ST BARBARA LIMITED — Investor Presentation 2012

Sep 9, 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

Presentation by Tim Lehany, Managing Director and CEO

Attached is a presentation being given today by Tim Lehany, Managing Director and CEO, to the Denver Gold Forum in Colorado, USA.

Ross Kennedy Executive General Manager Corporate Services Company Secretary 10 September 2012

Creation of a growing international gold company

Denver Gold Forum 2012 Tim Lehany, Managing Director & CEO 10 September 2012

Forward statements

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 a financial product or investment advice. It does not take into account the investment objectives, financial situation or 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 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 governs such disclosures by companies listed on the Australian Securities Exchange. The JORC Code differs in several significant respects from Industry Guide 7 of the US Securities and Exchange Commission, which governs disclosures of mineral reserves in registration statements and reports filed with the SEC. In particular, Industry Guide 7 does not recognise classifications other than Proved and Probable Reserves, and the SEC does not permit mining companies to disclose Mineral Resources in SEC filings.

Financial figures are in Australian dollars unless otherwise stated. The Company's fiscal year runs from 1 July to 30 June. As at 30 Aug 2012, AUD $1.00 = USD $1.03, USD $1.00 = AUD $0.97

Company Overview

• On 7 September 2012, St Barbara acquired 100% of Allied Gold
• The acquisition is consistent with the strategy of the last 3 years to grow long term EPS
• Immediately NAV accretive and EPS accretive after first year of combination for St Barbara shareholders
• St Barbara is now the largest ASX listed mid-tier gold company for:
  • Gold production
  • Ore reserves
  • Mineral resources
• The acquisition includes two gold operations:
  • Gold Ridge, Solomon Islands
  • Simberi, Papua New Guinea
• Significant near mine and regional exploration along Pacific Rim

Three diverse and established gold operations; all underpinned by long life ore reserves and each prospective for growth

Strong balance sheet

• Issued Shares: 488M2
• Market Cap: A$737M3
• At combination date:
  • Total debt expected to be approx. A$195M1
  • Net debt expected to be < A$100M1
  • Gearing < 20%1,4
  • Gearing reduces significantly over next two years
• Upside exposure to gold for 80+% of revenue and 95+% reserves5
• Ability to fund exploration and expansion projects from cash flow
  • 1. Includes gold loan at estimated A$75M
  • 1. Estimated shares on issue post-combination
  • 1. Estimated 488 M shares on issue post-combination at A$1.51 ea closing price on 30 Aug 2012
  • 1. Debt / debt + equity

6 Long life gold projects, rich in potential – September 2012 5. Estimated FY13 revenue and reserves as at September 2012

St Barbara has a proven operating capability and a track record of translating production into profit

Allied Gold acquisition consistent with Company strategy to grow earnings and cash per share

Allied Gold acquisition NAV accretive immediately & EPS accretive after first year

EPS

Shares adjusted for 6:1 consolidation Nov 2010 Shares adjusted for 6:1 consolidation Nov 2010

St Barbara, a leading Australian listed mid tier gold company

#1 FY13F Production Position (koz)2

Long life gold projects, rich in potential – September 2012 9 2. Based on estimates from selected brokers which disclose production metrics. For Simberi and Gold Ridge, based on internal life of mine plans assuming no change in production as a result of the transaction. Gwalia, King of the Hills and Southern Cross based on FY13 guidance.

Gold operations

Gwalia Mine, Leonora, WA

- high quality, long life, rich gold deposit

• Ore Reserves of 6.9 Mt at 8.7 g/t Au containing 1.9 Moz of gold [1]
• Mineral Resources extended to 1,840 mbs, open to north, south and at depth
• Indicative 9+ year mine life based on Ore Reserves
• FY13 forecast
  • production 175 190 koz
  • cash costs A$670 -700/oz
• Proven operating performance [FY12: 184 koz @ A$646 per ounce cash operating cost]

[1] As at 30 June 2012.

Simberi, Papua New Guinea Growing gold production, highly prospective Western Pacific Rim

• 2.0 Moz Ore Reserves1
• 6.5 Moz Mineral Resources1
• Anticipated 70-80 koz for FY13
• Ore bodies not closed off
• Oxide expansion to be completed in FY13 lifts production to 100 koz p.a.
• 9+ year mine life
• Significant cost reduction initiatives underway
• Sulphide BFS underway
• Common law legal system and Mining Act 1992

Long life gold projects, rich in potential – September 2012 2. Includes: Oxide 0.8 Moz, Sulphide 1.1 Moz, Transitional 0.1 Moz.

Gold Ridge, Solomon Islands Long life operation with near mine potential

• 1.1 Moz Ore reserves1
• 2.5 Moz Mineral Resources1
• Targeting production of 105 koz pa
• 9+ year mine life
• Significant near mine potential
• Mine established and ramping up
• Cost reduction opportunities
• Common law legal system and modern Mining Act 1990
• Australian-led Regional Assistance Mission to the Solomon Islands continuing to support and develop the police force

Exploration targets and organic growth opportunities

FY13 focus on extending near mine reserves and targeting new discoveries

Simberi and Gold Ridge in world class Western Pacific Rim

Simberi – exploration potential within mining lease and EL 609

• Large hydrothermal mineralized gold system exposed 4km x 2km.
• Prospective area twice as large on eastern side.
• Excellent geological data base to target drill testing.
• Significant opportunity to expand sulphide resources
• Potential for higher grade deposits in competent volcanic units.
• Western side relatively unexplored partially covered by post-mineralization volcanic ash.

Gold Ridge Extensional Potential

• Known ore bodies in a large system where gold mineralisation extends 1.5 x 2.5 km
• Established mineralization at Charivunga, requires infilling for conversion to resource
  • Has near surface open pit and underground potential.
  • Possible feeder zone for known mineralization.
  • Potential for high grades.
• Untested soil anomalism between Kupers and Dawson providing drill-ready target that could significantly expand mining options.
• Limited exploration to south of Dawsons Long life gold projects, rich in potential – September 2012 Highly prospective extensional targets

What to expect

Plans for Simberi and Gold Ridge – improving operating capabilities

Phase 1 – FY2013

• Complete integration by 31 December 2012
  • Includes strategic review of Simberi and Gold Ridge
  • Update guidance after strategic review
• Simberi and Gold Ridge FY13 performance objectives:
  • Achieve production reliability and improvements
  • Reduce cash operating costs
• Complete Simberi Oxide expansion project
• Drilling of infill targets at Simberi and Gold Ridge
• Commence exploration work on Simberi EL609

Phase 2

• Pursue internally funded growth opportunities (eg: Simberi sulphides project)

Diversified project pipeline spanning exploration to gold production

1. Based on internal life of mine plans assuming no change in production as a result of the transaction. Also subject to risks described in the rule 2.7 announcement dated 29 June 2012.

Significant re-rating potential

1. Value for the company is calculated by adding the St Barbara issued shares, multiplied by St Barbara's closing price on ASX of A$1.54 on 28 August 2012 then adding St Barbara's net debt and minority interest figures. Other enterprise value figures calculated by adding most recently disclosed net debt and minority interest figures to market capitalisation as at 28 August 2012.

• Track record of delivering production growth
• Track record of converting production to cash and profit
• Pathways identified to improve performance of Pacific assets
• Growth opportunities identified
• Strong balance sheet to pursue organic growth options

Appendices

Strong institutional share register, wide broker coverage

Broker Research Coverage

Argonaut Securities	Troy Irvin
Baillieu	Ray Chantry
Bell Potter	Stephen Thomas
Citi	Daniel Seeney
CLSA	James Stewart
Deutsche Bank	Chris Terry
Evans and Partners	Cathy Moises
Goldman Sachs	Ian Preston
Macquarie Equities	Mitch Ryan
Nomura	David Radclyffe
Patersons	Alex Passmore

• Approved Depositary Receipts (ADR) are trading in USA

FY13 guidance Australian operations

		Gwalia	King ofthe Hills	Total
		Leonora	Leonora	Leonora
Gold production	koz	175-190	55-60	230-250
Cash operating cost	$/oz	670-700	840-870	710-745
Capex	$M	45-50	20-25	65-75

Board of Directors Board of Directors

S J Colin Wise Chairman – Non Executive

Mr Wise is an experienced corporate lawyer, consultant and company director with significant expertise in the mining and exploration industry and resources, energy and corporate sectors. He spent 24 years with WMC, including 10 years as General Counsel, and subsequently, 4 years as Counsel to a New York law firm. He has extensive practical experience in Australia and internationally with a wide range of corporate, operational and legal matters.

Douglas W Bailey Director– Non Executive

Mr Bailey was the Chief Financial Officer of Woodside Petroleum Ltd between 2002 and 2004 and previously, was an Executive Director of Ashton Mining Limited from 1990 to 2000, including the last 3 years as Chief Executive Officer. He also was a Non Executive Director of Aurora Gold Ltd for the period 1993-2000.

Elizabeth (Betsy) A Donaghey Director– Non Executive

Ms Donaghey is a civil engineer and has extensive oil and gas industry and corporate experience. This included roles with BHP Billiton for 19 years in gas marketing, reservoir engineering and business planning and analysis. More recently, she spent 9 years with Woodside Energy in various senior gas business and strategic planning roles, culminating in the executive leadership of Woodside Energy's Australian business unit, with assets generating annual revenue exceeding $1 billion and new projects with $1.5 billion capital investment and, subsequently, the business unit developing the Browse LNG project.

Phillip C Lockyer Director– Non Executive

Mr Lockyer is an experienced mining engineer and metallurgist with over 40 years experience in the mineral industry with an emphasis on gold and nickel, in both underground and open pit operations. He was employed by WMC for 20 years and as General Manager for WA was responsible for the Company's nickel division and gold operations. He then was Director Operations for Dominion Mining and subsequently Resolute Limited.

Timothy J Lehany Managing Director & CEO

Mr Lehany joined St Barbara in March 2009, and has over 20 years extensive operating experience with a number of mining companies, including Newcrest Mining Limited and WMC Limited. Mr Lehany is a mining engineer, and has held operating, management and executive roles in gold, base metal and nickel mining. Immediately prior to joining St Barbara, he was Executive General Manager Operations with Newcrest Mining.

Robert K Rae Director– Non Executive

Mr Rae is a Director and Partner of McClintock Associates, a private investment bank and advisory firm and has extensive industry and corporate experience. Mr Rae has held previous directorships within the mining industry including Plutonic Resources, Ashton Mining, WA Diamond Trust and Centralian Minerals.

Executive management Executive Management

Tim Lehany

Managing Director and Chief Executive Officer

Tim joined St Barbara in March 2009, and has over 20 years extensive operating experience with a number of mining companies, including Newcrest Mining Limited and WMC Limited. Tim is a mining engineer, and has held operating, management and executive roles in gold, base metal and nickel mining. Immediately prior to joining St Barbara, he was Executive General Manager Operations with Newcrest Mining.

Alistair Croll

Chief Operating Officer

Alistair joined St Barbara as COO in 2012, and has extensive experience in all aspects of mining operations, including technical, project and general management roles up to Managing Director. Alistair is equally comfortable in open pit and underground operations, with experience in gold, platinum, diamond, manganese, chrome and nickel. Alistair has held senior roles with Kimberley Diamond Company, Blina Minerals and Consolidated Minerals in Australia, and in South Africa with Anglo Platinum and 17 years with the De Beers Group.

Garth Campbell joined St Barbara in September 2009. -Cowan Chief Financial Officer

Garth has been with St Barbara since September 2006 and is responsible for finance, treasury, taxation, reporting and business analysis, corporate planning and capital management. He has repositioned the finance team to focus on developing financial reporting systems and controls to assist with the Company's growth. Previously, Garth was Director of Corporate Accounting at Telstra and has held finance leadership roles with WMC and Newcrest Mining.

Ross Kennedy

Executive General Manager Corporate Services/Company Secretary

Ross has been with St Barbara since 2004. He has 24 years of experience in corporate administration, including 12 years in the minerals and resources sector, and 10 years as a management consultant. Ross leads the Corporate Services team. Key responsibilities include designing and executing plans for investor relations, legal and compliance, risk management and ensuring that Company Secretariat functions continue to develop in line with the Company's growth.

Phil Uttley

Executive General Manager Discovery and Growth

Phil is an experienced exploration executive with 35 years of industry experience having held senior positions in Sino Gold, SRK Consulting and Renison Goldfields Consolidated (formerly Gold Fields). He has a B.Sc Hons. (Geol. & Mineral) from University of Queensland and is an experienced exploration geologist, with a demonstrated track record in gold discoveries and establishment of resources for gold production. Phil

Financial highlights in FY12

Record profit and cash flow

• Statutory profit up 90% to $130M
• Underlying NPAT [1] up 140% to $131M
• Cash flow from operations up 115% to $222M
• Cash flow after funding capex $117M [2]
• EPS up from $0.21 in 2011 to $0.40 in 2012

Investment in growth

• Capital expenditure $100M
• Exploration expenditure $21M

Balance sheet strength

• Cash balance at 30 June 2012 $185M
• Total interest bearing debt 30 June 2012 $4M

1. Non-IFRS measure, calculation in Appendix

2. Cash flows from operating activities less cash flows from investing activities

Australian Production Summary

ProductionSummary		Sep Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Year
Consolidated		FY12	FY12	FY12	FY12	FY12
Gold Production
Gwalia	oz	40,306	46,007	43,881	54,340	184,534
KingoftheHills	oz	9,343	14,107	17,110	16,393	56,953
SouthernCross	oz	20,959	23,501	24,849	28,083	97,392
Consolidated	oz	70,608	83,615	85,840	98,816	338,879
Mined Grade
Gwalia	g/t Au	7.5	8.1	9.3	10.5	8.8
King of the Hills	g/t Au	3.7	4.3	4.2	4.0	4.1
Southern Cross	g/t Au	2.7	3.1	2.6	3.2	2.9
Total Cash Operating Costs
Gwalia	$/oz	712	683	627	580	646
KingoftheHills	$/oz	872	754	693	746	753
SouthernCross	$/oz	1,193	1,215	1,272	1,127	1,199
Consolidated	$/oz	876	844	827	763	823

Australian Mineral Resources Statement - As at 30 June 2012*

Category			Measured			Indicated			Inferred			Total
Region	Project	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 Deeps	4,684	5.6	842	8,965	9.5	2,727	1,601	7.0	360	15,250	8.0	3,930
	Gwalia Intermediates& West Lode	0	0.0	0	14	4.4	2	557	6.4	114	571	6.3	116
Lenora	King of The Hills	0	0.0	0	1,530	5.5	273	480	4.8	74	2,010	5.4	347
	Tower Hill	0	0.0	0	2,779	4.6	411	207	3.9	26	2,986	4.6	437
	Harbour Lights	0	0.0	0	0	0.0	0	2,580	3.3	274	2,580	3.3	274
	Other (5)	991	1.0	33	2,277	1.0	70	49	0.6	1	3,317	1.0	104
Total Leonora		5,675	4.8	875	15,565	7.0	3,483	5,474	4.8	849	26,714	6.1	5,208
	Marvel Loch	287	3.1	29	2,929	3.2	299	1,400	2.5	112	4,616	3.0	440
	Nevoria	0	0.0	0	3,732	3.4	407	328	4.0	42	4,060	3.4	449
	Transvaal	0	0.0	0	1,634	4.7	249	1,802	4.9	286	3,436	4.8	535
	Jaccoletti	0	0.0	0	0.0	4.6	0.0	715	5.5	126	715	5.5	126
Southern	Axehandle	0	0.0	0	0	0.0	0	2,082	2.0	131	2,082	2.0	131
Cross	Cornishman	0	0.0	0	119	4.4	17	0	0.0	0	119	4.4	17
	Edwards Find, EFN& Tamarin	0	0.0	0	381	3.1	38	363	2.6	30	744	2.8	68
	Frasers	0	0.0	0	336	5.5	59	1,786	5.2	296	2,122	5.2	355
	Yilgarn Star	0	0.0	0	385	6.6	82	0	0.0	0	385	6.6	82
	Other (5)	367	1.0	12	1,605	2.7	140	345	4.5	50	2,317	2.7	202
Total Southern Cross		654	1.9	41	11,121	3.6	1,291	8,821	3.8	1,073	20,596	3.6	2,405
Total All Regions		6,329	4.5	916	26,686	5.6	4,774	14,295	4.2	1,922	47,310	5.0	7,613

Notes

The information in this report that relates to Mineral Resources 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.

*See ASX Announcement dated 23 August 2012 at www.stbarbara.com.au for full details. 31

Australian Ore Reserves Statement As at 30 June 2012*

Category		Proved			Probable			Total
Region	Project	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz
Leonora	Gwalia Deeps	1,279	8.5	348	5,601	8.8	1,577	6,880	8.7	1,925
	Tower Hill*				2,699	3.8	329	2,699	3.8	329
	King of the Hills				955	5.0	153	955	5.0	153
Total Leonora		1,279	8.5	348	9,255	6.9	2,060	10,534	7.1	2,407
Southern Cross	Marvel Loch	6	4.9	1	349	2.4	26	355	2.4	27
Nevoria Underground*					713	4.0	80	713	3.5	80
	Other (SXO Stock Piles)	367	1.0	12				367	1.0	12
Total Southern Cross		373	1.1	13	1,062	3.1	107	1,435	2.6	120
Total All Regions		1,652	6.8	361	10,317	6.5	2,166	11,969	6.6	2,527

Notes:

1. Ore Reserves are based on a gold price of A$1,250/oz for Gwalia, King of the Hills, Tower Hill and Nevoria; A$1,400 average for Marvel Loch Underground.

• 1. Mineral Resources are reported as inclusive of Ore Reserves.
• 1. All data is rounded to two significant figures. Discrepancies in summations will occur due to rounding.
• 1. Other relates to surface stockpiles valued at A$1,075/oz.
• 1. * Items in Italics are carried forward from June 2011 Ore Reserve.

The information in this report that relates to Ore Reserves 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.

*See ASX Announcement dated 23 August 2012 at www.stbarbara.com.au for full details.

South West Pacific Mineral Resources Statement - As at 31 December 2011

	Mineral Resources as at 31 December 2011			Moz
Gold Ridge
	Measured	7.33	1.54	0.36
	Indicated	38.06	1.22	1.49
	Measured & Indicated	45.39	1.27	1.85
	Inferred	15.15	1.28	0.62
Simberi
	Measured	9.58	1.11	0.34
	Indicated	72.73	1.28	2.99
	Measured & Indicated	82.32	1.26	3.33
	Inferred	101.58	0.97	3.18

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.

South West Pacific Ore Reserves Statement - As at 31 December 2011

	Ore Reserves as at 31 December 2011		Au g/t	Moz
Gold Ridge
	Proved	-	-	-
	Probable	20.29	1.73	1.13
	Total Reserves	20.29	1.73	1.13
Simberi
	Proved	10.55	1.06	0.36
	Probable	31.91	1.63	1.67
	TotalReserves	42.45	1.49	2.03

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.

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources 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 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.

Non-IFRS Measures

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	•CalculatedaccordingtocommonminingindustrypracticeusingTheGoldInstitute(USA)ProductionCostStandard(1999revision)•Refer June 2012 Quarterly Report (pp3-4) available at www.stbarbara.com.au fordetails
Significant items	•ItemsincludedinIFRSNetProfitAfterTaxthattheBoardandManagementconsidermaynotbeindicativeof,orareunrelatedto,coreoperatingresults(suchasprofitorlossongoldoptions,orthesaleoftenementrights)
	•Refer2012FinancialStatements(pp3-4)availableatwww.stbarbara.com.aufordetails
Underlying net profit after tax	•Net profit after tax excludingidentified significant items•Refer 2012 Financial Statements (pp3-4) available at www.stbarbara.com.au fordetails
Underlying earnings per share	•Underlying net profit after tax per ordinary share
Underlying profit per ounce	•Underlying net profit after tax per ounce of gold produced

Non-IFRS Measures

Underlying Profit PerOunce		FY 12	FY 11	FY 10	FY 09	FY 08
Underlying net profit after tax	A$000	130,782	54,431	14,547	209	(29,291)
Gold production	oz	338,879	258,474	231,018	238,900	157,477
Underlying Profit PerOunce	A$/oz	386	211	63	1	-186

Source: FY 08 to FY 12 Annual Reports, available at www.stbarbara.com.au

Investor Relations Enquires

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 www.stbarbara.com.au ASX: SBM