ST BARBARA LIMITED — Interim / Quarterly Report 2017

Jan 17, 2017

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ASX Release / 18 January 2017
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Presentation on Q2 December 2016 Quarterly Report and audio webcast

Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the Q2 December 2016 Quarterly Report at 11:00 am Australian Eastern Daylight Time (UTC + 11 hours) on Wednesday 18 January 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 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

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

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BOB VASSIE, MANAGING DIRECTOR & CEO / 18 January 2017
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Q2 December 2016 Quarterly Presentation

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

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

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

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

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

2 / Q2 December 2016 Quarterly Presentation

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Contents
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Highlights > Safety > Operations > Gwalia Extension Project

Exploration > Conclusion > Appendices

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St Barbara Emergency Response Team, Leonora Operations : Overall winners for the second year running in CMEWA Underground Mine Emergency Response Competition, November 2016

3 / Q2 December 2016 Quarterly Presentation

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Highlights Q2 December 2016
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> Gold production for quarter increased to 99 koz, at lower AISC[1] of A$876/oz

> Gwalia, WA

Gwalia Extension Project Feasibility Study approved , early works commenced

Inclusion of Paste Aggregate Fill (PAF) underground crushing and paste mixing

> Simberi, PNG

Production maintained at above 100 koz p.a. run rate

New record total material moved

A$76 million quarter cash contribution from operations[2] (Q1 FY17: A$83 M) plus 14 koz gold inventory at end of quarter > A$121 million in debt repayments; net-cash[3] position at 31 Dec 2016

Safety performance record low injury rate[4] maintained

Standard & Poor’s rating lifted to B+ with stable outlook

1.Non-IFRS measure, refer Appendix for details . 2. Non-IFRS measure of site operating cash flow (excludes $2 M of growth capex), refer ‘cash movements’ table in ‘Quarterly Report Dec 2016’ released 18 Jan 2017. 3. Non-IFRS measure, equivalent to cash and cash equivalents less current and non-current interest bearing borrowings. 4. Total Recordable Injury Frequency Rate (12 month avg).

4 / Q2 December 2016 Quarterly Presentation

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

Safety performance

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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

5 / Q2 December 2016 Quarterly Presentation

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Balance sheet positioned for growth
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A$M Net Debt / Net Cash [1 ]
˃
$31 million A$121 million debt
50 A$M Net Cash
repayments during quarter
0
>
US$40 million Notes
-15
-50 remaining at 31 December
-92
> US Notes to be further
-100
-134 reduced by US$20 million on
6 /
-150 20 January 2017
-199
-200
>
Remaining US$20 million
-243
-250 -270 Notes expected to be
repurchased in Q3 March
-311 -312
-300 -320 2017
-350
FY15 FY15 FY15 FY15 FY16 FY16 FY16 FY16 FY17 FY17
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
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1. Non-IFRS measures, refer Appendix for details

6 / Q2 December 2016 Quarterly Presentation

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St Barbara vs Comparators FCF Yield & EV/Reserves
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EV/Reserve oz
(A$/oz)
A$0
Resolute
A$200
St Barbara
Oceana Gold
A$400
Evolution
Saracen
A$600
Regis
A$800
Bubble size =
estimated
A$1,000
production rate Northern Star
(koz p.a.)
A$1,200
0% 5% 10% 15% 20% 25% 30%
FCF Yield (FCF/EV)
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Source: Bell Potter 12 January 2017 (with permission), when SBM = $2.21/share, EV = $1.1B, spot gold = A$1,605/oz EV = Market cap + net debt. AISC margin = A$ spot gold less reported AISC (SBM = A$935 /oz Q1 Sep 2016). Production is gold ounces only, by-product credits are accounted for in AISC. Implied free cash flow = AISC margin x estimated annualised production, and is an estimate only.

7 / Q2 December 2016 Quarterly Presentation

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Consolidated Q2 December 2016 quarter
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AISC
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(A$/oz)
992
960
947
935
876
FY16 average A$933/oz
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Production (koz)

Q2 December 2016 quarter

• Consolidated company production of 99 koz (Q1 FY17: 93 koz)

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99
92 92 92 93
28
28 25 27 25
64 66 65 67 71
FY16 FY16 FY16 FY17 FY17
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
Gwalia Simberi
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Gwalia 71 koz (Q1:67 koz)

Simberi 28 koz (Q1: 25 koz)

Consolidated AISC[1] of A$876/oz

• (Q1: A$935/oz)

Gwalia A$716/oz (Q1: 774/oz)

Simberi A$1,277/oz (Q1: A$1,359/oz)

Average A$ spot gold price fell 8% from Q1 to Q2, yet AISC margin reduced by only 5%[2]

FY17 production guidance refined to between 350 and 370 koz, previously 340 to 370 koz

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

1. Non IFRS measure, refer corresponding slide in Appendix

2. A$ spot gold average Q1 A$1,762/oz, Q2 A$1,626/oz, (Reuters), gold sold average Q1 $1,737/oz, Q2 $1,636/oz, less AISC (refer chart), margin Q1 $802 /oz, Q2 $760/oz

8 / Q2 December 2016 Quarterly Presentation

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Gwalia Q2 December 2016 quarter
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AISC (A$/oz)

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846 836
770 774
716
FY16 average A$783/oz
Mined Grade 11.9
(g/t Au)
10.4
10.2
9.3
FY16 average 9.3 g/t Au
7.9
Reserve grade 8.3 g/t Au
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Mined Grade
(g/t Au)
7.9
Production (koz)
63.5
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70.9
66.1 65.1 67.1
63.5
FY16 FY16 FY16 FY17 FY17
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
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Q2 December 2016 quarter

Production of 70,925 oz (Q1: 67,118 oz)

AISC[1] of A$716/oz (Q1: A$774/oz)

Mined grade of 11.9 g/t Au (Q1: 10.4 g/t Au), higher than predicted due to presence of high grade shoots

Average mined grade of 9.0 g/t Au anticipated for Q3 and Q4

FY17 production guidance refined to between 255 and 265 koz, previously 245 to 265 koz

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

1. Non IFRS measure, refer corresponding slide in Appendix

9 / Q2 December 2016 Quarterly Presentation

1. Refer ‘Ore Reserves and Mineral Resources Statements 30 June 2016’ released 23 August 2016

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Gwalia Extension Project
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 Ventilation upgrade feasibility study announced in August 2016 completed and approved.

• Allows mining to 2,000 metres below surface (mbs)

• Option to extend vent infrastructure in the future to mine to 2,200 mbs[1]

˃ Paste Aggregate Fill (PAF) feasibility study also completed and approved.

• Mix paste with waste crushed underground for stope filling, eliminate trucking waste to surface

• Increases truck productivity, only ore hauled to surface

• Allows faster stope filling reducing stope cycle times

• Crush raisebore chippings underground - avoids production interruption during vent shaft construction

• Expediting PAF greatly enhances total value of Gwalia Extension Project

> Early works underway , approximately A$6 million expenditure in the March 2017 quarter

• Studies indicate Ventilation Upgrade capex of A$70 to A$75 million , over 2 to 2.5 years construction time, and PAF capex of A$15 to A$20 million, over 12 months construction time

• Final project cost and schedule depends on availability of raisebore machines and further geotechnical studies

• Investment decision to allow mining to 2,000 mbs scheduled for March 2017

• Depending on result of current resource definition campaign below 2,000 mbs

10 / Q2 December 2016 Quarterly Presentation

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Gwalia Extension Project – Ventilation Upgrade
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Conceptual illustration only, studies underway will determine final design

11 / Q2 December 2016 Quarterly Presentation

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Gwalia Extension Project – PAF Isometric Fixed Plant View
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Conceptual illustration only, studies underway will determine final design

12 / Q2 December 2016 Quarterly Presentation

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Simberi Q2 December 2016 quarter
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AISC (A$/oz)
1,404
1,359
1,319
1,266 1,277
FY16 average AISC A$1,293/oz
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Production (koz)
28.4 28.1
26.9
25.4 25.4
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FY 16 FY 16 FY 16 FY 17 FY 17
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
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Q2 December 2016 quarter

Production of 28,057 oz (Q1: 25,429 oz)

100,000 oz p.a. target run rate maintained since June 2015 quarter

AISC[1] of A$1,277/oz (Q1: A$1,359/oz)

A new optimised oxide mine plan was implemented resulting in grade and recovery improvements

Operational records continue with new record for total material moved 4.0 Mt (previous record Q1 Sep 3.6 Mt)

FY17 production guidance is maintained at 95 to 105 koz, capex guidance now A$4 to A$5 million[2 ]

1. Non IFRS measure, refer corresponding slide in Appendix 2. Capex guidance was previously A$5 to A$6 million

13 / Q2 December 2016 Quarterly Presentation

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Exploration results Q2 December 2016 quarter
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Gwalia exploration
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14 / Q2 December 2016 Quarterly Presentation

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Exploration: Gwalia Summary
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Gwalia Deeps Extension

• Successful completion of daughter holes GWDD18B and GWDD18C

• Intersected 88m and 81m of Mine Sequence respectively interpreted to represent extensions of South West Branch

• Further drilling of ten additional daughter holes scheduled to be completed during Q3 FY17

Northern Extension

• Drill holes GWDD10C and GWDD10D successfully intersected 130m and 75m of mineralised Mine Sequence respectively, interpreted to represent extensions of Main Lode and South West Branch

• GWDD10E passed through 103m of mineralised Mine Sequence returning an intersection of Main Lode

For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

15 / Q2 December 2016 Quarterly Presentation

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Exploration: Gwalia Deep Drilling Program
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For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

16 / Q2 December 2016 Quarterly Presentation

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Exploration: Gwalia Deep Drilling Program
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For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

17 / Q2 December 2016 Quarterly Presentation

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Exploration: Summary of greenfields projects
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Pinjin, WA

3,329 metre RC drill program completed

In Q3 March 2017 a 17,000 metre aircore drill program commencing to follow up encouraging early stage results

Back Creek, NSW

3,776 line kilometre airborne geophysical survey was completed

Tatau Island, PNG

Results from Mt Letam copper-gold porphyry

Trenching, mapping and drilling continuing at Southwest Tatau > Farm-in and option with Newcrest for copper-gold porphyry exploration on Tatau and Big Tabar islands

For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

18 / Q2 December 2016 Quarterly Presentation

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Exploration: Pinjin, WA
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For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’.

19 / Q2 December 2016 Quarterly Presentation

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Exploration: Pinjin, WA
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For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

20 / Q2 December 2016 Quarterly Presentation

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Exploration: Back Creek, NSW
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Back Creek, NSW

• An airborne geophysical survey completed during the December 2016

quarter

Data processing and image generation will be completed early in the March 2017 quarter

 A 3 sub-block application ELA5392 was submitted for vacant ground adjacent to EL8214

For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

21 / Q2 December 2016 Quarterly Presentation

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Exploration: Tatau Island, PNG
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Tatau Island, PNG

• Mt Letam Copper Gold porphyry target 530m diamond drill hole - results received with only intersection[1] 6m @ 1.4 g/t Au from 1m

• LIDAR survey complete

• Southwest Tatau trenching continuing to generate encouraging high grade results[1] , follow up 9 hole drilling program results pending

• 5 holes drilled at Nepwo following up previous trenching for no significant results

Newcrest Farm-in and Option

• Logistics and site works commenced

• For full explanation and results refer to slide s in appendix and ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

22 / Q2 December 2016 Quarterly Presentation

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Conclusion
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• ˃ 99 koz gold produced at AISC[1] A$876 /oz

• ˃ Gwalia Extension Project studies approved, now includes PAF underground crushing and paste mixing

• ˃ Strong cash contribution leads to net cash[1] position

˃ A$121M debt repayments in quarter, further US$20M reduction due 20 January 2017, anticipate repurchasing remaining US$20M in Q3 March 2017

• ˃ Simberi new record total material moved

• ˃ Exploration encouraging results, program in H2 FY17 includes:

˃ Gwalia, resource definition below 2,000 mbs, 3D seismic campaign

˃ Pinjin WA, 17,000m aircore drill campaign

• ˃ Tatau, gold trenching and drilling

• ˃ Newcrest farm-in and option activities starting

1.Non-IFRS measures, refer appendix

23 / Q2 December 2016 Quarterly Presentation

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Appendices
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24 / Q2 December 2016 Quarterly Presentation

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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 this quarter.

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).

25 / Q2 December 2016 Quarterly Presentation

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Inorganic Growth
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Eyes open for opportunities

Will Consider

• Consider sensible inorganic growth where it increases shareholder value

• Robust and systematic evaluation process underway

• Exploration, project, development and operating assets

• Range of sizes

• ‘Investible’ assets inside and outside of Australia, however, preference for Australian assets

26 / Q2 December 2016 Quarterly Presentation

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PAF Isometric View
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1
2
1 Bogging Location 1
2 Bogging Location 2
Current Paste Infrastructure
Proposed PAF Fixed Plant
Waste Capacity
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Conceptual illustration only, studies underway will determine final design

27 / Q2 December 2016 Quarterly Presentation

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Gwalia Deeps Exploration – Northern Extension
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Reproduced from ASX release 19 Oct 2016 ‘Quarterly Report September 2016’

28 / Q2 December 2016 Quarterly Presentation

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Exploration: Tatau Island, PNG
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Refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’ for further details

29 / Q2 December 2016 Quarterly Presentation

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Exploration: Tatau Island, PNG
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Refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’ for further details

30 / Q2 December 2016 Quarterly 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.

31 / Q2 December 2016 Quarterly Presentation

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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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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.

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

• Cash operating costs ˃ Calculated according to common mining industry practice using The Gold Institute (USA) Production Cost Standard (1999 revision). Refer most recent quarterly report available at www.stbarbara.com.au for example

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

• Refer most recent quarterly report available at www.stbarbara.com.au for example

• 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

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Investor Relations Enquiries
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Rowan Cole Company Secretary T: +61 3 8660 1900

Garth Campbell-Cowan Chief Financial Officer E: info@stbarbara.com.au

35 / Q2 December 2016 Quarterly Presentation