ST BARBARA LIMITED — Investor Presentation 2012

Dec 19, 2012

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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Pacific Operations FY13 Guidance

Following a strategic review of the Pacific Operations acquired by St Barbara from Allied Gold in September 2012, guidance is now provided for the Pacific Operations for the remainder of FY 13. The Pacific Operations comprise the Simberi gold mine in Papua New Guinea, and the Gold Ridge gold mine in the Solomon Islands.

Background to this guidance was provided in the Pacific Operations Update released on 22 November 2012. The production estimate provided at that time of 380,000 ounces attributable to St Barbara in FY13 is maintained.

Key points regarding the acquisition are:

• Integration planning is complete, and implementation is well progressed;

• Since taking control, our view of the long term value and potential of these assets has strengthened;

• Sustainable production and unit cash cost estimates remain unchanged from due diligence, but are delayed by approximately six months, due to our previously reported view of the deterioration in the overall condition of the operations between due diligence at the time of the offer and when we gained control;

• The guidance is underpinned by the deployment of St Barbara management and technical resources to the Pacific Operations, the introduction of detailed mine planning and project management discipline, and the application of St Barbara’s disciplined cost management.

Previously reported aspects influencing guidance for the remainder of FY13 are:

• Gold production will take time to reach sustainable levels, particularly at Gold Ridge, where it has been necessary to re-base the mine plans, introduce new operating disciplines and catch-up with waste stripping;

• Simberi’s performance is unlikely to show improvement in the December 2012 quarter over that reported for the September 2012 quarter;

• Gold Ridge is expected to have lower gold production in the December 2012 quarter than the September 2012 quarter, but is expected to improve in the third and fourth quarters of FY13; and

• Working capital and cash support for the Pacific Operations is expected to continue in the December 2012 and March 2013 quarters.

FY 13 Guidance[1]		Gwalia	King of the Hills	Gold Ridge	Simberi	Total
		Leonora, Western Australia		Solomon Islands	Papua New Guinea
Gold production	koz	175-190	55-60	55-60	55-60	371-401[2]
Cash operating cost	$/oz	670-700	840-870	1,450-1,620	1,050-1,200	-
Capital expenditure	$M	45-50	20-25	10-12	22-25	97-112

[1] Gold production attributable to St Barbara, refer detail below.

[2] Gold production includes 31 koz from Southern Cross, refer detail below.

The above table shows gold production attributable to St Barbara (incorporating production from the Pacific Operations from when St Barbara assumed control on 7 September 2012). For illustration only, production for the full year from 1 July 2012 (prior to St Barbara gaining control) for Gold Ridge is estimated to be 65-70 koz and for Simberi is estimated to be 65-70 koz, giving an aggregate annual production run rate of approximately 400,000 koz.

Production guidance for the Company’s Australian Operations was released on 23 August 2012 and is included here for completeness. Southern Cross Operations will cease operations and be placed on care and maintenance in the December 2012 quarter. Southern Cross is estimated to produce 31 koz for FY13 at a cash operating cost of between A$1,420 and A$1,450 per ounce, with minimal capital expenditure.

FY13 exploration expenditure is forecast to be $20-25 million for the whole Company, with further details provided in the attached presentation.

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Tim Lehany

Managing Director and CEO 20 December 2012

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Pacific Operations 2H FY13 Guidance

Tim Lehany, Managing Director & CEO

20 December 2012

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 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 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.

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

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FY 13 Guidance Update – Dec 2012

Outline

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• Overview

• FY 13 guidance

• Simberi

• Gold Ridge

• Consolidated

• Pacific Operations Exploration

• Appendices

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FY 13 Guidance Update – Dec 2012

Overview:

Three gold operations underpinned by long life ore reserves and ros ective for rowth p p g

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Reserves: 5.7 Moz[4 ] Resources: 16.6 Moz[4 ] FY13F production:

• aggregate 400 koz[2] • attributable 380 koz[3] Proven development and operations credentials Leonora Leonora Southern Cross

• High grade underground Gwalia mine

• FY13F production: 175-190 koz

• 9+year mine life

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Simberi
Gold Ridge
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Simberi

• Low strip open pit mine

• Expanding production capacity to 100 koz p.a.

• FY13F: 65-70 koz[1]

• 9+ year mine life

• Near mine targets for exploration

• Sulphide expansion potential

Gold Ridge

• Low strip open pit mine

• Processing plant upgraded

• FY13F: 65-70 koz[1 ]

• 9+ year mine life

• Near mine targets for exploration

• Ore body open at depth

• King of the Hills underground mine FY13F production 55-60 koz

• Aggregate production for the full financial year. Production attributable to St Barbara approx. 10 koz less.

• Aggregate production for illustration for the full financial year, inc. Pacific Operations from 1 Jul 12.

• Production attributable to St Barbara, inc. Pacific Operations from 7 Sep 12. 4. As at 30 June 2012 for Australian assets and as at 31 December 2011 for Pacific assets.

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FY 13 Guidance Update – Dec 2012

Overview – Pacific Operations

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• St Barbara gained control of the Pacific Operations on 7 Sep 2012

• Integration planning is complete, implementation is well progressed

• Since taking control, our view of the long term value and potential of these assets has strengthened

• Sustainable production and unit cash cost estimates remain unchanged from due diligence, but are delayed by approximately six months, due to our previously reported view of the deterioration in the overall condition of the operations between due diligence at the time of the offer and when we gained control

• 2H FY13 guidance is underpinned by:

• Deployment of St Barbara management and technical resources

• Detailed mine planning and project management discipline

• Disciplined cost management

• The FY 13 production estimate of 380,000 oz attributable to St Barbara (advised at the AGM in November) is maintained and is set out on slide 14

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FY 13 Guidance Update – Dec 2012

Overview – Pacific Operations

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• Investment in Pacific Operations for FY13

$40 M planned per due diligence

$16 M capex project overruns (inc $10M at Simberi plant expansion) $10 M restore cash balance on acquisition

• $14 24 M negative contribution from Gold Ridge operation Q2 and Q3 - $80 90 M

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FY 13 Guidance Update – Dec 2012

Aggregate Quarterly Output

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Forecast Aggregate Output All Operations
koz
120
100
80
60
40
20
0
FY 13 FY 13 FY 13 FY 13
Q1 Sep A Q2 Dec F Q3 Mar F Q4 Jun F
Q2 to Q4 = guidance mid-points
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• For illustration only, this chart compares total output on a quarterly basis from 1 July 2012, noting that St Barbara acquired the Pacific Operations on 7 Sep 2012

• St Barbara attributable gold production appears next slide

• Annualised production rate in Q4 Jun 2013 approx 450,000 oz p.a.

• Commentary on each operation follows

Gwalia King of the Hills Southern Cross Simberi Gold Ridge Total

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FY 13 Guidance Update – Dec 2012

St Barbara Attributable Gold Production

St Barbara Attributable Gold Production koz Forecast 120

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100
80
60
40
20
0
FY 13 FY 13 FY 13 FY 13
Q1 Sep A Q2 Dec F Q3 Mar F Q4 Jun F
Q2 to Q4 = guidance mid-points
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• This chart includes only production attributable to St Barbara, incorporating production from the Pacific Operations from the date of acquisition, 7 Sep 2012

• Q1 excludes 20 koz preacquisition gold production

• FY13 guidance for Australian Operations maintained

Gwalia King of the Hills Southern Cross Simberi Gold Ridge Total

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FY 13 Guidance Update – Dec 2012

Simberi FY 13 Outlook

Papua New Guinea

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Forecast Quarterly
koz Production
Au
25
20
15
10
5
0
FY 13 FY 13 FY 13 FY 13
Q1 Sep A Q2 Dec F Q3 Mar F Q4 Jun F
Actual Guidance Range
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Forecast Quarterly Cash Operating Cost

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A$/oz
1,400
1,200
1,000
800
600
FY 13 FY 13 FY 13 FY 13
Q1 Sep A Q2 Dec F Q3 Mar F Q4 Jun F
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Guidance Range

Actual

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FY 13 Guidance Update – Dec 2012

Simberi FY 13 Cost Drivers

Papua New Guinea

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Cash Operating Cost Progressively implement preventative maintenance program
Indicative range
Mine planning and grade control
drilling to improve mine efficiency
$A/oz and lift mining rates
2,000
Commission new
Two new leach power generators
tanks introduced Complete 3.5 Mtpa
plant expansion
1,500
1,000
Mechanical maintenance
500 issues in plant
Rope conveyor out of
service for 43 days
0
Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013
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FY 13 Guidance Update – Dec 2012

Gold Ridge FY 13 Outlook Solomon Islands

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Forecast Quarterly Forecast Quarterly
koz Au Production Cash Operating Cost
A$/oz
30
2,400
25
2,200
2,000
20
1,800
15 1,600
1,400
10
1,200
1,000
5
800
0 600
FY 13 FY 13 FY 13 FY 13 FY 13 FY 13 FY 13 FY 13
Q1 Sep A Q2 Dec F Q3 Mar F Q4 Jun F Q1 Sep A Q2 Dec F Q3 Mar F Q4 Jun F
Actual Guidance Range Actual Guidance Range
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FY 13 Guidance Update – Dec 2012

Gold Ridge FY 13 Cost Drivers Solomon Islands

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Progressively implement preventative maintenance program
Cash Operating Cost Mine planning and grade control drilling to improve mine
Indicative range efficiency and lift mining rates
Access to Kupers & New mining fleet mobilised
$A/oz Dawson repaired to improve capacity,
2,500 reliability and lower cost
Front end plant
modifications commence
2,000
to improve recoveries and
throughput
1,500
Mechanical breakdowns on
mill limited processing
1,000
Mining and haulage impacted
by various equipment
mechanical failures
500
Rain event washed away
access to Kupers and Dawsons
0
Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013
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FY 13 Guidance Update – Dec 2012

Consolidated Guidance

Gold production attributable to St Barbara[ [1] ]

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Consolidated Guidance Gold production attributable to St Barbara[1]
Q3 FY13 Q4 FY13	FY13
Gold Production •Leonora •Southern Cross •Gold Ridge •Simberi[2] koz 16-18 16-18 23-25 20-22	371-401 230-250 31 55-60 55-60
Cash Operating Costs •Leonora •Southern Cross •Gold Ridge •Simberi[2] A$/oz 1,500-1,650 1,100-1,250 980-1,100 950-1,100 710-745 1,420-1,450 1,450-1,620 1,050-1,200
Capex •Leonora •Southern Cross •Gold Ridge •Simberi $M 65-75 0 (Q2-Q4) 10-12 (Q2-Q4)22-25
Exploration Expenditure $M 20-25

[1] Incorporates production from the Pacific Operations from the date of acquisition, 7 Sep 2012 [2] Subject to completion of plant expansion in April 2013

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FY 13 Guidance Update – Dec 2012

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Simberi

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FY 13 Guidance Update – Dec 2012

Simberi

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• Completion of the Simberi Oxide Expansion designed to increase processing capacity from 2.0 Mtpa to 3.5 Mtpa

• Simberi Oxide Expansion due to be completed in April 2013. All key components are now on site

• Increasing production volumes is the key to reducing cash operating costs per ounce – production expected to increase after expansion commissioned in May 2013

• Cash operating costs per ounce expected to further reduce during FY14 to below A$900/oz

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FY 13 Guidance Update – Dec 2012

Simberi

Pathwa s to im rovement y p

• Improved haulage capacity following transfer of some mining equipment from Gold Ridge from Q3

• Plant expansion to 3.5 Mtpa underpins throughput increase from 160 ktpm to estimated 260 ktpm from May 2013

• Recovery improved from extra leach tanks (December 2012) from 86-88% up to 91%

• Costs controlled despite increasing volumes

kt

1,500

1,000

500

0

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Forecast Quarterly Total Material Mined

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FY 13 FY 13 FY 13 FY 13 Q1 Sep A Q2 Dec F Q3 Mar F Q4 Jun F Total Mined Total Mined Guidance

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FY 13 Guidance Update – Dec 2012

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Gold Ridge

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FY 13 Guidance Update – Dec 2012

Gold Ridge Operations Pathways to lift mining rates

• Significant backlog of maintenance issues with fixed and mobile plant is being addressed

• Access to all open pits restored in Q2 (following rain damage and lost access in Q1)

• Increased haulage capacity with improved fleet from Q3 and upgrade of current fleet

• Significant volumes of waste are required to be mined in Q2 and Q3 to clear waste backlog before life of mine strip ratios restored

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Forecast Quarterly Total Material Mined

kt 2,000

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1,500

1,000

500

0 FY 13 FY 13 FY 13 FY 13 Q1 Sep A Q2 Dec F Q3 Mar F Q4 Jun F Total Mined Total Mined Guidance

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FY 13 Guidance Update – Dec 2012

Gold Ridge

Pathways to lift production & recovery

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• RoM ore blending and plant improvements will see initial mill throughput increase from 150 ktpm to 180 ktpm from Q3

• Front end plant modifications designed to increase tonnage to 200 ktpm are in the design phase and expected to be complete in Q2 FY14

• Recovery improving due to improved blending from 68-70% in Q3 to 72-78% in Q4

• Costs controlled despite increasing volumes

• On ground technical and management capabilities are being lifted

• Cash operating costs per ounce expected to further reduce during FY14 to below A$900/oz

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FY 13 Guidance Update – Dec 2012

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Exploration underway in Pacific Operations

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FY 13 Guidance Update – Dec 2012

FY13 focus on extending near mine reserves and targeting new discoveries

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Exploration spend $20-25M

• ≈ 70% in Australia

• ≈ 30% in Pacific Operations

Active drilling programs

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Simberi
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Gold Ridge
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Simberi

• Ore bodies open

• Near mine targets for exploration

• Sulphide potential

Leonora

Gold Ridge

• Ore bodies open

• Gwalia open at depth

• King of the Hills remains open along strike

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East Lachlan
Leonora
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• Near mine targets for exploration

• Regional exploration

• Attractive regional targets

Tabar-Tatau

East Lachlan

• Prospective exploration area for copper-gold porphyry mineralisation

• Exploration potential

• Multiple drilling targets on both islands

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FY 13 Guidance Update – Dec 2012

Simberi and Gold Ridge, located in the world class Western Pacific Rim, have si nificant ex loration value g p

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North
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WOODLARK
2Moz
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FY 13 Guidance Update – Dec 2012

Simberi Island

Prospective for mineral resource extensions and discoveries

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Priority targets identified for testing include:

• Oxide mineralisation potential at S.W. Botlu

• Sulphide mineralisation potential at Sorowar East

• Greenfield targets on both ML136 and EL 609

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FY 13 Guidance Update – Dec 2012

Tatau and Big Tabar Islands Pros ective for discoveries p

• Tatau Island •High grade epithermal deposits

• •Drilling planned to follow up previous intercepts

• •Geochemical and geophysical surveys to extend mineralisation

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Big Tabar Island
•Copper gold
porphyry
deposits
•Geochemical
and geophysical
testing
underway
•Potential follow
up drilling 1H
FY14
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FY 13 Guidance Update – Dec 2012

Gold Ridge - Namachamata

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• Testing extensions outside current pit design

• 1,500m of drilling planned to confirm potential extensions to the ore body and to define the cut-back

• Results from recent drilling include:

• 8m @ 3.3 g/t Au from 119m, and 9m @ 7.1 g/t Au from 158 m, inc. 1m @ 56.1 g/t Au (GDC049)

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FY 13 Guidance Update – Dec 2012

Gold Ridge Potential Charivun a Pit g

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Work is planned to test the concept of a much larger open pit:

• Structural mapping and logging to confirm mineralisation controls

• Review target and resource model

• Extensional diamond drilling 2,550m to identify continuity and test proposed waste dump sites

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FY 13 Guidance Update – Dec 2012

Gold Ridge New tar et eneration g g

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• Exploration work underway within the immediate mine area to extend known mineralisation and identify new targets

• Mapping between Kupers and Dawson planned

• Recent intersections from the Dawsons Western Flank include:

• 67m @ 1.5 g/t Au from 125m, inc. 9m @ 4.2 g/t Au (GDC044)

• 39m @ 2.2 g/t Au from surface, inc. 1m @ 29.6 g/t Au (GDC045)

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FY 13 Guidance Update – Dec 2012

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Appendices

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FY 13 Guidance Update – Dec 2012

Gold Ridge Solomon Islands

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Capital Expenditure Estimates (to nearest $M)	Q2-Q4 FY 13 $M
New miningfleet			10
Sustainingcapital			2
			12

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FY 13 Guidance Update – Dec 2012

Simberi Operations Papua New Guinea

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Simberi Operations Papua New Guinea
Capital Expenditure Estimates (to nearest $M)		Q2-Q4 FY 13 $M
Sustainingcapital		5
Integration initiatives		2
		7
Changes in CAPEX expectations for major projects
Completion of Simberi Oxide Expansion		10
Completion of HeavyFuel Oilgenerators		3
HeavyVehicle Workshop		1
Other, inc. light vehicle upgrade		2
		6

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FY 13 Guidance Update – Dec 2012

Competent persons statement

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The information in this report that relates to Exploration Results and Mineral Resources in Australia is based on information compiled by Mr. Phillip Uttley, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Phillip Uttley is a full-time employee of St Barbara Ltd 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr. Uttley consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves in Australia is based on information compiled by Mr. John de Vries, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. de Vries is a full-time employee of St Barbara Ltd 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr. de Vries consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears.

The information in this document that relates to Exploration Results, Mineral Resources and Ore Reserves for Simberi and Gold Ridge, together with any related assessments and interpretations, has been based on information compiled by Colin Ross Hastings who is a Member of The Australasian Institute of Mining and Metallurgy. Colin Ross Hastings is a full-time employee of St Barbara Ltd. Colin Ross Hastings has sufficient experience which is 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Colin Ross Hastings consents to the inclusion of the information relating to Exploration Results, Mineral Resources and Ore Reserves for Simberi and Gold Ridge contained in this document in the form and context in which it appears.

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FY 13 Guidance Update – Dec 2012

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 September 2012 Quarterly Report (pp 3-8) available at www.stbarbara.com.au for details

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FY 13 Guidance Update – Dec 2012

Investor Relations Enquiries

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Ross Kennedy Executive General Manager Corporate Services E: ross.kennedy@stbarbara.com.au

Rowan Cole General Manager Corporate Services E: rowan.cole@stbarbara.com.au

T: +61 3 8660 1900

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FY 13 Guidance Update – Dec 2012