ST BARBARA LIMITED — Interim / Quarterly Report 2015

Oct 20, 2014

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ASX Release / 21 October 2014
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Presentation on the September 2014 Quarterly Report and audio webcast

Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the September 2014 Quarterly Report at 1:00 pm Australian Eastern Standard Time (UTC + 11 hours) today, 21 October 2014. Participation on the conference call is by personal invitation only.

A live audio webcast of the briefing will be available on St Barbara’s 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.

Investor Relations Mr Rowan Cole Company Secretary +61 3 8660 1900 Media Relations Ms Nerida Mossop Hinton & Associates +61 3 9600 1979 St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T +61 3 8660 1900 F +61 3 8660 1999 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

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BOB VASSIE, MANAGING DIRECTOR & CEO / 21 October 2014
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September 2014 Quarterly Presentation

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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 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, and which could cause actual results or trends to differ materially from those expressed in this presentation. Actual results may vary from the information in this presentation. The Company does not make, and this presentation should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, 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, including information from third parties, and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained in this presentation.

The Company estimates its reserves and resources in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves 2012 Edition (“JORC Code”), which governs such disclosures by companies listed on the Australian Securities Exchange.

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

2 / September 2014 Quarterly Presentation

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Contents
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˃ Key Points

• ˃ Safety

˃ Operations Results

• ˃ Exploration

• ˃ Finance

• ˃ Corporate

• ˃ Conclusion

• ˃ Appendices

3 / September 2014 Quarterly Presentation

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Key Points Q1 September 2014
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• ˃ Leonora September mill maintenance shutdown successful and production resumed on schedule

• ˃ Operational performance at Simberi improving

• ˃ FY15 Guidance maintained for Leonora and provided for Simberi

˃ At 30 September 2014 cash at bank was A$56 million[1] , total debt was A$367 million ˃ Safety: TRIFR[2] of 4.9 at 30 September 2014

1. Unaudited, inc. $2 million restricted cash

2. Total Recordable Injury Frequency Rate (12 month avg)

4 / September 2014 Quarterly Presentation

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Start safe, stay safe
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Total Recordable Injury Frequency Rate

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14.8
12.5
11.1
9.0
6.0
4.9
4.1
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Safety performance

˃ TRIFR[1] of 4.9 at 30 Sep 2014

˃ Despite increase is still a strong result for mixed jurisdiction underground / open pit combination

˃ TRIFR includes Pacific Operations from September 2012

FY 09 FY 10 FY 11 FY 12 FY 13 FY14 Q1 FY15

1. Total Recordable Injury Frequency Rate (12 month avg)

5 / September 2014 Quarterly Presentation

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Consolidated Gold Production
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˃ September Quarter:

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97
94 93 92
15
15 16 13
12 9
69
11
19
17 17 13
17
11
59
53 53
49
45
FY 14 FY 14 FY 14 FY 14 FY 15
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep
koz
Gwalia King of the Hills Simberi Gold Ridge
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˃ Production at Gwalia and King of the Hills less than previous quarter because of 2 week mill maintenance shutdown

• ˃ Simberi improved within the quarter

˃ Gold Ridge suspended

˃ Q1 consolidated All-In Sustaining Cost[1] A$1,344 per ounce

˃ Q1 realised gold price A$1,388 per ounce

Figures displayed to nearest koz. Reported ounces in Quarterly Report.

1. Non IFRS measure, refer slide 22

6 / September 2014 Quarterly Presentation

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Gwalia: St Barbara’s cornerstone mine
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Gold Production

• ˃ Production result impacted by 2 week mill maintenance shutdown

59.4 53.2 52.6 49.1 45.4 FY 14 FY 14 FY 14 FY 14 FY 15 Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q4 Sep koz

˃ Mined volume consistent with previous quarter, grade 7.9 g/t Au

˃ Estimated 6,500 oz contained in stockpiled ore at end of quarter

˃ All-In Sustaining Cost[1] for quarter was A$1,086 per ounce

˃ November – December 2014 near mine resource extension deep drilling planned

˃ FY15 guidance maintained

1. Non IFRS measure, refer slide 22

7 / September 2014 Quarterly Presentation

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Future Gwalia – Drilling Plan (Cross Section View)
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West Surface East
Potential
shaft location
New parent
hole - GWDD16
1,800mbs
Target
2,200mbs
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8 /

September 2014 Quarterly Presentation

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Future Gwalia – Drilling Plan (Long Section View)
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Potential
shaft location
New parent
hole - GWDD16
1,550mbs
1,800mbs
Target
Zone
Target (2,000mbs)
2,200mbs
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September 2014 Quarterly Presentation

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King of the Hills: Delivering to plan
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Gold Production

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19.4
17.2 17.2
16.8
10.8
FY 14 FY 14 FY 14 FY 14 FY 15
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q4 Sep
koz
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˃ Lower production due to 2 week mill maintenance shutdown and higher grade Gwalia ore prioritised

˃ Ore mined consistent with previous quarters

˃ Estimated 5,000 oz contained in stockpiled ore at end of quarter

˃ FY 15 Guidance maintained

10 / September 2014 Quarterly Presentation

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Simberi: 5,000 ounces of gold produced in month of
September
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Gold Production

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12.8 12.7
11.7
10.8
8.9
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• ˃ Simberi production consistent with previous quarter

• ˃ September best production month since April 2013

• ˃ Engineering & maintenance program ongoing, excellent results in mill throughput (see next page)

• ˃ Operational performance improving ˃ FY 15 Guidance

• ˃ 100,000 oz p.a. run rate in Q4 June 2015

• ˃ 70-80,000 oz in FY 15

• ˃ Cash flow positive in Q4 June 2015

• ˃ Q2 production will be affected by planned capital works on ball mill and tailings infrastructure.

FY 14 FY 14 FY 14 FY 14 FY 15 Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q4 Sep koz

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Simberi: Continued improvement in ore milled
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Ore milled
last 3 quarters
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Gold production in Q1

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536
463
368
FY14 FY14 FY15
Q3 Mar Q4 Jun Q1 Sep
kt
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5.0
4.9
2.7
Jul 14 Aug 14 Sep 14
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koz
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Gold Ridge – Operations suspended
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• ˃ Gold Ridge Operations (Solomon Islands) remain suspended while force majeure conditions continue

• ˃ Workforce and costs have been significantly reduced to suit current scale of activities

• ˃ Escalating security situation led to a withdrawal from site on 13 August. Significant subsequent theft and vandalism

• ˃ The Solomon Islands Government has appointed advisors to assist it in negotiations to transfer Gold Ridge to the Government

• ˃ No significant progress in negotiations

• ˃ No satisfactory progress in critical short term remedial actions at the tailings storage facility

13 / September 2014 Quarterly Presentation

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Exploration – focus on near mine targets at Simberi
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˃ Encouraging trench results obtained from a number of near mine locations on Simberi Island. Including: ˃ Monun Creek: ˃ SIMTR777: 35m @ 1.1 g/t Au ˃ SIMTR780: 20m @ 1.5 g/t Au ˃ Botlu North: ˃ SIMTR787: 20m @ 3.0 g/t Au, including 5m @ 7.9 g/t Au ˃ SIMTR804: 20m @ 2.1 g/t Au, including 5m @ 6.1 g/t Au

Figure 1.0

1. For full explanation and results refer to ASX release 21 October 2014 ‘Quarterly Report September 2014’

14 / September 2014 Quarterly Presentation

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Finance - At 30 September 2014
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˃ A$56 million cash (inc. $2 million restricted cash)[ 1]

• Decrease since June quarter primarily due to funding of Pacific Operations, working capital movements[2] and the two week mill maintenance shutdown at Leonora

• ˃ A$367 million interest bearing liabilities[1]

• Increase since June quarter due to AUD vs USD decline

˃ Gold forward contracts:

• 153,000 ounces to be delivered between October 2014 and June 2015 at A$1,415/oz

• Unaudited

• The negative working capital movement included gold receivables at the end of September 2014 of A$2 million, payment of Gold Ridge creditors at June 2014 of approximately A$2 million and a net decrease in other creditors.

15 / September 2014 Quarterly Presentation

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Corporate
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 Organisational review is ongoing

• During the quarter:

• Brisbane office was closed

• Staff numbers in Perth and Melbourne Offices further reduced

• Reduction in exploration staff in the Pacific

˃ Annual General Meeting

 11:00 am (Melbourne time) on 25 November 2014 at the Royce Hotel, 379 St Kilda Rd Melbourne.

• A copy of the notice is available at

www.stbarbara.com.au/investors/latest-news/

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Conclusion
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˃ Continued focus on safety

• ˃ Leonora production for quarter affected by mill shutdown, FY 15 guidance is maintained

• ˃ Simberi operational performance improving towards run rate of 100,000 oz p.a.

• ˃ No significant progress in negotiating transfer of Gold Ridge

• to S.I. Government

• ˃ Activities, workforce and costs at Gold Ridge significantly reduced

• ˃ Encouraging near mine exploration results on Simberi

• ˃ Deep drilling at Gwalia in Q2 December 2014

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Appendices

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September 2014 Quarterly Presentation

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Consolidated Production Summary
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				Q1 Sep FY15	Guidance FY15
Production	Gwalia	oz		45,391	180 - 200,000
	King of the Hills	oz		10,793	60 - 70,000
	Simberi	oz		12,639	70 - 80,000
	Consolidated	oz		68,823	310 - 350,000
Mined Grade	Gwalia	g/t		7.9
	King of the Hills	g/t		4.1
	Simberi	g/t		1.1
Total Cash Operating Cost 1,2	Gwalia	A$/oz		767	720 -750
	King of the Hills	A$/oz		1,085	1,040 -1,090
	Simberi	A$/oz		2,032	1,200 -1,300
	Consolidated	A$/oz		1,048	890 - 940

1. Non IFRS measure, refer slide 22

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1. Unaudited

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Investor Relations Enquiries
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Rowan Cole Company Secretary

Garth Campbell-Cowan Chief Financial Officer

T: +61 3 8660 1900 E: info@stbarbara.com.au

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Competent Persons Statement
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Exploration Results

The information in this report that relates to Exploration Results is based on information compiled by Dr Roger Mustard, who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Mustard is a full-time employee of St Barbara Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Mustard consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mineral Resource and Ore Reserve Estimates

The information in this report that relates to Mineral Resources or Ore Reserves is extracted from the report titled ‘Ore Reserves and Mineral Resources Statements 30 June 2014’ released to the Australian Securities Exchange (ASX) on 27 August 2014 and available to view at www.stbarbara.com.au and for which Competent Person’s consents were obtained. The Competent Person’s consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcement released on 27 August 2014 and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcement.

Competent Persons Dr Mustard and Mr de Vries are entitled to participate in St Barbara’s long term incentive plan, details of which are included in the 2014 Annual Report and Notice of 2014 Annual General Meeting released to the ASX on 17 October 2014. In 2012 and 2013 increase in Ore Reserves was one of the performance measures under that plan.

Full details are contained in the ASX release dated 27 August 2014 ‘Ore Reserves and Mineral Resources Statements 30 June 2014’ available at www.stbarbara.com.au.

21 / September 2014 Quarterly Presentation

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Non-IFRS Measures
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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

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

All-In Sustaining Cost

• ˃ All-In Sustaining Cost is based on Cash Operating Costs, and adds items relevant to sustaining production. It includes some, but not all, of the components identified in World Gold Council’s Guidance Note on Non-GAAP Metrics - All-In Sustaining Costs and All-In Costs (June 2013).

• ˃ AISC is calculated on gold production in the quarter.

• ˃ For underground mines, amortisation of operating development is adjusted from “Total Cash Operating Costs” in order to avoid duplication with cash expended on operating development in the period contained within the “Mine & Operating Development” line item.

• ˃ Rehabilitation is calculated as the amortisation of the rehabilitation provision on a straight-line basis over the estimated life of mine.

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