ST BARBARA LIMITED — AGM Information 2012

Nov 21, 2012

St Barbara Limited ACN 009 165 066

Level 10, 432 St Kilda Road, Melbourne VIC 3004 Locked Bag 9, Collins Street East, Melbourne VIC 8003 Tel +61 3 8660 1900 Fax +61 3 8660 1999

www.stbarbara.com.au

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2012 Annual General Meeting

Attached is a copy of the Chairman’s address and the Managing Director and CEO’s presentation to the 2012 Annual General Meeting in Melbourne today.

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Ross Kennedy

Executive General Manager Corporate Services Company Secretary 22 November 2012

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ADDRESS TO THE 2012 ANNUAL GENERAL MEETING OF SHAREHOLDERS OF ST BARBARA LTD

COLIN WISE, CHAIRMAN

Ladies and Gentlemen

Overview of the 2012 financial year results

The past year saw St Barbara deliver strong operating and financial results, while securing an attractive pipeline of future growth and development opportunities through the acquisition of Allied Gold. This delivered a quality portfolio of long term gold operations in the highly geologically attractive yet under-explored region in the South West Pacific. This complements our existing proven, and high cash generative operating assets at Leonora.

Our Australian operating assets, at Leonora and Southern Cross, achieved excellent results in the 2012 financial year:

• total gold production increased by 31% to 339,000 ounces;

• net profit after tax increased by 90% to $130 million:

• cash flow from operations increased by 115% to $222 million.

These results reflect the excellent work of Tim Lehany and his management team over the past few years to build a strong operating capability and a performance based culture at St Barbara. This, together with the disciplined systems that have been developed across all functions within the Company over the past few years, give the Board confidence that St Barbara is well placed to deploy its proven operating capabilities across the Pacific operations.

The Company’s flagship mine at Gwalia is now producing ore from the higher grade South West Branch, and will continue to do so, for at least the next nine years.

Higher grade, lower costs and increased margins enhanced by a strong gold price have all contributed to the Company’s strong performance.

All of this has been achieved with an improving safety performance across the Company.

The core strategy remains unchanged

The core strategic plan remains unchanged and we continue to work towards:

• realising the potential of the assets we have; and

• pursuing value enhancing growth opportunities.

The financial results I have highlighted speak for themselves in terms of realising asset potential.

The recent acquisition of the long life and highly prospective Simberi and Gold Ridge Gold Operations in Papua New Guinea and the Solomon Islands provide substantial long term growth opportunities to supplement the long life Gwalia mine.

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The acquisition followed more than two years of analysis by St Barbara of gold mining and development opportunities in Australia, South East Asia and the Western Pacific Rim, culminating in an extensive programme of pre-acquisition, on-site due diligence at Simberi and Gold Ridge. This process confirmed the long term value and growth potential of these operations which we believe will create long term value for St Barbara shareholders.

Integration of new operations

While we are still in the process of integrating the Pacific operations, it will take time for production and cash flow levels at both operations to reach planned levels.

The period of time between the Allied Gold Board accepting our offer in early June and St Barbara achieving control of the assets was three months, during which time we were not able under the UK Takeover Code, to be involved in managing the Allied Gold business.

We have now had control of these assets for nearly 11 weeks. In that time, we have not changed our overall view of the value of the business from when we made our offer to purchase the assets.

In fact, we now believe that the potential is even greater than was identified in our due diligence, and especially so at Gold Ridge, where recent drilling gives us encouragement that the gold system may be larger than resource numbers indicate.

Our immediate focus is to realise the value potential of the Pacific Operations as soon as we can. Tim Lehany will speak more about this shortly.

A favourable gold price is always welcome

Turning now to the macro environment, St Barbara has continued to benefit from strong gold price levels over the past year, confirming the longer term upward trend in price.

Even as recently as two years ago, only committed long term gold followers would have expected an average realised gold price for the 2012 fiscal year in excess of USD$1,600 per ounce to be achieved. And yet there are now sound underlying principles as to why gold prices are at or above the relatively high current levels, and are likely to continue.

As a commodity sought for its intrinsic value and as a hedge against inflationary impacts on currencies, gold continues to have an important role in times of global economic and geopolitical uncertainty.

Uncertainty continues about how best to deal with the various debt crises of a number of European countries. The threat of some form of financial contagion continues.

While the United States economy shows some indications of commencing a gradual recovery, the new Administration will need to address significant issues including the burgeoning public sector debt and its potential impact on economic growth. Currency volatility centred about the relative strength of the US dollar is now the norm in financial markets.

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The possibility of increasing geopolitical instability in the Middle East overlays continuing global uncertainty in faltering financial markets. These are all factors which support the gold price.

On the other hand, the economic slow-down in China seems to have had much less impact on the gold market than other commodity markets. In fact, the restructuring of the Chinese economy in favour of domestic consumption has the potential to see a continuing rise in demand for luxury goods such as gold jewellery.

Central banks of a number of countries continue to be strong net buyers of gold. The continued growth of Exchange Traded Funds has also assumed an increasing influence in the demand for gold.

The reality of volatile financial and commodity markets is now very much the norm for all sectors to contend with. In such an environment the indications are strong that gold will continue its strong run.

Capital management remains a key focus

In the 2012 fiscal year, increasing gold prices, higher gold grades achieved at Gwalia and consequently high cash margins, propelled an increase in cash flow from our Western Australian operations by 115% to $220 million.

This strong cash generation enabled the Company to invest $100 million in capital expenditure and $20 million in exploration, while at the same time building a healthy balance sheet. We ended the financial year on 30 June 2012 with cash of $186 million and negligible debt.

Management of the Company’s capital remains a key focus of our future planning and implementation strategies.

Consistent with our long term strategy for building a growing and successful gold company, the Board’s preference, supported by a number of our largest shareholders, has been to reinvest cash for value enhancing growth opportunities, such as the newly acquired Pacific Operations.

We do not however, rule out dividends being considered in the future. The Board will continue on a regular basis to review and consider dividends against other capital management options.

Containing costs

We will continue to optimise our capital position by driving operational efficiencies and delivering on our production forecasts. Inevitably the gold price, expressed in both US and Australian dollars will also have an impact.

While we cannot control the world gold price and the Australian dollar exchange rate, we can, and do, strive to contain costs. For example, labour market cost pressures – particularly for skilled tradespeople and experienced professionals – have been offset in part by a

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focussed program of business improvements and procurement initiatives. Examples of business improvements include establishing Gwalia underground workshops, refuelling bays and magazine storage facilities to improve mine efficiencies. Procurement initiatives included renegotiating charter flight arrangements and many supply agreements.

There can be little doubt that the current combination of the high Australian dollar and increasing taxation imposts on the mining sector – such as through the introduction of the carbon tax and reductions in the diesel fuel rebate – are weakening the competitiveness of the Australian mining sector, especially relative to emerging production areas in China, West Africa, South America and Asia.

St Barbara’s expansion through the acquisition of the Pacific Operations has provided the Company with important diversification in both production and cost centres.

Board and Governance

Throughout the past year, the St Barbara Board has undertaken an increased workload, particularly with the acquisition of the Pacific Operations. I thank the Directors for their dedication to the many tasks we have worked on, and the extra efforts involved.

During the next twelve months, we will be reviewing the size and composition of the Board in light of the Company’s increased scale of operations and international diversity, and will make adjustments as required. This is the principal reason why shareholder approval is being sought for an increase in the fee cap for Non-Executive Directors.

Much careful thought and planning has gone into the Company’s remuneration systems – especially to ensure that executive remuneration is strongly aligned with overall shareholder interests. I commend today’s AGM resolutions to you.

From both operating and management perspectives, the same high standards of governance developed over recent years for our Australian Operations are now being applied to the new Pacific Operations.

The Board and the executive management team do not take our social “Licence to Operate” for granted and in our approach to managing the new operations, we are placing special emphasis on issues such as safety, employee engagement, dealings with all levels of government, landowner and community relations, and safeguarding the environments in which we operate. We have met with government personnel at all levels in Papua New Guinea and the Solomon Islands, and look forward to working with them in a constructive partnership which will benefit all stakeholders.

Concluding comments

In concluding, I want to acknowledge the hard work and achievements of Tim Lehany, his executive management team, and the entire St Barbara workforce, all of whom have combined to deliver a Company which is now strong and profitable.

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The additional effort required to undertake the Allied Gold acquisition and now, to make it successfully ‘deliver to promise’ has and continues to involve a significant workload for all St Barbara personnel. The Board and Management remains focused on delivering operational performance from the Pacific Operations.

St Barbara today is an internationally respected gold company, with three long life gold production centres in three countries.

We have a proven management team, and excellent exploration prospects to complement our three long life gold mines.

We are fortunate to have a strong support base of shareholders who are long term investors in gold and recognise the implicit value in St Barbara.

We look forward with confidence to the years ahead.

Finally, I take the opportunity to thank you, our fellow shareholders, for your continuing strong and patient support for the company.

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Annual General Meeting 22 November 2012

Tim Lehany, Managing Director & CEO

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Disclaimer

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This presentation has been prepared by St Barbara Limited (“Company”). The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This presentation is not financial product or investment advice. It does not take into account the investment objectives, financial situation and particular needs of any investor. Before making an investment in the Company, an investor or prospective investor should read this document in its entirety, consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances, seek legal and taxation advice appropriate to their jurisdiction and consult a financial adviser if necessary. The Company is not licensed to provide financial product advice in respect of the Company’s securities.

This presentation may contain forward-looking statements that are subject to risk factors associated with exploring for, developing, mining, processing and sale of gold. Forward-looking statements include those containing such words as anticipate, estimates, forecasts, should, will, expects, plans or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. Nothing in this document is a promise or representation as to the future. Actual results may vary from the information in this presentation and any variation may be material. Past performance is not an indication of future performance. Statements or assumptions in this presentation as to future matters may prove to be incorrect and any differences may be material. The Company does not make any representation or warranty as to the accuracy of such statements or assumptions. Investors are cautioned not to place undue reliance on such statements.

This presentation has been prepared by the Company based on information available to it and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party.

The Company estimates its reserves and resources in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves 2004 Edition ("JORC Code"), which governs such disclosures by companies listed on the Australian Securities Exchange.

Financial figures are in Australian dollars. Financial year is 1 July to 30 June.

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Annual General Meeting – 22 November 2012

Three prospective and long life gold operations

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• Reserves: 5.7 Moz[1 ] Simberi

• Resources: 16.6 Moz[1] Simberi • Expanding oxide plant • 9+ year mine life

• Gold Ridge • Near mine targets for exploration

• • Sulphide expansion potential

• Leonora

• • High grade underground Gwalia mine Leonora Gold Ridge •

• • Oxide open pit mine 9+ year mine life Southern Cross •

• • Processing plant Ore body open at depth

• • King of the Hills upgraded • 9+ year mine life

• underground mine • Near mine targets for exploration

Proven development and operations credentials

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1. As at 30 June 2012 for Australian assets and as at 31 December 2011 for Pacific assets.

Annual General Meeting – 22 November 2012

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FY12 Performance Strong financial results

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Annual General Meeting – 22 November 2012

Translating operating capability into safe production and cash flow

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Safety

Gold Production Cash Flow From Operations Per Share

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12.5
339
11.1
9.0
258
231
FY 10 FY 11 FY 12 FY 10 FY 11 FY 12
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TRIFR

koz

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$0.68
$0.36
$0.26
FY 10 FY 11 FY 12
A$
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As at 30 June 2010, 30 June 2011 and 30 June 2012

Financial years to 30 June

Shares adjusted for 6:1 consolidation Nov 2010

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Annual General Meeting – 22 November 2012

... and converting operational performance into profit, earnings and return on equity

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Underlying NPAT[[1] ] Earnings Per Share

Return on Equity

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131
26%
$0.40
17%
$0.21
54
-12%
-$0.14
15
FY 10 FY 11 FY 12 FY 10 FY 11 FY 12
FY 10 FY 11 FY 12
A$M
A$
%
Financial years to 30 June
[1] Non-IFRS measure, calculation in Appendix Shares adjusted for 6:1 consolidation Nov 2010 Financial years to 30 June
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Financial years to 30 June

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Annual General Meeting – 22 November 2012

Financial Profile

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Investment in growth in FY12

• Capital expenditure $100M

• Exploration expenditure $21M

• After capex and exploration, cash at bank in FY12 grew by $106M

Modest gearing post Allied Gold acquisition

At combination date -13 September 2012

• Total debt approx. A$195M

• Gearing < 20%[1]

• Debt / debt + equity

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Annual General Meeting – 22 November 2012

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Leading and diversified ASX mid-tier gold company

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Annual General Meeting – 22 November 2012

Enhanced Diversification

• Three operations with 9+ year lives

• Mine diversification

• Reduces the impact of individual mine operational risk

• Provides production flexibility

• Enhanced opportunities for employees

• International diversification

• As at 30 June 2012 for Australian assets and as at 31 December 2011 for Pacific assets.

• Estimated production attributable to St Barbara, inc. production from Pacific Operations from 7 Sep 2012.

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Reserves by Asset 5.7Moz[1 ]

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Gold Ridge
Gwalia
20%
34%
Simberi
36%
5%
2%
3%
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FY13F Production by Asset (midpoint) [2 ]
8% Gold
Ridge
King of
15%
the Hills
15% Simberi
14%
Gwalia
48%
Gwalia Tower Hill Southern Cross
King of the Hills Simberi Gold Ridge 9
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Annual General Meeting – 22 November 2012

Diversified project pipeline spanning exploration to gold production

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Project Pipeline
SULLIVAN’S YILGARN
EAST LACHLAN
EXPLORATION CREEK TARGETS
GWALIA REGION TABAR - TATAU
ADVANCED
SIMBERI NEAR GOLD RIDGE NEAR
MINE MINE
SCOPING/
CONCEPT TOWER HILL
SIMBERI
FEASIBILITY
SULPHIDES
EXPANDING
EXPANDING GOLD RIDGE SIMBERI OXIDE
PRODUCTION
PRODUCING
KING OF THE
GWALIA SOUTHERN CROSS
HILLS
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• Proven capability across value chain

• Pipeline of organic growth opportunities

• Opportunities to increase gold production

• Significant additional near mine and regional exploration targets along Pacific Rim

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Annual General Meeting – 22 November 2012

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Three long life gold producing operations

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Annual General Meeting – 22 November 2012

Leonora Operations, WA Reliable, high quality production

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Gwalia

• Ore Reserves - 6.9 Mt at 8.7 g/t Au containing 1.9 Moz gold[ [1]]

• Resources extended to 1,840 mbs, and are open at depth

• Indicative 9+ year mine life

• FY13 forecast

• production 175 – 190 koz

• cash operating costs A$670 – A$700/oz

• Proven operating performance FY12: 184 koz @ A$646 /oz cash operating cost

King of the Hills

• Ore Reserves - 1.0 Mt at 5.0 g/t Au containing 150 koz gold[ [1]]

• Resources open along strike

• Indicative 3+ year life based on Ore Reserves

• FY13 forecast

  • production 55-60 koz

  • cash operating costs A$840 - A$870/oz

• Grade and gold production expected to increase in 2H FY13

[1] As at 30 June 2012.

[1] As at 30 June 2012.

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Annual General Meeting – 22 November 2012

Simberi, Papua New Guinea Growing gold production, highly ros ective Western Pacific Rim p p

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• 2.0 Moz Ore Reserves[1 ]

• 6.5 Moz Mineral Resources[1]

• Ore bodies not closed off

• Project controls and mine

• planning being implemented

• 3.5 Mtpa Oxide expansion project expected to be completed March 2013, to lift the

• gold production rate to 100 koz p.a.

• 9+ year mine life

• Significant cost reduction initiatives underway

• As at 31 Dec 2011.

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1. Includes: Oxide 0.8 Moz, Sulphide 1.1 Moz, Transitional 0.1 Moz.

Annual General Meeting – 22 November 2012

Gold Ridge, Solomon Islands Long life operation with near mine otential p

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• 1.1 Moz Ore reserves[1 ]

• 2.5 Moz Mineral Resources[1 ]

• Need for robust mine planning

• Targeting production rate of 105 koz pa

• 9+ year mine life

• Significant near mine potential

• Mine established and ramping up

• Cost reduction opportunities

• Australian-led Regional Assistance Mission to the Solomon Islands continuing to support and develop the police force

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1. As at 31 Dec 2011.

Annual General Meeting – 22 November 2012

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Significant Exploration and Resource Upside

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Annual General Meeting – 22 November 2012

FY13 focus on extending near mine reserves and targeting new discoveries

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Exploration spend $25M+ Active drilling programs

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East Lachlan
Leonora
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Simberi

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Gold Ridge
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Leonora

• Gwalia open at depth

• King of the Hills remains open along strike

• Attractive regional targets

East Lachlan

• Prospective exploration area for copper-gold porphyry mineralisation

Simberi

• Ore bodies open

• Near mine targets for exploration

• Sulphide potential

Gold Ridge

• Ore bodies open

• Near mine targets for exploration

• Regional exploration

Tabar-Tatau

• Exploration potential

• Multiple drilling targets on both islands

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Annual General Meeting – 22 November 2012

Simberi and Gold Ridge, located in the world class Western Pacific Rim, have significant exploration value

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North
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WOODLARK 2Moz

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Annual General Meeting – 22 November 2012

Significant value potential

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EV/Reserves (A$/oz)[1]

EV/Resources (A$/oz)[1]

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510
3,611
425
398
2,185
370
954 914
Peer average: 795 232
212 Peer average: 204
575 178 161
429 427
117 103 99
89
367 333 291 271 261 259 248 76
173 59 56
40
Northern Star Resources Medusa Mining Integra Mining Regis Resources Silver Lake Evolution Mining Tanami Gold Kingsgate Saracen Mineral Oceanagold Focus Minerals Alacer Gold Resolute Mining CGA Mining St Barbara Kingsrose Mining Northern Star Resources Medusa Mining Regis Resources Integra Mining Evolution Mining Kingsgate Silver Lake Resolute Mining Oceanagold CGA Mining Alacer Gold Saracen Mineral St Barbara Tanami Gold Focus Minerals
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1. Value for the company is calculated by adding the St Barbara issued shares, multiplied by St Barbara’s closing price on ASX of A$1.83 on 12 November 2012 then adding St Barbara’s net debt and minority interest figures. Other enterprise value figures calculated by adding most recently disclosed net debt and minority interest figures to market capitalisation as at 12 November 2012.

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Annual General Meeting – 22 November 2012

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Outlook

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Annual General Meeting – 22 November 2012

Integration of Pacific Operations

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• Control of Allied Gold operations established 7 September, three months after final bid

• After 10 weeks, our view regarding the long term value and potential of these assets has strengthened

• Business integration largely complete

• Operating performance for Simberi and Gold Ridge worsened in September quarter and will take until June Qtr 2013 to resolve

• Expected cost of the Simberi 3.5 Mtpa Oxide Expansion Project is now $65M

• By June 2013 we expect to demonstrate sustainable production levels from both operations

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Annual General Meeting – 22 November 2012

Outlook

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FY13 gold production

• Combined production for full year expected to be approx. 400,000 ounces (reduced from 435,000 ounces)[[1] ]

• Production attributable to St Barbara expected to be approx. 380,000 ounces[[2] ]

• Pacific Operations expected to achieve sustainable production rate of 200,000 ounces p.a. by June 2013

• Australian Operations expected to deliver to guidance[[3] ]

• More detailed guidance for Pacific Operations now planned for December 2012

• Exploration

• Budget of $20M+ for identified Australian targets

• Budget of up to $7M for Pacific Operations with targeting work underway

• Objective

• To build a long life and profitable mid tier gold company

• Combined production provided for comparative purposes and includes production from Pacific Operations from 1 July 2012

• Incorporates production from Pacific Operations when St Barbara assumed control on 7 September 2012

• Australian Guidance set out in separate ASX releases dated 23 August 2012 and 22 November 2012

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Annual General Meeting – 22 November 2012

Competent Persons Statement

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The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Phillip Uttley, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Phillip Uttley is 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 he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr. Uttley 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 is based on information compiled by Mr. John de Vries, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. de Vries is 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 he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr. de Vries 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 document that relates to Exploration Results, Mineral Resources and Ore Reserves for Simberi and Gold Ridge, together with any related assessments and interpretations, has been based on information compiled by Colin Ross Hastings who is a Member of The Australasian Institute of Mining and Metallurgy. Colin Ross Hastings is a full-time employee of St Barbara Ltd. Colin Ross Hastings has sufficient experience which is 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Colin Ross Hastings consents to the inclusion of the information relating to Exploration Results, Mineral Resources and Ore Reserves for Simberi and Gold Ridge contained in this document in the form and context in which it appears.

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Annual General Meeting – 22 November 2012

Non-IFRS Measures

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We supplement our financial information reporting determined under International Financial Reporting Standards (IFRS) with certain non-IFRS financial measures, including cash operating costs. We believe that these measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance.

Cash operating costs

• Calculated according to common mining industry practice using The Gold Institute (USA) Production Cost Standard (1999 revision)

• Refer June 2012 Quarterly Report (pp 3-4) available at www.stbarbara.com.au for details

Significant items

• Items included in IFRS Net Profit After Tax that the Board and Management consider may not be indicative of, or are unrelated to, core operating results (such as profit or loss on gold options, or the sale of tenement rights)

• Refer 2012 Financial Statements (pp3-4) available at www.stbarbara.com.au for details

Underlying net profit after tax

• Net profit after tax excluding identified significant items

• Refer 2012 Financial Statements (pp3-4) available at www.stbarbara.com.au for details

• Underlying earnings per share • Underlying net profit after tax per ordinary share

Underlying profit per ounce

• Underlying net profit after tax per ounce of gold produced

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Annual General Meeting – 22 November 2012

Investor Relations Enquiries

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Ross Kennedy Executive General Manager Corporate Services E: ross.kennedy@stbarbara.com.au

Rowan Cole General Manager Corporate Services E: rowan.cole@stbarbara.com.au

T: +61 3 8660 1900

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Annual General Meeting – 22 November 2012