ST BARBARA LIMITED — Capital/Financing Update 2018

Jan 8, 2018

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1H FY18 gold production exceeds guidance, FY18 guidance increased

• Q2 December 2017 gold production of 99,509 ounces

• 1H FY18 gold production of 197,768 ounces

• Strong balance sheet with A$216 million cash and no debt[1]

St Barbara Limited (ASX: SBM) (the “Company”) provides the following production update for the December 2017 quarter (Q2 FY18).

Gwalia produced 62,835 ounces of gold in the quarter and 127,118 ounces in the first half. Lower than anticipated mined volume in Q2 was offset by higher than anticipated average mined grade of 11.2 g/t Au.

Simberi produced 36,674 ounces of gold in the quarter and 70,650 ounces in the first half. Q2 production reflected higher mined grade of 1.32 g/t Au and 86% recovery.

Total cash at bank was A$216 million[1] at 31 December 2017 (30 September 2017: A$199 million), after income tax payments of $31 million and further investments in Catalyst Metals Limited and Peel Mining Limited totalling $10 million announced during the December quarter.

Further commentary on operations will be provided in the Q2 December 2017 quarterly report due to be released on 23 January 2018, including production costs, cash flow details and an update on the Company’s growth projects. Production guidance for the remainder of FY18 has been updated in the table below, corresponding cost guidance for the FY18 year will be provided in the Q2 December 2017 quarterly report.

St Barbara Managing Director and CEO, Mr Bob Vassie, said “Our operations continue to perform well. With a cash balance of $216 million and no debt the Company has excellent flexibility to deliver further value to shareholders through our organic growth prospects and other growth opportunities.”

Production Summary		Year	Q1 Sep	Q2 Dec	1H	Guidance
		FY17	FY18	FY18	FY18	FY182
Production
Gwalia	oz	265,057	64,283	62,835	127,118	250 to 260 koz
						(previously 245 to 260 koz)
Simberi	oz	116,044	33,976	36,674	70,650	115 to 125 koz
						(previously 105 to 115 koz)
Consolidated	oz	381,101	98,259	99,509	197,768	365 to 385 koz
						(previously 350 to 375 koz)
Mined Grade						Reserve grade3
Gwalia	g/t Au	10.7	10.7	11.2	10.9	7.8
Simberi	g/t Au	1.13	1.21	1.32	1.27	1.3

• 1 Financial information unaudited. No interest bearing debt except for equipment leases amounting to approx. A$0.2M. Cash balance includes $1.2M restricted cash.

• 2 FY18 guidance announced in Q4 June 2017 report (released 26 July 2017) and maintained in Q1 Sept 2017 report (released 17 October 2017).

• 3 Ore Reserve grade at 30 June 2017, refer Ore Reserves and Mineral Resources Statements (released 23 August 2017).

Investor Relations Mr Alistair Reid Investor Relations Manager +61 3 8660 1900 Media Relations Mr Tim Duncan Hinton & Associates +61 3 9600 1979 St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T +61 3 8660 1900 F +61 3 8660 1999 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

T +61 3 8660 1900 F +61 3 8660 1999 W www.stbarbara.com.au