ST BARBARA LIMITED — Interim / Quarterly Report 2018

Oct 16, 2017

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ASX Release / 17 October 2017
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Presentation on Q1 September 2017 Quarterly Report and audio webcast

Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the Q1 September 2017 Quarterly Report at 11:00 am Australian Eastern Daylight Time (UTC + 11 hours) on Tuesday 17 October 2017. 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 Alistair Reid Manager Investor Relations +61 3 8660 1959 Media Relations Mr Tim Duncan Hinton & Associates +61 3 9600 1979

St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T +61 3 8660 1900 F +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 / 17 October 2017
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Q1 September 2017 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 / Q1 September 2017 Quarterly Presentation

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Contents
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• Highlights

• Safety

• Operations

• Exploration

• Conclusion

• Appendices

Photo: Starting shift, Gwalia, Scott Thomas

3 / Q1 September 2017 Quarterly Presentation

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Highlights Q1 FY18
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• 98 koz gold produced at AISC[1] A$889/oz

• Record production at Simberi of 33,976 oz

• Gwalia production exceeded mine plan

• Debt free, $199M cash at bank[2] , after payment of FY17 $0.06 dividend

• Gwalia Extension Project on schedule

• Well positioned for organic and inorganic growth

• Non IFRS measure, refer corresponding slide in Appendix

• Financial information unaudited. No interest bearing debt except for equipment leases amounting to approx. A$0.3 M. Cash balance includes $1.2M restricted cash.

4 / Q1 September 2017 Quarterly Presentation

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Maintained TRIFR safety record
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Total Recordable Injury Frequency Rate[1]

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6.0
5.0
4.1
2.1
1.2 1.2
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FY 13 FY 14 FY15 FY16 FY17 Q1
FY18
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• Maintained record low TRIFR[1] of 1.2 to 30 Sept 2017 (Q4 FY17: 1.2)

• Gold mining industry average TRIFR is 2.5[2]

Gwalia Emergency Response Team (ERT) training exercise.

1. Total Recordable Injury Frequency Rate (12 month avg). TRIFR includes Pacific Operations from Sept 2012. 2. Industry TRIFR data per the Department of Mines and Petroleum report titled ‘Safety Performance in the Western Australian Mineral Industry’ for 2014-2015 FY, available at: www.dmp.wa.gov.au/Documents/Safety/MSH_Stats_Posters_SafetyPerfWA_1415.pdf

5 / Q1 September 2017 Quarterly Presentation

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Consolidated Q1 FY18 quarter
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AISC

(A$/oz)

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959
935
FY17 average A$907/oz 889
876
862
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Production (koz)

• Consolidated production of 98 koz (Q4 FY17: 94 koz)

• Gwalia 64 koz (Q4: 62 koz)

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99 98
93 95 94
28
25 30 32 34
67 71 65 62 64
FY17 FY17 FY17 FY17 FY18
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep
Gwalia Simberi
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• Simberi 34 koz (Q4: 32 koz)

• Consolidated AISC[1] of A$889/oz (Q4: A$959/oz)

• Gwalia A$816/oz (Q4: A$872/oz)

• Simberi A$1,027/oz (Q4: A$1,125/oz)

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

1. Non IFRS measure, refer corresponding slide in Appendix

6 / Q1 September 2017 Quarterly Presentation

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Gwalia Q1 FY18 results + FY18 guidance
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AISC (A$/oz)
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872
816
774 FY17 average A$785/oz 786
716
Mined Grade 11.9
11.3
(g/t Au)
10.7
10.4
9.2
FY17 average 10.7 g/t Au
Reserve grade 7.8 g/t Au [2]
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Production (koz)

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70.9
67.1
64.9 64.3
62.1
FY17 FY17 FY17 FY17 FY18
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep
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Q1 Production

• 64,283 oz (Q4 FY17: 62,098 oz)

• AISC[1] A$816/oz (Q4: A$872/oz)

• Mined grade of 10.7 g/t Au higher than expected due to the presence of high grade shoots

FY18 Guidance

• Production of 245 to 260 koz

• AISC of A$840 to A$890/oz

• Sustaining capex: A$35 to A$38 M

• Project activities impact in H1 FY18, PAF ramp up in late H2

Reported ounces in Quarterly Report.

1. Non IFRS measure, refer corresponding slide in Appendix

7 / Q1 September 2017 Quarterly Presentation

1. Refer ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ released 23 August 2017

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Gwalia Extension Project update – on schedule
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• Project includes new ventilation shafts and underground crushing of waste, mixed with paste to fill emptied stopes

• Budget of A$100 million, 2½ - 3 years construction period[1]

• FY18F capex of A$50 to A$55 million

• A$4M capex spent in Q1 FY18 – roads, drilling, engineering, underground development, raisebore site preparation, all ongoing in Q2 FY18

• Study with RUC for simultaneous shaft construction, potential for acceleration of project schedule

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1. Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’. Project commenced Q3 Mar 2017.

8 / Q1 September 2017 Quarterly Presentation

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Simberi Q1 FY18 results + FY18 guidance
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AISC (A$/oz)
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1,359
1,277
FY17 average A$1,187/oz 1,025
1,125
1,027
Production (koz)
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Q1 FY18 production

• Record 33,976 oz (Q4 FY17: 32,128 oz)

• AISC[1] A$1,027/oz (Q4: 1,125/oz)

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34.0
32.1
30.4
28.1
25.4
FY 17 FY 17 FY 17 FY 17 FY 18
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep
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• Record mill through-put and improved recovery

FY18 guidance

• Production of 105 to 115 koz

• AISC A$1,260/oz to A$1,380/oz

• Capex of A$5 to A$7 million

• Non IFRS measure, refer corresponding slide in Appendix.

9 / Q1 September 2017 Quarterly Presentation

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Exploration | Gwalia + Leonora Province Summary
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Gwalia Seismic Reflection Program

• The survey will aim to identify extensions to the lode system and other potential occurrences of Gwalia style mineralisation

• Analysis ongoing, positive indications of Gwalia-like systems to be targeted by drilling in H2 FY18.

Gwalia Deeps Extension – Resource drilling 2,000 to 2,200 mbs

• Selected results in appendix

• 2600 mbs drill hole to begin late Q2 FY18 (likely completed late Q3).

Horsepaddock Well , 15km north-west of Gwalia

• IP and SAM (Induced Polarisation and Sub-Audio Magnetic) exploration commencing in Q2 FY18

• Potential for King of the Hills style granite-intrusive gold mineralisation.

For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

10 / Q1 September 2017 Quarterly Presentation

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Exploration | Gwalia Seismic
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Gwalia Seismic Exploration

• Results analysis during H1 FY18

• Key geological features strongly reflective

• Early results indicate downward plunge below 2,500 mbs

• Inform drilling program

• Further seismic testing planned in Greater Gwalia

area

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For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

11 / Q1 September 2017 Quarterly Presentation

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Exploration | Gwalia Deep + Intermediates Drilling Program
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For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

12 / Q1 September 2017 Quarterly Presentation

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Exploration | Gwalia Deeps, Q1 results and FY18 target
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For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

13 / Q1 September 2017 Quarterly Presentation

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Exploration | Summary of greenfields projects
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Back Creek, NSW

• A surface Gravity and Passive Seismic survey was completed in Q1 FY18

Pinjin, WA

• A 564 hole aircore drilling program 24,260 m was completed in Q1, testing 17 targets

• A 3,000 metre Reverse Circulation (RC) and a 10,000 metre aircore drill program is planned in Q2 FY18 to follow-up encouraging aircore results

• A surface electromagnetic survey is also planned to commence in Q2 to follow-up targets highlighted by the airborne electromagnetic (AEM) survey

Tatau Island, PNG

• Final results for the oxide/sulphide gold drilling program at Southwest Tatau were received[1]

• As part of option and farm-in with Newcrest, results continue to be received for the extensive surface sampling program focussing on identifying copper-gold porphyry drill targets

• The survey has identified 2 potential targets, with diamond drilling to commence in Q2

• For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

14 / Q1 September 2017 Quarterly Presentation

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Gender Diversity – National Excellence Award 2017
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• 2017 Winner Excellence in Diversity Programs and Performance, National Women in Resources Awards

• 2017 Winner Company Gender Diversity

Program , Victorian Women in Resources Awards

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Photo: Val Madsen, St Barbara General Manager Human Resources, accepts excellence award at National Women in Resources awards night in Launceston, Tasmania 31 August 2017.

15 / Q1 September 2017 Quarterly Presentation

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Conclusion
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• Sustained operational performance, record quarter for Simberi

• Cash contribution from operations increased to $86 million[1]

• Record safety

• $199M cash at bank and debt free[2]

• $0.06 dividend paid, 19% of shares participated in DRP

• Organic growth underway

• Well positioned for inorganic growth

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Lake Rebecca, Pinjin, by Kylie Okley, Aug 2016
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1. Non IFRS measure, refer Appendix. 2. No interest bearing borrowings, except for equipment leases amounting to approx. A$0.3M. Cash balance includes $1.2M restricted cash.

16 / Q1 September 2017 Quarterly Presentation

Summer Storms by Finlay Wilkinson, Leonora, Jan 2017

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Appendices
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Underground at Gwalia Oct 2017, L to R: Ashleigh Smythe, Graduate Geologist, Kerry Gleeson, Non-exec Director, Tim Netscher, Non-exec Chairman, David Moroney, Non-exec Director, Bob Vassie, MD & CEO, Darren Owen, Byrnecutt Bogger Operator, Andrew Walker, Underground Manager

17 / Q1 September 2017 Quarterly Presentation

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Consolidated Production, Costs, Guidance Summary
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Production Summary Consolidated Q3 Mar FY17 Q4 Jun FY17 Year FY17	Q1 Sep FY18	Guidance FY181
Production Gwalia oz 64,916 62,098 265,057 Simberi oz 30,430 32,128 116,044	64,283 33,976	245 to 260 koz 105 to 115 koz
Consolidated oz 95,346 94,226 381,101 Mined Grade Gwalia g/t 11.3 9.2 10.7 Simberi g/t 1.14 1.21 1.13 Total Cash Operating Costs3 Gwalia A$/oz 582 668 592 Simberi A$/oz 944 1,048 1,092	98,259 10.7 1.21 621 964	350 to 375 koz Reserve grade 2 7.8 1.3 n/a n/a
Consolidated A$/oz 697 798 689 All-In Sustaining Cost3 Gwalia A$/oz 786 872 785 Simberi A$/oz 1,025 1,125 1,187	740 816 1,027	840 to 890 1,260 to 1,3804
Consolidated A$/oz 862 959 907	889	970 to 1,035

1. FY18 guidance announced in Q4 June 2017 quarterly report (released 26 July 2017)

2. Ore Reserve grade at 30 June 2017, refer Ore Reserve and Mineral Resources Statement (released 23 August 2017).

3. Non-IFRS measure, refer Appendix

4. US$995 to US$1,090 @ AUD conversion of 0.79 (per FY18 guidance released 26 July 2017)

18 / Q1 September 2017 Quarterly Presentation

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Growth Pipeline
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Exploration Feasibility

Construction Production

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Back
Creek
Pinjin Greater
Gwalia
Tower Gwalia
Catalyst Gwalia
Metals Peel Hill Extension Mine
7% Mining
10%.
Inorganic growth
Evaluating exploration, project, development and operating assets in a range of sizes in Australia and overseas
Simberi
Tabar Is Simberi
Mine
Group Sulphide
Cu-Au, OFA
with NCM [1]
Tabar Is
Group
Au
Australia
Overseas
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Projects owned 100%. St Barbara interest as noted.

19 / Q1 September 2017 Quarterly Presentation

1. Option and Farm-in Agreement with Newcrest announced 14 November 2016

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Gwalia Deeps 1540 – 1580 lode schematic
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Reproduced from ASX release 25 September 2017 ‘Denver Gold Forum 2017’

20 / Q1 September 2017 Quarterly Presentation

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Exploration FY18 Guidance - A$16 to A$20 million
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A$8 - A$10 million Gwalia

• Gwalia Deep Drilling infill + Intermediates

• Gwalia Seismic

A$4 - A$5 million Pinjin WA

• Aircore drilling of targets identified in FY17

A$4 - A$5 million PNG

• Simberi Oxides/Sulphides

• • Tatau Oxides/Sulphides

• Option and farm in with Newcrest

• Copper-gold porphyry program continuing

For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

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Exploration | Gwalia, Q1 FY18 results
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For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

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Exploration | Gwalia, Q1 FY18 results
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For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

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Exploration | Pinjin, Q1 FY18 results
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For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

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Exploration | Tabar Island group, PNG, Q1 FY18
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Tatau Island

• Diamond drill program completed at Mt Tiro, Nepewo, Mt Siro and Seraror ( Southwest Tatau)

• Newcrest Option and Farm-in Surface (soil and rock chip) sampling program ongoing

• Copper-Gold and Copper-Molybdenum drill targets identified

For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

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Exploration | Tatau Island, PNG, Q1 FY18
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Copper-gold porphyry exploration Newcrest Option and Farm-in

• Surface (soil and rock chip) sampling program ongoing

• Talik North prospect identified as priority drill target

• Subject to access, diamond drilling to commence in Q2 FY18

• Other prospects identified include Kupo

For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

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Exploration | Horsepaddock Well – Leonora province
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Q2 FY18 commencing geophysical surveys at Horsepaddock Well

• Previous exploration to 2006 highlighted potential for a granite-intrusive type of deposit under ultramafics

• Recent improvements in the depth penetration of IP and SAM (Induced Polarisation and Sub-Audio Magnetic) make these potentially effective techniques for targeting disseminated sulphides 100m – 200m deep, typical of deposits in the Province

For full explanation and results refer to ASX release 17 October 2017 ‘Quarterly Report September 2017’

27 / Q1 September 2017 Quarterly Presentation

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Ore Reserves Summary as at 30 June 2017
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Project	Proved	Proved	Proved	Probable	Probable	Probable	Total	Total	Total
	Tonnes ('000)	Gold (g/t)	Ounces ('000)	Tonnes ('000)	Gold (g/t)	Ounces ('000)	Tonnes ('000)	Gold (g/t)	Ounces ('000)
Gwalia, (WA)	2,308	9.8	725	6,248	7.0	1,408	8,556	7.8	2,133
Tower Hill, (WA)	-	-	-	2,572	3.7	306	2,572	3.7	306
Simberi Oxide, (PNG)	3,294	1.4	153	7,613	1.3	319	10,907	1.3	472
Simberi Sulphide, (PNG)	245	3.2	25	12,291	3.5	1,307	12,537	3.5	1,402
Total All Projects	5,847	4.8	903	28,724	3.6	3,340	34,572	3.9	4,312

Notes

1. Ore Reserves are based on a gold price of: Gwalia (AU$1,350/oz), Tower Hill (AU$1,250/oz), Simberi (US$1,200/oz)

2. Cut-off Grades Gwalia (4.0g/t Au), Tower Hill (2.8g/t Au), Simberi Oxide (0.5g/t Au), Simberi Sulphide (1.1g/t Au)

3. Mineral Resources are reported inclusive of Ore Reserves.

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

5. Details relating to each of the estimates are contained in the 2017 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/

Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.

28 / Q1 September 2017 Quarterly Presentation

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Mineral Resources Summary as at 30 June 2017
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Project	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnes ('000)	Gold (g/t)	Ounces ('000)	Tonnes ('000)	Gold (g/t)	Ounces ('000)	Tonnes ('000)	Gold (g/t)	Ounces ('000)	Tonnes ('000)	Gold (g/t)	Ounces ('000)
Gwalia, (WA)	5,045	7.8	1,265	14,877	6.4	3,042	3,831	6.3	780	23,753	6.7	5,087
Tower Hill, (WA)	-	-	-	4,604	3.9	574	489	3.3	51	5,093	3.8	625
Simberi Oxide, (PNG)	4,056	1.3	164	12,313	1.1	427	4,919	1.0	152	21,288	1.1	744
Simberi Sulphide, (PNG)	836	1.7	45	41,005	1.9	2,471	12,676	1.6	663	54,517	1.8	3,179
Total All Projects	9,937	4.6	1,474	72,799	2.8	6,514	21,915	2.3	1,646	104,651	2.9	9,635

Notes

1. Mineral Resources are reported inclusive of Ore Reserves

2. Cut-off Grades Gwalia (2.5g/t Au), Tower Hill (2.5g/t Au), Simberi Oxide (0.4g/t Au), Simberi Sulphide (0.6g/t Au)

3. Simberi Mineral Resources are reported constrained by a US$1,800/oz pit shell

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

5. Details relating to each of the estimates are contained in the 2017 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/

Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.

29 / Q1 September 2017 Quarterly Presentation

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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 2017’ released to the Australian Securities Exchange (ASX) on 23 August 2017 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 23 August 2017 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.

Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ 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

• Cash contribution • Refer cash movements table in Finance section of corresponding Quarterly Report. It is the sum of ‘operating cash flow’ from individual operations, net of sustaining capital expenditure.

• 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 Alistair Reid Company Secretary Manager Investor Relations T: +61 3 8660 1900 E: info@stbarbara.com.au

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St Barbara Board and executive June 2016 at Simberi. L to R: Garth Campbell-Cowan (CFO), David Moroney (Non-Executive Director),
Bob Vassie (MD&CEO), Tim Richards (GM Simberi), Kerry Gleeson (Non-Executive Director), Wayne Schiller (Simberi Ops Manager) and Tim Netscher
(Non-Executive Chairman)
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