ST BARBARA LIMITED — Interim / Quarterly Report 2016

Jan 21, 2016

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ASX Release / 22 January 2016
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Presentation on Q2 December 2015 Quarterly Report and audio webcast

Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the Q2 December 2015 Quarterly Report at 10:00 am Australian Eastern Daylight Time (UTC + 11 hours) today, Friday 22 January 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 +61 3 8660 1999 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

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BOB VASSIE, MANAGING DIRECTOR & CEO / 22 January 2016
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Q2 December 2015 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 / Q2 December 2015 Quarterly Presentation

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Contents
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˃ Highlights

˃ Safety

˃ Operations Results

• ˃ Exploration

• ˃ Finance

• ˃ Conclusion

• ˃ Appendices

3 / Q2 December 2015 Quarterly Presentation

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Highlights Q2 December 2015
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• ˃ H1 FY16 gold production of 203 koz exceeded target, resulting in FY16 guidance revised upward[1 ]

• ˃ Significant debt reduction during quarter of US$33 million

• ˃ Debt repayment remains Company preferred use of continuing strong free cash flows

• ˃ Q2 production for the Company of 91,912 oz (Q1: 111,039 oz)

• ˃ Gwalia production 63,533 oz (Q1: 72,388 oz)

• ˃ Simberi production 28,379 oz (Q1: 29,539 oz)

• ˃ Q2 Consolidated all-in-sustaining cost[2] of A$992/oz (Q1: A$863 /oz)

• ˃ Outstanding safety performance: record TRIFR[3] of 3.4

• ˃ Winners of CME WA Underground Mine Emergency Response competition[4 ]

  1. See 8 January 2016 ASX Release and Q2 December 2015 Quarterly Report

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

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

  4. See slide 30

4 / Q2 December 2015 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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12.5
9.0
6.0
5.0
4.1 4.1
3.4
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˃ TRIFR[1] a record low of 3.4 at 31 December 2015

˃ Overall winners of CME (WA) Eastern Regional Council 2015 Underground Mine Emergency Response Competition[3] in November

˃ Winner of 4 categories in PNG National Mines Rescue Challenge[3] in August

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

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

2. TRIFR includes Pacific Operations from September 2012

3. See slide 30

5 / Q2 December 2015 Quarterly Presentation

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Consolidated gold production – 203 koz in H1 FY16
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AISC

(A$/oz)

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1,042
FY15 AISC A$1,007/oz 979 992
863
798
eee
Production (koz)
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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Q2 December FY16 Quarter:

˃ Production for Company of 92 koz

˃ First half production of 203 koz (H2 FY15: 210 koz)

˃ Gwalia 64 koz (Q1: 72 koz)

˃ Simberi 28 koz (Q1: 30 koz)

˃ Q2 AISC[1] A$992/oz (Q1: A$863/oz)

˃ Consolidated production guidance revised to between 354 and 379 koz (previously 329 to 369 koz)

koz

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

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

6 / Q2 December 2015 Quarterly Presentation

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Gwalia gold production - 136 koz in H1
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AISC
(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)

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 (see slide 11)

• 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

7 / Q2 December 2015 Quarterly Presentation

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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

8 / Q2 December 2015 Quarterly Presentation

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Simberi: ore milled and gold production stable Q1 to Q2
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Ore milled last 5 quarters

Ore and Waste Mined last 5 quarters

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859
832
768
750
620
FY15 FY15 FY15 FY16 FY16
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
kt
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= 2,606
= 2,417
1,710
1,541
= 1,882
= 1,618
1,157
= 1,389
1,158
905
896 876
725
484 460
FY15 FY15 FY15 FY16 FY16
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
kt
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Ore Mined Waste Mined = Total

9 / Q2 December 2015 Quarterly 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

• ˃ new ventilation shafts to facilitate continued truck haulage

• ˃ slurry pumping to surface

• ˃ Update in the March 2016 quarter

• ˃ Investment decision in Q2 December 2016

Simberi Sulphide

• ˃ Stated oxide and sulphide reserves indicate a potential long life operation in excess of 15 years

• ˃ 3.5 years of oxide-only mine life remaining (local exploration continuing)

• ˃ PFS due to be completed in the March 2016 quarter

10 / Q2 December 2015 Quarterly Presentation

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Gwalia Production Profile – ‘Centre out’ method
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Objective: Maximise production,

Stope diagram of South West Branch showing mining in Q3 & Q4 FY2015

constrained by:

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

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Plunge, centre
of lode
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• 2) Geotech considerations – not too many

open stopes too close together

= ‘Centre out’ method

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‘Centre out’ –
extract centre
stope of lode first,
then move out to
edge of lode
Maintain 3-4 mining
fronts, each as
distant from each
other as possible
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Historical stopes
(light blue)
Q3 FY15 Stopes
(dark blue)
Q4 FY15 Stopes
(red)
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Stopes on outside of lode – generally lower grade Stopes in centre – generally higher grade = Variable gold production based on stopes in production that quarter

11 / Q2 December 2015 Quarterly Presentation

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Exploration: Focus on near mine targets
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Exploration

Gwalia Deep Drilling (WA)

Centenary (WA)

Pinjin (WA)

Simberi (PNG) + Banesa (PNG)

12 / Q2 December 2015 Quarterly Presentation

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Exploration: Gwalia Deep Drilling Program
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Gwalia Deep Drilling Program

The full drilling program is aimed at delineating an indicated resource to support the planned shaft studies.

Refer report[1] for full results of recent 6 holes that successfully intersected mine sequence

South West Branch intercepts similar to 1,100 – 1,300 mbs, significantly thinner to levels currently being mined and in reserve.

• Further drilling through until Q1 Sep FY17 is planned to complete the program.

Figure 1.0

• Program expected to create additional reserves (based on trucking). Materials handling studies will continue[2] .

• For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’ 2. See slide 10

13 / Q2 December 2015 Quarterly Presentation

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Exploration: Future Gwalia – Drilling Plan
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Figure 1.1

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

14 / Q2 December 2015 Quarterly Presentation

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Exploration: Gwalia West Lode – Long Section
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West Lode

• West Lode is one of the four major lode structures[1] identified within the Gwalia Mine Sequence, and is located approximately 80m to the west of South West Branch.

Drilling results[2] show encouraging grade and thickness:

• ˃ studies underway to assess the options for exploiting the lode with a materials handling solution

• ˃ expected to add to reserves.

• Further drilling is planned to investigate extensions of the lode system below 1,800 metres below surface.

Figure 2.0

1. Main Lode, South Gwalia Series, South West Branch, West Lode 2. For full explanation and results refer to ASX release 20 October 2015 ‘Quarterly Report September 2015’

15 / Q2 December 2015 Quarterly Presentation

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Exploration: Centenary
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Centenary

In Q3 FY15 St Barbara conducted electromagnetic (EM) survey work on Centenary Project approximately 60 km north of Leonora. Four sites were drilled in Q4 FY15 with follow up drilling in Q1 and Q2 FY16

New drilling targeted an anomalous nickel geochemistry feature within weathered ultramafics not previously reported within E37-917, and generated results[1] including:

CNRD004: 7m @ 5,651ppm Ni from 58 m

• A second phase of work is expected to commence during the March quarter of 2016.

Figure 3.0

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

16 / Q2 December 2015 Quarterly Presentation

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Exploration: Pinjin, Leonora WA
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Pinjin

The Pinjin Project is located 150km northeast of Kalgoorlie, comprising a large tenement package of 1,358 km[2] (Figure 3.1).

Two reconnaissance field visits were conducted during the quarter and necessary approvals obtained.

A significant aircore drilling program (of up to 25,000 metres) targeting bedrock geochemical and geophysical targets is expected to commence late in the March 2016 quarter and continue through much of the June 2016 quarter[1] .

Figure 3.1

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

17 / Q2 December 2015 Quarterly Presentation

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Exploration: Focus on near mine targets at Simberi
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Simberi PNG

Encouraging results[1] from drilling at Pigibo North (13 holes for 780m) and Patan (8 holes for 500m) included:

Pigibo North:

SDH342: 22m @ 0.7 g/t Au from 3m SDH347: 18m @ 1.0 g/t Au from 0m

Patan:

SDH348: 5m @ 14.1 g/t Au from 15m SDH349: 14m @ 4.1 g/t Au from 22m SDH352: 16m @ 1.7 g/t Au from 21m

Figure 4.0

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

18 / Q2 December 2015 Quarterly Presentation

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Exploration: Big Tabar Island
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Big Tabar Island

Further follow up trenching was conducted in the quarter on the Banesa Au-Cu porphyry prospect. Significant trench sampling results[1 ] include:

TABTR168: 20m @ 1.1 g/t Au and 0.3% Cu, and 30m @ 1.2 g/t Au TABTR171: 30m @ 1.2 g/t Au and 0.1% Cu, inc. 20m @ 1.7 g/t Au TABTR174: 57m @ 1.4 g/t Au and 0.1% Cu, inc. 25m @ 1.8 g/t Au > Ongoing discussions are being held with an interested party regarding a potential joint venture for exploring Banesa

Figure 4.1

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

19 / Q2 December 2015 Quarterly Presentation

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Cash and debt
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	June 2014 A$M	June 2015 A$M	Sep 2015 A$M	Dec 2015 A$M
Cash balance1	79	77	115	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	0.70103 183 66 249	0.73063 180 36 216
	A$ 330 10 340	A$ 342 5 347	A$ 355 5 360	A$ 299 3 302
Developments in December Quarter 2015 ˃ Repurchase additional US$3 million Senior Secured Notes ˃ US$30 million Red Kite pre-payment

1. Excluding A$2 million restricted cash 2. Reuters

2. www.rba.gov.au

3. A$ equivalent net of transaction costs

20 / Q2 December 2015 Quarterly 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$180 million balance at 31 Dec 2015

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

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

• ˃ US$70 million repurchased between June and end December 2015

Red Kite debt facility

• ˃ Eight equal quarterly principal repayments (start Q1 Sep 2015, end Q4 June 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 31 Dec 2015, 50,100 oz of gold forward contracts to be delivered between Jan 2016 and June 2016 at A$1,600/oz

• ˃ Forward contracts executed to ensure reliable margin on Simberi FY16F production

21 / Q2 December 2015 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
358
347
325 325 325
299
USD Debt [2 ] 271
249
216
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115
108
Cash balance [1 ] Cash b 100
77
70
56
80
70 69
Cash Contribution [4 ] 57
10 32
FY15 FY15 FY15 FY15 FY16 FY16
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
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 net of transaction costs

2. Cash contribution as per cash movement table in Quarterly Reports (eg: p11, December Quarterly Report)

22 22 / Q2 December 2015 Quarterly Presentation

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Conclusion
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˃ FY16 H1 gold production 203 koz, exceeded target

˃ guidance increased at Gwalia

˃ guidance revised to upper end at Simberi

˃ US$ debt reduced by US$33 million in December 2015 quarter

˃ US$109 million of debt repaid since 1 June 2015

˃ Gwalia H1 gold production 136 koz

˃ Q2 production 64 koz, lower (and costs up) compared to previous quarter (Q1: 72 koz) due to lower grade from mining cycle

˃ Simberi H1 gold production 58 koz

˃ Q2 production 28 koz (Q1: 30 koz)

• ˃ 108 koz for the 2015 calendar year

• ˃ Focussed exploration program

˃ Record safety performance

23 / Q2 December 2015 Quarterly Presentation

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Appendices

24 / Q2 December 2015 Quarterly 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)

25 / Q2 December 2015 Quarterly Presentation

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St Barbara vs other gold companies, ASX & globally
Free cash flow, Enterprise Value, Production
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Bubble size =
7,000 production rate RRS LN
(kozpa)
AEM US
DGC CN
6,000
NCM
5,000 GG US ABX US
NEM US NGD US
EGO US
4,000
AQG RRL
EVN
AUY US
BTG US
3,000 KGC US
NST SBM
PPP US ANG SJ
SAR
SGL SJ
2,000
CG CN
GFI SJ
DRM
IAG US HAR SJ RSG
1,000 TRY
BDR
TGZ KCN
SLR
MML
MOY
PRU
0
-100 0 100 200 300 400 500
ASX Gold Global Gold
Normalised FCF margin (A$/oz)
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26 / Q2 December 2015 Quarterly Presentation

Source: Argonaut Metals and Mining, 6 January 2016 (with permission)

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St Barbara share price
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ASX:SBM

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

Source: IRESS

27 / Q2 December 2015 Quarterly Presentation

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Overview of operations
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Consolidated

ASX 300 listed Company (SBM), founded 1969

˃ Shares on issue Shares on issue

• ˃ Shares on issue Shares on issue 495 M ˃ Market Cap[2] A$849 M

˃ FY15A 377 koz

@ AISC A$1,007/oz

• ˃ Ore Reserves 30 June 2015 4.0 Moz[1]

• ˃ FY16F[3] 367 koz

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

• @ AISC A$1,025/oz

• Simberi

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Simberi

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

Leonora

• ˃ FY15 production 80 koz

• ˃ Gwalia underground mine

• ˃ FY16F production 100 – 110 koz

• Australia

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

• ˃ Potential for long life sulphide mine

• ˃ Near mine targets for exploration

• ˃ FY16F production 245 – 260 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 19 Jan 2015, $1.715 ea 3. Midpoint of FY16 Guidance

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Exploration: Gwalia – Schematic Lode Plan View
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St Barbara Emergency Response Teams:
International success
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St Barbara WA:

Winners in 3 categories and overall winners, CME (WA) Eastern Regional Council 2015 Underground Mine Emergency Response Competition , held at Kanowna Belle WA, in November 2015

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Gwalia – Underground mining Truck
Gwalia – Underground mining Truck
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St Barbara PNG:

Winners in 4 categories including Most improved and Multi-Casualty, PNG National Mines Rescue Challenge held over the 4 days in Madang, Papua New Guinea, in August 2015

Underground drilling

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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.

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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

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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

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