ST BARBARA LIMITED — Investor Presentation 2012

Mar 25, 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 to Casimir Capital Australian Mining Conference New York

Attached is a presentation by Garth Campbell-Cowan, Chief Financial Officer, to the Casimir Capital Australian Mining Conference in New York.

Ross Kennedy Executive General Manager Corporate Services Company Secretary 26 March 2012

About St Barbara Limited

St Barbara was established in 1969, and is one of Australia's most profitable ASX listed gold produces and explorers.

St Barbara has three mines and two processing plants, at Leonora and Southern Cross, in the Eastern Goldfields region of Western Australia, and over 5,000 km² of prospective tenements across Australia.

The Gwalia mine at Leonora is the Company's cornerstone asset. The high grade Gwalia deposit has an expected mine life of at least 10 years, and remains open to the south and at depth.

At June 2011, Company Mineral Resources totalled 46.9 Mt @ 5.1 g/t Au for 7.6 million ounces of contained gold, including Company Ore Reserves of 14.7 Mt @ 5.8 g/t Au for 2.8 million ounces of contained gold (for full details refer to the Ore Reserves and Mineral Resources Statements contained in the 2011 Annual Report, available at www.stbarbara.com.au). Ten priority exploration targets are planned to be drilled in FY12.

Gold production is expected to grow by 30% in FY12 to between 320,000 and 350,000 ounces (for full details refer to the June 2011 Quarterly Report available at www.stbarbara.com.au).

Proven Performance, Creating Value

Garth Campbell-Cowan, CFO

Casimir Capital 2 nd Annual Australian Mining Conference 26 March 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 19 Mar 2012, AUD \$1.00 = USD \$1.06, USD \$1.00 = AUD \$0.94

Outline

• St Barbara overview
• Proven performance
• Gwalia Mine high quality asset
• Growing value in the business
• What to expect in 2H FY 12[1]
• Appendices

[1] FY 12 = financial year to 30 June 2012

St Barbara at a glance

• Australian gold producer and explorer
• Australasian and SE Asia focus
• FY 12 guidance: production 320,000-350,000 ounces
• Ore Reserves 2.8 Moz (14.7 Mt @ 5.8 g/t Au) contained gold [1]
• 2 operations, 3 mines, including Gwalia mine
• Proven development and operations credentials
• Strong balance sheet and cash flow generation
• 5,000+ km² of prospective land

Proven performance

Proven performance – translating production into profit

Profit by mine *

Delivering cash flow – half on half

Half year results * 1H FY12 1H FY11

Delivering value per share

Strong cash position – and growing

• Net cash backing per share A\$0.33 [1]
• Debt to equity ratio < 1% [1]
• Gross tax losses A\$342M [2], not expecting to pay tax for at least 2 years
• Ability to fund exploration and potential development projects from cash flow
• Capital management reviewed regularly
• On-market share buy-back facility in place
• 1. As at 31 Dec 2011
• 1. As at 30 June 2011

Gwalia Mine:

• high quality
• 8+ g/t Au[1]
• 10+ year life[2]

[1] At 30 June 2011, Ore Reserves of 6.9 Mt @ 8.9 g/t Au containing 2.0 Moz of gold. [2] Based on Ore Reserves.

Gwalia Mine

- high quality, long life, rich gold deposit

• Ore Reserves of 6.9 Mt at 8.9 g/t Au containing 2.0 Moz of gold
• Mineral Resources extended to 1,840 mbs, open to north, south and at depth
• Indicative 10+ year mine life based on Ore Reserves
• Forecast sustainable rate for FY12 onwards of 175,000 to 190,000 ounces @ A\$610- 640 per ounce
• FY 12 drilling program aiming to extend Mineral Resources and Ore Reserves

Growing value in the business

Increasing exploration activity 2H FY 12 – targeting new discoveries to leverage value

• Drilling for new discoveries
• 5,000+ km² of prospective land
• Targets planned to be drilled in 2H FY 12

Regional strategies to leverage value from existing infrastructure

Leonora

• King of the Hills successfully developed
• Near mine and regional exploration for more options

Regional strategies to leverage value from existing infrastructure

Southern Cross

• Net cash generator
• On-going drilling to build optionality
• Strategic options being evaluated

Exploration at East Lachlan, NSW -targeting copper-gold porphyry deposits

• Large and prospective land position
• Encouraging results from first drilling program
• Follow-up detailed gravity surveys of two areas largely completed
• Interpretation of results underway
• Subject to analysis of data, drilling may commence June 2012 quarter

• Increased profitability and cash generation
• Delivery of FY 12 Guidance
• Disciplined capital management
• On market share buy back implemented
• Cash resources available to generate shareholder value
• Creation of value opportunities
• Leonora hoisting shaft study due June 2012
• Rigorous, disciplined exploration programme

Appendices

FY 12 Guidance

		Gwalia	King of the Hills	Marvel Loch	Total
		Leonora	Leonora	S'thn Cross
Gold production	koz	175-190	55-60	90-100	320-350
Cash operating cost[1]	A\$/oz	610-640	710-750	1,170 -1,220	790-830
Capex	A\$M	55-60[2]	20-25	10-15	85-100

[1] Non-IFRS measure, calculation in Appendix

[2] Includes \$12.6M of one off costs

Sound first half FY 12

– real production growth, real profit growth

• Half on Half comparison (1H FY 12 vs 1H FY 11)

•	Production	up 24%	to	154koz
•	NPAT	up 12%	to	A\$47M
•	Underlying NPAT [1]	up 86%	to	A\$53M
•	EPS	up 12%	to	A\$0.14

• Cash flow from operations up 65% to A\$94M
• Consensus FY 12F EPS A\$0.37 [2]
• Disciplined capital management
• On-market buy-back in place
• Project development fully paid
• Ready access to debt facilities (if required)

Board and management

- experienced, talented, capable

Experienced, independent Board

• 6 directors
• Extensive mining and public company experience
• Mining, exploration, legal, financial expertise

Experienced, capable management team

• Revitalised team under new MD&CEO appointed in 2009
• Each executive has over 20 years relevant experience

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.

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 Garth Campbell joined St Barbara in September 2009. -Cowan

Disciplined capital management adding value

• Internal growth funded from cash flows
• Decision on potential Gwalia hoisting shaft in Q4 FY12
• Decisions based on robust investment criteria
• Capital management reviewed regularly with the Board

Two gold processing plants and three mines diversify operating risk

Leonora Operations

Ore Reserves: 11.2 Mt @ 7.0g/t Au for 2.5 Moz 1,2

Mineral Resources: 27.0 Mt @ 6.2g/t Au for 5.4 Moz ¹

Mines: Gwalia & King of the Hills

Plant processing capacity: 1.2 Mtpa

Production Guidance: FY12 230-250 koz

Expandable infrastructure

Southern Cross Operations

Ore Reserves: 3.5 Mt @ 2.1g/t Au for 233 koz ¹

Mineral Resources: 19.8 Mt @ 3.5g/t Au for 2.2 Moz ¹

Mine: Marvel Loch

Plant processing capacity: 2.2 Mtpa

Production Guidance: FY12 90-100 koz

Care and maintenance plan being developed

Strategic options being considered

Reserves and production growth

515,000 ounces of Indicated and Inferred Resources added in FY11 at Gwalia below 1,640 mbs for discovery cost of A\$16 per ounce

* = FY 12 guidance midpoint

King of the Hills Mine

• Satellite underground mine
• Successfully developed and commissioned May 2011
• Opportunity to fully use Gwalia mill capacity and generate increased cash flow
• Production rate of 55,000 to 60,000 ounces p.a.
• Life of 4 ½+ years [1]
• Deposit open to the north

Long life, high grade reserves

Based on most recently disclosed company filings as at 10 February 2012

Gwalia Mine trend

• Structural geology review identified prospective targets close to Gwalia
• Drilling of priority targets planned in FY 12 (subject to permits) :
• Gwalia North / footwall
• Gwalia South
• Leonora Central / East
• Savannah

Strong institutional share register, wide broker coverage

Strong institutional share register, wide broker coverage

Significant Shareholders [1]

M&G Investment Mgt	18.1%
Franklin Resources	6.0%
Hunter Hall	5.3%

Institutional Shareholders [2] 83% Shares on issue [3] 326M

Approved Depositary Receipts (ADR) are trading in USA

Broker Research Coverage

Argonaut Securities	Troy Irvin
Baillieu	Ray Chantry
Citi	Craig Sainsbury
CLSA	James Stewart
Deutsche Bank	Chris Terry
Evans and Partners	Cathy Moises
Goldman Sachs	Ian Preston
Macquarie Equities	Mitch Ryan
Ord Minnett	Peter Arden
Patersons	Alex Passmore

1. As at 19 Mar 2012 as advised by shareholders. 2. As at 15 Feb 2012. 3. As at 31 Dec 2011.

Mineral Resources Statement As at 30 June 2011*

Region	Category	Measured			Indicated				Inferred		Total
	Project	Tonnes	Gold Grade	Contained Gold	Tonnes	Gold Grade	Contained Gold	Tonnes	Gold Grade	Contained Gold	Tonnes	Gold Grade	Contained Gold
		kt	Au g/t	koz	kt	Au g/t	koz	kt	Au g/t	koz	kt	Au g/t	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	Marvel Loch	320	4.7	48	3,350	3.2	349	2,310	2.9	217	5,980	3.2	614
Cross	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.

Ore Reserves Statement As at 30 June 2011*

Region		Proved			Probable		Total
		Tonnes	Gold grade	Gold	Tonnes	Gold grade	Gold	Tonnes	Gold grade	Gold
	Project	kt	Au g/t	koz	kt	Au g/t	koz	kt	Au g/t	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
	King of 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.

Competent Persons Statement

References to Mineral Resources and exploration results presented in this document have been produced in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2004 (JORC Code) under the direction of Mr Phillip Uttley. Mr Uttley is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full time employee of the Company. Mr Uttley has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Mr Uttley consents to the inclusion in this document of the matters based on the information in the form and context in which they appear. Members of the Company's team, including external consultants, preparing Mineral Resource estimates under Mr Uttley's supervision all qualify as Competent Persons.

References to Ore Reserves presented in this document have been produced in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2004 (JORC Code) under the direction of Mr 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 consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Mr Law consents to the inclusion in this document of the matters based on the information in the form and context in which they appear. Members of the Company's team preparing Ore Reserves estimates under Mr Law's supervision all qualify as Competent Persons.

Non-IFRS Measures

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 and underlying net profit after tax. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to, our core operating results and, in conjunction with the IFRS financial measures, provide a more comprehensive picture for analysing trends in our underlying businesses. We believe cash operating costs and underlying net profit after tax are important measures in assessing the Company's overall financial performance.

Cash operating costs	• Calculated according to common mining industry practice using The Gold Institute (USA) Production Cost Standard (1999 revision) • Refer December 2011 Quarterly Report available at www.stbarbara.com.au for calculation
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, our core operating results (such as profit or loss on gold options, or the sale of tenement rights).
Underlying net profit after tax	• Net Profit After Tax excluding identified significant items
Underlying Earnings Per Share	• Underlying net profit after tax per weighted average number of ordinary shares (as used as the denominator in calculating basic earnings per share)
Underlying Profit Per Ounce	• Underlying net profit after tax per ounce of gold produced

Non-IFRS Measures

	31 Dec 11 A\$000	30 Jun 11 A\$000	31 Dec 10 A\$000	30 Jun 10 A\$000	30 Jun 09 A\$000
NPAT to Underlying NPAT [1]
Sales revenue	249,315	359,575	172,950	296,760	281,129
EBITDA (including significant items)	88,937	125,190	67,146	33,793	39,701
EBIT (including significant items)	45,764	66,710	40,483	(38,081)	(70,403)
Reported net profit/(loss) after tax for the year	46,518	68,629	41,492	(40,188)	(76,344)
Total net significant items	(6,829)	14,198	12,768	(54,735)	(76,553)
EBITDA – excluding significant items	95,766	110,992	54,378	73,163	52,445
EBIT – excluding significant items	52,593	52,512	27,715	16,654	6,150
Underlying net profit after tax for the year	53,347	54,431	28,724	14,547	209
	31 Dec 11	30 Jun 11	31 Dec 11	30 Jun 10	30 Jun 09
Weighted average number of ordinary shares used as the denominator in calculating basic EPS [1] [2010 and 2009 adjusted for 6:1 share consolidation]	326M	326M	326M	295M	226M
Underlying Earnings Per Share (EPS)	A\$0.16	A\$0.17	A\$0.09	A\$0.05	A\$0.00

1. Refer Half Year Financial Reports to 31 Dec 2011 and 31 Dec 2010, and 2011, 2010 and 2009 Annual Reports, available at www.stbarbara.com.au

Non-IFRS Measures

	31 Dec 11	30 Jun 11	31 Dec 10	30 Jun 10	30 Jun 09
Significant items [1]	A\$000	A\$000	A\$000	A\$000	A\$000
Net fair value gains/(losses) on gold options	(7,464)	12,946	9,641	(19,513)	1,515
Realised gain on derivates	635	525	-	-	-
Profit on sale of Tarmoola processing plant	-	1,164	1,164	-	-
Proceeds from sale of tenement rights	-	1,963	1,963	-	-
Native Title accrual	-	(2,400)	-	-	-
Gain on sale of available for sale assets	-	-	-	2,724	-
Impairment write downs
Marvel Loch underground operating development	-	-	-	(22,581)	-
Southern Cross plant and equipment	-	-	-	(11,583)	(40,488)
Marvel Loch capitalised exploration	-	-	-	(3,782)	(8,650)
Open pit mine development	-	-	-	-	(16,904)
Write down of listed investments to fair value	-	-	-	-	(6,192)
Restructuring and redundancy	-	-	-	-	(5,834)
	(6,829)	14,198	12,768	(54,735)	(76,553)

1. Refer Half Year Financial Reports to 31 Dec 2011 and 31 Dec 2010, and 2011, 2010 and 2009 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