ST BARBARA LIMITED — Investor Presentation 2013

Aug 6, 2013

ASX Release / 7 August 2013

Presentation to Diggers & Dealers Mining Forum

Attached is a presentation to the 2013 Diggers & Dealers Mining Forum in Kalgoorlie, Western Australia, by Alistair Croll, Chief Operating Officer.

Tim Lehany Managing Director and CEO

ALISTAIR CROLL, CHIEF OPERATING OFFICER / 7 August 2013

Diggers & Dealers Mining Forum 2013

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'ssecurities.

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 companieslisted on the Australian Securities Exchange.

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

• ˃ St Barbara at a glance
• ˃ Start safe, stay safe

Outline

• ˃ Leonora Operations
  • ˃ Gwalia & King of the Hills, WA
• ˃ Pacific Operations
  • ˃ Simberi, Papua New Guinea
  • ˃ Gold Ridge, Solomon Islands
• ˃ Exploration
• ˃ FY 14 Guidance
• ˃ What sets St Barbara apart
• ˃ Appendices

• ˃ Australian based gold producer and explorer
• ˃ ASX Top 200[5] A$242 million market cap[5] ˃ Established operations Western Australia Papua New Guinea Solomon Islands ˃ Production FY12 339 koz FY13 365 koz FY14F Guidance 395 – 445 koz ˃ Balance sheet[1] Cash at bank A$129M Debt[2] A$325M Gearing[3] 28%
• ˃ Share capital 84% held by institutions[4]
  • [1] 30 June 2013, unaudited [4] 15 July 2013 [3] Debt / (debt + equity)

Established operations, increasing production profile

Total Recordable Injury Frequency Rate

• ˃ Lowest annual TRIFR since the measure was first adopted by St Barbara in 2009
• ˃ TRIFR includes Pacific Operations from September 2012

Leonora Operations, Western Australia

Gwalia Mine, Leonora, WA

• ˃ Mineral Resources extended to 1,840 mbs, open to north, south and at depth
• ˃ Indicative 9+ year mine life based on Ore Reserves[1]
• ˃ Ore mined in FY13 increased 5% to 696 kt

[1] As at 30 June 2012

FY14 guidance

• ˃ cash operating cost A$720 750/oz

˃ production 180 – 195 koz ˃ capex A$45 – 50M ˃ all in cash cost less than A$1,100/oz

Mined grade

Annual production steady

• ˃ Satellite mine to utilise available Gwalia mill capacity
• ˃ Consistent performer since production commenced May 2011
• ˃ Drilling program to test for extension of deposit
• ˃ FY14 guidance
  • ˃ production 55 60 koz
  • ˃ capex A$12 15M
  • ˃ cash op. cost A$1,040- A$1,090/oz

Pacific Operations

• ˃ Pacific Operations did not achieve planned performance for FY13.
• ˃ Two key issues impacted performance:
  • ˃ delay in commissioning the Simberi oxide expansion, and
  • ˃ lower than expected metallurgical recovery at Gold Ridge.
• ˃ The Company is not satisfied with the rate of progress towards its stated goals and has increased activity to address these two issues.
• ˃ Early drilling results included in June 2013 quarterly report enhance our positive view of the long term value and upside potential of the Pacific Operations.

Gold Production

Q1 Sep FY13 shows production for full quarter, including production prior to St Barbara acquisition on 7 Sep 2012.

• ˃ Q4 disappointed, rectification underway
• ˃ Oxide expansion pending issue of government permits
• ˃ Expansion lifts production capacity to 100 koz p.a.
• ˃ Higher production is the key to reducing unit cash costs

Annual production

Source: Allied Gold Mining Ltd published reports for production prior to St Barbara acquisition on 7 Sep 2012.

• ˃ FY14 guidance includes commissioning oxide expansion
• ˃ Plant ramps up to 3.5 Mtpa run rate during Q2
• ˃ Enhancement of mining fleet
• ˃ Cash operating costs expected to fall below A$1,000/oz during FY14

Clear improvement in gold production

Q1 Sep FY13 shows production for full quarter, including production prior to St Barbara acquisition on 7 Sep 2012.

• ˃ Mining fleet replaced with new "fit for purpose" equipment
• ˃ Proper maintenance planning in place
• ˃ New heavy vehicle workshop
• ˃ On-going mining & mill improvements continue to lift throughput

Annual production

Source: Allied Gold Mining Ltd published reports for production prior to St Barbara acquisition on 7 Sep 2012.

• ˃ FY14 guidance includes improvements to plant front end designed to lift tonnage by c. 25% to plant nameplate 2.5 Mtpa from Q2
• ˃ Mill recoveries improving from better blending
• ˃ Gold recovery c. 70% as currently configured
• ˃ Metallurgical test work underway to increase recoveries

Exploration: focus on adding to near mine reserves

Exploration spend FY14F $20-25M

Simberi Island

• ˃ Exploration focused on identifying additional oxide resources
• ˃ Significant gold results from trenching and drilling at Botlu and Pigicow on near-mine prospects

Tatau Island

• ˃ Significant gold results from exploring geochemical and geophysical targets at Mt Tiro and Mt Siro prospects including:
  • ˃ 12m @ 8.8 g/t Au from 15m (downhole)
  • ˃ 22m @ 4.6 g/t Au (channel sample)

Extending near mine resources

Guadalcanal Island

• ˃ Drilling has commenced on the Charivunga zone at Gold Ridge mine, with encouraging gold results including GDC076:
  • ˃ 13m @ 2.3 g/t Au from 48m; 15m @ 2.6 g/t Au from 215m; and 84m @ 2.0 g/t Au from 313m

• ˃ Gwalia mine remains the cornerstone asset:
  • ˃ Expected to generate significant cash in FY14
  • ˃ Even at lower gold prices, Gwalia generates sufficient cash to cover interest and corporate overhead
• ˃ The Pacific Operations, whilst taking longer and costing more to reach steady state, are valuable long term assets:
  • ˃ At current gold prices, the Pacific Operations require a net investment for FY14
  • ˃ Steady state, lower cost production expected by end FY14
• ˃ Consolidated FY14 gold production guidance (details in appendix):
  • ˃ 395,000 to 445,000 ounces
  • ˃ Consolidated cash operating cost of between A$880-A$940 per ounce

Senior Secured Note issue for US$250 million completed March 2013:

• ˃ 5 year term
• ˃ Coupon 8.875%
• ˃ No performance covenants or early repayments on the notes
• ˃ All other bank debt facilities repaid (Red Kite gold loan remains)

At 30 June 2013[1]:

• ˃ A$129 million cash
• ˃ A$325 million interest bearing liabilities – inc. notes + Red Kite gold loan A$50 million
• ˃ Gearing (inc. gold loan) approx. 28%[2]

[1] Unaudited [2] Debt / (debt + equity)

What sets St Barbara apart

• ˃ Established gold miner with producing assets in 3 countries
• ˃ Growing production profile, with clear plans to reduce unit costs
• ˃ Large, long life reserve base with real upside potential
• ˃ Very prospective land position in the Pacific Rim
• ˃ Encouraging exploration results at Simberi and Gold Ridge
• ˃ Very solid financial position
• ˃ A number of planning scenarios to operate profitably in a sustained lower gold price environment
• ˃ The expertise to deliver on guidance

	Gold production	Cash operating cost	Capex
	koz	A$/oz	A$M
Gwalia	180 – 195	720 – 750	45 – 50
King of the Hills	55 – 60	1,040 – 1,090	12 – 15
Gold Ridge	75 – 90	1,100 – 1,190	14 – 18
Simberi	85 – 100	900 – 990	20 – 25
Total	395 – 445	880 – 940	91 – 108

	Explorationexpenditure
	A$M
Australian Operations	8 – 10
Pacific Operations	12 – 15
Total	20 – 25

Top 100 Shareholding Structure

Analysis and geographic spread of Top 100 Shareholders as at 15 July 2013

Significant Shareholders [1]

M&G Investment Mgt	19%
Van Eck Associates	8%
Baker Steel Capital Managers	6%
Franklin Resources	6%

Institutional Shareholders[2]	84%
[2]Shares on issue	488M

Approved Depositary Receipts (ADR) are trading in USA

1. As at 15 July 2013 as advised by shareholders. 2. As at 15 July 2013.

Broker Research Coverage

Argonaut Securities	Troy Irvin
Baillieu	Sophie Spartalis
Bell Potter	Stephen Thomas
Canaccord	Luke Smith
Citi	Daniel Seeney
CLSA
Deutsche Bank	Chris Terry
Evans and Partners	Cathy Moises
Goldman Sachs	Paul Hissey
Macquarie Equities	Mitch Ryan
Nomura	David Radclyffe
Ord Minnett	David Brennan
Patersons	Alex Passmore
RBC	Steuart McIntyre

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 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.

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).

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