ST BARBARA LIMITED — Investor Presentation 2012

Aug 8, 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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Presentation to analysts and investors at Leonora Operations

Attached is a presentation to analysts 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 9 August 2012

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Leonora Site Tour

9 August 2012

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Disclaimer

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This presentation has been prepared by St Barbara Limited (“Company”). The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This presentation 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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Leonora Site Visit – August 2012

Overview

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• Company Profile

• Financial Overview

• Operations

• Leonora

• Gwalia

• King of the Hills

• Projects

• Expanded Plant

• Discovery and Growth

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Leonora Site Visit – August 2012

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Company Profile

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Leonora Site Visit – August 2012

Historical context

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• March 2005 St Barbara acquired the Sons of Gwalia gold assets including Leonora and Southern Cross Operations from the Administrator

• $2.3M cash consideration

• assumed environmental bond obligations of $35.7M

• Late 2005 certain assets divested

• February 2007 Gwalia feasibility study approved by the Board

• Capital expenditure for Gwalia development was approx. $235M, comprising:

• mine development of around $150M

• infrastructure (incl. plant refurbishment) of $85M

• September 2008 – first gold pour from Gwalia

• December 2008 – first stope production from Gwalia Deeps

• December 2011 quarter – ore mined at above 8 g/t Au from the South West Branch

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Leonora Site Visit – August 2012

St Barbara at a glance

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• Australian gold producer and explorer

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• Australasian and SE Asia focus

• Mineral Resources 7.6 Moz (46.9 Mt @ 5.1 g/t Au) contained gold[ [1] ]

• Ore Reserves 2.8 Moz (14.7 Mt @ 5.8 g/t Au) contained gold[[1]]

• Indicative Gwalia mine life 8+[[2]] years based on Ore Reserves[[1] ]

• 2 operations, 3 producing mines

• Proven mine development and gold production credentials

• Over 5,000 km[2] of prospective land[ [2] ]

• As at 30 June 2011

• As at 30 June 2012

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Leonora Site Visit – August 2012

Strength across the value chain

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Exploration

• 515,000 oz increase in Gwalia Mineral Resources in FY11 • Initial Mineral Resource estimate in FY12 for Frasers, Southern Cross, of 2.1 Mt @ 5.2 g/t Au containing 355,000 oz

Reserves

• 8 years Ore Reserves at Gwalia

• (6.9 Mt @ 8.9 g/t Au containing 2.0 Moz Au)[ [1]]

Development

• Gwalia deep underground mine expertise

• King of the Hills commenced production on schedule in FY11

Production

• Focus on production for earnings growth

• • FY12 Q2, Q3 and Q4 production volume records

• Profitability NPAT and Underlying NPAT[[2]] improved each year since FY09

• Cash flow $181M net cash at 30 June 2012, up $114M in FY12

[1] At 30 June 2011

[2] Non-IFRS measure, calculation in Appendix

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Leonora Site Visit – August 2012

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Financial Overview

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Leonora Site Visit – August 2012

Proven performance – translating production into profit

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Gold Production +116% FY 08 to FY 12

Underlying Profit Per Ounce[[1] ]

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346
1H
only
211
63
1
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339 211
258
239 63
231
1
157
-186
1H
FY 08 FY 09 FY 10 FY 11 FY 12 FY 12 FY 08 FY 09 FY 10 FY 11 1H
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1H FY 09 FY 10 FY 11 1H FY 12 FY 12

koz

A$M

Financial years to 30 June [1] Non-IFRS measure, calculation in Appendix

Financial years to 30 June

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Leonora Site Visit – August 2012

FY 12 consolidated guidance achieved for production and costs

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FY 12 Production to Guidance

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185
175 190
Gwalia
57
King of the Hills 55 60
97
Marvel Loch 90 100
339
Consolidated 320 350
-20 -10 0 +10 +20
Guidance Mid Points and Ranges
koz
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Leonora Site Visit – August 2012

Positive cash generation

Cash Flow From Operations Per Share

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$0.36
$0.29
$0.26
1H only
$0.11
FY 09 FY 10 FY 11 1H FY 12 1H
FY 12
A$
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Shares adjusted for 6:1 consolidation Nov 2010

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Cash & Debt

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185
79
12
4
Debt Debt
Jun 2011 Jun 2012
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A$M
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Leonora Site Visit – August 2012

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Operational Overview

Leonora Site Visit – August 2012

Operations - Philosophies and Principles

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• Deliver to promise

• Deliver sustainable production from Leonora of 230-250 koz pa

• Contractor mining

• Gwalia – Byrnecut (from Sep 2012)

• KoTH - Byrnecut

• Processing facilities are owner operated

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Leonora Site Visit – August 2012

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Leonora

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Leonora Site Visit – August 2012

St Barbara holds significant land in the richly endowed Leonora region

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• 240 km north of Kalgoorlie

• One of the 3 most richly endowed gold provinces in WA

• Dominant land position in region

• Leonora ore reserves: 11.2 Mt @ 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

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1. As at 30 June 2011

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Leonora Site Visit – August 2012

Leonora Operations - engine room for cash generation

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Gwalia Mine

King of the Hills Mine

• More than 4.0 Moz of gold produced since 1897

• FY13 forecast production of 175,000 to 190,000 ounces

• Resources currently extend to 1,840 mbs[[1] ]

• Open to the south and at depth

• Indicative mine life 8+ years[[2]] based on Ore Reserves[[1] ]

• Satellite underground project

• Successfully commissioned May 2011

• Utilises available Gwalia mill capacity

• FY13 forecast production of 55,000 to 60,000 ounces

• Indicative mine life 2.5+ years[[2]] based on Ore Reserves[[1] ]

• Ore Reserves 0.2 Moz contained gold (1.6 Mt @ 4.3 g/t Au)[[1] ]

• Ore Reserves 2.0 Moz contained gold (6.9 Mt @ 8.9 g/t Au)[[1] ]

• As at 30 June 2011

• As at 30 June 2012

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Leonora Site Visit – August 2012

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Gwalia Mine

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Leonora Site Visit – August 2012

Gwalia Mine

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- high quality, long life, high grade gold deposit

As at 30 June 2011:

• Ore Reserves of 6.9 Mt at 8.9 g/t Au containing 2.0 Moz of gold

• Resources extended to 1,840 mbs, open at depth

• Potential to extend Ore Reserves within mining envelope and at depth

• Indicative 8+ year mine life

• Over 85% of gold in Reserves is contained in South West Branch

Operations

• Contract Mining – Byrnecut (from Sep 2012)

• Run own processing plant

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Leonora Site Visit – August 2012

Gwalia

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Gold Production

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185
131
109
62
FY 09 FY 10 FY 11 FY 12
koz
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• Commenced production in FY 09

• Record production in FY 12

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Leonora Site Visit – August 2012

Gwalia

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Gold Production Quarterly 54

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46
44
40
39
FY 11 FY 12 FY 12 FY 12 FY 12
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
koz
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• Record production in Q4

• Processing recovery consistently at 97%

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Leonora Site Visit – August 2012

Gwalia grade and costs

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Grade

Mined Grade & Cash Cost

• Q4 mined grade 10.5 g/t Au

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10.5
722
712
683 9.3
FY12 average 8.8
627
7.5
8.1
6.9 580
FY 11 FY 12 FY 12 FY 12 FY 12
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
g/t Au g/t Au FY12 $/oz
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• Majority of ore sourced from the richer South West Branch

• FY12 average mined grade 8.8 g/t Au

Costs

• Q4 cash operating costs $580/oz, primarily due to higher mined grade (Q3: $627/oz)

• FY12 cash operating cost $646/oz

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Leonora Site Visit – August 2012

Gwalia Mine

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- high quality, long life, high grade gold deposit

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Leonora Site Visit – August 2012

Potential for ore from other lodes to be brought into reserve

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Leonora Site Visit – August 2012

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Grade Distribution

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Leonora Site Visit – August 2012

Gwalia – endowment and grade increase at de th p

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Grade g/t Au

oz/vm

RESERVES - Ounces per Vertical Metre

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C 7000 20
Cu
r 18
u
r 6000
r
re 16
n
e
nt 5000 Currently 14
l
t mining at
ly 1300mbs 12
y 4000
m Limited
mi drilling data 10
in
3000
ni 8
in
ng 6
2000 FY12
g
a Production
4
t
a
1 1000
t
3 2
1
0
3
00 0 0
0m
b
m
bs oz/vm GRADE
s Data at March 2012
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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Data at March 2012

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Leonora Site Visit – August 2012

Gwalia – drilling density matches Resource

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Number of Intersections Per Level for Surface Drilling 1140 - 1820 MBS (40 m Intervals)

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50
45
Bottom of
40
Currently decline
mining at
35
1300mbs
30
25
20
15
10
5
0
MBS
Data at May 2012
No. of Drill Intersections
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Leonora Site Visit – August 2012

Gwalia – extension of SWB

to north and south

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Increase in Resources: FY 2011 • SWB + 138 koz • SGS + 295 koz FY 2012

• To be advised

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Leonora Site Visit – August 2012

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Mining Method

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Leonora Site Visit – August 2012

Increased grade and productivity from South West Branch

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• Majority of Gwalia ore from FY12 onwards sourced from higher grade South West Branch

• Improved mining method – “Dual Lift Stoping”

• Long hole stoping with fill

• North & South access on two dual lift levels gives 4 mining areas (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

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Leonora Site Visit – August 2012

Gwalia Mining Strategy Dual Lift Stoping in SWB – mining sequence manages the hanging wall

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FY11

2

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1
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5
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4
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3 8

Note: Single lift Hanging Wall Span typically 32m (HR=6.15)

7

Development fully in ore (limited dilution)

6 11

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Leonora Site Visit – August 2012

Gwalia Mining Strategy

Dual Lift Stoping in SWB – 3 Year Mining Sequence

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FY11 FY12
FY13 FY14
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Leonora Site Visit – August 2012

Consistent achievement of ore production targets

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Annualised Ore Mined - Gwalia

ktpa 900 800 700 600 500 400 300 200 100 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 Sep 11 Dec 11 Mar 12 Jun 12

Quarters

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Leonora Site Visit – August 2012

Stress Results – lower than expected

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Stress Test Results & Yilgarn Block Trends

Principal Stress (MPa)

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0 50 100 150 200 250 300
0
200
400 Result from HI stress test
conducted at the 1130 Level.
600 In July 2009
800
1000
1200
1400
1600
1800
2000
HI AE Min Yilgarn
Max Yilgarn Extrapolated Max Yilgarn Trend AMC Calc
Stress= 2/3UCS Extrapoloated Min Yilgarn Trend AMC Trend Line
Depth (mbs)
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Leonora Site Visit – August 2012

New trucking technology

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Byrnecut Powertrans DAT 60 trucks on quarry trials

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• •Two engines – front & rear

• •Faster – 15 km/h vs 7 km/h

• •Greater capacity – rated 60t

Leonora Site Visit – August 2012

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Processing & Infrastructure

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Leonora Site Visit – August 2012

Gwalia – Proven Process

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Gwalia Mill – Design Capacity

	Capacity Availability Utilisation
Crusher Communition Leach	TPH % % 220 87% 87% 170 96% 99% 210 99% 99%

The Gwalia mill is designed to treat 1.2 Mt p.a. of hard rock ore

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Leonora Site Visit – August 2012

Gwalia - recoveries consistentl >95% y

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Mill Recovery %

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98%
97%
96%
95%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2011 2012
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Leonora Site Visit – August 2012

Infrastructure is scalable to support deeper mining

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• Commissioned and ready for 10+ years life of mine • Ventilation Fans – 2 x 1350kW – Final Duty 450 m[3] /sec @ 4kPa

• • 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 – August 2012

Gwalia - summary

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• Long life, 8+ years, backed by ore reserves

• FY13 forecast production 175,000 – 190,000 oz

• Expandable infrastructure

• Regional targets to be drilled in H1 FY13

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Leonora Site Visit – August 2012

Satellite Project

King of the Hills

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Leonora Site Visit – August 2012

King of the Hills successfull commissioned y

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• Production commenced May 2011, ahead of plan

• FY12 production 56,953 @ $753 per ounce

• 2 ½ years LOM[[1]]

• Reserve grade 4.3 g/t Au[[2]]

• FY13 forecast production 55,000-60,000 ounces

• Deposit open on the Eastern and Western Flanks – potential

• to extend mine life

[1] LOM at 1 May 2012 [2] As at 30 June 2011

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Leonora Site Visit – August 2012

King of the Hills

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Gold Production

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17
16
14
9
7
FY 11 FY 12 FY 12 FY 12 FY 12
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
koz
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• Production in line with expectations

• FY12 production 56,953oz within guidance

• Q4 cash operating costs $746/oz (Q3: $693/oz)

• FY12 cash operating costs $753/oz

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Leonora Site Visit – August 2012

KOTH open stoping in eastern flank Mining Strategy (FY13 LoM Run 1)

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• Moving to cut and fill in western flank

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Leonora Site Visit – August 2012

KOTH open down plunge

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Leonora Site Visit – August 2012

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Potential Expanded Processing Facility

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Leonora Site Visit – August 2012

Gwalia – Mill has optionality

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Current mill

• Incremental capacity expansion by crushing finer and increasing ball mill

• Leach circuit has abundant capacity

Gwalia Mill - Limiting Capacity

	Capacity Availability Utilisation
Crusher Communition Leach	TPH % % 220 87% 87% 170 96% 99% 210 99% 99%

Expansion studies

• Potential for HPGR to replace secondary and tertiary crushers with finder feed to mill

• If sufficient ore is available, potential expansion to

• 2.0 MTPA by installing SAG mill

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Leonora Site Visit – August 2012

Leonora regional strategies to leverage value from existing infrastructure

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• King of the Hills successfully developed

• Near mine and regional exploration for more options

• Focus on Greater Gwalia Area

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Leonora Site Visit – August 2012

Discovery & Growth

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September 2012 quarter exploration planned in 3 states

• Exploration focus on discoveries:

• in proximity to processing plants

• prospective greenfield areas

• 5,000+ km[2] of prospective land around Australia

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Leonora Site Visit – August 2012

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Questions & Discussion

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Leonora Site Visit – August 2012

Appendices

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Leonora Site Visit – August 2012

FY13 guidance

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

Gold production

koz 175-190 55-60 20-25 250-275

FY13 guidance, including cash operating cost and capex ranges, is anticipated to be released by 31 August 2012.

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Leonora Site Visit – August 2012

Production summary

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

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Leonora Site Visit – August 2012

Gwalia

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alia
Production Summary		Sep Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Year
Gwalia		FY12	FY12	FY12	FY12	FY12
Underground ore mined	t	173,498	181,204	145,609	161,989	662,300
Grade	g/t Au	7.5	8.1	9.3	10.5	8.8
Ore milled	t	174,056	192,592	168,049	181,943	716,640
Grade	g/t Au	7.4	7.7	8.4	9.6	8.3
Recovery	%	97	97	97	97	97
Gold production	oz	40,306	46,007	43,881	54,340	184,534
Cash Operating Costs					$ per ounce
Mining		484	410	465	384	452
Processing		124	110	99	87	103
Site services		82	62	68	59	67
Stripping and ore inventory		(8)	58	(41)	11	(14)
adjustments
		682	640	591	541	608
By product credits		(4)	(4)	(3)	(3)	(3)
Third party refining & transport		1	1	2	1	1
Royalties		33	46	37	41	40
Total cash operating costs		712	683	627	580	646
Depreciation and amortisation		254	242	232	220	236
Total operating costs		966	925	859	800	882

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Leonora Site Visit – August 2012

King of the Hills

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Production Summary		Sep Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Year
King of the Hills		FY12	FY12	FY12	FY12	FY12
Underground ore mined	t	77,034	107,840	136,016	136,486	457,375
Grade	g/t Au	3.7	4.3	4.2	4.0	4.1
Ore milled	t	82,179	105,541	131,739	133,482	452,941
Grade	g/t Au	3.8	4.4	4.3	4.0	4.2
Recovery	%	94	94	94	95	94
Gold production	oz	9,343	14,107	17,110	16,393	56,953
Cash Operating Costs					$ per ounce
Mining		716	582	569	564	595
Processing		247	185	201	215	209
Site services		67	33	31	36	40
Stripping and ore inventory		(176)	(80)	(132)	(90)	(115)
adjustments
		854	720	669	725	729
By product credits		(15)	(8)	(17)	(19)	(16)
Third party refining & transport		-	-	-	1	1
Royalties		33	42	41	38	39
Total cash operating costs		872	754	693	746	753
Depreciation and amortisation		298	298	298	299	298
Total operating costs		1,170	1,052	991	1,045	1,051

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Leonora Site Visit – August 2012

Marvel Loch

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arvel Loch
Production Summary Marvel Loch	Sep Qtr FY12 Dec Qtr FY12 Mar Qtr FY12 Jun Qtr FY12 Year FY12
Underground ore mined t Grade g/t Au Ore milled t Grade g/t Au Recovery % Gold production oz Cash Operating Costs Mining Processing Site services Stripping and ore inventory adjustments By product credits Third party refining & transport Royalties Total cash operating costs Depreciation and amortisation Total operating costs	251,628 163,814 240,957 235,966 892,365 2.7 3.1 2.6 3.2 2.9 295,076 518,560 527,790 501,394 1,842,820 2.5 1.6 1.6 2.0 1.9 89 88 89 88 89 20,959 23,501 24,849 28,083 97,392 $ per ounce
	720 642 664 575 645 378 498 488 400 442 115 101 103 81 99 (53) (56) (11) 34 (18)
	1,160 1,185 1,244 1,090 1,168 (18) (10) (17) (5) (12) 2 2 3 1 1 49 38 42 41 42
	1,193 1,215 1,272 1,127 1,199 264 333 272 260 283
	1,457 1,548 1,544 1,387 1,482

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Leonora Site Visit – August 2012

Start safe, stay safe

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Safety

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14.8
12.5
11.1
9.0
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FY 09

FY 10 FY 11 FY 12

• Safety performance significantly improved from end of FY11

• Further improvement targeted in FY13

TRIFR

(rolling 12 month average Total Recordable Injury Frequency Rate)

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Leonora Site Visit – August 2012

Mineral Resources Statement As at 30 June 2011*

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Region	Category	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Project	Tonnes kt	Gold Grade Au g/t	Contained Gold koz	Tonnes kt	Gold Grade Au g/t	Contained Gold koz	Tonnes kt	Gold Grade Au g/t	Contained Gold koz	Tonnes kt	Gold Grade Au g/t	Contained 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 Lode	0	0	0	10	6.2	2	1,260	6.0	244	1,270	6.0	246
	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 Leonora Including other	5,370	5.2	893	14,490	6.7	3,138	7,170	6.0	1,383	27,030	6.2	5,414
Southern Cross	Marvel Loch	320	4.7	48	3,350	3.2	349	2,310	2.9	217	5,980	3.2	614
	Total Southern Cross Including other	1,610	1.5	80	9,300	3.7	1,115	8,910	3.6	1,028	19,820	3.5	2,223
Total All Regions		6,690	4.3	973	23,790	5.6	4,253	16,080	4.7	2,411	46,850	5.1	7,637

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 Metallurgy, a full time employee of St Barbara and qualifies as the Competent 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.

Mineral Resources are reported inclusive of Ore Reserves

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

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Ore Reserves Statement As at 30 June 2011*

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Region	Category	Proved	Proved	Proved	Probable	Probable	Probable	Total	Total	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
Southern Cross	Marvel Loch	62	3.8	8	1,349	2.6	111	1,411	2.6	119
	Nevoria Underground	0	0	0	713	4.0	80	713	3.5	80
	Other	1,286	0.8	32	45	1.0	1	1,331	0.8	34
	Total Southern Cross	1,348	0.9	40	2,107	2.9	193	3,455	2.1	233
Total All Regions		3,363	4.6	500	11,317	6.2	2,256	14,681	5.8	2,756

Notes:

Reserves based on a gold price of A$1,250 per ounce for Gwalia, Tower Hill and Nevoria, A$1,150 for King of the Hills and $1,400 for Marvel Loch. 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.

The Ore Reserves have been estimated and compiled under the direction of Mr Andrew Law. Mr Law is a Fellow 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.

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

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Leonora Site Visit – August 2012

Current hedge position - KoTH

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0 10 20 30 40 50 60 70 80 koz	1,300 1,350 1,400 1,450 1,500 1,550 1,600 1,650 FY13 FY14 FY15 A$/oz Hedge Profile King of the Hills koz Floor Cap A$1,615 A$1,425

KoTH collar over 180 koz maturing in June 2015

• put option strike of A$1,425/oz & call strike of A$1,615/oz

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Leonora Site Visit – August 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 June 2012 Quarterly Report (pp 3-4) available at www.stbarbara.com.au for details

Significant items

• Items included in IFRS Net Profit After Tax that the Board and Management consider may not be indicative of, or are unrelated to, core operating results (such as profit or loss on gold options, or the sale of tenement rights)

• Refer 2011 Annual Report (pp24-25) available at www.stbarbara.com.au for details

• Underlying net profit after tax • Net profit after tax excluding identified significant items

• Refer 2011 Annual Report (pp24-25) available at www.stbarbara.com.au for details

• 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

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Leonora Site Visit – August 2012

Non-IFRS Measures

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Non-IFRS Measures
Underlying Profit Per Ounce		1H FY 12	FY 11	FY 10	FY09	FY08
Underlying net profit after tax	A$000	53,347	54,431	14,547	209	(29,291)
Gold production	oz	154,223	258,474	231,018	238,900	157,477
Underlying Profit Per Ounce	A$/oz	346	211	63	1	-186
Source: FY 08 to FY 11 Annual Reports and FY 12 Half Year Financial Report, available at www.stbarbara.com.au

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Competent persons statement

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The information in this presentation that relates to Exploration Results and Mineral Resources is based on information compiled by Phillip Uttley who is a Fellow of the Australasian Institute of Mining and Metallurgy. Phillip Uttley is a full-time employee of St Barbara. Phillip Uttley 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). Phillip Uttley consents to the inclusion of the information contained in this presentation in the form and context in which it appears.

The information in this presentation that relates to Ore Reserves is based on information compiled by Andrew Law who is a Member of the Australasian Institute of Mining and Metallurgy. Andrew Law is a full-time employee of the consulting firm Optiro and was a full-time employee of St Barbara as of 30 June 2011. Andrew Law 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). Andrew Law consents to the inclusion of the information contained in this presentation in the form and context in which it appears.

The information in this presentation that relates to production forecasts for St Barbara is based on Ore Reserves.

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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

Leonora Site Visit – August 2012