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ASX Release / 25 February 2015
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Presentation on the December 2014 Half Year Financial Report

Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the December 2014 Half Year Financial Report at 10.00 am Australian Eastern Daylight Time (UTC + 11 hours) today, Wednesday 25 February 2015. 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 Mr Tim Duncan Hinton & Associates +61 3 9600 1979 St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T +61 3 8660 1900 F ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

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

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Bob Vassie, Managing Director & CEO / 25 February 2015
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December 2014 Half Year 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 / December 2014 Half Year Results / 25 February 2015

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Outline
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Deep Drill Rig at Gwalia, 13 Feb 2015
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˃ St Barbara Overview

˃ Safety
˃ Operational Results
˃ Financial Results
˃ Leonora
˃ Simberi & Exploration
˃ Gold Ridge
˃ Conclusion ˃ Appendices

3 / December 2014 Half Year Results / 25 February 2015

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Overview of operations
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Simberi
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Simberi

˃ Open pit mine
˃ FY15F production:
Leonora 70-80 koz Gold Ridge
Solomon ˃ Target annualised
˃ Two underground mines: production 100 koz Islands
˃ Gwalia Mine ˃ Near mine targets for FY15F production: exploration 200-210 koz, estimated mine life 9+ years based on reserves[1 ] Australia Gold Ridge
˃ King of the Hills Mine Leonora FY15F production: ˃ Operation suspended April 50 – 55 koz 2014
˃ Operation suspended April 2014
˃ Negotiating transfer to Solomon Islands Govt. or sale

ASX listed Company (SBM), founded 1969

˃ Shares on issue 495 M ˃ Market Cap[2] A$106 M ˃ Ore Reserves 30 June 2014 5.2 Moz[1] ˃ Mineral Resources 30 June 2014 13.2 Moz[1]
Refer ASX announcement released 27 August 2014 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2014’.
As at 20 February 2015, $0.215 ea

4 / December 2014 Half Year Results / 25 February 2015

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Start safe, stay safe
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Total Recordable Injury Frequency Rate

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12.5
9.0
6.0
4.9
4.7
4.1
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Safety performance

˃ TRIFR[1] of 4.7 at 31 Dec 2014

˃ Continued good results for mixed jurisdiction underground / open pit combination

˃ Simberi recently had 887 days LTI[2] free[3 ]
˃ TRIFR includes Pacific Operations from September 2012

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FY 11 FY 12 FY 13 FY 14 Q1 Q2
FY15 FY15
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Total Recordable Injury Frequency Rate (12 month avg)
Lost time injury – an injury that results in time off work
LTI occurred on 13 Feb 2015.

5 / December 2014 Half Year Results / 25 February 2015

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Operations 1H FY15
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˃ Leonora, Western Australia (Gwalia and King of the Hills mines)
˃ Gwalia record production in Q2 December 2014
˃ King of the Hills anticipated to cease production Q4 June 2015
˃ Simberi, Papua New Guinea
˃ Record production in Q2 December 2014
˃ Cash flow positive in month of December 2014
˃ Anticipated to reach target 100,000 oz pa production run rate in Q4 June 2015
˃ Gold Ridge, Solomon Islands
˃ Remains suspended since flooding in April 2014
˃ Reviewing strategic and legal options
˃ Results from deep drilling at Gwalia – to be released separately
˃ Encouraging drilling results from near mine targets at Simberi[1 ]
˃ Benefits of company wide cost reductions to become apparent in 2H FY15
For full explanation and results refer to ASX release 28 January 2015 ‘Quarterly Report December 2014’

6 / December 2014 Half Year Results / 25 February 2015

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Consolidated Gold Production & AISC
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AISC
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A$1,455
A$1,429
A$1,344
A$1,153
A$1,042
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Production

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98
94 93 92
17
15 16 13
69
9 12
11
19
17 13
17
11
69
59
53
49
45
FY 14 FY 14 FY 14 FY 15 FY 15
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
koz
Gwalia King of the Hills Simberi Gold Ridge S
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˃ 1H production consistent with FY15 guidance

˃ Q1 production lower due to 2 week maintenance shutdown at Leonora

˃ Record production at Gwalia and Simberi in Q2 Dec 2014

˃ Q2 consolidated AISC[1] A$1,042 per ounce (Q1: A$1,344 / oz)

˃ 1H realised gold price A$1,415 per ounce (2013: A$1,419/ oz)

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

All-In Sustaining Cost, Non IFRS measure, refer slide 38

7 / December 2014 Half Year Results / 25 February 2015

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1H FY15 financial highlights
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Result - Significant improvement on corresponding prior half year

˃ Statutory loss after tax $20 million (2013: $87 million loss)
˃ Underlying loss after tax[1] $13 million (2013: $47 million loss)
˃ Improved operating performance at Leonora
→ increased segment profit $53 million (2013: $45 million profit)
˃ Improving operating performance at Simberi
→ reduced segment loss $14 million (2013: $35 million loss)
˃ Gold Ridge suspended since April 2014
→ reduced loss from discontinued operations $12 million (2013: $46 million loss)

Cash flow

˃ Cash flow from operating activities $22 million (2013: $6 million)
˃ Cash flow used in investing activities $35 million, well down on prior corresponding period (2013: $49 million)

Balance sheet

˃ Cash and equivalents at 31 December 2014 $68 million[2 ]
˃ A$390 million debt primarily comprises US$250 million Senior Secured Notes and US$75 Red Kite Facility plus lease liabilities (further details on slide 10)
Non-IFRS measure, refer slide 38 2. Excludes $2 million restricted cash

8 / December 2014 Half Year Results / 25 February 2015

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1H FY15 financial highlights
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	1H FY15 A$M	1H FY14 A$M
Average gold price realised	A$1,408/oz	A$1,419/oz

Profit
˃ Statutory loss after tax	(20)	(87)

˃ Significant items after tax	6	(41)
˃ Underlying EBITDA1	51	37
˃ Underlying NPAT1	(13)	(47)

Cash Flow
˃ Cash flows from operating activities	22	6
˃ Cash inflows /(outflows) after funding capex2	(13)	(42)

Non-IFRS measure, refer slide 38
Cash flows from operating activities less payments for PPE, development & capitalised exploration

9 / December 2014 Half Year Results / 25 February 2015

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1H FY15 financial highlights (continued)
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	1H FY15 A$M	1H FY14 A$M
Investment in operations
˃ Capital expenditure	35	492
˃ Exploration expenditure3	4	14

	Dec 2014	Jun 2014
Cash & debt
˃ Cash balance1	68	79
˃ Total interest bearing debt > inc US$M (US$250M notes, US$75M Red Kite) > A$M4equivalent of US$ 325M > lease liabilities > Total	US$ 325M A$M 384 6 390	US$ 325M A$M 330 10 340

Excludes restricted cash $2 M (Jun 2014: $2M)
Includes $4M GRML
Exploration expenditure included in cash flows from operating activities 4. Increase in A$ due to fall in exchange rate

10 / December 2014 Half Year Results / 25 February 2015

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US$ debt vs. US$ based revenue, acts as a natural hedge [1 ]
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Rev vs Debt US$

Rev vs Debt Rev vs Debt A$ @ 0.80 A$ @ 0.75

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A$ 536M
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A$ 503M
A$ 433M
US$ 402M A$ 406M
US$ 325M
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US$

A$0.80

A$0.75

Revenue Debt

˃ Revenue based on FY15F guidance mid point 332 koz
˃ Assumed gold price US$1,210/oz
˃ Debt = US$250 million Senior Secured Notes + US$75 million Red Kite Facility
˃ Debt ≈ 81% of revenue in each scenario
˃ FX examples @ A$0.80 (gold A$1,512/oz) and @ A$0.75 (gold A$1,613/oz)
˃ Illustration excludes hedge of 102 koz @ A$1,415/oz for Jan-June 2015
Non-IFRS measure, refer slide 38

11 / December 2014 Half Year Results / 25 February 2015

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Segment contribution - all segments improved
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Leonora

˃ Lower mine operating costs and depreciation with similar production led to increased segment profit

Simberi

˃ 45% increase in gold production (H on H) and no impairment key drivers behind reduced segment loss
˃ Cash positive in month of Dec 2014

Gold Ridge

˃ Suspension of production in April 2014 of previously unprofitable operations resulted in significantly reduced loss. Minimal expenditure subsequent to Dec 2014.

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Segment Profit
A$M
70
50
30
10
-10
-30 impairment
-50
Leonora Simberi Gold Ridge
1H FY14 1H FY15
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12 / December 2014 Half Year Results / 25 February 2015

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Key changes to underlying profit in 1H FY15
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Underlying Profit After Tax Reconciliation
10
-47 -13
-
(10)
(20) 3
1 2
(30)
9
6
(40) 1 3
(50) 9
(60)
1H FY14 Gold Ridge Gross Profit Gross Loss - Exploration D&A Net Income tax Corporate + 1H FY15
- Aust Ops Simberi Ops Financing expense Other
Costs
A$ Million
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˃ Improvement in Australian Operations due to ˃ improved mining practices

Exploration expenditure was lower as a result of reduced activity within Australia and the Pacific

˃ Improvement in Simberi reflects operational improvement
˃ Improvement from Gold Ridge reflects the reduction in operations.
˃ Decrease in D&A due mainly to lower production from King of the Hills and as result of the 30 June 2014 write down at Simberi.
Non-IFRS measure, refer slide 38

13 / December 2014 Half Year Results / 25 February 2015

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Cash movement 1H FY15
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150
59 -15
-6
125 -4
-12
-6
-18
100
81
-3
-6
75 70
50
25
0
Cash Jun Leonora Ops Simberi Ops Gold Ridge Exploration Corporate Other Debt interest Other Working Cash Dec
2014 [1] Ops financing capital 2014 [1]
A$ Million
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Includes $2M restricted cash

14 / December 2014 Half Year Results / 25 February 2015

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Reconciliation of Statutory loss to EBITDA
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A$’000	Statutory loss to EBITDA 1	Significant Items	Underlying loss to EBITDA 1

Statutory net loss after tax	(19,879)	6,418	(13,461)
Adjustments:
Net finance costs	20,911	-	20,911
Discontinued operations finance costs	144	-	144
Income tax expense	6,739	(154)	6,585
Interest revenue			(443)
EBIT ~~1~~			13,736
Depreciation and amortisation			37,646
EBITDA 1			51,382

Non-IFRS measure, refer slide 38 and Interim Financial Report to 31 Dec 2014 p3

15 / December 2014 Half Year Results / 25 February 2015

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Leonora Operations, Australia
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16 / December 2014 Half Year Results / 25 February 2015

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Future Gwalia – Drilling Plan (Long Section View)
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Refer separate ASX Announcement 25 February 2015 ‘Gwalia Deeps hole successfully intersects Gwalia Mine Sequence’

17 / December 2014 Half Year Results / 25 February 2015

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Gwalia – Schematic Lode Plan View
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Feb 2015
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18 / December 2014 Half Year Results / 25 February 2015

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Leonora – targeting higher production
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Ore Pass system

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19 / December 2014 Half Year Results / 25 February 2015

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Leonora – targeting higher production
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Northern abutment stopes

Waste rock disposal below ground – three strategies

Concurrent Stope filling

Redundant level development

20 / December 2014 Half Year Results / 25 February 2015

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Simberi Operations, Papua New Guinea
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21 / December 2014 Half Year Results / 25 February 2015

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Simberi: Month of December 2014 net cash flow positive
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Gold Production

˃ Record production[1 ] for Q2 of

17,294 oz (at AISC[2] of A$1,619 / oz)

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17.3
12.8 12.7
10.8
8.9
FY 14 FY 14 FY 14 FY 15 FY 15
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
koz
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˃ Record production[1 ] for month of December of 6,816 oz (at AISC[2] of A$1,196 / oz )

˃ Production benefited from operating SAG and ball mill circuits in parallel
˃ Engineering and maintenance program now focussed on ore delivery system
˃ FY 15 guidance maintained:
- ˃ Achieve 100,000 oz p.a. run rate in Q4 June 2015
- ˃ 70-80,000 oz in FY 15
- ˃ Marginally cash flow positive in Q3, Cash flow positive in Q4
Under St Barbara ownership
Non IFRS measure refer slide 38

22 / December 2014 Half Year Results / 25 February 2015

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Simberi: Continued improvement in ore milled
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Ore milled last 3 quarters

Gold production last 6 months

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620
6.8
536
463 5.5
5.0 5.0
4.9
2.7
FY14 FY15 FY15 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14
Q4 Jun Q1 Sep Q2 Dec
koz
kt
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23 / December 2014 Half Year Results / 25 February 2015

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Exploration – focus on near mine targets at Simberi
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Results for drilling completed at Monun Creek (SRCH001 to SRCH004 and SDH324 to SDH334) were received, including [1]

Results included:

SRCH002: 16m @ 3.5 g/t Au from 6m, including 6m @ 7.2 g/t Au from 10m

SDH327: 41m @ 1.2 g/t Au from 0m, and 26m @ 1.4 g/t Au from 47m

SDH328: 24m @ 3.3 g/t Au from 11m, including 1m @ 45.6 g/t Au from 28m

SDH331: 80m @ 1.4 g/t Au from 30m to EOH (end of hole)

Figure 1.0

For full explanation and results refer to ASX release 28 January 2015 ‘Quarterly Report December 2014’

24 / December 2014 Half Year Results / 25 February 2015

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Gold Ridge
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˃ Negotiations with the Government regarding the potential transfer of Gold Ridge to the Government have made little progress during the half

˃ No agreement has been reached with the Government on the critically necessary de-watering of the tailings storage facility, despite Gold Ridge Mining Limited (GRML) installing pumping infrastructure in anticipation of such approval ˃ The Company and GRML are reviewing their respective strategic and legal options in relation to these matters

˃ Expenditure at Gold Ridge minimal since December quarter

25 / December 2014 Half Year Results / 25 February 2015

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Conclusion
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˃ St Barbara turnaround trend is evident in the half year results

˃ Segment results improved for Leonora and Simberi

˃ Cash flow from operations improved
˃ Gold Ridge expenditure now minimal

˃ Corporate restructuring complete

˃ Looking for further operational improvements
˃ Targeting to increase production at Gwalia in FY 16
˃ Achieve 100,000 oz p.a. at Simberi in Q4 June FY 15

˃ Looking to extend resources

˃ Encouraging near mine drilling results at Monun Creek at Simberi[2 ]
˃ Deep drilling results at Gwalia – to be released separately
During St Barbara ownership
For full explanation and results refer to ASX release 28 January 2015 ‘Quarterly Report December 2014’

26 / December 2014 Half Year Results / 25 February 2015

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Appendices

27 / December 2014 Half Year Results / 25 February 2015

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Significant items in NPAT 1H FY15
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$M	NPAT Redundancy costs Net effect of hedge and FX Realised gain on derivatives Underlying NPAT [2]	NPAT Redundancy costs Net effect of hedge and FX Realised gain on derivatives Underlying NPAT [2]	NPAT Redundancy costs Net effect of hedge and FX Realised gain on derivatives Underlying NPAT [2]
		(13) (1)
	1 7 (20)

For details refer Interim Financial Report to 31 Dec 2014 p4 2. Non-IFRS measure, refer slide 38.

28 / December 2014 Half Year Results / 25 February 2015

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Production summary
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	Q1 Sep FY15 Q2 Dec FY15 Guidance FY153
Production Gwalia oz King of the Hills oz Simberi oz Consolidated oz Mined Grade Gwalia g/t King of the Hills g/t Simberi g/t Total Cash Operating Cost 1,2 Gwalia A$/oz King of the Hills A$/oz Simberi A$/oz Consolidated A$/oz All-in Sustaining Cost1,2 Gwalia A$/oz King of the Hills A$/oz Simberi A$/oz Consolidated A$/oz	45,391 68,589 200 - 210,000 10,793 12,034 50 - 55,000 12,639 17,294 70 - 80,000
	68,823 97,917 320 - 345,000
	7.9 9.0 4.1 4.2 1.1 1.1 767 611 710 -740 1,085 1,093 1,230 -1,280 2,032 1,489 1,200 -1,300
	1,048 825 890 – 940
	1,086 883 1,407 1,123 2,205 1,619
	1,344 1,042

Non IFRS measure, refer slide 38 2. Unaudited

29 / December 2014 Half Year Results / 25 February 2015

Guidance revised in December 2014 Quarterly Report

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Hedging & Debt at 31 Dec 2014
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˃ Gold forward sales of 102,000 oz at A$1,415/oz

˃ For period January to June 2015

˃ A$390 million Debt comprises

˃ Senior Secured Notes US$250 million (A$292 million)

˃ repayable April 2018 ˃ no performance covenants

˃ US$75 million Red Kite debt facility (A$92 million) ˃ amortises in eight quarters commencing Sep 2015 ˃ No performance covenants

˃ A$6 million lease liabilities

30 / December 2014 Half Year Results / 25 February 2015

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Strong institutional share register
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Top 100 Shareholding Structure

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Institutions
58% UK, 17%
Private
15%
Australia, 29%
USA, 13%
Europe, 7%
Asia, 3%
Unallocated /
not analysed
27%
Other / not analysed, 31%
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Other / not analysed, 31%

Analysis and geographic spread of Top 100 Shareholders as at 15 January 2015

31 / December 2014 Half Year Results / 25 February 2015

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Wide broker coverage
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Significant Shareholders[[1] ]

Broker Research Coverage

Hunter Hall Investments Ltd 13.8% M&G Investment Mgt Ltd 8.3% Franklin Resources Inc 6.6%

Franklin Resources Inc 6.6% Ruffer LLP 5.6%

Canaccord Reg Spencer Deutsche Bank Chris Terry

Institutional Shareholders[[2]] 58% Shares on issue[[3]] 495M

Approved Depositary Receipts (ADR) are trading in USA (ADR OTC: STBMY)

As at 19 February 2015 as advised by shareholders.
As at 15 January 2015
As at 31 January 2015

32 / December 2014 Half Year Results / 25 February 2015

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Board of Directors
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S J Colin Wise Chairman – Non Executive

Appointed 2004

Mr Wise is an experienced corporate lawyer, consultant and company director with significant expertise in the mining and exploration industry and resources, energy and corporate sectors.

He spent 24 years with WMC, 10 of which as General Counsel and subsequently, 4 years as Counsel to a New York law firm. He has extensive practical experience in Australia and internationally with a wide range of corporate, operational and legal matters.

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Bob Vassie Managing Director and CEO

Appointed July 2014

Mr Vassie is a mining engineer with 30 years international mining industry experience, including as Managing Director and CEO of Inova Resources Limited (formerly Ivanhoe Australia Limited) and 18 years with Rio Tinto in a range of senior management roles.

He has particular experience in operations management, resource development strategy, mine planning, feasibility studies, business improvement, corporate restructuring, and strategic procurement.

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Tim Netscher Director– Non Executive

Appointed February 2014

Mr Netscher was the Managing Director of Gindalbie Metals Limited from 2011 to 2013, and is currently the Non-Executive Chairman of Deep Yellow Limited, a Non-Executive Director of Aquila Resources Limited, Gold Road Resources Limited and a Non-Executive Director of Western Areas Limited, all ASX listed companies.

Douglas W Bailey Director– Non Executive

Appointed 2006

Mr Bailey was the Chief Financial Officer of Woodside Petroleum Ltd between 2002 and 2004 and previously, was an Executive Director of Ashton Mining Limited from 1990 to 2000, including the last 3 years as Chief Executive Officer. He also was a Non Executive Director of Aurora Gold Ltd for the period 1993-2000.

A chemical engineer, he is an experienced international mining executive with extensive operational, project development, and transactional experience and expertise in senior executive management roles.

33 / December 2014 Half Year Results / 25 February 2015

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Executive Leadership Team
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Bob Vassie Managing Director and CEO

Appointed 2014

He has particular experience in operations management, resource development strategy, mine planning, feasibility studies, business improvement, corporate restructuring, and strategic procurement.

Garth Campbell-Cowan Chief Financial Officer

Joined 2006

Garth is a Chartered Accountant with over 25 years experience in finance and management positions across a number of different industries. Garth is responsible for the Group’s Finance function, covering financial reporting and accounting, treasury, taxation, business analysis, capital management, procurement and information technology.

Prior to joining St Barbara, he was Director of Corporate Accounting at Telstra and has held senior finance leadership roles with WMC, Newcrest Mining and ANZ.

34 / December 2014 Half Year Results / 25 February 2015

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Ore Reserves & Mineral Resources at 30 June 2014
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% of Ore Reserves
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Leonora,
Simberi,
WA
Papua
44%
New
Guinea
43%
Gold
Ridge, SI
13% [2]
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˃ Total Proved and Probable Ore Reserves 69.1 Mt @ 2.3 g/t Au for 5.16 Moz[1]

˃ Gwalia Ore Reserves increased after depletion to 7.3 Mt @ 8.2 g/t Au for 1.91 Moz

˃ Represents indicative 9+ year mine life, open at depth
˃ Simberi ore reserves containing 2.2 Moz include :

Ore Reserves (Moz)[1 ]

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5.24 5.16
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2.53
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FY 12

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FY 13 FY 14
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  - ˃ Oxide ore (plus oxide circuit treatable transition ores) reserves 24.3 Mt @ 1.2 g/t Au for 0.9 Moz

  - ˃ Sulphide ore reserves 19.9 Mt @ 2.0 g/t Au for 1.3 Moz

˃ Gold Ridge proved and probable Ore Reserves 14.6 Mt @ 1.4 g/t Au for 0.7 Moz[2 ]
Refer ASX announcement released 27 August 2014 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2014’
Gold Ridge is reported with a general qualification that while economic based on the on-going mine plan, Gold Ridge Mining Limited (GRML) issued force majeure notices in April and August 2014 under the Mining Agreement as a result of the on-going suspension of operations. Refer ASX announcement in footnote 1. for further detail.

35 / December 2014 Half Year Results / 25 February 2015

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Mineral Resources Summary as at 30 June 2014
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Mineral Resources are inclusive of Ore Reserves

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and
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Refer ASX announcement released 27 August 2014 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2014’ available at www.stbarbara.com.au for full details.

36 / December 2014 Half Year Results / 25 February 2015

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Ore Reserves Summary as at 30 June 2014
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Refer ASX announcement released 27 August 2014 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2014’ available at www.stbarbara.com.au for full details.

Includes 1.3 Moz ounces of gold in sulphide ore
Gold Ridge is reported with a general qualification that while economic based on the on-going mine plan, Gold Ridge Mining Limited (GRML) issued force majeure notices in April and August 2014 under the Mining Agreement as a result of the on-going suspension of operations. Refer ASX announcement in footnote above for further detail.

37 / December 2014 Half Year Results / 25 February 2015

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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)
˃ Refer December 2014 Quarterly Report available at www.stbarbara.com.au for example
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)
EBITDA ˃ Earnings before interest, income tax expense, depreciation and amortisation Gearing ˃ Net debt ÷ (net debt + equity)
Natural hedge ˃ A natural hedge matches cash inflows and outflows to some degree, however, it is imperfect. It reduces but does not eliminate risk.
Net debt ˃ Interest bearing borrowings – cash and cash equivalents (including restricted cash) Significant items ˃ Items included in IFRS Net Profit After Tax that the Board and Management consider may not be indicative of, or are unrelated to, core operating results (such as profit or loss on gold options, or the sale of tenement rights)
˃ Refer Interim Financial Report to 31 Dec 2014 (p4) for details, available at www.stbarbara.com.au

Underlying net profit ˃ Net profit after tax excluding identified significant items after tax

˃ Refer Interim Financial Report to 31 Dec 2014 (p3) for details, available at www.stbarbara.com.au

38 / December 2014 Half Year Results / 25 February 2015

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Competent Persons Statement
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Exploration Results

The information in this report that relates to Exploration Results for Simberi and Gold Ridge 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.

The information in this report that relates to Exploration Results for Gwalia and the Leonora region is based on information compiled by Mr Robert Love, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Love 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’. Mr Love 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, Mr de Vries and Mr Love 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.

39 / December 2014 Half Year Results / 25 February 2015

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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: [email protected]

40 / December 2014 Half Year Results / 25 February 2015

AI assistant

ST BARBARA LIMITED — Interim / Quarterly Report 2015

65749_rns_2015-02-24_722406f9-a612-41e8-8195-4991b6ae4683.pdf

Presentation on the December 2014 Half Year Financial Report

December 2014 Half Year Presentation

˃ St Barbara Overview

Simberi

ASX listed Company (SBM), founded 1969

Total Recordable Injury Frequency Rate

Safety performance

Production

Cash flow

Balance sheet

Leonora

Simberi

Gold Ridge

Ore Pass system

Northern abutment stopes

Gold Production

˃ St Barbara turnaround trend is evident in the half year results

˃ Segment results improved for Leonora and Simberi

Appendices

˃ Gold forward sales of 102,000 oz at A$1,415/oz

Top 100 Shareholding Structure

Significant Shareholders[[1] ]

Broker Research Coverage

S J Colin Wise Chairman – Non Executive

Appointed 2004

Bob Vassie Managing Director and CEO

Appointed July 2014

Tim Netscher Director– Non Executive

Appointed February 2014

Douglas W Bailey Director– Non Executive

Appointed 2006

Bob Vassie Managing Director and CEO

Appointed 2014

Garth Campbell-Cowan Chief Financial Officer

Joined 2006

Ore Reserves (Moz)[1 ]

FY 12

Mineral Resources are inclusive of Ore Reserves

More from ST BARBARA LIMITED

ST BARBARA LIMITED Interim / Quarterly Report 2015