ST BARBARA LIMITED — Interim / Quarterly Report 2016

Apr 19, 2016

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ASX Release / 20 April 2016
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Presentation on Q3 March 2016 Quarterly Report and audio webcast

Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the Q3 March 2016 Quarterly Report at 10:00 am Australian Eastern Standard Time (UTC + 10 hours) on Wednesday 20 April 2016. Participation on the conference call is by personal invitation only.

A live audio webcast of the briefing will be available on St Barbara’s website at www.stbarbara.com.au/investors/webcast/ or by clicking here. The audio webcast is ‘listen only’ and does not enable questions. The audio webcast will subsequently be made available on the website.

Investor Relations Mr Rowan Cole Company Secretary +61 3 8660 1900 Media Relations Ms Nerida Mossop Hinton & Associates +61 3 9600 1979 St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T +61 3 8660 1900 F 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 / 20 April 2016
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Q3 March 2016 Quarterly Presentation

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Disclaimer
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This presentation has been prepared by St Barbara Limited (“Company”). The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment.

This presentation may contain forward-looking statements that are subject to risk factors associated with exploring for, developing, mining, processing and sale of gold. Forward-looking statements include those containing such words as anticipate, estimates, forecasts, should, will, expects, plans or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, and which could cause actual results or trends to differ materially from those expressed in this presentation. Actual results may vary from the information in this presentation. The Company does not make, and this presentation should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, of such statements or assumptions. Investors are cautioned not to place undue reliance on such statements.

This presentation has been prepared by the Company based on information available to it, including information from third parties, and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained in this presentation.

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

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

2 / Q3 March 2016 Quarterly Presentation

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Contents
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˃ Highlights

• ˃ Safety

˃ Operations Results

˃ Exploration and Growth Studies

• ˃ Finance

• ˃ Conclusion

• ˃ Appendices

3 / Q3 March 2016 Quarterly Presentation

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Highlights Q3 March 2016
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˃ Consolidated FY16 gold production guidance increased to between 369 to 384 koz (was 354 to 379 koz)

˃ Q3 gold production of 92 koz above expectation

˃ Gwalia materials handling conceptual study to be informed by deeper drilling ˃ exploration targeting potential new Northern Extension

• ˃ Simberi produced 110,488 ounces for last 12 months

˃ Sulphide PFS – project metrics support an additional 8 year mine life

˃ strategic review progressing to schedule

˃ Cash contribution[1] increased to A$71 million for the quarter (Q2: A$57 M) ˃ Further significant debt reduction during quarter of US$27 million (Q2: US$33 million) plus additional US$10 million in April ˃ Record safety performance: TRIFR[2] of 2.7

• ˃ Joined ASX 200 , S&P improved credit rating to B (from B-)

• Non-IFRS measure of site operational free cash flow, refer table page 13, 19 April 2016 ‘Quarterly Report March 2016’

• Total Recordable Injury Frequency Rate (12 month avg)

4 / Q3 March 2016 Quarterly Presentation

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Start safe, stay safe
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Total Recordable Injury Frequency Rate[2 ]

Safety performance

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9.0
6.0
5.0
4.1 4.1
3.4
2.7
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• ˃ 31 March 2016 TRIFR[1] a record low of 2.7

˃ PNG Mining safety Week March 2016, focus on:

˃ Boating

˃ Light vehicles

˃ Chainsaw

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FY 12 FY 13 FY 14 FY15 Q1 Q2 Q3
FY16 FY16 FY16
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1. Total Recordable Injury Frequency Rate (12 month avg)

5 / Q3 March 2016 Quarterly Presentation

1. TRIFR includes Pacific Operations from September 2012

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Consolidated gold production Q3 Mar 2016
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AISC
(A$/oz) 979 992
947
863
798
Production (koz)
111 111
99
22 92 92
30
27
12
9 28 25
15
77
72
64 66
57
FY 15 FY15 FY16 FY16 FY16
Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
Gwalia King of the Hills Simberi
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Q3 March FY16 Quarter:

• ˃ Consolidated company production of 92 koz (Q2: 92 koz)

• ˃ Gwalia 66 koz (Q2: 64 koz)

• ˃ Simberi 25 koz (Q2: 28 koz)

• ˃ Consolidated Q3 AISC[1] A$947/oz

• (Q2: A$992/oz)

• ˃ FY 16 Guidance revised:

• Production of between 369 – 384 koz (was 354 – 379 koz)

• AISC of between A$960/oz and A$1,000/oz (was A$990 -A$1,060/oz)

• Capex of between A$39M and A$44M (was A$40M - A$47M)

koz

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

1. Non IFRS measure, refer corresponding slide in Appendix

6 / Q3 March 2016 Quarterly Presentation

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Gwalia gold production – FY16 guidance increased to
260 – 265 koz (was 245 – 260 koz)
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AISC
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(A$/oz)
860 846
770
692
645
Mined Grade
10.2
(g/t Au) 9.7
8.6
9.7 7.9 June 2015
Reserve grade
9.4 g/t Au
Production (koz)
77.0
72.4
66.1
63.5
57.2
FY 15 FY 15 FY16 FY16 FY16
Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
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Q3 March FY16 Quarter:

˃ 66,147 oz produced in Q3 (Q2: 63,533 oz)

˃ AISC[1] of A$770/oz (Q2: A$846/oz)

˃ Higher than expected mined grade of 10.2 g/t Au led to production being better than anticipated and an upgrade to FY16 guidance

˃ FY 16 Guidance increased:

• Production of between 260 – 265 koz (was 245 – 260 koz)

• AISC of between A$800/oz and A$820/oz (was A$840/oz - A$900/oz)

• Capex of between A$29M and A$32M (was $A30M – A$35M)

• Non IFRS measure, refer corresponding slide in Appendix

7 / Q3 March 2016 Quarterly Presentation

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Simberi: 110 koz for year to 31 March 2016
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AISC (A$/oz)
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1,619
1,404
1,310
1,252
1,149
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Production (koz)
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29.4
28.4
27.1
25.4
22.5
FY 15 FY 15 FY 16 FY 16 FY 16
Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
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Q3 March FY16 Quarter:

• ˃ 25,433 oz produced in Q3 (Q2: 28,379 oz)

• ˃ 110,488 oz produced for the year to 31 March 2016, exceeding the 100,000 oz p.a. target run rate for the fourth consecutive quarter

• ˃ New mine pit ‘Pigibo’ brought into production in the quarter, impacting ounces and costs. AISC[1] in Q2 and Q3 included capex related to the mining fleet upgrade amounting to approx. A$6M

• ˃ FY 16 Guidance maintained:

• Production of between 100 – 110 koz

• AISC of between A$1,350/oz and A$1,430/oz

• Capex at A$10M to A$12M

• Non IFRS measure, refer corresponding slide in Appendix

8 / Q3 March 2016 Quarterly Presentation

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Gwalia exploration program - update
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Sunrise Gwalia, March 2016

9 / Q3 March 2016 Quarterly Presentation

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Gwalia Deeps – Extension exploration Q4 and into FY17
2000 - 2200 mbs down plunge and Southern Extension
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Figure 6.0

1. For full explanation and results refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

10 / Q3 March 2016 Quarterly Presentation

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Gwalia exploration program - Summary
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Exploration at Gwalia

3 programs

Northern Extension Target

1800 – 2000 mbs

2000 – 2200 mbs Down plunge plus Southern Extension Target

Figure 5.0

1. For full explanation and results refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

11 / Q3 March 2016 Quarterly Presentation

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Gwalia exploration – Northern Extension drilling target
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Figure 3.0

1. For full explanation and results refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

12 / Q3 March 2016 Quarterly Presentation

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Gwalia exploration – Northern Extension drilling target
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Northern Extension

New program targeting prospective zones higher in the mine sequence. Intersections include[1] :

• UGD2391

5.7m @ 12.6 g/t Au from 1,639 mbs

• UGD2401

24.5m @ 5.3 g/t Au from 1,644 mbs

• The intersections are less than 100m away from current development.

Exploration of up-plunge extensions will be investigated by daughter holes from pre-existing surface drilling. This part of the program is anticipated to be undertaken during FY17.

Figure 4.0

1. For full explanation and results refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

13 / Q3 March 2016 Quarterly Presentation

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Gwalia deep drilling results – 1800 to 2000 mbs
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New intercepts 1800- 2000 mbs

Confirm mineralised system extends predictably

Anticipated to be reflected in annual Resources and Reserves Statement. New intersections include[1] :

GWDD17BW1 South Gwalia Series 2 3.3m @ 28.6 g/t Au from 2,057 mbs

GWDD17C Main Lode 1.3m @ 72.6 g/t Au from 2,002 mbs

GWDD17C South West Branch 10.2m @ 3.6 g/t Au from 2,012 mbs

Daughter hole GWDD17B was abandoned with core recovered via wedge hole GWD17BW1

Figure 1.0

1. For full explanation and results refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

14 / Q3 March 2016 Quarterly Presentation

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Gwalia Deeps – Extension exploration Q4 and into FY17
2000 - 2200 mbs down plunge and Southern Extension
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Figure 7.0

1. For details refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

15 / Q3 March 2016 Quarterly Presentation

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Gwalia - materials handling update
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16 / Q3 March 2016 Quarterly Presentation

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Gwalia - materials handling update
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• ˃ Studies commenced in Q1 Sep 2015 in parallel with deep drill program to ensure a materials handling solution available to support anticipated new resource estimation.

˃ Options included:

• ˃ 7m diameter blind sink shaft with skip hoisting

• ˃ 5m diameter raise bore single pass and two stage shaft with either skip hoisting or vertical conveyor

• ˃ Underground crushing and hydraulic slurry pumping

• ˃ Additional ventilation to facilitate continued truck haulage.

• ˃ Truck haulage with additional ventilation has been identified as the likely solution based on current drilling to 2,000 mbs, decision to be informed by results of deep drilling to 2,200 mbs.

• ˃ Ventilation is the primary constraint to maximising production and enabling deeper mining and potentially allow concurrent mining of additional lodes.

• ˃ Additional ventilation has significantly lower capital investment and lower project and operating risk than the other options.

17 / Q3 March 2016 Quarterly Presentation

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Gwalia materials handling – comparison of options table
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Option	Capex1 (A$M)	Capex (ratio)	NPV2 (ratio) 2015 Reserve	NPV3 (ratio) 900 ktpa to 2,000 mbs	Construction time	**Risk4 **
Indicative results at conceptual study accuracy
Trucking (and ventilation)	65	1	1	1	n/a	Low
Blind Sink	220	3.4	0.6	0.9	4+ years	Medium
Raise Bore	200	3.1	0.6	0.9	3+ years	Medium
Vertical Conveyor	180	2.8	0.7	1.0	4 years	High
Hydraulic Vertical Pump	190	2.9	0.8	0.9	3 years	Medium - High

1. Indicative midpoint capex (+/-20%) at conceptual study accuracy with various assumptions

2. Indicative midpoint NPV estimate mining 2015 Ore Reserve to 1,800 mbs

3. Indicative midpoint NPV estimate mining 2015 Ore Reserve to 1,800 mbs and then mining at 900 ktpa to 2000 mbs

4. Risk considers project risk based on investigation of similar projects, and operating risk based on utilisation of technology globally

18 / Q3 March 2016 Quarterly Presentation

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Gwalia materials handling ––
Commentary on comparison of options table
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• ˃ The benefits of each option need to be evaluated against capex and design and execution complexity.

• ˃ The lost production during major underground construction is a significant consideration

• ˃ All the materials handling options require upgrading of ventilation, particularly Hydraulic Vertical Pumping.

• ˃ Net present value modelling indicates that trucking generates:

• ˃ Best return on existing ore reserves down to 1,800 mbs

• ˃ Equal best return should mining be able to continue at 900 ktpa down to 2,000 mbs.

• ˃ Only significant increase to orebody tenor at 2,000 to 2,200 mbs would favour a larger capex option.

• ˃ Ongoing trucking will require investment in two new ventilation shafts to maintain current production volume, study due in Q4 June 2016.

• ˃ Truck technology and trucking optimisation studies due in Q1 September 2016.

• ˃ Investment decision due in Q2 December 2016.

19 / Q3 March 2016 Quarterly Presentation

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Simberi Sulphide PFS
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20 / Q3 March 2016 Quarterly Presentation

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Simberi Sulphide PFS
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Simberi: Mining at Pigibo 14 March 2016

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• ˃ Project could extend mine life at Simberi by eight years (beyond current oxide mine life).

˃ Project will utilise existing infrastructure, incl. mills, wharf, airstrip, power station & camp.

• ˃ Independent review of the underlying resource estimate nearing completion

• ˃ Some updates to parameters previously announced (next slide)

˃ Flotation circuit selling concentrate minimises high capital downstream processing on island.

• ˃ The PFS will inform the ongoing strategic review.

21 / Q3 March 2016 Quarterly Presentation

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Simberi PNG – PFS parameters
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Scope	Produce and sell gold concentrate from sulphide ore and gold doré from oxide ore
Ore Reserves at 30 June 20151	Sulphide: 19.9 Mt @ 2.0 g/t Au for 1,285 koz of contained gold Oxide: 19.1 Mt @ 1.3 g/t Au for 818 koz of contained gold2
Capex	US$100 million (A$135 million at A$/US$ 0.75) comprising: • US$43 million processing plant • US$42 million mining fleet (consider contracting as alternative) • US$15milliongeneralsiteinfrastructure
Production	Sulphide - average annual production c. 130,000 ounces over 8 years (1 Moz in total) Oxide – annualproduction within the Project varies(80,000* oz in total)
Mill throughput	2.0 Mtpa for Sulphides, 3.5 Mpta for Oxides
Sulphide Recovery	c. 84%*
Output	Gold concentrate @ 35+ g/t Au* from sulphide ores, 90% payable Gold doré from oxide ores
All-In Sustaining Cost3	US$930 to US$990 per ounce

*Indicates a change from the parameters in the progress report advised on 23 February 2016.

For details, refer ASX announcements 19 April 2016 ‘Q3 March 2016 Quarterly Report’

The above project metrics are based on the PFS and subject to the assumptions contained therein. The results may change as the PFS resource independent review is completed. It is envisaged that further optimisation and value engineering activities will continue on the Project during the strategic review.

1. Refer ASX release 25 August 2015 ‘Ore Reserves and Mineral Resources Statements as at 30 June 2015’

2. Parts of the existing oxide reserve are contained within the Sulphide Project pit shell, and are subject to optimisation of the existing oxide operation

3. Non-IFRS measure, refer corresponding slide in Appendix

22 / Q3 March 2016 Quarterly Presentation

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Simberi Strategic Review [1 ]
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• ˃ Company is evaluating Simberi Sulphide Project and its PNG assets against the Company’s other potential investment opportunities

• ˃ Decision on the Sulphide Project will be required by Q3 March 2017 to maintain continuous production

• ˃ Cutfield Freeman & Co assisting the Company to conduct the Review

• ˃ The Strategic Review is anticipated to take approximately 6 months to complete and will explore a range of options for the Company’s PNG assets including:

˃ continued ownership, exploration and development

˃ joint ventures

˃ divestment of some or all of the assets.

• ˃ The evaluation of all options under the Strategic Review is progressing to schedule, including the identification of likely interested parties.

• Refer ASX Announcement 23 February 2016 ‘December 2015 Half Year Report’.

23 / Q3 March 2016 Quarterly Presentation

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Cash and debt
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		June 14 A$M	June 15 A$M	Sep 15 A$M	Dec 15 A$M	Mar 16 A$M
Cash balance1		79	77	115	100	114
Interest bearing debt ˃ US Senior Secured Notes ˃ Red Kite ˃ Total USD$ debt ˃ A$ equivalent3 ˃ Lease liabilities ˃ Total FX2 US$ US$ US$	FX2 US$ US$ US$	0.9430 250 75 325	0.7713 196 75 271	0.7010 183 66 249	0.7306 180 36 216	0.7657 168 21 189
		A$ 344 10 354	A$ 350 5 355	A$ 353 5 358	A$ 296 3 299	A$ 246 2 248
Developments in March Quarter 2016 ˃ Repurchase additional US$12 million Senior Secured Notes ˃ US$15 million Red Kite repayment
15 April 2016 - additional US$10 million Red Kite repayment

1. Excludes restricted cash (amount varies by quarter, A$1.5 M for Mar 2016) 2. Reuters

2. A$ equivalent excluding transaction costs

24 / Q3 March 2016 Quarterly Presentation

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Debt and hedging at 31 March 2016
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US Senior Secured Notes

• ˃ US$250 million issued March 2013, US$168 million balance at 31 Mar 2016

• ˃ 6 monthly interest payments in arrears each April and October

• ˃ Interest payments fixed at 8.875% p.a., matures April 2018

• ˃ US$82 million repurchased between June 2015 and end March 2016

Red Kite debt facility

• ˃ Originally scheduled for eight equal quarterly principal repayments (start Q1 Sep 2015, end Q4 June 2017)

• ˃ Accelerated repayment: US$54 million principal repaid between September 2015 and in March 2016

• ˃ Balance remaining at 31 March 2016 US$21 million

• ˃ Further US$10 million paid on 15 April 2016, anticipate will extinguish by 30 June 2016

Hedging FY16

• ˃ 25,000 ounces remained to be delivered between April and June 2016 at A$1,600 per ounce (this hedge announced on 8 April 2015 of initially 100,000 ounces, to secure a reliable cash margin on Simberi’s FY16 gold production).

• ˃ 30,000 ounces remained of the zero cost collar comprising put options (priced at US$1,187 per ounce) and call options (priced at US$1,287 per ounce) for the period April to June 2016 (this hedge announced on 15 February 2016 of initially 40,000 ounces, to reduce US dollar gold price risk on remaining Red Kite debt facility).

Hedging FY17

• ˃ 50,000 ounces of gold forward contracts to be delivered in monthly instalments between July and December 2016 at US$1,260 per ounce (this hedge announced today, to reduce US dollar gold price risk associated with repayment of the remaining US Senior Secured Notes)

25 / Q3 March 2016 Quarterly Presentation

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Cash and Debt FY15 and H1 FY16
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Debt, Cash Balance & Contribution from Operations (FY15 to present)

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420
AUD Debt [2,3 ]
390
367
355 358
325 325 325
299
USD Debt [2 ] 271
249 248
233
216
189
179
115 114
108
Cash balance [1 ] 100
77
70
56
80
70 69 71
Cash Contribution [4 ] 57
10 32
FY15 FY15 FY15 FY15 FY16 FY16 FY16 April
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar 2016
Cash Contribution Cash balance USD Debt AUD debt
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US$/AUD$M

1. Excluding restricted cash 2. A$/US$ exchange rates per Reuters 3. A$ equivalent excl. transaction costs

2. Cash contribution as per cash movement table in Quarterly Reports (eg: p13, 19 April 2016 ‘Q3 March Quarterly Report’)

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Conclusion
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˃ Continued strong gold production at Gwalia and Simberi in Q3 has led to a further increase in FY16 production guidance and additional accelerated debt reduction

˃ FY16 guidance anticipates record annual production for both assets ˃ Gwalia:

• ˃ materials handling to be informed by deep drilling, current drill results indicate trucking with additional ventilation as most likely solution

• ˃ exploration targeting potential new Northern Extension, down-plunge and Southern Extension

˃ Simberi

• ˃ Sulphide PFS – project metrics support 8 year mine life

• ˃ strategic review progressing to schedule

˃ continued near-mine and adjoining island exploration

˃ Record safety performance

27 / Q3 March 2016 Quarterly Presentation

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Appendices
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Josephine Lakngnen – Truck Driver at Simberi, March 2016.

28 / Q3 March 2016 Quarterly Presentation

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Consolidated Production, Costs, Guidance Summary
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Production Summary Consolidated	Production Summary Consolidated	Year FY15	Q1 Sep FY16	Q2 Dec FY16	1H FY16	Q3 Mar FY16	Q3 YTD FY16	Guidance FY16
Production
Gwalia	oz	248,142	72,388	63,533	135,921	66,147	202,068	260 to 265 koz (previously 245 to 260 koz)[3]
Kingof the Hills	oz	49,677	9,112	-5	9,112		9,112	9 koz[4]
Simberi	oz	79,568	29,539	28,379	57,918	25,433	83,351	100 to 110 koz (no change)[6]
Consolidated	oz	377,387	111,039	91,912	202,951	91,580	294,531	369 to 384 koz (previously 354 to 379 koz)
Mined Grade								Reservegrade[2]
Gwalia	g/t	8.9	9.7	7.9	8.8	10.2		9.4
Kingof the Hills	g/t	4.2	n/a	n/a5	n/a	n/a		n/a
Simberi	g/t	1.23	1.22	1.22	1.22	1.35		1.3
Total Cash Operating Costs[1]
Gwalia	$/oz	642	553	665	605	587		n/a
Kingof the Hills	$/oz	1,112	893	-5	893	-		n/a
Simberi	$/oz	1,336	1,119	1,098	1,109	1,198		n/a
Consolidated	$/oz	850	731	799	762	757
All-In Sustaining Cost[1]
Gwalia	$/oz	841	692	846	764	770		800 to 820 (previously 840 to 900)[3]
Kingof the Hills	$/oz	1,103	964	-5	964	-		~~-~~
Simberi	$/oz	1,464	1,252	1,319	1,285	1,404		1,350 to 1,430 (no change)[6]
Consolidated $/oz		1,007	863 992		922	947		960 to 1,000
								(previously 990 to 1,060)
Capex Gwalia Simberi	A$M A$M							29 to 32_(was 30 to 35)_ 10 to 12
Consolidated	A$M							39 to 44 (previously 40 to 47)

1. Current Gwalia FY16 guidance revised 7 April 2016 (Q3 Mar 2016 production report), previous FY16 guidance issued 8 Jan 2016 (Q2 Dec 2015 production report) .

2. Non-IFRS measure, refer corresponding slide in Appendix.

3. Ore Reserve grade at 30 June 2015, refer Ore Reserve and Mineral Resources Statement released 25 August 2015.

4. Stockpiled as at 30 June 2015.

5. King of the Hills ceased mining in April 2015 and ceased processing in September 2015. It was sold in October 2015 (refer ASX announcement 16 October 2015).

29 / Q3 March 2016 Quarterly Presentation

1. Current Simberi FY16 guidance revised 8 January 2016 (Q2 Dec 2015 production report).

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St Barbara share price
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ASX:SBM

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$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15 31 Mar 16
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Source: IRESS to 18 April 2016

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St Barbara vs Comparator Group –
Calendar 2015 US$ AISC and production
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Australian gold comparator group – CY 2015 Production and US$ AISC

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820 821
802
787
753
741
709
690
679
639
595
570
414 419
344
292
270
205
171
97
Gwalia St Barbara Alacer Oceana Evolution Saracen Regis Northern Resolute Doray
Star
AISC US$ (CY 2015) 2015 Production (koz) (CY 2015)
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AISC is a non-IFRS measure, refer corresponding slide in Appendix Source: Petra (with permission)

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St Barbara vs Comparator Group –
Calendar 2015 US$ AISC and cumulative production
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Global gold - CY 2015 Production and US$ AISC for 53 companies

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AISC costs (US$/oz)
1,400 Production and US$ AISC for 53 companies
Average USD Gold price 2015
1,200
1,000
SBM
800 US$679
(red)
600
400
200
0
0 5 10 15 20 25 30 35 40
Cumulative production (Moz)
Asia Africa Australia North America Russia South America
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AISC is a non-IFRS measure, refer corresponding slide in Appendix Source: Petra (with permission)

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‘Three moving parts’
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Gwalia
Decide: Q2 Dec 2016
materials
Start: ≈Q3 Mar 2017 full shaft
handling Term: ≈12-24 mths
vent(s) only
Decide: Q3 Mar 2017
Simberi
Start: ≈Q1 Sep 2017 invest divest
sulphide
Term: ≈24 mths
Decide: Q4 Jun 2017
US$ Notes payout in full cash
Mature: April 2018
at 31 Mar 2016
payout in part
Cash flow
1H FY16 2H FY16 F
from ops
-400 -300 -200 -100 0 100 200 300
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Indicative financial impact All figures approximate A$M

For details, refer ASX announcements 19 April 2016 ‘Q3 March 2016 Quarterly Report’

33 / Q3 March 2016 Quarterly Presentation

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Gwalia materials handling- update
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Sunrise Gwalia, March 2016
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Gwalia materials handling – maximum production rate
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Mining method

Maximise production, constrained by:

• 1) Waiting for adjacent/above stope’s paste fill to dry

• 2) Seismic support – not too many open stopes too close together

• 3) Ventilation – sucking out diesel and blast fumes and cooling

• 4) Development – setting up future stopes, tunnelling creates waste rock that must be stored or trucked to surface

Historical stopes (grey)

Must wait for paste to harden before can fire stope underneath/adjacent

‘Centre out’ – dig centre stope of lode first, then move out to edge of load - balances seismic support for each level.

3-4 ‘fronts’ – spreads out mining activity so that production maximised.

FY16 Q1 Stopes FY16 Q2 Stopes FY16 Q3 Stopes FY16 Q4 Stopes

1540 level - Initial half stope for de-tensioning.

South West Branch

300m wide, plunges 45° south-west, main mining lode at Gwalia

1- 3 stopes being actively bogged at once, 3 triggers ventilation constraint. Shaft would only lead to increased production vs trucking when trucking ventilation constrained, and where other lodes economically mineable.

‘Development’ – digging tunnels deeper to set up next set of stopes = generates waste rock

35 / Q3 March 2016 Quarterly Presentation

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West Lode - results going into
Resource and Reserves revision
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˃ West Lode drilling now ceased with no further results.

• ˃ High grade zone of West Lode thins and ceases at ~1700 mbs

• ˃ High grade zones underneath West Lode interpreted as South Gwalia series

˃ Previous West Lode drilling results will be considered as part of the annual Ore Reserves and Mineral Resources Statement due to be released in August.

1. For full explanation and results refer to ASX release 21 July 2015 ‘Quarterly Report June 2015’

36 / Q3 March 2016 Quarterly Presentation

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Simberi: ore milled and material moved
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Ore milled last 5 quarters

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859
832
768
750 743
FY 15 FY15 FY 16 FY 16 FY 16
Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
kt
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Ore and Waste Moved, tons and m[3 ] last 5 quarters

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Simberi Total Volume Moved
(million m [3] ) 1.2
1.1 1.1
0.9
0.8
= 2,606
Simberi Ore and = 2,417 = 2,348
1,710
Waste Moved (kt) 1,541
1,625
= 1,882
= 1,618
1,157
1,158
896 876
725 723
460
FY 15 FY 15 FY 16 FY 16 FY 16
Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
kt
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Ore Mined Waste Mined = Total

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Simberi Sulphide PFS – Update
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Float circuit design

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Simberi Sulphide PFS – Update
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Simberi - Sulphide material (left, grey) and oxide (right, brown) at Pigiput pit, Simberi 12 March 2016

39 / Q3 March 2016 Quarterly Presentation

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Exploration: Developing portfolio
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Exploration

Centenary (WA)

Pinjin (WA)

Simberi + Banesa (PNG)

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Exploration: Centenary
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Centenary

In Q3 March 2016 St Barbara conducted electromagnetic (EM) survey work on Centenary Project approximately 60 km north of Leonora.

• A second phase of drilling was undertaken with two drill holes completed. No significant intercepts were returned.

• High powered, systematic moving-loop TEM (HP MLTEM) survey program was extended through the project area (E37/916, E37/917 tenements) in Q3 March 2016. Results will be evaluated in FY17.

Figure 8.1

1. For full explanation and results refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

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Exploration: Pinjin, Leonora WA
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Pinjin

• The Pinjin Project is located 150km northeast of Kalgoorlie WA, comprising a large tenement package of1,358 km[2 ]

A significant aircore drilling program (of up to 25,000 metres) targeting 16 bedrock geochemical and geophysical targets commenced in the March 2016 quarter and will continue through much of the June 2016 quarter

• Assay results for 188 completed holes are pending and will be reported in the June 2016 quarter.

Figure 8.0

1. For full explanation and results refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

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Exploration: Focus on near mine targets at Simberi
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Simberi PNG: Near mine exploration on Simberi continued in Q3 2016[1 ]

Bekou South:

• Seven bedrock samples returned >0.5 g/t Au, with a maximum of 3.7 g/t Au.

• Fourteen trenches follow up trench samples include:

• SIMTR961: 90m @ 1.3 g/t Au

• SIMTR962: 35m @ 1.9 g/t Au, including 5m @ 8.6 g/t Au

• West Simberi:

• Surface sampling continued at West Simberi. Maximum assay result retuned from the recent soil samples was 17 ppb Au .

Figure 9.0

1. For full explanation and results refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

43 / Q3 March 2016 Quarterly Presentation

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Exploration: Big Tabar Island
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Big Tabar Island

Banesa:

Additional trench mapping and channel sampling was completed at Banesa Au-Cu prospect (EL609) to test for potential extensions NW and SE. Trenching results so far showed no significant mineralisation.[1 ]

Fotombar:

Reconnaissance mapping, rock chip and float sampling commenced at Fotombar Results returned included 6 float samples assaying >1 g/t Au with a maximum of 13.2 g/t Au.[1]

Figure 9.1

1. For full explanation and results refer to ASX release 19 April 2016 ‘Quarterly Report March 2016’

44 / Q3 March 2016 Quarterly Presentation

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Overview of operations
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Consolidated

ASX 300 listed Company (SBM), founded 1969

• ˃ Shares on issue 495 M ˃ Market Cap[2] A$1,163 M ˃ Ore Reserves 30 June 2015 4.0 Moz[1]

• ˃ FY15A 377 koz @ AISC A$1,007/oz

• ˃ FY16F[3] 377 koz @ AISC A$980/oz

• Simberi

˃ Mineral Resources 30 June 2015 9.2 Moz[1] ˃ ADR OTC code STBMY

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Simberi

• ˃ Open pit mine ˃ Q3 FY16 AISC A$1,404 /oz

• ˃ FY15 production 80 koz

Leonora

• ˃ Gwalia underground mine Australia

• ˃ FY15 AISC A$841/oz ˃ FY15 production Leonora 248 koz

• ˃ FY16F production 100 – 110 koz

• ˃ Potential for long life sulphide mine

• ˃ Near mine targets for exploration

• ˃ FY16F production 260 – 265 koz

• Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’, includes King of the Hills & Kailis (subject to sale agreement announced 20 August 2015). 2. As at close 18 April 2016, $2.35 ea 3. Midpoint of FY16 Guidance

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Ore Reserves Summary as at 30 June 2015
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Project	Proved	Proved	Proved	Probable	Probable	Probable	Total	Total	Total
	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz
Gwalia (WA)	2,100	9.1	614	3,190	9.6	980	5,290	9.4	1,594
Tower Hill (WA)	-	-	-	2,572	3.7	306	2,572	3.7	306
Simberi Oxide (PNG)	3,800	1.5	178	15,317	1.3	660	19,117	1.3	818
Simberi Sulphide (PNG)	704	1.1	24	19,178	2.0	1,261	19,882	2.0	1,285
Total All Projects	6,604	3.8	816	21,079	17	3,207	46,861	2.7	4,003

Notes

1. Ore Reserves are based on a gold price of A$1,250/oz.

2. Mineral Resources are reported inclusive of Ore Reserves.

3. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.

4. Details relating to each of the estimates are contained in the 2015 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/OreReserves-mineral-resources/

5. The Competent Person, Mr John de Vries (prior to his resignation from St Barbara in July 2015) was 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 an increase in Ore Reserves was a performance measure.

Full details are contained in the ASX release dated 25 August 2015 ‘Ore Reserves and Mineral Resources Statements 30 June 2015’ available at www.stbarbara.com.au.

46 / Q3 March 2016 Quarterly Presentation

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Mineral Resources Summary as at 30 June 2015
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Project	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz
Gwalia (WA)	4,781	7.2	1,112	6,112	9.3	1,833	2,036	5.5	359	12,929	7.9	3,304
King of the Hills (WA)5	-	-	-	799	5.5	142	71	12.3	28	870	6.1	170
Tower Hill (WA)	-	-	-	4,604	3.9	574	489	3.3	51	5,093	3.8	625
Kailis (WA)5	-	-	-	997	3.1	99	30	5.1	5	1,027	3.1	104
Simberi Oxide (PNG)	7,986	1.1	271	28,065	1.0	889	7,929	1.0	253	43,979	1.0	1,413
Simberi Sulphide (PNG)	1,379	1.0	48	49,424	1.6	2,531	26,110	1.2	1,028	76,914	1.5	3,607
Total All Projects	14,146	3.1	1,430	90,002	2.1	6,069	36,665	**1.5 **	1,724	140,812	2.0	9,223

Notes

1. Mineral Resources are reported inclusive of Ore Reserves

2. Cut-off Grades Leonora: Gwalia Deeps (2.5 g/t Au), King of The Hills (3.0 g/t Au), Tower Hill (2.5 g/t Au), Kailis (0.8 g/t Au),Simberi Oxide (0.4 g/t Au), Simberi Sulphide (0.6 g/t Au)

3. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.

4. Details relating to each of the estimates are contained in the 2015 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reservesmineral-resources/

5. Sale of King of the Hills mine and Kailis resource announced 20 August 2015 and completed 15 October 2015, refer corresponding ASX announcements for details.

Full details are contained in the ASX release dated 25 August 2015 ‘Ore Reserves and Mineral Resources Statements 30 June 2015’ available at www.stbarbara.com.au.

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Competent Persons Statement
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Exploration Results

The information in this presentation that relates to Exploration Results for Simberi and Pinjin 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 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 presentation 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 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 presentation that relates to Mineral Resources or Ore Reserves is extracted from the report titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’ released to the Australian Securities Exchange (ASX) on 25 August 2015 and available to view at www.stbarbara.com.au and for which Competent Persons’ consents were obtained. Each Competent Person’s consent 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 25 August 2015 and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcement.

Competent Persons Dr Mustard and Mr John de Vries (prior to his resignation from St Barbara in July 2015) are entitled to participate in St Barbara’s long term incentive plan, details of which are most recently included in the 2015 Annual Report and Notice of 2015 Annual General Meeting released to the ASX on 20 October 2015. 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 25 August 2015 ‘Ore Reserves and Mineral Resources Statements 30 June 2015’ available at www.stbarbara.com.au.

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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 most recent 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). Refer most recent quarterly report available at www.stbarbara.com.au for example

49 / Q3 March 2016 Quarterly Presentation

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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

50 / Q3 March 2016 Quarterly Presentation