ST BARBARA LIMITED — Interim / Quarterly Report 2014

Jul 30, 2014

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Quarterly Report / June 2014
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 Leonora outperformed

 Pacific Operations asset impairment anticipated

Executive Summary

Operations

• ˃ Consolidated gold production was 91,565 ounces for the June quarter (Q3 March: 92,522 oz). Production from Leonora operations exceeded expectations. Simberi production in the June quarter was an improvement on the previous two quarters. Gold Ridge operations were suspended during the June quarter.

Consolidated cash operating costs[1] for the quarter were A$847 per ounce (Q3 March: A$1,139 per ounce), with Leonora reporting a lower than expected unit cost and no production at Gold Ridge. Consolidated All-In Sustaining Cost[1] was A$1,153 per ounce for the quarter, which was well below the average realised gold price of A$1,391 per ounce for the quarter.

Financial Year 2014 production was 374,402 ounces, near to the midpoint of guidance (FY13: 364,601 oz). Consolidated cash operating costs and capex came within, or close to, FY14 guidance.

• ˃ Leonora (Western Australia) production increased 19% to 78,810 ounces of gold for the quarter (Q3 March: 65,985 oz), including Gwalia up 21% to 59,389 ounces (Q3 March: 49,148 oz) and King of the Hills up 15% to 19,421 ounces (Q3 March: 16,837 oz). Leonora production for FY14 increased 18% to 285,030 ounces of gold (FY13: 241,593 oz).

• ˃ Simberi (PNG) gold production improved 18% to 12,755 ounces (Q3 March: 10,847 oz), the highest quarterly production since June 2013.

An engineering and maintenance program on the Simberi plant is underway as it has continued to underperform.

• ˃ Gold Ridge operations (Solomon Islands) remain suspended while force majeure conditions continue and the future of the mine is determined. The workforce and costs have been significantly reduced to suit the current scale of activities.

• ˃ Asset impairment writedowns are anticipated at both Simberi and Gold Ridge as part of 30 June 2014 year end financial reporting (details page 9).

Exploration

• ˃ Encouraging results were obtained from a three hole diamond drilling program predominantly in oxide mineralisation completed at Monun Creek, located 200m southeast of Sorowar oxide open pit on the Simberi Mine Lease in Papua New Guinea.

Monun Creek, Simberi, PNG

• ˃ SDH317: 22m @ 2.9 g/t Au from 1m

  • (including 11m @ 4.5 g/t Au from 8m) and 23m @ 1.0 g/t Au from 28m

• ˃ SDH318: 19m @ 1.4 g/t Au from 22m

• ˃ Follow-up near-mine drilling programs are being planned at Simberi for Monun Creek and potentially later for other high ranked oxide targets.

Health & Safety

• ˃ The Company-wide Total Recordable Injury Frequency Rate (TRIFR), calculated as a rolling 12 month average reduced to 4.1 for the year to 30 June 2014, a significant improvement over the 6.0 TRIFR achieved for the year to 30 June 2013.

Finance

• ˃ Cash increased by A$23 million during the quarter to A$81 million as at 30 June 2014, including A$2 million of restricted cash. The increase in the cash position during the quarter was primarily due to the drawdown of the remaining A$24 million under the Red Kite debt facility. Total interest bearing liabilities at 30 June 2014 were A$340 million.

Outlook

• ˃ FY15 forecast gold production for Leonora operations is 240,000 to 270,000 ounces (details pages 4 and 5). There is no gold production anticipated at Gold Ridge for at least the remainder of 2014. Guidance for Simberi will be updated following the plant engineering and maintenance program currently underway.

1 Non-IFRS measure, details page 11.

Bob Vassie Managing Director and CEO 31 July 2014

St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003

T +61 3 8660 1900 F +61 3 8660 1999 W www.stbarbara.com.au

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St Barbara Gold Production

Production Summary Consolidated Q2 Dec FY14 Q3 Mar FY14 Q4 Jun FY14	Production Summary Consolidated Q2 Dec FY14 Q3 Mar FY14 Q4 Jun FY14	Production Summary Consolidated Q2 Dec FY14 Q3 Mar FY14 Q4 Jun FY14	Production Summary Consolidated Q2 Dec FY14 Q3 Mar FY14 Q4 Jun FY14
	Production
	Gwalia oz		52,552 49,148 59,389
	King of the Hills oz		17,205 16,837 19,421
	Gold Ridge oz		14,912 15,690 -
	Simberi oz		8,908 10,847 12,755
	Consolidated oz		93,577 92,522 91,565
	Mined Grade
	Gwalia g/t		8.2 8.7 9.1
	King of the Hills g/t		4.4 5.2 4.6
	Gold Ridge g/t		1.4 1.3 -
	Simberi g/t		0.9 1.0 1.1
	Total Cash Operating Costs[1]
	Gwalia	$/oz 787 650 575
	King of the Hills	$/oz 1,008 1,035 949
	Gold Ridge	$/oz 1,988 2,002 -
	Simberi	$/oz 2,577 2,269 1,958
	Consolidated	$/oz 1,189 1,139 847

[1] Non-IFRS measure, refer page 11.

St Barbara Gold Production

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107
97 94 93 92
17
15
13 15 16 13
13 12 9 11 19
17 17
17
64 53 53 49 59
FY 13 FY 14 FY 14 FY 14 FY 14
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
Gwalia King of the Hills Simberi Gold Ridge Total
koz
Figures displayed to nearest thousand ounces. Reported ounces in associated table.
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	Production Summary Consolidated	Year FY14 Guidance FY14[2]
	Production
	Gwalia oz	214,319 180 – 195,000
	King of the Hills oz	70,711 55 – 60,000
	Gold Ridge[3] oz	45,121 75 – 90,000
	Simberi oz	44,251 45 – 50,000
	Consolidated oz	374,402 355 – 395,000
	Mined Grade
	Gwalia g/t	8.4
	King of the Hills g/t	4.6
	Gold Ridge g/t	1.4
	Simberi g/t	1.0
	Total Cash Operating Costs[1]
	Gwalia $/oz	688 720 - 750
	King of the Hills $/oz	973 1,040 - 1,090
	Gold Ridge $/oz	1,987 1,100 - 1,190
	Simberi $/oz	2,136 1,850 – 1,950
	Consolidated $/oz	1,070 1,000 – 1,055
	Capital Expenditure Gwalia $M King of the Hills $M Gold Ridge $M Simberi $M	33 45 - 50 12 12 - 15 7 14 – 18 32 30 – 33
	Consolidated **$M **	84 101 - 116

• [1] Non-IFRS measure, refer page 11.

• [2] Guidance for Gwalia, King of the Hills and Gold Ridge as issued with the June 2013 Annual Report. Guidance for Simberi as revised in the March 2014 Quarterly report.

• [3] Gold Ridge operations suspended 3 April 2014, but full year guidance not revised.

St Barbara Limited Quarterly Report / June 2014

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All-In Sustaining Cost[1] June Quarter FY14	Gwalia King of the Hills Gold Ridge Simberi Group
Total Cash Operating Costs $/oz less operating development[2] $/oz Adjusted Cash Operating Costs $/oz Corporate & administration $/oz Corporate royalty $/oz Rehabilitation[3] $/oz Mine & operating development[2] $/oz Sustaining capital expenditure $/oz All-In Sustaining Cost $/oz	575 949 - 1,958 847 (28) (226) - - (66)
	547 723 - 1,958 781 61 61 - 61 61 18 18 - - 16 3 14 - 38 20 191 380 - 6 206 45 33 - 237 69
	865 1,229 - 2,300 1,153
All-In Sustaining Cost: Q3 Mar FY14 S/oz Q2 Dec FY14 $/oz Q1 SepFY14 $/oz	989 1,343 2,295 2,527 1,455 972 1,325 2,273 2,920 1,429 946 1,163 2,326 2,013 1,320

• [1] Non-IFRS measure (refer page 11), based on gold production in the quarter.

• [2] 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.

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

St Barbara Limited Quarterly Report / June 2014

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Gwalia, Leonora, WA

Gwalia Gold Production

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64.3
59.4
53.2 52.6
49.1
FY 13 FY 14 FY 14 FY 14 FY 14
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
koz
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Gwalia Mined Grade
9.0 8.7 9.1
8.2
7.7
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FY	13	FY	14	FY	14	FY 14	FY 14
Q4	Jun	Q1	Sep	Q2	Dec	Q3 Mar	Q4 Jun
				g/t	Au

Operations

• ˃ Gwalia exceeded the upper end of the FY14 production guidance by 10%, spending 27% less capital than anticipated and achieving a 4% lower cash cost per ounce compared to the lower end of guidance. The operation has performed above expectations consistently during FY14 through improved mining methods, and increased throughput in the process plant from better blending strategies and higher mill availability.

• ˃ Gwalia produced 59,389 ounces of gold for the quarter, well above expectations.

• ˃ Mined grade increased to 9.1 g/t Au due to less dilution as a result of improved blasting practices and localised higher grade shoots. Mined tonnes were slightly higher than plan, providing better grade material to the mill than the forecast low grade development ore.

• ˃ All-in Sustaining Cost of A$865 per ounce for the quarter was below previous quarters due mainly to increased production and higher grades.

Outlook

• ˃ Gwalia is expected to achieve production of between 180,000 and 200,000 ounces for FY15. Cash operating costs are expected to be between A$720 to $750 per ounce.

• ˃ Capital expenditure is expected to be between A$45 and $50 million, including continuing decline development and $6 million for an upgrade to the refrigeration plant.

Production Summary Gwalia Q3 Mar FY14 Q4 Jun FY 14 Year FY14	Production Summary Gwalia Q3 Mar FY14 Q4 Jun FY 14 Year FY14
Underground ore mined kt 178 209 811 Grade g/t 8.7 9.1 8.4 Low grade development ore & stockpiles milled kt 21 9 57 Grade g/t 3.1 3.8 2.9 Ore milled kt 190 217 851 Grade[1] g/t 8.4 8.8 8.1 Recovery % 96 97 96 Gold production oz 49,148 59,389 214,319 Cash Operating Costs[2] $ per ounce
Mining Processing Site services Stripping and ore inventory adjustments By-product credits Third party refining & transport Royalties Total cash operating costs Depreciation and amortisation Total operating costs	551 451 496 115 95 111 56 43 50 (103) (47) 1
	619 542 658 (3) (4) (4) 1 1 1 33 35 33
	650 574 688 228 221 224
	878 795 912

[1] Includes Gwalia mineralised waste.

[2] Non-IFRS measure, refer page 11.

[3] All-in sustaining cost shown on page 3.

St Barbara Limited Quarterly Report / June 2014

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King of the Hills, Leonora, WA

King of the Hills Gold Production

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19.4
17.2 17.2 16.8
12.9
FY 13 FY 14 FY 14 FY 14 FY 14
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
koz
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Operations

• ˃ King of the Hills exceeded the upper end of FY14 production guidance by 18%, with capex at the lower end of guidance and the cash operating cost per ounce 6% below the lower end of guidance.

• ˃ Gold production for the quarter of 19,421 ounces resulted from the higher grade of ore milled, including higher grade stockpiles available.

• ˃ Mining was primarily by cut and fill and room and pillar methods. Selective mining methods were applied to the Western Flank deposits in higher grade areas.

• ˃ Total cash operating costs of A$949 per ounce were lower than the previous quarter due mainly to the higher milled grade and resulting increased ounces. In the June quarter, King of the Hills generated $8 million net cash flow.

• ˃ The drilling program to test for extensions to the King of the Hills deposit has been completed and the mineral resource and ore reserve estimates as at 30 June 2014 will be reported at the end of August 2014.

Outlook

• ˃ The mine plan and schedule developed for the revised ore reserve estimate indicates that the mine life will extend beyond 31 December 2014. Based on this the operation is expected to achieve production of between 60,000 and 70,000 ounces for FY15.

Production Summary King of the Hills Q3 Mar FY14 Q4 Jun FY14 Year FY14	Production Summary King of the Hills Q3 Mar FY14 Q4 Jun FY14 Year FY14
Underground ore mined kt 105 108 472 Grade g/t 5.2 4.6 4.6 Ore milled kt 135 136 514 Grade g/t 4.1 4.6 4.5 Recovery % 95 96 95 Gold production oz 16,837 19,421 70,711 Cash Operating Costs[1] $ per ounce
Mining Processing Site services Stripping and ore inventory adjustments By-product credits Third party refining & transport Royalties Total cash operating costs Depreciation and amortisation Total operating costs	717 561 672 236 183 203 53 42 48 12 144 33
	1,018 930 956 (19) (17) (19) 1 1 1 35 35 35
	1,035 949 973 449 449 449
	1,484 1,398 1,422

[1] Non-IFRS measure, refer page 11.

[2] All-in sustaining cost shown on page 3.

• ˃ FY15 guidance for cash operating costs is in the range of A$1,190 to $1,240 per ounce and capital expenditure of A$15 to $19 million.

St Barbara Limited Quarterly Report / June 2014

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Gold Ridge, Solomon Islands

Gold Ridge Gold Production

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17.2
15.7
14.5 14.9
No
production
Q4 Jun
FY 13 FY 14 FY 14 FY 14 FY 140.0
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
koz
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Production Summary Gold Ridge Q3 Mar FY14 Q4 Jun FY14 Year FY14	Production Summary Gold Ridge Q3 Mar FY14 Q4 Jun FY14 Year FY14
Total ore & waste mined kt 1,178 - 3,693 Ore mined kt 463 - 1,425 Grade g/t 1.3 - 1.4 Ore milled kt 506 - 1,467 Grade g/t 1.3 - 1.4 Recovery % 73 - 67 Gold production oz 15,690 - 45,121 Cash Operating Costs[1] $ per ounce Operations suspended – no production in Q4
Mining Processing Site services Stripping and ore inventory adjustments By-product credits Third party refining & transport Royalties Total cash operating costs Depreciation and amortisation Total operating costs	657 646 945 925 346 384 12 (5)
	1,960 1,950 (8) (9) 6 7 44 46 Operations suspended – no production in Q4
	2,002 1,994 213 224
	2,215 2,218

[1] Non-IFRS measure, refer page 11.

[2] All-in sustaining cost shown on page 3.

Operations

• ˃ Production was suspended from 3 April 2014 due to torrential rainfall that subsequently developed into Tropical Cyclone Ita and the ensuing flooding. The FY14 year figures relate to the first three quarters of FY14.

• ˃ Gold Ridge Mining Limited (GRML) issued force majeure notices in April 2014 under the Mining Agreement and certain supply contracts as a result of the on-going suspension of operations. Two contributing factors outside of GRML’s control require the active management and involvement of the Solomon Islands Government (SIG) to address. They are:

• ˃ Continuing interruption to properly engineered access to the Tinahulu Bridge on the public site access road;

• ˃ The presence of several hundred illegal miners now encamped in the open pit mining areas.

Neither of these issues can be remedied without requisite action undertaken by the SIG.

• ˃ No gold production is anticipated for at least the remainder of the 2014 calendar year.

• ˃ GRML employees were prevented from entering the country until mid-June by an SIG imposed immigration ban. Since returning to Gold Ridge in mid-June, the GRML site team has been conducting an agreed range of site works.

• ˃ The site infrastructure and assets, including the processing plant, mining equipment, administration buildings and mine camp appear in good condition and have been properly secured with the ongoing assistance of the Royal Solomon Islands Police Force.

The focus of on-going work is the care and maintenance of the processing plant and lowering the level of rainwater in the Tailings Storage Facility (TSF). Dewatering has commenced following receipt of the relevant approvals.

• ˃ Approximately 3,800 ounces of gold in circuit was extracted and exported in July, in preparation for the processing plant to be placed on care and maintenance.

• ˃ Expenditure has been reduced consistent with the current scale of activities and dewatering, with the redundancy of a majority of expatriate employees and voluntary redundancies offered to local employees in July.

• ˃ Options for the future of the mine continue to be actively considered and evaluated in conjunction with the SIG. Options under active consideration include the possible sale of the operation, possible joint venture or reducing activities to care and maintenance.

• ˃ The Company is investigating with its insurance broker how its insurance policies respond to the current situation.

• ˃ The Company appreciates the patience shown by employees and landowners during this difficult period as it works towards a solution.

St Barbara Limited Quarterly Report / June 2014

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Simberi, Papua New Guinea

Operations

Simberi Gold Production

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12.9 12.8
11.7
10.8
8.9
FY 13 FY 14 FY 14 FY 14 FY 14
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
koz
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Production Summary Simberi Q3 Mar FY14 Q4 Jun FY14 Year FY14	Production Summary Simberi Q3 Mar FY14 Q4 Jun FY14 Year FY14
Total ore & waste mined kt 589 1,462 4,256 Ore mined kt 421 499 1,886 Grade g/t 1.0 1.1 1.0 Ore milled kt 368 463 1,714 Grade g/t 1.2 1.1 1.0 Recovery % 79 77 80 Gold production oz 10,847 12,755 44,251 Cash Operating Costs[1] $ per ounce
Mining Processing Site services Stripping and ore inventory adjustments By-product credits Third party refining & transport Royalties Total cash operating costs Depreciation and amortisation Total operating costs	489 530 579 717 735 765 793 653 752 232 0 (2)
	2,231 1,918 2,094 (6) (4) (5) 15 13 16 29 31 31
	2,269 1,958 2,136 191 378 249
	2,460 2,336 2,385

[1] Non-IFRS measure, refer page 11.

[2] All-in sustaining cost shown on page 3.

• ˃ Simberi gold production in the quarter was 18% higher than the previous quarter, and is the highest quarterly production since June 2013.

• ˃ Total ore and waste moved in the quarter increased 148% as a result of the addition of low engine hour haul trucks and improved maintenance strategies, resulting in higher availability, utilisation and mining performance.

• ˃ As previously reported the processing plant expansion continues to undergo significant debottlenecking and optimisation work to achieve reliable performance. This work is planned to continue into the first half of FY15.

• ˃ To maintain throughput capacity Simberi has been running both the new SAG mill and the Ball mill, resulting in a 26% increase in ore milled for the quarter. Both mills will continue to be run while the SAG mill performance is being optimised.

• ˃ Planned gold recoveries were not achieved in the quarter, primarily affected by carbon management, transitional sulphide ore in the mill feed, and early commissioning difficulties. The planned refurbishment of CIL tank number 2 was completed in May and along with the optimisation work in progress is expected to drive improvement in plant recovery.

• ˃ Total cash operating costs were 10% above revised guidance primarily due to higher mining costs from the write off of some waste material moved, and higher than planned maintenance costs on the plant.

Outlook

• ˃ Whilst mining capability at Simberi has improved and volumes mined have increased, Simberi has continued to underperform. Separate to the debottlenecking required of the processing plant expansion, existing plant infrastructure is now revealing a maintenance deficit.

• ˃ An engineering and maintenance program on the Simberi processing plant to diagnose the issues and implement a preventative asset management approach is underway. Guidance for Simberi will be updated following the completion of this task.

St Barbara Limited Quarterly Report / June 2014

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Discovery and Growth

Simberi, Tatau & Tabar Islands, Papua New Guinea (ML 136 and EL 609)

(Figure 1.0)

• ˃ On Simberi Island, the exploration program is focused on identifying additional near-mine higher grade oxide resources as potential ore feed sources to extend oxide mine life.

• ˃ Drilling was completed at Samat East (SDH320-SDH322) and Samat Swamp (SDH323; Figure 1.1).

• ˃ Monun Creek is located 200m southeast of the Sorowar oxide open pit mine (refer Figure 1.2) and is in close proximity to the processing plant.

• ˃ Significant drill intercepts are highlighted in Figure 1.2 with details of down-hole intercepts in Table 1. Results included:

• ˃ A soil sampling program (n=462) was completed at Nalu area on Tatau Island (see Figures 1.3 and 1.4). Fourteen samples returned assays of ≥ 0.5 g/t Au with a maximum value of 3.94 g/t Au. A new ≥ 0.1 g/t Au in soil anomaly was highlighted in between Nalu and Seraror.

Expenditure (unaudited)

• ˃ All expenditure on mineral exploration for the June 2014 quarter was expensed:

Australia A$0.8 million Pacific A$1.5 million

FY15 Guidance

• ˃ FY15 exploration guidance will be updated with the 2014 Financial Statements scheduled for release on 27 August 2014.

September 2014 Quarter

Monun Creek:

• ˃ SDH317: 22m @ 2.9 g/t Au from 1m (including 11m @ 4.5 g/t Au from 8m) and 23m @ 1.0 g/t Au from 28m

• ˃ SDH318: 19m @ 1.4 g/t Au from 22m

• ˃ Trenching was completed at Monun Creek, Pigiput East, Pigicow, Pigibo North and Samat East. Significant trench sampling results are highlighted in Figures 1.1 and 1.2 and include:

Pigicow:

• ˃ SIMTR552: 20m @ 1.4 g/t Au

• ˃ Exploration in Q1 September 2014 will focus on:

  • ˃ Continuing mapping and trenching on Simberi Island (ML 136) preparing follow-up drill programs for the best near mine higher grade oxide targets;

  • ˃ Commence initial mapping and sampling of West Simberi (EL 609).

  • ˃ Continuing mapping and trenching on Tatau Island, including Tugitugi and follow-up the new Au in soil anomaly highlighted SW of Nalu.

• ˃ The map below shows current and planned target areas for Q1 September 2014.

• ˃ SIMTR553: 20m @ 1.0 g/t Au

• ˃ SIMTR555: 20m @ 1.9 g/t Au, and 5m @ 4.5 g/t Au

• ˃ SIMTR752: 35m @ 1.4 g/t Au, and 30m @1.2 g/t Au Samat East:

• ˃ SIMTR557: 10m @ 1.7 g/t Au, and 25m @ 0.7 g/t Au

• ˃ Detailed prospect mapping, trenching and surface sampling of high ranked near mine oxide targets is ongoing at Monun Creek, Patan and Pigibo North.

Tatau Island :

(Figures 1.3 and 1.4)

• ˃ Detailed prospect mapping and surface sampling is ongoing at Mt Tiro, Nepewo, Nalu and Tugitugi on Tatau Island, with the specific aim of defining near-surface higher grade epithermal gold oxide mineralisation.

St Barbara Limited Quarterly Report / June 2014

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Health & Safety

• ˃ The Company-wide Total Recordable Injury Frequency Rate (TRIFR), calculated as a rolling 12 month average, reduced to 4.1 for the twelve months ended 30 June 2014, a significant improvement over the 6.0 TRIFR achieved for the year to 30 June 2013.

• This is an outstanding result for a combination of underground and open pit operations in multiple jurisdictions.

Financials (unaudited)

• ˃ 94,824 ounces of gold were sold in the June quarter, at an average realised gold price of A$1,391 per ounce (Q3 Mar: A$1,402 per ounce).

• ˃ Cash at bank at 30 June 2014 was A$81 million, including $2 million of restricted cash. The increase in the cash position during the quarter was primarily due to the drawdown of the remaining A$24 million under the Red Kite debt facility.

• ˃ Cash movements for the June 2014 quarter are summarised in the following table:

Cash balance (unaudited)	$M
Cash balance 31 March 2014 Net proceeds from Red Kite facility drawdown Net interest and finance costs Leonora - operating cash flow[1] Simberi - operating cash flow[1] - project capex Gold Ridge - operating cash flow[1] Rehabilitation and corporate capex Corporate costs[2] Corporate royalties Exploration Working capital movement Closing cash balance 30 June 2014	58 24 (14) 45 (12) (5) (8) (2) (7) (3) (2) 7
	81

• ˃ As at 30 June 2014 there were approximately 65,000 ounces of gold forward contracts to be delivered between July and September 2014 at a strike price of A$1,390 per ounce.

• In early July 2014 the Company sold forward 153,000 ounces at a strike price of A$1,415 per ounce, deliverable monthly from October 2014 to June 2015.

• ˃ All In Sustaining Costs have been calculated, as set out on page 3 of this report.

Asset impairment testing

• ˃ The carrying value of assets is subject to impairment testing as at 30 June 2014 as part of normal year end reporting processes. The assessment of carrying values is underway but is incomplete, and includes estimates of the quantities of recoverable minerals, future production levels, operating costs, capital requirements and economic assumptions used in valuations.

• ˃ The result of the assessment is subject to audit and will be included in the 2014 Financial Statements scheduled for release on 27 August 2014.

• ˃ At 31 December 2013 the reportable segment assets of Gold Ridge were $179 million. Given the suspension of operations and the uncertainty about the ability to resume operations at Gold Ridge, it is anticipated that a full impairment write off of the reportable segment assets at 30 June 2014 will occur as part of year end reporting.

• ˃ At 31 December 2013 the reportable segment assets of Simberi were $305 million, which included an acquired Mineral Rights asset of $125 million. Areas of significance in assessing the Simberi carrying value include a review of production, operating costs and capital expenditure, taking into account performance of this operation post commissioning of the new plant and an assessment of the resource utilisation. While no decision has been made it is likely that the review of Simberi will indicate an impairment of the carrying value in the range of $100 to $200 million after tax as at 30 June 2014.

Western Australia Government mineral royalty review

• ˃ Total interest bearing liabilities at 30 June 2014 of A$340 million included the Senior Secured Notes of US$250 million and the Red Kite debt facility of US$75 million.

• 1 Net of sustaining capex.

• 2 Includes carbon permits, corporate redundancy payments and restructuring consulting fees incurred in the quarter.

• ˃ The Company is participating in a coordinated gold industry response to the Western Australia Government’s mineral royalty review, known as the Gold Royalties Response Group (GRRG).

• ˃ The WA Premier has foreshadowed a possible increase in royalties payable on WA gold production. Independent research has confirmed any increase in gold royalty rates may result in mine closures, cutbacks in exploration, widespread job losses and have a negative flow-on effect for the WA economy.

St Barbara Limited Quarterly Report / June 2014

Page 9 of 12

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• ˃ The outcome of the government review is expected to be announced ahead of the 2015 WA State Budget.

The GRRG is working in collaboration with the Association of Mining and Exploration Companies and the Chamber of Minerals and Energy of Western Australia.

Corporate

• ˃ St Barbara has identified, by operation of its internal reporting mechanisms, the provision of benefits to a foreign public official that may violate its Anti-Bribery and Anti-Corruption Policy or applicable anti-corruption laws. The amount of the benefits is not material to the relevant years’ financial results.

St Barbara reported the matter to relevant authorities, including the Australian Federal Police, on 30 July 2014.

Board changes

• ˃ As previously announced:

• ˃ Mr Bob Vassie was appointed to the Board and as Managing Director and Chief Executive Officer effective 1 July 2014;

• ˃ Ms Betsy Donaghey resigned from the Board on 30 June 2014 to accept an appointment as a senior executive with an energy company; and

• ˃ Mr Tim Lehany resigned from the Board and as Managing Director and Chief Executive Officer on 30 June 2014.

• ˃ The composition of Board Committees at the date of this report is:

Organisational Review

• ˃ Following a detailed review of corporate costs, and having regard to organisational changes already implemented:

• ˃ The Company’s Brisbane office will close in Q1 FY15;

• ˃ The number of personnel in the Perth office has been reduced significantly, and will reduce further over coming months.

Share Capital at 30 June 2014

Issued shares Opening balance 31 March 2014 Share movement Closing balance 30 June 2014 Unlisted performance rights Opening balance 31 March 2014 Issued Lapsed Closing balance 30 June 2014	488,074,077 -
	488,074,077
	8,919,625 - (3,451,730)
	5,467,895

ASX & ADR

The Company’s shares are listed on ASX (ASX:SBM) and through American Depositary Receipts (ADR OTC: STBMY) traded in the USA.

Senior Secured Notes

Audit and Risk Committee

Doug Bailey (Chair)

Tim Netscher

Colin Wise

Remuneration Committee

Ines Scotland (Chair)

Doug Bailey Colin Wise

Health, Safety, Environment and Community Committee

Tim Netscher (Chair)

Ines Scotland

Issue	US$250 million
Closing bid at 30 June 2014	US$ 0.82625
Coupon	8.875% p.a.
Redemption date	15 April 2018
S&P rating	B-
Moody’s rating	Caa1

• ˃ Debt covenants under the Notes are not impacted by the suspension of Gold Ridge operations nor operational performance generally. The debt covenants include change of control provisions.

Scheduled Future Reporting

Date Report 27 August 2014 2014 Full Year Financial Report Resources & Reserves Statement Late October 2014 September 2014 Quarterly Report

[Dates are tentative and subject to change]

St Barbara Limited Quarterly Report / June 2014

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Non-IFRS Measures

• ˃ The Company supplements its 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 additional meaningful information to assist management, investors and analysts in understanding the 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).

• ˃ 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).

Competent Persons Statement

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 2013’ released to the Australian Securities Exchange (ASX) on 22 August 2013 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.

• ˃ Other than with respect to Ore Reserves at Gold Ridge, 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 22 August 2013 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. The suspension of operations at Gold Ridge is a consideration in the preparation of Ore Reserves for Gold Ridge at 30 June 2014 due to be released at the end of August 2014.

• ˃ 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 2013 Annual Report and Notice of 2013 Annual General Meeting released to the ASX on 18 October 2013. Increase in Ore Reserves is one of the performance measures under that plan.

• ˃ Full details are contained in the ASX release dated 22 August 2013 ‘Ore Reserves and Mineral Resources Statements 30 June 2013’ available at www.stbarbara.com.au.

St Barbara Limited Quarterly Report / June 2014

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Corporate Directory

St Barbara Limited ABN 36 009 165 066

Shareholder Enquiries

Computershare Investor Services Pty Ltd

GPO Box 2975

Board of Directors

Colin Wise .......................................... Non-Executive Chairman Bob Vassie ........................................ Managing Director & CEO Doug Bailey ........................................... Non-Executive Director Tim Netscher ........................................ Non-Executive Director Ines Scotland ........................................ Non-Executive Director

Executive Team

Bob Vassie ........................................ Managing Director & CEO Garth Campbell-Cowan .......................... Chief Financial Officer Ross Kennedy ................................................ Executive Advisor Katie-Jeyn Romeyn ............. EGM People and Business Services

Melbourne Victoria 3001 Australia Telephone (within Australia) 1300 653 935 Telephone (international) +61 3 9415 4356 Facsimile +61 3 9473 2500 www-au.computershare.com/investor

American Depositary Receipt enquires: BNY Mellon Depositary Receipts www.bnymellon.com/shareowner

Investor Relations Contact

Ross Kennedy, Executive Advisor + 61 3 8660 1900 Rowan Cole, Company Secretary + 61 3 8660 1900

Registered Office

Level 10, 432 St Kilda Road

Melbourne Victoria	3004	Australia
Telephone			+61 3 8660 1900
Facsimile			+61 3 8660 1999
Email			info@stbarbara.com.au
Website			www.stbarbara.com.au

Substantial Shareholders % of Holdings [1] M&G Investment Management Ltd[2 ] 14.4% Baker Steel Capital Managers 6.8% Franklin Resources Inc 6.7%

1. As notified by the substantial shareholders to 29 July 2014.

Australian Securities Exchange (ASX) Listing code “SBM”

1. M&G Group’s interest includes shares also disclosed by Vanguard Precious Metals & Mining Fund.

American Depositary Receipts (ADR OTC code “STBMY”) through BNY Mellon, www.adrbnymellon.com/dr_profile.jsp?cusip=852278100

Financial figures are in Australian dollars (unless otherwise noted).

St Barbara Limited Quarterly Report / June 2014

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Quarterly Report / June 2014
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Discovery and Growth Figures and Tables

Figure 1.0 Simberi Island Location Map, Papua New Guinea

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Figure 1.1 Simberi Drill Hole and Trenching Location Map, Papua New Guinea

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St Barbara Limited Quarterly Report / June 2014

Figures and tables i

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Figure 1.2 Simberi Drill Hole and Trenching Location Map, Papua New Guinea

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Figure 1.3 Tatau Island Location Map, Figure 1.4 Nalu Gold in Soil Contour Map, Papua New Guinea Papua New Guinea

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St Barbara Limited Quarterly Report / June 2014

Figures and tables ii

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Table 1: Significant Intercepts - Simberi, Tabar & Tatau Islands, Papua New Guinea

Hole No					Total	Vertical Depth mbs	Lode	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection
	North	East	RL		Depth
				Dip/ Azimuth
								From m	Length m	Gold grade g/t Au
Simberi Island,	Papua New	Guinea
SDH317 (Monun Ck)	209708	44678	118.9	-56 / 181	59.3		OX	1	22	2.9
including							OX	3	2	3.6
and							OX	8	11	4.5
							OX,TR,SU	28	23	1.0
including							OX,TR	37	1	5.1
SDH318 (Monun Ck)	209759	44684	124.7	-57/ 180	48.4		OX	22	19	1.4
including							OX	23	3	3.4
and							OX	36	2	2.5
SDH319 (Monun Ck)	209622	44623	107.7	-56 / 096	52.5		OX,TR	0	16	0.6
							TR,SU	25	7	0.7
							SU	39	13.5	1.0

NOTE:

Down hole intercepts are determined using a cut-off of 0.5 g/t Au with up to 5m of internal dilution. No high grade cut is applied. The reported intercepts are all down hole lengths.

St Barbara Limited Quarterly Report / June 2014

Figures and tables iii

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SIMBERI - JORC Code, 2012 Edition – Table 1

Contents

Drilling: Section 1 Sampling Techniques and Data Section 2 Reporting of Exploration Results Trenching: Section 1 Sampling Techniques and Data Section 2 Reporting of Exploration Results

- Drilling Section 1 Sampling Techniques and Data

Drilling- Section 1 Sampling Techniques and Data	Drilling- Section 1 Sampling Techniques and Data
(Criteria in this section applyto all succeedingsections.)
Criteria	Commentary
Sampling techniques	• Sampled using PQ (85mm), HQ (63.5mm) or HQ3 (61.1mm) and on occasion NQ2 (50.5mm) or NQ3 (45mm) sized core using standard triple tubes. Half core was sampled on nominal 1-metre intervals with the upper or left - hand side of the core prepped on-site to produce a 200gm pulp sample. A 50gm charge was then extracted from the 200gm pulp for Au fire assay and ME-ICP base metal analysis.
Drilling techniques	• PQ (85mm), HQ (63.5mm) or HQ3 (61.1mm) and on occasion NQ2 (50.5mm) or NQ3 (45mm) core recovered using 1.5m to 3m barrels. An Ezytrac survey instrument was used by the contractor rigs to orientate the core. The St. Barbara Limited-owned UDR650 rig is currently not set-up to conduct core orientation.
Drill sample recovery	• All holes are qualitatively geologically logged for lithology, structure and alteration and qualitatively and quantitatively logged for veining and sulphides. Holes are geotechnically logged with the following attributes qualitatively recorded - strength, infill material, weathering and shape. Whole core together with half core, were photographed when wet.
Logging	• All holes are qualitatively geologically logged for lithology, structure and alteration and qualitatively and quantitatively logged for veining and sulphides. Holes are geotechnically logged with the following attributes qualitatively recorded - strength, infill material, weathering and shape. Whole core together with half core, were photographed when wet.
Sub-sampling techniques and sample preparation	• Half core was sampled largely on 1 metre intervals. Core was cut with the upper or left-hand side of the core routinely submitted for total pulverisation (85% passing 75m). Quality control of sub-sampling consisted of insertion of blank control samples and blind re-submission of pulp and reject residues to original laboratory. The samples were fully prepared at the company’s on-site sample preparation facility on Simberi Island with 200g pulps sent to ALS Laboratory in Townsville. • Pulp residues are stored in Townsville for future re-assay if required.
Quality of assay data and laboratory tests	• Samples were analysed for gold using fire assay with a 50g charge and analysis by flame atomic absorption spectrometry. QC included insertion of 1 commercial standard; insertion of 1 blank control samples; 1 re-numbered sample pulp and 1 reject residues re-submitted for every 40 samples, to original laboratory. This equates to approximately 10% inserted QAQC samples including field and pulp duplicates, blanks and commercial standards. Results indicate that pulveriser bowls were adequately cleaned between samples. Overall, the analysis of gold was sound and re-analysis of pulps showed acceptable repeatability with no bias.
Verification of sampling and assaying	• Sampling data is recorded electronically which ensures only valid non-overlapping data can be recorded. Assay and downhole survey data are subsequently merged electronically. All drill data is stored in a SQL database on secure company server. No twin holes have been completed.
Location of data points	• All Simberi Island collars were surveyed by in-house surveyors using DGPS using Tabar Island Grid (TIG) which is based on WGS84 ellipsoid and is GPS compatible. Tatau and Tabar Island collars were surveyed by hand held GPS. All holes were downhole surveyed using either a Reflex or Ranger single shot camera with the first reading at about 15m and then approximately every 30m increments to the bottom-of-the hole.
Data spacing and distribution	• Drilling data is not yet sufficient to establish continuity of the lodes and therefore the drill spacing is irregular and broad spaced.

St Barbara Limited Quarterly Report / June 2014

Figures and tables iv

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Criteria	Commentary
Orientation of data in relation to geological structure	• Where surface mapping and sampling has contributed to understanding of outcropping geological structures, drilling and sampling has been undertaken orthogonal to the mapped structure. However, in many of the areas the lode orientation is not fully understood and hence the optimal drill direction has not yet been firmly established.
Sample security	• Only company personnel or approved contractors are allowed on drill sites; drill core is only removed from drill site to secure core logging/processing facility within the gated exploration core yard; core is promptly logged, cut and prepped on site. The 200gm pulps are then consigned to ALS in Townsville for Au-base metal analysis.
Audits or reviews	• No audits or reviews of sampling protocols have been completed.

- Drilling Section 2 Reporting of Exploration Results

Drilling- Section 2 Reporting of Exploration Results	Drilling- Section 2 Reporting of Exploration Results
(Criteria listed in theprecedingsection also applyto this section.)
Criteria	Commentary
Mineral tenement and land tenure status	• SBM has 100% ownership of the two tenements over the Simberi Islands; ML136 on Simberi Island, and EL609 which covers the remaining area of Simberi Island, as well as Tatau and Big Tabar.
Exploration done by other parties	• CRA, BHP, Tabar JV (Kennecott, Nord Australex and Niugini Mining), Nord Pacific, Barrick and Allied Gold have all previously worked in this area. Nord Pacific followed by Allied Gold were instrumental in the discovery and delineation of the 5 main oxide and sulphide deposits at Simberi.
Geology	• The Simberi gold deposits are low sulphidation, intrusion related adularia-sericite epithermal gold deposits. The dominant host rocks for mineralisation are andesites, volcanoclastics and lesser porphyries. Gold mineralisation is generally associated with sulphides or iron oxides occurring within a variety of fractures, such as simple fracture in-fills, single vein coatings and crackle brecciation in the more competent andesite units, along andesite/polymict breccia contact margins as well as sulphide disseminations. On Tatau and Big Tabar Islands, located immediately south of Simberi, potential also exists for porphyry Cu-Au, epithermal quartz Au-Ag and carbonate-base metal Au mineralisation.
Drill hole Information	• Drill hole information is included in intercept table outlining collar position obtained by DGPS pickup, hole dip and azimuth acquired from a downhole surveying camera as discussed in section 1, composited mineralized intercepts lengths and depth as well as hole depth.
Data aggregation methods	• Broad down hole intercepts are reported as length weighted averages using a cut-off of 0.5 g/t Au and a minimum grade*length of 5gmpt. Such intercepts may include material below cut-off but no more than 5 sequential meters of such material and except where the average drops below the cut-off. Selvage is only included where its average grade exceeds 0.5 g/t Au. • Using the same criteria for included sub-grade, supplementary cut-offs, of 2.5g/t Au, 5.0g/t Au and 10g/t Au, may be used to highlight higher grade zones and spikes within the broader aggregated interval. Single assays intervals are reported only where ≥5.0g/t Au and ≥1m down hole. In core holes, core loss is assigned zero grade. No high grade cut is applied. • No metal equivalent values are used for reporting exploration results.
Relationship between mineralisation widths and intercept lengths	• Down hole length is reported for all holes; true width is not known as the orientation of the orebody is not fully understood.
Diagrams	• Diagrams show all drill holes material and immaterial to Exploration Results.
Balanced reporting	• Details of all holes material to Exploration Results have been reported in the intercept table, and all other drillholes drilled during the reporting period are highlighted on diagrams included in the report.
Other substantive exploration data	• Included in the body of the report. Core holes are routinely measured for bulk density determinations to be used for future resource modeling.
Further work	• Included in the body of the report.

St Barbara Limited Quarterly Report / June 2014

Figures and tables v

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- Trenching Section 1 Sampling Techniques and Data

Trenching- Section 1 Sampling Techniques and Data	Trenching- Section 1 Sampling Techniques and Data
(Criteria in this section applyto all succeedingsections.)
Criteria	Commentary
Sampling techniques	• Sampling of trenches was done over measured intervals of between 1 and 5 meters dependent on geology. A geo-pick was used to collect a continuous channel sample from the trench faces across the designated interval with the samples collected in calico bags. Samples (3 to 5kg) were prepped on-site (jaw crushed, disk mill pulverised and then split) to produce a 200g pulp sample. A 50g charge was then extracted from the pulp for Au fire assay and ME-ICP base metal analysis.
Trenching/Benching techniques	• Trenches were created by both hand and mechanical techniques. Hand trenches were dug using spades, crowbars and shovels to depths of between 1 and 2 meters. Mechanised trenches were dug by an excavator or dozer exposing up to 5 meters of trench wall.
Drill sample recovery	• N/A
Logging / Mapping	• All trenches were qualitatively geologically mapped for lithology, structure and alteration.
Sub-sampling techniques and sample preparation	• Samples are routinely submitted for total pulverisation (85% passing <75m) at the company onsite sample preparation facility on Simberi Island. • 200g pulps are sent to ALS Townsville for analysis with 50g sub-sample taken. Pulp residues are stored in Townsville for future re-assay if required.
Quality of assay data and laboratory tests	• Samples were analysed for gold using fire assay with a 50g charge and analysis by flame atomic absorption spectrometry. No QAQC samples were submitted along with trench samples.
Verification of sampling and assaying	• Sampling data is recorded electronically which ensures only valid non-overlapping data can be recorded. Assay and trench survey data are subsequently merged electronically. All data is stored in a SQL database on secure company server.
Location of data points	• All trenches were initially surveyed by a handheld GPS to capture the trench start point. The GPS used the Tabar Island Grid (TIG) which is based on WGS84 ellipsoid. The path of the trench from the initial start point to the end was surveyed by Tape & Compass method. Trench interval coordinates were then generated using basic trigonometry.
Data spacing and distribution	• Trench data spacing is irregular and broad spaced.
Orientation of data in relation to geological structure	• Where preceding surface mapping and sampling of trenches has contributed to understanding of outcropping geological structures, trenching and sampling has been undertaken to extend the strike length of the mapped structure. However, in many of the areas the lode orientation is poorly understood.
Sample security	• Only company personnel or approved contractors are allowed on drill sites; drill core is only removed from drill site to secure core logging/processing facility within the gated exploration core yard; core is promptly logged, cut and prepped on site. The 200gm pulps are then consigned to ALS in Townsville for Au-base metal analysis.
Audits or reviews	• No audits or reviews of sampling protocols have been completed.

- Trenching Section 2 Reporting of Exploration Results

Trenching- Section 2 Reporting of Exploration Results	Trenching- Section 2 Reporting of Exploration Results
(Criteria listed in theprecedingsection also applyto this section.)
Criteria	Commentary
Mineral tenement and land tenure status	• SBM has 100% ownership of the two tenements over the Simberi Islands; ML136 on Simberi Island, and EL609 which covers the remaining area of Simberi Island, as well as Tatau and Big Tabar.
Exploration done by other parties	• CRA, BHP, Tabar JV (Kennecott, Nord Australex and Niugini Mining), Nord Pacific, Barrick and Allied Gold have all previously worked in this area. Nord Pacific followed by Allied Gold were instrumental in the discovery and delineation of the 5 main oxide and sulphide deposits at Simberi.

St Barbara Limited Quarterly Report / June 2014

Figures and tables vi

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Criteria	Commentary
Geology	• The Simberi gold deposits are low sulphidation, intrusion related adularia-sericite epithermal gold deposits. The dominant host rocks for mineralisation are andesites, volcanoclastics and lesser porphyries. Gold mineralisation is generally associated with sulphides or iron oxides occurring within a variety of fractures, such as simple fracture in-fills, single vein coatings and crackle brecciation in the more competent andesite units, along andesite/polymict breccia contact margins as well as sulphide disseminations. On Tatau and Big Tabar Islands, located immediately south of Simberi, potential also exists for porphyry Cu-Au, epithermal quartz Au-Ag and carbonate-base metal Au mineralisation.
Trench/Bench Information	• Included in the report text and annotated on diagrams.
Data aggregation methods	• Broad trench intercepts are spikes within the broader aggregated interval using a cut-off of 0.5 g/t Au and a minimum grade*length of 5gmpt. Such intercepts may include material below cut-off but no more than 5 sequential meters of such material and except where the average drops below the cut-off. Selvage is only included where its average grade exceeds 0.5 g/t Au. • Using the same criteria for included sub-grade, supplementary cut-offs, of 2.5g/t Au, 5.0g/t Au and 10g/t Au, may be used to highlight higher grade zones and spikes within the broader aggregated interval. Single assays intervals are reported only where ≥1.0g/t and ≥5m trench length is intercepted. No high grade cut is applied. • No metal equivalent values are used for reporting exploration results.
Relationship between mineralisation widths and intercept lengths	• Trench intercepts are sampled along the length of the trench and are reported for all trenches; true width is not reported.
Diagrams	• Diagrams show all trenches material and immaterial to Exploration Results.
Balanced reporting	• Details of all trenches material to Exploration Results have been reported in the text, and all other trenches dug during the reporting period are highlighted on diagrams included in the report.
Other substantive exploration data	• Included in the body of the report.
Further work	• Included in the body of the report.

St Barbara Limited Quarterly Report / June 2014

Figures and tables vii