ST BARBARA LIMITED — Investor Presentation 2011

Aug 4, 2011

St Barbara Limited ACN 009 165 066

Level 14, 90 Collins Street, Melbourne VIC 3000 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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Investor Presentation at

Southern Cross Operations

Attached is a presentation to investors attending a site visit today at Southern Cross Operations, Western Australia.

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Ross Kennedy Executive General Manager Corporate Services Company Secretary

5 August 2011

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Southern Cross Operations Investor Site Tour Friday, 5 August 2011

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Disclaimer

This presentation has been prepared by St Barbara Limited (St Barbara) and is for information purposes only. Nothing in this presentation should be construed as either an offer to sell or a solicitation or an offer to buy or sell St Barbara securities. This presentation is not financial product 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 St Barbara, an investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and seek appropriate legal, financial and taxation advice.

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", "could", "may", "intends", "will", "expects", "plans" or similar expressions. Such forward‐looking statements are not guarantees of future performance and involve k nown an d un k nown ris k s, uncertainties, assumptions an d ot h er important actors, many o f f w h ic h are eyon b d t h e contro o l f St Bar b ara. It is e ieve b l d 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.

This presentation has been prepared by St Barbara 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 St Barbara 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 St Barbara or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party.

Nothing in this presentation 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 . Prospective information by its very nature is subject to uncertainty and contingencies , many of which are outside the control of St Barbara. 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. St Barbara does not make any representation or warranty as to the accuracy of such statements or assumptions.

St Barbara estimates its ore reserves and mineral resources in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2004 Edition ( JORC Code ), which g overns such disclosures b y com p anies listed on the Australian Securities Exchan g e.

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Southern Cross Site Tour August 2011

Southern Cross is a richly endowed gold district

• The Company’s Marvel Loch plant is potentially a regional processing centre

• St Barbara holds much of the ros ective land p p positions in the region

• The district remains prospective for discoveries at depth

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Southern Cross Site Tour August 2011 2

Southern Cross safety performance has been excellent – well below industr avera es y g

Southern Cross TRIFR Moving Average (12mma)

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12
10
8
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4
2
0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
TRIFR 12mma (Total Recordable Injury Frequency Rate)
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Southern Cross Site Tour August 2011

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Positive cash generation is the strategic underpinning for the operation • FY11 Performance in line with upgraded guidance

– Production and costs in line with guidance

• Gold production 120koz

– Cash costs $890 / oz

• Capex $29 million

• Cash flow generating

• FY12 Guidance

• Gold production 90 – 100koz

– Cash operating costs $1,170 – $1,220/oz (incl amortisation of Operating Development) – ‐ Capex $10 15 million

– Positive cash flow generation at A$1,400/oz gold price

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Southern Cross Site Tour August 2011 4

Well developed closure plan

• 14 Month operational life for Marvel Loch Underground mine followed transition to care and maintenance , by

– Production and output maintained for FY12

• Scale down develo ment and su ort in 2HFY12 p pp

• Mine to Care & Maint in FY13; consider options for process plant

• Milling capacity 2.2Mtpa but currently campaign milling

• People retention strategies in place

• Minin fleet commences scalin down in Januar 2012 g g y

• All mining and processing complete in August 2012

• Closure costs fully provided for

• Maintain focus on safety

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Southern Cross Site Tour August 2011

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Production extended into early FY13

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Ore Processed (t) Milled Grade (g/t Au)
1,400,000 4.0
3.5
1,200,000
3.0
1,000,000
2.5
800,000
2 . 0
600,000
1.5
400,000
1.0
200,000 0.5
0 0.0
2011 2012F 2013F 2011 2012F 2013F
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Southern Cross Site Tour August 2011

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Costs contained with lower production, but increase as milled rade comes down g

Gold Production (oz)

Cash Cost (A$/oz)

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140,000
$1,400
120,000
$1,200
100,000 $1,000
80,000 $800
60,000 $600
40,000 $400
20,000 $200
0 $0
2011 2012F 2013F 2011 2012F 2013F
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Southern Cross Site Tour August 2011

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Generates reasonable cash in FY12

Capital Expenditure ($M)

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$35M
$30M
$25M
$20M
$15M
$10M
$5M
$0M
2011 2012F 2013F
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• Additional capital spent in FY11 to extend mine life

• Real cash mar in is reater as g g cash operating costs include amortisation of Operating Development already expended

• Scale back of capex and development will build cash flow towards end of mine life

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Southern Cross Site Tour August 2011

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Mi t t ne s ra egy

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Mining strategy is based on efficiently defined ore from sources mining multiple

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O’Brien
Western Lodes
New oL de
350 RL Firelight
Northern Lodes
- FY 11 Budget
250 RL
- Exhibition
FY 12 Budget
- As mined during FY11
Southern Cross Site Tour August 2011 10
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Resource definition continues on Western Lodes, and could represent potential upside Plan View – 380mRL West – East Section

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Western Lodes
380 DD
O’Brien
380 DD
Western Lodes
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O’Brien
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15koz (3.2g/t) Probable Reserve
$26/oz drilling cost
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Mitigating FY12 grade risk

• Current diamond drilling may result in an upgrade in the J u y esource mo l R d e l

• Small incremental changes only

• Planned diamond drilling may improve grade or identify new areas

• Potential low grade satellite stockpiles could be mined

• MLU Northern Lodes above 500mRL may also contain economic ounces to mine .

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Southern Cross Site Tour August 2011

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Northern Lodes resource opportunities

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O ne ups id e opportunity is the potential to mine 25,000 – 30,000t for

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6,000 – 8,000 oz of gold in an identified area of 2,784m – Western Lodes Northern Lodes

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,
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Southern Cross Site Tour August 2011

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The FY12 regional drilling program is targeting potential discoveries in the region

• Drilling in FY12 includes 1,500m to complete the current first Phase drilling programs on Copperhead and 2,200m on Frasers Main Lode

• Additional drilling (800m) allows for drilling one deep hole at Copperhead into Northern Series; and to extend high grade intersection at Frasers South

• Nevoria remains subject to further review

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Frasers Main
(2200m)
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Southern Cross Site Tour August 2011 14

Copperhead drilling is targeting mineralisation in the Western Series and for potential depth extensions to the Northern and Southern Lodes

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Southern Cross Site Tour August 2011

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Frasers drilling is also testing for depth extensions and new zones of mineralisation

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Southern Cross Site Tour August 2011 16

Competent Persons Statement

Significant gold intersections and geological interpretations contained in this report have been compiled by Mr. Phillip Uttley. Mr. Uttley is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full time employee of the company. Mr Uttley has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being un d erta k en to qua lif y as a C ompetent P erson as d e fi ne d i n t h e 2004 e di t on i o f Th e A ustra as an l i C o d e f or R eport ng i o f Exploration Results, Mineral Resources and Ore Reserves’. Mr. Uttley consents to the inclusion in the report of the matters based on his information in the form and context in which they appear.

References to Mineral Resources presented in this document have been produced in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2004 (JORC Code) under the direction of Ms Jane Bateman. Ms. Bateman is a Member of The Australasian Institute of Mining and Metallurgy and is a full time employee of the Company. Ms. Bateman has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Ms. Bateman consents to the inclusion in this document of the matters based on the information in the form and context in which they appear.

References to Ore Reserves presented in this document have been produced in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2004 (JORC Code) under the direction of Mr. Jacobus Kirsten. Mr. Jacobus Kirsten is a Member of The Australasian Institute of Mining and Metallurgy and is a full time employee of St Barbara. Mr. Kirsten has sufficient experience relevant to the style of mineralisation type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Mr. Kirsten consents to the inclusion in this document of the matters based on the information in the form and context in which they appear .

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appear .
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Southern Cross Site Tour August 2011

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Investor Relations Enquires to:
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Ross Kennedy
Executive General Manager Corporate Services
E: ross.kennedy@stbarbara.com.au
….thank you
Rowan Cole
General Manager Corporate Services
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E: rowan.cole@stbarbara.com.au
T: +61 3 8660 1900
www.stbarbara.com.au
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