ST BARBARA LIMITED — Investor Presentation 2015

Oct 12, 2015

==> picture [383 x 108] intentionally omitted <==

----- Start of picture text -----

ASX Release / 13 October 2015
----- End of picture text -----

==> picture [170 x 55] intentionally omitted <==

==> picture [457 x 137] intentionally omitted <==

Presentation to analysts and investors at Leonora Operations

Attached is a presentation to analysts and investors attending site visits this week at Leonora Operations, Western Australia.

Investor Relations Mr Rowan Cole Company Secretary +61 3 8660 1900 Media Relations Ms Nerida Mossop Hinton & Associates +61 3 9600 1979 St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T +61 3 8660 1900 F +61 3 8660 1999 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

==> picture [503 x 108] intentionally omitted <==

----- Start of picture text -----

BOB VASSIE, MANAGING DIRECTOR & CEO
----- End of picture text -----

==> picture [170 x 54] intentionally omitted <==

Gwalia investor and analyst site visit 13 and 14 October 2015

==> picture [64 x 64] intentionally omitted <==

==> picture [529 x 254] intentionally omitted <==

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Disclaimer
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

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 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, and which could cause actual results or trends to differ materially from those expressed in this presentation. Actual results may vary from the information in this presentation. The Company does not make, and this presentation should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, 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, including information from third parties, and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained in this presentation.

The Company estimates its reserves and resources in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves 2012 Edition (“JORC Code”), which governs such disclosures by companies listed on the Australian Securities Exchange.

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

This presentation published 13 October 2015

2 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Contents
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

˃ Overview of Operations

˃ FY16 Guidance

• ˃ Safety

˃ Gwalia Mine, Leonora, WA

• ˃ Production

˃ Business Improvement

• ˃ Growth

• ˃ Exploration

• ˃ Innovation and Diversity

• ˃ Appendices

3 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

St Barbara’s history
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

2005 Leonora and Southern Cross acquired from Sons of Gwalia administrators & Meekatharra sold

2006 Name changed to St Barbara Ltd 2008 Gwalia commissioned

2004 Change in Board and Management

Gold production, Meekatharra, WA

1991 Name changed to St Barbara Mines Ltd

Mineral exploration in WA 1969 Incorporated as Endeavour Oil

==> picture [160 x 143] intentionally omitted <==

2016 King of the Hills & Kailis sold.

2011 King of the Hills commissioned

2012 Allied Gold Ltd acquired Inc. Simberi and Gold Ridge

2013 Southern Cross sold 2015 Gold Ridge sold, King of the Hills decommissioned

4 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Overview of operations
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Consolidated

ASX 300 listed Company (SBM), founded 1969

• ˃ Shares on issue Shares on issue

˃ Shares on issue Shares on issue 495 M ˃ Market Cap[2] A$616 M

˃ FY15A 377 koz

• @ AISC A$1,007/oz

4.0 Moz[1]

• ˃ Ore Reserves 30 June 2015

• ˃ FY16F[3] 344 koz

9.2 Moz[1]

• ˃ Mineral Resources 30 June 2015

• @ AISC A$1,038/oz

• Simberi

˃ ADR OTC code STBMY

==> picture [320 x 103] intentionally omitted <==

Simberi

• ˃ Open pit mine ˃ Q4 FY15 AISC A$1,149 /oz

• ˃ FY15 production 80 koz

Leonora

• ˃ Gwalia underground mine

• ˃ FY16F production 90 – 110 koz

• ˃ Q4 FY15 AISC A$860/oz

Australia

• ˃ Potential for long life sulphide mine

• ˃ Near mine targets for exploration

Leonora

• ˃ FY15 production

• 248 koz

• ˃ FY16F production 220 – 250 koz

• Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’, includes King of the Hills & Kailis (subject to sale agreement announced 20 August 2015). 2. As at 12 Oct 2015, $1.245 ea 3. Midpoint of FY16 Guidance

5 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

FY15 Scorecard
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Objective Result Guidance Gwalia – production and AISC[1 ] Exceeded Simberi – production and AISC[1 ] Achieved – 100 koz p.a. run rate Achieved – cash flow positive by June Quarter[2 ] Exceeded Corporate Cost reduction Achieved Board renewal Achieved Gold Ridge - divestment Achieved

New objectives

Debt reduction Commenced Future St Barbara – Gwalia shaft PFS Commenced – Simberi sulphide PFS Commenced King of the Hills - divestment Achieved

1. Non IFRS measure, refer corresponding slide in Appendix

6 / Leonora Operations Site Visit / October 2015

1. First achieved in month of December 2014

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

FY16 Guidance
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Gwalia

• FY16 guidance –

• Production: 220,000 to 250,000 ounces

• AISC[1] : A$875/oz – A$950/oz

• Capex: A$30-$35m

• Ore pass system currently 30% in place, will grow to 100% over the next 18 months

Simberi

• FY16 guidance

• Production: 90,000 to 110,000 ounces

• AISC[1] : A$1,275/oz – A$1,400/oz

• Capex: A$8-$12m

Exploration

• FY16 spend: A$10m (55% AUS; 45% PNG)

• FY16 exploration program will largely focus on potential near-mine ore sources at Gwalia and Simberi

==> picture [300 x 422] intentionally omitted <==

Note: For more information refer to St Barbara’s Q4 June 2015 Quarterly Report dated 21 July, 2015

7 / Leonora Operations Site Visit / October 2015

1. Non-IFRS measure, refer corresponding slide in Appendix

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Share Price Reflects Turnaround
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

ASX:SBM

==> picture [652 x 352] intentionally omitted <==

----- Start of picture text -----

$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
30 Jun 14 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15
----- End of picture text -----

Source: IRESS, close price, 30 Jun 2014 to 12 Oct 2015

8 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Q4 June 2015 Snapshot: St Barbara vs ASX and TSX peers –
AISC, Production and Enterprise Value
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [614 x 389] intentionally omitted <==

----- Start of picture text -----

1,600
Bubble Size = Production
B2Gold
1,400
Evolution
1,200 (Q4 June 2015, excl.
Cowal & La Mancha)
Northern Star
1,000
Iamgold
800 St Barbara
Oceana Gold
600
Primero
400 Kirkland
200
-
0 50 100 150 200 250 300 350 400 450 500
Q4 US$/oz AISC Margin (US$1,150 – Q4 AISC)
----- End of picture text -----

Source: Company June 2015 Quarterly Reports. Q4 US$ AISC translated at 0.7776 (Reuters). US$ average gold prices per Reuters. AISC is a non-IFRS measure, please refer to corresponding slide in Appendix. EV (Enterprise Value) = Market Cap + Net Debt per ThomsonOne at 7 Oct 2015. Evolution at Q4 June 2015, excl. FY16 acquisitions of Cowal and La Mancha.

9 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Start safe, stay safe
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Total Recordable Injury Frequency Rate

Safety performance

==> picture [294 x 176] intentionally omitted <==

----- Start of picture text -----

12.5
9.0
6.0
5.0
4.1 4.1
----- End of picture text -----

˃ TRIFR[1] of 4.1 at 30 Sep 2015

˃ Continued good results for mixed jurisdiction underground / open pit combination[2 ]

˃ TRIFR has plateaued due to a number of low severity incidents

˃ Improved audit results at Simberi, increased emphasis on Contractor Safety and Safety Leadership following fatality at Simberi in March.

==> picture [270 x 24] intentionally omitted <==

----- Start of picture text -----

FY 11 FY 12 FY 13 FY 14 FY15 Q1
FY15
----- End of picture text -----

1. Total Recordable Injury Frequency Rate (12 month avg)

10 / Leonora Operations Site Visit / October 2015

1. TRIFR includes Pacific Operations from September 2012

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Leonora, Western Australia
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Gwalia Processing plant Gwalia – Underground mining Truck Gwalia – Underground mining Truck

Gwalia – New Absorption Chiller Plant

Underground drilling

11 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia- one of Australia’s most historic mines
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

1896 - Welsh syndicate discovers the Gwalia Reef.

• 1897 - Herbert Hoover buys mine for Bewick Moreing

1929 - Hoover becomes 31[st] President of USA

• 1963 - Mine closes 4 days before Christmas having produced more than 2.5 Moz over 67 years

• 1983 - Lalor Brothers purchase mine and open cut mining commences one year later.

==> picture [273 x 187] intentionally omitted <==

• 1999 - Open pit finishes and the Hoover Decline is established for underground mining.

• 2002 - Mine placed in Care and Maintenance having produced another 1.3 Moz

2005 - Mine acquired by St Barbara Ltd 2008 - SBM pours first gold in Oct 2008 2009 - SBM first 100 koz in Sep 2009 2014 - 1,000,000 oz produced since 2005

==> picture [129 x 163] intentionally omitted <==

==> picture [131 x 163] intentionally omitted <==

12 Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia: production increasing year on year
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

˃ FY15 AISC[1] A$841/oz

• ˃ Reserves at 30 June 2015[2] :

5.3 Mt @ 9.4 g/t Au for 1.6 Moz

• ˃ Mine life based on Ore Reserves[2 ] ≈7 years

• ˃ Improvement projects

• ˃ increase production rate

• ˃ prepare for mining at deeper levels

• ˃ Deep drilling project in progress + PFS for required infrastructure

==> picture [347 x 374] intentionally omitted <==

----- Start of picture text -----

Mined Grade
(g/t Au) June 2015
8.8 8.9
8.2 8.4 Reserve grade
9.4 g/t Au
6.9
6.3
5.7
250
248
Range
220
214
185 183
131
109
83
----- End of picture text -----

==> picture [330 x 28] intentionally omitted <==

----- Start of picture text -----

FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY16 F
koz
----- End of picture text -----

1. Non IFRS measure, refer corresponding slide in Appendix

2. Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’.

13 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia: St Barbara’s cornerstone mine
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

AISC

(A$/oz)

==> picture [298 x 374] intentionally omitted <==

----- Start of picture text -----

1,086
883
860
FY15 AISC A$841/oz
645
Mined Grade
9.7 9.7
(g/t Au)
9.0
8.6
June 2015
FY15 average grade 8.9 g/t Au Reserve grade
9.4 g/t Au
7.9
77.0
72.4
68.6
57.2
45.4
----- End of picture text -----

September 2015 Quarter:

˃ Record production of 248 koz for FY15 has continued into Q1 with 72,388 oz produced

˃ Mined ore grade of 9.7 g/t Au higher than predicted due to minimised dilution and high grade shoots

˃ Ore grade fluctuates within mine sequence and will vary from Q to Q

˃ West Lode – promising intercepts[2] likely to lead to increase in resource

FY 15 FY 15 FY 15 FY 15 FY16 Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep koz

1. Non IFRS measure, refer corresponding slide in Appendix 2. Slides 21- 25 and 29

14 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia: FY16 production guidance
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [371 x 278] intentionally omitted <==

• ˃ Production guidance for FY16 is 220,000 to 250,000 ounces.

• ˃ FY15 result proved operational improvements can keep pace with and exceed impacts of increasing depth.

• ˃ Waste storage underground[1] has proven to be valuable and needs to be maintained for future success.

Proportion stored underground will fluctuate but is anticipated to grow over time.

• ˃ Ore pass system[2] between levels to decouple bogging and trucking. Usage will increase as the mine advances

==> picture [371 x 153] intentionally omitted <==

• ˃ FY16 guidance reflects that these improvements are in early stages of implementation.

• ˃ Reserve grade is 9.4 g/t Au, however, grade fluctuates between stopes and between quarters according to mine schedule

2015 CEO Innovation Awards: Winners P Kyselica (Left) and P Lucas (2[nd] from right) with Bob Vassie (2[nd] from left) and Leonora General Manager Kous Kirsten (right)

1. See slide 21

2. See slide 20

15 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Developments at Gwalia in FY15
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [385 x 238] intentionally omitted <==

Absorption chiller plant:

• ˃ First utilisation of this technology in mining globally

• ˃ Cost A$5.5 million, projected savings in power usage$2.7 million p.a.

• ˃ Environmental award finalist[1 ]

Deep HV Cable drop

• ˃ 1400m vertical HV cable drop – longest in southern hemisphere.

˃ Duplicates power supply These two developments provide infrastructure for mining at deeper levels.

==> picture [387 x 175] intentionally omitted <==

http://www.dmp.wa.gov.au/goldengecko/ See also slide 38. Winner will be announced 29 October 2015.

16 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia Operations
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

St Barbara

Byrnecut – contract mining

˃ Responsible for

• ˃ Planning

• ˃ Byrnecut is part of Gwalia’s success

• ˃ Started at Gwalia in Sep 2012

• ˃ Processing

• ˃ Alliance agreement from Sep 2013

• ˃ Procurement

• ˃ Approx. 200 employees

• ˃ Commercial

• ˃ Fleet: inc.

˃ Approx. 150 employees, predominantly FIFO

• ˃ 5 Drill rigs

• ˃ 4 loaders

Leonora facilities

• ˃ 7-8 Trucks (Atlas Copco MT6020s)

• ˃ 1.2 Mtpa plant[1]

Other contractors

• ˃ 250 bed camp

˃ Approx. 80 contractors involved as required

1. See slides 44 - 46 in appendix

17 / Leonora Operations Site Visit / October 2015

Gwalia Mining Strategy

Dual Lift Stoping in SWB

˃ mining sequence manages the hanging wall

FY11

2

==> picture [47 x 48] intentionally omitted <==

----- Start of picture text -----

5
----- End of picture text -----

==> picture [46 x 39] intentionally omitted <==

1

4

==> picture [61 x 55] intentionally omitted <==

----- Start of picture text -----

8
----- End of picture text -----

Note: Single lift Hanging 3 Wall Span typically 32m (HR=6.15)

7

Development fully in 6 ore (limited dilution)

==> picture [12 x 6] intentionally omitted <==

----- Start of picture text -----

11
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Mining method

• ˃ Long hole stoping with fill

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

˃ 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

18 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia – targeting higher production
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Stope Cycle Time – 6 months per stope

• ˃ ‘Bogging’ (extracting ore from the stope) represents just under 50% of stope cycle time,

• ˃ Filling and curing around 30% of stope cycle time

• ˃ Adjacent stopes (beside, above, below) cannot be developed until curing complete

• ˃ The maximum numbers of stopes ‘in cycle’ is four (on three levels)

• ˃ Approximately 2 stopes ‘in production’ (blasting and bogging) at all times means a maximum of 8 stopes (equiv. to one level) can be mined per year.

• ˃ Commence with ‘centre slot’ on new level

	Month	Month	Month	Month	Month	Month	Month	Month	Month
	0	1	2		3	4	5		6
Adjacent stope curing
Development
Raiseboring					‘Produ	ction’
Production Drilling
Blasting& Bogging
Paste filling& Curing

19 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia – targeting higher production
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Northern abutment stopes

Waste rock disposal below ground – three strategies

Concurrent Stope filling

Redundant level development

20 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Leonora – targeting higher production
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [144 x 137] intentionally omitted <==

Ore Pass system

==> picture [530 x 334] intentionally omitted <==

21 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia geotech – management, monitoring, modelling
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

˃ Gwalia stress/seismicity (to current depth) significantly less than other regional mines

• ˃ Geotechnical Performance modelled to 2,300 mbs by Mining One and verified by independent geotechnical expert

• ˃ FY16 LOM plan incorporates the modelling recommendations to optimise geotechnical performance and manage seismicity including: ˃ Appropriate dilution factors

• ˃ Increased capital infrastructure stand-off and pillars

• ˃ Additional ground support installation

• ˃ Current Geotechnical Modelling

˃ Maintain geotechnical security

• ˃ Increase productivity

22 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Organic growth: Gwalia Deep Drilling Program
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

“This is an important input into the planned shaft study.”[1 ]

==> picture [105 x 15] intentionally omitted <==

----- Start of picture text -----

Long Section Looking West
----- End of picture text -----

• Drilling has been completed on a new daughter hole from parent GWDD13. Results from GWDD13H will be available in Sep Q1 Quarterly

==> picture [328 x 337] intentionally omitted <==

----- Start of picture text -----

1,800mbs
2,000mbs
GWDD13H
Assay results not yet available
Cross Section Looking North
GWDD13I
In progress
1,800mbs
2,000mbs
GWDD13H
Assay results not yet available
----- End of picture text -----

• Results to date have confirmed extensions of Main Lode, South West Branch and West Lode[2]

• At least four further exploration drill holes are planned in the December 2015 quarter

The results obtained from these holes will inform the targeting of further holes in the December 2015 quarter, with the objective of delineating an Indicated resource

1. Bob Vassie MD&CEO in ASX Announcement 5 August 2015. 2. Refer next slide, ‘Schematic slide plan view’

Note: For more information refer to ASX Announcement 5 August 2015. Initial parent hole results for Gwalia Deep Drilling reported to ASX on 25 Feb 2015, first daughter hole reported to ASX on 7 April 2015

23 / Leonora Operations Site Visit / October 2015

Oct 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Exploration: Gwalia – Schematic Lode Plan View
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [608 x 425] intentionally omitted <==

24 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Exploration: Gwalia – West Lode (Cross Section View)
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [631 x 423] intentionally omitted <==

25 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Exploration: Gwalia West Lode – Long Section
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [396 x 337] intentionally omitted <==

Ongoing exploration of an alternative mining area, ‘West Lode’ has revealed high grade intercepts and led to an improved Resource

It is anticipated that the modelling of West Lode, incorporating the results of recent drilling, will result in an increase to the Indicated and Inferred Resource.

See chart of intercepts and full results in June 2015 Quarterly Report[1]

Significant for future mine plans, and relevant to shaft studies.

1. For full explanation and results refer to ASX release 21 July 2015 ‘Quarterly Report June 2015’

26 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia South West Branch – Ounce / Depth Profile
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Current Mining

Limited drilling data

27 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gwalia West Lode – Ounce / Depth Profile
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Chart does not reflect recent drilling as it is not yet included in resource

Limited drilling data

28 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Leonora Growth Projects – Gwalia ore delivery infrastructure
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Indicative timeline

Indicative timeline
>Resource Definition Drilling - SWB Phase 3 - SWB Phase 4 - ML north of SWB - West Lode >Probable Reserves Status - Shaft Concept Study - Mining Feasibility Study >Shaft/conveyor/crusher - Geotech drill holes + Study - PFS + Feasibility Study - Detailed Engineering + procurement - Construction, commission >Production from Shaft Dependent on drilling and findings of studies	FY16 FY17 FY18 FY19 FY20
	H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Investment decision ? ? ? ?

29 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Leonora Growth Projects – Tower Hill
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [87 x 28] intentionally omitted <==

----- Start of picture text -----

˃
30 /
----- End of picture text -----

==> picture [37 x 13] intentionally omitted <==

----- Start of picture text -----

1km
----- End of picture text -----

30 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Leonora Growth Projects – Tower Hill
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

> FY08 project drilled for open pit potential

Evaluation failed to identify open pit business case

Remodelled to identify high grade core for underground evaluation

Narrow orebody, 40[0] dip, cut and fill, ultramafic hanging wall

Longhole Stoping and Cut and Fill stoping methods identified

• Ore Reserve at A$1250/oz, as at 30 June 2015

Proved	Proved	Proved	Probable	Probable	Probable	Total	Total	Total
kt	Au g/t	koz	kt	Au g/t	koz	kt	Au g/t	koz
-	-	-	2,572	3.7	306	2,572	3.7	306

> FY16 further drilling planned

See also appendices slide 47

31 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Exploration
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [250 x 433] intentionally omitted <==

----- Start of picture text -----

Deep drill at Gwalia, Western Australia, 2015
----- End of picture text -----

Exploration

FY15 exploration focused on near mine resources at Gwalia and Simberi

Drilling at Monun Creek, Simberi PNG 2014

32 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Exploration – focus on near mine targets
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [387 x 386] intentionally omitted <==

Exploration

• FY16F spend of A$10 million

• 55% Western Australia

• 45% Papua New Guinea

• The FY16 exploration program will largely focus on potential near-mine ore sources at Gwalia and Simberi.

The aim for FY16 is to extend the life of each operation and provide future growth options for the Company.

33 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Exploration: Centenary, Leonora WA
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [310 x 449] intentionally omitted <==

• In Q3 FY15 St Barbara conducted electromagnetic (EM) survey work on Centenary Project approximately 60 km north of Leonora, utilising higher resolution EM equipment than has previously been available[1 ]

• Six significant anomalies were identified with four of those drilled in Q4 FY15 (three of them potentially base metal Cu/Zn systems)

• To date drill results have not returned economic mineralisation. Analysis of the 4th hole (Nickel) is not yet finalised.

• Further follow up drilling and EM work will be ongoing in FY16 (est. A$0.4 million)

• For full explanation and results refer to ASX release 21 July 2015 ‘Quarterly Report June 2015’

34 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Exploration: Pinjin, Leonora WA
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [330 x 431] intentionally omitted <==

Exploration re-commenced on the Pinjin project within the Yilgarn Province, WA. The Pinjin Project is located 150 km northeast of Kalgoorlie

The focus during the June quarter was the collection and incorporation of all available historical drilling and surface sampling for the area and immediate surrounds into the company exploration database.

Field work commenced in late June 2015 with site assessments conducted at initial geological, structural and bedrock geochemical targets.

1. For full explanation and results refer to ASX release 21 July 2015 ‘Quarterly Report June 2015’

35 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Gender Diversity - Recent Awards
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

• ˃ The overall pay equity gap at St Barbara reduced from 43% in 2007 to 11.4% in 2014 (compared to 23.8% for the mining industry and 18.2% nationally[1] )

• ˃ Awarded 2014 ‘Outstanding Company Initiative’ at Chamber of Minerals and Energy of WA Women in Resources Awards

• ˃ Awarded 2014 ‘Excellence in Diversity Programs and Performance’ in the inaugural Women in Resources National Awards (WIRNA)

˃ Bob Vassie, Managing Director & CEO, appointed one of 32 CEO ambassadors of the Workplace Gender Equality Agency pay equity campaign ˃ Certified by WGEA as An Employer Of Choice For Gender Equality

==> picture [307 x 131] intentionally omitted <==

1. WGEA Gender pay gap statistics August 2014,

36 / Leonora Operations Site Visit / October 2015

www.wgea.gov.au/sites/default/files/Gender_Pay_Gap_Factsheet.pdf

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Waterwise Business Awards (Water Corporation, WA)
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

˃ Over the past two years, Leonora Operation has saved approximately 28 million litres of potable water p.a. with cash savings of nearly $250,000p.a. ˃ In recognition of the initiates to efficiently use and minimise the use of valuable water resources, the Water Corporation (Western Australia water regulator) recognised St Barbara with two Waterwise Business Awards regarding the 2013/14 period.

• ˃ The Gold Award for improving water efficiency between 35% and 50%

• ˃ The Champion Award for significant and consistent improvement in water efficiency

37 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Golden Gecko Award
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

• ˃ St Barbara a finalist in 2015 Golden Gecko awards for Gwalia Chiller project (see slide 16)

• ˃ Golden Gecko Award is a Western Australian State Government, Department of Minerals and Petroleum, award for environmental achievement

• ˃ Full details at http://www.dmp.wa.gov.au/goldengecko/ ˃ Winner to be announced 29 October 2015

==> picture [317 x 274] intentionally omitted <==

==> picture [264 x 104] intentionally omitted <==

----- Start of picture text -----

Primary
Bulk Air
Exhaust Fan
Cooler
TWB =
20.3°C
TWB =
9°C
----- End of picture text -----

==> picture [30 x 23] intentionally omitted <==

----- Start of picture text -----

TWB =
28°C
----- End of picture text -----

==> picture [121 x 9] intentionally omitted <==

38 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Concept – before and after mine cooling system upgrade
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Mine cooling system upgrade overview

• 1 Chilled water feed to BAC

The existing mine air cooling system utilised refrigeration ˃ system to produce chilled water. This water would then cool 39 / the mine intake air at the BAC.

• 2 Bulk Air Cooler (BAC)– Chilled water used to cool mine intake air

The mine air cooling system has been upgraded to utilise the heat from power station generator exhaust gasses. The heat is used as a source of energy to reduce the temperature of the chilled water through an absorption process which can be further reduced by the refrigeration if required.

==> picture [370 x 194] intentionally omitted <==

Cooling Capacity increased from 3.2 MW to 7.5 MW

• 3 Water return – warmed water returns to absorption plant

• 4 Chiller Plant – heat from generator exhaust is used to energise Lithium Bromide. When heated it will absorb energy from the coolant water

• 5 Bypass function - In high demand, refrigeration plant is used as a booster Cooling towers

• 6 Refrigeration Plant – Existing cooling plant acting as a booster in hot weather

• 7 Cooling towers – waste heat rejection

• 8 Gas power generators – 4 1750 kW/A generators

• 9 Generator silencers – exhausts hot gasses at 160°C down from 510°C

An increase of 130% at only 26% increase in power consumption

39 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Conclusion: The new St Barbara in FY16
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

• ˃ Excess cash from operations to be applied to further reduce debt in advance of schedule

• ˃ A$91 million cash flow from operations in 2H FY15

• ˃ US$67M Notes repaid between June and September 2015

• ˃ Progress opportunities within portfolio

• ˃ Gwalia deep drilling and infrastructure PFS[2 ]

• ˃ Simberi sulphide PFS[2]

• ˃ Exploration (Simberi, Centenary, Pinjin)

• ˃ Continue to implement Gwalia mining improvement initiatives

• ˃ Underground waste storage and ore pass system

• ˃ Further improvements in mining and ore delivery at Simberi

• Non IFRS measure, refer corresponding slide in Appendix 2. ‘Pre-feasibility study’

40 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Appendices
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [580 x 434] intentionally omitted <==

Sunrise at start of shift, Gwalia Mining office. Photo: S Mohammed, 2015

41 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Consolidated Gold Production
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

AISC (Consolidated) (A$/oz)

==> picture [333 x 339] intentionally omitted <==

----- Start of picture text -----

1,344
1,042
979
FY15 AISC A$1,007/oz 798
111 111
98 99
22
30
17
27
12
69 9
12
15
13
11
77
69 72
57
45
FY 15 FY 15 FY 15 FY15 FY16
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep
Gwalia King of the Hills Simberi
----- End of picture text -----

FY15 Highlights

˃ Record production for:

˃ Company 377 koz ˃ Gwalia 248 koz ˃ Simberi 80 koz

˃ Simberi production exceeded 100 koz p.a. rate in Q4

˃ FY15 AISC[1] A$1,007/oz

˃ Gold Ridge Project sold

˃ King of the Hills mine and Kailis resource sold[2 ]

koz

Figures displayed to nearest koz. Reported ounces in Quarterly Report.

1. All-In Sustaining Cost, Non IFRS measure, refer corresponding slide in Appendix. 2. Refer slide 50

42 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Consolidated Production, Costs, Guidance Summary
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Production Summary Consolidated	Production Summary Consolidated	Q1 Sep FY15	Q2 Dec FY15	Q3 Mar FY15	Q4 Jun FY15	Year FY15	Guidance FY15[3]		Guidance FY16
Production
Gwalia	oz	45,391	68,589	76,954	57,208	248,142	235 – 240 koz		220 - 250 koz
King of the Hills	oz	10,793	12,034	11,836	15,014	49,677	45 – 50 koz		9 koz4
Simberi	oz	12,639	17,294	22,498	27,137	79,568	70 – 80 koz		90 - 110 koz
Consolidated	oz	68,823	97,917	111,288	99,359	377,387	350 – 370 koz Reserve2		319 - 369 koz
Mined Grade
Gwalia	g/t	7.9	9.0	9.7	8.6	8.9	8.2		n/a
King of the Hills	g/t	4.1	4.2	4.1	4.5	4.2	4.4		n/a
Simberi	g/t	1.1	1.09	1.38	1.28	1.23	1.1		n/a
Total Cash Operating Costs[1]
Gwalia	$/oz	767	611	532	729	642	650 – 680		n/a
King of the Hills	$/oz	1,085	1,093	1,177	1,095	1,112	1,170 – 1,220		n/a
Simberi	$/oz	2,032	1,489	1,193	1,034	1,336	1,200 – 1,300		n/a
Consolidated	$/oz	1,048	825	734	868	850	840 - 875
All-In Sustaining Cost[1]
Gwalia	$/oz	1,086	883	645	860	841	n/a		875 - 950
King of the Hills	$/oz	1,407	1,123	812	1,106	1,103	n/a		-
Simberi	$/oz	2,205	1,619	1,310	1,149	1,464	n/a		1,275 – 1,400
Consolidated	$/oz	1,344	1,042	798	979	1,007			995 - 1,080
Capital Expenditure
Gwalia	$M					34	38 - 43		30 – 35
King of the Hills	$M					5	4 - 6		-
Simberi	$M					8	8 - 10		8 - 12
Consolidated	$M					47	50 - 59		38 - 47

1. Non-IFRS measure, refer corresponding slide in Appendix.

2. Ore Reserve grade at 30 June 2014

3. FY15 guidance for Gwalia and King of the Hills issued in the June 2014 Quarterly Report, revised in March 2015 Quarterly Report. FY15 guidance for Simberi issued in the Sep 2014 Qtr Report. 4. Stockpiled as at 30 June 2015.

43 / Leonora Operations Site Visit / October 2015

Gwalia Process Chart - Crushing

==> picture [137 x 44] intentionally omitted <==

==> picture [643 x 397] intentionally omitted <==

44 / Leonora Operations Site Visit / October 2015

Strictly Commercial in Confidence

Gwalia Process Chart - Milling

==> picture [137 x 44] intentionally omitted <==

==> picture [649 x 411] intentionally omitted <==

45 / Leonora Operations Site Visit / October 2015

Strictly Commercial in Confidence

Gwalia Process Chart - Elution

==> picture [137 x 44] intentionally omitted <==

==> picture [672 x 431] intentionally omitted <==

46 / Leonora Operations Site Visit / October 2015

Strictly Commercial in Confidence

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Leonora Growth Projects – Tower Hill
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [684 x 446] intentionally omitted <==

----- Start of picture text -----

Mafic
High grade zone
Mineralised envelope
Granite
----- End of picture text -----

47 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Infrastructure is scalable to support deeper mining
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Commissioned in 2012 and ready for 10+ years life of mine

˃ Ventilation Fans ˃ Refrigeration ˃ Paste Fill Plant ˃ Power Station

– 2 x 1350kW – Final Duty 450 m[3] /sec @ 4kPa – Upgraded in FY15 to 7.5 MWr

– 100 m[3] /hr (current rate 130 m[3] /hr)

– 4 MW (Dual Fuel) + 11MW (Gas) – Upgradable

==> picture [279 x 209] intentionally omitted <==

==> picture [271 x 205] intentionally omitted <==

48 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Stress Results – Comparatively benign to region
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Stress Test Results & Yilgarn Block Trends

Principal Stress (MPa)

==> picture [628 x 354] intentionally omitted <==

----- Start of picture text -----

0 50 100 150 200 250 300
0
200
400
600
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
Result from HI stress test conducted at the 1130 Level , July 2009
----- End of picture text -----

49 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

King of the Hills + Kailis divestment
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

˃ Sale of King of the Hills mine and Kailis resource announced 20 August 2015[2 ]

• ˃ Consideration for the sale is $3 million, with $0.3 million payable on completion

• ˃ On completion of the sale the rehabilitation provision of $14 million[1] relating to King of the Hills and Kailis will be reversed to income

• ˃ St Barbara avoids potential future rehabilitation obligations

• ˃ Focus remains on filling Gwalia mill with high grade Gwalia ore

• ˃ Good opportunity to monetise surplus R&R from large portfolio

• Represents the net present value provision recognised in the 30 June 2015 Financial Report 2. Refer ASX announcement 20 August 2015

50 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Ore Reserves & Mineral Resources at 30 June 2015
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

˃ Ore Reserves & Resources reduced via production depletion and sale of Gold Ridge

Ore Reserves and Mineral Resources[1 ]

% of Ore Reserves[1]

13.16

==> picture [579 x 244] intentionally omitted <==

----- Start of picture text -----

13.16
Leonora,
9.22
WA
47%
Simberi,
PNG
5.16
53%
4.02
FY 14 FY 15
----- End of picture text -----

Mineral Resources Ore Reserves

Moz

1. Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’.

2. Resources include 274 koz relating to King of the Hills & Kailis subject to sale agreement (refer ASX announcement 20 August 2015).

3. Mineral Resources are reported inclusive of Ore Reserves.

51 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Ore Reserves Summary as at 30 June 2015
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Project	Proved	Proved	Proved	Probable	Probable	Probable	Total	Total	Total
	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz
Gwalia (WA)	2,100	9.1	614	3,190	9.6	980	5,290	9.4	1,594
Tower Hill (WA)	-	-	-	2,572	3.7	306	2,572	3.7	306
Simberi Oxide (PNG)	3,800	1.5	178	15,317	1.3	660	19,117	1.3	818
Simberi Sulphide (PNG)	704	1.1	24	19,178	2.0	1,261	19,882	2.0	1,285
Total All Projects	6,604	3.8	816	21,079	17	3,207	46,861	2.7	4,003

Notes

1. Ore Reserves are based on a gold price of A$1,250/oz.

2. Mineral Resources are reported inclusive of Ore Reserves.

3. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.

4. Details relating to each of the estimates are contained in the 2015 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/OreReserves-mineral-resources/

5. The Competent Person, Mr John de Vries was entitled to participate in St Barbara’s long term incentive plan, details of which are included in the 2014 Annual Report and Notice of 2014 Annual General Meeting released to the ASX on 17 October 2014. In 2012 and 2013 an increase in Ore Reserves was a performance measure.

Full details are contained in the ASX release dated 25 August 2015 ‘Ore Reserves and Mineral Resources Statements 30 June 2015’ available at www.stbarbara.com.au.

52 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Major variances to Ore Reserves FY14 to FY15 [ 1]
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [656 x 394] intentionally omitted <==

----- Start of picture text -----

koz
6,000
5,165
5,000
-673
4,003
4,000 -426
-60 -3
3,000
2,000
1,000
0
June Divestment of Gold Depletion through Design changes King of the Hills June
2014 Ridge Operation mining and processing Closure 2015
of stockpiles
Changes include Geology, Design and Factor Changes
----- End of picture text -----

==> picture [332 x 29] intentionally omitted <==

----- Start of picture text -----

53 Leonora Operations Site Visit / October 2015
----- End of picture text -----

1. Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’.

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Mineral Resources Summary as at 30 June 2015
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Project	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz	Tonnes (k)	Au g/t	koz
Gwalia (WA)	4,781	7.2	1,112	6,112	9.3	1,833	2,036	5.5	359	12,929	7.9	3,304
King of the Hills (WA)5	-	-	-	799	5.5	142	71	12.3	28	870	6.1	170
Tower Hill (WA)	-	-	-	4,604	3.9	574	489	3.3	51	5,093	3.8	625
Kailis (WA)5	-	-	-	997	3.1	99	30	5.1	5	1,027	3.1	104
Simberi Oxide (PNG)	7,986	1.1	271	28,065	1.0	889	7,929	1.0	253	43,979	1.0	1,413
Simberi Sulphide (PNG)	1,379	1.0	48	49,424	1.6	2,531	26,110	1.2	1,028	76,914	1.5	3,607
Total All Projects	14,146	3.1	1,430	90,002	2.1	6,069	36,665	**1.5 **	1,724	140,812	2.0	9,223

Notes

1. Mineral Resources are reported inclusive of Ore Reserves

2. Cut-off Grades Leonora: Gwalia Deeps (2.5 g/t Au), King of The Hills (3.0 g/t Au), Tower Hill (2.5 g/t Au), Kailis (0.8 g/t Au),Simberi Oxide (0.4 g/t Au), Simberi Sulphide (0.6 g/t Au)

3. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.

4. Details relating to each of the estimates are contained in the 2015 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/

5. Sale of King of the Hills mine and Kailis resource announced 20 August 2015, refer corresponding ASX announcement for details.

6. Full details are contained in the ASX release dated 25 August 2015 ‘Ore Reserves and Mineral Resources Statements 30 June 2015’ available at www.stbarbara.com.au.

54 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Major variances to Mineral Resources FY14 to FY15 [1]
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [649 x 400] intentionally omitted <==

----- Start of picture text -----

koz
14,000
13,161
12,000
10,000
-3,175
9,223
-426
-80 -4 -254
8,000
6,000
4,000
2,000
0
June Gold Ridge Depletion through Sterilisation of non- Revised geological Revised geological June
2014 Divestment mining and recoverable models for Leonora models for Simberi 2015 [2]
processing of resources at Gwalia Operations Operations
stockpiles and King of the Hills
----- End of picture text -----

1. Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’

2. Note Resources include 274 koz relating to King of the Hills & Kailis subject to sale agreement (refer

55 Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Cash, debt, hedging at 30 June 2015
----- End of picture text -----

	June 2014 A$M	June 2015 A$M	Sep 2015 A$M
Cash balance 1	79	77	115
Interest bearing debt ˃ US Senior Secured Notes ˃ Red Kite ˃ A$ equivalent ˃ Lease liabilities ˃ Total	0.9430 250 75 325 FX US$ US$ US$	0.7713 196 75 271	0.7010 183 66 249
	A$ 330 10 340	A$ 342 5 347	A$ 355 5 360
˃ US Senior Secured Notes ˃ US$250 M issued March 2013, US$183 M balance at 30 Sep 2015 ˃ 6 monthly interest payments in arrears each April and October ˃ Interest payments fixed at 8.875% p.a., matures April 2018
˃ Red Kite debt facility ˃ Eight equal quarterly principal repayments (start Q1 Sep 2015, end Q4 June 2017)
Hedging ˃ At 30 June 2015, 100,000 oz of gold forward contracts to be delivered between July 2015 and June 2016 at A$1,600/oz

1. Excluding A$2 million restricted cash 2. A$/US$ exchange rates per Reuters

56 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Cash movement FY15
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [670 x 446] intentionally omitted <==

----- Start of picture text -----

300
275 186 - -14
-10
250 -22
-10
225
-28
200
-71
175
150
125
-33
100
79 77
75
50
25
-
Cash Jun Leonora Ops Simberi Ops Gold Ridge Exploration Corporate Other Net interest Other Working Cash Jun
2014 Ops (incl Capex) financing capital [1] 2015
57 / Leonora Operations Site Visit / October 2015 1. Represents reduction in accounts payable, increase in inventories and gold receivables at year end
A$ Million
----- End of picture text -----

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

A$ margin increases as exchange rate decreases
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [682 x 428] intentionally omitted <==

----- Start of picture text -----

$/oz FY15 A$ and US$ St Barbara AISC Margin
1,700 (using St Barbara AISC of A$1,007)
1,600
AUD$ Gold price/oz
1,500
1,400
1,300 A$ margin
Gold Shaded Area = A$ spot – AISC Margin expanding
1,200
1,100
1,000
St Barbara A$ AISC/oz
fff 900
1,400
US$ Gold Price/oz
1,300
1,200
1,100
US$ margin
1,000 Green Shaded Area = US$ spot - AISC Margin ~stable
900 (expanding if
US$ spot
800 gold stable)
700
St Barbara US$ AISC/oz
600
1 Jul 1 Aug 1 Sep 1 Oct 1 Nov 1 Dec 1 Jan 1 Feb 1 Mar 1 Apr 1 May 1 Jun
2014 2015
Decreasing value of A$ v US$ increases A$ margin
----- End of picture text -----

Source: A$/US$ Reuters

58 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

US$ debt vs. US$ based revenue, acts as a natural hedge [1 ]
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [260 x 30] intentionally omitted <==

----- Start of picture text -----

Rev vs Debt Rev vs Debt
US$ A$ @ 0.70
----- End of picture text -----

Rev vs Debt A$ @ 0.65

==> picture [49 x 11] intentionally omitted <==

----- Start of picture text -----

A$ 582M
----- End of picture text -----

==> picture [573 x 224] intentionally omitted <==

----- Start of picture text -----

A$ 540M
A$ 397M
US$ 378M
A$ 369M
US$ 258M
US$ A$0.70 A$0.65
----- End of picture text -----

==> picture [72 x 8] intentionally omitted <==

----- Start of picture text -----

Revenue Debt
----- End of picture text -----

• ˃ Revenue based on FY16F guidance mid point 344 koz

• ˃ Assumed gold price US$1,100/oz

• ˃ Debt at 30 Sep 2015 = US$183 million Senior Secured Notes + US$75 million Red Kite Facility

• ˃ Debt ≈ 68% of revenue in each scenario

• ˃ FX examples @ A$0.70 (gold A$1,571/oz) and @ A$0.65 (gold A$1,692/oz)

• ˃ Illustration excludes hedge of 100 koz @ A$1,600/oz for FY16

• Non IFRS measure refer corresponding slide in Appendix

59 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Board of Directors
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [132 x 161] intentionally omitted <==

Tim Netscher Chairman– Non Executive

Appointed February 2014

Mr Netscher was the Managing Director of Gindalbie Metals Limited from 2011 to 2013, and is currently the Non-Executive Chairman of Deep Yellow Limited, and a Non-Executive

Director of Aquila Resources Limited, Gold Road Resources Limited and Western Areas Limited.

==> picture [135 x 161] intentionally omitted <==

Bob Vassie Managing Director and CEO

Appointed July 2014

Mr Vassie is a mining engineer with 30 years international mining industry experience, including as Managing Director and CEO of Inova Resources Limited (formerly Ivanhoe Australia Limited) and 18 years with Rio Tinto in a range of senior management roles.

==> picture [130 x 167] intentionally omitted <==

David Moroney Director– Non Executive

Appointed March 2015

Mr Moroney is an independent non-executive director of Geraldton Fishermen’s Co-operative Ltd, (the southern hemisphere’s largest exporter of lobster) and chair of its Audit & Risk Management Committee, and an independent non-executive director of WA Super, Western Australia’s largest public offer superannuation fund (and a member of the Compliance & Risk Management, and Investment Committees).

==> picture [141 x 167] intentionally omitted <==

Kerry Gleeson Director– Non Executive

Appointed May 2015

Ms Gleeson has over 20 years extensive boardroom and senior management experience across Australia, UK and the US. She was a member of the Group Executive at Incitec Pivot Limited for 10 years until late 2013, including as Company Secretary and General Counsel. Ms Gleeson is currently a Non-Executive Director of ASX listed McAleese Limited, and a member of its Audit, Business Risk and Compliance Committee. She is a Fellow of the Australian Institute of Company Directors.

60 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Executive Leadership Team
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

==> picture [131 x 157] intentionally omitted <==

Bob Vassie

Managing Director and CEO

Appointed 2014

Mr Vassie is a mining engineer with 30 years international mining industry experience, including as Managing Director and CEO of Inova Resources Limited (formerly Ivanhoe Australia Limited) and 18 years with Rio Tinto in a range of senior management roles.

He has particular experience in operations management, resource development strategy, mine planning, feasibility studies, business improvement, corporate restructuring, and strategic procurement.

==> picture [135 x 159] intentionally omitted <==

Garth Campbell-Cowan

Chief Financial Officer

Joined 2006

Garth is a Chartered Accountant with over 25 years experience in finance and management positions across a number of different industries. Garth is responsible for the Group’s Finance function, covering financial reporting and accounting, treasury, taxation, business analysis, capital management, procurement and information technology.

Prior to joining St Barbara, he was Director of Corporate Accounting at Telstra and has held senior finance leadership roles with WMC, Newcrest Mining and ANZ.

61 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Strong institutional share register
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Top 100 Shareholding Structure

==> picture [642 x 319] intentionally omitted <==

----- Start of picture text -----

Institutions
Australia, 38%
70%
Private, 13%
UK, 20%
USA, 15%
Unallocated/
Europe, 5%
not analysed, Asia, 2%
17%
Other / not analysed, 20%
----- End of picture text -----

Analysis and geographic spread of Top 100 Shareholders as at 15 Sep 2015

62 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Significant shareholders & wide broker coverage
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Significant Shareholders[1 ]

Broker Research Coverage

Hunter Hall 15% M&G Investment Mgt 12% Franklin Resources Inc 7% Institutional Shareholders[ 2] 70% Shares on issue 495 M Approved Depositary Receipts (ADR) are trading in USA through BNY Mellon (ADR OTC Code ‘STBMY’)

Canaccord Reg Spencer Deutsche Bank Matthew Hocking Macquarie Ben Crowley Petra Capital David Cotterell

1. As notified by substantial shareholders to 30 Sep 2015 2. As at 15 Sep 2015

63 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Competent Persons Statement
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

Exploration Results

The information in this presentation that relates to Exploration Results for Simberi and Pinjin is based on information compiled by Dr Roger Mustard, who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Mustard is a full-time employee of St Barbara 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Mustard consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this presentation that relates to Exploration Results for Gwalia and the Leonora region is based on information compiled by Mr Robert Love, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Love is a full-time employee of St Barbara 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Love consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mineral Resource and Ore Reserve Estimates

The information in this presentation that relates to Mineral Resources or Ore Reserves is extracted from the report titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’ released to the Australian Securities Exchange (ASX) on 25 August 2015 and available to view at www.stbarbara.com.au and for which Competent Persons’ consents were obtained. Each Competent Person’s consent remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcement released on 25 August 2015 and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcement.

Competent Persons Dr Mustard and Mr John de Vries (prior to his resignation from St Barbara in July 2015) are entitled to participate in St Barbara’s long term incentive plan, details of which are included in the 2014 Annual Report and Notice of 2014 Annual General Meeting released to the ASX on 17 October 2014. In 2012 and 2013 increase in Ore Reserves was one of the performance measures under that plan.

Full details are contained in the ASX release dated 25 August 2015 ‘Ore Reserves and Mineral Resources Statements 30 June 2015’ available at www.stbarbara.com.au.

64 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Non-IFRS Measures
----- End of picture text -----

==> picture [137 x 44] intentionally omitted <==

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 2015 Quarterly Report (p2) for details, available at www.stbarbara.com.au

• All-In Sustaining Cost ˃ All-In Sustaining Cost is based on Cash Operating Costs, and adds items relevant to sustaining production. It includes some, but not all, of the components identified in World Gold Council’s Guidance Note on Non-GAAP Metrics - All-In Sustaining Costs and All-In Costs (June 2013). Refer most recent quarterly report available at www.stbarbara.com.au for example

• EBIT ˃ EBIT is earnings before interest revenue, finance costs and income tax expense. It includes revenues and expenses associated with discontinued operations.

• EBITDA ˃ EBITDA is EBIT before depreciation and amortisation. It includes revenues and expenses associated with discontinued operations.

• Enterprise Value ˃ EV (Enterprise Value) = Market Cap + Net Debt Natural hedge ˃ A natural hedge matches cash inflows and outflows to some degree, however, it is imperfect. It reduces but does not eliminate risk.

• 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 2015 Financial Report (p4) for details, available at www.stbarbara.com.au

• Underlying net ˃ Net profit after tax excluding identified significant items profit/(loss) after tax Refer 2015 Financial Report (p3) for details, available at www.stbarbara.com.au

65 / Leonora Operations Site Visit / October 2015

==> picture [542 x 58] intentionally omitted <==

----- Start of picture text -----

Investor Relations Enquiries
----- End of picture text -----

Rowan Cole

Company Secretary E: info@stbarbara.com.au T: +61 3 8660 1900 www.stbarbara.com.au ASX: SBM

66 / Leonora Operations Site Visit / October 2015