to make decisions about resources to be
allocated to the segment and assess performance.
Performance is measured based on segment profit before
income tax, as this is deemed to be the most relevant in
assessing performance, after taking into account factors such
as cost per ounce of production.
Segment capital expenditure represents the total cost incurred
during the year for mine development, acquisitions of property,
plant and equipment and growth projects. Growth projects are
focussed on extending mine life, and in the case of exploration
increasing mineral resources and ore reserves.
Revenue from the sale of gold and silver in the course of
ordinary activities is measured at the fair value of the
consideration received or receivable. The Group recognises
revenue at a point in time when control (physical or contractual)
is transferred to the buyer, the amount of revenue can be
reliably measured and the associated costs can be estimated
reliably, and it is probable that future economic benefits will
flow to the Group.
Royalties are payable on gold sales revenue, based on gold
ounces produced and sold, and are therefore recognised as
the sale occurs.
Major customers to whom the Group provides goods that are
more than 10% of external revenue are as follows:
Revenue
% of revenue
2022
$’000
2021
$’000
Customer A
303,842
338,732
Customer B
110,914
47,047
Customer C
110,914
-
Customer D
Customer E
91,765
144,343
59,979
162,816
2022
%
44.7
16.3
16.3
13.5
8.8
2021
%
45.5
6.3
-
19.4
21.9
St Barbara Annual Report 2022 | 54
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
1
Segment information (continued)
Operations
Consolidated
2022
$’000
2021
$’000
Total loss for reportable segments
(138,577)
(191,830)
Interest revenue
Other income
Exploration expensed
Corporate depreciation and amortisation
Finance costs
Corporate costs
Net foreign exchange gain
Net derivative movement
Share based payments
Other expenses
1,619
587
1,103
1,113
(21,519)
(34,596)
(4,467)
(6,019)
(2,690)
(7,996)
(31,686)
(26,621)
1,829
6,371
5,316
22,897
(1,123)
(1,765)
(3,641)
(22,695)
Consolidated loss before income tax
(196,626)
(257,764)
Assets
Total assets for reportable segments
1,464,024
1,458,362
Cash and cash equivalents
Trade and other receivables (current)
Trade and other receivables (non-
current)
Deferred tax asset
Financial assets
Corporate property, plant & equipment
46,571
16,924
84,792
35,015
16,780
4,250
2,129
33,980
17,930
-
42,163
11,179
Consolidated total assets
1,598,338
1,635,761
Liabilities
Total liabilities for reportable segments
382,514
459,637
Trade and other payables
Interest bearing liabilities (current)
Interest bearing liabilities (non-current)
Provisions (current)
Provisions (non-current)
Deferred tax liabilities
24,257
13,366
59,159
8,855
1,522
26,242
762
1,921
9,183
1,436
-
22,913
Consolidated total liabilities
489,673
522,094
Segment results that are reported to the ELT include items
directly attributable to a segment and those that can be
allocated on a reasonable basis. Unallocated items comprise
mainly corporate assets and related depreciation, exploration
expense, revenue, finance costs and corporate costs.
St Barbara Annual Report 2022 | 55
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
2
Tax
Income tax expense
Current tax expense
Deferred income tax expense
Over/(under) provision in respect of the prior
year
Consolidated
2022
$'000
2021
$'000
28,379
18,813
(64,502)
(96,469)
318
(3,512)
Total income tax (benefit)
(35,805)
(81,168)
Numerical reconciliation of income tax expense to prima
facie tax payable
2022
$'000
2021
$'000
Loss before income tax
(196,626)
(257,764)
Tax at the Australian tax rate of 30%
(58,988)
(77,329)
Difference in overseas tax rates
Equity settled share-based payments
Sundry items
Research and development incentive
Permanent differences arising from foreign
exchange
2,395
3,018
258
689
(1,544)
(1,413)
(431)
(2,639)
(1,617)
(1,261)
Deferred tax assets not brought to account
21,889
-
Income tax benefit
(35,805)
(81,168)
Income tax
Income tax expense comprises current and deferred tax.
Current tax and deferred tax are recognised in the consolidated
comprehensive income statement, except to the extent that it
relates to a business combination, or items recognised directly
in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the
taxable profit for the year, using tax rates enacted or
substantively enacted at
the reporting date, and any
adjustment to tax payable in respect of previous years.
Tax exposure
In determining the amount of current and deferred tax the
Group takes into account the impact of uncertain tax positions
and whether additional taxes and interest may be due. This
assessment relies on estimates and assumptions and may
involve a series of judgements about future events. New
information may become available that causes the Group to
change its judgement regarding the adequacy of existing tax
liabilities; such changes to tax liabilities may impact tax
expense in the period that such a determination is made.
Tax consolidation
Entities in the Australian tax consolidated group at 30 June
2022 included: St Barbara Limited (head entity) and Allied
Gold Pty Ltd. Current and deferred tax amounts are allocated
using the “separate taxpayer within group” method.
A tax sharing and funding agreement has been established
between the entities in the tax consolidated group. The
Company recognises deferred tax assets arising from the
unused tax losses of the tax consolidated group to the extent
that it is probable that future taxable profits of the tax
consolidated group will be available against which the asset
can be utilised. At 30 June 2022,
tax
consolidated group did not have any unused tax losses.
the Australian
Current tax asset
As at 30 June 2022, the Company recognised a current tax
receivable of $6,179,000 (2021: $4,143,000 receivable),
consisting of an Australian receivable of $2,238,000 and a
Canadian tax receivable of $3,941,000 relating to the year
ended 30 June 2022. This amount is recorded in “other
receivables”.
Accounting judgements and estimates
At 30 June 2022, tax losses and other temporary differences
not recognised relating to entities associated with Atlantic Gold
(tax effected) and Simberi
in Canada of $3,835,000
$21,889,000 (tax effected) were not booked.
St Barbara Annual Report 2022 | 56
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
2
Tax (continued)
Deferred tax balances
Deferred tax assets
Tax losses
Provisions and accruals
Property, plant and equipment
Derivative financial liabilities
Other
Total
Tax effect
Deferred tax liabilities
Accrued income
Mine properties
Consumables
Capitalised convertible notes costs
Unrealised foreign exchange gains
Property, plant & equipment
Investment at fair value
Tax liabilities without a carrying value
Total
Tax effect
Net deferred tax balance
Consolidated
2022
$'000
2021
$'000
57,176
8,664
92,774
86,657
51,429
41,763
8,154
2,447
14,088
5,887
211,980
157,059
63,182
46,651
127
270
518,568
732,957
81,894
56,155
444
948
15,997
22,157
56,005
84,170
-
-
12,890
2,546
673,035
912,093
196,691
266,070
(133,509)
(219,419)
Comprising:
Australia – net deferred tax asset/(liabilities)
2,129
(22,913)
PNG – net deferred tax assets
3,747
9,136
Canada – net deferred tax liabilities
(139,385)
(205,642)
Net deferred tax balance
(133,509)
(219,419)
Deferred tax
Deferred tax is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation
purposes. Deferred tax is not recognised for:
(cid:120) Temporary differences on the initial recognition of assets or
liabilities in a transaction that is not a business combination
and that affects neither accounting nor taxable profit or loss;
(cid:120) Temporary differences related to investments in subsidiaries
and jointly controlled entities to the extent that it is probable
that they will not reverse in the foreseeable future; and
(cid:120) Taxable
temporary differences arising on
the
initial
recognition of goodwill.
Deferred tax is measured at the tax rates that are expected to
be applied to temporary differences when they reverse, based
on the laws that have been enacted or substantively enacted
by the reporting date.
A deferred tax asset is recognised for unused tax losses, tax
credits and deductible temporary differences, to the extent that
it is probable that future taxable profits will be available against
which they can be utilised. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
Tax benefits acquired as part of a business combination, but
not satisfying the criteria for separate recognition at that date,
are recognised subsequently if new information about facts
and circumstances change.
Deferred tax assets and liabilities are offset if there is a legally
enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on
the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis
or their tax assets and liabilities will be realised simultaneously.
Accounting judgements and estimates
jurisdiction and
At each reporting date, the Group performs a review of the
probable future taxable profit in each
jurisdiction. The
assessments are based on the latest life of mine plans relevant
to each
the application of appropriate
economic assumptions such as gold price and operating costs.
Any resulting recognition of deferred tax assets is categorised
by type (e.g. tax losses or temporary differences) and
recognised based on which would be utilised first according to
that particular jurisdiction’s legislation.
St Barbara Annual Report 2022 | 57
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
3.
Significant items
Significant items are those items where their nature or amount
is considered material to the financial report. Such items
included within the consolidated results for the year are
detailed below.
Call option fair value movements(1)
Building Brilliance transformation(2)
Impairment loss on assets(3)
Capitalised exploration write off in
exploration expensed
Consolidated
2022
$'000
2021
$'000
(2,488)
17,271
(3,641)
(22,695)
(223,542)
(349,296)
-
(8,000)
Total significant items – pre tax
(229,671)
(362,720)
(cid:3)
(cid:3)
(1) Call option fair value movements
The gold call options were entered into as part of the Atlantic
Gold hedge restructure and do not qualify
for hedge
accounting. This is on the basis that the sold call options do
not protect against downside risk. Therefore, movements in the
fair value of the call options are recognised in the income
statement. Fair value movements in the year were a total gain
of $6,371,000 (2021: gain of 22,897,000), with the unrealised
loss component amounting to $2,488,000 (2021: unrealised
gain of 17,271,000).
(2) Building Brilliance transformation
Building Brilliance transformation program was established in
the prior financial year to create sustainable value through
improving operational performance and reducing costs. Other
expenses capture the costs incurred to manage the Building
Brilliance program.
(3) Impairment loss on assets
Tax Effect
Tax effect of impairment loss
Tax effect of other significant items
Deferred tax assets not brought to
account(4)
64,827
101,296
1,814
4,200
The impairment loss represents the write down of mineral
rights, mine properties and exploration in relation to Atlantic
Gold (refer to note 8).
(21,889)
-
(4) Deferred tax assets not brought to account
Total significant items – post tax
(184,919)
(257,224)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
Simberi deferred tax assets have not been recognised on the
basis that the operation is under strategic review, of which one
option is to sell Simberi to a third party. Should this occur, the
Group will not be able to utilise the deferred tax assets to offset
any gain, as the deferred tax assets will be transferred to the
new owner.
St Barbara Annual Report 2022 | 58
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
4. Earnings per share
Consolidated
Basic earnings per share
Basic earnings per share
Diluted earnings per share
Reconciliation of earnings used in
calculating earnings per share
2022
Cents
(21.96)
(21.96)
2021
Cents
(25.03)
(24.91)
Consolidated
2022
$'000
2021
$'000
Basic and diluted earnings per share:
Loss after tax for the year
(160,821)
(176,596)
Weighted average number of shares
Consolidated
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company, excluding any
costs of servicing equity other than ordinary shares, by the
weighted average number of ordinary shares outstanding
during the reporting period.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share to take into account
the after income tax effect of interest and other financing costs
associated with dilutive potential ordinary shares, and the
weighted average number of shares assumed to have been
issued for no consideration in relation to dilutive potential
ordinary shares.
2022
2021
Performance rights
Number
Number
732,173,567 705,572,502
Performance rights granted to employees under the St Barbara
Performance Rights Plan are considered to be potential
ordinary shares and are included in the determination of diluted
earnings per share to the extent to which they are dilutive. The
rights are not included in the determination of basic earnings
per share.
737,678,895 709,015,656
Weighted average of number of shares
Weighted average number of ordinary
shares used in calculating basic
earnings per share
Weighted average number of ordinary
shares and potential ordinary shares
used in calculating diluted earnings per
share
5. Dividends
Declared and paid during the year on ordinary
shares (fully-franked at 30 per cent)
No 2022 interim dividend declared (2021: 4
cents)
Consolidated
2022
2021
$'000
$'000
-
28,214
2021 final dividend: 2 cents (2020: 4 cents)
14,165
28,142
Total dividends paid
14,165
56,356
Dividends paid in cash or satisfied by the issue of
shares under the dividend reinvestment plan
during the year were as follows:
Paid in cash
DRP – satisfied by issue of shares
Total dividends paid
The calculation of the weighted average number of shares is
based on the number of ordinary shares and performance
shares during the period, including the number of treasury
shares held in trust.
Treasury shares are issued shares held by the company in
trust for employee performance rights.
Dividend Reinvestment Plan
The Company’s Dividend Reinvestment Plan (DRP) continues
to be available to eligible shareholders, whereby holders of
ordinary shares may elect to have all or parts of their dividend
entitlements satisfied by the issue of new ordinary shares
instead of receiving cash.
DRP shares in relation to the 2021 final dividend were issued
at a 1.0% discount to the 5 day volume weighted average price.
12,525
45,357
Final Dividend
1,640
10,999
14,165
56,356
No dividend was declared for the 30 June 2022 full year
reporting period.
Proposed and not recognised as a liability
(fully-franked at 30 per cent)
No 2022 final dividend declared (2021: 2 cents)
-
14,160
Franking credit balance
Franking credits available for future years at 30
per cent adjusted for the payment of income tax
and dividends received or payable
Impact on the franking account of dividends
proposed before the financial report was issued
but not recognised as a distribution to equity
holders during the year
65,528
63,585
(6,071)
(6,069)
St Barbara Annual Report 2022 | 59
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
B. Mining operations
6. Property, plant and equipment
Land and buildings
At the beginning of the year
Recognition of right-of-use assets
Transfers
Additions
Depreciation (range 3-15 years)
Disposals
Effects of movement in foreign
exchange rates
Consolidated
2022
$'000
13,515
171
3,903
234
(3,458)
-
225
2021
$'000
12,206
3,093
-
1,367
(2,980)
-
(171)
Reconciliation of depreciation and
amortisation to the consolidated
comprehensive income statement
Depreciation
Land and buildings
Plant and equipment
Other
Amortisation
Mine properties(1)
Mineral rights(1)
Total
Consolidated
2022
$'000
2021
$'000
(3,458)
(2,980)
(59,457)
(67,910)
(1,042)
-
(58,494)
(40,635)
(37,348)
(76,345)
(159,799)
(187,870)
The above depreciation table includes right-of-use asset depreciation
At the end of the year
14,590
13,515
(1) Refer Note 8: Mine properties and mineral rights.
Plant and equipment
At the beginning of the year
330,799
312,073
Acquired right-of-use assets
Acquired fixed assets
Additions
Transfers
Disposals
35
17,340
315
20,284
64,196
44,922
(7,211)
16,435
(3,577)
(10,281)
Depreciation (range 3-15 years)
(59,457)
(67,910)
Effects of movement in FX rates
7,393
(2,064)
At the end of the year
Total(1)
332,493
330,799
347,083
344,314
(1) The above PP&E table includes right-of-use assets and associated
accumulated depreciation.
Security
In accordance with security arrangements the syndicated
facility and gold call options are secured by the assets of the
Group, excluding assets of the Simberi Operations.
In accordance with finance lease agreements assets funded
under these are held as security.
(cid:3)
(cid:3)
Capital commitments
Purchase orders raised for contracted
capital expenditure
Consolidated
2022
$’000
2021
$’000
11,271
10,612
Buildings, plant and equipment are stated at historical cost less
accumulated depreciation. Historical cost includes expenditure
that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount
or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the
item will flow to the Group and the cost of the item can be
measured reliably. All other repairs and maintenance are
charged to the consolidated comprehensive income statement
during the financial period in which they are incurred.
Depreciation of assets is calculated using the straight line
method to allocate the cost or revalued amounts, net of
residual values, over their estimated useful lives.
Where the carrying value of an asset is less than its estimated
residual value, no depreciation is charged. Residual values
and useful lives are reviewed, and adjusted if appropriate, at
each balance sheet date.
An asset’s carrying amount is written down immediately to its
recoverable amount, if the asset’s carrying amount is greater
than its estimated recoverable amount.
Gains and losses on disposal are determined by comparing
proceeds with the carrying amount. These gains and losses
are included in the consolidated comprehensive income
statement when realised.
St Barbara Annual Report 2022 | 60
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
6. Plant, property and equipment (continued)
Accounting judgements and estimates
Right-of-use assets (leases)
This note provides information for right-of-use of assets
where the group is a lessee
Assets and liabilities arising from a lease are initially measured
on a present value basis. Lease liabilities include the net
present value of the following lease payments:
(cid:120) fixed payments, less any lease incentives receivable
(cid:120) the exercise price of a purchase option if the Group is
Consolidated
reasonably certain to exercise that option, and
2022
$'000
2021
$'000
(cid:120) payments of penalties for terminating the lease, if the lease
term reflects the Group exercising that option.
Right-of-use assets
Land and buildings
At the beginning of the year
3,924
1,394
Additions
171
3,093
Depreciation (range 1-10 years)
(765)
(563)
Disposals
-
-
At the end of the year
3,330
3,924
Plant and equipment
At the beginning of the year
6,337
9,082
Acquired right-of-use assets
35
-
Additions
Disposals
726
1,546
-
-
Depreciation (range 1-10 years)(cid:3)
(2,854)
(4,291)
At the end of the year
Total
4,244
6,337
7,574
10,261
Right-of-use asset lease liabilities
Current
Non-current
Total
Consolidated
2022
$'000
3,489
5,048
2021
$'000
3,953
6,568
8,537
10,521
The Group’s leasing activities
The Group leases offices, warehouses, equipment and
vehicles as part of its operational requirements. Contracts are
typically made for fixed periods of 1 to 10 years but may have
extension options as described below.
Contracts may contain both lease and non-lease components.
The group allocates the consideration in the contract to the
lease and non-lease components based on their relative stand-
alone value. As a Lessee the Group will individually access
single lease components.
terms are negotiated on
Lease
individual operational
requirements and contain a wide range of different terms and
conditions. The
impose any
covenants other than the security interests in the leased assets
that are held by the lessor. Leased assets are not used as
security for borrowing purposes.
lease agreements do not
Lease payments to be made under reasonably certain
extension options under management’s assessment are also
included in the measurement of the liability.
The lease payments are discounted using the interest rate
implicit in the lease. If that rate cannot be readily determined,
the lessee’s incremental borrowing rate is used, being the rate
that the individual lessee would have to pay to borrow the funds
necessary to obtain the asset.
Lease payments are allocated between principal and finance
cost. The finance cost is charged to profit or loss over the lease
period so as to produce a constant periodic rate of interest on
the remaining balance of the liability for each period.
Management has applied judgement in determining whether
assets used by a supplier in providing services to the Group
qualify as right-of-use assets.
Right-of-use assets are depreciated over the shorter of the
asset's useful life or the lease term on a straight-line basis. If
the group is reasonably certain to exercise a purchase option,
the right-of-use asset is depreciated over the underlying
asset’s useful life. The Group has chosen not to do so for the
right-of-use assets held by the Group.
Payments associated with short-term leases of equipment and
vehicles and all leases of low-value assets are recognised on
a straight-line basis as an expense in profit or loss.
Short-term leases are leases with a lease term of 12 months
or less without a purchase option.
The lease term is reassessed if an option is actually exercised
(or not exercised) or the Group becomes obliged to exercise
(or not exercise) it. The assessment of reasonable certainty is
only revised if a significant event or a significant change in
circumstances occurs, which affects this assessment, and that
is within the control of the lessee. During the current financial
year, the financial effect of remeasuring lease terms to reflect
the effect of exercising extension and termination options was
an increase in recognised lease liabilities and right-of-use
assets of $171,287 (2021: $145,515).
All finance and operating leases are recognised as right-of-use
assets with a corresponding liability at the date at which each
leased asset is available for use by the group.
St Barbara Annual Report 2022 | 61
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
7. Deferred mining costs
Current
Consolidated
2022
$'000
2021
$'000
Certain mining costs, principally those that relate to the
stripping of waste in open pit operations and operating
development in underground mines, which provides access so
that future economically recoverable ore can be mined, are
deferred in the balance sheet as deferred mining costs.
Deferred operating mine development
3,923
2,987
Underground operations
Non-current
Deferred operating mine development
26,604
3,173
In underground operations mining occurs progressively on a
level-by-level basis. Underground mining costs in the period
are deferred based on the metres developed for a particular
level.
The Group has $3,663,000 deferred waste costs associated
with underground operations at 30 June 2022
(2021:
$6,160,000).
Open pit operations
Overburden and other mine waste materials are often removed
during the initial development of a mine site in order to access
the mineral deposit and deferred. This activity is referred to as
deferred stripping.
Removal of waste material normally continues throughout the
life of an open pit mine. This activity is referred to as production
stripping.
The Group has $26,864,000 deferred waste costs associated
with open pit operations at 30 June 2022 (2021: $Nil).
Accounting judgements and estimates
The Group applies the units of production method for
amortisation of underground operating development. The
amortisation rates are determined on a level-by-level basis. In
underground operations an estimate is made of the life of level
average underground mining cost per recoverable ounce to
expense
consolidated
costs
comprehensive income statement. Underground mining costs
in the period are deferred based on the metres developed for
a particular level.
underground
the
in
St Barbara Annual Report 2022 | 62
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
8. Mine properties and mineral rights
Mine properties
At beginning of the year
Direct expenditure
Rehabilitation asset(1)
Transfers
Amortisation for the year
Impairment write off
Study costs written off
Consolidated
2022
$'000
2021
$'000
206,189
172,165
48,774
(3,929)
79,550
18,266
-
(21,135)
(58,494)
(40,635)
(13,131)
-
-
(2,022)
Effects of movements in FX rates
1,267
-
At end of the year
180,676
206,189
(1) Rehabilitation asset generated as a result of a change in the discount rate
across all sites offset by an increase to the provision at Leonora (refer Note
10).
Mineral rights
At the beginning of the year
Acquired mineral rights(1)
Amortisation
Impairment write off
Consolidated
2022
$'000
2021
$'000
569,230
922,118
155,398
67,044
(37,348)
(76,345)
(187,328)
(349,296)
Effects of movements in FX rates
25,079
5,709
At the end of the year
525,031
569,230
(1) Refer Note 24: Asset Acquisitions (2021: Refer Note 23: Business
combinations)
Mine properties
Mine development expenditure represents the acquisition cost
and/or accumulated exploration, evaluation and development
expenditure in respect of areas of interest in which mining has
commenced.
When further development expenditure is incurred in respect
of a mine, after the commencement of production, such
expenditure is carried forward as part of the mine development
only when substantial
future economic benefits are
established, otherwise such expenditure is classified as part of
production and expensed as incurred.
Mine development costs are deferred until commercial
production commences, at which time they are amortised on a
unit-of-production basis over mineable
reserves. The
calculation of amortisation takes into account future costs
which will be incurred to develop all the mineable reserves.
Changes to mineable reserves are applied from the beginning
of the reporting period and the amortisation charge is adjusted
prospectively from the beginning of the period.
Accounting judgements and estimates
remaining
The Group applies the units of production method for
amortisation of its life of mine specific assets, which results in
an amortisation charge proportional to the depletion of the
anticipated
life of mine production. These
calculations require the use of estimates and assumptions in
relation to reserves, metallurgy and the complexity of future
capital development requirements; changes to these estimates
and assumptions will impact the amortisation charge in the
consolidated comprehensive income statement and asset
carrying values.
Mineral rights
Mineral rights comprise identifiable exploration and evaluation
assets, mineral resources and ore reserves that are acquired
as part of a business combination or a joint venture acquisition,
and are recognised at fair value at the date of acquisition.
Mineral rights are attributable to specific areas of interest and
are amortised when commercial production commences on a
unit of production basis over the estimated economic reserves
of the mine to which the rights relate.
The Group’s mineral rights are associated with the Atlantic
Gold and Simberi operations. In addition, refer to Note 24 for
further details with respect to the acquired mineral rights in
Leonora and Atlantic of Bardoc Gold Limited and NS Gold
Corporation, respectively.
Accounting judgements and estimates
remaining
The Group applies the units of production method for
amortisation of its life of mine specific assets, which results in
an amortisation charge proportional to the depletion of the
anticipated
life of mine production. These
calculations require the use of estimates and assumptions in
relation to reserves, resources and metallurgical recovery,
changes to these estimates and assumptions could impact the
amortisation charge
the consolidated comprehensive
income statement and asset carrying values.
in
St Barbara Annual Report 2022 | 63
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
8. Mine properties and mineral rights
(continued)
Impairment of assets
All asset values are reviewed at each reporting date to
determine whether there is objective evidence that there have
been events or changes in circumstances that indicate that the
carrying value may not be recoverable. Where an indicator of
impairment exists, a formal estimate of the recoverable amount
is made. An impairment loss is recognised for the amount by
which the carrying amount of an asset or a cash generating
unit (‘CGU’) exceeds the recoverable amount. Impairment
losses are recognised in the consolidated comprehensive
income statement.
Impairment is assessed at the level of CGU which, in
accordance with AASB 136 ‘Impairment of Assets’, is identified
as the smallest identifiable group of assets that generates cash
inflows that are largely independent of the cash inflows from
other assets. The Group assesses impairment of all assets at
each reporting date by evaluating conditions specific to the
Group and to the particular assets that may lead to impairment.
The identified CGUs of the Group are: Leonora, Simberi and
Atlantic Gold. The carrying value of all CGUs are assessed
when an indicator of impairment is identified. The recoverable
amount is assessed by reference to the higher of value in use
(being the net present value of expected future cash flows of
the relevant cash-generating unit in its current condition) and
fair value less costs of disposal (‘Fair Value’). The Group has
used the Fair Value methodology.
commodity price and exchange
Fair Value is estimated based on discounted cash flows using
market-based
rate
assumptions, estimated quantities of recoverable minerals,
production levels, operating costs, capital requirements and
rehabilitation and restoration costs, based on the CGU’s latest
life-of-mine (LoM) plans. In certain cases, where multiple
investment options and economic input ranges exist, Fair
Value may be determined from a combination of two or more
scenarios that are weighted to provide a single Fair Value.
When plans and scenarios used to estimate Fair Value do not
fully utilise the existing mineral resource for a CGU, and
options exist for the future extraction and processing of all or
part of those resources, an estimate of the value of unmined
resources, in addition to an estimate of the value of exploration
potential outside of resources, is included in the calculation of
Fair Value.
Fair Value estimates are considered to be level 3 fair value
measurements as defined by accounting standards, as they
are derived from valuation techniques that include inputs that
are not based on observable market data. The Group
considers the inputs and the valuation approach to be
consistent with the approach taken by market participants.
Estimates of quantities of recoverable minerals, production
levels, operating costs, capital requirements and rehabilitation
and restoration costs are sourced from the Group’s planning
and budgeting process, including LoM plans, latest short-term
rehabilitation and
forecasts, CGU-specific studies and
restoration plans to meet environmental and regulatory
obligations. In the case of future mines included in the
some assumptions are
estimation of Fair Value,
management’s best estimates based on experience and cost
structures of similar mines and advice from independent
experts.
Key Assumptions and Estimates
The table below summarises the key assumptions used in the
carrying value assessment as at 30 June 2022.
Assumptions
2023
2024
2025
2026-
Gold
(US$ per ounce)
$1,75
0
$1,700
$1,70
0
2027
$1,650
Long
Term
$1,55
0
AUD/USD
exchange rate
CAD/USD
exchange rate
Discount rate
(%)
$0.68
$0.68
$0.68
$0.68
$0.68
$0.78
$0.78
$0.78
$0.78
$0.78
Atlantic Gold CGU: 5.9%
Commodity prices and exchange rates estimation
Commodity prices and foreign exchange rates are estimated
with reference to external market forecasts. The rates applied
have regard to observable market data including spot and
forward values and are expressed in real terms.
Discount rate
In determining Fair Value of CGUs the future cash flows were
discounted using rates based on the Group’s estimated real
after tax weighted average cost of capital, with an additional
premium applied having regard to the geographic location of,
and specific risks associated with the CGU. In the case of the
Atlantic Gold CGU no specific risk premium was applied. The
Group uses a capital asset pricing model to estimate it’s real
after tax weighted average cost of capital.
Production activity, operating costs and capital requirements
LoM production activity and operating and capital cost
assumptions are based on the Group’s latest forecasts and
longer term LoM plans which are underpinned by the Group’s
reserves and resources. These projections can include
expected operating performance improvements reflecting the
Group’s objectives to maximise free cash flows, optimise and
reduce operating activity, apply technology, improve capital
and labour productivity. In the case of projects to be developed
into future mines, Fair Value is based on estimates on
production profiles, operating cost and capital requirements
from feasibility studies and assumptions about the timing of
regulatory approvals and permitting the mines. Estimates of
rehabilitation and restoration costs are based on expected
restoration and closure activities to satisfy environmental
legislation requirements.
Changes in these key assumptions and estimates will impact
the Fair Value and recoverable amount of the CGU. In the case
of estimating the timing of approvals and permitting future
mines, significant delays could have a material impact on Fair
Value and result in care and maintenance costs for current
operations.
The impact of climate related risk, both physical and
transitional, on useful lives of assets has been considered.
St Barbara Annual Report 2022 | 64
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
8. Mine properties and mineral rights
(continued)
In total approximately 24% of the Atlantic Gold Fair Value is
attributable to unmined resources not included in production in
the LoM model and exploration value (including mineral rights
associated with the acquisition of NS Gold in February 2022).
is measured using established
Exploration Fair Value
techniques supported by market
exploration valuation
multiples.
impacts. Action
The above sensitivities assume that the specific assumption
moves in isolation, with all other assumptions remaining
constant. In reality, the factors may not move in isolation and
taken by
may have offsetting
management to respond to adverse change that may mitigate
the impact of the change. The sensitivity analysis has not
calculated a delay in permitting future mines beyond twelve
months, which could materially change the Fair Value of the
CGU and result in care and maintenance of the current
operations at Touquoy.
is also
Impact of impairment assessment
Accounting judgements and estimates - Impairment
Following an assessment of the recoverable amount of the
Group’s CGUs as at 30 June 2022, it has been determined that
the Atlantic Gold CGU carrying value exceeded its recoverable
amount of $463,364,000.
Cash-Generating
Unit
Pre-Tax
$’000
Tax
$’000
Post-Tax
$’000
Atlantic Gold
223,542
(64,827)
158,715
The drivers of the impairment at Atlantic Gold are:
(cid:120) Based on the latest permitting and development schedules
for the Beaver Dam, Fifteen Mile Stream and Cochrane Hill
projects that form part of the Atlantic CGU, there is a delay in
commencement of mining from these future mines and in
realising the cash flows from operations. The delay in future
cash flows, and increase in associated costs to obtain
required permits, has materially impacted the discounted
cash flows in support of the carrying value of the CGU.
(cid:120) Increase in the estimated operating and capital cost
estimates associated with the development and operation of
future projects. Increases are consistent with cost inflation
experienced during the year ended 30 June 2022.
(cid:120) Reduction in ounces mined at Touquoy arising from the
revised mineral resource estimate as disclosed Ore Reserve
and Mineral Resources statement.
Unfavourable changes to key assumptions would further
reduce the Fair Value.
Sensitivity analysis
The Atlantic CGU Fair Value has a high sensitivity to the gold
price, change in discount rate, timing for commencement of
mining at the future mines, and estimated future capital costs.
Changes in key assumptions will impact the Fair Value of the
Atlantic Gold CGU. The sensitivities were estimated as set out
below and represent the theoretical impacts on Fair Value of
the changes assessed on an individual basis.
Sensitivity
C$50 per ounce change in gold price
0.5% change in discount rate
Twelve month delay in the commencement
of mining at:
(cid:120) Beaver Dam
(cid:120) Fifteen Mile Stream
10% change in growth capital estimates
Impact ($’000)
37,500
18,000
(24,400)
(18,600)
35,100
to variability
Significant judgements and assumptions are required in
determining estimates of Fair Value. This is particularly the
case in the assessment of long-life assets and development
projects expected to be cash generating mines in the future.
The CGU valuations are subject
in key
assumptions including, but not limited to: short and long-term
gold prices, currency exchange
rates,
production profiles, operating costs, future capital expenditure,
permitting of new mines and the impact of environmental
legislation on rehabilitation and restoration estimated costs. An
adverse change in one or more of the assumptions used to
estimate Fair Value could result in a reduction in a CGU’s
recoverable amount. This could lead to the recognition of
impairment losses in the future.
rates, discount
At 30 June 2022, the Group’s net assets exceeded the market
capitalisation of St Barbara Limited. As a result, an impairment
assessment was carried out on each of the Group’s CGUs. The
assessment confirmed that there was no impairment of the
Leonora and Simberi CGUs due to long mine life in the case of
Leonora and the estimate of cash flows generated from the
Simberi sulphide project. In the case of the Atlantic Gold CGU
the delays to permitting of future mines that form part of the
CGU, changes to ore reserves and mineral resources, and
higher estimated operating and capital costs caused the
carrying value to exceed recoverable amount at 30 June 2022.
St Barbara Annual Report 2022 | 65
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
8. Mine properties and mineral rights
(continued)
Ore Reserves
The Group determines and reports Ore Reserves under the
2012 edition of the Australian Code for Reporting of Mineral
Resources and Ore Reserves, known as the JORC Code. The
JORC Code requires the use of reasonable investment
assumptions to calculate reserves. Due to the fact that
economic assumptions used to estimate reserves change from
period to period, and geological data is generated during the
course of operations, estimates of reserves may change from
period to period.
Accounting judgements and estimates– Ore Reserves
Reserves are estimates of the amount of gold product that can
be economically extracted from the Group’s properties. In
order to calculate reserves, estimates and assumptions are
required about a range of geological, technical and economic
factors, including quantities, grades, production techniques,
recovery rates, production costs, future capital requirements,
short and long term commodity prices and exchange rates.
Estimating the quantity and/or grade of reserves requires the
size, shape and depth of ore bodies to be determined by
analysing geological data. This process may require complex
and difficult geological judgements and calculations to interpret
the data.
Changes in reported reserves may affect the Group’s financial
results and financial position in a number of ways, including:
(cid:120) Asset carrying values may be impacted due to changes in
estimated future cash flows.
(cid:120) The recognition of deferred tax assets.
(cid:120) Depreciation and amortisation charged in the consolidated
comprehensive income statement may change where such
charges are calculated using the units of production basis.
(cid:120) Underground capital development deferred in the balance
sheet or charged in the consolidated comprehensive
income statement may change due to a revision in the
development amortisation rates.
Decommissioning, site
restoration and environmental
provisions may change where changes in estimated reserves
affect expectations about the timing or cost of these activities
St Barbara Annual Report 2022 | 66
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
9. Exploration and evaluation
Non-current
At beginning of the year
Additions
Transfers
Impairment write off
Write off of capitalised exploration
Effects of movement in FX rates
At end of the year
Commitments for exploration
In order to maintain rights of tenure to
mining tenements for the next financial year,
the Group is committed to tenement rentals
and minimum exploration expenditure in
terms of the requirements of the relevant
government mining departments in
Australia, Papua New Guinea and Canada.
This requirement will continue for future
years with the amount dependent upon
tenement holdings.
Consolidated
2022
2021
$'000
$'000
153,943
149,949
28,965
-
(23,083)
7,593
4,702
-
-
(8,000)
4,711
(301)
164,536
153,943
Consolidated
2022
$’000
2021
$’000
9,553
8,867
All exploration and evaluation expenditure incurred up to
establishment of resources is expensed as incurred. From the
point in time when reserves are established, or where there is
a reasonable expectation for reserves, exploration and
evaluation expenditure is capitalised and carried forward in the
consolidated financial statements, in respect of areas of
interest for which the rights of tenure are current and where
such costs are expected to be recouped through successful
development and exploitation of the area of interest, or
alternatively, by its sale. Capitalised costs are deferred until
commercial production commences from the relevant area of
interest, at which time they are amortised on a unit of
production basis.
Exploration and evaluation expenditure consists of an
accumulation of acquisition costs and direct exploration and
evaluation costs incurred, together with an allocation of directly
related overhead expenditure.
Feasibility expenditures represent costs related
the
preparation and completion of a feasibility study to enable a
development decision to be made in relation to that area of
interest. Pre-feasibility expenditures are expensed as incurred
until a decision has been made to proceed to feasibility at
which time the costs are capitalised.
to
Exploration and evaluation assets not relating to operating
assets are assessed for impairment if (i) sufficient data exists
to determine technical feasibility and commercial viability, and
(ii) facts and circumstances suggest that the carrying amount
exceeds
the purpose of
impairment testing, exploration and evaluation assets are
allocated to cash-generating units to which the exploration
activity relates.
the recoverable amount. For
When an area of interest is abandoned, or the Directors
determine it is not commercially viable to pursue, accumulated
costs in respect of that area are written off in the period the
decision is made.
Accounting judgements and estimates
Exploration and evaluation expenditure is capitalised where
reserves have been established for an area of interest, or
where there is a reasonable expectation for reserves, and it is
considered likely to be recoverable from future exploitation or
sale. The accounting policy requires management to make
certain estimates and assumptions as to future events and
circumstances, in particular whether an economically viable
extraction operation
likely. These estimates and
assumptions may change as new information becomes
available. If, after having capitalised the expenditure under the
accounting policy, a judgement is made that recovery of the
expenditure is unlikely, the relevant capitalised amount will be
written off
income
statement.
the consolidated comprehensive
to
is
St Barbara Annual Report 2022 | 67
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
10. Rehabilitation provision
Consolidated
2022
$'000
2021
$'000
Current
Provision for rehabilitation
268
8,160
Provisions, including those for legal claims and rehabilitation
and restoration costs, are recognised when the Group has a
present legal or constructive obligation as a result of past
events, it is more likely than not that an outflow of resources
will be required to settle the obligation, and the amount has
been reliably estimated. Provisions are not recognised for
future operating losses.
74,753
75,021
61,701
69,861
The Group has obligations to dismantle, remove, restore and
rehabilitate certain items of property, plant and equipment and
areas of disturbance during mining operations.
Non-current
Provision for rehabilitation
Movements in Provisions
Rehabilitation
Balance at start of year
Acquired rehabilitation(1)
Change in discount rate(2)
Unwinding of discount
Provision used during the year
Increase in provisions
Effects of movements in FX rates
69,861
53,516
5,741
(7,587)
-
(100)
3,445
3,661
-
-
-
-
18,266
(1,921)
Balance at end of year
75,021
69,861
(1) Refer Note 24: Asset Acquisitions
(2) Represents an increase in real discount rate applied to the rehabilitation
provision at all operations. This increase was reflective of the increase in the long
term government bond rates.
A provision is made for the estimated cost of rehabilitation and
restoration of areas disturbed during mining operations up to
reporting date but not yet rehabilitated. The provision also
includes estimated costs of dismantling and removing the
assets and restoring the site on which they are located. The
provision is based on current estimates of costs to rehabilitate
such areas, discounted to their present value based on
expected future cash flows. The estimated cost of rehabilitation
includes the current cost of contouring, topsoiling and
revegetation to meet legislative requirements. Changes in
estimates are dealt with on a prospective basis as they arise.
There is some uncertainty as to the extent of rehabilitation
obligations that will be incurred due to the impact of potential
changes in environmental legislation and many other factors
(including future developments and price increases). The
rehabilitation liability is remeasured at each reporting date in
line with changes in the timing and /or amounts of the costs to
be incurred and discount rates. The liability is adjusted for
changes in estimates. Adjustments to the estimated amount
and timing of future rehabilitation and restoration cash flows
are a normal occurrence in light of the significant judgments
and estimates involved.
Accounting judgements and estimates
Mine rehabilitation provision requires significant estimates and
assumptions as there are many transactions and other factors
that will ultimately affect the liability to rehabilitate the mine
sites. Factors that will affect this liability include changes in
regulations, prices fluctuations, physical impacts of climate
change and changes in timing of cash flows which are based
on life of mine plans. When these factors change or are known
in
the mine
rehabilitation provision in the period in which it becomes
known.
future, such differences will
impact
the
St Barbara Annual Report 2022 | 68
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
C. Capital and risk
11. Working capital
Trade and other receivables
Consolidated
Current
Trade receivables
Other receivables(1)
Loan receivable
Prepayments
Total
2022
$'000
2021
$'000
956
19,216
-
6,694
826
25,493
11,500
2,482
26,866
40,301
(1) Consists mainly of a tax receivable as well as goods and service tax and
harmonized sales tax refunds due to the Company at the end of the year.(cid:3)
Non-current
Loan receivable
Total
16,780
16,780
4,250
4,250
Consolidated
2022
$'000
67,290
13,937
38,710
6,237
2021
$'000
61,368
3,061
18,073
4,126
126,174
86,628
Inventories
Current
Consumables
Ore stockpiles
Gold in circuit
Bullion on hand
Non-current
Ore stockpiles
Total
(cid:3)
Trade and other payables
Consolidated
Current
Trade payables
Other payables
Total
2022
$'000
77,269
1,324
78,593
2021
$'000
67,107
2,476
69,583
Trade receivables are recognised initially at fair value and
subsequently measured at amortised cost, less provision for
doubtful debts. Trade receivables are usually due
for
settlement no more than 30 days from the date of recognition.
Collectability of trade and loan receivables is reviewed on an
ongoing basis. Debts which are known to be uncollectible are
written off. The amount of the provision for doubtful receivables
is the difference between the asset’s carrying amount and the
present value of estimated future cash flows, discounted at the
effective interest rate.
The Group does not have material trade and other receivables
for which there is an expected credit loss though the
consolidated comprehensive income statement. It only sells to
reputable banks, refiners and commodity traders.
Accounting judgements and estimates
The non-current receivable has been assessed as recoverable
based on operational forecasts of the debtor, as well as a
proposed equity raising by the debtor. The receivable is
secured over the assets of the debtor.
Raw materials and consumables, ore stockpiles, gold-in-circuit
and bullion on hand are valued at the lower of cost and net
realisable value.
labour and an
Cost comprises direct materials, direct
fixed overhead
appropriate proportion of variable and
expenditure relating to mining activities, the latter being
allocated on the basis of normal operating capacity. Costs are
assigned to individual items of inventory on the basis of
weighted average costs. Net realisable value is the estimated
selling price in the ordinary course of business, less the
estimated costs of completion and the estimated costs
necessary to make the sale.
The calculation of net realisable value (NRV) for ore stockpiles,
gold in circuit and bullion on hand involves judgement and
estimation in relation to timing and cost of processing, future
gold prices, exchange rates and processing recoveries. A
change in any of these assumptions will alter the estimated
NRV and may therefore impact the carrying value of
inventories.
These amounts represent liabilities for goods and services
provided to the Group prior to the end of the financial year,
which remain unpaid as at reporting date. The amounts are
unsecured and are usually paid within 30 days from the end of
the month of recognition.
St Barbara Annual Report 2022 | 69
42,297
40,077
168,471
126,705
Accounting judgements and estimates
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
12. Financial risk management
Financial risk management
The Group’s management of financial risk is aimed at ensuring
net cash flows are sufficient to withstand significant changes in
cash flow under certain risk scenarios and still meet all financial
commitments as and when they fall due. The Group continually
monitors and tests its forecast financial position and has a
detailed planning process that forms the basis of all cash flow
forecasting.
The Group's normal business activities expose it to a variety of
financial risk, being: market risk (especially gold price and
foreign currency risk), credit risk and liquidity risk. The Group
may use derivative instruments as appropriate to manage
certain risk exposures.
Risk management in relation to financial risk is carried out by
a centralised Group Treasury function in accordance with
Board approved directives that underpin Group Treasury
policies and processes. The Treasury Risk Management
Committee assists and advises the Group Treasury function,
Executive Leadership Team, Audit and Risk Committee and
Board in discharging their responsibilities in relation to
forecasted risk profiles, risk issues, risk mitigation strategies
and compliance with Treasury policy. Group Treasury regularly
reports the findings to the Treasury Risk Management
Committee and the Board.
(a) Market risk
Market risk is the risk that changes in market prices, such as
commodity prices, foreign exchange rates, interest rates and
equity prices will affect the Group’s income or the value of its
holdings of financial instruments, cash flows and financial
position. The Group may enter into derivatives, and also incur
financial liabilities, in order to manage market risks. All such
transactions are carried out within directives and policies
approved by the Board.
(b) Currency risk
The Group is exposed to currency risk on gold sales,
purchases, cash holdings and interest bearing liabilities that
are denominated in a currency other than the Company’s
presentation currency of Australian dollars. The currencies in
which transactions primarily are denominated are Australian
Dollars (AUD), United States Dollars (USD), Papua New
Guinea Kina (PGK) and Canadian Dollars (CAD).
The exchange rates at the reporting date were as follows:
Closing rate as at
30 June 2022
30 June 2021
AUD/USD
AUD/PGK
AUD/CAD
0.6904
2.3685
0.8887
0.7501
2.5644
0.9296
Exposure to currency
USD
Cash and cash equivalents
Trade receivables
Trade payables
Interest bearing liabilities
PGK
Cash and cash equivalents
Trade receivables
Trade payables
CAD
Cash and cash equivalents
Trade receivables
Trade payables
Interest bearing liabilities
Sensitivity analysis:
5,341
465
(9,798)
(6,357)
20,410
138
(2,214)
30,110
2,877
(12,676)
(81,079)
5,150
326
(6,592)
(879)
7,712
166
(1,402)
36,700
1,658
(10,389)
(80,288)
The following table details the Group's sensitivity to a 10%
movement (i.e. increase or decrease) in the AUD against the
USD, PGK and CAD at the reporting date, with all other
variables held constant. The 10% sensitivity is based on
reasonably possible changes, over a financial year, using the
observed range of actual historical rates for the preceding five
year period:
Impact on Profit After Tax
(Increase)/decrease profit
2022
$'000
1,426
(1,426)
6,618
2021
$'000
266
(266)
5,465
AUD/USD +10%
AUD/USD -10%
AUD/CAD +10%
AUD/CAD -10%
PGK against the AUD has been reviewed and considered an immaterial
currency risk.
(6,618)
(5,465)
Significant assumptions used in the foreign currency exposure
sensitivity analysis above include:
(cid:120) Reasonably possible movements in foreign exchange rates.
(cid:120) The translation of the net assets in subsidiaries with a
functional currency other than the Australian dollar has not
been included in the sensitivity analysis as part of the equity
movement.
St Barbara Annual Report 2022 | 70
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
12. Financial risk management (continued)
(cid:120) The net exposure at the reporting date is representative of
what the Group is expected to be exposed to in the next 12
months.
(cid:120) The sensitivity analysis only includes the impact on the
balance of financial assets and financial liabilities at the
reporting date.
(c) Interest rate exposures
The Group Treasury function manages the interest rate
exposures according to the Board approved Treasury policy.
Any decision to hedge interest rate risk is assessed in relation
to the overall Group exposure, the prevailing interest rate
market, and any funding counterparty requirements.
(d) Capital management
The Group’s total capital is defined as total shareholders’ funds
plus net debt. The Group aims to maintain an optimal capital
structure
the cost of capital and maximise
shareholder returns. The Group has a capital management
plan that is reviewed by the Board on a regular basis.
to reduce
Consolidated capital
2022
$’000
2021
$’000
Total shareholders’ funds
1,108,665
1,113,667
Borrowings
(171,638)
(109,253)
Cash and cash equivalents(1)
98,512
109,253
Total capital
1,035,539
1,113,667
(1) In 2021 cash and cash equivalents are included to the extent that the net debt position is nil.
The Group does not have a target net debt/equity ratio. In July
2019 the Group established an A$200,000,000 syndicated
facility to support the Group following the acquisition of Atlantic
Gold. This facility was restructured in December 2019 to
combine the A$200,000,000 facility with the C$100,000,000
debt facility acquired as part of the acquisition of Atlantic Gold.
In October 2021, the syndicated facility term has been
extended to July 2025. The Group has complied with the
financial covenants of its borrowing facilities as at 30 June
2022.
The Group is not subject to externally imposed capital
requirements other than normal banking requirements.
Investments and other financial assets
The Group classifies its investments and other financial assets
in the following categories: financial assets at fair value through
the consolidated comprehensive income statement or other
comprehensive income, and assets measured at amortised
cost. The classification depends on the purpose for which the
investments were acquired and are determined at initial
recognition. The Group has made an irrevocable election at the
time of initial recognition to account for the current equity
investments at fair value through other comprehensive income.
Investments and other financial assets are recognised initially
at fair value plus, for assets not at fair value through profit and
loss, any directly attributable transaction costs.
(e) Credit risk
Credit risk is the risk that a counter party does not meet its
obligations under a financial instrument or customer contract,
with a maximum exposure equal to the carrying amount of the
financial assets as recorded in the consolidated financial
statements. The Group is exposed to credit risk from its
operating activities (primarily customer receivables) and from
its financing activities, including deposits with banks and
financial institutions and derivatives.
Credit risks related to receivables
The Group’s most significant customer accounts for $161,000
of the trade receivables carrying amount at 30 June 2022
(2021: $186,000), representing receivables owing
from
advancement of royalty payments. Based on historic rates of
default, the Group believes that no impairment has occurred
with respect to trade receivables, and none of the trade
receivables at 30 June 2022 were past due.
Credit risks related to loan receivables
The Group is exposed to credit risk with respect to the non-
current loan receivables. Credit risk is assessed based on
operational forecasts of the debtor, as well as a proposed
equity raising by the debtor. Refer to note 11 for further detail.
Credit risks related to deposits and derivatives
Credit risk from balances with banks, financial institutions and
derivative counterparties is managed by the centralised Group
Treasury function in accordance with the Board approved
policy. Investments of surplus funds are only made with
approved counterparties with a minimum Standard & Poor’s
credit rating, and there is a financial limit on funds placed with
any single counterparty.
in accordance with
transactions are only made with approved
Derivative
counterparties
the Board approved
Treasury Policy. Derivative transactions do not cover a major
proportion of total Group production, with maturities occurring
over a relatively short period of time.
St Barbara Annual Report 2022 | 71
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
12. Financial risk management (continued)
(f) Cash flow hedges
The Group’s revenue is exposed to spot gold price risk. Based
upon sensitivity analysis, a movement in the average spot price
of gold during the year of $100 per ounce and all other factors
remaining constant, would have changed after tax profit by
$13,473,000.
In accordance with the Group’s financial risk management
policies, the Group has managed commodity price risk from
time to time using gold forward contracts as described below.
Forward contracts acquired from Atlantic Gold with a forward
price of C$1,549 per ounce were restructured with the effect of
lifting the forward price to C$1,759 per ounce. This was
achieved by selling gold call options with delivery dates from
March 2021 to December 2022 at a strike price of C$2,050 per
ounce. The gold call options do not qualify for hedge
accounting as they do not protect against gold price risk.
All forward gold contracts were closed out during the year. The
maturity profile of the gold call options remaining as at 30 June
2022 is provided in the table below.
Strike Price
Total
ounces
6
months
or less
ounces
6 – 12
months
ounces
1 – 2
years
ounces
2 – 5
years
ounces
Call options
C$2,050/oz
25,010
25,010
-
-
-
Cash flow hedge sensitivity
The relationship between currencies, spot gold price and
volatilities is complex and changes in the spot gold price can
influence volatility, and vice versa.
At 30 June 2022, the Group did not hold any gold forwards to
hedge against the risk of negative movements in the gold price,
however this is reviewed by the Board as part of the risk
management framework.
Changes in the fair value of the call options are recognised in
the income statement.
St Barbara Annual Report 2022 | 72
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
12. Financial risk management (continued)
(g) Fair value estimation
The fair value of cash and cash equivalents and non-interest bearing monetary financial assets and financial liabilities of the Group
approximates carrying value. The fair value of other monetary financial assets and financial liabilities is based upon market prices.
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement, or for disclosure
purposes.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and securities) is
based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is
the current bid price; the appropriate quoted market price for financial liabilities is the current ask price.
The fair value of financial instruments that are not traded in an active market (for example, over the counter derivatives) is determined
using generally accepted valuation techniques. The Group uses a variety of methods and makes assumptions that are based on
market conditions existing at each balance date.
The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate their fair values.
The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current
market interest rate that is available to the Group for similar financial instruments.
Fixed Interest Maturing in 2022
Financial assets
Cash and cash equivalents
Receivables
Financial assets(1)
Weighted average interest rate
Financial liabilities
Trade and other payables
Right-of-use-asset lease liabilities
Finance lease liabilities
Syndicated facility
Derivative financial liabilities
Other
Floating
Interest rate
$’000
98,512
-
-
98,512
0.78%
-
-
-
-
-
-
-
Weighted average interest rate
n/a
1 year or
less
$’000
-
-
-
-
n/a
-
3,489
7,704
-
-
4,004
15,197
3.39%
1 to 10
years
$’000
-
16,780
-
16,780
8.50%
Non-
interest
bearing
$’000
-
20,172
33,980
54,152
n/a
-
78,593
-
-
-
8,154
-
5,048
10,923
140,083
-
1,274
157,328
3.74%
Total
$’000
98,512
36,952
33,980
Fair value
$’000
98,512
36,952
33,980
169,444
169,444
n/a
n/a
78,593
8,537
18,627
78,593
8,537
18,627
140,083
140,437
8,154
5,278
8,154
5,278
86,747
259,272
259,626
n/a
n/a
n/a
Net financial assets/(liabilities)
98,512
(15,197)
(140,548)
(32,595)
(89,828)
(90,182)
St Barbara Annual Report 2022 | 73
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
Fixed Interest Maturing in 2021
Financial assets
Cash and cash equivalents
Restricted cash and cash equivalent
Receivables
Financial assets(1)
Weighted average interest rate
Financial liabilities
Trade and other payables
Right-of-use asset lease liabilities
Finance lease liabilities
Syndicated facility
Derivative financial liabilities
Weighted average interest rate
Floating
Interest rate
$’000
133,370
-
-
-
133,370
0.18%
-
-
-
-
-
-
n/a
1 year or less
$’000
1 to 10
years
$’000
Non- interest
bearing
$’000
-
-
11,500
-
11,500
8.50%
-
3,953
5,374
84,216
8,750
102,293
2.68%
-
-
4,250
-
4,250
8.50%
-
-
26,319
42,163
68,482
n/a
-
69,583
-
-
-
-
6,568
9,141
-
5,338
21,047
1.58%
Total
$’000
Fair value
$’000
133,370
133,370
-
42,069
42,163
-
42,069
42,163
217,602
217,602
n/a
n/a
69,583
10,521
14,515
84,216
14,088
69,583
10,521
14,515
84,216
14,088
69,583
192,923
192,923
n/a
n/a
n/a
(1,101)
24,679
24,679
Net financial assets/(liabilities)
(16,797)
(1) Fair value is determined based on Level 1 inputs as the balance represents investments in listed securities.
(90,793)
133,370
(h)
Liquidity risk
Prudent liquidity risk management requires maintaining sufficient cash and marketable securities, the availability of funding through
an adequate amount of committed credit facilities and the ability to close out market positions.
The Group manages liquidity risk by continuously monitoring forecast and actual cash flows, and matching maturity profiles of
financial assets and liabilities. The Group undertakes sensitivity analysis to stress test the operational cash flows, which are matched
with capital commitments to assess liquidity requirements. The capital management plan provides the analysis and actions required
in detail for the next twelve months and longer term.
Surplus funds are invested in instruments that are tradeable in highly liquid markets.
Maturities of financial liabilities
The table below analyses the Group’s financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash
flows, which includes interest obligations over the term of the facilities.
Maturity of financial liabilities – 2022
Trade and other payables
Right-of-use asset lease liabilities
Finance lease liabilities
Syndicated facility
Call options
Other
Maturity of financial liabilities – 2021
Trade and other payables
Right-of-use asset lease liabilities
Finance lease liabilities
Syndicated facility
Call options
Less than
12 months
$‘000
Between 1
and 5 years
$‘000
Over 5
years
$‘000
Total
contractual
cash flows
$‘000
Carrying
amount
$‘000
78,593
3,020
8,221
6,727
8,154
4,004
-
6,019
12,758
153,526
-
1,274
-
1,311
-
-
-
-
78,593
10,350
20,979
78,593
8,537
18,627
160,253
140,083
8,154
5,278
8,154
5,278
108,719
173,577
1,311
283,607
259,272
69,583
3,468
5,435
88,858
8,750
176,094
-
5,423
9,512
-
5,338
20,273
-
2,295
-
-
-
69,583
11,186
14,947
88,858
14,088
69,583
10,521
14,515
84,216
14,088
2,295
198,662
192,923
St Barbara Annual Report 2022 | 74
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
13. Net debt
Cash and cash equivalents
Consolidated
Cash at bank and on hand
2022
$'000
2021
$'000
98,512
133,370
Cash and cash equivalents include cash on hand, deposits and
cash at call held at financial institutions, other short term, highly
liquid investments that are readily convertible to known
amounts of cash and which are subject to an insignificant risk
of changes in value.
98,512
133,370
Cash at bank and on hand
Cash at bank at 30 June 2022 was invested “at call” earning
interest at an average rate of 0.78% per annum (2021: 0.18%
per annum)
Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption amount
is recognised in the consolidated comprehensive income
statement over the period of the borrowings using the effective
interest method. Fees paid on the establishment of loan
facilities, which are not incremental costs relating to the actual
draw down of the facility, are recognised as capitalised
borrowing costs and amortised on a straight line basis over the
term of the facility.
Interest bearing liabilities
Current
Secured
Finance leases
Syndicated facility
Capitalised borrowing costs
Right-of-use asset lease liabilities
Other
Total current
Non-current
Secured
Finance leases
Syndicated facility
Capitalised borrowing costs
Right-of-use asset lease liabilities
Other
Total non-current
Consolidated
2022
$'000
2021
$'000
7,704
5,374
-
-
3,489
4,004
85,388
(1,172)
3,953
-
15,197
93,543
10,923
9,141
140,083
(887)
5,048
1,274
-
-
6,568
-
156,441
15,709
Total interest-bearing liabilities
171,638
109,252
Profit before income tax includes the following specific
expenses:
Finance Costs
Interest paid/payable
Bank fees and borrowing costs
Undrawn facility fees
Finance lease interest
Consolidated
2022
$'000
2021
$'000
3,265
4,658
306
569
1,742
1,862
706
907
6,019
7,996
St Barbara Annual Report 2022 | 75
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
13. Net debt (continued)
14. Contributed equity
Reconciliation of (loss)/profit from ordinary activities
after income tax to net cash flows from operating
activities
Details
Number of
shares
$'000
Opening balance 1 July 2021
708,023,789
1,434,573
Consolidated
2022
$'000
2021
$'000
Vested performance rights
Dividend reinvestment plan
Acquisition
369,504
1,133,756
587
1,640
106,207,719
155,776
Loss after tax for the year
(160,821)
(176,596)
Closing balance 30 June 2022
815,734,768
1,592,576
Depreciation and amortisation
159,799
187,870
Impairment loss on assets
223,542
349,296
Contributed equity
Capitalised exploration write off
-
8,000
Net derivative movement
(6,371)
(22,897)
Difference between income tax expenses
and tax payments
(62,319)
(103,320)
Ordinary shares
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of ordinary shares and
performance rights are recognised as a deduction from equity,
net of any tax effects.
Unrealised/realised foreign exchange profit
(1,829)
(5,316)
Equity settled share-based payments
1,123
1,765
Change in operating assets and liabilities
Receivables and prepayments
867
(4,166)
Inventories
Other assets
Trade creditors and payables
(41,764)
(6,874)
(19,766)
949
1,213
2,379
Provisions and other liabilities
(5,754)
(4,256)
Net cash flows from operating activities
87,656
227,098
Ordinary shares entitle the holder to participate in dividends
and the proceeds on winding up of the Company in proportion
to the number of and amounts paid on the shares held. On a
show of hands every holder of ordinary shares present at a
meeting in person or by proxy, is entitled to one vote, and upon
a poll each share is entitled to one vote.
St Barbara Annual Report 2022 | 76
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
D. Business portfolio
15. Parent entity disclosures
16. Financial assets and fair value of financial
assets
Consolidated
2022
$'000
2021
$'000
As at, and throughout, the financial year ended 30 June 2022,
the parent company of the Group was St Barbara Limited.
Financial statements
Non-current
Results of the parent entity
Loss after tax for the year(1)
Other comprehensive loss
Parent Entity
2022
$'000
2021
$'000
(299,482)
(160,370)
(25,555)
(3,117)
Total comprehensive income for the year(1)
(325,037)
(163,487)
Other comprehensive income is set out in the Consolidated
comprehensive income statement.
Financial position of the parent entity
Current assets
Total assets(1)
Current liabilities
Total liabilities
Total equity of the parent entity comprising:
Share capital
Reserves
Dividend payments
Accumulated losses(1)
Total equity(1)
2022
$'000
2021
$'000
89,101
139,703
845,908
924,614
73,461
74,656
159,420
138,838
1,592,576 1,434,573
17,327
(8,228)
(14,165)
(56,356)
(909,250)
(584,213)
686,488
785,776
(1) FY21 comparative has been revised for the FY21 impairment.
Transactions with entities in the wholly-owned group
St Barbara Limited is the parent entity in the wholly-owned
group comprising
its wholly-owned
the Company and
subsidiaries. It is the Group’s policy that transactions are at
arm’s length.
During the year the Company charged management fees of
$7,863,000
interest of
(2021: $6,251,000), and paid
$1,238,000 (2021: $3,179,000) to entities in the wholly-owned
group.
Net loans to the Company amount to a net receivable of
$22,606,000 (2021: net payable $118,212,000).
Balances and transactions between the Company and its
subsidiaries, which are related parties of the Company, have
been eliminated on consolidation.
Contractual commitments
St Barbara Limited had contractual commitments
for
exploration and capital expenditure totalling $12,247,000.
These commitments are not recognised as liabilities as the
relevant assets have not yet been received.
Australian listed shares and equity
33,980
42,163
At the 30 June 2022 reporting date, the Group’s non-current
financial assets of $33,980,000 (30 June 2021: $42,163,000)
represented investments in shares listed on the Australian
Securities Exchange, which are valued using Level 1 inputs.
These financial assets relate to the Company’s investment in
the following Australian Securities Exchange listed companies:
(cid:120) Peel Mining Limited (PEX)
(cid:120) Catalyst Metals Limited (CYL)
(cid:120) Kin Mining NL (KIN)
The Group recognised Level 1, 2 and 3 financial assets on a
recurring fair value basis as at 30 June 2022 as follows:
Level 1: The fair value of financial instruments traded in active
markets is based on quoted market prices at the end of the
reporting period. The quoted marked price used for financial
assets held by the group is the close price. These instruments
are included in level 1.
Level 2: The fair value of financial instruments that are not
traded in an active market is determined using valuation
techniques, which maximise the use of observable market data
and rely as little as possible on entity-specific estimates. If all
significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on
observable market data, the instrument is included in level 3.
This is the case for unlisted equity securities.
St Barbara Annual Report 2022 | 77
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
17. Controlled entities
The consolidated financial statements incorporate the assets,
liabilities and results of the following subsidiaries in
accordance with the accounting policy on consolidation.
Except as noted below, all subsidiaries are 100% owned at
30 June 2021 and 30 June 2022.
Country of
Incorporation
Parent entity
St Barbara Limited
Subsidiaries of St Barbara Limited
Allied Gold Pty Ltd
Bardoc Gold Limited(1)
Subsidiaries of Allied Gold Pty Ltd
Nord Pacific Limited
Subsidiaries of Bardoc Gold Limited(1)
Excelsior Gold Pty Ltd
Spitfire Global Pty Ltd
Starpart Holdings Pty Ltd
Admiral Gold Pty Ltd
Subsidiaries of Excelsior Gold Pty Ltd(1)
GPM Resources Pty Ltd
Aphrodite Gold Pty Ltd
Subsidiaries of Nord Pacific Limited
Nord Australex Nominees (PNG) Ltd
Simberi Gold Company Limited
Atlantic Mining NS Inc.
Subsidiaries of Atlantic Mining NS Inc.
Moose River Resources
4318146 Nova Scotia Limited
MGNS 1858 Corporation(2)
Australia
Australia
Australia
Canada
Australia
Australia
Australia
Australia
Australia
Australia
PNG
PNG
Canada
Canada
Canada
Canada
(1) On 13th April 2022, the Group acquired Bardoc Gold Limited and its
subsidiaries. Refer to Note 24.
(2) On 23rd February 2022, the Group, through its subsidiary Atlantic
Mining NS Inc formed a wholly owned subsidiary 13611647 Canada
Limited which acquired and amalgamated with NS Gold Corporation
to form MGNS 1858 Corporation. Refer to Note 24.
St Barbara Annual Report 2022 | 78
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
E. Remunerating our people
18. Employee benefit expenses and other
provisions
Expenses
Consolidated
Employee related expenses
Wages and salaries
Retirement benefit obligations
Equity settled share-based payments
2022
$'000
2021
$'000
105,404
85,909
10,101
1,123
7,262
1,765
116,628
94,936
Key management personnel
Consolidated
Short term employee benefits
Post-employment benefits
Leave
Share-based payments
2022
$'000
3,298
96
185
962
2021
$'000
2,438
102
210
910
4,541
3,660
Other provisions
Consolidated
Current
Employee benefits – annual leave
Employee benefits – long service leave
Other provisions
Non-current
Employee benefits - long service leave
2022
$'000
5,546
2,469
6,678
2021
$'000
5,531
3,200
5,200
14,693
13,931
2,189
2,189
2,286
2,286
Wages and salaries, and annual leave
Liabilities for wages and salaries, including non-monetary
benefits and annual leave expected to be paid within 12
months of the reporting date, are recognised in other payables
in respect of employees' services up to the reporting date and
are measured at the amounts expected to be paid, including
expected on-costs, when the liabilities are settled.
Retirement benefit obligations
Contributions to defined contribution funds are recognised as
an expense as they are due and become payable. The Group
has no obligations in respect of defined benefit funds.
Equity settled share-based payments
Performance rights issued to employees are recognised as an
expense by reference to the fair value of the equity instruments
at the date at which they are granted. Refer to Note 19 for
further information.
Executive incentives
Senior executives may be eligible for short term incentive
payments (“STI”) subject to achievement of key performance
indicators, as recommended by the Remuneration Committee
and approved by the Board of Directors. The Group recognises
a liability and an expense for STIs in the reporting period during
which the service is provided by the employee.
Disclosures relating
to Directors and key management
personnel are included within the Remuneration Report, with
the exception of the table opposite.
Employee related and other provisions are recognised when
the Group has a present legal or constructive obligation as a
result of past events, it is more likely than not that an outflow
of resources will be required to settle the obligation, and the
amount has been reliably estimated.
Where there are a number of similar obligations, the likelihood
that an outflow will be required in settlement is determined by
considering the class of obligations as a whole. A provision is
recognised even if the likelihood of an outflow with respect to
any one item included in the same class of obligations may be
small.
Long service leave
The liability for long service leave is recognised in the provision
for employee benefits and measured as the present value of
expected future payments to be made, plus expected on-costs,
in respect of services provided by employees up to the
reporting date. Consideration is given to the expected future
wage and salary levels, experience of employee departures
and periods of service. Expected future payments are
discounted with reference to market yields on corporate bonds
with terms to maturity and currency that match, as closely as
possible, the estimated future cash outflow
St Barbara Annual Report 2022 | 79
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
19. Share-based payments
Employee Performance Rights
During the year ended 30 June 2022, there was no amount transferred as a gain for performance rights that expired during the year
(2021: $nil). Accounting standards preclude the reversal through the consolidated comprehensive income statement of amounts that
have been booked in the share-based payments reserve for performance rights, and which satisfy service conditions but do not vest
due to market conditions.
Set out below are summaries of performance rights granted to employees under the St Barbara Limited Performance Rights Plan
approved by shareholders:
Consolidated and parent entity 2022
Grant Date
Expiry Date
Issue price
27 Nov 2019
30 Jun 2022
03 Feb 2020
30 Jun 2022
28 Oct 2020
30 Jun 2022
28 Oct 2020
30 Sep 2023
24 Jul 2020
30 Sep 2023
02 Nov 2020
30 Sep 2023
22 Jul 2021
30 Jun 2024
26 Jul 2021
30 Jun 2024
27 Oct 2021
30 Jun 2024
Total
Consolidated and parent entity 2021
24 Oct 2018
30 Jun 2021
21 Dec 2018
30 Jun 2021
27 Nov 2019
30 Jun 2021
27 Nov 2019
30 Jun 2022
03 Feb 2020
30 Jun 2022
28 Oct 2020
30 Jun-2022
24 Jul 2020
30 Sep 2023
28 Oct 2020
30 Sep 2023
2 Nov 2020
30 Sep 2023
$2.91
$2.91
$2.91
$3.15
$3.15
$3.15
$1.77
$1.77
$1.77
$4.92
$4.92
$2.91
$2.91
$2.91
$2.91
$3.15
$3.15
$2.73
Granted
during the
year
Number
Vested during
the year
Number
Expired
during the
year
Number
Balance at
end of the
year
Number
Exercisable
at end of the
year
Number
Balance at
start of the
year
Number
1,049,787
26,355
107,388
238,095
1,277,608
123,809
-
-
-
-
-
-
(915,809)
(133,978)
(26,355)
-
-
-
-
238,095
918,861
-
(107,388)
-
(358,747)
(123,809)
(323,253)
2,576,311
-
-
176,271
423,729
-
-
-
-
-
-
-
-
-
-
2,899,564
176,271
423,729
2,823,042
3,499,564
(942,164)
(1,047,175)
4,333,267
683,038
54,523
50,982
1,381,392
86,664
-
-
-
-
-
-
-
-
-
107,388
1,525,965
238,095
123,809
(152,289)
(530,749)
(4,427)
(10,400)
(50,096)
(40,582)
-
-
-
-
-
-
-
-
-
(331,605)
1,049,787
(60,309)
26,355
-
107,388
(248,357)
1,277,608
-
-
238,095
123,809
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
2,256,599
1,995,257
(167,116)
(1,261,698)
2,823,042
St Barbara engaged BDO Corporate Finance to provide an
opinion on the fair value of the performance and retention
rights issued during the year. The assessed fair value of these
rights was $3,679,000. This outcome was based on the
likelihood of the market based conditions being met as at the
date the rights vest.
The weighted average
life of
performance rights outstanding at the end of the year was 1.7
years (2021: 1.5 years). Conditions associated with rights
granted during the year ended 30 June 2022 included:
remaining contractual
(cid:120) Rights are granted for no consideration. The vesting of rights
granted in 2022 is subject to a continuing service condition
as at the vesting date, Return on Capital Employed over a
three-year period (for the key management personnel only),
and relative Total Shareholder Return over a three year
period measured against a peer group.
(cid:120) Performance rights do not have an exercise price.
(cid:120) Any performance right that does not vest will lapse.
(cid:120) Grant date varies with each issue.
The fair value of rights issued was adjusted according to
estimates of the likelihood that the market conditions will be
met.
St Barbara Annual Report 2022 | 80
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
19. Share-based payments (continued)
Expenses arising from share-based payment transactions
Total expenses arising from equity settled share-based
payment transactions recognised during the year as part of the
employee benefit expenses were as follows:
Consolidated
2022
$
2021
$
Performance rights issued under
performance rights plan
1,123,000
1,765,000
Accounting judgements and estimates
The Group measures the cost of equity settled transactions
with employees (performance rights) by reference to the fair
value of the equity instruments at the date at which they are
granted.
The Group has fair valued the performance rights with market
conditions using the hybrid trinomial option pricing model with
relative TSR hurdles and secondly the absolute TSR hurdle
component by using a Black Scholes model with a single share
price target.
The performance rights with non-market conditions have been
valued at the spot price at the grant date adjusted for the net
present value of dividends forgone with overall amount also
reflecting the number of rights that are expected to vest.
St Barbara Annual Report 2022 | 81
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
F. Further disclosures
20. Remuneration of auditors
During the year the following fees were paid or payable for
services provided by PricewaterhouseCoopers Australia, the
auditor of the parent entity, and its related practices:
Consolidated
2022
2021
$
$
440,641
401,130
26,966
24,969
PricewaterhouseCoopers Australia audit
and review of financial reports
PricewaterhouseCoopers Papua New
Guinea audit and review of financial
reports
Other assurance related services
Tax compliance services
Total remuneration for audit and non-audit
related services
42,937
13,400
5,500
-
523,944
431,599
21. Events occurring after the balance sheet
date
The Directors are not aware of any matter or circumstance that
has arisen since the end of the financial year that, in their
opinion, has significantly affected or may significantly affect in
future years the Company’s or the Group’s operations, the
results of those operations or the state of affairs, except as
described in this note.
22. Contingencies
As a result of routine and regular tax reviews and audits by tax
authorities in each jurisdiction, the Group anticipates that
reviews and audits may occur in the future. The ultimate
outcome of any future reviews and audits by tax authorities
cannot be determined with an acceptable degree of reliability
at this time. Nevertheless, the Group believes it is making
adequate provision for its tax liabilities, including amounts
shown as deferred tax liabilities, and takes reasonable steps to
address potentially contentious issues with the tax authorities.
23. Business combinations
In the prior year, the Group, through its subsidiary Atlantic
Mining Nova Scotia, acquired the remaining 93% of the issued
shares of Moose River Resources Incorporated (“MRRI”)
resulting in 100% St Barbara ownership.
The acquisition of MRRI consolidates 100 percent of the
Touquoy Mine and surrounding tenements within St Barbara.
The necessary calculations were finalised as at 30 June 2021.
St Barbara Annual Report 2022 | 82
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
24. Asset Acquisitions
The Group successfully executed two acquisitions within the
year of NS Gold Corporation (“NS Gold”) and Bardoc Gold
Limited (“Bardoc”).
Both acquisitions are not accounted
for as business
combinations, as the nature of the activities of NS Gold and
Bardoc are exploration in nature and have no production
facilities. Management applied the ‘concentration test’ as
allowed under AASB 3 Business Combinations to make the
assessment that NS Gold and Bardoc were not businesses
and therefore the acquisitions did not constitute a business
combination and instead are accounted for as an acquisition of
the net assets.
NS Gold Corporation
Bardoc Gold Limited
On 23 February 2022, the Group acquired 100 percent of NS
Gold Corporation via an amalgamation of NS Gold and a newly
incorporated wholly owned subsidiary of Atlantic Mining NS
Inc. Under the amalgamation, each issued and outstanding
common share of NS Gold was exchanged for one redeemable
preferred shared which was redeemed for $0.43 cash per
share.
This acquisition underlines our commitment to the Nova Scotia
province as a leading gold producer and further strengthens
future opportunities at our Atlantic Operations.
The consideration paid including transaction costs was
$8,912,000.
On 13 April 2022, the Group also acquired 100 percent of the
issued share capital of Bardoc via a scheme of arrangement
whereby existing Bardoc shareholders became entitled to
0.3604 new St Barbara shares for every 1 participating Bardoc
shares held.
The acquisition delivers St Barbara ownership of the advanced
Aphrodite and Zoroastrian underground deposits.
The consideration paid was in the form of 106,207,719 shares
at a share price at acquisition date of $1.465 per share. In
addition,
the entity was
$11,764,000 therefore the total fair value of the consideration
paid was $167,540,000.
transaction costs
incurred by
The assets and liabilities acquired were as follows:
The assets and liabilities acquired were as follows:
Cash
Trade and other debtors
Mineral rights
Deferred tax asset
Trade and other payables
Net assets
$’000
6
35
8,062
890
(81)
8,912
Cash
Trade and other debtors
Mineral rights
Property, plant and equipment and right of use
assets
Deferred tax asset
Trade and other payables
Interest bearing liabilities
Rehabilitation provision
Other provisions
$’000
2,960
328
147,336
350
24,704
(689)
(1,524)
(5,741)
(184)
167,540
St Barbara Annual Report 2022 | 83
Directors and Financial Report / 30 June 2022
Financial Report
Notes to the consolidated financial statements
25. Basis of preparation
Basis of measurement
The consolidated financial statements have been prepared on
the historical cost basis, except for the following material items:
(cid:120) Financial assets are measured at fair value;
(cid:120) Share based payment arrangements are measured at fair
value;
(cid:120) Derivative financial liabilities are measured at fair value;
(cid:120) Rehabilitation provision is measured at net present value;
(cid:120) Long service leave provision is measured at net present
value.
Comparative figures have been adjusted to conform to the
presentation of the financial statements and notes for the
to enhance
current
comparability.
financial year, where
required,
Principles of consolidation - Subsidiaries
The consolidated financial statements incorporate the assets
and liabilities of all subsidiaries of St Barbara Limited as at
30 June 2022 and the results of all subsidiaries for the year
then ended.
Subsidiaries are all those entities (including special purpose
entities) over which the Group has the power to govern the
financial and operating policies, and as a result has an
exposure or rights to variable returns, generally accompanying
a shareholding of more than one-half of the voting rights. The
existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing
whether the Group controls another entity. Subsidiaries are
consolidated from the date on which control commences until
the date control ceases.
Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction
provides evidence of the impairment of the asset transferred.
Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by
the Group.
Foreign currency translation
Both the functional and presentation currency of St Barbara
Limited and its Australian controlled entities is Australian
dollars (AUD). The
the Simberi
Operations is US dollars (USD), and the functional currency of
the Atlantic Operations is Canadian dollars (CAD).
functional currency of
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of
the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions, and from the
translation at year end exchange rates of monetary assets and
liabilities denominated in foreign currencies, are recognised in
the consolidated comprehensive income statement, except
when deferred in equity as qualifying cash flow hedges and
qualifying net investment hedges.
Translation differences on non-monetary financial assets and
liabilities are reported as part of the fair value gain or loss.
Translation differences on non-monetary financial assets and
liabilities, such as equities held at fair value through profit or
loss, are recognised in the consolidated comprehensive
income statement as part of the fair value gain or loss.
Translation differences on non-monetary financial assets, such
as equities classified as level 1 financial assets, are included
in the fair value reserve in equity.
The assets and liabilities of controlled entities incorporated
overseas with functional currencies other than Australian
dollars are translated into the presentation currency of
St Barbara Limited (Australian dollars) at
the year-end
exchange rate and the revenue and expenses are translated
at the rates applicable at the transaction date. Exchange
differences arising on translation are taken directly to the
foreign currency translation reserve in equity.
Critical accounting judgement and estimates
The preparation of consolidated financial statements in
conformity with AASB and IFRS requires management to
make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amount of
assets, liabilities, income and expenses. Actual results may
differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the
estimate is revised and in any future periods affected.
26. Accounting standards
New Standards adopted
The accounting policies applied by the Group in this 30 June
2022 consolidated
financial report are consistent with
Australian Accounting Standards. All new and amended
Australian Accounting Standards and
interpretations
mandatory as at 1 July 2021 to the group have been adopted
and have no material impact on the recognition.
The Group has adopted all of the new and revised Standards
and Interpretations issued by the AASB that are relevant to its
operations and effective for the current full year report, with no
material impacts to the financial statements.
Critical accounting judgement and estimates
The preparation of consolidated financial statements requires
management to make judgements, estimates and assumptions
that affect the application of accounting policies and the
reported amounts of assets and liabilities, income and
expenses. Actual results may differ from these estimates.
St Barbara Annual Report 2022 | 84
Directors and Financial Report / 30 June 2022
Fianncial Report
Directors Declaration
Directors declaration
1
In the opinion of the directors of St Barbara Limited (the Company):
(a)
the consolidated financial statements and notes that are contained in pages 49 to 84 and the remuneration
report in the Directors report, set out on pages 22 to 45, are in accordance with the Corporations Act 2001,
including:
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its performance
for the financial year ended on that date; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
The directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the chief
executive officer and chief financial officer for the financial year ended 30 June 2022.
The directors draw attention to page 49 of the consolidated financial statements, which includes a statement of
compliance with International Financial Reporting Standards.
2
3
Signed in accordance with a resolution of the Directors:
Craig Jetson
Managing Director and CEO
Perth
31 August 2022
Independent auditor’s report page 2
St Barbara Annual Report 2022 | 85
(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:18)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)
Independent auditor’s report
(cid:55)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:54)(cid:87)(cid:3)(cid:37)(cid:68)(cid:85)(cid:69)(cid:68)(cid:85)(cid:68)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)
(cid:50)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:44)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:29)(cid:3)
(cid:55)(cid:75)(cid:72)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:54)(cid:87)(cid:3)(cid:37)(cid:68)(cid:85)(cid:69)(cid:68)(cid:85)(cid:68)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:11)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:12)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:79)(cid:72)(cid:71)(cid:3)(cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)
(cid:11)(cid:87)(cid:82)(cid:74)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:12)(cid:3)(cid:76)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Corporations Act 2001(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:29)(cid:3)
(cid:11)(cid:68)(cid:12) (cid:74)(cid:76)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:3)(cid:87)(cid:85)(cid:88)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:10)(cid:86)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:87)(cid:86)
(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:81)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)
(cid:11)(cid:69)(cid:12) (cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Corporations Regulations 2001(cid:17)
What we have audited
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(cid:120)(cid:3)
(cid:120)(cid:3)
(cid:120)(cid:3)
(cid:120)(cid:3)
(cid:120)(cid:3)
(cid:120)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:68)(cid:79)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:86)(cid:75)(cid:72)(cid:72)(cid:87)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)(cid:3)
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(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:68)(cid:81)(cid:68)(cid:87)(cid:82)(cid:85)(cid:92)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:182)(cid:3)(cid:71)(cid:72)(cid:70)(cid:79)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)
(cid:37)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:58)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3)(cid:50)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)
(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Auditor’s responsibilities for the audit of the financial
report(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:58)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:72)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:76)(cid:86)(cid:3)(cid:86)(cid:88)(cid:73)(cid:73)(cid:76)(cid:70)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:68)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)
Independence
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Corporations Act 2001(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:51)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:9)(cid:3)(cid:40)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)
(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:182)(cid:86)(cid:3)(cid:36)(cid:51)(cid:40)(cid:54)(cid:3)(cid:20)(cid:20)(cid:19)(cid:3)Code of Ethics for Professional Accountants (including Independence
Standards)(cid:3)(cid:11)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:71)(cid:72)(cid:12)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)
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PricewaterhouseCoopers, ABN 52 780 433 757
2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001
T: 61 3 8603 1000, F: 61 3 8603 1999
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(cid:76)(cid:87)(cid:72)(cid:80)(cid:86)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:76)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:79)(cid:82)(cid:86)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:120)(cid:3) (cid:58)(cid:72)(cid:3)(cid:88)(cid:87)(cid:76)(cid:79)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)(cid:68)(cid:3)(cid:24)(cid:8)(cid:3)(cid:87)(cid:75)(cid:85)(cid:72)(cid:86)(cid:75)(cid:82)(cid:79)(cid:71)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)
(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)
(cid:81)(cid:82)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:70)(cid:82)(cid:80)(cid:80)(cid:82)(cid:81)(cid:79)(cid:92)(cid:3)(cid:68)(cid:70)(cid:70)(cid:72)(cid:83)(cid:87)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:87)(cid:75)(cid:85)(cid:72)(cid:86)(cid:75)(cid:82)(cid:79)(cid:71)(cid:86)(cid:17)(cid:3)
(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:86)(cid:70)(cid:82)(cid:83)(cid:72)(cid:3)
(cid:120)(cid:3) (cid:50)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:120)(cid:3)
(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:86)(cid:88)(cid:69)(cid:77)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)
(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:30)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:72)(cid:91)(cid:68)(cid:80)(cid:83)(cid:79)(cid:72)(cid:15)(cid:3)
(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:86)(cid:87)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:89)(cid:82)(cid:79)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:80)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:76)(cid:81)(cid:75)(cid:72)(cid:85)(cid:72)(cid:81)(cid:87)(cid:79)(cid:92)(cid:3)(cid:88)(cid:81)(cid:70)(cid:72)(cid:85)(cid:87)(cid:68)(cid:76)(cid:81)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:72)(cid:89)(cid:72)(cid:81)(cid:87)(cid:86)(cid:17)(cid:3)
(cid:55)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:80)(cid:76)(cid:81)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:15)(cid:3)(cid:51)(cid:68)(cid:83)(cid:88)(cid:68)(cid:3)(cid:49)(cid:72)(cid:90)(cid:3)(cid:42)(cid:88)(cid:76)(cid:81)(cid:72)(cid:68)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:38)(cid:68)(cid:81)(cid:68)(cid:71)(cid:68)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:68)(cid:3)(cid:70)(cid:72)(cid:81)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)
(cid:70)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:88)(cid:81)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:17)(cid:3)
(cid:46)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)
(cid:36)(cid:80)(cid:82)(cid:81)(cid:74)(cid:86)(cid:87)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:87)(cid:82)(cid:83)(cid:76)(cid:70)(cid:86)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)
(cid:70)(cid:82)(cid:80)(cid:80)(cid:88)(cid:81)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:82)(cid:79)(cid:79)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)
(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:53)(cid:76)(cid:86)(cid:78)(cid:3)
(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:29)(cid:3)
(cid:16) (cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:68)(cid:85)(cid:85)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:48)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:36)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:3)
(cid:16) (cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:16) (cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:68)(cid:85)(cid:71)(cid:82)(cid:70)(cid:3)
(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:120)(cid:3)
(cid:55)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
Key audit matters(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)
(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:54)(cid:87)(cid:3)(cid:37)(cid:68)(cid:85)(cid:69)(cid:68)(cid:85)(cid:68)(cid:3)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79) (cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)(cid:3)(cid:95)(cid:3)(cid:27)(cid:26)
(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:18)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)
(cid:46)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)
(cid:46)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:15)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:82)(cid:86)(cid:87)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:71)(cid:71)(cid:85)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:87)(cid:72)(cid:91)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:90)(cid:75)(cid:82)(cid:79)(cid:72)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:82)(cid:81)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)
(cid:81)(cid:82)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:68)(cid:3)(cid:86)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:17)(cid:3)(cid:41)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:15)(cid:3)(cid:68)(cid:81)(cid:92)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:72)(cid:81)(cid:87)(cid:68)(cid:85)(cid:92)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:88)(cid:87)(cid:70)(cid:82)(cid:80)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:3)
(cid:83)(cid:68)(cid:85)(cid:87)(cid:76)(cid:70)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:72)(cid:91)(cid:87)(cid:17)(cid:3)(cid:3)
(cid:46)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)
(cid:43)(cid:82)(cid:90)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:68)(cid:71)(cid:71)(cid:85)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)
(cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:68)(cid:85)(cid:85)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:48)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:36)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:3)
(Refer to note 8)
(cid:58)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:82)(cid:79)(cid:79)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:15)(cid:3)(cid:68)(cid:80)(cid:82)(cid:81)(cid:74)(cid:86)(cid:87)(cid:3)
(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:79)(cid:79)(cid:3)(cid:38)(cid:42)(cid:56)(cid:86)(cid:3)(cid:11)(cid:88)(cid:81)(cid:79)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:90)(cid:76)(cid:86)(cid:72)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:71)(cid:12)(cid:29)(cid:3)(cid:3)
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(cid:82)(cid:73)(cid:3)(cid:39)(cid:72)(cid:73)(cid:72)(cid:85)(cid:85)(cid:72)(cid:71)(cid:3)(cid:48)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:38)(cid:82)(cid:86)(cid:87)(cid:86)(cid:15)(cid:3)(cid:7)(cid:20)(cid:27)(cid:20)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:48)(cid:76)(cid:81)(cid:72)(cid:3)
(cid:51)(cid:85)(cid:82)(cid:83)(cid:72)(cid:85)(cid:87)(cid:76)(cid:72)(cid:86)(cid:15)(cid:3)(cid:7)(cid:20)(cid:25)(cid:24)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:40)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:40)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:7)(cid:24)(cid:21)(cid:24)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:48)(cid:76)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:53)(cid:76)(cid:74)(cid:75)(cid:87)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:68)(cid:79)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:86)(cid:75)(cid:72)(cid:72)(cid:87)(cid:3)(cid:11)(cid:87)(cid:82)(cid:74)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:181)(cid:48)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:36)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:182)(cid:12)(cid:17)(cid:3)(cid:3)
(cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:76)(cid:73)(cid:76)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:3)(cid:76)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:82)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:73)(cid:82)(cid:85)(cid:72)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:87)(cid:82)(cid:82)(cid:78)(cid:3)(cid:68)(cid:81)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)
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(cid:120)(cid:3)
(cid:120)(cid:3)
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(cid:54)(cid:87)(cid:3)(cid:37)(cid:68)(cid:85)(cid:69)(cid:68)(cid:85)(cid:68)(cid:3)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79) (cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)(cid:3)(cid:95)(cid:3)(cid:27)(cid:27)
(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:18)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)
(cid:46)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)
(cid:43)(cid:82)(cid:90)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:68)(cid:71)(cid:71)(cid:85)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)
(cid:85)(cid:72)(cid:70)(cid:82)(cid:89)(cid:72)(cid:85)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:68)(cid:80)(cid:82)(cid:88)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)
(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:17)(cid:3)(cid:3)
(cid:120)(cid:3) (cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:3)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)
(cid:85)(cid:72)(cid:73)(cid:72)(cid:85)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:91)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:72)(cid:68)(cid:70)(cid:75)(cid:3)
(cid:38)(cid:42)(cid:56)(cid:15)(cid:3)(cid:68)(cid:86)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:51)(cid:90)(cid:38)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:86)(cid:17)(cid:3)
(cid:120)(cid:3) (cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:88)(cid:81)(cid:80)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:85)(cid:72)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:68)(cid:76)(cid:85)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:68)(cid:74)(cid:68)(cid:76)(cid:81)(cid:86)(cid:87)(cid:3)(cid:72)(cid:91)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:71)(cid:68)(cid:87)(cid:68)(cid:15)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:51)(cid:90)(cid:38)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:86)(cid:17)(cid:3)
(cid:120)(cid:3) (cid:51)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:72)(cid:71)(cid:3)(cid:87)(cid:72)(cid:86)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:75)(cid:72)(cid:80)(cid:68)(cid:87)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)
(cid:68)(cid:70)(cid:70)(cid:88)(cid:85)(cid:68)(cid:70)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:86)(cid:182)(cid:3)(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)(cid:3)
(cid:120)(cid:3) (cid:40)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)
(cid:38)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:54)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:68)(cid:74)(cid:68)(cid:76)(cid:81)(cid:86)(cid:87)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(Refer to note 10)
(cid:55)(cid:82)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)
(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:82)(cid:79)(cid:79)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:15)(cid:3)(cid:68)(cid:80)(cid:82)(cid:81)(cid:74)(cid:86)(cid:87)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:86)(cid:29)(cid:3)
(cid:55)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:76)(cid:86)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:68)(cid:90)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:15)(cid:3)(cid:51)(cid:68)(cid:83)(cid:88)(cid:68)(cid:3)(cid:49)(cid:72)(cid:90)(cid:3)(cid:42)(cid:88)(cid:76)(cid:81)(cid:72)(cid:68)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:68)(cid:81)(cid:68)(cid:71)(cid:68)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:47)(cid:72)(cid:82)(cid:81)(cid:82)(cid:85)(cid:68)(cid:15)(cid:3)(cid:54)(cid:76)(cid:80)(cid:69)(cid:72)(cid:85)(cid:76)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:36)(cid:87)(cid:79)(cid:68)(cid:81)(cid:87)(cid:76)(cid:70)(cid:3)(cid:42)(cid:82)(cid:79)(cid:71)(cid:3)
(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:79)(cid:92)(cid:3)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:36)(cid:87)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:68)(cid:79)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:86)(cid:75)(cid:72)(cid:72)(cid:87)(cid:3)
(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)(cid:82)(cid:69)(cid:79)(cid:76)(cid:74)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:7)(cid:26)(cid:24)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:3)
(cid:38)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:69)(cid:79)(cid:76)(cid:74)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:86)(cid:3)
(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3)(cid:72)(cid:86)(cid:87)(cid:76)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:17)(cid:3)
(cid:36)(cid:86)(cid:86)(cid:88)(cid:80)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:15)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:83)(cid:85)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)
(cid:73)(cid:79)(cid:88)(cid:70)(cid:87)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:76)(cid:80)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:3)(cid:73)(cid:79)(cid:82)(cid:90)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)
(cid:68)(cid:85)(cid:72)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:79)(cid:76)(cid:73)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:76)(cid:81)(cid:72)(cid:3)(cid:83)(cid:79)(cid:68)(cid:81)(cid:86)(cid:17)(cid:3)
(cid:42)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:69)(cid:68)(cid:79)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:68)(cid:79)(cid:3)(cid:73)(cid:68)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:82)(cid:88)(cid:87)(cid:79)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:68)(cid:69)(cid:82)(cid:89)(cid:72)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)
(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:17)(cid:3)(cid:3)
(cid:120)(cid:3) (cid:50)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:70)(cid:75)(cid:72)(cid:70)(cid:78)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:80)(cid:68)(cid:87)(cid:75)(cid:72)(cid:80)(cid:68)(cid:87)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:68)(cid:70)(cid:70)(cid:88)(cid:85)(cid:68)(cid:70)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:76)(cid:80)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:3)(cid:73)(cid:79)(cid:82)(cid:90)(cid:86)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:87)(cid:3)(cid:79)(cid:76)(cid:73)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:76)(cid:81)(cid:72)(cid:3)(cid:83)(cid:79)(cid:68)(cid:81)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:120)(cid:3) (cid:40)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:72)(cid:81)(cid:70)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:86)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:86)(cid:86)(cid:76)(cid:86)(cid:87)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)
(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:69)(cid:79)(cid:76)(cid:74)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)(cid:3)
(cid:120)(cid:3) (cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:86)(cid:87)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:86)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3)(cid:69)(cid:92)(cid:3)
(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:15)(cid:3)(cid:82)(cid:81)(cid:3)(cid:68)(cid:3)(cid:86)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:15)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:86)(cid:76)(cid:80)(cid:76)(cid:79)(cid:68)(cid:85)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:17)(cid:3)
(cid:120)(cid:3) (cid:36)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:3)(cid:85)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:15)(cid:3)(cid:69)(cid:92)(cid:3)
(cid:85)(cid:72)(cid:73)(cid:72)(cid:85)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:82)(cid:81)(cid:74)(cid:3)(cid:87)(cid:72)(cid:85)(cid:80)(cid:3)(cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:69)(cid:82)(cid:81)(cid:71)(cid:3)
(cid:85)(cid:68)(cid:87)(cid:72)(cid:86)(cid:15)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:75)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:86)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)
(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:17)(cid:3)(cid:3)
(cid:120)(cid:3) (cid:40)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)
(cid:38)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:54)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:68)(cid:74)(cid:68)(cid:76)(cid:81)(cid:86)(cid:87)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:68)(cid:85)(cid:71)(cid:82)(cid:70)(cid:3)(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(Refer to note 24)
(cid:55)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71) (cid:20)(cid:19)(cid:19)(cid:3)(cid:83)(cid:72)(cid:85)(cid:70)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:86)(cid:86)(cid:88)(cid:72)(cid:71)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:3)
(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:82)(cid:73)(cid:3)(cid:37)(cid:68)(cid:85)(cid:71)(cid:82)(cid:70)(cid:3)(cid:42)(cid:82)(cid:79)(cid:71)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:11)(cid:37)(cid:68)(cid:85)(cid:71)(cid:82)(cid:70)(cid:12)(cid:3)(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)(cid:3)(cid:55)(cid:75)(cid:76)(cid:86)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:3)(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:68)(cid:3)(cid:87)(cid:82)(cid:87)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:7)(cid:20)(cid:25)(cid:27)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:55)(cid:75)(cid:76)(cid:86)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:54)(cid:87)(cid:3)(cid:37)(cid:68)(cid:85)(cid:69)(cid:68)(cid:85)(cid:68)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:3)
(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:76)(cid:86)(cid:86)(cid:88)(cid:72)(cid:71)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:86)(cid:3)(cid:83)(cid:68)(cid:76)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:17)(cid:3)
(cid:55)(cid:75)(cid:72)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)
(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:29)(cid:3)
(cid:55)(cid:82)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:37)(cid:68)(cid:85)(cid:71)(cid:82)(cid:70)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:82)(cid:79)(cid:79)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:15)(cid:3)
(cid:68)(cid:80)(cid:82)(cid:81)(cid:74)(cid:86)(cid:87)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:86)(cid:29)(cid:3)(cid:3)
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Directors and Financial Report / 30 June 2022
Key audit matter
How our audit addressed the key audit matter
(cid:120)
(cid:120)
its financial significance to the Group.
the judgements applied by the Group in
determining whether the acquisition should
be accounted for as a business combination
or an asset acquisition under the
requirements of Australian Accounting
Standards.
(cid:120)
of the asset acquired, and other selected
transaction related documentation.
Evaluated the Group’s assessment that the
acquisition of Bardoc met the criteria for an
asset acquisition against Australian
Accounting Standards.
Other information
The directors are responsible for the other information. The other information comprises the
information included in the annual report for the year ended 30 June 2022, but does not include the
financial report and our auditor’s report thereon. Prior to the date of this auditor's report, the other
information we obtained included the Directors Report. We expect the remaining other information to
be made available to us after the date of this auditor's report.
Our opinion on the financial report does not cover the other information and we do not and will not
express an opinion or any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of
this auditor’s report, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
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(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:76)(cid:72)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:22)(cid:19)(cid:19)(cid:36)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Corporations Act 2001.
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(cid:55)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:22)(cid:19)(cid:19)(cid:36)(cid:3)(cid:82)(cid:73)(cid:3)the Corporations Act 2001(cid:17)(cid:3)(cid:50)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)
(cid:76)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:91)(cid:83)(cid:85)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:15)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)
(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:51)(cid:85)(cid:76)(cid:70)(cid:72)(cid:90)(cid:68)(cid:87)(cid:72)(cid:85)(cid:75)(cid:82)(cid:88)(cid:86)(cid:72)(cid:38)(cid:82)(cid:82)(cid:83)(cid:72)(cid:85)(cid:86)(cid:3)
(cid:36)(cid:80)(cid:68)(cid:81)(cid:71)(cid:68)(cid:3)(cid:38)(cid:68)(cid:80)(cid:83)(cid:69)(cid:72)(cid:79)(cid:79)(cid:3)
(cid:51)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:3)
(cid:48)(cid:72)(cid:79)(cid:69)(cid:82)(cid:88)(cid:85)(cid:81)(cid:72)
(cid:22)(cid:20)(cid:3)(cid:36)(cid:88)(cid:74)(cid:88)(cid:86)(cid:87)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)
(cid:54)(cid:87)(cid:3)(cid:37)(cid:68)(cid:85)(cid:69)(cid:68)(cid:85)(cid:68)(cid:3)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79) (cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)(cid:3)(cid:95)(cid:3)(cid:28)(cid:20)
Ore Reserves
and Mineral
Resources
Ore Reserves and Mineral Resources
Ore Reserves and Mineral Resources
As at 31 December 2021 St Barbara’s Group Ore Reserves and Mineral Resources are estimated at:
(cid:120)
Total Ore Reserves: 101.4 Mt @ 1.9 g/t Au for 6.2 Moz of contained gold, comprising:
(cid:120)
Leonora Operations 12.9 Mt @ 5.1 g/t Au for 2.1 Moz of contained gold
(cid:120) Simberi Operations
36.7 Mt @ 1.8 g/t Au for 2.1 Moz of contained gold
(cid:120) Atlantic Operations
48.2 Mt @ 1.0 g/t Au for 1.6 Moz of contained gold
(cid:120) Bardoc Gold
3.6Mt @ 3.6g/t Au for 0.4 Moz of contained gold*
(cid:120)
Total Mineral Resources1:
269.1 Mt @ 1.9 g/t Au for 16.5 Moz of contained gold, comprising:
(cid:120)
Leonora Operations 67.2 Mt @ 3.4 g/t Au for 7.3 Moz of contained gold
(cid:120) Simberi Operations
90.0 Mt @ 1.5 g/t Au for 4.2 Moz of contained gold
(cid:120) Atlantic Operations
58.6 Mt @ 1.1 g/t Au for 2.0 Moz of contained gold
(cid:120) Bardoc Gold
53.3 Mt @ 1.8g/t Au for 3.0Moz of contained gold*
*Bardoc reported as at 28 April 2022. Refer to ASX SBM: Quarterly Report Q3 FY22 released on the ASX on 28 April 2022.
St Barbara updated its Annual Mineral Resources and Ore Reserves statement as at 31 December 2021 with the statement reported
to the ASX on 18 February 2022 – ‘Ore Reserves and Mineral Resources Statements as at 31 December 2021’. This statement
was revised following the acquistion of Bardoc Gold, with the revised statement reported to the ASX on 28 April 2022 - ‘Quarterly
Report Q3 FY22’. These statements can be found on St Barbara’s website here Announcements – St Barbara Limited
The Company’s Ore Reserves have decreased marginally by 41koz since June 30 2021, primarily as a consequence of adopting an
open pit mining approach to Tower Hill and the subsequent removal of Tower Hill Underground Ore Reserves. Ore Reserves for
Tower Hill will be revised following the completion of a pre-feasibility study in Q1 FY23. This reduction in Ore Reserves was largely
offset by the acquisition of Bardoc Gold in April 2022 with the addition of Ore Reserves for the Zoroastrian and Aphrodite projects.
The Company’s Mineral Resources have increased by 3,428koz since June 30 2021 as a consequence of the inclusion of updated
Mineral Resources for Tower Hill based on a change of mining approach from underground to open pit and the completion of the
acquisition of Bardoc Gold.
St Barbara is not aware of any other new information or data that materially affects the information contained in the Annual Ore
Reserves and Mineral Resources statement as at 31 December 2021 (as revised following the acquisition of Bardoc Gold and
reported to the ASX on 28 April 2022) other than changes due to normal mining depletion during the 6 month period ended 30 June
2022. All material assumptions and technical parameters underpinning the Reserve and Resource estimates continue to apply and
have not materially changed.
Governance and internal controls
St Barbara’s Ore Reserves and Mineral Resources have been compiled by suitably qualified personnel and with oversight from the
Company’s Mineral Resources and Ore Reserves Committee. The role of this Committee is to provide governance oversight to the
Resources and Reserves estimation systems, ensuring the quality and accuracy of the Company’s Group Resources and Reserves.
The Committee provides assurance to the Board Audit & Risk Committee on compliance with the Resources and Reserves
governance framework and systems. The Committee also ensures that Resources and Reserves comply with JORC standards and
any other regulatory requirements.
The Committee ensures proper corporate governance, allocation of suitably qualified resources and management of business risk
in relation to the estimation of Resources and Reserves. The Committee achieves this objective by exercising professional
judgement, formal annual reviews of Resource and Reserves estimates, and review of reconciliations when required.
1 Mineral Resources are reported inclusive of Ore Reserves
St Barbara Annual Report 2022 | 93
Ore Reserves and Mineral Resources
St Barbara’s Ore Reserves at 31 December 2021 are summarised and compared with the 30 June 2021 statement below:
Project
30 June 2021 Ore Reserves
Production
31 December 2021 Ore Reserves
Tonnes
Grade
Ounces
Tonnes
Grade
Ounces
(‘000)
(g/t Au)
(‘000)
(‘000)
(g/t Au)
(‘000)
Gwalia Deeps (WA)
Tower Hill (WA)
Total Leonora Operations
Aphrodite*
Zoroastrian*
Total Bardoc Operations*
Simberi Oxide
Simberi Transitional
Simberi Sulphide
Simberi Stockpile
Total Simberi Operations
Atlantic Operations
Atlantic Operations Stockpile
Total Atlantic Operations
13,308
2,572
15,880
-
-
-
4,675
6,378
24,010
188
35,251
43,480
6,400
49,880
Grand Total
101,011
5.2
3.7
4.9
-
-
-
1.2
1.5
2.0
2.3
1.8
1.1
0.5
1.0
1.9
2,221
306
100
2,527
-
-
-
178
307
-
1,563
-
14
2,062
1,558
97
32
1,655
6,244
12,862
-
12,862
2,782
795
3,577
8,962
-
27,338
403
36,704
42,182
6,040
48,222
5.1
-
5.1
3.6
3.8
3.6
1.1
-
2.0
1.9
1.8
1.1
0.5
1.0
1.9
2,121
-
2,121
322
97
419
330
-
1,726
25
2,080
1,493
90
1,583
6,203
133
101,365
*Bardoc reported as at 28 April 2022. Refer to ASX SBM: Quarterly Report Q3 FY22 released on the ASX on 28 April 2022.
Notes:
1. Aphrodite and Zoroastrian reported as at 28 April 2022. Refer to ASX SBM: Quarterly Report Q3 FY22 released on the
ASX on 28 April 2022.
2. For further details, refer to ASX: SBM: 30 June 2021 Ore Reserves and Mineral Resources Statements released on the
ASX on 26 August 2021 and ASX SBM: Quarterly Report Q3 FY22 released on the ASX on 28 April 2022.
3. Prior to FY22, St Barbara reported its Mineral Resources and Ore Reserves position on a financial year basis. From FY22
onwards, St Barbara will report its Mineral Resources and Ore Reserves position on a calendar year basis.
St Barbara Annual Report 2022 | 94
Ore Reserves and Mineral Resources
St Barbara’s Mineral Resources at 31 December 2021 are summarised and compared with the 30 June 2021 statement below:
Project
30 June 2021 Mineral Resources
31 December 2021 Mineral Resources
Tonnes
(‘000)
Grade
(g/t Au)
Ounces
(‘000)
Tonnes
(‘000)
Grade
(g/t Au)
Ounces
(‘000)
Gwalia Deeps
(WA)
Gwalia Open
Pit
25,448
8,439
Harbour Lights
12,884
Tower
(WA)
Hill
Total Leonora
Operations
Aphrodite
Open Pit
Aphrodite
Underground
Zoroastrian
Open Pit
Zoroastrian
Underground
Excelsior
Bardoc
Satellite Open
Pits
Total Bardoc
Operations*
5,093
51,864
-
-
-
-
-
-
-
Simberi Oxide
12,061
Simberi
Transitional
Simberi
Sulphide
Total Simberi
Operations
Atlantic
Operations
Total Atlantic
Operations
17,023
61,023
90,107
60,693
60,693
Grand Total
202,655
5.9
2.8
1.5
3.8
4.1
-
-
-
-
-
-
-
1.1
1.1
1.6
1.4
1.1
1.1
2.0
4,813
764
602
625
6,804
-
-
-
-
-
-
-
422
605
3,164
4,192
2091
2091
13,087
25,206
8,439
12,884
20,682
67,211
18,870
6,726
5,432
-
1,612
11,330
9,417
53,297
18,600
-
71,400
90,000
58,636
58,636
269,144
5.8
2.8
1.5
1.8
3.4
1.5
3.6
1.8
4.0
1.0
1.6
1.8
1.1
-
1.6
1.5
1.1
1.1
1.9
4,736
764
602
1,177
7,279
895
768
315
209
354
480
3,021
650
-
3,575
4,225
1,990
1,990
16,515
*Bardoc reported as at 28 April 2022. Refer to ASX SBM: Quarterly Report Q3 FY22 released on the ASX on 28 April 2022.
Notes:
1. Bardoc reported as at 28 April 2022. Refer to ASX SBM: Quarterly Report Q3 FY22 released on the ASX on 28 April 2022.
2. For further details, refer to ASX: SBM: 30 June 2021 Ore Reserves and Mineral Resources Statements released on the
ASX on 26 August 2021 and ASX SBM: Quarterly Report Q3 FY22 released on the ASX on 28 April 2022.
3. Prior to FY22, St Barbara reported its Mineral Resources and Ore Reserves position on a financial year basis. From FY22
onwards, St Barbara will report its Mineral Resources and Ore Reserves position on a calendar year basis.
St Barbara Annual Report 2022 | 95
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O
Ore Reserves and Mineral Resources
Competent Person Statements
The Ore Reserves section of the Annual Report has been compiled and approved by Brett Ascott, a Competent Person who is a
Fellow of the Australasian Institute of Mining and Metallurgy and a full-time employee of St Barbara Ltd. Brett Ascott has sufficient
experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking
to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves”. Brett Ascott consents to the inclusion in the statement of the matters based on his information
in the form and context in which it appears.
The Mineral Resources section of the Annual Report has been compiled and approved by Jane Bateman, a Competent Person who
is a Fellow of the Australasian Institute of Mining and Metallurgy and a full-time employee of St Barbara Ltd. Jane Bateman has
sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves”. Jane Bateman consents to the inclusion in the statement of the matters based on
her information in the form and context in which it appears
The information in this report that relates to Ore Reserves at Gwalia is based on, and fairly represents, information compiled by Kevin
Oborne, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of
Oborne Engineering Pty Ltd. Kevin Oborne has sufficient experience relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the
“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Kevin Oborne consents to the
inclusion in the statement of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Ore Reserves at Bardoc is based on, and fairly represents, information compiled by
Andrew Francis, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee
of Genesis Minerals Limited. Andrew Francis has sufficient experience relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of
the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Andrew Francis consents to
the inclusion in the statement of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Ore Reserves at Simberi Operations is based on, and fairly represents, information
compiled by Cameron Legg, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a full-
time employee of Mining One Pty Ltd. Cameron Legg has sufficient experience relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012
Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Cameron Legg
consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Ore Reserves at Atlantic Operations for the Beaver Dam, Fifteen Mile Stream and
Cochrane Hill Deposits is based on, and fairly represents, information compiled by Mr. Marc Schulte, a Competent Person who is a
Member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta and an associate of Moose Mountain
Technical Services. Marc Schulte has sufficient experience relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the
“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Marc Schulte consents to the
inclusion in the statement of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Ore Reserves at Atlantic Operations for the Touquoy Deposit is based on, and fairly
represents, information compiled by Scott Britton, a Competent Person who is a Registered Member of The Society for Mining,
Metallurgy and Exploration and a full-time employee of Mining Plus Consultants. Scott Britton has sufficient experience relevant to
the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves”. Scott Britton consents to the inclusion in the statement of the matters based on his information in the form and context
in which it appears.
The information in this report that relates to Mineral Resources at Gwalia Deeps, Gwalia Open Pit, Harbour Lights, Simberi, Tower
Hill and Touquoy is based on, and fairly represents information compiled by Jane Bateman, a Competent Person who is a Fellow of
the Australasian Institute of Mining and Metallurgy and a full-time employee of St Barbara Ltd and has sufficient experience relevant
to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves”. Jane Bateman consents to the inclusion in the statement of the matters based on her information in the form
and context in which it appears.
The information in this report that relates to Mineral Resources at Bardoc is based on, and fairly represents information compiled by
Mr. Bradley Toms, a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of
Alien Metals Limited. Bradley Toms has sufficient experience relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the
“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Bradley Toms consents to the
inclusion in the statement of the matters based on his information in the form and context in which it appears.
St Barbara Annual Report 2022 | 98
Ore Reserves and Mineral Resources
The information in this report that relates to Mineral Resources at Atlantic Operations for the Beaver Dam, Fifteen Mile Stream and
Cochrane Hill Deposits is based on, and fairly represents information compiled by Neil Schofield, a Competent Person who is a
Member of the Australasian Institute of Geoscientists and a full-time employee of FSSI Consultants (Australia) Pty Ltd . Neil Schofield
has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he
is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves”. Neil Schofield consents to the inclusion in the statement of the matters based on
his information in the form and context in which it appears.
St Barbara Annual Report 2022 | 99
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