St Barbara Limited ACN 009 165 066

Level 10, 432 St Kilda Road, Melbourne VIC 3004 Locked Bag 9, Collins Street East, Melbourne VIC 8003 Tel +61 3 8660 1900 Fax +61 3 8660 1999

www.stbarbara.com.au

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Presentation to Goldman Sachs and Investors at Leonora Operations

Attached is a presentation to Goldman Sachs and investors attending a site visit today at Leonora Operations, Western Australia.

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Ross Kennedy

Executive General Manager Corporate Services Company Secretary 14 October 2011

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Leonora Operations Investor Site Tour

Goldman Sachs, Australia 14 October 2011

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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 p resentation nor an y thin g contained in it shall form the basis of an y contract or commitment. This p resentation is not financial p roduct or investment advice. It does not take into account the investment objectives, financial situation and particular needs of any investor. Before making an investment in the Company, an investor or prospective investor should read this document in its entirety, consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances, seek legal and taxation advice appropriate to their jurisdiction and consult a financial adviser if necessary. The Company is not licensed to provide financial product advice in respect of the Company’s securities.

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. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. Nothing in this document is a promise or representation as to the future. Actual results may vary from the information in this presentation and any variation may be material . Past performance is not an indication of future performance . Statements or assumptions in this presentation as to future matters may prove to be incorrect and any differences may be material. The Company does not make any representation or warranty as to the accuracy 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 and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party.

The Company estimates its reserves and resources in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore " " Reserves 2004 Edition ( JORC Code ) , which governs such disclosures by companies listed on the Australian Securities Exchange .

Leonora Site Visit October 2011

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Overview
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C ompany ro P fil e
Leonora Overview
Gwalia Operations
King of the Hills
Gwalia Mine and Regional Prospectivity

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Leonora Site Visit October 2011

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COMPANY PROFILE

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Leonora Site Visit October 2011

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One of Australia’s largest gold companies
- profitable, cash generating, exploring
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- profitable, cash	generating, explorin

Stock Code	SBM (ASX)
ASX market capitalisation(2)	A$668 million
Proven FY 11 performance	A$69 million NPAT
FY12 production(1)	320,000-350,000 oz
Net Cash(3)	A$67 million
Ore Reserves(3)	2.8 Moz
	(14.7 Mt @ 5.8 g/t Au)
Indicative mine life(4)	10 years
Gross tax losses(3)	A$342 million
1 Guidance for FY12		Ore Reserves
2 As at 30 Sep2011		3.4Mt @ 2.1g/t Au
3 As at 30 Jun 2011 4 Gwalia		for33Koz
	2005 2008	2011
Gold assets of Sons of Production re-commences		Consolidated production
Gwalia acquired from Gwalia Leonora ,		of 258 koz

Leonora Site Visit October 2011

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LEONORA OVERVIEW

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Leonora Site Visit October 2011

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St Barbara holds a significant land position
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240 km north of Kalgoorlie
One of the 3 most richly endowed gold provinces in WA
• L eonora ore reserves: 11 . 2 M t @ 7.0 g/t Au for 2.5 Moz[1]
King of the Hills located 42 km NNW of Gwalia
Significant target areas not explored below 100 mbs 1. As at 30 June 2011

Leonora Site Visit October 2011 7

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Leonora Operations
- engine room for cash generation
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• Gwalia Mine King of the Hills Mine Mine life: 12+ months (AT JUNE 2011)

Ex ect to achieve sustainable p
gold production in FY12 of 175,000 to 190,000 ounces p.a.
Forecast cash cost in FY12 of A$610 - 640/oz
Resources extended to 1,840 mbs
O pen at depth
Indicative 10 year life
•
Satellite underMarvel Loch Mine g round p ro j ect
• Successfully commissioned May Processing capacity: 2.2Mtpa
2011

 Opportunity to fully use Gwalia mill3 . 5Mt @ 2 . 1g/t Au for 233Koz • capacity Mineral Resources:

55,000 to 60,000 ounces p.a.• Production:
FY12 90-100Koz Life of 4 ½+ years Guidance
Minimum gold price of A$1,425/oz

 2.0 Moz of Ore Reserves

Leonora Site Visit October 2011

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All Gwalia infrastructure in place and paid
[+]
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Power Station
Fridge Plant
Compressor
ROM
Shotcrete aB tch Plant
Pad
Fridge Plant
BAC’s Paste Fill Plant
Processing
Plant Mine Office
Tailings Primary Vent Fans
Storage
Facility
Leonora Site Visit October 2011 9
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Infrastructure is scalable
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Commissioned and ready for life of mine • – 3 V en til a ti on ans F 2 x 1350kW – Fi na l D u y t 450 m / sec @ 4kP a
• Refrigeration – 4 MWr – Upgradable to 8 MWr (2012/13)
• Paste Fill Plant – 100 m[3] /hr (current rate 130 m[3] /hr)
• Power Station – 4 MW (Dual Fuel) + 11MW (Gas) – Upgradable

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Leonora Site Visit October 2011

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Leonora recoveries consistently >95%
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FY11 Mill Recovery %
97%
96%
95%
94%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Leonora Site Visit October 2011 11
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Stable FY11 safety performance –
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Leonora TRIFR Moving Average (12mma)

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16
14
12
10
TRIFR 12mma
8
(T o a t l R ecor d a bl e n ury requency a e I j F R t )
6
4
2
0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
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Leonora Site Visit October 2011

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Gwalia-
Over 4.0 Moz gold produced since 1897
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1896 ‐ Welsh syndicate discovers the Gwalia Reef ‐
1897 H er b er t oover uys m ne or H b i f Bewick Moreing
1929 ‐ Hoover becomes 31[st] President of USA
1963 ‐ Mine closes 4 da y s before Christmas havin g produced more than 2.5 Moz over 67 years
1983 ‐ Lalor Brothers purchase mine and open cut mining commences one year later
‐
1999 O pen p t n s i fi i h es an d t h e oover ec H D li ne s i established for underground mining
2002 ‐ Mine placed in Care and Maintenance having p roduced another 1.3 Moz

2005 ‐ Mine acquired by St Barbara Ltd 2008 ‐ SBM pours first gold in Oct 2008

2009 ‐ SBM first 100koz in Sep 2009

2012 ‐ Targeting 175,000 to 190,000 oz p.a.

Leonora Site Visit October 2011 13

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GWALIA OPERATIONS

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Leonora Site Visit October 2011

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Gwalia - growing production, improving
margins and returns as grade increases
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GROWING GWALIA PRODUCTION INCREASING GRADE DRIVES LOWER
CASH OPERATING COSTS FOR GWALIA
175-190 1400 9
8.0-8.5 g/t Au
8
1200
6.3 g/t Au 7
131
1000
6
109 138
765
800
5
109 610-640
4
600
3
400
2
200
1
0 0
FY 10 FY 11 FY 12F FY 11 FY 12F
koz A$/oz
FY12F = GUIDANCE AS AT JULY 2011
Leonora Site Visit October 2011 15
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	FY 10 FY 11
Revenue Mine operating costs	$M $M 139 195 (74) (104)
Gross profit Royalties	65 91 (5) (7)
Depreciation and amortisation Profit before income tax	(31) (37) 28 47

Profit before tax expected to increase in FY12 with increased production and higher average gold prices

Leonora Site Visit October 2011

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Gwalia FY12 forecast
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Operations

FY12 Guidance

• Underground – 700 to 730 kt p a – Hoover Decline to expected to be at 1,450 mbs by end FY12

Improved stoping method
• Processing Plant
– 1.2 Mtpa capacity
– +95% recovery
– +98% availability
Production 175-190 koz
• - Grade 8 . 0 8 . 5 g/t Au (up from 6.3 g/t Au in FY11)
• Cash costs $610–640 /oz
• Capex $55–60 M inc. non- recurring items $13 M

Leonora Site Visit October 2011

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Gwalia – endowment and grade
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oz/vm RESERVES - Ounces per Vertical Metre Grade g/t Au
C7000 20
uC
r 18
u
r 6000
r
er 16
n
e
tn5000 Currently 14
l
t mining at
yl
1300mbs 12
y4000
m Limited
im drilling data 10
ni
3000
in 8
ni
gn 6
2000 FY12
g
a Production
4
t
a
11000
t
3 2
1
0
3
00 0 0
m0
b
m
sb oz/vm GRADE
s
1140 1160 1180 1200 1220 1240 1260 1280 1300 1320 1340 1360 1380 1400 1420 1440 1460 1480 1500 1520 1540 1560 1580 1600 1620 1640 1660 1680 1700 1720 1740 1760 1780
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Leonora Site Visit October 2011

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FY12 forecast ore production of
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Annualised Ore Mined - Gwalia

ktpa

900

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800
700
600
500
400
300
200
100
0
Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11
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Leonora Site Visit October 2011

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Analysis of cash operating costs
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4%
6%
Reagents
15%
Government Royalties
43%
Energy
Wages
Other Costs
(including contractor and
equipment charges)
32%
Leonora Site Visit October 2011 20
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Increased grade and productivity
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Majority of Gwalia ore in FY12 to be sourced from higher grade South West Branch
Improved mining method – “Dual Lift Stoping”
North & South access on two dual lift levels 4 areas gives mining
(minimum 3)
Greater percentage of free bogging increases productivity of each stope
–
Sill drives fully in ore reduces development dilution
Production drilling parallel to hanging‐wall to reduce blast induced dilution
Improved mine development plan allows for later access to Main Lode, South Gwalia Series and West Lode

Leonora Site Visit October 2011

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Gwalia Mining Strategy
Dual Lift Sto p in g in SWB – minin g se q uence mana g es the han g in g wall
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FY11
2
1
5
4
Note: Single lift Hanging Wall Span
3 typically 32m (HR=6.15)
8
7
Development fully in
ore (no dilution) 6
11
Leonora Site Visit October 2011 22
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Gwalia Mining Strategy
Dual Lift Sto p in g in SWB – Develo p ment La y out
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Note : SGS, Main Lode and West Lode
MNL development optionality allowed for , but
not included in the current mine plan
SWB
WL SGS
Leonora Site Visit October 2011 23
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Gwalia Mining Strategy
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–
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FY11 FY12
FY13 FY14
Leonora Site Visit October 2011 24
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Portal
Decline bypass
•
745 m of development Gwalia Open
pit Bypass
for bypass including Decline
decline, stockpiles &
sumps
Decline
Old Workings
BT
•
Bypass moves decline
away from historical
wor ki ngs an d open
pit
•
Capex $7 . 2 M in FY12
Leonora Site Visit October 2011 25
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Maximising Gwalia’s value
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Indicative 10+ life year
Current major projects to unlock further value
Pre‐feasibility study for haulage optimisations at Gwalia including potential for a shaft
Sco p in g stud y for Gwalia mill ex p ansion from 1.2 Mt p a to 1.8 Mtpa
Results due 2H of FY12
Structured and active Business Improvement processes in place
Tower Hill potential ore source

Leonora Site Visit October 2011

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New Growth Project
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KING OF THE HILLS

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Leonora Site Visit October 2011

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Ore processed at Gwalia mill –
42km on existing road
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Leonora Site Visit October 2011 28

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King of the Hills
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Production commenced Ma 2011 ahead of lan y , p
FY11 production 7,066 ounces at cash cost $699/oz
On schedule for FY12 production guidance
Probable Ore Reserves of 221,000 ounces
LOM grade 4.3 g/t Au
LOM production at 55,000‐60,000 ounces p.a.
FY 12 cash cost $710–750/oz
Deposit open on the Eastern and Western Flanks
Collar structure secures minimum gold price of A$1,425/oz

Leonora Site Visit October 2011

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KOTH planned development
Minin g Strate gy ( FY12 Plan )
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Leonora Site Visit October 2011 30

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KOTH open stoping in eastern flank
Minin g Strate gy ( FY12 Plan )
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Portal
W5115 Level
West Decline
E5100 Level
E5075 Level
W5060 Level
E5050 Level
E5025 Level
E5000 Level
E4970 Level
E4950 Level
East Decline
Leonora Site Visit October 2011 31
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GWALIA MINE AND REGIONAL PROSPECTIVITY

POTENTIAL FOR ADDITIONAL RESOURCES IN AND NEAR MINE

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Leonora Site Visit October 2011

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Ore reserves increased to 2.0 Moz
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y y p p , , Gwalia Deeps Tonnes Gold Grade Contained Gold	y y p p , , Gwalia Deeps Tonnes Gold Grade Contained Gold	y y p p , , Gwalia Deeps Tonnes Gold Grade Contained Gold	y y p p , , Gwalia Deeps Tonnes Gold Grade Contained Gold
Gwalia Deeps	Tonnes	Gold Grade	Contained Gold

	kt	g/t Au	koz
Reserves	6,917	8.9	1,973

R esources	14 450 ,	8 5 .	3 941 ,
SBM UG Production 1,600Kt @ 6.1g/t Au (317Koz)

Leonora Site Visit October 2011 33

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Potential for ore from other lodes
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Leonora Site Visit October 2011 34
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Drilling targets for FY12
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Gwalia Deeps
Ph ase 3 d r illi ng approve d f or FY12
Leonora
3,000 m identified for testing identified targets under cover with potential for >1 Moz
New Targets
to be identified by studies, provides 10,000 m for geochemical air-core & RC drilling
Yerilla, oronat on, aC i L ke arnageC • geochemical air-core drilling 14,000 m to generate drill-testing t arge s t

Leonora Site Visit October 2011 35

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Gwalia
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Long life, 10 years, backed by ore reserves
Increasing grade in FY12 to deliver 30% increase in production
Expandable infrastructure
Regional targets to be drilled
Expected increasing margins and lower operating costs

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Leonora Site Visit October 2011

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Ross Kennedy
Executive General Manager Corporate Services
E: [email protected]
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Rowan Cole
General Manager Corporate Services
E: [email protected]
T: +61 3 8660 1900
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Leonora Site Visit October 2011 37

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Supporting documents
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Leonora Workforce
Protecting Margins
Mineral Resources Statement
• Ore Reserves Statement
• FY12 G u id ance
• Competent Persons Statement

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Leonora Site Visit October 2011 38

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Leonora Workforce
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510 ersonnel onsite p
130 SBM (inc. 20 contractors)
225 Barminco
155 Other ( Drillin g, Caterin g, Byrnecut)
Local and FIFO (Perth)
S tate o f t h e rt A Vill age ac F ili t es i • Golden Gecko Award for Sustainability
Expansion underway

Leonora Site Visit October 2011

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Protecting margins
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Hedge Profile- King of the Hills
koz A$/oz
80 1,650
A$1,615
70
1 , 600
60
1,550
50
1,500
40
1,450
30
A$1,425
1,400
20
10 1,350
0 1,300
FY12 FY13 FY14 FY15
KOTH Floor KOTH Cap KOTH
KOTH = King of the Hills
Leonora Site Visit October 2011 40
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Mineral Resources
Statement as at 30 June 2011
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	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total	Category Measured Indicated Inferred Total
Region	Category	Measured			Indicated			Inferred			Total
	P j t ro ec	T onnes kt	G ld o Grade Aug/t	C t i d on a ne Gold koz	T onnes kt	G ld o Grade Aug/t	C t i d on a ne Gold koz	T onnes kt	G ld o Grade Aug/t	C t i d on a ne Gold koz	T onnes kt	G ld o Grade Aug/t	C t i d on a ne Gold koz
Leonora	Gwalia Deeps	4,380	6.1	860	7,490	9.6	2,319	2,580	9.2	762	14,450	8.5	3,941
	Gwalia Int & West	0	0	0	10	6.2	2	1,260	6.0	244	1,270	6.0	246
	Lode
	King of The Hills	0	0	0	1,930	5.4	337	490	4.8	76	2,420	5.3	413
	Tower Hill	0	0	0	2,780	4.6	411	210	3.9	26	2,990	4.5	437
	Total	5,370	5.2	893	14,490	6.7	3,138	7,170	6.0	1,383	27,030	6.2	5,414
	L I l di eonora nc u ng other

Notes

Identified Mineral Resources have been compiled under the direction of Mr Phillip Uttley who is a Fellow of The Australasian Institute of Mining and Metallur gy , a full time em p lo y ee of St Barbara and q ualifies as the Com p etent Person.

Mr Uttley has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activities which were undertaken to qualify as Competent Persons as defined in the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Uttley has consented to the inclusion in the report of the matters based on their information in the form and context

in which they appear.

Mineral Resources updated during the financial year ended 30 June 2011 have been estimated using economic cut-off grades and mining optimisations based on an A$1,500 per ounce gold price.

Note: Mineral Resources are reported inclusive of Ore Reserves

*See ASX Announcement dated 24 August 2011 at www.stbarbara.com.au for full details.

Leonora Site Visit October 2011

Notes:

•Cut‐off grade = 2.5g/t Au.

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

as at 3	June 0 Category Proved Probable Total	June 0 Category Proved Probable Total	June 0 Category Proved Probable Total	June 0 Category Proved Probable Total	June 0 Category Proved Probable Total	June 0 Category Proved Probable Total	June 0 Category Proved Probable Total	June 0 Category Proved Probable Total	June 0 Category Proved Probable Total	June 0 Category Proved Probable Total
Region	Category	Proved			Probable			Total

	Project	Tonnes kt	Gold grade Aug/t	Gold koz	Tonnes kt	Gold grade Aug/t	Gold koz	Tonnes kt	Gold grade Aug/t	Gold koz
Leonora	Gwalia Deeps	2,015	7.1	460	4,902	9.6	1,512	6,917	8.9	1,973
	Tower Hill	0	0	0	2,699	3.8	329	2,699	3.8	329
	Kingof the Hills	0	0	0	1,610	4.3	221	1,610	4.3	221
	Total Leonora	2,015	7.1	460	9,211	7.0	2,063	11,226	7.0	2,523

Notes:

Reserves based on a gold price of A$1 , 250 per ounce for Gwalia , and Tower Hill , A$1 , 150 for King of the Hills . The Ore Reserves have been estimated and compiled under the direction of Mr Andrew Law. Mr Law is a Member of The Australasian Institute of Mining and Metallurgy and was a full time employee of St Barbara at 30 June 2011 and is a full time employee of Optiro at the date of this report. Mr Law has sufficient experience relevant to the style of mineralisation, type of deposit under considerations and for the activity being undertaken to qualify as a Competent Person as defined by the 2004 edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Law consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

S* ee ASX A nnouncement ate d d 24 A ugust 2011 at www.st b ar b ara.com.au f or u f ll d eta il** s.

Leonora Site Visit October 2011

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FY 12 Guidance
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King of Marvel Gwalia Total the Hills Loch Leonora Leonora S’thn Cross

Gold koz 175‐190 55‐60 90‐100 320‐350 production

Cash operating 1,170 ‐ $/ oz 610‐640 710‐750 ‐ cost 1 , 220 ‐ * ‐ ‐ ‐ Capex $M 55 60 20 25 10 15 85 100

Includes $12.6M of one off costs

Leonora Site Visit October 2011

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Competent Persons Statement
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References to Mineral Resources and exploration results presented in this References to Ore Reserves presented in this document have been produced document have been produced in accordance with The Australasian Code for in accordance with The Australasian Code for Reporting of Exploration Reporting of Exploration Results, Mineral Resources and Ore Reserves, Results, Mineral Resources and Ore Reserves, December 2004 (JORC December 2004 (JORC Code) under the direction of Mr Phillip Uttley. Mr Code) under the direction of Mr Andrew Law. Mr Law is a Member of The Uttley is a Fellow of The Australasian Institute of Mining and Metallurgy and is Australasian Institute of Mining and Metallurgy and was a full time employee a full time employee of the Company. Mr Uttley has sufficient experience of St Barbara at 30 June 2011 and is a full time employee of Optiro at the relevant to the style of mineralisation , type of deposit under consideration and date of this report . Mr Law has sufficient experience relevant to the style of to the activity being undertaken to qualify as a Competent Person as defined mineralisation type of deposit under consideration and to the activity being in the JORC Code. Mr Uttley consents to the inclusion in this document of undertaken to qualify as a Competent Person as defined in the JORC Code. the matters based on the information in the form and context in which they Mr Law consents to the inclusion in this document of the matters based on appear. Members of the Company’s team, including external consultants, the information in the form and context in which they appear. Members of the preparing Mineral Resource estimates under Mr Uttley ’ s supervision all Company ’ s team preparing Ore Reserves estimates under Mr Law ’ s qualify as Competent Persons. supervision all qualify as Competent Persons.

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Leonora Site Visit October 2011

AI assistant

ST BARBARA LIMITED Investor Presentation 2011

65749_rns_2011-10-13_2c0515c2-dfc1-4427-9791-1e433969aac5.pdf

Presentation to Goldman Sachs and Investors at Leonora Operations

Ross Kennedy

COMPANY PROFILE

LEONORA OVERVIEW

Leonora TRIFR Moving Average (12mma)

GWALIA OPERATIONS

Operations

FY12 Guidance

Annualised Ore Mined - Gwalia

ktpa

KING OF THE HILLS

GWALIA MINE AND REGIONAL PROSPECTIVITY

Notes

Notes:

Notes:

AI assistant

ST BARBARA LIMITED — Investor Presentation 2011

65749_rns_2011-10-13_2c0515c2-dfc1-4427-9791-1e433969aac5.pdf

Presentation to Goldman Sachs and Investors at Leonora Operations

Ross Kennedy

COMPANY PROFILE

LEONORA OVERVIEW

Leonora TRIFR Moving Average (12mma)

GWALIA OPERATIONS

Operations

FY12 Guidance

Annualised Ore Mined - Gwalia

ktpa

KING OF THE HILLS

GWALIA MINE AND REGIONAL PROSPECTIVITY

Notes

Notes:

Notes:

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ST BARBARA LIMITED Investor Presentation 2011