ST BARBARA LIMITED — Investor Presentation 2012

Jul 18, 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 on the June 2012 Quarter

Attached is a presentation to analysts and investors by Tim Lehany, Managing Director and CEO.

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Ross Kennedy

Executive General Manager Corporate Services Company Secretary 19 July 2012

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June 2012 Quarterly Report Highlights

Tim Lehany, Managing Director & CEO

19 July 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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June 2012 Quarterly Report Highlights

Highlights

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• Consolidated FY12 guidance achieved for production and cash operating costs

• Sustained higher gold production:

• Record 98,816 ounces for Q4

• Record 338,879 ounces for FY12

• Offer to acquire Allied Gold

• Gwalia cash operating cost[1] fell to $580 per ounce for Q4 (Q3: $627/oz)

• Net cash at 30 June 2012: $181 million, up $47 million Q on Q

[1] Non-IFRS measure, calculation in Appendix

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June 2012 Quarterly Report Highlights

Sustained higher gold production Up 15% to a record 98,816

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Gold Production

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99
86
84
73 71
FY 11 FY 12 FY 12 FY 12 FY 12
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 June
koz
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• Record production in Q4

• FY12 production 338,879 ounces

• Achieved guidance

• • 31% increase on FY11

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June 2012 Quarterly Report Highlights

Gwalia

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Gold Production

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54
46
44
40
39
FY 11 FY 12 FY 12 FY 12 FY 12
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
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• Record production in Q4

• • Processing recovery consistently at 97%

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koz
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June 2012 Quarterly Report Highlights

Gwalia grade and costs

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Grade

Mined Grade

• Q4 mined grade 10.5 g/t Au

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

• FY12 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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June 2012 Quarterly Report Highlights

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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June 2012 Quarterly Report Highlights

Southern Cross Operations

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Gold Production

28 27 25 24 21 FY 11 FY 12 FY 12 FY 12 FY 12 Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun

• Production in line with expectations

• Underground mining expected to continue until October 2012

• Processing expected to continue until December 2012

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koz
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June 2012 Quarterly Report Highlights

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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June 2012 Quarterly Report Highlights

Discovery & Growth

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Frasers (Southern Cross Region)

• Drilling program completed

• Mineral Resource Estimate at 30 June 2012

Category	Cut-off	Tonnes	Grade g/t Au	Ounces
Indicated	2.5 g/t Au	336,000	5.5	59,000
Inferred		1,786,000	5.1	296,000
Total		2,122,000	5.2	355,000

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June 2012 Quarterly Report Highlights

Strong growth in cash continues

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• Net cash up $47 million to $181 million at 30 June 2012

  • Cash balance up to $185 million

  • Interest bearing liabilities $4 million

  • Gold receivables of $4 million (in addition to cash)

• Net cash backing per share up 37% to $0.56 per share (Q on Q)

• On market share-buy back facility completed 3 July 2012

• 995,000 shares bought back at average $2.26 each for $2.2 million

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June 2012 Quarterly Report Highlights

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 23 August 2012.

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June 2012 Quarterly Report Highlights

Conclusion

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• Record gold production for Q4 and FY12

• Gwalia cash operating costs down to $580 per ounce

• Consolidated FY12 guidance delivered

• Strong cash generation, growing cash position

• $181 million net cash at end of June

• Drilling programs targeting discoveries continuing at:

• Gwalia region, Leonora, WA

• Yilgarn province, WA

• East Lachlan, NSW

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June 2012 Quarterly Report Highlights

Appendices

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June 2012 Quarterly Report Highlights

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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June 2012 Quarterly Report Highlights

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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June 2012 Quarterly Report Highlights

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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June 2012 Quarterly Report Highlights

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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June 2012 Quarterly Report Highlights

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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June 2012 Quarterly Report Highlights

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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June 2012 Quarterly Report Highlights

Competent persons statement

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The information in this report 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 report 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 are calculated according to common mining industry practice using The Gold Institute (USA) Production Cost Standard (1999 revision).

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June 2012 Quarterly Report Highlights