ST BARBARA LIMITED — Interim / Quarterly Report 2017

Feb 20, 2017

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ASX Release / 21 February 2017
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Presentation on the December 2016 Half Year Report and webcast

Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the December 2016 Half Year Report at 12:00 pm Australian Eastern Daylight Time (UTC + 11 hours) on Wednesday 22 February 2017. Participation on the conference call is by personal invitation only.

A live audio webcast of the briefing will be available on St Barbara’s website at www.stbarbara.com.au/investors/webcast/ or by clicking here. The audio webcast is ‘listen only’ and does not enable questions. The audio webcast will subsequently be made available on the website.

Investor Relations Mr Rowan Cole Company Secretary +61 3 8660 1900 Media Relations Mr Tim Duncan Hinton & Associates +61 3 9600 1979 St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T +61 3 8660 1900 F +61 3 8660 1999 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

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BOB VASSIE, MANAGING DIRECTOR & CEO
GARTH CAMPBELL-COWAN, CHIEF FINANCIAL OFFICER / 21 February 2017
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December 2016 Half Year Presentation

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

This presentation may contain forward-looking statements that are subject to risk factors associated with exploring for, developing, mining, processing and sale of gold. Forward-looking statements include those containing such words as anticipate, estimates, forecasts, should, will, expects, plans or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, and which could cause actual results or trends to differ materially from those expressed in this presentation. Actual results may vary from the information in this presentation. The Company does not make, and this presentation should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, of such statements or assumptions. Investors are cautioned not to place undue reliance on such statements.

This presentation has been prepared by the Company based on information available to it, including information from third parties, and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained in this presentation.

The Company estimates its reserves and resources in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves 2012 Edition (“JORC Code”), which governs such disclosures by companies listed on the Australian Securities Exchange.

Financial figures are in Australian dollars unless otherwise noted. Financial year is 1 July to 30 June.

2 / December 2016 Half Year Presentation

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Contents
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• Highlights

• Operations

• Financial results

• Value proposition

• Conclusion

• Appendices

Sky over Gwalia processing plant, April 2016

DDH1 Drilling at Gwalia, November 2016

3 / December 2016 Half Year Presentation

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First half FY17 Highlights: Record cash flow
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139
123
120
92
83
81
77
67
60
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2H FY16

1H FY16

2H FY16 1H FY17 NPAT NPAT Cash flow (underlying) (statutory) from op'ns

• Record cash flow & Underlying NPAT[1]

• Net-cash[1] from Nov 2016, debt free[2] from March 2017

• Positioned for growth

A$M

1. Non IFRS measure, refer corresponding slide in Appendix.

4 / December 2016 Half Year Presentation

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

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Net cash at 31 Dec 2016, debt free [1] in March 2017
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A$M Net Debt / Net Cash [2 ]
100
A$M
$31 million
50 Net Cash
0
-15
-50
-92
-100
-134
-150
-199
-200
-243
-250 -270
-300 -311 -320 -312
-350
FY15 FY15 FY15 FY15 FY16 FY16 FY16 FY16 FY17 FY17 FY17
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar
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• Gross debt reduced by A$173 million during half

• Debt free[1] once US Notes repaid in full on 15 March 2017

• Net cash position to grow in 2H FY17

1. No interest bearing borrowings, except for equipment leases amounting to less than A$1 million 2. Non-IFRS measures, refer Appendix for details

5 / December 2016 Half Year Presentation

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Start safe, stay safe
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Total Recordable Injury Frequency Rate[2 ]

Safety performance

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9.0
6.0
5.0
4.1
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• Record low TRIFR[1 ] of 1.8 continued to 31 December 2016

• Gwalia Emergency Response Team overall winners for the second year running in CMEWA Underground Mine Emergency Response Competition[3]

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2.1
1.8 1.8
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• Initiatives focused on understanding current safety culture and strategies to maintain safety performance

FY 12 FY 13 FY 14 FY15 FY16 Q1 Q2 FY17 FY17

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

2. TRIFR includes Pacific Operations from September 2012

3. The Chamber of Minerals and Energy Western Australia, 5-7 November 2016, Kalgoorlie

6 / December 2016 Half Year Presentation

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Consolidated Gold Production
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AISC (Consolidated) (A$/oz)

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1,166
954
882 922 905
211
203
192
184
50
167
58
53
52
30 27
9
23
134 136 131 138
114
1H FY15 2H FY15 1H FY16 2H FY16 1H FY17
Gwalia King of the Hills Simberi
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1H FY17 Production Highlights

Consolidated

• 192 koz @ AISC[1] A$905/oz

• 376 koz CY16

• Gwalia

• 138 koz record @ A$774/oz

• 269 koz CY16

Simberi

• 53 koz @ A$1,316/oz

• 106 koz CY16

koz

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

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

7 / December 2016 Half Year Presentation

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Financial Performance
Garth Campbell-Cowan, CFO
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700%
600%
500%
400%
SBM 379%
300%
200%
100% XGD 94%
AU$ Gold 5%
0%
US$ Gold 5%
-100%
1 Jul 15 1 Oct 15 1 Jan 16 1 Apr 16 1 Jul 16 1 Oct 16 1 Jan 17
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8 / December 2016 Half Year Presentation

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Underlying Profit & EBITDA [1,2]
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• EBITDA margin[2] for group: 51% (2015: 46%)

• Underlying earnings per share[2] increased 34% to 16.22 cents per share (2015: 12.12 cps)

Underlying NPAT[2] movement

Underlying NPAT[2] & EBITDA[2 ]

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1H FY16 to 1H FY17
6 -7
5 -1 -2
21 -1 81
164
144 142
60
81
67
60
Dec-15 Gross Profit - Gross Profit - Exploration D&A Finance + FX Other income Income tax Dec-16
1H 2H 1H
Aust Ops Simberi Ops / costs expense
FY16 FY16 FY17
NPAT EBITDA
(underlying)
A$ Million
A$ Million
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1. Underlying profit & EBITDA from continuing operations, EBTDA margin, non-IFRS measures, refer appendix.

2. Results exclude significant items, refer Interim Financial Report 31 Dec 2016 page 4

9 / December 2016 Half Year Presentation

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Significant Items [1] – Net $2 million after tax
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Significant Items in NPAT
27 -7
-22
83 81
Σ =$2 M
Dec 16 Impairment Foreign exchange Income tax Dec 16
NPAT Underlying
A$ Million
NPAT[1]
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Simberi Impairment:

Tax credits :

• A$27 million non cash impairment of carrying value

• $8 million tax credit corresponding with impairment

• Primarily due to fall in US$ spot gold price[2] at balance date

• $16 million tax credit from recognising tax benefit in PNG to reduce future tax payable.

• Refer Interim Financial Report 31 Dec 2016 page 4.

• Gold price assumption for period 2017- 2022 at 31 Dec 2016: US$1,098 - $1,325/oz, at 30 June 2016: US$1,258 - $1,314/oz

10 / December 2016 Half Year Presentation

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1H FY17 Cash flow results
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• Cash flow from operations less $16 million sustaining capex = $123 million[1 ]

• Debt repayments totalled $173 million

Cash flow from operations

Cash movement

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139 25 -173
132
123
120
137
-15
-9
-10
87
1H 2H 1H Cash Jun Leonora Simberi Ops Debt Interest Exploration Corporate Cash Dec
FY16 FY16 FY17 2016 Ops repayments payments (incl capex) 2016
[2] + other
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A$ Million

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A$ Million
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1. Cash flows from operating activities $139.3 M less payments for property plant and equipment and mine development $16.1M = $123.2M

2. Includes $6 M borrowing costs related to repayment of US senior secured notes

11 / December 2016 Half Year Presentation

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Segment results
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• EBITDA margin[3] at Gwalia: 66%

Underlying profit from operations[1 ]

Cash contribution from operations[1, 2 ]

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150
140 143 140
129
15 25
117 115 21 16
128 18
124 125
21 13 119
111
83 102
96
15
68
FY15 FY16 FY16 FY17 FY15 FY16 FY16 FY17
2H 1H 2H 1H 2H 1H 2H 1H
Leonora Simberi Total
Leonora Simberi
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A$ Million

A$ Million

1. Results for Leonora include King of the Hills (which ceased production in the September 2015 quarter) operating results, but exclude significant items.

2. Non-IFRS measure of site operating cash flow, refer 31 Dec 2016 Interim Financial Report page 5. 3. Non-IFRS measure, refer corresponding slide in Appendix .

12 / December 2016 Half Year Presentation

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Capital expenditure
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Capex
A$M
24.6
25 Other
1.3 22.5
21.5
1.5 3.2 Simberi P&E
20 6.3
3.1
2.5
Gwalia studies
15 4.1 3.9
4.9
1.8 1.8 Gwalia drilling
2.0
10
Gwalia P&E
11.1 11.1
5 10.0
Gwalia U/G
0 Total
1H FY16 2H FY16 1H FY17
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13 / December 2016 Half Year Presentation

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FY17 and beyond
Bob Vassie, MD&CEO
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Operations performing well

• On track to deliver FY17 Guidance

Organic growth

• Gwalia extension project

• Exploration of existing tenements

• Gwalia & WA

• Simberi & PNG

• Option and farm in with Newcrest

Inorganic growth

14 / December 2016 Half Year Presentation

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Organic Growth – Gwalia Extension Project
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Devel - GEP

• Feasibility studies and A$6 million early works approved

• Investment decision due March 2017

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Gwalia Extension Project	Gwalia Extension Project
Capex	A$85 to $95 million in total
Construction period	2 to 2.5 years
Works	Objective
Ventilation shafts, power & cooling (A$70-75 million)	• Support mining to 2,000 mbs • Option to mine to 2,200 mbs with A$30-35 million extra capex
Underground waste crushing + paste and aggregate fill mixing and pumping (A$15-20 million)	• Increase trucking efficiency • Further improve stope cycle times • Reduce impact of vent shaft construction on production

1. For details refer Dec 2016 Quarterly Report released 18 Jan 2017

15 / December 2016 Half Year Presentation

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Exploration
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Exploration guidance FY17: A$18 to A$22 M

• Gwalia, WA A$10- A$12 M

• Pinjin, WA A$2- A$3 M

• PNG A$6- A$7 M

• St Barbara own oxide and sulphide gold exploration seeking to extend Simberi LOM

• copper- gold porphyry exploration with Newcrest

• For details refer Dec 2016 Quarterly Report released 18 Jan 2017

16 / December 2016 Half Year Presentation

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Positioned for growth
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Business performing well

• Production, costs, safety

Strong balance sheet

• Debt free[1] , accumulating cash

Pursuing organic growth options

• Exploration – Greater Gwalia, Pinjin, Back Creek, Simberi & Tabar Islands

• Option and farm in with Newcrest

• Gwalia extension project (ventilation and PAF[2]

Consider sensible inorganic growth

• Disciplined approach to identify value accretive opportunities

• Paste aggregate fill, refer December 2016 Quarterly Report

• Debt free from March 2017, i.e. no interest bearing borrowings, except for equipment leases amounting to less than A$1 million

17 / December 2016 Half Year Presentation

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St Barbara vs Comparators FCF Yield & EV/Reserves
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EV/Reserve oz
(A$/oz)
A$0
St Barbara
Resolute
A$200
Oceana Gold
A$400
A$600
Saracen
Regis Evolution
A$800
A$1,000
Bubble size =
estimated Northern Star
A$1,200 production rate
(koz p.a.)
A$1,400
0% 5% 10% 15% 20% 25% 30% 35%
FCF Yield (FCF/EV)
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Source: Bell Potter 13 February 2017 (with permission), when SBM = $2.68/share, EV = $1.3B, spot gold = A$1,607/oz EV = Market cap + net debt. AISC margin = A$ spot gold less reported AISC (SBM = A$876 /oz in Q2 Dec 2016). Production is gold ounces only, by-product credits are accounted for in AISC. FCF = Implied free cash flow = AISC margin x estimated annualised production, and is an estimate only.

18 / December 2016 Half Year Presentation

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St Barbara vs Comparators AISC Margin & EV/Production
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EV/Production
(A$/oz)
$2,000
St Barbara
$3,000 Resolute
$4,000
Northern Star
$5,000
Regis
Evolution
$6,000
Bubble size =
estimated Oceana Gold
$7,000
production rate
(koz p.a.)
$8,000
500 550 600 650 700 750 800 850
AISC Margin (A$/oz)
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Source: Bell Potter 13 February 2017 (with permission), when SBM = $2.68/share, EV = $1.3B, spot gold = A$1,607/oz EV = Market cap + net debt. AISC margin = A$ spot gold less reported AISC (SBM = A$876 /oz in Q2 Dec 2016). Production is gold ounces only, by-product credits are accounted for in AISC.

19 / December 2016 Half Year Presentation

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Exciting future from a sustainable, profitable base
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• Record and reliable cash generation

• A$139 million this half, building on A$120 and A$123 million in prior halves

• Company will be effectively debt free from March 2017[1 ]

• Dividends under review, taking into account performance and commitments

• Positioned for growth, with long-life, reliable and highly profitable asset base

• Consistently amongst lowest AISC in the segment[2] , with A$905/oz this half

• Production guidance met or exceeded since FY15

• 4.0 Moz Reserves and 9.0 Moz Resources, Gwalia LOM to 2024 at 1940 mbs[3]

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1. See ASX Announcement 13 Feb 2017, no interest bearing borrowings, except for equipment leases amounting to less than A$1 million

2. Refer graphics slides 18 – 19 for segment comparison. Segment consists of ASX listed gold miners with Market Cap between A$1 and A$5 billion.

3. Refer 2016 Annual Mineral Resources and Ore Reserves Report at 30th June 2016

20 / December 2016 Half Year Presentation

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Appendices
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21 / December 2016 Half Year Presentation Schoolhouse, Gwalia village, photo: Stuart Smith

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Consolidated Production, Costs, Guidance Summary
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Production Summary Consolidated	Production Summary Consolidated	Q4 Jun FY16	Year FY16	Q1 Sep FY17	Q2 Dec FY17	Guidance FY173
Production
Gwalia	oz	65,098	267,166	67,118	70,925	255 to 265 koz (previously 245 to 265 koz1)
King of the Hills4	oz	-	9,112	-	-	-
Simberi	oz	26,935	110,286	25,429	28,057	95 to 105 koz
Consolidated	oz	92,033	386,564	92,547	98,982	350 to 370 koz (previously 340 to 370 koz)
Mined Grade						Reserve grade[2]
Gwalia	g/t	9.3	9.3	10.4	11.9	8.3
Simberi	g/t	1.18	1.26	1.05	1.13	1.3
Total Cash Operating Costs[1]
Gwalia	$/oz	638	609	580	546	n/a
King of the Hills4	$/oz	-	893	-	-	-
Simberi	$/oz	1,164	1,143	1,247	1,161	n/a
Consolidated	$/oz	792	768	763	721
All-In Sustaining Cost[1]
Gwalia	$/oz	836	783	774	716	815 to 850 (previously 850 to 910)
King of the Hills4	$/oz	-	964	-	-	-
Simberi	$/oz	1,266	1,293	1,359	1,277	1,330 to 1,490
Consolidated	$/oz	960	933	935	876	950 to 1,030 (previously 985 to 1,0753)

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 for Gwalia in Q2 December 2016 quarterly report (released 18 Jan 2017).

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).

22 / December 2016 Half Year Presentation

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St Barbara share price vs US$ gold and XGD - % change
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700%
Gwalia
A rich history with a bright future Top performing stock in the ASX 200 in FY2016 [2]
600%
Joined ASX 200
500%
Top performing stock in the
ASX 300 in CY2015 [1]
400%
SBM 379%
Joined ASX 300
300%
200%
100%
XGD 94%
A$ gold 5%
0%
US$ gold 5%
-100%
1 Jul 15 1 Oct 15 1 Jan 16 1 Apr 16 1 Jul 16 1 Oct 16 1 Jan 17
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1. http://www.asx.com.au/education/investor-update-newsletter/201601-making-money-this-year.htm 2. www.mywealth.commbank.com.au, 1 July 2016.

Source: IRESS to close 17 Feb 2017

23 /[December 2016 Half Year Presentation ]

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1H FY17 Financial Results Summary [1 ]
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			1H FY17	2H FY16	1H FY16
Gold price	Average gold price realised	A$/oz	1,687	1,664	1,564
	All-In Sustaining Cost2	A$/oz	905	954	922
Result	˃ Statutory profit after tax	A$M	83	92	77
	˃ Underlying net profit/(loss) after tax2	A$M	81	67	60
	˃ EBITDA2	A$M	144	137	161
	˃ Underlying EBITDA2	A$M	164	142	144
Cash flow	˃ Cash flows from operating activities	A$M	139	120	123
	˃ Cash flows after funding capex3	A$M	123	99	98
	˃ Net debt2	A$M	(31)	92	199
EPS	˃ Basic earnings per share (from continuing operations)	cps	16.6	18.6	15.6

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

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

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

24 / December 2016 Half Year Presentation

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Debt and hedging today
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Debt

• ˃ Final US Notes repayment of US$20 million due on 15 March 2017

• Hedging FY17

• ˃ 26,000 ounces of gold forward contracts remaining to be delivered in monthly instalments between April and June 2017 @ US$1,338/oz

• Credit Rating

• ˃ Moody’s B2 with stable outlook (25 Aug 2016)

• ˃ S&P B+ with stable outlook (4 Jan 2017)

25 / December 2016 Half Year Presentation

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Gwalia: Record production driven by productivity gains
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8% year on year improvement,

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Mined Grade
9.3
(g/t Au) 8.8 8.9
8.2 8.4
6.9 Reserve Grade
6.3
5.7 8.3 g/t Au June 2016
267 265
Production 248 245
(koz)
214
185 183
AISC
(A$/oz)
940
880
841
131 783
109
83
FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 F
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3 key innovations

Ore passes

Allows bogger to work constantly, independent of ore trucks, removes ore from fired stopes more rapidly, allowing pastefilling and adjacent stopes to be fired earlier

Continuous Remote Tele-bogging (CY16) At critical times bogger operates 24 hours a day

Underground Storage

At critical times shorter waste removal turnaround time gives greater availability of trucks for taking ore to surface

FY17F AISC is midpoint of guidance, per Q2 December 2016 Quarterly Report released 18 Jan 2017. June 2016 Reserve grade 8.3 g/t Au, refer ASX announcement released 23 August 2016 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2016’.

26 / December 2016 Half Year Presentation

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Simberi FY14 to FY16 – improvements in all metrics
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Mining
Consecutive years of >50% improvement
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All-in sustaining cost (A$/oz)

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2,300
1,464
1,293
1,410
25
Guidance
mid-point
9,898
Mining
6,293
(kt) 110 100
Guidance
4,151 mid-point
80
Production
(koz)
53
44 1H FY17
FY 14 FY 15 FY 16 FY 17 F
Mining is total material moved (ore + waste).
AISC is a non IFRS measure, refer corresponding slide in Appendix.
FY17F illustrates mid-point of guidance, refer Dec 2016 Quarterly Report for details
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Processing

3.3 Mt processed in FY16, 29% improvement Y on Y

27 / December 2016 Half Year Presentation

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Ore Reserves Summary as at 30 June 2016
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Project	Proved	Proved	Proved	Probable	Probable	Probable	Total	Total	Total
	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz
Gwalia (WA)	2,286	9.6	702	4,510	7.6	1,105	6,795	8.3	1,808
Tower Hill (WA)	-	-	-	2,572	3.7	306	2,572	3.7	306
Simberi Oxide (PNG)	4,687	1.3	194	9,407	1.3	381	14,094	1.3	576
Simberi Sulphide (PNG)	154	3.0	14	13,402	3.0	1,307	13,556	3.0	1,321
Total All Projects	7,127	4.0	910	29,891	3.2	3,099	37,017	3.4	4,011

Notes

1. Ore Reserves are based on a gold price of Gwalia (A$1,350/oz), Tower Hill (A$1,250/oz), Simberi (US$1200/oz)

2. Mineral Resources are reported inclusive of Ore Reserves.

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

4. Details relating to each of the estimates are contained in the 2016 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/

Competent Person Mr Tim Richards is entitled to participate in St Barbara’s long term incentive plan, details of which are most included in the 2016 directors’ and Financial Report released to the ASX on 23 August 2016. Increase in Ore Reserves was one of the performance measures under that plan until 30 June 2016. No incentive was paid in financial year 2016 under this performance measure.

Full details are contained in the ASX release dated 23 August 2016 ‘Ore Reserves and Mineral Resources Statements 30 June 2016’ available at www.stbarbara.com.au.

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Mineral Resources Summary as at 30 June 2016
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Project	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz
Gwalia (WA)	4,951	7.7	1,232	11,773	6.8	2,584	570	4.4	80	17,294	7.0	3,896
Tower Hill (WA)	-	-	-	4,604	3.9	574	489	3.3	51	5,093	3.8	625
Simberi Oxide (PNG)	6,817	1.1	232	16,686	1.0	532	5,925	1.0	187	29,428	1.0	951
Simberi Sulphide (PNG)	1,583	1.2	58	46,382	1.7	2,543	19,885	1.6	1,003	67,850	1.7	3,607
Total All Projects	13,351	3.5	1,522	79,445	2.4	6,233	26,869	1.5	1,321	119,665	2.4	9,079

Notes

1. Mineral Resources are reported inclusive of Ore Reserves

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

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

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

5. Details relating to each of the estimates are contained in the 2016 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/

Full details are contained in the ASX release dated 23 August 2016 ‘Ore Reserves and Mineral Resources Statements’ 30 June 2016’ available at www.stbarbara.com.au.

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Strong institutional share register
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Shareholding Structure

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Institutional holdings
by location
Not analysed Institutional
10%
84%
USA 36%
Non
Institutional
6% Australia
25%
UK 13%
Other 10%
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Analysis and geographic spread of shareholders as at 12 Jan 2017

30 / December 2016 Half Year Presentation

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Significant Shareholders & wide broker coverage
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Significant Shareholders[1 ]

Research Coverage

Van Eck Associates 17% M&G Investment Mgt 8% Vinva Investment Mgt 5% Institutional Shareholders[ 2] 84% Shares on issue 497M Approved Depositary Receipts (ADR) are trading in USA through BNY Mellon (ADR OTC Code ‘STBMY’)

Argonaut James Wilson Canaccord Reg Spencer Credit Suisse Mike Slifirski Deutsche Bank Matt Hocking Global Mining Research David Cotterell Macquarie Ben Crowley

1. As notified by substantial shareholders to 17 Feb 2017 2. As at 12 Jan 2017

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Competent Persons Statement
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Exploration Results

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

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

Mineral Resource and Ore Reserve Estimates

The information in this presentation that relates to Mineral Resources or Ore Reserves is extracted from the report titled ‘Ore Reserves and Mineral Resources Statements 30 June 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 Tim Richards is entitled to participate in St Barbara’s long term incentive plan, details of which are included in the 2016 Directors’ and Financial Report released to the ASX on 23 August 2016

Full details are contained in the ASX release dated 23 August 2016 ‘Ore Reserves and Mineral Resources Statements 30 June 2016’ available at www.stbarbara.com.au.

32 / December 2016 Half Year Presentation

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Non-IFRS Measures
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We supplement our financial information reporting determined under International Financial Reporting Standards (IFRS) with certain non-IFRS financial measures, including cash operating costs. We believe that these measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance.

• Cash operating costs • Calculated according to common mining industry practice using The Gold Institute (USA) Production Cost Standard (1999 revision).

• All-In Sustaining Cost • All-In Sustaining Cost is based on Cash Operating Costs, and adds items relevant to sustaining production. It includes some, but not all, of the components identified in World Gold Council’s Guidance Note on Non-GAAP Metrics - All-In Sustaining Costs and All-In Costs (June 2013).

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

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

• EBITDA margin • EBITDA expressed as a % of revenue Net-cash • Net-cash equivalent to cash and cash equivalents less current and non-current interest bearing borrowings

• Net-debt • Net-debt equivalent to current and non-current interest bearing borrowings less cash and cash equivalents

• Significant Items • Items included in IFRS Net Profit After Tax that the Board and Management consider may not be indicative of, or are unrelated to, core operating results (such as profit or loss on gold options, or the sale of tenement rights)

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

• Underlying Net • Net profit after tax excluding identified significant items profit/(loss) after tax • Refer 2016 Interim Financial Report (p4) for details, available at www.stbarbara.com.au

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Investor Relations Enquiries
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Rowan Cole Company Secretary

Garth Campbell-Cowan Chief Financial Officer

T: +61 3 8660 1900

E: info@stbarbara.com.au

34 / December 2016 Half Year Presentation