ST BARBARA LIMITED - Interim / Quarterly Report 2018

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Quarterly Report / Q1 September 2017
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1Q FY18 production of 98,259 ounces, including a record quarter at Simberi
All-In Sustaining Cost (AISC) of A$889 per ounce with FY18 guidance maintained
Debt free with A$199 million cash at bank[1] after $0.06 per share FY17 dividend paid

Executive Summary

Operations

Consolidated gold production for the September 2017 quarter was 98,259 ounces (Q4 Jun: 94,226 ounces).
Consolidated All-In Sustaining Cost[2] (AISC) for the September 2017 quarter was A$889 per ounce (Q4 Jun: A$959). The average realised gold price for the September quarter was A$1,637 per ounce (Q4 Jun: A$1,715 per ounce).
Gwalia (Western Australia) gold production for the September 2017 quarter was 64,283 ounces (Q4 Jun: 62,098 ounces) at AISC of A$816 per ounce (Q4 Jun: A$798 per ounce). Mined grade for the quarter was 10.7 g/t Au (Q4 Jun: 9.2 g/t Au) with 192 kt milled (Q4 Jun: 226 kt).
Simberi (PNG) gold production for the September 2017 quarter was a record 33,976 ounces (Q4 Jun: 32,128 ounces). AISC for the quarter was A$1,027 per ounce (Q4 Jun: A$1,125 per ounce).

Health & Safety

St Barbara maintained its record low Total Recordable Injury Frequency Rate (TRIFR), calculated as a rolling 12-month average, of 1.2 in Q1 FY18.

Gwalia Extension Project

Work on the Gwalia Extension Project continued during the quarter. The Project remains on schedule and within budget.
The Project commenced in Q3 March 2017, has an overall budget of A$100 million and is expected to take two and a half to three years to construct. The Project consists of two main components, a ventilation upgrade and paste aggregate fill (PAF) involving mixing paste from surface with waste crushed underground to fill stope cavities.

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Planning to bore multiple shafts concurrently with a view to reducing the overall project timeline is progressing.

Exploration

Gwalia (Western Australia) - Activities focused on defining extensions to the Gwalia lode system continued during the quarter, with surface drill programs targeting down-plunge zones.
Two daughter holes (GWDD18F and GWDD18G) were completed at Gwalia targeting approximately 2,200 metres below surface (mbs), passing through intervals interpreted to represent South Gwalia Series (SGS2).
Data interpretation of a 3D seismic program targeting a 15 km[2] area surrounding the Gwalia mine is in progress. The program aims to identify possible Gwalia-like mineralised systems in the nearby area.
In Q2 FY18, a non-intrusive exploration program will begin in the Horsepaddock Well area north of Gwalia. Previous gravity and near surface drilling indicates potential for a King of the Hills style mineralisation.
Pinjin (Western Australia) - A 564 hole (PJAC0821 to PJAC1384) Aircore drilling program for 24,260 metres was completed during the September 2017 quarter, testing 17 targets. A drill program is planned in the December 2017 quarter to follow-up encouraging results, along with a surface electromagnetic survey to follow-up targets highlighted by the airborne electromagnetic (AEM) survey.
Back Creek (NSW) - A surface Gravity and Passive Seismic survey was completed over areas of interest within Back Creek (EL8214 and EL8530) in central NSW.
Tatau Island (PNG) - Final results were received for the diamond drilling on Southwest Tatau Island that were completed during the previous quarter.
1 Financial information unaudited. No interest bearing debt except for equipment leases amounting to approx. A$0.3 million. Cash balance includes A$1.2 million restricted cash.
2 Non IFRS measure, refer appendix.

St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003

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

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Option and Farm-in with Newcrest - A regional mapping and rock chip sampling program targeting copper-gold porphyry mineralisation continued through the September 2017 quarter. Diamond drilling of copper-gold porphyry targets is planned to commence early in the December 2017 quarter (see summary on page 8 and details in Figures 7.2 to 7.4).

Finance (unaudited)

Total cash at bank at 30 September 2017 was A$199[1] million (30 June 2017: A$161 million). In addition, there were 2,538 ounces of gold inventory on hand at 30 September 2017 (30 June 2017: 5,327 ounces).
The FY17 dividend of 6 cents per share fully franked announced on 7 August 2017 was paid on 28 September 2017. Dividends paid in cash totalled $25 million, plus 2.1 million new shares issued under the corresponding Dividend Reinvestment Plan.
The Company generated an operational cash contribution[2 ] in the September 2017 quarter of A$86 million (Q4 Jun: A$73 million).

Outlook

Guidance for FY18 is maintained and summarised as follows:
Forecast Gwalia gold production of between 245,000 and 260,000 ounces at an AISC of between A$840 and A$890 per ounce, with sustaining capex of between A$35 and A$38 million, plus growth capex of between A$50 to A$55 million.
Forecast Simberi gold production of between 105,000 and 115,000 ounces at an AISC of between A$1,260 and A$1,380 per ounce, with capex of between A$5 and A$7 million.
Forecast exploration expenditure of between A$16 and A$20 million, consisting of:
- A$8 to A$10 million at Gwalia
- A$4 to A$5 million at Pinjin in WA and
- A$4 to A$5 million on the Tabar (Simberi) Island group in PNG[3] .

Bob Vassie Managing Director and CEO 17 October 2017

Consolidated results

Quarterly AISC (A$/oz)

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959
935
876 889
862
FY17 average A$907/oz
Quarterly Gold Production
(koz) 93 99 95 94 98
28
25 30 32 34
67 71 65 62 64
FY 17 FY 17 FY 17 FY 17 FY 18
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep
Gwalia Simberi Total
Figures displayed to nearest thousand ounces. Reported ounces in associated table.
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FY18 Production Indicative Quarterly Guidance Profile

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27%
25% 25%
23%
FY 18 FY 18 FY 18 FY 18
Q1 Sep Q2 Dec Q3 Mar Q4 Jun
Actual Indicative % of annual production (koz)
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Quarterly presentation and audio webcast

Bob Vassie, Managing Director & CEO, will brief analysts and investors on the 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 will be available on the 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.

1 No interest bearing debt except for equipment leases amounting to approx. A$0.3 million. Cash balance includes A$1.2 million restricted cash.

2 Non-IFRS measure, see cash movements table later in this quarterly report. Corresponds to Operational Cash Flow less sustaining capital, but excludes growth capital of A$4 million.

3 Excludes copper-gold porphyry exploration on the Tabar Island Group as part of the option and farm-in agreement with Newcrest.

St Barbara Limited Quarterly Report / Q1 September 2017

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St Barbara Gold Production & Guidance

Production Summary Consolidated	Q3 Mar FY17 Q4 Jun FY17	Year FY17	Q1 Sep FY18	Guidance FY181
Production Gwalia oz Simberi oz Consolidated oz Mined Grade Gwalia g/t Simberi g/t Total Cash Operating Costs3 Gwalia A$/oz Simberi A$/oz Consolidated A$/oz All-In Sustaining Cost3 Gwalia A$/oz Simberi A$/oz Consolidated A$/oz	64,916 62,098 30,430 32,128	265,057 116,044	64,283 33,976	245 to 260 koz 105 to 115 koz
	95,346 94,226 11.3 9.2 1.14 1.21 582 668 944 1,048	381,101 10.7 1.13 592 1,092	98,259 10.7 1.21 621 964	350 to 375 koz Reserve grade2 7.8 1.3 n/a n/a 840 to 890 1,260 to 1,3804
	697 798 786 872 1,025 1,125	689 785 1,187	740 816 1,027
	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).

Disclaimer

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

This report contains 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, indicative, should, will, would, expects, plans or similar expressions. Such forwardlooking 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 report. Actual results may vary

from the information in this report. The Company does not make, and this report 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 report 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 report.

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.

St Barbara Limited Quarterly Report / Q1 September 2017

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Gwalia, Leonora, WA

Operations

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AISC
(A$/oz) 872
786 816
716
774 FY17 average $785/oz
Mined grade (g/t Au)
11.9
11.3
10.7
10.4
9.2
FY17 average 10.7 g/t Au
Reserve grade 8.3 g/t Au June 2016
Reserve grade
7.8 g/t Au June 2017
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Production (koz)

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70.9
67.1 64.9 62.1 64.3
FY 17 FY 17 FY 17 FY 17 FY 18
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep
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Gwalia gold production for the September quarter was 64,283 ounces (Q4 FY17: 62,098 ounces).
Average mined grade for Q1 FY18 was 10.7 g/t Au, in line with the FY17 average, but better than expected for the quarter due to the presence of high grade shoots.
Mined tonnes for Q1 FY18 was 187 kt, consistent with the mine plan. A number of stope access design and task scheduling improvements have reduced stope cycle times by approximately 10%. Key initiatives include simultaneously drilling cable bolt access tunnels and production drill holes, as well as implementing a new paste fill innovation that uses air pressure measurements behind the stope plug, reducing time spent on additional engineering checks. These efficiencies have enabled more resources to be dedicated to various development tasks for the Extension Project and future production.
AISC was A$816 per ounce for the September quarter (Q4 Jun: A$872 per ounce). Q1 FY18 processing costs include $0.7 million expenditure on planned maintenance of the crushing and milling circuits.
Sustaining mine development and infrastructure capital expenditure in the September quarter was $9 million.

Outlook

Gwalia underground ore mined (kt)

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216
203 196
187
175
FY 17 FY 17 FY17 FY17 FY18
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep
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FY18 guidance is unchanged:
Production of between 245,000 and 260,000 ounces
o AISC of between A$840 and A$890 per ounce
Capital expenditure comprising:
- Sustaining capex: $35 to $38 million and
- Growth capex: $50 to $55 million.

Gwalia animation fly-through

An animated video of the Gwalia underground mine is available for viewing via our website at - -
www.stbarbara.com.au/investors/image gallery/video gallery/

St Barbara Limited Quarterly Report / Q1 September 2017

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Production Summary Gwalia Q3 Mar FY17 Q4 Jun FY17 Q1 Sep FY18	Production Summary Gwalia Q3 Mar FY17 Q4 Jun FY17 Q1 Sep FY18
Underground ore mined kt 175 216 187 Grade g/t 11.3 9.2 10.7 Ore milled1 kt 186 226 192 Grade1 g/t 11.2 8.8 11.0 Recovery % 97 97 97 Gold production oz 64,916 62,098 64,283 All-In Sustaining Cost2 A$ per ounce
Mining Processing Site services Stripping and ore inventory adjustments By-product credits Third party refining & transport Royalties Total cash operating costs less operating development Adjusted cash operating cost Corporate and administration Corporate royalty Rehabilitation Capitalised mine & op development Sustaining capital expenditure All-In Sustaining Cost(AISC)	347 393 374 114 152 128 58 72 60 21 11 17
	540 628 579 (2) (2) (2) 2 2 2 42 40 42
	582 668 621 (62) (88) (79)
	520 580 542 49 54 45 25 24 25 4 3 3 175 178 176 13 33 25
	786 872 816

Gwalia Extension Project - progress

Work on the Gwalia Extension Project continued during the quarter. The Project remains on schedule and within budget.

Project Description

The St Barbara Board approved capital expenditure relating to the Gwalia Extension Project, as announced 27 March 2017.
The Project has an overall budget of A$100 million and is planned to take two and a half to three years to construct[3] The Project consists of two main components, a ventilation upgrade and paste aggregate fill (PAF).

Project Update

The principal project activities in the September quarter were engineering design work, contracting, drilling of the new HV cable drop, road building, underground development and preparation of the raisebore sites, including pressure grouting to isolate the planned shaft from the water table. All these activities are ongoing in Q2.
Planning around boring multiple shafts concurrently with a view to reducing the overall project timeline is progressing.
A$4 million project expenditure was incurred and capitalised in the September quarter.
Cumulative project expenditure:
FY17 $8 million (capitalised)
Q1 FY18 $4 million (capitalised)

Gwalia Extension Project Summary	Gwalia Extension Project Summary
Capex	A$100 million
Construction period	• 2.5 to 3 years • PAF completed in first year
Works
Ventilation upgrade	• Ventilation shafts, power & cooling • Supports mining to at least 2,000 mbs in FY 20244 • Approx. 80% of project budget
Paste Aggregate Fill (PAF)	• Underground waste crushing, paste and aggregate fill mixing and pumping • Increase trucking efficiency • Improve stope cycle times • Reduce impact of vent shaft construction on production • Approx. 20% of project budget

4 Ore Reserves at 30 June 2017 extend down to 2,140 mbs, refer to Ore Reserves and Mineral Resources Statement as at 30 June 2017.

1 Includes Gwalia mineralised waste 2 Non-IFRS measure, refer Appendix 3 Commenced in the March quarter 2017

St Barbara Limited Quarterly Report / Q1 September 2017

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Simberi, Papua New Guinea

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AISC
(A$/oz)
1,359
1,277
FY17 average 1,125
A$1,187/oz
1,025 1,027
Production
(koz)
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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Operations

Simberi gold production for the September quarter was a record 33,976 ounces. The result was primarily due to:
Record mill throughput of 971 kt
Ongoing recovery improvements, increasing the result for the quarter to 86%.
Total material moved (waste and ore) for the quarter was 3.54 Mt.
Average mined grade for the quarter was 1.21 g/t Au while feed to the mill averaged 1.27 g/t Au.
All In Sustaining Cost (AISC) was A$1,027 per ounce for the quarter (Q4 Jun A$1,125 per ounce).
Improved recovery is related to capital and maintenance improvements in FY17 and an ongoing targeted per-pit recovery strategy where historical recovery performance variance between ore-sources is taken into account with daily management of process metallurgy.

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Simberi Ore & Waste Mined
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= 3,962
= 3,536 = 3,540
= 3,287
3,015
2,499 2,223 2,552
947 1,037 1,064 988
FY17 FY17 FY17 FY18
Q2 Dec Q3 Mar Q4 Jun Q1 Sep
kt
Ore Mined Waste Mined = Total
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Production Summary Simberi	Q3 Mar FY17 Q4 Jun FY17 Q1 Sep FY18
Ore & waste mined Ore mined Grade Ore milled Grade Recovery Gold production All-In Sustaining Cost1	kt 3,536 3,287 3,541 kt 1,037 1,064 988 g/t 1.14 1.21 1.21 kt 918 881 971 g/t 1.20 1.35 1.27 % 85 84 86 oz 30,430 32,128 33,976 A$ per ounce
Mining Processing Site services By-product credits Third party refining & transport Royalties Total cash operating costs Corporate and administration Rehabilitation Sustaining capital expenditure All-In Sustaining Cost(AISC)	344 388 338 335 394 366 216 223 218
	895 1,005 922 - (2) (2) 10 7 7 39 38 37
	944 1,048 964 49 54 45 16 13 13 16 10 5
	1,025 1,125 1,027

1 Non-IFRS measure, refer Appendix

Outlook

FY18 guidance is unchanged:
Production of between 105,000 and 115,000 ounces
AISC of between A$1,260 and A$1,380 per ounce (US$995 to US$1,090 per ounce converted at AUD/USD of 0.79)
Capex of A$5 to A$7 million (US$4 to US$5 million).

St Barbara Limited Quarterly Report / Q1 September 2017

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Exploration – Results September 2017 Quarter

Gwalia Exploration Program, Leonora WA

UGD2526 2.2 m @ 24.5 g/t Au from 135.9 m
UGD2528 2.8 m @ 8.4 g/t Au from 100.3 m
UGD2539 2.0 m @ 6.6 g/t Au from 138.2 m, and
Gwalia Deeps Extension: The Gwalia Deeps drilling program continued with the successful completion of two new daughter drill holes.
Daughter holes GWDD18F and GWDD18G aimed to provide data allowing the extension of the Inferred Resource to 2,200 mbs. The holes entered the Mine Sequence at depths between 2,175 and 2,265 mbs and passed through intervals interpreted to represent South Gwalia Series (SGS2), contained within a broader mineralised shear zone.
Significant intercepts from these holes are indicated below (all intercepts referenced as metres below surface), with full details set out in Figures 2.0 to 2.2 and Table 1 in the Exploration Figures and Tables appendix.

GWDD18F:

 SGS2 11.6 m @ 1.8 g/t Au (2,265 mbs)

GWDD18G:

SGS2 12.2 m @ 2.0 g/t Au (2,237 mbs)
Daughter hole GWDD18H continued to be drilled through the quarter and at the end of the reporting period had reached a downhole depth of 2,050 m.
The drilling program is planned to continue in the December quarter targeting the interval between 2,100 to 2,200 mbs, as well as a deeper hole directed at 2,600 mbs.
Gwalia Seismic Reflection Program: Data interpretation of a 3D seismic program targeting a 15 km[2] area surrounding Gwalia Mine has commenced and is yielding encouraging indications that the deposit hosting shear zone continues to be present further down-plunge and along strike to the north and south of known positions. Detailed modelling of seismic data, incorporating key structural information from underground mapping and surface drilling is anticipated to identify high value targets during the December 2017 quarter.
Gwalia Intermediates Drilling: Results from nine underground drill holes have been received to complete the first phase of a program directed at extending the currently understood limits of the Gwalia mineralised system further up-plunge and to the north of a position located approximately 1,065 mbs. Work is now underway to prepare a resource model covering these extensions and is expected to be finalised in the December 2017 quarter, potentially increasing Resources in the shallower part of the Gwalia lode system.
Significant intercepts from the holes are presented below showing horizontal downhole intercepts. Full details are set out in Figure 2.0. 3.0 and Table 2 in the Exploration Figures and Tables appendix.
UGD2522 3.8 m @ 5.4 g/t Au from 62.2 m
2.2m @ 4.5 g/t Au from 161.1 m

Pinjin Project, Yilgarn WA

Exploration continued on the Pinjin project within the Yilgarn Province, WA. The Pinjin Project is located 150 km northeast of Kalgoorlie, comprising a large tenement package of 20 exploration licences (1,434 km[2] ) for 485 blocks (Figure 5.0).
An Aircore drilling program comprising 564 holes (PJAC0821 to PJAC1384) for 24,260 metres was completed in September 2017. The drilling tested 17 geophysical and bedrock geochemical targets. Results have been received (all intercepts downhole, details in Figure 5.1 and Table 3) including:
PJAC0822 4m @ 0.8 g/t Au from 107m (EOH)
PJAC0899 1m @ 3.0 g/t Au from 48m (EOH)
PJAC1099 1m @ 6.6 g/t Au from 111m (EOH)
PJAC1118 3m @ 0.8 g/t Au from 96m
A 3,000 metre Reverse Circulation (RC) and a 10,000 metre Aircore drill program are planned in the December 2017 quarter to follow-up encouraging Aircore results.
A 1,012 line kilometre airborne Electromagnetic (AEM) survey completed in June 2017 over 11 targets was successful in defining potential bedrock sulphide conductors (Figure 5.2). A surface Electromagnetic survey is planned to commence in the December 2017 quarter to further evaluate targets and constrain their position to guide any potential drilling.
A 330km[2] ground Gravity survey was completed in July 2017 over several western Pinjin tenements (Figure 5.2). The survey assisted in mapping geological trends through cover on and around Lake Rebecca.

Back Creek, NSW (EL 8214 and EL 8530)

A 79 line kilometre surface Gravity and Passive Seismic survey was completed over selected areas of interest within Back Creek (EL8214 and EL8530) in central NSW (Figure 6.0).

Simberi, Tatau & Tabar Islands, Papua New Guinea (ML 136 and EL 609)

On Simberi Island (Figure 7.0), a detailed pit mapping program and multi-element geochemical review commenced to better define controls on oxide and sulphide ore within ML136.
Exploration continued on EL609 at Tatau Island during the September quarter (Figure 7.0). Detailed creek mapping and rock chip sampling were completed on central Tatau targeting

St Barbara Limited Quarterly Report / Q1 September 2017

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the Kupo, Talik, Talik North, Talik Northwest and Daramba North prospects. Final results were received for drilling at the Mt Siro prospect.

EL609 was renewed by the PNG government on 13 September 2017 (Figure 7.0).

Tatau Island

A 22 hole, 2,275 metre diamond drill program targeting narrow, high-grade, sulphide-oxide gold targets was completed at Southwest Tatau in the June 2017 quarter. Assay results for the remaining two diamond drill holes (TTD082 and TTD083) drilled at the Mt Siro prospect were returned and are highlighted in Figure 7.1 and Table 4. Results for Southwest Tatau drilling continue to be reviewed and modelled during December 2017 quarter.

Expenditure September Quarter (unaudited)

Expenditure on mineral exploration is shown below:

Australia Pacific Gwalia Deep Drilling	Q1 Sep 2017 A$ million 1.0 (expensed) 0.8 (expensed) 1.2 (capitalised) 3.0

Exploration – December 2017 Quarter

Option and Farm-in with Newcrest,

Tatau & Tabar Islands, Papua New Guinea

The St Barbara group (through its wholly owned PNG subsidiary Nord Australex Nominees (PNG) Ltd) entered into an Option and Farm-in Agreement with Newcrest PNG Exploration Limited (a wholly owned subsidiary of Newcrest Mining Limited) in November 2016 for copper-gold porphyry exploration within EL609 and EL2462 on nearby Tatau and Big Tabar Islands.
A creek mapping, rock chip sampling and trenching program designed to follow-up potential porphyry copper - gold targets highlighted by the soil sampling program covering 36 km[2] of central Tatau Island continued during the September 2017 quarter. 801 rock chip samples were collected during the September quarter 2017. To date, 1,164 rock samples were collected over Tatau Island during 45 line kilometres of creek mapping (Figures 7.2 to 7.4). Prospects covered by mapping and rock chip sampling include Kupo, Talik, Talik North, Talik Northwest and Daramba North.
Results from the surface sampling program received to date highlight the Talik North porphyry prospect as a priority drill target (Figures 7.2 and 7.3). A coincident copper - molybdenum anomaly in soil and rock chip samples is associated with a 2.3 x 1.6 km magnetic low interpreted to represent an area of magnetite destruction associated with mapped early potassic alteration overprinted by later moderate to strong phyllic alteration. Subject to access, diamond drilling is expected to commence early in the December 2017 quarter.
The map below shows current and planned target areas for the December 2017 quarter.
Exploration in the December 2017 quarter (Q2 FY18) will focus on:
Gwalia Deeps Below 2,000 mbs Completion of the current phase and commencement of a subsequent Gwalia Deeps drilling directed at establishing a Indicated Mineral Resource down to 2,200 mbs.
Gwalia Deeps 2,600 mbs commencement of a surface parent hole directed at the potential down-plunge extension of the Gwalia deposit to 2,600 mbs.
Evaluate the results of 3D seismic data over the Greater Gwalia area to identify extensions to the lode system and other potential occurrences of Gwalia-style mineralisation for drill targeting.
Conduct further extensions of the 3D seismic coverage of the Greater Gwalia area to the north and south.
Conduct IP and SAM geophysical surveys at Horsepaddock Well with the aim of identifying King of the Hills style mineralisation. Previous exploration activities in the Horsepaddock Well area, culminating in detailed gravity completed in 2006, have highlighted the potential for a granite-intrusive type of deposit to be present under a thin cover of ultramafics. Recent improvements in the depth penetration of IP and SAM (Induced Polarisation and Sub-Audio Magnetic) make these electrical techniques particularly suitable to identify disseminated sulphides to depths of 100 – 200m known to be associated with most of the deposits occurring in the Leonora Province.
Assessment of the results from the 564 hole Aircore drilling program completed at Pinjin to determine targets that warrant follow-up Aircore or RC drilling.
Completion of a 3,000 metre Reverse Circulation (RC) and 10,000 metre Aircore drill program at Pinjin following up encouraging Aircore results.

St Barbara Limited Quarterly Report / Q1 September 2017

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Commencement of a surface Electromagnetic survey at Pinjin over targets highlighted from the airborne Electromagnetic (AEM) survey.
Assessment of the results of the surface Gravity and Passive Seismic surveys at Back Creek (EL8214 and EL8530) and design follow-up Aircore drilling if warranted.
As part of the Newcrest option period work program, continuing the regional soil, rock chip sampling and reconnaissance mapping over copper-gold porphyry targets on Tatau and Big Tabar Islands . Further, interpretation of the results from the regional multielement geochemical surveys to determine additional potential diamond drill targets.
As part of the Newcrest option period work program, and subject to access, commence diamond drilling of the Talik North copper-molybdenum porphyry target on Tatau Island .
Subject to access, continuing the soil, rock chip sampling, reconnaissance mapping and trenching over gold targets on Tatau Island .

Health & Safety

St Barbara maintained its record low Total Recordable Injury Frequency Rate (TRIFR) of 1.2 in Q1 FY18.

Finance (unaudited)

101,970 ounces of gold were sold in the September quarter, at an average realised gold price of A$1,637 per ounce (Q4 Jun: 91,065 ounces at A$1,715 per ounce).
Total cash at bank at 30 September 2017 was A$199[1 ] million (30 June 2017: A$161 million) after payment of the $0.06 per share FY17 dividend. In addition, there was 2,538 ounces of gold inventory on hand at 30 September 2017 (30 June 2017: 5,327 ounces).
The Company generated an operational cash contribution[2] in the September 2017 quarter of A$86 million (Q4 Jun: A$73 million). Cash movements for the September 2017 quarter are summarised in the following table:

Cash movements & balance A$M	Q3	Q4	Q1
(unaudited)	Mar	Jun	Sep
	FY17	FY17	FY18
Leonora - operating cash flow3	67	53	62
Leonora - growth capital	(2)	(4)	(4)
Simberi - operating cash flow3	244	20	24
Rehabilitation , land management	(1)	-	-
& project costs
Corporate costs	(5)	(5)	(4)
Corporate royalties	(2)	(2)	(2)
Exploration5	(6)	(4)	(3)
Investments6	(2)	(3)	(1)
Proceeds from other receivables7	-	3	-
Working capital movement	(5)	4	(10)8
Cash flows before finance costs	68	62	62
Net interest and finance costs	(2)	-	1
Dividends paid	-	-	(25)
US debt repayment	(54)	-	-
Net movement for period	12	62	38
Cash balance at start of quarter	87	99	161
Cash balance at end of quarter	99	161	199

1 No interest bearing debt except for equipment leases amounting to approx. A$0.3 million. Cash balance includes A$1.2 million restricted cash.
2 Non-IFRS measure, see cash movements table this page. Corresponds to Operational Cash Flow less sustaining capital, but excludes growth capital of A$4 million.
3 Net of sustaining capex
5 Includes Gwalia deep drilling
6 Comprises $1.5 million investment in Catalyst in Q3 March 2017 and $0.7 million in Q1 FY18, $3.3 million investment in Peel Q4 June 2017.
7 Proceeds from King of the Hills deferred payment received in June 2017.
8 The working capital movement in Q1 FY18 was mainly attributable to repayment of creditors, and is expected to substantially reverse over the balance of FY18.
4 As at 31 December 2016 there was 6,311 ounces of gold at Simberi that was shipped on 1 January 2017

St Barbara Limited Quarterly Report / Q1 September 2017

Page 9 of 12

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The FY17 dividend of 6 cents per share fully franked announced on 7 August 2017 was paid on 28 September 2017. Dividends paid in cash totalled $25 million, plus 2.1 million new shares issued under the corresponding Dividend Reinvestment Plan (DRP). 901 shareholders (9% of all shareholders), holding 99.5 million shares (19% of issued capital), participated in the DRP, which conserved $6 million in cash.
Hedging in place in relation to FY18 comprises:
38,000 ounces to be delivered in monthly instalments between October 2017 and June 2018 at A$1,725 per ounce (this hedge initially for 50,000 ounces, announced 12 April 2017).
38,000 ounces to be delivered in monthly instalments between October 2017 and June 2018 at A$1,730 per ounce (this hedge initially for 50,000 ounces, announced 1 June 2017).
The Company notes that, subsequent to the end of the September 2017 quarter, the Western Australia State Parliament formally disallowed a proposal by the Government earlier in September to increase the gold royalty rate by 50 per cent, from 2.5% to 3.75%. At a gold price of A$1,600 per ounce, this would have added $20 per ounce to the cost of production, and would have represented an annual impost of approximately $5.5 million based on FY17 WA gold revenue of $441 million.

Corporate

Notice of St Barbara’s 2017 Annual General Meeting will be issued on 20 October 2017 and includes full details of the Annual General Meeting to be held at 11:00 am on Wednesday 29 November 2017 in Melbourne.

Share Capital
Issued shares Opening balance 30 Jun 2017 Issued 23 Aug 20171 Issued 28 Sep 20172 Closing balance 30 Sep 2017 Unlisted employee rights Opening balance 30 Jun 2017 Issued Closing balance 30 Sep 2017 Comprises rights expiring: 30 June 2018 30 June 2019 Closing balance 30 Sep 2017	497,331,095 15,953,028 2,143,069
	515,427,192
	5,051,333 nil
	5,051,333
	3,974,617 1,076,716
	5,051,333

Scheduled Future Reporting

Date 29 November Late January Late February	Report Annual General Meeting (Melbourne) December 2017 Quarterly Report Half Year Financial Report

Dates are tentative and subject to change.

1 Refer corresponding ASX Appendix 3B for details, shares issued to satisfy the 2 Refer corresponding ASX Appendix 3B for details, shares issued under Dividend vesting of Performance Rights Reinvestment Plan

St Barbara Limited Quarterly Report / Q1 September 2017

Page 10 of 12

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Corporate Directory

St Barbara Limited ABN 36 009 165 066

Board of Directors

Tim Netscher ..................................... Non-Executive Chairman Bob Vassie ....................................... Managing Director & CEO Kerry Gleeson ...................................... Non-Executive Director David Moroney .................................... Non-Executive Director

Shareholder Enquiries

Computershare Investor Services Pty Ltd

GPO Box 2975
Melbourne Victoria 3001 Australia
Telephone (within Australia)	1300 653 935
Telephone (international)	+61 3 9415 4356
Facsimile	+61 3 9473 2500
www-au.computershare.com/investor

Executives

Bob Vassie ....................................... Managing Director & CEO Garth Campbell-Cowan ......................... Chief Financial Officer Rowan Cole ................................................ Company Secretary

American Depositary Receipt enquires: BNY Mellon Depositary Receipts www.bnymellon.com/shareowner

Investor Relations

Registered Office

Level 10, 432 St Kilda Road

Melbourne Victoria 3004 Australia Telephone +61 3 8660 1900 Facsimile +61 3 8660 1999 Email [email protected] Website www.stbarbara.com.au

Investor Relations
Alistair Reid, Manager Investor Relations	+61 3 8660 1900
Substantial Shareholders	% of Holdings1
Van Eck Associates Corporation	9.7%
M&G Investment Management Ltd	7.3%
Vinva Investment Management	5.2%

Australian Securities Exchange (ASX) Listing code “SBM”

American Depositary Receipts (ADR OTC code “STBMY”) through BNY Mellon,

www.adrbnymellon.com/dr_profile.jsp?cusip=852278100 Financial figures are in Australian dollars (unless otherwise noted).

Financial year commences 1 July and ends 30 June.

1 As notified by the substantial shareholders to 16 October 2017

St Barbara Limited Quarterly Report / Q1 September 2017

Page 11 of 12

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Appendix

Non-IFRS Measures

The Company supplements its financial information reporting determined under International Financial Reporting Standards (IFRS) with certain non-IFRS financial measures, including cash operating costs and All-In Sustaining Cost. We believe that these measures provide additional meaningful information to assist management, investors and analysts in understanding the financial results and assessing our prospects for future performance.
Cash Operating Costs are calculated according to common mining industry practice using The Gold Institute (USA) Production Cost Standard (1999 revision).
All-In Sustaining Cost (AISC) 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).
AISC is calculated on gold production in the quarter.
For underground mines, amortisation of operating development is adjusted from “Total Cash Operating Costs” in order to avoid duplication with cash expended on operating development in the period contained within the “Mine & Operating Development” line item.
Rehabilitation is calculated as the amortisation of the rehabilitation provision on a straight-line basis over the estimated life of mine.

Competent Persons Statement

Exploration Results

The information in this report 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 report that relates to Exploration Results for Gwalia and the Leonora region is based on information compiled by Mr Robert Love, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Love is a full-time employee of St Barbara and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Love consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mineral Resource and Ore Reserve Estimates

The information in this report that relates to Mineral Resources or Ore Reserves is extracted from the report titled ‘Ore Reserves and Mineral Resources Statements 30 June 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.

St Barbara Limited Quarterly Report / Q1 September 2017

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Quarterly Report / Q1 September 2017
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Exploration Figures and Tables

Figure 1.0: Leonora: Summary of Gwalia Extension Drilling, Plan View

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Figure 2.0: Gwalia Deeps Drilling Program Q1 FY18, Cross Section (looking north)

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St Barbara Limited Quarterly Report / Q1 September 2017

Figures and Tables i

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Figure 2.1: Gwalia Deeps Drilling Program Q1 FY18 Results, Long Section (looking west)

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Figure 2.2: Gwalia Deeps Drilling Program Q1 FY18 Results, Cross Section (looking north)

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables ii

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Figure 3.0: Gwalia 3D Seismic Survey

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Figure 4.0 Horse Paddock Well – Q2 FY18

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables iii

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Figure 5.0: Pinjin Project Aircore and Reverse Circulation Drilling Location Map

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables iv

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Figure 5.1: Pinjin Project Aircore Drilling Results Map (Enlargement) – maximum gold in bedrock

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables v

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Figure 5.2: Pinjin Project Airborne Electromagnetic (AEM) Location and Surface Gravity Survey Map

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables vi

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Figure 6.0: Surface Gravity Survey Map, Back Creek EL8214 and EL8530, New South Wales

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables vii

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Figure 7.0: Tabar Islands Location Map, Papua New Guinea

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Figure 7.1: Mt Siro and Seraror Drill Location Map, Tatau Island, Papua New Guinea

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables viii

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Figure 7.2: Soil and Rockchip Copper Results Map, Tatau Island, Papua New Guinea

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables ix

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Figure 7.3: Talik Soil, Rockchip and Trench Copper Results Map, Tatau Island, Papua New Guinea

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables x

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Figure 7.4: Kupo Soil, Rockchip and Trench Copper Results Map, Tatau Island, Papua New Guinea

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St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xi

Table 1: Gwalia Deeps Significant Intercepts– Leonora Operations, Gwalia Mine

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Hole Id	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection
	North	East	RL			Dip/ Azimuth	From	To	Interval	Gold grade
	m	m	m			degrees	m	m	m	g/t Au
GWDD18F	5351	10114	3115	2260	SGS	-70/279	2392.4	2404.0	11.6	1.8
						including	2393.1	2398.0	4.9	3.4
GWDD18G	5159	10142	3143	2232	SGS	-62/251	2350.7	2362.9	12.2	2.0

NOTES:

High grade cuts have not been applied. Dip and Azimuth angles estimated at intercept depth. Coordinates and Azimuth referenced to Gwalia Local Mine Grid Reported intercepts are all down hole lengths. Numbers have been rounded to one significant figure.

Table 2: Gwalia Intermediates Significant Intercepts– Leonora Operations, Gwalia Mine

Hole Id	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection
	North	East	RL			Dip/ Azimuth	From	To	Interval	Gold grade
	m	m	m			degrees	m	m	m	g/t Au
UGD2521	6381	8609	4322	1058	MNL	1/258	86.6	89.2	1.6	11.5
UGD2522	6386	8638	4288	1092	MNL2	-25/255	62.2	66.8	3.8	5.4
UGD2526	6521	8680	4228	1152	MNL2	-31/322	135.9	137.4	2.2	24.5
UGD2527	6467	8697	4242	1138	MNL	-36/311	117.1	117.7	0.5	80.5
UGD2528	6545	8528	4359	1021	MNL2	11/310	100.3	109.5	2.8	8.4
UGD2533	6510	8589	4316	1064	MNL2	-30/328	28.0	31.3	2.4	7.9
UGD2539	6491	8756	4198	1182	MNL	-52/353	138.2	142.5	2.0	6.6
	6506	8755	4179	1201	MNL2	-52/353	161.1	167.4	2.2	4.5
UGD2540	6476	8785	4156	1224	MNL2	-68/10	145.7	148.4	3.5	4.3
UGD2541	6407	8680	4264	1116	MNL	-28/272	98.0	101.0	2.8	5

NOTES:

High grade cuts have not been applied. Dip and Azimuth angles estimated at intercept depth. Coordinates and Azimuth referenced to Gwalia Local Mine Grid Reported intercepts are estimated true widths. Numbers have been rounded to one significant figure.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xii

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Table 3: Pinjin Aircore Significant Intercepts – Yilgarn, WA

Hole Id	North	East	RL	Dip/	Total Depth	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection
				Azimuth		From m	To m	Interval m	Gold grade Auppb
	m	m	m	degrees

PJAC0822	6702798	465749	354	-90/0	127	107	111	4	842
PJAC0899	6656000	446250	332	-60/270	49	48	49	1	3020
PJAC0900	6656000	446300	332	-60/270	50	33	34	1	1340
						42	43	1	597
PJAC0901	6656000	446350	332	-60/270	52	28	29	1	671
PJAC0905	6656295	446100	332	-60/270	42	41	42	1	545
PJAC0921	6657000	446050	350	-60/270	59	52	53	1	989
PJAC1099	6627902	465896	400	-60/270	112	111	112	1	6550
PJAC1100	6627903	466003	400	-60/270	70	69	70	1	1150
PJAC1118	6629906	465198	400	-60/270	100	96	99	3	812

NOTES:

Coordinates and Azimuth referenced to MGA94 zone 51 Grid. Reported intercepts are all down hole lengths.

Table 4: Southwest Tatau Significant Intercepts – Tatau Island, Papua New Guinea

Hole Id	North m	East m	RL m	Dip/ Azimuth degrees	Total Depth	Lode	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection	Down-hole Mineralised Intersection
							From m	To m	Interval m	Gold grade g/t Au
TTD082 (Mt Siro)	189430	35887	38.0	-60 / 135	176.6	SU	26	33	7.0	2.9
including						SU	26	27	2.0	8.8
						SU	40	59	19.0	0.9
including						SU	42	44	2.0	3.8
TTD083 (Mt Siro)	189414	36087	64.0	-60 / 250	118.5	TR	21	27	6.0	0.9
including						TR	25	27	2.0	1.9
NOTES:

Coordinates and Azimuth referenced to Tabar Island Grid (TIG). Reported intercepts are all down hole lengths.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xiii

LEONORA - JORC Code, 2012 Edition – Table 1

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Drilling:

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Drilling - Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
*Sampling techniques*	 Half-core sampling of NQ2 diamond drilling with boundaries defined geologically. Samples are mostly one metre in length unless a significant geological feature warrants a change from this standard unit. The upper or right-hand side of the core is submitted for sample analysis, with each one metre of half core providing between 2.5 – 3 kg of material as an assay sample.
*Drilling techniques*	 Diamond drilling using NQ2 (50.6mm) sized core (standard tubes). Holes have been surveyed using a single shot electronic camera. All core is orientated using a Reflex ACT II RD orientation tool.
*Drill sample recovery*	 Core is metre marked and orientated and checked against drillers blocks to ensure that any core loss is accounted for.  Sample recovery is rarely less than 100%. Where minor core loss does occur it is due to drilling conditions and not ground conditions.
*Logging*	 All SBM holes are logged primarily for lithology, alteration and vein type/intensity which are key to modelling gold grade distributions. Validation of geological data is controlled via the use of library codes and reliability and consistency of data is monitored through regular peer review.  All logging is qualitative.
*Sub-sampling* *techniques and* *sample preparation*	 SBM half core is cut using a core saw before being sent to SGS laboratory in Kalgoorlie where the entire sample is crushed to achieve particle size <4mm followed by complete pulverisation (90% passing 75m).
*Quality of assay data* *and laboratory tests*	 SBM samples were analysed for gold using fire assay with a 50g charge and analysis by flame Atomic Absorption Spectrometry (AAS). QC includes insertion of 3 commercial standards (1 per 20 samples), barren material used for blank control samples, use of barren flush material between designated high grade samples during the pulverising stage, re- numbered sample pulp residues re-submitted to original laboratory, and sample pulp residues submitted to accredited umpire laboratory, submission of residual (duplicate) half core from ore intervals. The analysis of gold was sound and re- analysis of pulps showed acceptable repeatability with no significant bias.
*Verification of* *sampling and* *assaying*	 Sampling data is recorded electronically in spread sheets which ensure only valid non-overlapping data can be recorded. Assay and down hole survey data are subsequently merged electronically. All drill data is stored in a SQL database on secure company server.
*Location of data* *points*	 Collars for surface holes are recorded by DGPS. Upon completion of underground drill holes an authorised surveyor will pick up the collar by placing a survey rod into the hole to measure azimuth and dip. This process may also occur while the hole is in progress by surveying the drill rods in the hole.  All coordinates and Azimuth are specified in using the Gwalia Local Mine Grid (LE_SGMG). The two-point transformation of MGA_51 to LE_SGMG is detailed below:
	Grid	Azimuth	MGAE 1	MGAN 1	MGAE 2	MGAN 2	GridE 1	GridN 1	GridE 2	GridN 2	Rotation	Scale
	LE_SGMG Sons of Gwalia Mine Grid 15.13 337371.157 6800342.586				340246.451 6799408.751 7200.281 6987.844 10219.711					6836. 814 344.522 1

*Data spacing and* *distribution*	 Surface drilling is spaced on an approximate 60m x 80m below 1620 metres below surface Drilling data is sufficient to establish down plunge continuity for all lodes.
*Orientation of data* *in relation to* *geological structure*	 Sampling is perpendicular to lode orientations and is sound based on past production and underground mapping.
*Sample security*	 Company personnel or approved contractors only allowed on drill sites; drill samples are only removed from drill site by approved contractors to the company’s secure core logging/processing facility; cut core is consigned to accredited laboratories for sample preparation and analysis.
*Audits or reviews*	 Regular reviews of core logging and sampling are completed through SBM mentoring and auditing. Additionally, regular laboratory inspections are conducted by SBM personnel. Inspections are documented electronically and stored on secure company server. No significant issues were identified.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xiv

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Drilling - Section 2 Reporting of Exploration Results

Criteria	Commentary
*Mineral tenement and* *land tenure status*	 SBM has 100% ownership of the two tenements M37/25 and M37/333 over the Gwalia deposit.
*Exploration done by* *other parties*	 Western Mining Corporation (WMC) and Sons of Gwalia (SGW), have previously completed deep diamond drilling below 1,100 metres below surface
*Geology*	 Gold mineralisation occurs as a number of stepped, moderately east dipping, foliation parallel lodes within strongly potassic altered mafic rocks which extend over a strike length of approximately 500 metres and to a vertical depth of at least 2,200 metres below surface. The deposit exhibits significant down-plunge continuity but is interrupted at approximately 1,200 metres below surface (mbs) by a cross cutting post-mineralisation doleritic dyke, with a horizontal width of approximately 30 metres.
*Drill hole Information*	 Drill hole information is included in intercept table outlining mid-point co-ordinates including vertical hole depth and composited mineralized intercepts lengths and depth.
*Data aggregation* *methods*	 Down hole intercepts are reported as length weighted averages. No high grade cut is applied.
*Relationship between* *mineralisation widths* *and intercept lengths*	 Down hole length is reported for all holes; true width is not immediately known until further drilling is completed and the orebody modelled.
*Diagrams*	 Appropriate diagrams are included within the body of the report
*Balanced reporting*	 Details of all holes material to Exploration Results have been reported in the intercept table.
*Other substantive* *exploration data*	 These holes test the deepest limits of mineralisation and no other data is available
*Further Work*	 Further exploration drill holes are planned
*Balanced reporting*	 Details of all holes material to Exploration Results have been reported in the intercept table.
*Other substantive* *exploration data*	 Data is included in the body of the report
*Further Work*	 Follow-up drilling is planned and is discussed in the body of the report

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xv

PINJIN - JORC Code, 2012 Edition – Table 1

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Drilling: Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Drilling - Section 1 Sampling Techniques and Data

(Criteria in this section applyt	o the succeedingsection.)
Criteria	Commentary
Sampling techniques	 Sampling was conducted via Aircore drilling on 50m or 100m spacing with line spacing’s of 400m, 800m or as individual lines. Where possible all holes were drilled to blade refusal.  Aircore samples were collected from a rig-mounted cyclone by bucket and were then placed directly on the ground in rows of ten.  Aircore Drill spoil was sampled with a scoop to generate 4m composite samples of approximately 3kg.  The 3kg composite samples were submitted to Bureau Veritas Minerals Pty Ltd, Perth where they were sorted and dried, crushed to 10mm and pulverized to -75µm. A 40g charge of pulverized sample was then digested with aqua regia with a gold analysis by ICP-MS to a detection limit of 1ppb. The same digested sample was also tested for arsenic by ICP-AES to 1ppm detection limit.  Composite samples that return anomalous Au values were subsampled on a metre by metre basis. These samples were submitted to Bureau Veritas Minerals Pty Ltd, Perth where they were sorted and dried, crushed to 10mm and pulverized to -75μm. A 40g charge of pulverized sample was then analyzed for Au, Pd & Pt by Fire Assay with an ICP finish to a detection limit of 1ppb.  Representative specimens of end of hole rock chips were stored in plastic chip trays for future reference.  The EOH Aircore samples as well as a selection of RC samples were submitted to Genalysis and were prepared in the same manner. A 10g charge of pulverized sample was then digested by four acid digestion with analysis by the Scott Halley technique (ICP-OES & ICP-MS to ultra-trace levels) via 4A/OM20 method for 60 elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Fe, Ga, Gd, Ge, Hf, Ho, Ln, K, La, Li, Lu, Mg, Mn, Mo, Na, Nb, Nd, Ni, P, Pb, Pr, Rb, Re, S, Sb, Sc, Se, Sm, Sn, Sr, Ta, Tb, Te, Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn & Zr).  Anomalous RC composite samples are sub-sampled using previously completed one metre samples collected by the rigs cone splitter system. These were submitted to Bureau Veritas Minerals Pty Ltd, Perth where they were sorted and dried, crushed to 10mm and pulverized to -75µm. A 40g charge of pulverized sample was then analyzed for Au byFire Assaywith an ICP finish to a detection limit of 1ppb.
Drilling techniques	 Aircore drilling was carried out using a three and a half inch blade bit to refusal, generally at the fresh rock interface. Drilling was carried out by Raglan Drilling who utilised a truck mounted R/A 180 Rig with 750 cfm and 350psi.
Drill sample recovery	 Sample recoveries and condition (wet/dry) were not recorded.  The drill cyclone and sample buckets were cleaned regularly, in particular after wet ground was encountered. The cyclone was also cleaned several times duringthe course of each hole and after the completion of each hole.
Logging	 All drill holes were logged in full for lithology, alteration, weathering/regolith and colour.  Aircore loggingis bothqualitative andquantitative.
Sub-sampling techniques and sample preparation	 Aircore samples were collected as both dry and wet samples using a sample scoop.  All Aircore composite samples were sorted, dried, crushed and pulverized to produce a 40g charge prior to fire assay.  Aircore samples were collected at 1m intervals and composited in 4m samples using a scoop to sample individual metre samples.  QC procedures for 4m composite sampling involved the insertion of certified reference material , field duplicates and blanks at a ratio of 1:50.  Bureau Veritas inserted certified standards and replicates and lab repeats.
Quality of assay data and laboratory tests	 The composite samples used a 40g charge with an aqua regia digest which is considered appropriate for analysis of the regolith dominated sample medium.  Certified reference material was inserted into the sample stream at a ratio of 1:50.  Field duplicates and blanks were inserted at a ratio of 1:50.  Bureau Veritas inserted certified standards and replicates and lab repeats.
Verification of sampling and assaying	 Primary geological and sampling data were recorded into made for purposed excel spreadsheets. Data was then transferred into the St Barbara corporate DataShed database where it was validated by an experienced database geologist.  No adjustments to assaydata were made.
Location of data points	 Prior to drilling, all holes were marked out using a handheld GPS with ±3m accuracy for easting, northings and ±10m elevation. Upon completion of the program all holes were resurveyed using a dGPS with decimetre accuracy to determine the final collar positions.  No downhole surveys were conducted on Aircore holes.  All locations were captured in MGA94 zone 51grid.
Data spacing and distribution	 Aircore drilling was conducted on 50m or 100m drill spacing’s and a line spacing of 400m, 800m or as individual lines.  Aircore results reported are based on the 1m Fire Assayre-splits of original 4m composite samples.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xvi

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Criteria	Commentary
Orientation of data in relation to geological structure	 The majority of Aircore drill holes had a dip and azimuth of -60/270. Holes were drilled vertically in areas were transported cover made drilling difficult. Due to the early stage of the project there is not yet an exact understanding of the primary orientation of mineralisation.
Sample security	 Only trained and experienced contractors and company personnel were allowed to collect the samples; all samples were held within a secure companylocation before dispatch to Bureau Veritas in Perth for Au analysis.
Audits or reviews	 No audits or reviews of sampling protocols have been completed.

Drilling - Section 2 Reporting of Exploration Results

Drilling- Section 2 Reporting of Exploration Results	Drilling- Section 2 Reporting of Exploration Results
(Criteria listed in theprecedingsection also applyto this section.)
Criteria	Commentary
Mineral tenement and land tenure status	 SBM has 100% ownership of the 20 tenements comprising the Pinjin Project. These include: E28/2234, E28/2283, E28/2284, E31/0999, E31/1000, E31/1005, E31/1007, E39/1718, E28/2218, E28/2245, E28/2250, E28/2264, E28/2357, E28/2375, E28/2445, E31/1056, E31/1082, E28/2246, E28/2247 and E28/2494.
Exploration done by other parties	 There have been numerous historical holders of the project area which covers over ~1,358 square kilometres.  Exploration has been conducted by numerous companies including but not limited to Newmont Pty Ltd, Endeavour Minerals, WMC, Goldfields Exploration Pty Ltd, Anglo American, Gutnick Resources, Carpentaria Exploration Company, BHP, Uranez, Placer Exploration Ltd, Jacksons Minerals Limited, Anglo Australian Resources, Troy Resources NL, Saracen, Hawthorn Resources and Renaissance Minerals Limited.
Geology	 SBM is targeting Archean orogenic gold mineralisation near major regional faults.  The tenement package covers Archaean greenstones within the highly prospective Eastern Goldfields Province of the Yilgarn Craton. The Pinjin project covers portions of the prospective Laverton and Keith-Kilkenny Tectonic Zones which pass through the eastern and western portions respectively.
Drill hole Information	 Drill hole information for holes returning significant results have been reported in the intercept table. Included in the intercept table are collar position obtained by dGPS pickup, hole dip and azimuth acquired from hand held compass and clinometer, composited mineralised intercepts lengths and depth as well as hole depth. Metres below surface (mbs) for intercepts were calculated for the start of the intercept.
Data aggregation methods	 Broad down hole intercepts are reported as length weighted averages using a cut-off of 500ppb Au. Such intercepts may include material below cut-off but no more than 5 sequential meters of such material and except where the average drops below the cut-off. Selvage is only included where its average grade exceeds 500 ppb Au.  No high grade cut is applied.  No metal equivalent values are used for reportingexploration results.
Relationship between mineralisation widths and intercept lengths	 Down hole length is reported for all holes; true width is not known as the orientation of mineralisation is not fully understood.
Other substantive exploration data	 Included in the body of the report.
Diagrams	 Diagrams show all drill holes material and immaterial to Exploration Results.
Balanced reporting	 Details of all holes material to Exploration Results have been reported in the intercept table, and all other drill holes drilled during the reporting period are highlighted on diagrams included in the report.
Other substantive exploration data	 Data is included in the body of the report.
Further Work	 Further exploration aircore drill holes are planned and are discussed in the body of the report.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xvii

SIMBERI - JORC Code, 2012 Edition – Table 1

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Drilling: Section 1 Sampling Techniques and Data Section 2 Reporting of Exploration Results Trenching: Section 1 Sampling Techniques and Data Section 2 Reporting of Exploration Results Surface Sampling: Section 1 Sampling Techniques and Data Section 2 Reporting of Exploration Results

Drilling - Section 1 Sampling Techniques and Data

(Criteria in this section applyt	o the succeedingsection.)
Criteria	Commentary
Sampling techniques	 Diamond Drilling - Sampled using PQ (85mm), HQ (63.5mm) or HQ3 (61.1mm) and on occasion NQ2 (50.5mm) or NQ3 (45mm) sized core using standard triple tubes. Half core was sampled on nominal 1-metre intervals with the upper or left - hand side of the core prepped on-site to produce a 200gm pulp sample. A 50gm charge was then extracted from the 200gmpulpfor Au fire assayand ICP - AES base metal analysis.
Drilling techniques	 Diamond Drilling comprised PQ (85mm), HQ (63.5mm) or HQ3 (61.1mm) and on occasion NQ2 (50.5mm) or NQ3 (45mm) core recovered using 1.5m to 3m barrels. When ground conditions permit, an ACT Digital Core Orientation Instrument was used bythe contractor to orientate the core.
Drill sample recovery	 Diamond drilling recovery percentages were measured by comparing actual meters recovered per drill run versus meters measured on the core blocks. Recoveries averaged over >90% with increased core loss present in fault zones and zones of strongalteration. No relationshipexists between sample recoveryandgrade.
Logging	 Diamond holes are qualitatively geologically logged for lithology, structure and alteration and qualitatively and quantitatively logged for veining and sulphides. Diamond holes are geotechnically logged with the following attributes qualitatively recorded - strength, infill material, weathering and shape. Whole core together with half core, were photographed when wet.  All holes are fullylogged.
Sub-sampling techniques and sample preparation	 Diamond core was sampled largely on 1 metre intervals. Core was cut with the upper or left-hand side of the core routinely submitted for total pulverisation (85% passing 75 µm). Quality control of sub-sampling consisted of insertion of blank control samples and coarse reject duplicates, both at a ratio of 1:20 samples. The samples were fully prepared at the company’s on-site sample preparation facility on Simberi Island with 200g pulps sent to ALS Laboratory in Townsville.  Pulpresidues are stored in Townsville for future re-assayif required.
Quality of assay data and laboratory tests	 Half Core samples were analysed for gold using fire assay with a 50g charge and analysis by flame atomic absorption spectrometry (Au-AA26 method). Additional elements (Ag, As, Cu, Fe, Mo, Pb, S, Sb and Zn) were analysed by Aqua Regia digestion using Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) via method ME-ICP41. QC included insertion of certified reference material (1 in 20); insertion of in-house blank control material (1 in 20); and the insertion of reject residues (1 in 20). QAQC results were assessed as each laboratory batch was received and again on a quarterly basis. Results indicate that pulveriser bowls were adequately cleaned between samples.  ALS Townsville inserted certified standards and replicates and lab repeats.
Verification of sampling and assaying	 Sampling data is recorded electronically which ensures only valid non-overlapping data can be recorded. Assay and downhole survey data are subsequently merged electronically. All drill data is stored in a SQL database on secure companyserver. No twin holes have been completed.
Location of data points	 All Simberi Island collars were surveyed by in-house surveyors using DGPS using Tabar Island Grid (TIG) which is based on WGS84 ellipsoid and is GPS compatible. Tatau and Tabar Island collars were surveyed by hand held GPS. All holes were downhole surveyed using either a Reflex or Ranger single shot camera with the first reading at about 15m and then approximatelyevery30m increments to the bottom-of-the hole.
Data spacing and distribution	 Drilling data is not yet sufficient to establish continuity of the lodes and therefore the drill spacing is irregular and broad spaced.
Orientation of data in relation to geological structure	 Where surface mapping and sampling has contributed to understanding of outcropping geological structures, drilling and sampling has been undertaken orthogonal to the mapped structure.
Sample security	 Only company personnel or approved contractors are allowed on drill sites; drill core is only removed from drill site to secure core logging/processing facility within the gated exploration core yard; core is promptly logged, cut andprepped on site. The 200gmpulps are then consigned to ALS in Townsville for Au and multi-element analysis.
Audits or reviews	 No audits or reviews of sampling protocols have been completed.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xviii

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Drilling - Section 2 Reporting of Exploration Results

Criteria	Commentary
Mineral tenement and land tenure status	 SBM has 100% ownership of the three tenements over the Simberi Islands; ML136 on Simberi Island, EL609 which covers the remaining area of Simberi Island, as well as Tatau Island and Big Tabar Island and 4 sub-block EL2462 which coverspart of Tatau and Mapua Island.
Exploration done by other parties	 CRA, BHP, Tabar JV (Kennecott, Nord Australex and Niugini Mining), Nord Pacific, Barrick and Allied Gold have all previously worked in this area. Nord Pacific followed by Allied Gold was instrumental in the discovery and delineation of the 5 main oxide and sulphide deposits at Simberi.
Geology	 The Simberi gold deposits are low sulphidation, intrusion related adularia-sericite epithermal gold deposits. The dominant host rocks for mineralisation are andesites, volcaniclastics and lesser porphyries. Gold mineralisation is generally associated with sulphides or iron oxides occurring within a variety of fractures, such as simple fracture in- fills, single vein coatings and crackle brecciation in the more competent andesite units, along andesite/polymict breccia contact margins as well as sulphide disseminations. On Tatau and Big Tabar Islands, located immediately south of Simberi, potential also exists for porphyry Cu-Au, epithermal quartz Au-Ag and carbonate-base metal Au mineralisation.
Drill hole Information	 Drill hole information is included in intercept table outlining collar position obtained by DGPS pickup, hole dip and azimuth acquired from a downhole surveying camera as discussed in section 1, composited mineralized intercepts lengths and depth as well as hole depth.
Data aggregation methods	 Broad down hole intercepts are reported as length weighted averages using a cut-off of 0.5 g/t Au and a minimum grade*length of 5gmpt. Such intercepts may include material below cut-off but no more than 5 sequential meters of such material and except where the average drops below the cut-off. Selvage is only included where its average grade exceeds 0.5 g/t Au.  Using the same criteria for included sub-grade, supplementary cut-offs, of 2.5g/t Au, 5.0g/t Au and 10g/t Au, may be used to highlight higher grade zones and spikes within the broader aggregated interval. Single assays intervals are reported only where ≥5.0g/t Au and ≥1m down hole. In core holes, core loss is assigned zero grade. No high grade cut is applied.  No metal equivalent values are used for reportingexploration results.
Relationship between mineralisation widths and intercept lengths	 Down hole length is reported for all holes; true width is not known as the orientation of the orebody is not fully understood.
Diagrams	 Diagrams show all drill holes material and immaterial to Exploration Results.
Balanced reporting	 Details of all holes material to Exploration Results have been reported in the intercept table, and all other drill holes drilled duringthe reporting period are highlighted on diagrams included in the report.
Other substantive exploration data	 Included in the body of the report. Core holes are routinely measured for bulk density determinations to be used for potential future resource modelling.
Further work	 Included in the body of the report.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xix

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Trenching - Section 1 Sampling Techniques and Data

Criteria	Commentary
Sampling techniques	 Sampling of trenches was done over measured intervals of between 1 and 5 meters dependent on geology. A geo- pick was used to collect a continuous channel sample from the trench faces across the designated interval with the samples collected in calico bags.
Trenching/Benching techniques	 Trenches were created by both hand and mechanical techniques. Hand trenches were dug using spades, crowbars and shovels to depths of between 1 and 2 meters. Creek channel sampling is conducted in the same manner as trenches, where continuous exposure of bedrock is made by hand clearing of vegetation and cover. Mechanised trenches were dug by an excavator exposing up to 5 meters of trench wall.
Drill sample recovery	 N/A
Logging / Mapping	 All trenches were qualitatively geologically mapped for lithology, structure and alteration.
Sub-sampling techniques and sample preparation	 Southwest Tatau trench samples (3 to 5kg) were prepped on-site (jaw crushed, disk mill pulverised and then split) to produce a 200g pulp sample.  The Southwest Tatau samples (Mt Siro and Seraror) are routinely submitted for total pulverisation (85% passing <75 µm) at the company onsite sample preparation facility on Simberi Island.  For Soutwest Tatau samples 200g pulps are sent to St Barbara’s Simberi Laboratory where a 25g sub-sample is taken.  Kupo and Talik trench samples (2 to 4kg) were taken to a restricted area at the company’s on-site sample preparation facility on Simberi Island and dried in a dedicated oven at low Temperature (60°C) for 24 hours to reduce weight for transport. Prior to 1st August 2017, the whole Kupo and Talik trench samples were sent to ALS Laboratory in Brisbane for sample preparation and analysis. Samples were sterilised at Steritech Pty Ltd, an irradiation facility in Brisbane. Since 1st August 2017, all trench samples associated with the Newcrest option and farm-in agreement work program (Kupo and Talik) are sent to Intertek Lae (PNG) for sample preparation and analysis.  At ALS, sample preparation involves drying, jaw crush to 70% passing -6mm, pulverise in LM5 or LM2 to a minimum 85% passing -75um.  At Intertek, sample preparation involves drying, jaw crush to 95% passing -4.75mm, pulverise in LM5 or LM2 to a minimum 95% passing -106um.
Quality of assay data and laboratory tests	 The Southwest Tatau samples (Mt Siro and Seraror) were analysed for gold at the Simberi Lab using Aqua Regia digestion with a 25g charge and analysis by Atomic Absorption Spectrometry.  The Southwest Tatau sample QC included the insertion of two in house blanks at the start of each batch of trench samples, the insertion of certified gold standards (1:100) as well as the collection of field duplicates (1:100). No multi-element analyses were completed.  Prior to 1st August 2017, the Kupo and Talik sample pulps were analysed for Au via 30g Fire Assay and AAS finish (Au-AA21 method) and then multi-elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr) via multi acid digest with HF (GEO-4A01 method) and Inductively Coupled Plasma Mass Spectroscopy (ICPMS) via (MEMS61L method).  Since 1st August 2017, all trench samples associated with the Newcrest option and farm-in agreement work program (Kupo and Talik) were analysed for Au via 50g Fire Assay and AAS finish (FA50/AA method) and then multi-elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr) via 4 acid digest with HF (4A method) and Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES) or Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) via (OM10 method).  The Kupo and Talik sample QC included the insertion of certified copper - gold Standards (OREAS45d, OREAS45e) into the sample sequence so that 5% of samples (1 in 20) are a standard.
Verification of sampling and assaying	 Sampling data is recorded electronically which ensures only valid non-overlapping data can be recorded. Assay and trench survey data are subsequently merged electronically. All data is stored in a SQL database on secure company server.
Location of data points	 All trenches were initially surveyed by a handheld GPS to capture the trench start point. The GPS used the Tabar Island Grid (TIG) which is based on WGS84 ellipsoid. The path of the trench from the initial start point to the end was surveyed by Tape & Compass method. Trench interval coordinates were then generated using basic trigonometry.  Selected recent trenches have been picked up using dGPS WGS84 zone 56.
Data spacing and distribution	 Trench data spacing is irregular and broad spaced.
Orientation of data in relation to geological structure	 Where preceding surface mapping and sampling of trenches has contributed to understanding of outcropping geological structures, trenching and sampling has been undertaken to extend the strike length of the mapped structure. However, in many of the areas the lode orientation is poorly understood.
Sample security	 Only company personnel or approved contractors are allowed on trench sites; trench samples are only removed from site to secure core logging/processing facility within the gated exploration core yard; samples are promptly logged, cut and prepped on site.
Audits or reviews	 No audits or reviews of sampling protocols have been completed.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xx

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Trenching - Section 2 Reporting of Exploration Results

Criteria	Commentary
Mineral tenement and land tenure status	 SBM has 100% ownership of the three tenements over the Simberi Islands; ML136 on Simberi Island, EL609 which covers the remaining area of Simberi Island, as well as Tatau Island and Big Tabar Island and 4 sub-block EL2462 which covers part of Tatau and Mapua Island.
Exploration done by other parties	 CRA, BHP, Tabar JV (Kennecott, Nord Australex and Niugini Mining), Nord Pacific, Barrick and Allied Gold have all previously worked in this area. Nord Pacific followed by Allied Gold was instrumental in the discovery and delineation of the 5 main oxide and sulphide deposits at Simberi.
Geology	 The Simberi gold deposits are low sulphidation, intrusion related adularia-sericite epithermal gold deposits. The dominant host rocks for mineralisation are andesites, volcanoclastics and lesser porphyries. Gold mineralisation is generally associated with sulphides or iron oxides occurring within a variety of fractures, such as simple fracture in- fills, single vein coatings and crackle brecciation in the more competent andesite units, along andesite/polymict breccia contact margins as well as sulphide disseminations. On Tatau and Big Tabar Islands, located immediately south of Simberi, potential also exists for porphyry Cu-Au, epithermal quartz Au-Ag and carbonate-base metal Au mineralisation.
Trench/Bench Information	 Included in the report text and annotated on diagrams.
Data aggregation methods	 Broad trench intercepts are reported as length weighted averages using a cut-off of 0.5 g/t Au and a minimum grade*length of 5gmpt. Such intercepts may include material below cut-off but no more than 5 sequential meters of such material and except where the average drops below the cut-off. Selvage is only included where its average grade exceeds 0.5 g/t Au.  Using the same criteria for included sub-grade, supplementary cut-offs, of 2.5g/t Au, 5.0g/t Au and 10g/t Au, may be used to highlight higher grade zones and spikes within the broader aggregated interval. Single assays intervals are reported only where ≥1.0g/t and ≥5m trench length is intercepted. No high grade cut is applied.
Relationship between mineralisation widths and intercept lengths	 Trench intercepts are sampled along the length of the trench and are reported for all trenches; true width is not reported.
Diagrams	 Diagrams show all trenches material and immaterial to Exploration Results.
Balanced reporting	 Details of all trenches material to Exploration Results have been reported in the text, and all other trenches dug during the reporting period are highlighted on diagrams included in the report.
Other substantive exploration data	 Included in the body of the report.
Further work	 Included in the body of the report.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xxi

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Surface Sampling - Section 1 Sampling Techniques and Data

(Criteria in this section applyt	(Criteria in this section applyt
Criteria	Commentary
Sampling techniques	 For the regional soil survey, samples were collected by first removing organic litter from the surface. A hand auger was then used to collect a C-horizon sample from typically between 140cm to 190cm depth. Sampling teams were supervised by a geologist who determined the depth of the sample collected. A bulk sample of ≥2kg was then collected in a calico bag. A reference sample of soil and any weathered rock fragments is placed in a plastic chip tray for ASD analysis.  Rock chip samples (2 to 5kg) were cleaned of any organic material and placed in a calico bag. A small reference rock chip sample is placed in a plastic chip tray for ASD analysis.
Drilling techniques	 N/A
Drill sample recovery	 N/A
Logging	 All rock chip and float were qualitatively logged for lithology, alteration, weathering and colour.  Regional soil sample sites were recorded for land use, vegetation type, slope (degrees) and slope direction. For regional soil samples, the depth (from, to) collected was recorded in centimetres. Regional soil samples were logged for regolith (weathering) type, colour, tone and moisture content by a geologist. A digital photograph is taken showing the soil profile laid out and the location of the sample material highlighted.
Sub-sampling techniques and sample preparation	 Rock chip, float and soil samples collected were taken to a restricted area at the company’s on-site sample preparation facility on Simberi Island and dried in a dedicated oven at low Temperature (60°C) for 24 hours to reduce weight for transport.  Since 1st August 2017, all surface samples associated with the Newcrest option and farm-in agreement work program are sent to Intertek in Lae (PNG) for sample preparation and analysis.  All surface samples not associated with the Newcrest option and farm-in agreement work program are sent to ALS Laboratory in Brisbane for analysis. Samples were first sterilised at Steritech Pty Ltd, an irradiation facility in Brisbane.  At ALS, sample preparation involves drying, jaw crush to 70% passing -6mm, pulverise in LM5 or LM2 to a minimum 85% passing -75um.  At Intertek, sample preparation involves drying, jaw crush to 95% passing -4.75mm, pulverise in LM5 or LM2 to a minimum 95% passing -106um.
Quality of assay data and laboratory tests	 Regional soil and rock chip samples were prepared and analysed by ALS Brisbane and ALS Townsville. Samples were coarse crushed, dried at 105°C, whole sample pulverised (85% passing 75 microns) and then riffle split. Pulps were analysed for Au via 30g Fire Assay and AAS finish (Au-AA21 method) and then multi-elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr) via multi acid digest with HF (GEO-4A01 method) and Inductively Coupled Plasma Mass Spectroscopy (ICPMS) via (MEMS61L method).  Since 1st August 2017, all surface samples associated with the Newcrest option and farm-in agreement work program were prepared and analysed by Intertek Lae and Intertek Townsville. Samples were analysed for Au via 50g Fire Assay and AAS finish (FA50/AA method) and then multi-elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr) via 4 acid digest with HF (4A method) and Inductively Coupled Plasma Optical Emission Spectroscopy (ICP- OES) or Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) via (OM10 method).  Regional soil sample field duplicates are collected in the field while collecting the original sample. Field duplicates are collected from a new hole dug less than 1m from the primary sample site at the same depth as the primary sample. Field duplicates are collected so that 5% of samples (1 in 20) are a duplicate. Standards (OREAS45d, OREAS45e) are inserted into the sample sequence so that 5% of samples (1 in 20) are a standard.  For rock chip sample QC, Standards (OREAS45d, OREAS45e) are inserted into the sample sequence so that 5% of samples (1 in 20) are a standard.
Verification of sampling and assaying	 N/A
Location of data points	 All regional soil and rock chip sampling sites were surveyed by a hand held GPS for Easting, Northing and RL using WGS84.
Data spacing and distribution	 Regional soil sample sites are located on a 200m x 200m off-set grid. Subject to results, follow-up soil samples may be collected on 100m x 100m spacing in selected areas. In some areas samples cannot be collected due to the presence of sacred sites or swamps.  Rock chip sample locations are dictated by the presence of outcrop and are usually restricted to creeks, cliffs and breaks in slope.
Orientation of data in relation to geological structure	 N/A
Sample security	 Only trained company personnel were allowed to collect the samples. All samples were held within a secure company building before dispatch to ALS in Brisbane for Au and multi-element analysis.
Audits or reviews	 No audits or reviews of sampling protocols have been completed.

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xxii

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Surface Sampling - Section 2 Reporting of Exploration Results

Surface Sampling- Section 2 Reporting of Exploration Results	Surface Sampling- Section 2 Reporting of Exploration Results
(Criteria listed in theprecedingsection also applyto this section.)
Criteria	Commentary
Mineral tenement and land tenure status	 SBM has 100% ownership of the three tenements over the Simberi Islands; ML136 on Simberi Island, EL609 which covers the remaining area of Simberi Island, as well as Tatau Island and Big Tabar Island and 4 sub-block EL2462 which covers part of Tatau and Mapua Island.
Exploration done by other parties	 CRA, BHP, Tabar JV (Kennecott, Nord Australex and Niugini Mining), Nord Pacific, Barrick and Allied Gold have all previously worked in this area. Nord Pacific followed by Allied Gold was instrumental in the discovery and delineation of the 5 main oxide and sulphide deposits at Simberi.
Geology	 The Simberi gold deposits are low sulphidation, intrusion related adularia-sericite epithermal gold deposits. The dominant host rocks for mineralisation are andesites, volcaniclastics and lesser porphyries. Gold mineralisation is generally associated with sulphides or iron oxides occurring within a variety of fractures, such as simple fracture in- fills, single vein coatings and crackle brecciation in the more competent andesite units, along andesite/polymict breccia contact margins as well as sulphide disseminations. On Tatau and Big Tabar Islands, located immediately south of Simberi, potential also exists for porphyry Cu-Au, epithermal quartz Au-Ag and carbonate-base metal Au mineralisation.
Drill hole Information	 N/A
Data aggregation methods	 N/A
Relationship between mineralisation widths and intercept lengths	 N/A
Diagrams	 Figures show all sample sites material and immaterial to Exploration Results.
Balanced reporting	 All rock chip, float and soils sample locations with any significant results are shown in Figures.
Other substantive exploration data	 Included in the body of the report.
Further work	 Included in the body of the report.

End of report

St Barbara Limited Quarterly Report / Q1 September 2017

Exploration Figures and Tables xxiii

AI assistant

ST BARBARA LIMITED — Interim / Quarterly Report 2018

65749_rns_2017-10-16_99b4a015-2c9f-49ef-bd18-1e6764b8b103.pdf

Executive Summary

Operations

Health & Safety

Gwalia Extension Project

Exploration

Finance (unaudited)

Outlook

Consolidated results

FY18 Production Indicative Quarterly Guidance Profile

Quarterly presentation and audio webcast

St Barbara Gold Production & Guidance

Disclaimer

Gwalia, Leonora, WA

Operations

Production (koz)

Outlook

Gwalia underground ore mined (kt)

Gwalia animation fly-through

Gwalia Extension Project - progress

Project Description

Project Update

Simberi, Papua New Guinea

Operations

Outlook

Exploration – Results September 2017 Quarter

Gwalia Exploration Program, Leonora WA

Pinjin Project, Yilgarn WA

Back Creek, NSW (EL 8214 and EL 8530)

Simberi, Tatau & Tabar Islands, Papua New Guinea (ML 136 and EL 609)

Tatau Island

Expenditure September Quarter (unaudited)

Exploration – December 2017 Quarter

Option and Farm-in with Newcrest,

Tatau & Tabar Islands, Papua New Guinea

Health & Safety

Finance (unaudited)

Corporate

Scheduled Future Reporting

Corporate Directory

St Barbara Limited ABN 36 009 165 066

Board of Directors

Shareholder Enquiries

Computershare Investor Services Pty Ltd

Executives

Investor Relations

Registered Office

Australian Securities Exchange (ASX) Listing code “SBM”

Appendix

Non-IFRS Measures

Competent Persons Statement

Exploration Results

Mineral Resource and Ore Reserve Estimates

Exploration Figures and Tables

Figure 7.0: Tabar Islands Location Map, Papua New Guinea

Figure 7.2: Soil and Rockchip Copper Results Map, Tatau Island, Papua New Guinea

Table 2: Gwalia Intermediates Significant Intercepts– Leonora Operations, Gwalia Mine

Contents

Drilling - Section 1 Sampling Techniques and Data

Contents

Drilling - Section 1 Sampling Techniques and Data

Drilling - Section 2 Reporting of Exploration Results

Contents

Drilling - Section 1 Sampling Techniques and Data

Drilling - Section 2 Reporting of Exploration Results

Trenching - Section 1 Sampling Techniques and Data

Trenching - Section 2 Reporting of Exploration Results

Surface Sampling - Section 1 Sampling Techniques and Data

Surface Sampling - Section 2 Reporting of Exploration Results

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ST BARBARA LIMITED Interim / Quarterly Report 2018