ST BARBARA LIMITED — Interim / Quarterly Report 2012

Apr 18, 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

Attached is a presentation to analysts and investors by Tim Lehany, Managing Director and CEO.

Ross Kennedy Executive General Manager Corporate Services Company Secretary 19 April 2012

March 2012 Quarterly Report Highlights

Tim Lehany, Managing Director & CEO

19 April 2012

Disclaimer

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 governssuch disclosures by companieslisted on the Australian Securities Exchange.

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

Highlights

• Sustained higher gold production:
  • Annualised rate over 330,000 ounces
  • Record 85,840 ounces for Q3
• Successful drilling results leading to:
  • extension of Gwalia ore body at depth confirmed
  • mineral resource estimation at Frasers, Southern Cross
  • mining feasibility study at Nevoria, Southern Cross
• Gwalia cash operating cost1 fell to $627 per ounce (Q2: $683/oz)
• Net cash at 31 March 2012: $134 million (31 Dec 2011: $107M)
• Set to deliver consolidated FY12 guidance

[1] Non-IFRS measure, calculation in Appendix

Sustained higher gold production Up 2,225 oz to a record 85,840 oz

• Modest increase in Q3 building on record Q2
• Expecting record production in Q4
• On track to deliver FY12 guidance

Gwalia

• Mine performance in line with expectations
• Annualised haulage rates exceed forecast 700 ktpa
• Processing recovery consistently at 97%
• Q3 mining activity included developing the 1380 level, resulting in lower tonnes mined
• Anticipate at least 10% increase in Q4 production

Gwalia grade and costs

Grade

• Q3 mined grade 9.3 g/t Au
• Majority of ore now sourced from the richer South West Branch
• Q4 and FY12 mined grade expected to be within 8.0 - 8.5 g/t Au guidance range

Costs

• Q3 cash operating costs $627/oz, primarily due to higher mined grade (Q2: $683/oz)
• Q4 cash operating costs expected to be similar to Q3

King of the Hills

• Production in line with expectations
  • Expected to deliver production and cost guidance for FY12
  • Q3 cash operating costs $693/oz (Q2: $754/oz)

Southern Cross Operations

Gold Production

• Production in line with expectations
• Underground mining expected to continue until at least October 2012
• Processing expected to continue until at least December 2012

Discovery & Growth

• Exploration focus on discoveries:
  • in proximity to processing plants
  • prospective greenfield areas
• 5,000+ km2 of prospective land around Australia
• 10 targets planned to be drilled in FY12 (subject to results)

Gwalia

• High grade intersections confirm resource extensions to the south and north (albeit thinning to the north), within the current planned mining interval (down to 1,840 mbs1 ), including in South West Branch2 :
  • 12.6m @ 19.4 g/t Au from 1,650m

(including 4.0m @ 48.9 g/t Au from 1,659m)

• 6.6m @ 41.1 g/t Au from 1,679m
• The deposit is open at depth

Leonora

• Drilling commenced on priority targets undercover on Gwalia mine trend

[1] Metres below surface

[2] All intercepts are down-hole, details in Table 1 of March 2012 Quarterly Report

Gwalia Deeps (Leonora)

Drilling for resource extensions

Figure 1

Gwalia Deeps (Leonora) Drilling program and results

Figure 2

Discovery & Growth

• Progress with several projects at Southern Cross:
  • Nevoria drilling and resource estimate completed, has progressed to a mining feasibility study
  • Frasers initial resource estimate underway
  • Copperhead continuing to intersect Western Series Lode and Southern Series Lode at depth
  • Cornishman follow up drilling being considered
• East Lachlan, NSW
  • second phase of drilling to commence in Q4 with the objective of discovering copper-gold porphyry deposits under cover
• Continuing to acquire new prospective areas
  • total tenement holdings now exceed 5,200 km2

Frasers (Southern Cross)

Cross section showing results from drilling

Figure 3

Exploration at East Lachlan, NSW

Targeting copper-gold porphyry deposits

• Large and prospective land position
• Encouraging results from first drilling program
• Follow-up detailed gravity surveys of two areas and targeting completed
• Further drilling scheduled for Q4

Leonora regional exploration map

• Near mine and regional exploration for Gwalia style deposits
• 10 to 12 further deep holes scheduled for Q4

Southern Cross Regional exploration map

Figure 6

• Net cash up $27 million to $134 million at 31 March 2012
  • Cash balance up to $137 million
  • Interest bearing liabilities stable at $3 million
  • Gold receivables of $9 million (in addition to cash)
• Net cash backing per share up 24% to $0.41 per share (QonQ)
• On market share-buy back facility activated
  • 995,000 shares bought back at average $2.26 each for $2.2 million
• Strong balance sheet to fund growth opportunities, eg:
  • possible hoistage shaft at Gwalia
  • expanded exploration opportunities

Conclusion

• Sustained higher gold production
  • Gwalia cash operating costs down to $627 per ounce
  • Increased Gwalia production anticipated in Q4
• Set to deliver consolidated FY12 guidance
  • Gwalia FY12 cash operating cost expected to be $650-$660/oz
• Strong cash generation, growing cash position
  • $137 million at end of Q3
• Drilling programs targeting discoveries continuing at:
  • Gwalia region, Leonora
  • Copperhead, Southern Cross
  • East Lachlan, NSW

Appendices

Production summary

ProductionSummary		Sep Qtr	Dec Qtr	Mar Qtr
Consolidated		FY12	FY12	FY12
Gold Production
Gwalia	oz	40,306	46,007	43,881
KingoftheHills	oz	9,343	14,107	17,110
SouthernCross	oz	20,959	23,501	24,849
Consolidated	oz	70,608	83,615	85,840
Mined Grade
Gwalia	g/t Au	7.5	8.1	9.3
King of the Hills	g/t Au	3.7	4.3	4.2
Southern Cross	g/t Au	2.7	3.1	2.6
Total Cash Operating Costs
Gwalia	$/oz	712	683	627
KingoftheHills	$/oz	872	754	693
SouthernCross	$/oz	1,193	1,215	1,272
Consolidated	$/oz	876	844	827

Gwalia

ProductionSummary		Sep Qtr	Dec Qtr	Mar Qtr
Gwalia		FY12	FY12	FY12
Underground ore mined	t	173,498	181,204	145,609
Grade	g/t Au	7.5	8.1	9.3
Ore milled	t	174,056	192,592	168,049
Grade	g/t Au	7.4	7.7	8.4
Recovery	%	97	97	97
Gold production	oz	40,306	46,007	43,881
CashOperatingCosts			$ per ounce
Mining		484	410	465
Processing		124	110	99
Site services		82	62	68
Stripping and ore inventory		(8)	58	(41)
adjustments
		682	640	591
By product credits		(4)	(4)	(3)
Third party refining & transport		1	1	2
Royalties		33	46	37
Total cash operating costs		712	683	627
Depreciation and amortisation		254	242	232
Total operating costs		966	925	859

March 2012 Quarterly Report Highlights

King of the Hills

ProductionSummary		Sep Qtr	Dec Qtr	Mar Qtr
KingoftheHills		FY12	FY12	FY12
Underground ore mined	t	77,034	107,840	136,016
Grade	g/t Au	3.7	4.3	4.2
Ore milled	t	82,179	105,541	131,739
Grade	g/t Au	3.8	4.4	4.3
Recovery	%	94	94	94
Gold production	oz	9,343	14,107	17,110
CashOperatingCosts		$ per ounce
Mining		716	582	569
Processing		247	185	201
Site services		67	33	14
Stripping and ore inventory		(176)	(80)	(132)
adjustments
		854	720	652
By product credits		(15)	(8)	-
Third party refining & transport		-	-	-
Royalties		33	42	41
Total cash operating costs		872	754	693
Depreciation and amortisation		298	298	298
Total operating costs		1,170	1,052	991

Marvel Loch

ProductionSummary		Sep Qtr	Dec Qtr	Mar Qtr
MarvelLoch		FY12	FY12	FY12
Underground ore mined	t	251,628	163,814	240,957
Grade	g/tAu	2.7	3.1	2.6
Ore milled	t	295,076	518,560	527,790
Grade	g/t Au	2.5	1.6	1.6
Recovery	%	89	88	90
Gold production	oz	20,959	23,501	24,849
Cash Operating Costs		$ per ounce
Mining		720	642	664
Processing		378	498	488
Site services		115	101	103
Stripping and ore inventory		(53)	(56)	(11)
adjustments
		1,160	1,185	1,244
By product credits		(18)	(10)	(17)
Third party refining & transport		2	2	3
Royalties		49	38	42
Total cash operating costs		1,193	1,215	1,272
Depreciation and amortisation		264	333	272
Total operating costs		1,457	1,548	1,544

Profit by mine for 1H FY12*

* Reportable segment profit before income tax

FY12 guidance

As at April 2012

		Gwalia	King ofthe Hills	MarvelLoch	Total
		Leonora	Leonora	S'thn Cross
Goldproduction	koz	175-190	55-60	90-100	320-350
Cash operatingcost	$/oz	650-660	710-750	1,170-1,220	790-830
Capex	$M	55-60*	20-25	10-15	85-100

* Includes $12.6M of one off costs

Start safe, stay safe

• Safety performance largely unchanged from end of FY11
• Severity of injuries is reducing

(rolling 12 month average Total Recordable Injury Frequency Rate)

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

Competent persons statement

References to Mineral Resources and exploration results presented in this document have been produced in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2004 (JORC Code) under the direction of Mr Phillip Uttley. Mr Uttley is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full time employee of the Company. Mr Uttley has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Mr Uttley consents to the inclusion in this document of the matters based on the information in the form and context in which they appear. Members of the Company's team, including external consultants, preparing Mineral Resource estimates under Mr Uttley's supervision all qualify as Competent Persons.

Non-IFRS Measures

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 are calculated according to common mining industry practice using The Gold Institute (USA) Production Cost Standard (1999 revision).