Quarterly Report / Q3 March 2017

> 95 koz gold produced at AISC A$862/oz
> Debt free, A$99 million cash at bank
> Gwalia Extension Project capex approved

Executive Summary

Operations

˃ Consolidated gold production for the March 2017 quarter was 95,346 ounces (Q2 Dec: 98,982 ounces).
˃ Consolidated All-In Sustaining Cost1 (AISC) was A$862 per ounce (Q2 Dec: A$876 per ounce). The average realised gold price for the quarter was A$1,651 per ounce (Q2 Dec: A$1,636 per ounce).
˃ Gwalia (Western Australia) gold production for the quarter was 64,916 ounces (Q2 Dec: 70,925 ounces) at AISC of A$786 per ounce (Q2 Dec: A$716 per ounce). Mined grade for the quarter was 11.3 g/t Au (Q2 Dec: 11.9 g/t Au) with 186 kt ore milled (Q2 Dec: 201 kt).
˃ Simberi (PNG) gold production for the quarter was a record 30,430 ounces (Q2 Dec: 28,057 ounces), at AISC of A$1,025 per ounce (Q2 Dec: A$1,277 per ounce).

Health & Safety

˃ The Company-wide Total Recordable Injury Frequency Rate (TRIFR), calculated as a rolling 12 month average, improved to a new record low of 1.5 to 31 March 2017 (Q2 Dec: 1.8).

Gwalia Extension Project

˃ The St Barbara Board approved capital expenditure for the Gwalia Extension Project, as announced on 27 March 2017.
˃ A detailed budget and execution plan confirm that the Project will generate a robust financial return, and extend mining at Gwalia to at least 2,000 metres below surface (mbs) in FY 20242 , as well as providing opportunity for potential increases in production and the foundation for extending the mine life further, should sufficient reserves be identified.
˃ The Project has an overall budget of A$100 million and will take two and a half to three years to construct. The Project consists of two main components, a ventilation upgrade and paste aggregate fill involving mixing paste from surface with waste crushed underground to fill stope cavities.

Exploration Investments

˃ The Company has invested in two Australian explorers, Catalyst Metals Limited (ASX:CYL) and Peel Mining Limited (ASX:PEX). One component of the Company's growth strategy is targeted investments in early to advanced stage exploration through earn-in arrangements, joint ventures or direct equity investments.
˃ Catalyst and Peel are strategic and highly prospective investments, building the Company's overall development pipeline.
˃ Further investment opportunities are being evaluated, including operating, development and exploration assets.

Exploration

˃ Gwalia (Leonora) WA Activities focused on defining extensions to the Gwalia lode system continued during the quarter, with surface drill programs targeting down-plunge zones.
˃ Eight daughter holes (GWDD13O-Q, GWDD17F-H, and GWDD18D-E) were completed at Gwalia targeting below 2,000 metres, passing through intervals interpreted to represent South West Branch (SWB) and South Gwalia Series (SGS2).
˃ A 3D seismic program targeting a 15 km2 area surrounding the Gwalia mine has commenced. The program will assist in understanding the Gwalia shear zone and aim to identify possible Gwalia-like mineralised systems in the nearby area.
˃ Pinjin Project (Yilgarn) WA Final results for the 22 hole (PJRC0001 to PJRC0022), 3,239 metre Reverse Circulation (RC) drilling program completed in the December 2016 quarter were received.
˃ A 15,155 metre Aircore drilling program for 305 holes was completed during the March 2017 quarter testing five targets.
˃ Back Creek NSW Processing and image generation from the airborne magnetic survey was completed over Back Creek

1 Non-IFRS measure, refer Appendix

2 Ore Reserves at 30 June 2016 extend down to 1,940 mbs, Annual Mineral Resources and Ore Reserves Report at 30 June 2016, available at www.stbarbara.com.au

EL8214 in central NSW. Inversion modelling of the magnetic data over areas of interest is underway.

˃ Tatau Island PNG Trenching, mapping and drilling continued at Southwest Tatau Island during the March 2017 quarter, targeting high grade sulphide - oxide gold mineralisation.
˃ Option and Farm-in with Newcrest A regional soil sampling program, designed as part of the Newcrest option and farmin exploring for copper-gold porphyry targets, commenced early in the March 2017 quarter. 558 soil samples were collected on a 200 m x 200 m off-set grid covering a 21 km2 area over Tatau Island.

Finance (unaudited)

˃ The Company is now debt free 1 . As announced on 13 February 2017, the final US$20 million principal 2 of US Notes was repurchased on 15 March 2017. The Company has repaid a total of US$325 million (A$436 million) in principal since June 2015.
˃ After debt repayments and interest of A$56 million during the quarter, total cash at bank at 31 March 2017 was A$99 million3 (31 December 2016: A$87 million).

Outlook

˃ Guidance for FY17 has been revised upwards and is summarised as follows:
- ˃ Forecast Gwalia (Leonora) gold production of between 260,000 and 265,000 ounces (previously 255,000 to 265,000 ounces) at an AISC of between A$795 and A$815 per ounce (previously A$815 and A$850 per ounce), with sustaining capex of between A$32 and A$35 million (unchanged), plus growth capex of between A$12 to A$15 million (unchanged).
- ˃ Forecast Simberi gold production of between 105,000 and 110, 000 ounces (previously 95,000 and 105,000 ounces) at an AISC of between A$1,285 and A$1,330 per ounce (previously A$1,330 and A$1,490 per ounce), with capex of between A$4 and A$5 million (unchanged).
- ˃ Forecast exploration expenditure is unchanged at between A$18 and A$22 million, consisting of:
  - ˃ A$10 to A$12 million at Gwalia
  - ˃ A$8 to A$10 million spilt approximately 30% at Pinjin in WA and 70% on the Simberi Island group in PNG.

Bob Vassie

Managing Director and CEO 20 April 2017

1 No interest bearing borrowings, except for equipment leases amounting to less than A$1 million

2 US$21 million (A$28 million) in total consisting of principal repayment, premium and accrued interest.
3 Financial information unaudited

St Barbara Gold Production & Guidance

Production Summary		Year	Q1 Sep	Q2 Dec	Q3 Mar	Q3 YTD	Guidance
Consolidated		FY16	FY17	FY17	FY17	FY17	FY173

Production
Gwalia	oz	267,166	67,118	70,925	64,916	202,959	260 to 265 koz
							(previously 255 to 265 koz)
King of the Hills4	oz	9,112	-	-	-		-
Simberi	oz	110,286	25,429	28,057	30,430	83,916	105 to 110 koz
							(previously 95 to 105 koz)
Consolidated	oz	386,564	92,547	98,982	95,346	286,875	365 to 375 koz
							(previously 350 to 370 koz)
Mined Grade							Reserve grade 2
Gwalia	g/t	9.3	10.4	11.9	11.3	11.2	8.3
Simberi	g/t	1.26	1.05	1.13	1.14	1.11	1.3

Total Cash Operating Costs1
Gwalia	$/oz	609	580	546	582	569	n/a
King of the Hills4	$/oz	893	-	-	-	-	-
Simberi	$/oz	1,143	1,247	1,161	944	1,108	n/a
Consolidated	$/oz	768	763	721	697	727

All-In Sustaining Cost1
Gwalia	$/oz	783	774	716	786	758	795 to 815
							(previously 815 to 850)
King of the Hills4	$/oz	964	-	-	-	-	-
Simberi	$/oz	1,293	1,359	1,277	1,025	1,210	1,285 to 1,330
							(previously 1,330 to 1,490)
Consolidated	$/oz	933	935	876	862	890	940 to 980
							(previously 950 to 1,030)

[1] Non-IFRS measure, refer Appendix.

[2] Ore Reserve grade at 30 June 2016, refer Ore Reserve and Mineral Resources Statement (released 23 August 2016).

[3] FY17 guidance announced in Q4 June 2016 quarterly report (released 19 July 2016), updated in subsequent quarters.

[4] King of the Hills ceased mining in April 2015 and ceased processing in September 2015.

It was sold in October 2015 (refer ASX announcement 16 October 2015).

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.

FY17 Production Indicative Quarterly Guidance Profile

Actual Indicative % of annual production (koz)

Figures displayed to nearest thousand ounces. Reported ounces in associated table.

Presentation on quarterly report and audio webcast

Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the March 2017 Quarterly Report at 12:00 pm Australian Eastern Standard Time (UTC + 10 hours) on Thursday 20 April 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.

Gwalia, Leonora, WA Operations

Production (koz)

˃ Gwalia gold production for the March 2017 quarter was 64,916 ounces (Q2 Dec: 70,925 ounces).
˃ Average mined grade for the quarter was 11.3 g/t Au (Q2 Dec: 11.9 g/t Au), which was higher than predicted due to lower than expected dilution and some high grade shoots. An average mined grade of ~9.0 g/t Au is anticipated for Q4 June 2017.
˃ Overall mined tonnes decreased compared to the December quarter due to prolonged and significant rainfall during February and March that slowed production, and a short period of blasting related stoping sequence delays.
˃ All In Sustaining Cost (AISC) was A$786 per ounce for the quarter (Q2 Dec: A$716 per ounce), an increase on the previous quarter primarily due to the lower ounces produced.
˃ Recovery for the first three quarters of FY17 has been consistent at 97% (FY16: 96%).

Outlook

˃ FY17 guidance has been revised upwards due to above target year-to-date production as follows:
- ˃ Production of between 260,000 and 265,000 ounces (previously 255,000 and 265,000 ounces)
- ˃ AISC of between A$795 and A$815 per ounce (previously A$815 and A$850 per ounce)
- ˃ Capital expenditure (unchanged) comprising:
  - ˃ Sustaining capex: $32 to $35, plus
  - ˃ Growth capex: $12 to $15 million.

Production Summary		Q1 Sep	Q2 Dec	Q3 Mar
Gwalia		FY17	FY17	FY17
Underground ore mined	kt	203	196	175
Grade	g/t	10.4	11.9	11.3

Ore milled [1]	kt	215	201	186
Grade [1]	g/t	10.0	11.3	11.2
Recovery	%	97	97	97
Gold production	oz	67,118	70,925	64,916

All-In Sustaining Cost [2]			A$ per ounce
Mining		373	359	347
Processing		109	111	114
Site services		55	58	58
Stripping and ore inventory		2	(20)	21
adjustments
		539	508	540
By-product credits		(2)	(2)	(2)
Third party refining & transport		1	1	2
Royalties		42	39	42
Total cash operating costs		580	546	582
less operating development		(82)	(84)	(62)
Adjusted cash operating cost		498	462	520

Corporate and administration		53	50	49
Corporate royalty		25	25	25
Rehabilitation		4	3	4
Capitalised mine & op
development		163	161	175
Sustaining capital expenditure		31	15	13
All-In Sustaining Cost (AISC)		774	716	786

[1] Includes Gwalia mineralised waste

[2] Non-IFRS measure, refer Appendix

Gwalia Extension Project Approved

˃ The St Barbara Board approved capital expenditure relating to the Gwalia Extension Project, as announced 27 March 2017 and set out below.
˃ A detailed budget and execution plan confirm that the Project will generate a robust financial return, and extend mining at Gwalia to at least 2,000 metres below surface (mbs) in FY 20241, as well as provide the foundation for potential further extensions.

˃ The Project has an overall budget of A$100 million and will take two and a half to three years to construct. The Project consists of two main components, a ventilation upgrade and paste aggregate fill.

Ventilation Upgrade

˃ The Project provides additional ventilation via raise-bore2 intake and exhaust ventilation shafts and related power and cooling infrastructure needed to mine between 1,800 and 2,000 mbs. To manage the primary execution risk associated with long raise-bore shafts, the design uses shorter, two-stage raise-bore shafts, connected by horizontal development (refer illustration on page 7). The timeframe for completion of the raise-bore shafts will depend on the eventual sequencing of the four individual shafts.

Paste Aggregate Fill (PAF)

˃ PAF involves mixing paste from surface with waste rock crushed underground for stope fill. Disposing waste underground allows truck and ventilation resources to focus on ore production, boosting efficiency and potentially increasing production. PAF also allows faster stope filling and therefore reduces stope cycle times.
˃ Expediting PAF for use during ventilation shaft construction will allow underground disposal of raise-bore chippings (i.e. waste), significantly reducing the impact of the project on ongoing production and greatly enhancing overall project value. PAF should be completed within 12 months.

Project Update

˃ As previously advised, in January 2017 the Board approved $6 million project readiness and early works expenditure during the March 2017 quarter, including detailed engineering, hiring project staff, engaging with vendors and commencing underground development.
- ˃ Underground development to the site of ventilation raise-boring is proceeding on schedule.
- ˃ Negotiations with PAF counterparties and associated detailed planning and engineering are well advanced, and tender requests for raise-bore contracts have been issued.
- ˃ All key positions on St Barbara's Gwalia Extension Project team have been filled with experienced project specialists.
˃ $2 million expenditure was incurred on the project in the March quarter.

1 Ore Reserves at 30 June 2016 extend down to 1,940 mbs, Annual Mineral Resources and Ore Reserves Report at 30 June 2016, available at www.stbarbara.com.au

2 A raise-bore shaft is excavated from the bottom of the shaft by a rotating cutting device hauled up through a small, conventionally drilled pilot hole. A raise-bore is in contrast to a 'blind-sink' shaft which is excavated from surface.

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 & coolingSupports mining to at least 2,000 mbs in FY 20241••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

˃ Current mining is predominantly between 1,500 and 1,540 mbs. The project enables mining activities to continue to the limit of existing reserves at 1,940 mbs (commonly described as 2,000 mbs), which according to current planning will occur in FY 20241 .
˃ The Gwalia mineralised system is known to continue to 2,200 mbs, on a straight line from the original surface outcropping. Should the current drilling program identify sufficient resources below 2,000 mbs, the Feasibility Study defines additional chilling infrastructure that could extend ventilation from 2,000 mbs to allow mining to 2,200 mbs at a cost of between A$30 to A$35 million.

Ore Reserves at 30 June 2016 extend down to 1,940 mbs, Annual Mineral Resources and Ore Reserves Report at 30 June 2016, available at www.stbarbara.com.au

Production Summary	Q1 Sep	Q2 Dec	Q3 Mar
Simberi		FY17	FY17	FY17
Total ore & waste	kt	3,550	3,962	3,536
mined
Ore mined	kt	972	947	1,037
Grade	g/t	1.05	1.13	1.14
Ore milled	kt	967	924	918
Grade	g/t	1.06	1.14	1.20
Recovery	%	77	83	85
Gold production	oz	25,429	28,057	30,430
All-In Sustaining Cost [1]		A$ per ounce
Mining		443	425	344
Processing		479	446	335
Site services		274	250	216
Stripping and ore inventory		-	-	-
adjustments
		1,196	1,121	895
By-product credits
Third party refining &		11	9	10
transport
Royalties		40	31	39
Total cash operating costs		1,247	1,161	944
Corporate and administration		53	50	49
Rehabilitation		20	13	16
Capitalised mine & op
development		-	-	-
Sustaining capital expenditure		39	53	16
All-In Sustaining Cost (AISC)		1,359	1,277	1,025

[1] Non-IFRS measure, refer Appendix

Operations

˃ Simberi produced a record 30,430 ounces of gold during the quarter (Q2 Dec: 28,057 ounces).
˃ Simberi All-In Sustaining Cost (AISC) per ounce fell to A$1,025 (Q2 Dec: A$1,277) due to higher production and improved grade and recovery, together with the benefit of lower ore handling costs in the quarter.
˃ Total material moved for the quarter was 3.5 Mt, down on the previous quarter due to planned maintenance of the excavator fleet and lower strip ratio. The strip ratio reduced to 2.4 during the quarter (Q2 Dec: 3.2:1), consistent with the life of mine plan, as the high intensity program of prestripping required to access new ore sources at Sorowar and Pigiput is now largely complete.
˃ Plant recovery improved to 85% (Q2 Dec: 83%) due to ongoing improvement in ore and waste mining identification and selection, improved quality ore (especially from Pigibo), as well as a number of incremental operational improvements in the processing plant.

Simberi Ore & Waste Mined

Outlook

˃ FY17 guidance has been increased as follows:
- ˃ Production of between 105,000 and 110, 000 ounces (previously 95,000 and 105,000 ounces)
- ˃ AISC of between A$1,285 and A$1,330 per ounce (previously A$1,330 and A$1,490 per ounce)
- ˃ Capex of between A$4 and A$5 million (unchanged).

Exploration Investments

˃ The Company has invested in two Australian explorers, Catalyst Metals Limited (ASX:CYL) and Peel Mining Limited (ASX:PEX). One component of the Company's growth strategy is targeted investments in early to advanced stage exploration through earn-in arrangements, joint ventures or direct equity investments.
˃ Catalyst and Peel are strategic and highly prospective investments, building the Company's overall development pipeline.
˃ St Barbara remains a gold-focused company with no intention of a major diversification into other metals

Peel Mining Limited

˃ St Barbara Limited subscribed for 16 million ordinary shares of Peel Mining Limited (www.peelmining.com.au) through a share placement on 4 April 2017. The A$3.3 million investment by St Barbara represents a shareholding of approximately 9.5% in Peel.
˃ Peel has landholdings primarily in New South Wales, which are strongly prospective for a number of minerals, including gold and especially copper. Peel holds a large tenement package south of Cobar, and the investment by St Barbara will provide Peel with additional funding to accelerate regional exploration activities across its tenement package.
˃ The NewGold 'Peak' gold mine and the Glencore owned 'CSA' copper mines are located nearby, north of the Peel tenements.

Catalyst Metals Limited

˃ St Barbara purchased a 5% stake in Catalyst Metals Limited (www.catalystmetals.com.au) through a share placement valued at A$1.5 million on 16 March 2017.

˃ Catalyst has significant landholdings in northern central Victoria, north of the historical 'gold rush' field at Bendigo, which includes the Whitelaw trend. The Catalyst tenements are north-west of Kirkland Lake's 'Fosterville' mine.
˃ The placement will allow for the acceleration of the Catalyst exploration program.
˃ Further opportunities are being evaluated, including operating, development and exploration assets.

Exploration – Results March 2017 Quarter

Gwalia Exploration Program, Leonora WA

˃ Gwalia Deeps Extension The Gwalia Deeps drilling program continued with the successful completion of eight further daughter drill holes.
˃ Daughter holes GWDD13Q, GWDD17F, GWDD17G and GWDD17H are intended to provide data for extending the Indicated Resource to 2,100 mbs. The holes entered the Mine Sequence at depths between 1,950 and 2,050 mbs and passed through intervals interpreted to represent South West Branch (SWB) and South Gwalia Series (SGS2), intersecting over 100 m of Mine Sequence.
˃ 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.

GWDD13Q:

˃	SWB	5.7m @ 8.4 g/t Au from 1,923 mbs
˃	SGS2	7.1m @ 2.7 g/t Au from 1,964 mbs
	GWDD17F:
˃	SGS2	6.1m @ 5.2 g/t Au from 2,117 mbs
	GWDD17G:
˃	SGS2	10.9m @ 4.4 g/t Au from 2,118 mbs
	including	6.9m @ 6.1 g/t Au from 2,117 mbs
	GWDD17H:
˃	SWB	5.0m @ 2.3 g/t Au from 2,043 mbs
	including	1.4m @ 5.6 g/t Au from 2,043 mbs
˃	SGS2	7.9m @ 3.7 g/t Au from 2,089 mbs
	including	3.7m @ 6.0 g/t Au from 2,091 mbs

˃ Following the completion of GWDD13Q and GWDD17H two new daughter holes were commenced (GWDD13R and GWDD17I). At the end of the quarter GWDD13R and GWDD17I had reached down-hole depths of 1,667 m and 1,845 m respectively.

˃ Daughter holes GWDD13O, GWDD13P, GWDD18D and GWDD18E were intended to extend the Inferred Resource to 2,200 mbs. Mineralised intervals intersected between 2,100 and 2,150 mbs by these holes are interpreted to represent extensions of South West Branch (SWB) and South Gwalia Series (SGS2) (Refer to Figures 2.1 and 2.2 in the Exploration Figures and Tables appendix).
- ˃ Significant intercepts 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.

GWDD13O:

˃	SWB	2.5m @ 2.9 g/t Au from 2,067 mbs
˃	SGS2	4.4m @ 1.0 g/t Au from 2,130 mbs
	GWDD13P:
˃	SWB	6.5m @ 1.1 g/t Au from 2,133 mbs
˃	SGS2	1.9m @ 2.5 g/t Au from 2,205 mbs
	GWDD18D:
˃	SGS2	6.4m @ 3.1 g/t Au from 2,175 mbs
	GWDD18E:
˃	unassigned	4.2m @ 12.1 g/t Au from 2,172 mbs
	including	0.3m @ 147.0 g/t Au from 2,174 mbs
˃	SGS2	6.3m @ 7.1 g/t Au from 2,194 mbs

˃ Following the completion of GWDD18E, a new daughter hole was commenced (GWDD18F). At the end of the quarter GWDD18F had reached a downhole depth of 1,886 m.
˃ Gwalia Seismic Reflection Program: A full evaluation of extensions to the Gwalia Shear Zone will be undertaken through a 3D seismic geophysical program during Q4 June 2017. The survey will seek to identify extensions to the lode system and other potential occurrences of Gwalia-style mineralisation.

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 km2 ) for 485 blocks (Figure 4.0).
˃ Final results for the 22 hole (PJRC0001 to PJRC0022), 3,239 metre Reverse Circulation (RC) drilling program completed in the December 2016 quarter were received (details in Figures 4.0 to 4.3 and Table 2). The RC drilling was designed to test beneath the best aircore results at two gold in bedrock geochemical targets. Preliminary 4 metre composite results were previously quoted in the December 2016 quarter. The results highlighted down dip mineralisation in fresh rock at one target (Figure 4.1,

Enlargement C area) and predominantly flat dipping supergene mineralisation at the other (Figure 4.1, Enlargement B area). Further work includes multi-element analysis, ground gravity and aircore drilling along strike.

˃ An Aircore drilling program comprising 305 holes (PJAC0516 to PJAC0820) for 15,155 metres was completed in the March 2017 quarter (Figures 4.0 to 4.3). The Aircore drilling targeted four gold in bedrock geochemical anomalies defined by historical aircore drilling and one geophysical target. Final results have been received, with significant intercepts returned from two targets that are in line with previous aircore drilling (details in Figures 4.1, 4.2 and Table 3).
˃ A 965 line kilometre Airborne Electromagnetic (AEM) Survey will be conducted in the June 2017 quarter over 11 targets testing for potential bedrock sulphide conductors within potential Banded Iron Formations (Figure 4.4). The purpose of the survey is to target gold associated with sulphide replacement of magnetite within Banded Iron Formation (BIF) rocks. If successful in defining sulphide conductors, limited ground EM follow-up may be needed to refine the target position and to guide drilling.
˃ A 330 km2 ground Gravity Survey is scheduled to commence in the June 2017 quarter over several western Pinjin tenements (Figure 4.4). The purpose of the survey is to map geological trends through cover on and around Lake Rebecca. The area has a subdued magnetic relief and gravity has previously been used to the northwest to define the prospective late basin volcaniclastic sediments which host the main deposits in the Carosue Dam area.

Back Creek, NSW (EL 8214 and EL 8530)

˃ A 3,776 line kilometre airborne magnetic survey was completed over Back Creek EL8214 in central NSW, during the December 2016 quarter. Data processing and image generation was completed in the March 2017 quarter (Figure 5.0). Inversion modelling of the magnetic data over areas of interest is underway.
˃ A 3 sub-block application ELA5392 adjacent to EL8214 was granted as EL8530 on 7 March 2017 (Figure 5.0).

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

˃ Exploration continued on EL609 at Simberi and Tatau Island during the March quarter (Figure 6.0). Trenching, mapping and drilling continued at Southwest Tatau targeting the Mt Tiro, Mt Siro and Seraror prospects.

Tatau Island

˃ A detailed topographic map was generated for Tatau Island from airborne LiDAR (Light Detection and Ranging) survey flown in the December 2016 quarter to support regional exploration.

˃ A 43 line kilometre ground magnetic survey was completed late in the March 2017 quarter. Areas covered include access tracks around Southwest Tatau as well as a soil grid over Talik.
˃ A diamond drill program at Southwest Tatau targeting narrow, high-grade, sulphide-oxide gold targets identified by previous trenching continued through the March 2017 quarter. Nine diamond holes (TTD071 to TTD079) for 748.1 metres were completed in the March 2017 quarter. To date, 18 holes for 1,839.8 metres have been completed at South West Tatau. Assay results for 8 diamond drill holes (TTD067 to TTD074) testing the Nepewo and Mt Tiro prospect were returned (Figure 6.1 and Table 4). The diamond drilling has closed off mineralisation at Mt Tiro to the southeast.
˃ A trenching and mapping program continued at Southwest Tatau to identify the number and determine the strike length of potential narrow high grade mineralised trends. Eight trenches (TATTR229 to TATTR2236) were completed at Mt Siro during the March quarter for 880 metres and 176 samples. The trench sampling results received for TATTR229 to TATTR236 are highlighted in Figure 6.2 and include:

˃	TATTR230	25m @ 1.7 g/t Au, including
		5m @ 4.4 g/t Au
		5m @ 4.8 g/t Au
		20m @ 1.5 g/t Au
˃	TATTR231*	75m @ 2.3 g/t Au, including
		5m @ 10.6 g/t Au
˃	TATTR232	10m @ 3.1 g/t Au, and
		45m @ 1.2 g/t Au
˃	TATTR233	30m @ 1.2 g/t Au
˃	TATTR234	30m @ 0.8 g/t Au

˃ *Note that TATTR231 was sampled along a ridge potentially sub-parallel to the trend of mineralisation and is not representative of true width.
˃ As part of the EL609 renewal process, Wardens hearings were conducted for EL609 on 8 and 9 March 2017.

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 regional soil and rock chip sampling program designed to cover six porphyry Cu-Au targets on central Tatau and parts of Big Tabar Island commenced early in the March 2017 quarter. The initial phase of the program includes 1,100 samples to be collected on a 200m x 200m offset grid. To date 558 soil and 121 rock chip samples have been collected covering a 21 km2 area over Tugitugi, Kupo, Talik, Talik North and Daramba prospects (Figure 6.3).
˃ Results for the program are expected to be finalised in the September quarter 2017.

Expenditure March Quarter (unaudited)

˃ Expenditure on mineral exploration is shown below:

	Q3 Mar 2017
	A$ million
Australia	0.7	(expensed)
Pacific	1.4	(expensed)
Gwalia Deep Drilling	4.3	(capitalised)
Total	6.4

Exploration – June 2017 Quarter

˃ The map below shows current and planned target areas for the June 2017 quarter.

˃ Exploration in the June 2017 quarter (Q4 FY17) will focus on:
- ˃ Gwalia Deeps Below 2,000 mbs Completion of the current phase of Gwalia Deeps drilling directed at establishing a Mineral Resource below 2,000 mbs.
- ˃ Completion of a 3D seismic survey over the greater Gwalia area to identify extensions to the lode system and other potential occurrences of Gwalia-style mineralisation.
˃ Design of further aircore drilling at Pinjin to follow-up December 2016 quarter Reverse Circulation and March 2017 quarter Aircore drilling results.
˃ Completion of an Airborne Electromagnetic (AEM) Survey over 13 targets on the Pinjin project.
˃ Scheduled 330 km2 ground Gravity survey for selected areas of the Pinjin project.
˃ Review and interpret drill results for Mt Tiro prospect, Southwest Tatau.
˃ Subject to access, continuing trenching, mapping and diamond drilling on Southwest Tatau Island targeting higher grade sulphide-oxide potential at the Mt Siro and Seraror prospects.
˃ Continue the grid based regional soil and rock chip sampling over copper-gold porphyry targets on Tatau and Big Tabar Islands.
˃ Completion of the 3D inversion modelling of selected areas of the airborne magnetics over Back Creek EL8214 to highlight areas for possible follow-up ground based exploration.

Health & Safety

˃ The Company-wide Total Recordable Injury Frequency Rate (TRIFR), calculated as a rolling 12 month average, reduced further to a record low of 1.5 to 31 March 2016 (Q2 Dec: 1.8).
˃ The record low TRIFR of 1.5 compares well to the most recently published Western Australian averages. The gold mining average TRIFR is 2.5 and total metalliferous mining industry average is 2.2. Information on industry TRIFR is obtained from the Department of Mines and Petroleum "safety performance" annual compilation for 2014-15.

Finance (unaudited)

˃ 99,861 ounces of gold were sold in the December quarter, at an average realised gold price of A$1,651 per ounce (Q2 Dec: 95,355 ounces at A$1,636 per ounce).
˃ Cash at bank at 31 March 2017 was $99 million after total debt related payments during the quarter of A$56 million, extinguishing the US Notes and making the company debt free, excepting minor finance leases.
˃ The cash contribution from operations during the quarter was $91 million (see cash movement table below), bolstered by proceeds from a larger than usual gold inventory at 31 December 2016.
˃ Hedging in place at the date of this quarterly report comprises:
- ˃ 26,000 ounces of gold forward contracts to be delivered in monthly instalments between April and June 2017 at US$1,338 per ounce (this hedge announced 4 July 2016)
- ˃ 50,000 ounces to be delivered in monthly instalments between July 2017 and June 2018 at A$1,725 per ounce (this hedge announced 12 April 2017).
˃ Cash movements for the March 2017 quarter are summarised in the following table:

Cash movements & balanceA$M(unaudited)	Q1SepFY17	Q2DecFY17	Q3MarFY17
Leonora - operating cash flow []1	64	71	67
Leonora - growth capital	-	(2)	(2)
Simberi- operating cash flow [1]	19	52	242
Rehabilitation , landmanagement & project costs	(1)	(1)	(1)
Corporate costs	(4)	(4)	(5)
Corporate royalties	(2)	(2)	(2)
Exploration []3	(3)	(5)	(6)
Investments []4	-	-	(2)
Working capital movement	2	1	(5)
Cash flows before finance costs	75	63	68
Net interest and finance costs	(2)	(9)	(2)
US debt repayment	(56)	(121)	(54)
Net movement for quarter	17	(67)	12
Cash balance at start of quarter	137	154	87
Cash balance at end of quarter	154	87	99

St Barbara Limited Quarterly Report / Q3 March 2017 Page 12 of 15

1 Net of sustaining capex

2 As at 31 December 2016 there was 6,311 ounces of gold inventory at Simberi that was shipped on 1 January 2017

3 Includes Gwalia deep drilling

4 Comprises $1.5 million investment in Catalyst on 16 March 2017 ($3.3 million investment in Peel occurred in April 2017 and will appear in Q4)

Corporate

Share Capital
Issued shares
Opening balance 31 Dec 2016	497,331,095
Issued	nil
Closing balance 31 Mar 2017	497,331,095
Unlisted employee rights
Opening balance 31 Dec 2016	20,961,921
Issued1	42,440
Vested	nil
Lapsed	nil
Closing balance 31 Mar 2017	21,004,361
Comprises rights expiring:
30 June 2017	15,953,028
30 June 2018	3,974,617
30 June 2019	1,076,716
Closing balance 31 Mar 2017	21,004,361

ASX & ADR

The Company's shares are listed on ASX (ASX:SBM) and through American Depositary Receipts (ADR OTC: STBMY) traded in the USA.

Scheduled Future Reporting

Date	Report
Late July	Q4 June 2017 Quarterly Report
22 August	Annual Financial Report
	Resources and Reserves Statements

[Dates are tentative and subject to change]

St Barbara Limited Quarterly Report / Q3 March 2017 Page 13 of 15

1 Refer ASX Appendix 3B 31 March 2017

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 MoroneyNon-Executive Director

Executives

Bob Vassie Managing Director & CEO
Garth Campbell-Cowan Chief Financial Officer

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

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.

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

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

Investor Relations Contact

Rowan Cole, Company Secretary	+ 61 3 8660 1900
Substantial Shareholders	% of Holdings1
Van Eck Associates Corporation	18.3%
M&G Investment Management Ltd	7.3%
Vinva Investment Management	5.2%

1 As notified by the substantial shareholders to 19 April 2017

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 2016' released to the Australian Securities Exchange (ASX) on 23 August 2016 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 2016 and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcement.
˃ Competent Person Mr Tim Richards is entitled to participate in St Barbara's long term incentive plan, details of which are most recently included in the 2016 Directors' and Financial Report released to the ASX on 23 August 2016. In 2014 increase in Ore Reserves was one of the performance measures under that plan. No incentive has been paid arising from this performance measure.
˃ Full details are contained in the ASX release dated 22 August 2016 'Ore Reserves and Mineral Resources Statements 30 June 2016' available at www.stbarbara.com.au.

Quarterly Report / Q3 March 2017

Exploration Figures and Tables

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

Figure 2.1: Gwalia Deeps Drilling Program Q3 FY17 Results, Long Section (looking west)

Figure 2.2: Gwalia Deeps Drilling Program Q3 FY17 Results, Cross Section (looking north)

Figure 4.0: Pinjin Project Reverse Circulation and Aircore Drilling Location Map

Figure 4.2: Pinjin Project Reverse Circulation and Aircore Drilling Results Map (Enlargement B) - contour of maximum gold in bedrock

Figure 4.3: Pinjin Project Reverse Circulation and Aircore Drilling Results Map (Enlargement C) - contour of maximum gold in bedrock

Figure 6.0: Tabar Islands Location Map, Papua New Guinea

Figure 6.2: Mt Siro and Seraror Trench and Drill Location Map, Tatau Island, Papua New Guinea

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

		Down-holeMineralised Intersection
Hole Id	Northm	Eastm	RLm	MetresBelowSurface	Lode	Dip/Azimuthdegrees	Fromm	Tom	Intervalm	Goldgradeg/t Au
GWDD13O	5594.3	9972.1	3308.1	2066.9	SWB	-60/250	2192.1	2194.5	2.5	2.9
	5582.5	9936.6	3245.5	2129.5	SGS2	-59/252	2264.0	2268.4	4.4	1.0
GWDD13P	5546.4	10049.6	3242.0	2133.0	SWB	-63/226	2242.5	2249.0	6.5	1.1
	5520.9	10021.8	3170.2	2204.8	SGS2	-62/229	2325.2	2327.1	1.9	2.5
GWDD13Q	5757.2	9811.5	3452.0	1923.0	SWB	-38/267	2102.1	2107.8	5.7	8.4
	5755.2	9754.8	3411.4	1963.6	SGS2	-34/269	2173.2	2180.3	7.1	2.7
GWDD17F	5504.4	9933.6	3257.8	2117.2	SGS2	-45/293	2207.3	2213.4	6.1	5.2
GWDD17G	5429.9	9954.4	3256.6	2118.4	SGS2	-68/285	2178.4	2189.4	10.9	4.4
				2117.2		Including	2180.2	2187.2	6.9	6.1
GWDD17H	5325.1	9975.3	3332.5	2042.5	SWB	-68/248	2102.0	2107.0	5.0	2.3
				2043.2		Including	2105.6	2107.0	1.4	5.6
	5318.4	9957.6	3286.5	2088.5	SGS2		2152.0	2159.9	7.9	3.7
				2091.0		Including	2156.2	2159.9	3.7	6.0
GWDD18D	5273.7	10051.2	3200.2	2174.8	SGS2	-46/270	2345.7	2352.0	6.4	3.1
GWDD18E	5397.9	10050.7	3203.3	2171.7	unassigned	-45/293	2364.6	2368.8	4.2	12.1
				2173.6		Including	2368.4	2368.8	0.3	147.0
	5406.4	10030	3180.6	2194.4	SGS2	-45/291	2394.5	2400.8	6.3	7.1

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: Pinjin Reverse Circulation Significant Intercepts – Yilgarn, WA

	North	East	RLDip/						Down-holeMineralised Intersection
Hole Id	m	m	m	Azimuthdegrees	TotalDepth	Fromm	Tom	Intervalm	GoldgradeAu ppb
PJRC0002	6656502	446124	343	-60/270	138	83	88	5	1348
						92	94	2	1286
PJRC0016	6654854	453435	336	-60/270	150	103	104	1	601
PJRC0017	6654851	453500	336	-60/270	150	86	88	2	1350
PJRC0021	6654549	454199	334	-60/270	150	67	71	4	1405
						87	88	1	872
						109	110	1	1960

NOTES:

Coordinates and Azimuth referenced to MGA94 zone 51 Grid.

Reported intercepts are all down hole lengths.

Final results represent 1 metre intervals re-assayed and replace the 4 metre composite results quoted in the December quarter.

Table 3: Pinjin Aircore Significant Intercepts – Yilgarn, WA

	North	East	RL	Dip/				Down-holeMineralised Intersection
Hole Id	m	m	m	Azimuthdegrees	TotalDepth	Fromm	Tom	Intervalm	GoldgradeAu ppb
PJAC0556	6654348	454046	335	-60/270	67.0	61	67	6	2174
including						61	62	1	11100
and						66	67	1	1250
PJAC0573	6653248	454399	333	-60/270	87.0	60	64	4	551
PJAC0591	6647205	456948	342	-60/270	69.0	44	46	2	1149
PJAC0592	6647196	457046	342	-60/270	70.0	51	53	2	792

NOTES:

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

	North	East	RL	Dip/	Total		Down-holeMineralised Intersection
Hole Id	m	m	m	Azimuthdegrees	Depth	Lode	Fromm	Tom	Intervalm	Gold gradeg/t Au
TTD067(Nepewo)	188,718	37561	159.0	-61 / 046	149.5				No Significant Results
TTD068(Nepewo)	188,722	37631	163.0	-58 / 034	114.0				No Significant Results
TTD069(Nepewo)	188,600	37890	93.0	-61 / 043	115.4				No Significant Results
TTD070(Mt Tiro)	188,334	37248	232.7	-59 / 047	187.9	TR,SU	21	25	4.0	2.9
including						TR	21	22	1.0	6.2
						TR,SU	52	58	6.0	4.5
including						TR	52	53	1.0	8.0
and						SU	56	57	1.0	9.7
						SU	78	80	2.0	6.2
including						SU	78	79	1.0	10.7
						SU	128	137	9.0	1.2
including						TR,SU	132	135	3.0	2.0
						SU	172	184	12.0	0.8
TTD071(Mt Tiro)	188,230	37178	237.8	-55 / 211	107.7	OX,TR	14	23	9.0	1.7
including						OX,TR	16	18	2.0	3.9
TTD072(Mt Tiro)	188,059	37445	182.8	-55 / 045	176.4				No Significant Results
TTD073(Mt Tiro)	188,098	37404	223.8	-60 / 210	128.3	OX	39	46	7.0	0.9
TTD074(Mt Tiro)	188,163	37325	173.4	-60 / 044	48.8		No Significant Results

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

NOTES:

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

LEONORA - JORC Code, 2012 Edition – Table 1

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
Sampling techniques	Half-core sampling of NQ2 diamond drilling with boundaries defined geologically. Samples are mostly one metre inlength unless a significant geological feature warrants a change from this standard unit. The upper or right-hand side ofthe core is submitted for sample analysis, with each one metre of half core providing between 2.5 – 3 kg of material asan assay sample.
Drilling techniques	Diamond drilling using NQ2 (50.6mm) sized core (standard tubes). Holes have been surveyed using a single shotelectronic 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 groundconditions.
Logging	All SBM holes are logged primarily for lithology, alteration and vein type/intensity which are key to modelling gold gradedistributions. Validation of geological data is controlled via the use of library codes and reliability and consistency ofdata is monitored through regular peer review.All logging is qualitative.
Sub-samplingtechniques andsample preparation	SBM half core is cut using a core saw before being sent to SGS laboratory in Kalgoorlie where the entire sample is crushedto achieve particle size <4mm followed by complete pulverisation (90% passing 75 m).
Quality of assay dataand laboratory tests	SBM samples were analysed for gold using fire assay with a 50g charge and analysis by flame Atomic AbsorptionSpectrometry (AAS). QC includes insertion of 3 commercial standards (1 per 20 samples), barren material used for blankcontrol samples, use of barren flush material between designated high grade samples during the pulverising stage, renumbered sample pulp residues re-submitted to original laboratory, and sample pulp residues submitted to accreditedumpire laboratory, submission of residual (duplicate) half core from ore intervals. The analysis of gold was sound and reanalysis of pulps showed acceptable repeatability with no significant bias.
Verification ofsampling andassaying	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 onsecure company server.
Location of datapoints	Collars for surface holes are recorded by DGPS. Upon completion of underground drill holes an authorised surveyor willpick up the collar by placing a survey rod into the hole to measure azimuth and dip. This process may also occur whilethe 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 transformationof MGA_51 to LE_SGMG is detailed below:
	GridAzimuthMGAE 1MGAN 1MGAE 2MGAN 2GridE 1GridN 1GridE 2GridN 2RotationScale
	LE_SGMGSons of15.13337371.1576800342.586340246.4516799408.7517200.2816987.84410219.7116836. 814344.5221GwaliaMine Grid
Data spacing anddistribution	Surface drilling is spaced on an approximate 60m x 80m below 1620 metres below surface Drilling data is sufficient toestablish down plunge continuity for all lodes.
Orientation of datain relation togeological 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 byapproved contractors to the company's secure core logging/processing facility; cut core is consigned to accreditedlaboratories for sample preparation and analysis.
Audits or reviews	Regular reviews of core logging and sampling are completed through SBM mentoring and auditing. Additionally, regularlaboratory inspections are conducted by SBM personnel. Inspections are documented electronically and stored on securecompany server. No significant issues were identified.

Drilling - Section 2 Reporting of Exploration Results

	(Criteria listed in the preceding section also apply to this section.)
Criteria	Commentary
Mineral tenement andland tenure status	SBM has 100% ownership of the two tenements M37/25 and M37/333 over the Gwalia deposit.
Exploration done byother parties	Western Mining Corporation (WMC) and Sons of Gwalia (SGW), have previously completed deep diamond drillingbelow 1,100 metres below surface
Geology	Gold mineralisation occurs as a number of stepped, moderately east dipping, foliation parallel lodes within stronglypotassic altered mafic rocks which extend over a strike length of approximately 500 metres and to a vertical depthof at least 2,200 metres below surface. The deposit exhibits significant down-plunge continuity but is interrupted atapproximately 1,200 metres below surface (mbs) by a cross cutting post-mineralisation doleritic dyke, with ahorizontal 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 andcomposited mineralized intercepts lengths and depth.
Data aggregationmethods	Down hole intercepts are reported as length weighted averages. No high grade cut is applied.
Relationship betweenmineralisation widthsand intercept lengths	Down hole length is reported for all holes; true width is not immediately known until further drilling is completedand 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 substantiveexploration 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 substantiveexploration 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

PINJIN - JORC Code, 2012 Edition – Table 1

Drilling: Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Drilling - Section 1 Sampling Techniques and Data

Criteria	(Criteria in this section apply to the succeeding section.)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 sampleswere 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 inthe 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 returned during December quarter 2016 were subsampled using previouslycompleted 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 by Fire Assay with 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 and350 psi.
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 during the 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.
Sub-sampling techniques	Aircore logging is both qualitative and quantitative.Aircore samples were collected as both dry and wet samples using a sample scoop.
and sample preparation	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 duplicatesand blanks at a ratio of 1:50.
	Bureau Veritas inserted certified standards and replicates and lab repeats.
Quality of assay data and	The composite samples used a 40g charge with an aqua regia digest which is considered appropriate for analysis of
laboratory tests	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	Primary geological and sampling data were recorded into made for purposed excel spreadsheets. Data was then
and assaying	transferred into the St Barbara corporate DataShed database where it was validated by an experienced database
	geologist.
Location of data points	No adjustments to assay data were made.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.
Data spacing and	All locations were captured in MGA94 zone 51 grid.
distribution	Aircore drilling was conducted on 50m or 100m drill spacing's and a line spacing of 400m, 800m or as individuallines.
	Aircore results reported are based on the 1m Fire Assay re-splits of original 4m composite samples.

Criteria	Commentary
Orientation of data inrelation to geologicalstructure	The majority of Aircore drill holes had a dip and azimuth of -60/270. Holes were drilled vertically in areas weretransported cover made drilling difficult. Due to the early stage of the project there is not yet an exactunderstanding of the primary orientation of mineralisation.
Sample security	Only trained and experienced contractors and company personnel were allowed to collect the samples; allsamples were held within a secure company location 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

		(Criteria listed in the preceding section also apply to this section.)

Criteria	Commentary
Mineral tenement andland 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 otherparties	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, EndeavourMinerals, WMC, Goldfields Exploration Pty Ltd, Anglo American, Gutnick Resources, Carpentaria ExplorationCompany, BHP, Uranez, Placer Exploration Ltd, Jacksons Minerals Limited, Anglo Australian Resources, TroyResources 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 ofthe Yilgarn Craton. The Pinjin project covers portions of the prospective Laverton and Keith-Kilkenny Tectonic Zoneswhich 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 inthe intercept table are collar position obtained by dGPS pickup, hole dip and azimuth acquired from hand heldcompass and clinometer, composited mineralised intercepts lengths and depth as well as hole depth. Metres belowsurface (mbs) for intercepts were calculated for the start of the intercept.
Data aggregationmethods	Broad down hole intercepts are reported as length weighted averages using a cut-off of 500ppb Au. Suchintercepts may include material below cut-off but no more than 5 sequential meters of such material and exceptwhere 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 reporting exploration results.
Relationship betweenmineralisation widths andintercept lengths	Down hole length is reported for all holes; true width is not known as the orientation of mineralisation is not fullyunderstood.
Other substantiveexploration 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 holesdrilled during the reporting period are highlighted on diagrams included in the report.
Other substantiveexploration 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.

SIMBERI - JORC Code, 2012 Edition – Table 1

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 apply to the succeeding section.)
Criteria	Commentary
Sampling techniques	Diamond Drilling - Sampled using PQ (85mm), HQ (63.5mm) or HQ3 (61.1mm) and on occasion NQ2 (50.5mm) orNQ3 (45mm) sized core using standard triple tubes. Half core was sampled on nominal 1-metre intervals with theupper or left - hand side of the core prepped on-site to produce a 200gm pulp sample. A 50gm charge was thenextracted from the 200gm pulp for Au fire assay and 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 CoreOrientation Instrument was used by the contractor to orientate the core.
Drill sample recovery	Diamond drilling recovery percentages were measured by comparing actual meters recovered per drill run versusmeters measured on the core blocks. Recoveries averaged over >90% with increased core loss present in faultzones and zones of strong alteration. No relationship exists between sample recovery and grade.
Logging	Diamond holes are qualitatively geologically logged for lithology, structure and alteration and qualitatively andquantitatively logged for veining and sulphides. Diamond holes are geotechnically logged with the followingattributes qualitatively recorded - strength, infill material, weathering and shape. Whole core together with halfcore, were photographed when wet.All holes are fully logged.
Sub-sampling techniquesand sample preparation	Diamond core was sampled largely on 1 metre intervals. Core was cut with the upper or left-hand side of the coreroutinely submitted for total pulverisation (85% passing 75 µm). Quality control of sub-sampling consisted ofinsertion of blank control samples and coarse reject duplicates ,both at a ratio of 1:20 samples. The samples werefully prepared at the company's on-site sample preparation facility on Simberi Island with 200g pulps sent to ALSLaboratory in Townsville.Pulp residues are stored in Townsville for future re-assay if required.
Quality of assay data andlaboratory tests	Half Core samples were analysed for gold using fire assay with a 50g charge and analysis by flame atomicabsorption spectrometry. Base metals were analysed by Aqua Regia digestion using Inductively Coupled PlasmaAtomic Emission Spectroscopy (ICP-AES). QC included insertion of certified reference material (1 in 20); insertionof in-house blank control material (1 in 20); and the insertion of reject residues (1 in 20). QAQC results wereassessed as each laboratory batch was received and again on a quarterly basis. Results indicate that pulveriserbowls were adequately cleaned between samples.ALS Townsville inserted certified standards and replicates and lab repeats.
Verification of samplingand assaying	Sampling data is recorded electronically which ensures only valid non-overlapping data can be recorded. Assay anddownhole survey data are subsequently merged electronically. All drill data is stored in a SQL database on securecompany server. 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 isbased on WGS84 ellipsoid and is GPS compatible (RC holes reported in this period are still pending pickup bydGPS). Tatau and Tabar Island collars were surveyed by hand held GPS. All holes were downhole surveyed usingeither a Reflex or Ranger single shot camera with the first reading at about 15m and then approximately every30m increments to the bottom-of-the hole.
Data spacing anddistribution	Drilling data is not yet sufficient to establish continuity of the lodes and therefore the drill spacing is irregular andbroad spaced.
Orientation of data inrelation to geologicalstructure	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 drillsite to secure core logging/processing facility within the gated exploration core yard; core is promptly logged, cutand prepped on site. The 200gm pulps are then consigned to ALS in Townsville for Au-base metal analysis.
Audits or reviews	No audits or reviews of sampling protocols have been completed.

Drilling - Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	Commentary
Mineral tenement andland tenure status	SBM has 100% ownership of the two tenements over the Simberi Islands; ML136 on Simberi Island, and EL609 whichcovers the remaining area of Simberi Island, as well as Tatau Island and Big Tabar Island. A 4 sub-block EL2462 wasgranted on 15 November 2016.
Exploration done byother parties	CRA, BHP, Tabar JV (Kennecott, Nord Australex and Niugini Mining), Nord Pacific, Barrick and Allied Gold have allpreviously worked in this area. Nord Pacific followed by Allied Gold was instrumental in the discovery anddelineation 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. Thedominant host rocks for mineralisation are andesites, volcaniclastics and lesser porphyries. Gold mineralisation isgenerally associated with sulphides or iron oxides occurring within a variety of fractures, such as simple fracture infills, single vein coatings and crackle brecciation in the more competent andesite units, along andesite/polymictbreccia contact margins as well as sulphide disseminations. On Tatau and Big Tabar Islands, located immediatelysouth of Simberi, potential also exists for porphyry Cu-Au, epithermal quartz Au-Ag and carbonate-base metal Aumineralisation.
Drill hole Information	Drill hole information is included in intercept table outlining collar position obtained by DGPS pickup, hole dip andazimuth acquired from a downhole surveying camera as discussed in section 1, composited mineralized interceptslengths and depth as well as hole depth. Metres below surface (Mbs) for intercepts were calculated by measuringthe distance between the midpoint of the intercept and a Lidar survey based topographic surface.
Data aggregationmethods	Broad down hole intercepts are reported as length weighted averages using a cut-off of 0.5 g/t Au and a minimumgrade*length of 5gmpt. Such intercepts may include material below cut-off but no more than 5 sequential meters ofsuch material and except where the average drops below the cut-off. Selvage is only included where its averagegrade 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 beused to highlight higher grade zones and spikes within the broader aggregated interval. Single assays intervals arereported only where ≥5.0g/t Au and ≥1m down hole. In core holes, core loss is assigned zero grade. No high gradecut is applied.No metal equivalent values are used for reporting exploration results.
Relationship betweenmineralisation widthsand intercept lengths	Down hole length is reported for all holes; true width is not known as the orientation of the orebody is not fullyunderstood.
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 holesdrilled during the reporting period are highlighted on diagrams included in the report.
Other substantiveexploration data	Included in the body of the report. Core holes are routinely measured for bulk density determinations to be used forfuture resource modelling.
Further work	Included in the body of the report.

Trenching - Section 1 Sampling Techniques and Data

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

Criteria	Commentary
Sampling techniques	Sampling of trenches was done over measured intervals of between 1 and 5 meters dependent on geology. A geopick was used to collect a continuous channel sample from the trench faces across the designated interval with thesamples collected in calico bags. Samples (3 to 5kg) were prepped on-site (jaw crushed, disk mill pulverised and thensplit) to produce a 200g pulp sample. A 25g charge was then extracted from the pulp for Au analyses by Aqua Regiadigestion followed by an Atomic Absorption Spectroscopy (AAS) instrument finish.
Trenching/Benchingtechniques	Trenches were created by both hand and mechanical techniques. Hand trenches were dug using spades, crowbarsand shovels to depths of between 1 and 2 meters. Creek channel sampling is conducted in the same manner astrenches, where continuous exposure of bedrock is made by hand clearing of vegetation and cover. Mechanisedtrenches were dug by an excavator or dozer 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-samplingtechniques and samplepreparation	Samples are routinely submitted for total pulverisation (85% passing <75 µm) at the company onsite samplepreparation facility on Simberi Island.200g pulps are sent to St Barbara's Simberi Laboratory where a 25g sub-sample is taken.For Banesa trench samples, the 200g pulps were sent to ALS, Townsville for analysis.
Quality of assay dataand laboratory tests	The SW Tatau samples were analysed for gold at the Simberi Lab using Aqua Regia digestion with a 25g charge andanalysis by Atomic Absorption Spectrometry.QC included the insertion of two in house blanks at the start of each batch of trench samples, the insertion ofcertified gold standards (1:100) as well as the collection of field duplicates (1:100).
Verification of samplingand assaying	Sampling data is recorded electronically which ensures only valid non-overlapping data can be recorded. Assay andtrench survey data are subsequently merged electronically. All data is stored in a SQL database on secure companyserver.
Location of data points	All trenches were initially surveyed by a handheld GPS to capture the trench start point. The GPS used the TabarIsland Grid (TIG) which is based on WGS84 ellipsoid. The path of the trench from the initial start point to the end wassurveyed 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 anddistribution	Trench data spacing is irregular and broad spaced.
Orientation of data inrelation to geologicalstructure	Where preceding surface mapping and sampling of trenches has contributed to understanding of outcroppinggeological structures, trenching and sampling has been undertaken to extend the strike length of the mappedstructure. However, in many of the areas the lode orientation is poorly understood.
Sample security	Only company personnel or approved contractors are allowed on drill sites; drill core is only removed from drill siteto secure core logging/processing facility within the gated exploration core yard; core is promptly logged, cut andprepped on site. The 200gm pulps are then consigned to ALS in Townsville for Au-base metal analysis.
Audits or reviews	No audits or reviews of sampling protocols have been completed.

Trenching - Section 2 Reporting of Exploration Results

Criteria	Commentary
Mineral tenement andland tenure status	SBM has 100% ownership of the two tenements over the Simberi Islands; ML136 on Simberi Island, and EL609 whichcovers the remaining area of Simberi Island, as well as Tatau Island and Big Tabar Island. A 4 sub-block ELA2462 wasgranted 15 November 2016.
Exploration done byother parties	CRA, BHP, Tabar JV (Kennecott, Nord Australex and Niugini Mining), Nord Pacific, Barrick and Allied Gold have allpreviously worked in this area. Nord Pacific followed by Allied Gold was instrumental in the discovery anddelineation 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. Thedominant host rocks for mineralisation are andesites, volcanoclastics and lesser porphyries. Gold mineralisation isgenerally associated with sulphides or iron oxides occurring within a variety of fractures, such as simple fracture infills, single vein coatings and crackle brecciation in the more competent andesite units, along andesite/polymictbreccia contact margins as well as sulphide disseminations. On Tatau and Big Tabar Islands, located immediatelysouth of Simberi, potential also exists for porphyry Cu-Au, epithermal quartz Au-Ag and carbonate-base metal Aumineralisation.
Trench/BenchInformation	Included in the report text and annotated on diagrams.
Data aggregationmethods	Broad trench intercepts are spikes within the broader aggregated interval using a cut-off of 0.5 g/t Au and aminimum grade*length of 5gmpt. Such intercepts may include material below cut-off but no more than 5 sequentialmeters of such material and except where the average drops below the cut-off. Selvage is only included where itsaverage 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 beused to highlight higher grade zones and spikes within the broader aggregated interval. Single assays intervals arereported only where ≥1.0g/t and ≥5m trench length is intercepted. No high grade cut is applied.
Relationship betweenmineralisation widthsand intercept lengths	Trench intercepts are sampled along the length of the trench and are reported for all trenches; true width is notreported.
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 dugduring the reporting period are highlighted on diagrams included in the report.
Other substantiveexploration data	Included in the body of the report.
Further work	Included in the body of the report.

Surface Sampling - Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)
Criteria	Commentary
Sampling techniques	For the regional soil survey, samples were collected by first removing organic litter from the surface. A hand augerwas then used to collect a C-horizon sample from typically between 140cm to 190cm depth. Sampling teams weresupervised by a geologist who determined the depth of the sample collected. A bulk sample of ≥2kg was thencollected in a calico bag. A reference sample of soil and any weathered rock fragments is placed in a plastic chiptray 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. Forregional soil samples, the depth (from, to) collected was recorded in centimetres. Regional soil samples werelogged for regolith (weathering) type, colour, tone and moisture content by a geologist. A digital photograph istaken showing the soil profile laid out and the location of the sample material highlighted.
Sub-sampling techniquesand sample preparation	Rock chip, float and soil samples collected from the regional soil survey and from Mt Siro and Seraror were takento a restricted area at the company's on-site sample preparation facility on Simberi Island and dried in a dedicatedoven at low Temperature (60°C) for 24 hours to reduce weight for transport.The whole samples were sent to ALS Laboratory in Brisbane for analysis. Samples were sterilised at Steritech PtyLtd an irradiation facility in Brisbane.
Quality of assay data andlaboratory tests	Regional soil and rock chip samples were prepared and analysed by ALS Brisbane and ALS Townsville. Samples werecoarse crushed, dried at 105°C, whole sample pulverised (85% passing 75 microns) and then riffle split. Pulps wereanalysed for Au via 30g Fire Assay and AAS finish 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 and Inductively Coupled Plasma Mass Spectroscopy (ICPMS).Regional soil sample field duplicates are collected in the field while collecting the original sample. Field duplicatesare collected from a new hole dug less than 1m from the primary sample site at the same depth as the primarysample. 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.
Verification of samplingand 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 usingWGS84.
Data spacing anddistribution	Regional soil sample sites are located on a 200m x 200m off-set grid. Subject to results, follow-up soil samples maybe collected on 100m x 100m spacing in selected areas. In some areas samples cannot be collected due to thepresence of sacred sites or swamps.Rock chip sample locations are dictated by the presence of outcrop and are usually restricted to creeks, cliffs andbreaks in slope.
Orientation of data inrelation to geologicalstructure	N/A
Sample security	Only trained company personnel were allowed to collect the samples. All samples were held within a securecompany 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.

Surface Sampling - Section 2 Reporting of Exploration Results

	(Criteria listed in the preceding section also apply to this section.)
Criteria	Commentary
Mineral tenement andland tenure status	SBM has 100% ownership of the two tenements over the Simberi Islands; ML136 on Simberi Island, and EL609 whichcovers the remaining area of Simberi Island, as well as Tatau Island and Big Tabar Island. A 4 sub-block EL2462,granted on 15 November 2016 covers a small part of Tatau Island.
Exploration done byother parties	CRA, BHP, Tabar JV (Kennecott, Nord Australex and Niugini Mining), Nord Pacific, Barrick and Allied Gold have allpreviously worked in this area. Nord Pacific followed by Allied Gold was instrumental in the discovery anddelineation 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. Thedominant host rocks for mineralisation are andesites, volcaniclastics and lesser porphyries. Gold mineralisation isgenerally associated with sulphides or iron oxides occurring within a variety of fractures, such as simple fracture infills, single vein coatings and crackle brecciation in the more competent andesite units, along andesite/polymictbreccia contact margins as well as sulphide disseminations. On Tatau and Big Tabar Islands, located immediatelysouth of Simberi, potential also exists for porphyry Cu-Au, epithermal quartz Au-Ag and carbonate-base metal Aumineralisation.
Drill hole Information	N/A
Data aggregationmethods	N/A
Relationship betweenmineralisation widthsand 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 substantiveexploration data	Included in the body of the report.
Further work	Included in the body of the report.

AI assistant

ST BARBARA LIMITED — Interim / Quarterly Report 2017

65749_rns_2017-04-19_b1e7db2f-6405-40fa-94e7-054c7c258720.pdf

Quarterly Report / Q3 March 2017

Executive Summary

Operations

Health & Safety

Gwalia Extension Project

Exploration Investments

Exploration

Finance (unaudited)

Outlook

Bob Vassie

St Barbara Gold Production & Guidance

Disclaimer

Presentation on quarterly report and audio webcast

Gwalia, Leonora, WA Operations

Outlook

Gwalia Extension Project Approved

Ventilation Upgrade

Paste Aggregate Fill (PAF)

Project Update

Operations

Simberi Ore & Waste Mined

Outlook

Exploration Investments

Peel Mining Limited

Catalyst Metals Limited

Exploration – Results March 2017 Quarter

Gwalia Exploration Program, Leonora WA

GWDD13O:

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

Option and Farm-in with Newcrest,

Tatau & Tabar Islands, Papua New Guinea

Expenditure March Quarter (unaudited)

Health & Safety

Finance (unaudited)

Corporate

ASX & ADR

Scheduled Future Reporting

Corporate Directory

Board of Directors

Executives

Registered Office

Shareholder Enquiries

Investor Relations Contact

Appendix

Non-IFRS Measures

Competent Persons Statement

Exploration Results

Mineral Resource and Ore Reserve Estimates

Quarterly Report / Q3 March 2017

Exploration Figures and Tables

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

Figure 4.0: Pinjin Project Reverse Circulation and Aircore Drilling Location Map

Figure 4.3: Pinjin Project Reverse Circulation and Aircore Drilling Results Map (Enlargement C) - contour of maximum gold in bedrock

Figure 6.0: Tabar Islands Location Map, Papua New Guinea

Figure 6.2: Mt Siro and Seraror Trench and Drill Location Map, Tatau Island, Papua New Guinea

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

Table 2: Pinjin Reverse Circulation Significant Intercepts – Yilgarn, WA

Table 3: Pinjin Aircore Significant Intercepts – Yilgarn, WA

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

LEONORA - JORC Code, 2012 Edition – Table 1

Contents

Drilling - Section 1 Sampling Techniques and Data

Drilling - Section 2 Reporting of Exploration Results

PINJIN - JORC Code, 2012 Edition – Table 1

Contents

Drilling - Section 1 Sampling Techniques and Data

Drilling - Section 2 Reporting of Exploration Results

SIMBERI - JORC Code, 2012 Edition – Table 1

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

ST BARBARA LIMITED Interim / Quarterly Report 2017