ST BARBARA LIMITED — Interim / Quarterly Report 2014

Apr 28, 2014

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ASX Release / 29 April 2014
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Presentation on the March 2014 Quarterly Report and audio webcast

Tim Lehany, Managing Director & CEO, will brief analysts and institutional investors on the March 2014 Quarterly Report at 1:00 pm Australian Eastern Standard Time (UTC + 10 hours) today, 29 April 2014. Participation on the conference call is by 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.

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Rowan Cole Company Secretary

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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TIM LEHANY, MANAGING DIRECTOR & CEO / 29 April 2014
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March 2014 Quarterly Report

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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 / March 2014 Quarterly Report

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Diversified Australia-Pacific gold producer
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Simberi
Simberi
PNG
SI ˃ Low strip open pit mine
˃ FY14F 45-50 koz
Gold Ridge ˃ Near mine targets for
exploration
Leonora
˃ Two underground mines:
˃ Gwalia Mine
FY14F production: Australia
180 - 195 koz Gold Ridge
˃ King of the Hills Mine ˃ Operations suspended
Leonora
FY14F production: 3 April 2014 following
55-60 koz extreme rainfall – details
slide 11
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ASX Listed Company, founded 1969

Market cap A$112 million[1 ] Shares on issue 488 million[1 ] Ore Reserves 30 June 2013 5.2 Moz[2 ] Mineral Resources 30 June 2013 13.2 Moz[2 ]

1. Source: IRESS, 28 Apr 2014 @ $0.23

2. Refer ASX release 22 August 2013 ‘Ore Reserves and Mineral Resources Statements 30 June 2013’.

3 / March 2014 Quarterly Report

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Key Points
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• ˃ Q3 gold production was 92,522 oz (Q2 Dec 13: 93,577 oz)

• ˃ Australian Operations performed in line with expectations

• ˃ Simberi performance improved, but below expectation due to:

• ˃ Poor mobile fleet reliability

• ˃ Previously announced delayed ramp up of recently completed 3.5 Mtpa plant expansion

• ˃ Gold Ridge showed marginal improvement for Q3 but impacted by rain event in January

• ˃ Operations suspended 3 April (refer slide 11)

• ˃ Cash at bank was A$58 million at 31 March 2014[1 ]

• ˃ Debt restructured to eliminate gold loan repayments

• ˃ Corporate restructuring to reduce costs continuing

• ˃ Promising near mine exploration results at Simberi and Gold Ridge

• ˃ TRIFR[2] of 4.5 at 31 March 2014 in line with FY14 target

  1. Unaudited, inc. $2 million restricted cash

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

4 / March 2014 Quarterly Report

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Consolidated Gold Production
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107
17 97
94 93
87 15
15
13 16
14
12
9
13 11
15
17 17
17
17
64
53 53
49
41
FY 13 FY 13 FY 14 FY 14 FY 14
Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
koz
Gwalia King of the Hills Simberi Gold Ridge
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˃ Gwalia performed in line with expectations

˃ King of the Hills performed above expectations

˃ Gold Ridge and Simberi both increased production but lower than expected

5 / March 2014 Quarterly Report

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Gwalia: St Barbara’s cornerstone mine
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Gold Production

64.3 53.2 52.6 49.1 40.8 FY 13 FY 13 FY 14 FY 14 FY 14 Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar koz

˃ Leonora produced 1,000,000[th] ounce of gold since Gwalia recommissioned in October 2008

˃ Gold production in line with expectations

• ˃ Ore mined reduced to 178 kt as expected (Q2 Dec 13: 202 kt)

• ˃ Expect upper end of FY14 guidance for production

• ˃ Expect lower end of FY14 guidance for costs and capex

6 / March 2014 Quarterly Report

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Gwalia: Grade and costs
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Mined Grade & Cash Costs

Grade

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9.0
8.7
8.2 8.2
7.7
g/t Au
814 A$/oz
787
754
661 650
FY 13 FY 13 FY 14 FY 14 FY 14
Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
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• ˃ Q3 mined grade 8.7 g/t Au, included higher grade shoots

˃ Remainder FY14 mined grade expected around 8.0 g/t Au

˃ Majority of ore sourced from South West Branch (SWB)

Costs

˃ Q3 All-in Sustaining Cost[1] A$989 /oz

1. Non IFRS measure, refer slide 28

7 / March 2014 Quarterly Report

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King of the Hills: Delivering to plan
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Gold Production

˃ Q3 production exceeded expectations

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17.2 17.2
16.9 16.8
12.9
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FY 13 FY 13 FY 14 FY 14 FY 14
Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
koz
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˃ Optimisation of room and pillar method using split firing to differentiate ore from waste and increase the effective mined grade

˃ Est. 5.5 koz of gold contained in stockpiles at 31 March 2014 with processing priority given to higher grade ore from Gwalia

• ˃ Q3 quarter cash op. cost[1] A$1,035/oz

˃ Mineral Resource estimates underway for extensional drilling results from 1HFY14

1. Non IFRS measure, refer slide 28

8 / March 2014 Quarterly Report

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Simberi: Key to lower costs and lifting production is
optimising the new processing circuit
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Gold Production

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15.1
12.9
11.7
10.8
8.9
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˃ Signs of improvement

˃ Previously announced production impacted by poor equipment availability and delay on ramp up of recently completed plant expansion

˃ Plant rectification work progressing to new work plan as announced on 25 March 2014

˃ Necessary permits granted for ramp up in production to 3.5 Mtpa

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FY 13 FY 13 FY 14 FY 14 FY 14
Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
koz
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9 / March 2014 Quarterly Report

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Gold Ridge: Incremental improvement
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Gold Production

17.2 15.7 14.9 14.5 14.0 FY 13 FY 13 FY 14 FY 14 FY 14 Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar koz

˃ Marginally higher gold production, impacted by 148 hours plant downtime in Feb primarily to replace conveyor belt

˃ Gold Ridge recovery increased, exceeded 75% for month of March

˃ Q3 cash operating cost[1] A$2,002/oz impacted by low throughput volumes

1. Non IFRS measure, refer slide 28

10 / March 2014 Quarterly Report

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Gold Ridge – Operations suspended, ready to return to site
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• ˃ Operations suspended 3 April 2014 and site evacuated 7 April following torrential rain to ensure safety of workforce

• ˃ Access road cut, unable to deliver diesel and other essential supplies to maintain habitation

• ˃ Force Majeure notices issued under certain mining and supply agreements

• ˃ Operating team ready to return to site since 14 April 2014 to:

˃ Assess status of mine

˃ Undertake site stabilisation works

˃ Evaluate what is required to resume mining operations

• ˃ Comprehensive work plans provided to Solomon Island Government

• ˃ Continuing dialogue with Solomon Island Government to arrange return to site

• ˃ The outcome of proposed site assessment will be a key input to strategic review

11 / March 2014 Quarterly Report

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Discovery & Growth

March 2014 Quarterly Report

12 /

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Exploration – Simberi Islands, PNG
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Simberi Island

• ˃ Exploration has identified potential near mine, higher grade, oxide targets

• ˃ Further encouraging gold results[1] from trenching and drilling oxide mineralisation at near-mine prospects on Simberi including trenches :

Samat East: SIMTR546:

• ˃ 40m @ 2.7 g/t Au

• ˃ 10m @ 15.6 g/t Au

• Monun Creek: SIMTR544:

• ˃ 75m @ 1.7 g/t Au

• Patan: SIMTR533: ˃ 20m @ 3.6 g/t Au

Figure 1.0

1. ASX release 29 April 2014 ‘Quarterly Report March 2014’

13 / March 2014 Quarterly Report

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Exploration - Gold Ridge, Solomon Islands
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Guadalcanal Island

˃ Drilling adjacent to Dawsons open pit, producing further encouraging gold results[1] in the March quarter including:

DGD025[2]

˃ 31m @ 1.3 g/t Au from 10m; DGD026[1]

• ˃ 12m @ 0.8 g/t Au from 8m,

• ˃ 1m @ 28.6 g/t Au from 29m,

• ˃ 2m @ 17.6 g/t Au from 48m,

• ˃ 7m @ 2.2 g/t Au from 69m,

• ˃ 7m @ 1.2 g/t Au from 122m,

• ˃ 1m @ 94.9 g/t Au from 177m

Drilling is currently suspended – refer slide 11

Figure 2.0

1. ASX release 29 April 2014 ‘Quarterly Report March 2014’ 2. All intercepts down hole

14 / March 2014 Quarterly Report

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Finance
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At 31 March 2014[1] :

• ˃ A$58 million cash (inc. $2 million restricted cash)

• ˃ A $24 million undrawn facility available under Red Kite debt facility

• ˃ A$337 million interest bearing liabilities

• Inc. US $250 million Senior Secured Notes + US $53 Red Kite debt facility

• No more gold loan repayments required

• Suspension of Gold Ridge has not impacted debt covenants

˃ Approx. 131 koz of gold forward contracts remaining to be delivered between April and September 2014

1. Unaudited

15 / March 2014 Quarterly Report

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Cash Balance
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Cash balance	A$M 70 (7) 19 (2) 28 (21) (7) (1) (9) (2) (5) (5) 58
Cash balance 31 December 2013 Gold loan repayments Net proceeds from Red Kite facility restructure Net interest and finance costs Leonora – operating cash flow[1] Pacific Ops – operating cash flow[1] – project capex Rehabilitation and corporate capex Corporate costs[2] Corporate royalties Exploration Working capital movement Closing cash balance 31 March 2014

1. Net of sustaining capex.

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

16 / March 2014 Quarterly Report

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Conclusion
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˃ Australian operations performing well and maintain guidance

• ˃ Simberi rectification work on the new 3.5Mtpa processing circuit progressing to plan

• ˃ Expect Simberi to be cash flow positive in December 2014

• ˃ Gold Ridge suspended pending safe return to site

• ˃ Site assessment will be a key input to strategic review

• ˃ Promising exploration results at Simberi and Gold Ridge

˃ Cash management remains a focus and cost reduction initiatives continuing

17 / March 2014 Quarterly Report

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Appendices

March 2014 Quarterly Report

18 /

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Consolidated Production Summary
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				Q1 Sep FY14	Q2 Dec FY14	Q3 Mar FY14
Production	Gwalia	oz		53,230	52,552	49,148
	King of the Hills	oz		17,249	17,205	16,837
	Gold Ridge	oz		14,519	14,912	15,690
	Simberi	oz		11,741	8,908	10,847
	Consolidated	oz		96,739	93,577	92,522
Mined Grade	Gwalia	g/t		7.7	8.2	8.7
	King of the Hills	g/t		4.4	4.4	5.2
	Gold Ridge	g/t		1.6	1.4	1.3
	Simberi	g/t		1.0	0.9	1.0
Total Cash Operating Cost1,2	Gwalia	$/oz		754	787	650
	King of the Hills	$/oz		902	1,008	1,035
	Gold Ridge	$/oz		1,991	1,988	2,002
	Simberi	$/oz		1,874	2,577	2,269
	Consolidated	$/oz		1,102	1,189	1,139

1. Non IFRS measure, refer slide 28

19 / March 2014 Quarterly Report

1. Unaudited

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||||||
|---|---|---|---|---|
|Gwalia Production Summary|
|Q1 Sep|Q2 Dec|Q3 Mar|
|FY14|FY14|FY14|
|Underground ore mined|kt|224|200|178|
|Grade|g/t|7.7|8.2|8.7|
|Low grade ore & stockpiles|kt|16|12|21|
|Grade|g/t|2.2|2.9|3.1|
|Ore milled|kt|231|214|190|
|Grade|g/t|7.5|8.0|8.4|
|Recovery|%|96|96|96|
|Gold production|oz|53,230|52,552|49,148|
|Cash Operating Costs|[1,2]|$ per ounce|
|Mining|495|497|551|
|Processing|116|118|115|
|Site services|54|51|56|
|Stripping and ore inventory adjustments|58|89|(103)|
|723|755|619|
|By product credits|(5)|(4)|(3)|
|Third party refining & transport|1|1|1|
|Royalties|35|35|33|
|Total cash operating costs|754|787|650|
|Depreciation and amortisation|223|226|228|
|Total operating costs|977|1,013|878|
|1.|Non IFRS measure, refer slide 28|
|20|/|March 2014 Quarterly Report|
|2.|Unaudited|

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King of the Hills Production Summary
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	Q1 Sep FY14 Q2 Dec FY14 Q3 Mar FY14
Underground ore mined kt Grade g/t Ore milled kt Grade g/t Recovery % Gold production oz Cash Operating Costs1 ,2 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	135 124 105 4.4 4.4 5.2 117 126 135 4.8 4.5 4.1 95 95 95 17,249 17,205 16,837 $ per ounce
	720 704 717 183 213 236 50 49 53 (69) 30 12
	884 996 1,018 (20) (20) (19) 1 1 1 37 31 35
	902 1,008 1,035 449 449 449
	1,351 1,457 1,484

1. Non IFRS measure, refer slide 28 2. Unaudited

21 / March 2014 Quarterly Report

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Gold Ridge Production Summary
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	Q1 Sep FY14 Q2 Dec FY14 Q3 Mar FY14
Ore mined kt Grade g/t Ore milled kt Grade g/t Recovery % Gold production oz Cash Operating Costs1,2 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	431 531 463 1.6 1.4 1.3 476 485 506 1.6 1.4 1.3 60 68 73 14,519 14,912 15,690 $ per ounce
	596 682 657 948 882 945 410 397 346 (8) (19) 12
	1,946 1,942 1,960 (9) (8) (8) 7 7 6 47 47 44
	1,991 1,988 2,002 244 215 213
	2,235 2,203 2,215

1. Non IFRS measure, refer slide 28 2. Unaudited

22 / March 2014 Quarterly Report

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Simberi Production Summary
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	Q1 Sep FY14 Q2 Dec FY14 Q3 Mar FY14
Ore mined kt Grade g/t Ore milled kt Grade g/t Recovery % Gold production oz Cash Operating Costs1,2 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	513 452 421 1.0 0.9 1.0 459 423 368 0.9 0.8 1.2 83 79 79 11,471 8,908 10,847 $ per ounce
	562 782 489 731 915 717 706 902 793 (168) (69) 232
	1,831 2,530 2,231 (5) (7) (6) 15 25 15 33 29 29
	1,874 2,577 2,269 205 193 191
	2,079 2,770 2,460

1. Non IFRS measure, refer slide 28 2. Unaudited

23 / March 2014 Quarterly Report

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All-In Sustaining Cost
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Q3 March FY14	Q3 March FY14	Gwalia	King of the Hills	Gold Ridge	Simberi	Group
Total Cash Operating Costs	$/oz	650	1,035	2,002	2,269	1,139
less operatingdevelopment2	$/oz	(38)	(205)	-	-	(57)
Adjusted Cash OperatingCosts	$/oz	612	830	2,002	2,269	1,082
Corporate & administration	$/oz	73	73	73	73	73
Corporate royalty	$/oz	21	21	17	-	18
Rehabilitation3	$/oz	3	17	56	44	19
Mine & operatingdevelopment2	$/oz	240	392	7	8	201
Sustainingcapital expenditure	$/oz	40	10	140	133	62
All-InSustaining Cost1,4Q3 Mar FY14	$/oz	989	1,343	2,295	2,527	1,455
Q2 Dec FY14	$/oz	972	1,325	2,273	2,920	1,429
Q1 SepFY14	$/oz	946	1,163	2,326	2,013	1,320

• [1] Non-IFRS measure. 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).

• [2] Amortisation of operating development is adjusted from “Total Cash Operating Costs” in order to avoid a double count 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.

• [4] The strong cash generating potential of the Gwalia mine is demonstrated by the low All-in Sustaining Cost of A$989 per ounce. The relatively high costs for Gold Ridge and Simberi are discussed in their respective sections on pages 5 and 7 of the ASX release 29 April 2014 ‘Quarterly Report March 2014’.

24 / March 2014 Quarterly Report

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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
4.7
4.5
4.0
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Improving safety performance

˃ TRIFR consistent with FY14 target

˃ TRIFR includes Pacific Operations from September 2012

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FY 09 FY 10 FY 11 FY 12 FY 13 Q1 Q2 Q3
FY14 FY14 FY14
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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

26 / March 2014 Quarterly Report

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Competent Persons Statement
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Exploration Results

The information in this presentation that relates to Exploration Results is based on information compiled by Dr Roger Mustard, who is a Fellow 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 presentation 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 presentation 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.

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.

Refer ASX release 22 August 2013 ‘Ore Reserves and Mineral Resources Statements 30 June 2013’ available at www.stbarbara.com.au.

27 / March 2014 Quarterly Report

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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).

28 / March 2014 Quarterly Report