ST BARBARA LIMITED — Interim / Quarterly Report 2012

Jan 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

==> picture [162 x 174] intentionally omitted <==

==> picture [162 x 77] intentionally omitted <==

==> picture [162 x 143] intentionally omitted <==

Presentation on the December 2011 Quarter

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

==> picture [139 x 56] intentionally omitted <==

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

==> picture [161 x 241] intentionally omitted <==

==> picture [720 x 68] intentionally omitted <==

December 2011 Quarterly Report Highlights Production up 18% to a record 83,615 oz

==> picture [720 x 69] intentionally omitted <==

==> picture [720 x 68] intentionally omitted <==

==> picture [720 x 69] intentionally omitted <==

==> picture [720 x 68] intentionally omitted <==

Tim Lehany, Managing Director & CEO

January 2012

==> picture [720 x 68] intentionally omitted <==

This presentation has been prepared by St Barbara Limited (“Company”). The material contained in this presentation is for information purposes on y. l Thi s presen t a ti on i s no t an o ff er or i nv it a ti on f or su b scr p i ti on or purc h ase o f , or a recommen d a ti on i n re a l ti on t o, secur iti es i n 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 d i ff erences may b e materia . l T h e Company d oes not ma k e any representation or warranty as to t h e accuracy o f suc h 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, o p inions and conclusions contained in this p resentation. To the maximum extent p ermitted b y law , none of the Com p an y 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 Quarterly Report

==> picture [718 x 68] intentionally omitted <==

==> picture [718 x 69] intentionally omitted <==

----- Start of picture text -----

,
----- End of picture text -----

Safety 14.8 12.5 11 9. 11.1 2005 ~~Acquired gold assets~~ FY 09 FY 10 of Sons of Gwalia FY 11 1H FY 12 TRIFR (rolling 12 month average Total Recordable Injury Frequency Rate)

• Safety performance improving

• No injuries Sep to Nov 2011

• Severity of injuries is reducing

3 December 2011 Quarterly Report

==> picture [718 x 68] intentionally omitted <==

==> picture [718 x 69] intentionally omitted <==

----- Start of picture text -----

,
----- End of picture text -----

Gold Production 84 73 71 61 61 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 koz

• Production at all 3 mines up at least 12% Q on Q • On track to deliver FY12 production guidance • Anticipate increased production in 2H FY12

4 December 2011 Quarterly Report

==> picture [718 x 68] intentionally omitted <==

==> picture [718 x 69] intentionally omitted <==

Gold Production

40 39

34

46

Mine Performance

• C on ti nue d i mprovemen t i n m ne i reliability and operational performance

29

• Annualised haulage rates exceed forecast 700 ktpa

Opportunities

• Economic viability of a haulage shaft is being rigorously assessed thou h DFS g

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 koz

Processing

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

5 December 2011 Quarterly Report

==> picture [718 x 68] intentionally omitted <==

==> picture [718 x 69] intentionally omitted <==

Mined Grade

==> picture [281 x 90] intentionally omitted <==

----- Start of picture text -----

8.1
7.9
7.5
6.9
4.9
----- End of picture text -----

Grade

• M a or it f d f rom j y o ore now source

• the richer South West Branch.

• Grade to lift further in 2HFY12

Costs

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

Outlook

==> picture [323 x 111] intentionally omitted <==

----- Start of picture text -----

2005
Acquired gold assets
FY 11 FY 11 FY 11 of Sons of Gwalia FY 12 FY 12
Q2 D ec Q3 Mar Q4 J un Q1 S ep Q2 D ec
g/t Au
6 December 2011 Quarterly Report
----- End of picture text -----

• Guidance is maintained

• Q2 production and grade reflect long term sustainable production levels

==> picture [718 x 68] intentionally omitted <==

==> picture [718 x 69] intentionally omitted <==

==> picture [721 x 406] intentionally omitted <==

----- Start of picture text -----

Gold Production
14
•
Full scale sustainable
production levels achieved
9
7 • Stopes reconciling to Ore
Reserve
•
Higher production anticipated
in Q3
0 2005
Acquired gold assets
FY 11 FY 11 of Sons of Gwalia FY 12 FY 12
Q3 Mar Q4 Jun Q1 Sep Q2 Dec
koz
7 December 2011 Quarterly Report
----- End of picture text -----

==> picture [718 x 68] intentionally omitted <==

==> picture [718 x 69] intentionally omitted <==

Gold Production 32 27 27 24 21 2005 Acquired gold assets FY 11 FY 11 FY 11 FY 12 FY 12 of Sons of Gwalia Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec koz

• 12% lift in production to 23 501oz (Q on Q),

• Processing of legacy site low grade stockpiles contributing to cash flow generation

• Most of the Marvel Loch mine development capital costs have been incurred - cash flows to lift in 2H FY12 • Extension to mine life anticipated – to Q2 FY13

8 December 2011 Quarterly Report

==> picture [720 x 68] intentionally omitted <==

==> picture [720 x 69] intentionally omitted <==

==> picture [720 x 68] intentionally omitted <==

==> picture [720 x 69] intentionally omitted <==

==> picture [720 x 68] intentionally omitted <==

• Ex loration focus on discoveries: p

• – in proximity to processing plants

• – prospective greenfield areas

• • 5,000+ km[2] of prospective land around Australia

• • 10 targets planned to be drilled in FY12*

• subject to results 9 December 2011 Quarterly Report

==> picture [720 x 68] intentionally omitted <==

Gwalia

• High grade intersections indicate potential resource extensions to the south, within the current planned mining envelope (down to 1,840 mbs)

• The deposit is still open at depth

Active and expanding drilling programs

• Leonora region – targeting new discoveries

• Gwalia environs ‐ targeting under cover Gwalia analogues

• F rasers – see ki ng d ept h extens ons an i d new l o d e id ent ifi cat on i

• 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

10 December 2011 Quarterly Report

==> picture [720 x 68] intentionally omitted <==

----- Start of picture text -----

Strong growth in cash achieved
----- End of picture text -----

• Net cash lifts $36M to $107M at 31 December 2011

• Cash balance up 47% to $110M

• Interest bearing liabilities $3M

• Net cash backing per share up 50% to $0.33 per share (Q on Q)

• • Significant carry forward tax losses $342M at June 2011

• On market share‐buy back facility in place

• • Strong balance sheet in place to fund growth opportunities e.g. Possible haulage shaft at Gwalia, expanded exploration opportunities

==> picture [720 x 68] intentionally omitted <==

11 December 2011 Quarterly Report

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

• Strong quarter y perl formance

• Strong and growing cash position

• Increased production anticipated in 2H FY12

• Set to deliver FY12 guidance

• Drilling to increase Gwalia resources further south

• Half year results scheduled for release 23 February2012

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 48] intentionally omitted <==

12 December 2011 Quarterly Report

==> picture [720 x 68] intentionally omitted <==

==> picture [720 x 69] intentionally omitted <==

----- Start of picture text -----

–
----- End of picture text -----

	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

13 December 2011 Quarterly Report

==> picture [720 x 68] intentionally omitted <==

	G li wa a Production Summary Jun Qtr Sep Qtr Dec Qtr	G li wa a Production Summary Jun Qtr Sep Qtr Dec Qtr	G li wa a Production Summary Jun Qtr Sep Qtr Dec Qtr
	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 38,556 40,306 46,007
	Cash Operating Costs Mining Processing	$ per ounce
		463 484 410 134 124 110
	Site services Stripping and ore inventory adjustments	77 82 62 15 (8) 58
		689 682 640
	By product credits Third party refining & transport Royalties Total cash operating costs	(4) (4) (4) 1 1 1 36 33 46
		722 712 683
	Depreciation and amortisation Total operating costs	254 254 242
		976 966 925

14 December 2011 Quarterly Report

==> picture [720 x 68] intentionally omitted <==

	King of the Hills Production Summary Jun Qtr Sep Qtr Dec Qtr	King of the Hills Production Summary Jun Qtr Sep Qtr Dec Qtr	King of the Hills 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 production oz 7,066 9,343 14,107
	Cash Operating Costs Mining Processing	$ per ounce
		534 716 582 194 247 185
	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 operating costs	(14) (15) (8) ‐ ‐ ‐ 24 33 42
		699 872 754
	Depreciation and amortisation Total operating costs	298 298 298
		997 1,170 1,052

15 December 2011 Quarterly Report

==> picture [720 x 68] intentionally omitted <==

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

16 December 2011 Quarterly Report

==> picture [720 x 68] intentionally omitted <==

==> picture [720 x 69] intentionally omitted <==

King of Marvel Gwalia Total the Hills Loch Leonora Leonora S’thn rossC Gold ‐ ‐ ‐ ‐ koz 175 190 55 60 90 100 320 350 production Cash operating 1,170 ‐ $/oz 610‐640 710‐750 cost ‐1,220 Capex $M 55‐60* 20‐25 10‐15 85‐100

• Includes $12.6M of one off costs

17 December 2011 Quarterly Report

==> picture [720 x 67] intentionally omitted <==

==> picture [720 x 69] intentionally omitted <==

----- Start of picture text -----

,
----- End of picture text -----

==> picture [720 x 68] intentionally omitted <==

----- Start of picture text -----

Investor Relations Enquires:
Ross Kennedy
Executive General Manager Corporate Services
E: ross
----- End of picture text -----

==> picture [720 x 69] intentionally omitted <==

----- Start of picture text -----

. . .
Rowan Cole
General Manager Corporate Services
E: rowan.cole@stbarbara.com.au
----- End of picture text -----

==> picture [720 x 68] intentionally omitted <==

----- Start of picture text -----

: +
----- End of picture text -----

==> picture [720 x 69] intentionally omitted <==

==> picture [720 x 68] intentionally omitted <==

==> picture [720 x 43] intentionally omitted <==

18 December 2011 Quarterly Report

==> picture [720 x 68] intentionally omitted <==

==> picture [720 x 69] intentionally omitted <==

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 Minin g and Metallur gy 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 est mates un i d er M r U tt ey s superv s on a l ’ i i ll qua lif y as C ompetent P ersons.

==> picture [720 x 68] intentionally omitted <==

----- Start of picture text -----

est mates un i d er M r U tt ey s superv s on a l ’ i i ll qua lif y as C ompetent P ersons.
----- End of picture text -----

==> picture [720 x 69] intentionally omitted <==

==> picture [720 x 68] intentionally omitted <==

19 December 2011 Quarterly Report