ST BARBARA LIMITED — Interim / Quarterly Report 2011

Feb 24, 2011

St Barbara Limited ACN 009 165 066

Level 14, 90 Collins Street, Melbourne VIC 3000 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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Presentation by Garth Campbell-Cowan, Chief Financial Officer

We attach a copy of a presentation on St Barbara’s 2010 Half Year Financial Results being given to Macquarie Bank (Melbourne) on 25 February, 2011.

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Ross Kennedy

Executive General Manager Corporate Services, and Company Secretary 25 February, 2011

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1

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Delivering Profitability

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1

Forward statements

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.

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Strong H1 2010 profit

Revenue $172.9M +26% NPAT $41.5M +$40.7M Underlying NPAT $28.7M +$30.9M Cash flow – Operations $57.0M +129%

Cash on hand $96.0M Total debt $12.5M

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Record Gold Production

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GOLD PRODUCTION (HALF ON HALF)
+9%
126,000
124,161
124,000
122,000
120,000
117,080
118,000
116,000
113,938
114,000
112,000
110,000
108,000
Ounces H1 10 H2 10 H1 11
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Building a high performance business

BUSINESS IMPROVEMENT INITIATIVES

• Driving business margins

• Systems improvement program underway

• Productivity improvement program underway

• Procurement function in place

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Profitability increasing

UNDERLYING NPAT $28.7M

A step towards meeting the Company’s commitment to shareholders to lift profitability, build on our financial credibility and create value ”

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35,000
28,724
30,000
25,000
20,000
16,728
15,000
10,000
5,000
-
2,181
0
-5,000
H1 10 H2 10 H1 11
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TIM LEHANY MANAGING DIRECTOR & CEO

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Results summary

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CONSOLIDATED (6 Month interim period)
H1 11 H1 10
$’000 $’000
Sales revenue 172,950 137,567
EBITDA (including significant items) 67,146 30,217
EBIT (including significant items) 40,483 3,297
Reported net profit after tax for the year 41,492 803
Total significant items (after tax) 12,768 2,984
EBITDA (excluding significant items) 54,378 27,233
EBIT (excluding significant items) 27,715 313
Underlying net profit/(loss) after tax 28,724 (2,181)
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Key drivers of underlying NPAT

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Key Drivers of Improvement in Underlying NPAT
40.0
24.2
35.0
0.7 28.7
30.0 4.3 (2.9) 3.9
25.0
20.0 (10.2)
15.0
10.9
10.0
5.0
0.0
-5.0 (2.2)
-10.0
Dec 2009 Gold Sales - Gold Sales - Mine Corporate Exploration Interest Other Dec 2010
volume price operating costs movements
costs
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Key drivers of mining costs

50.0 60.0 70.0 80.0 90.0 100.0 110.0 120.0		106.3 (2.2) 8.1 3.0 1.3 96.1 H1 10 Mine costs - volume Mine costs - price Gold royalties Toll processing revenue H1 11 Movements in Mining Costs	106.3 (2.2) 8.1 3.0 1.3 96.1 H1 10 Mine costs - volume Mine costs - price Gold royalties Toll processing revenue H1 11 Movements in Mining Costs	106.3 (2.2) 8.1 3.0 1.3 96.1 H1 10 Mine costs - volume Mine costs - price Gold royalties Toll processing revenue H1 11 Movements in Mining Costs	106.3 (2.2) 8.1 3.0 1.3 96.1 H1 10 Mine costs - volume Mine costs - price Gold royalties Toll processing revenue H1 11 Movements in Mining Costs	106.3 (2.2) 8.1 3.0 1.3 96.1 H1 10 Mine costs - volume Mine costs - price Gold royalties Toll processing revenue H1 11 Movements in Mining Costs
		106.3 3.0 1.3
		(2.2) 8.1 96.1
			H1 10	Mine costs - volume Mine costs - price Gold royalties Toll processing revenue	H1 11

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Significant items

	SIGNIFICANT ITEMS	H1 11	H1 10
		$’000	$’000
	Profit on sale of Tarmoola processing plant	1,164	-
	Unrealised gain on derivatives	9,641	-
	Proceeds from sale of tenement rights	1,963	-
	Gain on sale of investments	-	2,724
	Discount on buy-back of convertible notes	-	260
	Total significant items	12,768	2,984

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Depreciation and amortisation

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TOTAL DEPRECIATION AND 1H 11 1H 10 1H 11 1H 10
AMORTISATION
$’000 $’000 $/oz $/oz
Leonora 15,840 13,671 271 269
Southern Cross 10,539 11,288 161 179
Other 284 1,961 n/a n/a
Total 26,663 26,920
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Note : The higher depreciation and amortisation charge in the period at Leonora was mainly attributable to the higher production compared with the corresponding period.

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Mixed operational performance

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OUT PERFORMED UNDER PERFORMED
CASH COST GUIDANCE $950-$990/oz CASH COST GUIDANCE $630-$680/0z
(from mid-point of $970) (from mid-point of $655)
-19% +27%
SOUTHERN CROSS LEONORA
$1,200 $1,000
950-990 832
$1,000
820 $800
630-680
$800
$600
$600
$400
$400
$200 $200
$0
$0
Guidance H1 11
Guidance H1 11
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Gwalia performance issues addressed

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Processing performed well Required tonnes were hauled Operational issues, which have since been addressed, resulted in lower grade Lower grade resulted in lower production and higher unit costs Increased ore grade to underpin higher production and margins in 2H FY11

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EBITDA to NPAT

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UNDERLYING 1H 11 1H 10
($’000) ($’000)
EBITDA
54,378 27,233
Depreciation & Amortisation
(26,663) (26,920)
Interest Revenue
3,048 1,757
Interest Expense
(2,039) (4,251)
- -
Income Tax Expense
NPAT 28,724 (2,181)
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Net cash flow composition

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1H 11 1H 10
($’000) ($’000)
EBITDA - underlying 54,378 27,233
Operating cash flows below EBITDA:
Interest received 2,376 1,244
Interest paid (166) (3,084)
Other finance costs (573) (924)
Net working capital 288 236
Other non-cash items 648 170
Net operating cash flows 56,951 24,875
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Increasing operating cash flows

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OPERATING CASH FLOW (HALF ON HALF)
+129%
$M
60 57
52
50
40
30
25
20
10
0
H1 10 H2 10 H1 11
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Hedge maturity profile

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King of the Hills Hedge Profile
80
Cap
1,615
60
Floor
40
1,425
20
0 1,235
Q4 - FY11 FY12 FY13 FY14 H1 - FY15
kozs
A$/oz
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Investing in development

CAPITAL EXPENDITURE $61.2M

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Investing in discovery

EXPLORATION EXPENDITURE +$15M pa

Exploration projects compete for capital

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Strong balance sheet = flexibility

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DEBT TO EQUITY RATIO DEBT REDUCED BY
-1.5%
$3.4M
5 Cash vs Debt
4.6% 120
102
96
4 100
3.1% 80
3
60
2
40
1 16 13
20
0 0
Jun 10 Dec 10 Jun 10 Dec 10
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Delivering shareholder value

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UNDERLYING EARNINGS NET TANGIBLE ASSETS
PER SHARE PER SHARE
8.82¢
$1.24
10.00
8.82 1.3
1.26
1.24
8.00
5.68 1.2
6.00
4.00 1.1 1.08
2.00
1
-
(2.00) (0.84) 0.9
H1 2010 H2 2010 H1 2011 Dec 09 Jun 10 Dec 10
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Capital Management

CAPITAL MANAGMENT

• Cash flows are expected to grow

• Organic growth to be funded internally

• Significant tax losses available ($330M as at 30 June 2010)

• Capital management strategy reviewed by the Board annually

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Holding full year guidance

PRODUCTION COST CAPEX

• Full year gold production guidance confirmed at lower end of 265-295Koz range

• Improved H2 performance at Gwalia underpinned by increasing grades

• Any impact from recent rain events in the gold fields on Gwalia production will be assessed in coming weeks

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Holding full year guidance

PRODUCTION

COST

CAPEX

• Full year Gwalia cash cost guidance confirmed at upper end of $630-$680/oz range

• Gwalia production and cash cost in H2 improves as a result of the increased grades

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Holding full year guidance

PRODUCTION COST CAPEX

• Full year CAPEX confirmed at upper end of $65$75M guidance range

• Projects have commenced to extend mine life at Southern Cross Operations which may require further investment

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Forward looking objectives

• Delivering full year guidance

• Delivering superior business performance through

– Driving business margins – Systems improvement program – Productivity improvement program

– Procurement function

• Company’s growth strategy remains unchanged

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