ST BARBARA LIMITED — Capital/Financing Update 2019

Oct 17, 2019

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FY20 production and cost guidance update

St Barbara Limited (ASX:SBM) (the “Company”) provides the following revised production and cost guidance update for the full financial year FY20.

On completion of the regular quarterly operational reforecast at Gwalia, the near-term production expectations for Gwalia have been revised. While nearing completion, the remaining Gwalia Extension Project (GEP) construction and raiseboring program is competing for constrained ventilation with scheduled production and development activities. Construction of the Paste Aggregate Fill (PAF) plant is complete, and wet commissioning is underway. The pilot hole is complete on the last vent shaft.

When complete in Q3 March FY20, GEP will approximately double the underground ventilation, and GEP activities themselves will no longer compete for resources, enabling increased development and production. The investment in GEP has been fundamental to extending Gwalia’s mine life to 2031.

Gwalia (Australia) gold production for FY20 is revised to between 175,000 and 190,000 ounces (previously 200,000 to 210,000 ounces), with All-In Sustaining Costs 0F[1] of between A$1,390 and A$1,450 per ounce (previously A$1,230 to A$1,290 per ounce). Sustaining capex is forecast to be between A$60 to A$65 million (previously A$55 to A$65 million), and growth capex between A$32 to A$38 million (previously A$30 to A$35 million).

FY20 guidance for Atlantic Gold (Canada) is provided here for the first time, and shown for the full financial year 1F[2] . Whilst the functional currency of Atlantic Gold is Canadian dollars (CAD), financial results are reported in St Barbara’s presentation currency of Australian dollars. For FY20, Atlantic Gold is forecast to produce between 95,000 and 105,000 ounces, with All-In Sustaining Costs of between A$900 and A$955 per ounce, with sustaining capex of between A$13 to A$17 million, and exploration of between A$11 and A$13 million 2F[3] . Further details will be provided in the Q1 September FY20 quarterly report.

Simberi (PNG) production and cost guidance remains unchanged for FY20, with the Q1 production and costs in line with expectations.

Further commentary on the operations will be provided in the Q1 September FY20 quarterly report scheduled to be released on 21 October 2019.

1 All-In Sustaining Cost is a Non-IFRS measure, refer 2019 Annual Report (p5).

2 Atlantic Gold was acquired on 19 July 2019. FY20 production guidance includes 4,362 ounces produced by Atlantic Gold prior to acquisition.

3 FX @ AUD 0.90: AISC C$810 to C$860 per ounce. Sustaining capex C$12 to C$15 million, exploration C$10 to C$12 million.

Investor Relations Mr David Cotterell Manager Investor Relations Media Relations Mr Tim Duncan GRACosway with Hintons St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W

+61 3 8660 1959 ASX: SBM +61 408 441 122 ADR: STBMY

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

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Production Summary	Q3 MarFY19	Q4 JunFY19	Full YearFY19	Q1 SepFY20	GuidanceFY20
ProductionGwaliaozSimberiozAtlantic Gold3F4ozConsolidated4ozAll-in Sustaining CostGwaliaA$/ozSimberiA$/ozAtlantic GoldA$/ozConsolidatedA$/oz	54,261 34,097	49,96636,231	220,169142,177	38,15327,061	175 to 190 koz(prev. 200 to 210)110 to 125 koz(no change)95 to 105 koz(new)
	19,612	22,948	92,639	22,355
	107,970	109,145	454,985	87,569	380 to 420 koz(prev. 310-335,ex. Atlantic)
	1,016 1,229 957	1,2301,2031,010	1,0271,162862	1,5591,603964	1,390 to 1,450(prev. 1,230 to 1,290)1,285 to 1,450(no change)900 to 955(new)
	1,073	1,175	1,036	1,445	1,240 to 1,330(prev. 1,250 to 1,350,ex. Atlantic)

Quarterly briefing and audio webcast

Bob Vassie, Managing Director & CEO, will brief analysts and investors on the Q1 September FY20 Quarterly Report at 11:00 am Australian Eastern Daylight Time (UTC + 11 hours) on Monday 21 October 2019. Participation on the conference call is by personal invitation only.

A live audio webcast will be available on the website at www.stbarbara.com.au/investors/webcast/ or by clicking here. The audio webcast is ‘listen only’ and does not enable questions. The audio webcast will subsequently be made available on the website.

4 Atlantic Gold was acquired on 19 July 2019. Atlantic Gold quarterly production prior to this date provided for comparison. Reported Q1 Sep FY20 production and FY20 guidance includes 4,362 ounces produced by Atlantic Gold prior to acquisition.

St Barbara Limited