ST BARBARA LIMITED — Interim / Quarterly Report 2016

Feb 22, 2016

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ASX Release / 23 February 2016
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Presentation on the December 2015 Half Year Financial Report and webcast

Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the December 2015 Half Year Financial Report at 10:00 am Australian Eastern Daylight Time (UTC + 11 hours) on Wednesday 24 February 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 / 23 February 2016
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December 2015 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 the 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 2015 Half Year Presentation

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Contents
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˃ Headlines

• ˃ Safety

• ˃ Production

˃ Financial result highlights

˃ Cash, debt, hedging

˃ Organic growth

˃ Simberi strategic review

• ˃ Conclusion ˃ Appendices

Rainbow over Simberi processing plant, January 2016

3 /

December 2015 Half Year Presentation

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1H FY16 Headlines: Record 1H profit and cash flow
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• ˃ Statutory profit after tax $77 million

• ˃ Up 28% on 2H FY15 of $60 million

• ˃ Underlying net profit after tax[1] $60 million

• ˃ Up 40% on 2H FY15 of $43 million

• ˃ Cash flow from operations $123 million

• ˃ Up 35% on 2H FY15 of $91 million

• ˃ Accelerated debt repayment

• ˃ A$159 million[2] (US$121 million[3] ) of debt repaid in 9 months to Feb 2016 (which is US$103 million ahead of debt amortisation schedule, and includes US$55 million repaid in 1H FY16)

• ˃ Cash balance at 31 December 2015 of $100 million after financing commitments

  1. Non IFRS measure, refer slide in appendix, excludes discontinued operations 2. Actual cash flow

  2. Face value debt reduction

4 / December 2015 Half Year Presentation

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St Barbara share price performance
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ASX:SBM

$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15

Source: IRESS to 22 Feb 2016

5 / December 2015 Half Year Presentation

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Start safe, stay safe
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Total Recordable Injury Frequency Rate

Safety performance

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12.5
9.0
6.0
5.0
4.1 4.1
3.4
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• ˃ Record low TRIFR[1] of 3.4 at Q2 FY16

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

˃ Simberi Emergency Response Team multi prize winners at recent national competition[3 ]

FY 11 FY 12 FY 13 FY 14 FY15 Q1 Q2 FY16 FY16

˃ Leonora Emergency Response Team multi prize winners, including ‘Best Team’ at recent Underground Mine Emergency Response Competition

1. Total Recordable Injury Frequency Rate (12 month avg) 2. TRIFR includes Pacific Operations from September 2012

6 / December 2015 Half Year Presentation

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Consolidated Gold Production
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AISC (Consolidated)
(A$/oz)
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1,374
1,305
1,166
922
882
211
203
190
184
50
29 16 167 58
24
21 30 27
9
34 36 23
134 136
106 109 114
1H FY14 2H FY14 1H FY15 2H FY15 1H FY16
Gwalia King of the Hills Simberi Gold Ridge
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1H FY16 Operations Highlights

˃ Consolidated production

• 203 koz

˃ Record production for:

• Gwalia 136 koz • Simberi 58 koz

˃ Simberi production

• 108 koz for CY 2015

˃ 1H FY16 AISC[1] A$922/oz

˃ King of the Hills mine and Kailis resource sold

koz

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

7 / December 2015 Half Year Presentation

1. All-In Sustaining Cost, Non IFRS measure, refer corresponding slide in Appendix.

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1H FY16 Financial Summary [1 ]
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			1H FY16	2H FY15	1H FY15
Gold price	Average gold price realised	A$/oz	1,564	1,461	1,411
	All-In Sustaining Cost3	A$/oz	922	882	1,166
Result	˃ Statutory profit after tax	A$M	77	60	(20)
	˃ Underlying net profit/(loss) after tax3	A$M	60	43	(1)
	˃ EBITDA3	A$M	161	92	57
	˃ Underlying EBITDA3	A$M	144	122	64
Cash flow	˃ Cash flows from operating activities	A$M	123	91	22
	˃ Cash flows after funding capex4	A$M	98	75	(13)
	˃ Debt repayments2	A$M	78	68	3
Ratios	˃ Basic earnings per share (from continuing operations)	cps	15.6	5.8	(1.6)
	˃ Return on equity3 (from continuing operations)	%	45%	27%	(8%)

1. All measures this page below Statutory NPAT exclude results from discontinued operations

2. Repayment of USD debt and leasing facilities

3. Non-IFRS measure, refer appendix, excludes discontinued operations

4. Cash flows from operating activities less payments for PPE, development & capitalised exploration

8 / December 2015 Half Year Presentation

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Half on Half Profit Comparison [1 ]
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Half on Half Underlying Profit[2] & Significant Items

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17
60
43
-8 -1
-14
-25
-7
-16
-203
FY14 FY14 FY15 FY15 FY16
1H 2H 1H 2H 1H
A$M
NPAT Underlying Significant items
(continuing operations)
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1. Non-IFRS measure, refer appendix

2. Excludes results from discontinued operations

9 / December 2015 Half Year Presentation

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Segment profit & cash flow
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Reportable segment profit/ (loss) before tax[1 ]

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97
86
53
21
11
-14
FY15 FY15 FY16
1H 2H 1H
A$M
Leonora Simberi
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Cash flow from operations[1 ]

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128 128
58
15 17
-15
FY15 FY15 FY16
1H 2H 1H
A$M
Leonora Simberi
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1. Results for Leonora include King of the Hills (which ceased production in the September 2015 quarter) operating results, but exclude significant items relating to the King of the Hills sale.

10 / December 2015 Half Year Presentation

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Key changes to underlying profit/(loss) [1] 2H FY15 to 1H FY16
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Underlying Profit[1] After Tax Reconciliation (H1 FY16 v H2FY15)

4 -15

43

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4

9

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7

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8

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60
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2H FY15 Gross Profit - Aust Gross Profit - D&A Net Financing Income tax Corporate + Other 1H FY16 Ops Simberi Ops Costs expense A$ Million

11 / December 2015 Half Year Presentation

1. Underlying profit from continuing operations, Non-IFRS measure, refer appendix

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Significant items [1] in net profit after tax
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Significant items in net profit after tax

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77 -14
-2
-1
60
1H FY16 NPAT Profit on sale of KOTH & Foreign exchange Tax effect 1H FY16 Underlying NPAT
Kailis
A$ Million
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12 / December 2015 Half Year Presentation

1. Non-IFRS measure, refer appendix

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Cash movement 1H FY16
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Cash movement 1H FY16

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16 -78
128
-17
-8
-10
-8
100
77
Cash Leonora Ops Simberi Ops Debt Interest Exploration Corporate Other Cash
Jun 2015 repayments payments (incl capex) Dec 2015
A$ million
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13 December 2015 Half Year 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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413
A$ Debt [2,3 ]
384
357 358
347
325 325 325
293
284
US$ Debt 271
249
216
204
115
108
A$ Cash balance [1 ] 100 approx. 100
77
68
56
80
70 69
A$ Cash Contribution [4 ] 57
10 32
FY15 FY15 FY15 FY15 FY16 FY16 FY16
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec 22 Feb 16
A$ Cash Contribution A$ Cash balance US$ Debt A$ debt
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1. Excluding restricted cash 2. A$/US$ exchange rates per Reuters / www.rba.gov.au (selected rates displayed in corresponding table in appendix)

2. A$ equivalent net of transaction costs

3. Cash contribution from operations per cash movement table in Quarterly Reports (eg: p11, December 2015 Quarterly Report)

14 / December 2015 Half Year Presentation

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Debt and hedging at 31 December 2015
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US Senior Secured Notes

• ˃ US$250 million issued March 2013, US$168 million balance at 22 Feb 2016

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

• ˃ Interest rate 8.875% p.a., matures April 2018

• ˃ US$55 million repurchased in 1H FY16

• ˃ Additional US$12 million repurchased in February 2016[1]

Red Kite debt facility

• ˃ Eight equal quarterly principal repayments (scheduled Q1 Sep 2015 to end Q4 Jun 2017)

• ˃ First US$9 million instalment paid in September 2015

• ˃ US$30 million pre-payment in December 2015 quarter

• ˃ Balance remaining at 31 Dec 2015 US$36 million

Hedging

• ˃ At 23 Feb 2016, approx. 33,000 oz of gold forward contracts to be delivered by June 2016 at A$1,600/oz

• ˃ 40,000 oz of gold put and call options contracts which expire 30 Jun 2016 (minimum US$1,187/oz, maximum US$1,287/oz) to secure US$ cash flow to repay Red Kite in full by June 2016

• Inc. US$10 million announced 9 Feb 2016

15 / December 2015 Half Year Presentation

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Organic growth studies - progress
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Gwalia materials handling

• ˃ Conceptual studies on potential materials handling systems for deeper mining. These studies include:

• ˃ blind and raise-bore shafts with skip hoisting

• ˃ a shaft with vertical conveying

• ˃ slurry pumping to surface

• ˃ new ventilation shafts to facilitate continued truck haulage

• ˃ Update in Q3 FY16 (March 2016) quarterly report

• ˃ Investment decision in Q2 FY17 (December 2016 quarter)

Gwalia deep drilling

• ˃ Deep drilling is continuing

• ˃ No new results since December 2015 quarterly report

16 / December 2015 Half Year Presentation

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Simberi PNG – status
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Simberi:

• ˃ profitable since month of December 2014

• ˃ produced at target 100,000 ounce per annum production run rate since month of December 2014

• ˃ produced 107, 553 ounces of gold in CY 2015

• ˃ forecast to produce between 100,000 and 110,000 ounces for FY16

• ˃ approx. 3 years of oxide-only mine life remaining (local exploration continuing)

• ˃ exploration lease EL609 covering the Tabar Island group (which includes Simberi Island) is highly prospective[1 ]

17 / December 2015 Half Year Presentation

1. Refer Q2 December 2015 Quarterly Report released 21 January 2016

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Simberi PNG –PFS
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˃ PFS now due April 2016

˃ Progress report on the PFS proposes:

• ˃ Sulphide Project utilises the existing infrastructure on Simberi Island, including the airport, power station, village, and wharf

• ˃ the existing semi-autogenous grinding (SAG) mill and ball mill would be utilised in new plant flowsheet and maintain the ability to process both oxide and sulphide ores

• ˃ processing sulphide ore to produce saleable concentrate is the preferred option, avoids need for downstream processing on the Island

• ˃ Some parts of the oxide reserve are contained within the Sulphide Project pit shell and would continue to be processed to generate gold doré

18 / December 2015 Half Year Presentation

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Simberi PNG –PFS preliminary results
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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$140 million at A$/US$ 0.70) comprising:  US$43 million processing plant  US$42 million mining fleet (consider alternative)  US$15 million general site infrastructure
Production	Sulphide - average annual production c. 140,000 ounces over 7 years (1 Moz in total) Oxide–annualproduction within theProject varies (140,000 oz in total)
Mill throughput	2.0 Mtpa
Recovery	c. 83%
Output	Gold concentrate @ 30+ g/t Au from sulphide ores Gold doréfromoxide ores
All-In Sustaining Cost3	US$930 to US$990 per ounce

The above project metrics are based on a progress report on the PFS and subject to the assumptions contained therein. The results may change as the PFS is finalised. 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. optimisation of the existing oxide operation

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

19 / December 2015 Half Year Presentation

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Simberi PNG –Strategic review
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• ˃ Need to evaluate the potential investment in the Simberi Sulphide Project against the Company’s other potential investment opportunities

• ˃ to maintain continuity of production a decision on the Sulphide Project would be required by December 2016

• ˃ Cutfield Freeman & Co appointed to assist the Company to conduct a Strategic Review and evaluate various options regarding its PNG assets, including:

• ˃ Sulphide Project

• ˃ existing oxide operation, and

• ˃ EL609 exploration licence across the Tabar Island Group

  • (inc. Simberi, Tatau and Big Tabar Islands).

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

• ˃ continued ownership, exploration and development

• ˃ joint ventures

• ˃ divestment of some or all of the assets.

20 / December 2015 Half Year Presentation

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Summary – Strong profits of 2H FY15 continue,
debt significantly reduced
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˃ Profitability maintained from record 2H FY15

˃ Continued strong operating results with underlying NPAT of $60 million

˃ $15 million profit on sale of King of the Hills & Kailis

˃ Continued accelerated debt repayments

• ˃ A$77 million debt repayment in first half

• ˃ Total US$121 million in debt repayments in 9 months to Feb 2016

• ˃ Evaluating growth options

• ˃ Gwalia deep drilling and materials handling studies continue

• ˃ Simberi Sulphide PFS and strategic review

˃ Targeted exploration continues

• ˃ WA: Centenary, Pinjin ˃ PNG: Simberi, Big Tabar

21 / December 2015 Half Year Presentation

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Appendices
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Jan 2016: Shadows silhouetted viewing an ore pass, Gwalia mine.

22 / December 2015 Half Year Presentation

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Consolidated Production, Costs, Guidance Summary
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Production Summary Consolidated	Production Summary Consolidated	Q3 Mar FY15	Q4 Jun FY15	Year FY15	Q1 Sep FY16	Q2 Dec FY16		Guidance **FY163 **
Production									(prev 230 to 250 koz)
Gwalia	oz	76,954	57,208	248,142	72,388	63,533		245 - 260 koz
Kingof the Hills	oz	11,836	15,014	49,677	9,112			9 koz4
Simberi	oz	22,498	27,137	79,568				100 - 110 koz	(prev 90 to 110 koz)
Consolidated	oz	111,288	99,359	377,387	111,039	91,912		354 - 379 koz **Reserve grade2 **	(prev 329 to 369 koz)
Mined Grade
Gwalia	g/t	9.7	8.6	8.9	9.7	7.9		9.4
Kingof the Hills	g/t	4.1	4.5	4.2	3.9	-5		n/a
Simberi	g/t	1.38	1.28	1.23	1.22	1.22		1.3
Total Cash Operating Costs[1]
Gwalia	$/oz	532	729	642	553	665		n/a
Kingof the Hills	$/oz	1,177	1,095	1,112	893	-		n/a
Simberi	$/oz	1,193	1,034	1,336	1,119	1,098		n/a
Consolidated	$/oz	734	868	850	731	799
All-In Sustaining Cost[1]									(prev 875 to 940)
Gwalia	$/oz	645	860	841	692	846		840 - 900
Kingof the Hills	$/oz	812	1,106	1,103	964	-		-
Simberi	$/oz	1,310	1,149	1,464	1,252	1,319		1,350 – 1,430	(prev 1,275 – 1,400)
Consolidated	$/oz	798	979	1,007	863	992		990 - 1,060	(prev 995 to 1,070)
Capital Expenditure
Gwalia	$M							30 – 35
Kingof the Hills	$M							-
Simberi	$M							10 – 12	(prev 8-12)
Consolidated	$M							38 - 49

1. Non-IFRS measure, refer relevant slide in Appendix

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

3. FY16 guidance issued in the June 2015 Quarterly Report, and revised on 8 Jan 2016 and in this report. 4. Stockpiled as at 30 June 2015.

5. (refer ASX announcement 16 October 2015)

23 / December 2015 Half Year 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$861 M

4.0 Moz[1]

• ˃ Ore Reserves 30 June 2015

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

˃ FY15A 377 koz

@ AISC A$1,007/oz

• ˃ FY16F[3] 367 koz

• @ AISC A$1,025/oz

• Simberi

Simberi

• ˃ Open pit mine ˃ Q2 FY16 AISC A$1,319 /oz

Leonora

• ˃ Gwalia underground mine

• Australia

• ˃ FY15 AISC A$841/oz

˃ FY15 production Leonora 248 koz

• ˃ FY16F production 245 – 260 koz

• ˃ FY15 production 80 koz

• ˃ FY16F production 100 – 110 koz

• ˃ Potential for long life sulphide mine

• ˃ Near mine targets for exploration

• 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 22 Feb 2016, $1.74 ea 3. Midpoint of FY16 Guidance

24 / December 2015 Half Year Presentation

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Consolidated Gold Production
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AISC (Consolidated)
(A$/oz)
1,042
979 992
863
798
FY15 AISC A$1,007/oz
111 111
98 99
22 92
30
17
27
12
9 28
12
15
77
69 72
64
57
FY 15 FY 15 FY15 FY16 FY16
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
Gwalia King of the Hills Simberi
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1H FY16 Operations Highlights

˃ Consolidated production

• 203 koz

˃ Record production for:

• Gwalia 136 koz • Simberi 58 koz

˃ Simberi production

• 108 koz for CY 2015

˃ 1H FY16 AISC[1] A$921/oz

˃ King of the Hills mine and Kailis resource sold

koz

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

1. All-In Sustaining Cost, Non IFRS measure, refer corresponding slide in Appendix.

25 / December 2015 Half Year Presentation

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Gwalia gold production - 136 koz in H1
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AISC
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(A$/oz)

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883
FY15 AISC A$841/oz 860 846
692
645
Mined Grade June 2015
9.7 9.7
(g/t Au) Reserve grade
8.6 9.4 g/t Au
7.9
9.0
FY15 average grade 8.9 g/t Au
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Production (koz)
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77.0 72.4 68.6 63.5 57.2 FY 15 FY 15 FY 15 FY16 FY16 Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec

Q2 December FY16 Quarter:

• ˃ 63,533 oz produced in Q2 (Q1: 72,388 oz)

• ˃ 135,921 oz produced in H1 FY16

• ˃ AISC[1] of A$846/oz (Q1: A$692/oz)

• ˃ Production in Q2 less than Q1 due to lower grade, partially offset by processing of stockpiles from previous quarter

• Ore grade fluctuates within mine sequence and will vary from Q to Q

• Ore containing an estimated 1,000 oz of gold was stockpiled at the end of Q2 (5,500 oz at end of Q1)

• ˃ FY 16 Guidance revised:

• Production of between 245 – 260 koz (was 230 – 250 koz)

• AISC of between A$840/oz and A$900/oz (was A$875/oz – A$940/oz)

• Non IFRS measure, refer corresponding slide in Appendix

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Simberi: record half year and calendar year gold production
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AISC (A$/oz)

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1,619
1,310 1,319
1,252
1,149
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Q2 December FY16 Quarter:

• ˃ 28,379 oz produced in Q2 (Q1: 29,539 oz)

• ˃ Record production:

• 58 koz for H1 FY16

• 108 koz for CY 2015

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29.4
28.4
27.1
Production (koz)
22.5
17.3
FY 15 FY 15 FY 15 FY 16 FY 16
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
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• ˃ AISC[1] of A$1,319/oz impacted by significant equipment purchase including:

• Two new low hour excavators cost US$2M, arriving February (plus four low hour trucks purchased in Q3 due in Feb)

• ˃ Underlying ‘Total cash operating cost’[1] 2% lower in Q2 than in Q1

• ˃ FY 16 guidance refined:

• Production between 100 – 110 koz (was 90 – 110 koz)

• AISC between A$1,350 and A$1,430/oz (was A$1,275 to A$1,400/oz)

• Non IFRS measure, refer corresponding slide in Appendix

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Cash and debt
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	June 2014 A$M	June 2015 A$M	Dec 2015 A$M	22 Feb 2016 A$M
Cash balance1	79	77	100	100
Interest bearing debt ˃ US Senior Secured Notes ˃ Red Kite ˃ Total USD$ debt ˃ A$ equivalent4 ˃ Lease liabilities ˃ Total	0.94302 250 75 325 FX US$ US$ US$	0.77132 196 75 271	0.72852 180 36 216	0.71073 168 36 204
	A$ 330 10 340	A$ 342 5 347	A$ 290 3 293	A$ 281 3 284
Developments in December Quarter 2015 ˃ Repurchase additional US$3 million Senior Secured Notes ˃ US$30 million Red Kite pre-payment Feb 2016 – repurchase additional US$12 million Notes5

1. Excludes restricted cash 2. Reuters 3. www.rba.gov.au

2. A$ equivalent net of transaction costs 5. Inc. US$10 million announced 9 Feb 2016

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Key changes to underlying profit/(loss) [1] 1H FY15 to 1H FY16
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Underlying Profit After Tax Reconciliation 1HFY15 to 1HFY16

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38 -3
-17
-2
60
45
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-1
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1H FY15 Gross Profit - Aust Gross Profit - D&A Income tax expense Corporate + Other 1H FY16 Ops Simberi Ops A$ Million

1. Underlying profit from continuing operations, Non-IFRS measure, refer appendix

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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/Ore-Reserves-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.

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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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Strong institutional share register
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Shareholding Structure

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Institutional Australia
71% 34%
Not analysed,
14%
UK 15%
USA 17%
Other 5%
Non
Non
Institutional
Institutional, 15%
15%
Not analysed
14%
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Analysis and geographic spread of shareholders as at 15 Jan 2016

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Significant Shareholders & wide broker coverage
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Significant Shareholders[1 ]

Broker Research Coverage

Hunter Hall 15% M&G Investment Mgt 12% Franklin Resources Inc 6% Institutional Shareholders[ 2] 71% Shares on issue 495M Approved Depositary Receipts (ADR) are trading in USA through BNY Mellon (ADR OTC Code ‘STBMY’)

Argonaut Patrick Chang Canaccord Reg Spencer Deutsche Bank Brett Mckay Macquarie Ben Crowley Petra Capital David Cotterell

1. As notified by substantial shareholders to 31 Jan 2016 2. As at 15 Jan 2016

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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).

• 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).

• EBIT ˃ EBIT is earnings before interest revenue, finance costs and income tax expense. It includes revenues and expenses associated with discontinued operations.

• EBITDA ˃ EBITDA is EBIT before depreciation and amortisation. It includes revenues and expenses associated with discontinued operations.

• Return on equity ˃ Net profit after tax divided by average shareholders’ equity for the period. 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 2016 Interim Financial Report (p4) for details, available at www.stbarbara.com.au

• Underlying net profit/(loss) ˃ Net profit after tax excluding identified significant items and excluding discontinued after tax operations

• ˃ Refer 2016 Interim Financial Report (p4) for details, available at www.stbarbara.com.au

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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

36 / December 2015 Half Year Presentation