ST BARBARA LIMITED — Interim / Quarterly Report 2012

Feb 22, 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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Presentation on the December 2011 Half Year Report

Attached is a presentation to analysts and investors by Garth Campbell‐Cowan, Chief Financial Officer.

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Ross Kennedy Executive General Manager Corporate Services Company Secretary 23 February 2012

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About St Barbara Limited

St Barbara was established in 1969, and is one of Australia’s most profitable ASX listed gold produces and explorers.

St Barbara has three mines and two processing plants, at Leonora and Southern Cross, in the Eastern Goldfields region of Western Australia, and over 5,000 km[2] of prospective tenements across Australia.

The Gwalia mine at Leonora is the Company’s cornerstone asset. The high grade Gwalia deposit has an expected mine life of at least 10 years, and remains open to the south and at depth.

At June 2011, Company Mineral Resources totalled 46.9 Mt @ 5.1 g/t Au for 7.6 million ounces of contained gold, including Company Ore Reserves of 14.7 Mt @ 5.8 g/t Au for 2.8 million ounces of contained gold (for full details refer to the Ore Reserves and Mineral Resources Statements contained in the 2011 Annual Report, available at www.stbarbara.com.au). Ten priority exploration targets are planned to be drilled in FY12.

Gold production is expected to grow by 30% in FY12 to between 320,000 and 350,000 ounces (for full details refer to the June 2011 Quarterly Report available at www.stbarbara.com.au).

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December 2011 Half Year Results Record Profit and Cashflow

Garth Campbell‐Cowan, Chief Financial Officer 23 February, 2012

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1
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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.

2

December 2011 Half Year Result

Outline

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• S t ar B b ara at a g ance l

• • Proven performance

• Gwalia Mine – St Barbara’s cornerstone asset

• • King of the Hills and Marvel Loch Mines

• Exploration

• • Th e rema n i d er o f FY 12

• Appendices

3

December 2011 Half Year Result

Financial highlights – 1H FY12

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Record profit and cash flow

• NPAT up 12% to $47M

• U n d er y ng l i NPAT[[1]] up 86% o t $53M

• Cash flow from operations up 65% to $94M

• Cash flow after funding capex $40M[[2]]

Investment in growth

• Capital expenditure $52M

• Exploration expenditure $9M

• Balance sheet strength[[3]]

• Cash balance $110M

• Total debt only $3M

• Non‐IFRS measure, calculation in Appendix

• Cash flows from operating activities less cash flows from investing activities 3. As at 31 Dec 2011

4

December 2011 Half Year Result

St Barbara at a glance

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• Austra li an go ld pro d ucer an d exp orer l

• Established 1969, acquired current assets in 2005

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• Australasian and SE Asia focus

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• FY 12 guidance: production 320,000‐350,000 ounces at consolidated cash operating cost[[3]] of $790 to $830 per ounce

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• Ore Reserves 2.8 Moz (14.7 Mt @ 5.8 g/t Au) contained gold[[1]] , increased from 0.3 Moz (3.2 Mt @ 2.5 g/t Au) contained gold upon acquisition in 2005

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• Indicative Gwalia mine life 10 years

• 2 o p erations, 3 mines

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• Proven development and operations credentials

• 1 . T o t a as a l t 30 une J 2011 2. Non‐IFRS measure, calculation in Appendix 5

December 2011 Half Year Result

Production up 15% on prior half

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Gold Product oni
154 • Production has increased for
134 4 consecutive halves
124
117
114 • Strong production growth
achieved and expected to
continue into 2H FY12
•
All th ree m nes on rac i t k o t
deliver FY12 production
guidance
2005
Acquired gold assets
of Sons of Gwalia
1H FY 10 2H FY 10 1H FY 11 2H FY 11 1H FY 12
koz
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6

December 2011 Half Year Result

Strong revenue and cash flow growth

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Revenue Cash Flow rom peraF O tions
+44% [] +65% []
94
249
187
60
173
57
1H FY 11 2H FY 11 1H FY 12 1H FY 11 2H FY 11 1H FY 12
$M $M
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Half year results

• Sales Revenue

• ** 1H FY12  1H FY11

Half year results * 1H FY12  1H FY11

7

December 2011 Half Year Result

Delivering a record profit

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NPAT Und l i NPAT[[1]] • er y ng Underlying NPAT +12% +86% benefited from 24% higher gold 47 53 41 and 17% higher gold rice p 27 • Majority of difference 29 26 between reported NPAT an d un d l er ying NPAT is unrealised movement on derivatives • Reconciliation to NPAT 1H FY 11 2H FY 11 1H FY 12 1H FY 11 2H FY 11 1H FY 12

higher gold production and 17% higher gold rice p

• Majority of difference between reported NPAT an d un d l er ying NPAT is unrealised movement on derivatives • Reconciliation to NPAT follows

1H FY 11 2H FY 11 1H FY 12

$M

$M

Half year results *1H FY12  1H FY11

Half year results

• *1H FY12  1H FY11

• Non‐IFRS measure, calculation in Appendix.

8

December 2011 Half Year Result

Significant items in NPAT

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7
(1) 53
47
1H FY 12 Unrealised loss Realised gain 1H FY 12
NPAT on derivates on derivates Underlying NPAT
$M
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• Non‐IFRS measure, calculation in Appendix.

9

December 2011 Half Year Result

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Key changes in underlying NPAT*

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36
40 (26)
(3)
53
(17)
(2)
(4)
29
1H FY 11 Gold sales ‐ Gold sales ‐ Mine Mine D&A Exploration Other 1H FY 12
volume price operating operating
costs ‐ costs ‐
volume price
$M * Non‐IFRS measure, calculation in Appendix. 10
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December 2011 Half Year Result

Delivering value per share

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EPS
Cash Flow From Operations
$0.42 Per Share
$0.36
$0.21 $0.29
$0 26.
$0.14
-$0 14.
$0.11
FY 10 FY 11 1H FY 12 F
FY 12
FY 09 FY 10 FY 11 1H
FY 12
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• IRESS broker consensus 20 Feb 2010 Shares adjusted for 6:1 consolidation Nov 2010

Shares adjusted for 6:1 consolidation Nov 2010

December 2011 Half Year Result

11

Net cash flow turnaround

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Net Cash Flows
94
(76)
Net cash flow from
(60) 60 operating activities
57
(54)
Net cash flow from
40
investing activities
(inc . Capex)
Net cash flow from
operating and investing
activities
(3)
(16)
1H FY 11 2H FY 11 1H FY 12
$M 12
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December 2011 Half Year Result

Investing in development

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Capital Expenditure
$52M
2
3
Other PPE
Mine infrastructure
1
Surface infrastructure
22 1
Mine development
1
13
8
2
Gwalia King of the Hills Southern Cross Other PPE
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$M 1H FY12

13

December 2011 Half Year Result

Strong cash position

• Net cas h ac b k ing per s h are 0.33 $ [1]

• Almost no debt[[1]]

• debt to equity ratio <1%

• Gross tax losses $342M[[3]] , not expecting to pay tax for at least two years

• Ability to fund exploration and potential development projects from cash flow

• Capital management reviewed regularly

• As at 31 Dec 2011

• Current assets  current liabilities 3. As at 30 June 2011

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Cash & Debt
110
79
12
3
Debt Debt
Jun 2011 Dec 2011
$M
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14

December 2011 Half Year Result

Delivering shareholder value

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Net Tangible Assets Per Share

• Focus on increasing profitability

. 47 $1

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1.47
1 34.
• 1.19
Virtually no debt
1.08
•
Strong balance sheet
provides flexibility
Jun 09 Jun 10 Jun 11 Dec 11
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Shares adjusted for 6:1 consolidation Nov 2010 15

December 2011 Half Year Result

Gwalia Mine

‐ high margin, long life gold deposit

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• Ore Reserves of 6.9 Mt at 8.9 g/t Au containing

• 2.0 Moz of old g

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• Resources extended to

• 1,840 mbs, open at d th ep

• • Potential to extend Ore Reserves within minin envelope and at depth

• • Indicative 10+ year mine life

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• Potential to extend Ore Reserves within minin g

• envelope and at depth

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16

December 2011 Half Year Result

Gwalia production growing

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• Gold Production • Continue d improvement in mine

• 46 reliability and operational

• 40 performance

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46
40
39
34
29
2005
FY 11 FY 11 FY 11 Acquired gold assets FY 12 FY 12
of Sons of Gwalia
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
koz
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• Annualised haulage rates exceed forecast 700 ktpa

• Economic viability of a hoisting shaft is being assessed though DFS ‐ result due June 2012 quarter

• Recoveries consistently achieving 97%, following installation of second Knelson concentrator

17

December 2011 Half Year Result

Gwalia

Mined Grade

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8 1.
7.9
7.5
6.9
4.9
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Grade

• Majority of ore now sourced from the richer South West Branch

• Grade to lift further in 2H FY12

Costs

• Cash operating costs of $683/oz for Q2 FY12 to reduce in 2H FY12, from higher grade and incremental lower cost development ore

Outlook

• Guidance is maintained

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2005
Acquired gold assets
FY 11 FY 11 FY 11 of Sons of Gwalia FY 12 FY 12
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
g/t Au
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• Q2 FY12 production and grade reflect long term sustainable production levels

18

December 2011 Half Year Result

Gwalia - growing production, improving margins and returns as grade increases

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Growing Gwalia Production

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175-190
131
109
FY 10 FY 11 FY 12F
koz
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FY12F = Guidance as at Feb 2012

Increasing Gwalia Grade Declining Cash Cost[[1]]

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1400 9
8.0-8.5 g/t Au
8
1200
7
6.3 g/t Au
1000
6
765
800
5
610-640
4
600
3
400
2
200
1
0 0
FY 11 FY 12F
$/oz
[1] Non‐IFRS measure, calculation in Appendix
[2] FY12F = Guidance as at Feb 2012 19
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December 2011 Half Year Result

19

King of the Hills

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Gold Product oni
14
•
Full scale sustainable production
levels achieved
9
•
Stopes reconciling to Ore Reserve
7
•
Hi g h er pro d uc ti on an ti c pa i t e d n i
Q3 and Q4 FY12
0
2005
Acquired gold assets
FY 11 FY 11 FY 12 FY 12
of Sons of Gwalia
Q3 Mar Q4 Jun Q1 Sep Q2 Dec
koz
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20

December 2011 Half Year Result

Southern Cross Operations

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Gold Product oni
32
27 27
24
21
2005
FY 11 FY 11 FY 11 Acquired gold assets FY 12 FY 12
of Sons of Gwalia
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
koz
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• Southern Cross Operations generated $6M positive cash flow (net of capex) in 1H FY12

• Processing of legacy site low grade s t oc k p il es con t r ib u ti ng o cas t h flow generation

• Most of the Marvel Loch mine development capital costs have been incurred ‐ cash flows to lift in 2H FY12

• Extension of mine life anticipated to Q2 FY13

21

December 2011 Half Year Result

Exploration – targeting new discoveries to leverage value

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• D r illi f di i ng or new scover es

• High priority, rich gold endowed areas

• 5 000+ km[2] of land , prospective

• 10 targets planned to be drilled in FY12

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Exploration
22 22
Total Total
12
11
Drilling Drilling
FY 11 FY 12 F
$M
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22

December 2011 Half Year Result

Discovery & Growth

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Gwalia

• High grade intersections indicate potential resource extensions to the north and south, within the current planned mining envelope (down to 1,780 m b s )

• The deposit is still open at depth

• Active and expanding drilling programs

• Leonora region – targeting new discoveries

• Gwalia environs – targeting under cover Gwalia analogues

• Frasers – seeking depth extensions and new lode identification

• Nevoria – proving up resources to support increased reserves

• –

• Copperhead testing for continuity of Western Series Lode at depth

• East Lachlan Fold Belt – seeking to discover porphyry copper/gold deposits under cover

Continuing to acquire new prospective areas

23

December 2011 Half Year Result

FY 12 guidance maintained Maintaining FY12 Guidance

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Gold product oni

King of Marvel Gwalia Total the Hills Loch Leonora Leonora S’thn rossC ‐ ‐ ‐ ‐ koz 175 190 55 60 90 100 320 350

1 170 Cash operating , $/oz 610‐640 710‐750 790‐830 cost[[1]] ‐1,220 Capex $M 55‐60[[2]] 20‐25 10‐15 85‐100

[ 1 ] Non-IFRS measure , calculation in A pp endix [2] Includes $12.6M of one off costs

24

December 2011 Half Year Result

What to expect in H2 FY 12

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• Increased profitability and cash generation

• Delivery of FY 12 Guidance

• Disciplined capital management

• On market share buy back implemented

• Cash resources available to generate shareholder value

• Creation of value opportunities

• Leonora hoisting shaft study due June 2012

• Rigorous, disciplined exploration programme

• Demonstrated development and operational capability

25

December 2011 Half Year Result

Appendices

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26

December 2011 Half Year Result

Consolidated production – Appendices production summary summary

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	Production Summary Consolidated		Jun Qtr FY11 Sep Qtr FY12 Dec Qtr FY12
	Gold Production Gwalia King of the Hills Southern Cross		38,556 40,306 46,007 7,066 9,343 14,107 27,238 20,959 23,501
		oz
		oz
		oz
	Consolidated Mined Grade	oz	72,860 70,608 83,615
	Gwalia King of the Hills Southern Cross	g/t Au g/t Au g/t Au	6.9 7.5 8.1 4.7 3.7 4.3 2.9 2.7 3.1
	Total Cash Operating Costs Gwalia $/oz King of the Hills $/oz Southern Cross $/oz		722 712 683 699 872 754 985 1,193 1,215
		$/oz
		$/oz
		$/oz
	Consolidated	$/oz	818 876 844

27

December 2011 Half Year Result

Gwalia

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	Gwalia	Gwalia	Gwalia	Gwalia	Gwalia
	Production Summary Jun Qtr Sep Qtr Dec Qtr
		Gwalia FY11 FY12 FY12
		Underground ore mined t 176,214 173,498 181,204 Grade g/t Au 6.9 7.5 8.1
		Ore milled t 177,703 174,056 192,592 Grade g/t Au 7.0 7.4 7.7 Recovery % 96 97 97 Gold production oz 38556 40306 46007
		Cash Operating Costs Mining	, , , $ per ounce
			463 484 410
		Processing Site services Stripping and ore inventory adjustments	134 124 110 77 82 62 15 (8) 58
			689 682 640
		By product credits Third party refining & transport Royalties Ttl h ti t	(4) (4) (4) 1 1 1 36 33 46
			722 712 683
December 2011 Half Year		oa cas operang coss Depreciation and amortisation Total operating costs	254 254 242
			976 966 925
		Result

King of the Hills

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	Production Summary Jun Qtr Sep Qtr Dec Qtr	Production Summary Jun Qtr Sep Qtr Dec Qtr
	King of the Hills FY11 FY12 FY12
	Underground ore mined t 58,139 77,034 107,840 Grade g/t Au 4.7 3.7 4.3
	Ore milled t 50,105 82,179 105,541 Grade g/t Au 4.6 3.8 4.4 Recovery % 95 94 94 Gold roduction oz 7 066 9 343 14 107
	p , , , Cash Operating Costs $ per ounce Mining 534 716 582 Processin 194 247 185
		534 716 582 194 247 185
	g Site services Stripping and ore inventory adjustments	90 67 33 (129) (176) (80)
		689 854 720
	By product credits Third party refining & transport Royalties Total cash oeratin costs	(14) (15) (8) ‐ ‐ ‐ 24 33 42
		699 872 754
	pg Depreciation and amortisation Total operating costs	298 298 298
		997 1,170 1,052

29

December 2011 Half Year Result

Southern Cross

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	Production Summar	Jun Qtr Se Qtr Dec Qtr
	y Marvel Loch	p FY11 FY12 FY12
	Underground ore mined t Grade g/t Au	308,389 251,628 163,814 2.9 2.7 3.1
	Ore milled t Grade g/t Au Recovery %	316,149 295,076 518,560 2.9 2.5 1.6 93 89 88
	Gold production oz Cash Operating Costs Mining	27 238 20 959 23 501 , , , $ per ounce
		583 720 642
	Processing Site services Stripping and ore inventory adjustments	318 378 498 94 115 101 (26) (53) (56)
		969 1 160 1 185
	By product credits Third party refining & transport Royalties Ttl h ti t	, , (13) (18) (10) 2 2 2 27 49 38
		985 1 193 1 215
	oa cas operang coss Depreciation and amortisation Total operating costs	, , 184 264 333
		1,169 1,457 1,548

30

December 2011 Half Year Result

Focus on returns from non‐core, higher cost operations

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Hedge Profile Hedge Profile
koz King of the Hills A$/oz koz Southern Cross A$/oz
80 1,650 80 1,650
A$1,615
A$1,610
70 70
1,600 1,600
60 60
1 , 550 1,550
A $ 1,550
50 50
1,500 1,500
40 40
1,450 1,450
30 A$1,425 30
1,400 1,400
20 20
10 1,350 10 1,350
0 1,300 0 1,300
2H FY12 FY13 FY14 FY15 2H FY12 FY13
koz Floor Cap koz Floor Cap
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31

December 2011 Half Year Result

Start Safe , Stay Safe

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Safety

• Safety performance improving

• N i i S t N 2011 o n ur es ep o ov j

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14 8. N i i S t N 2011
o n ur es ep o ov j
12.5 11.9 • Severity of injuries is reducing
11.1
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Acquired gold assets FY 09 FY 10 FY 11 1H FY 12 of Sons of Gwalia TRIFR (rolling 12 month average Total Recordable Injury Frequency Rate)

32

December 2011 Half Year Result

‐ Non IFRS Measures

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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 and underlying net profit after tax. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of , or are unrelated to , our core operating results and, in conjunction with the IFRS financial measures, provide a more comprehensive picture for analysing trends in our underlying businesses. We believe cash operating costs and underlying net profit after tax are important measures in assessing the Company's overall financial performance.

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

• Refer December 2011 Quarterly Report available at www.stbarbara.com.au for calculation

• S gni ificant temsi • Items inc u l d e d in IFRS Net Pro f it A f ter Tax t h at t h e Boar d an d Management consi d er may not be indicative of, or are unrelated to, our core operating results (such as profit or loss on gold options, or the sale of tenement rights)

• Underlying net profit after tax • Net Profit After Tax excluding identified significant items

Underlying Earnings Per Share • Underlying net profit after tax per ordinary share

33

December 2011 Half Year Result

‐ Non IFRS Measures

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	Non IFRS Measures ‐
		31 Dec 11	30 Jun 11	31 Dec 10		30 Jun 10	30 Jun 09
	NPAT to Underlying NPAT[1]	A$000	A$000	A$000		A$000	A$000
	Sales revenue	249,315	359,575	172,950		296,760	281,129
	EBITDA (including significant items)	88,937	125,190	67,146		33,793	39,701
	EBIT (including significant items)	45,764	66,710	40,483		(38,081)	(70,403)
	Reported net profit/(loss) after tax for the year	46,518	68,629	41,492		(40,188)	(76,344)
	T l i ifi i ota net s gn cant tems	(6 829) ,	14 198 ,	12 768 ,		(54 735) ,	(76 553) ,
	EBITDA – excluding significant items	95,766	110,992	54,378		73,163	52,445
	EBIT – excluding significant items	52,593	52,512	27,715		16,654	6,150
	Underlying net profit after tax for the year	53,347	54,431	28,724		14,547	209
		31 Dec 11	30 Jun 11	31 Dec 11		30 Jun 10	30 Jun 09
	Weighted average number of ordinary shares used as the denominator in calculating basic EPS [1] [2010 and 2009 adjusted for 6:1 share consolidation]	325.6M	326.0M	325.6M		294.7M	226.0M
	Underlying Earnings Per Share (EPS)	A$0.16	A$0.17	A$0.09		A$0.05	A$0.00
	1 ReferInterimFinancialReportsto31Dec2011and31Dec2010and20112010and2009AnnualReportsavailableat				wwwstbarbaracomau
	. , , ,				. . .

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December 2011 Half Year Result

‐ Non IFRS Measures

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	Non IFRS Measures ‐
		31 Dec 11	30 Jun 11	31 Dec 10		30 Jun 10	30 Jun 09
	Significant items[1]	A$000	A$000	A$000		A$000	A$000
	Net fair value gains/(losses) on gold options	(7,464)	12,946	9,641		(19,513)	1,515
	Realised gain on derivates	635	525	‐		‐	‐
	P fit l f T l i l t ro on sa e o armoo a process ng p an	‐	1 164 ,	1 164 ,		‐	‐
	Proceeds from sale of tenement rights	‐	1,963	1,963		‐	‐
	Native Title accrual	‐	(2,400)	‐		‐	‐
	G i l f il bl f l a n on sa e o ava a e or sa e assets	‐	‐	‐		2 724 ,	‐
	Impairment write downs
	 Marvel Loch underground operating development	‐	‐	‐		(22,581)	‐
	 Southern Cross plant and equipment	‐	‐	‐		(11,583)	(40,488)
	 Marvel Loch capitalised exploration	‐ ‐ ‐ (3,782) (8,650)
	 Open pit mine development	‐ ‐ ‐ ‐ (16,904)
	Write down of listed investments to fair value	‐ ‐ ‐ ‐ (6,192)
	Restructuring and redundancy	‐ ‐ ‐ ‐ (5,834)
		(6,829)	14,198	12,768		(54,735)	(76,553)
	1. Refer Interim Financial Reports to 31 Dec 2011 and 31 Dec 2010,and 2011,2010 and 2009 Annual Reports,available at				www.stbarbara.com.au

35

December 2011 Half Year Result

‐ Non IFRS Measures

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		1H FY12 A$000 2H FY11 A$000 1H FY11 A$000
	Underlying EBITDA[1]	95,766 56,614 54,378 (43,173) (31,817) (26,663)
	Depreciation & Amortisation
	Interest Revenue	2,612 2,563 3,048 (1,858) (1,653) (2,039)
	Interest Expense
	Income Tax Expense	‐ ‐ ‐ 53,347 25,707 28,724
	Underlying NPAT

1. Refer Interim Financial Reports to 31 Dec 2011 and 31 Dec 2010, and 2011 Annual Report, available at www.stbarbara.com.au

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December 2011 Half Year Result

Competent Persons Statement

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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.

References to Ore Reserves 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 Andrew Law. Mr Law is a Fellow of The Australasian Institute of Mining and Metallurgy and was a full time employee of St Barbara at 30 June 2011 and is a full time employee of Optiro at the date of this report. Mr Law 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 Law 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 preparing Ore Reserves estimates under Mr Law ’ s supervision all qualify as Competent Persons.

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December 2011 Half Year Result

Investor Relations Enquires

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R oss enne K d y Executive General Manager Corporate Services E: ross . . com . au kennedy@stbarbara

Rowan Cole

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

T: +61 3 8660 1900 www.stbarbara.com.au ASX: SBM

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December 2011 Half Year Result