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ASX Release / 16 September 2015
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St Barbara Profile, September 2015

Attached is a profile of St Barbara, for use in meetings with analysts and investors attending the 2015 Precious Metals Summit between 16 and 18 September 2015 in Colorado, USA.

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 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

T +61 3 8660 1900 F +61 3 8660 1999 W www.stbarbara.com.au

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BOB VASSIE, MANAGING DIRECTOR & CEO
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St Barbara Profile September 2015

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

This presentation 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 16 September 2015

2 / St Barbara Profile September 2015

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Contents
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˃ Overview of Operations

˃ FY16 Guidance

˃ Safety

˃ Leonora, WA (Gwalia Mine)

˃ Simberi, PNG

˃ Exploration

˃ Resources and Reserves

˃ Finance
˃ Innovation and Diversity

3 / St Barbara Profile September 2015

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St Barbara’s history
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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

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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 / St Barbara Profile September 2015

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Overview of operations
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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$371 M

˃ FY15A 377 koz

@ AISC A$1,007/oz
˃ FY16F[3] 344 koz @ AISC A$1,038/oz
Simberi

4.0 Moz[1]

˃ Ore Reserves 30 June 2015

˃ Mineral Resources 30 June 2015 9.2 Moz[1] ˃ ADR OTC code STBMY

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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 Australia A$860/oz Leonora
˃ FY15 production
- ˃ Potential for long life sulphide mine
- ˃ Near mine targets for exploration
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 11 Sep 2015, $0.75 ea 3. Midpoint of FY16 Guidance

5 / St Barbara Profile September 2015

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FY15 Scorecard
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Objective

Result 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

Guidance

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

Non IFRS measure, refer corresponding slide in Appendix 2. First achieved in month of December 2014

6 /

St Barbara Profile September 2015

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FY16 Guidance
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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

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Note: For more information refer to St Barbara’s Q4 June 2015 Quarterly Report dated 21 July, 2015 1. Non-IFRS measure, refer corresponding slide in Appendix

7 / St Barbara Profile September 2015

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Share Price Reflects Turnaround
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ASX:SBM

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A$0.90
A$0.80
A$0.70
A$0.60
A$0.50
A$0.40
A$0.30
A$0.20
A$0.10
A$0.00
30 Jun 14 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15
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Source: IRESS, close price, 30 Jun 2014 to 15 Sep 2015

8 / St Barbara Profile September 2015

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Q4 June 2015 Snapshot: St Barbara vs ASX and TSX peers –
AISC, Production and Enterprise Value
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2,000
Bubble Size = Production
1,800
1,600
1,400 B2Gold
1,200 Northern Star
Evolution
1,000
800
Oceana Gold
Iamgold
600
400 Primero St Barbara
Kirkland
200
-
0 50 100 150 200 250 300 350 400 450 500
Q4 US$/oz AISC Margin (US$1,150 – Q4 AISC)
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Source: Company March & June 2015 Quarterly Reports, net debt is from June Reports. US$ AISC translated at A$/US$ 0.7863 for Q3 and 0.7776 for Q4 (per Reuters) A$ average gold prices per Reuters. Market Caps as at June 2015 Qtr reports except St Barbara & B2Gold which uses 11 Sep. AISC is a non-IFRS measure, please refer to corresponding slide in Appendix. EV (Enterprise Value) = Market Cap + Net Debt

9 / St Barbara Profile September 2015

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Start safe, stay safe
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Total Recordable Injury Frequency Rate

Safety performance

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12.5
9.0
6.0
4.9 4.9 5.0
4.7
4.1
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˃ TRIFR[1] of 5.0 at 30 June 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.

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FY 11 FY 12 FY 13 FY 14 Q1 Q2 Q3 Q4
FY15 FY15 FY15 FY15
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Total Recordable Injury Frequency Rate (12 month avg) 2. TRIFR includes Pacific Operations from September 2012

10 / St Barbara Profile September 2015

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Leonora, Western Australia
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Gwalia Processing plant Gwalia – Underground mining Truck Gwalia – Underground mining Truck

Gwalia – New Absorption Chiller Plant

Underground drilling

11 / St Barbara Profile September 2015

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Gwalia- one of Australia’s most historic mines
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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.

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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 100koz in Sep 2009 2014 - 1,000,000 oz produced since 2005

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12 St Barbara Profile September 2015

250 248 Range

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Gwalia: production increasing year on year
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˃ 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

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220
214
185 183
131
109
83
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FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY16 F
koz
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Non IFRS measure, refer corresponding slide in Appendix
Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’.

13 / St Barbara Profile September 2015

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Gwalia: St Barbara’s cornerstone mine
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AISC
(A$/oz)
1,086
883
865 860
FY15 AISC A$841/oz
645
77.0
68.6
59.4
57.2
45.4
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FY 14 FY 15 FY 15 FY 15 FY 15 Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun

June Quarter:

˃ Record production of 248 koz for FY15 with 57,208 oz produced in Q4
˃ Mined ore grade of 8.6 g/t Au higher than predicted due to minimised dilution and high grade shoots
˃ All-in-sustaining-cost (AISC)[1] for quarter A$860 per ounce (Q3: A$645/oz)
˃ Minor impact to haulage from main decline support upgrade work in Q4 FY15 and Q1 FY16
˃ West Lode – promising intercepts[2] likely to lead to increase in resource
Non IFRS measure, refer corresponding slide in Appendix
Slides 21- 23 and 25

14 / St Barbara Profile September 2015

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Gwalia: FY16 production guidance
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˃ 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] initiatives have been encouraging and proportion stored underground will continue to grow.
˃ Ore pass system[2] between levels to decouple bogging and trucking. Usage will increase as the mine advances
˃ FY16 guidance reflects that these improvements are in early stages of implementation.
1. See slide 17
2. See slide 18

15 / St Barbara Profile September 2015

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Developments at Gwalia in FY15
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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 winner

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.

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http://www.dmp.wa.gov.au/goldengecko/ See also slide 51

16 / St Barbara Profile September 2015

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Gwalia – targeting higher production
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Northern abutment stopes

Waste rock disposal below ground – three strategies

Concurrent Stope filling

Redundant level development

17 / St Barbara Profile September 2015

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Leonora – targeting higher production
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Ore Pass system

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18 / St Barbara Profile September 2015

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Gwalia – targeting higher production
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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
	0	1	2	3	4	5	6
Adjacent stope curing



Development
Raiseboring				~~‘Produ~~	~~ction’~~
Production Drilling
Blasting& Bogging


Paste filling& Curing

19 / St Barbara Profile September 2015

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Organic growth: Gwalia Deep Drilling Program
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“This is an important input into the planned shaft study.”[1 ]

Drilling has been completed on a third daughter hole from the original parent hole (GWDD16)
Drill hole intersected three significant mineralised veins, interpreted to represent extensions of Main Lode, South West Branch and West Lode[2]

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At least three further exploration drill holes are planned in the September 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
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

20 / St Barbara Profile September 2015

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Exploration: Gwalia – Schematic Lode Plan View
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Feb 2015
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21 / St Barbara Profile September 2015

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Exploration: Gwalia – West Lode (Cross Section View)
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22 / St Barbara Profile September 2015

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Exploration: Gwalia West Lode – Long Section
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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.

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

23 / St Barbara Profile September 2015

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Gwalia South West Branch – Ounce / Depth Profile
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24 / St Barbara Profile September 2015

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Gwalia West Lode – Ounce / Depth Profile
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25 / St Barbara Profile September 2015

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Simberi, Papua New Guinea
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26 / St Barbara Profile September 2015

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Simberi, Papua New Guinea
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27 / St Barbara Profile September 2015

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Simberi – Overview of operations
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˃ Mining at Simberi began 2008

˃ Acquired by St Barbara September 2012 in middle of expansion project from 2.2Mtpa to 3.5Mtpa

˃ Expansion project problematic, took longer and cost more than expected
˃ Early 2014 management team changed. New team all experienced third-world open pit operators
˃ Gradual improvement in throughput and reliability in 2014, completing and commissioning to ‘connect the dots’

˃ Q3 March 2015 first cash positive quarter in St Barbara ownership, . Q4 June 2015 generated A$10 million cash flow[1]

˃ Highly prospective tenements[2]

See next two slides
Refer ASX announcement 22 July 2015 “Quarterly Report 30 June 2015”

28 / St Barbara Profile September 2015

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Simberi: turnaround evident in FY15
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AISC (A$/oz)
2,205
1,619
[2]
1,310 1,338
1,149
27.1
25.0
22.5
Production (koz)
17.3
12.7
FY 15 FY 15 FY 15 FY 15 FY 16 F
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Avg Q
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June Quarter:

˃ Record production for Q4 of
27,137 oz at AISC[1] of A$1,149/oz
˃ Gold production for the quarter comfortably exceeded the 100,000 oz p.a. target run rate, including 10,005 oz produced in May.
˃ Operation generated A$10 million cash in Q4 June 2015.

FY15

˃ Cash neutral for FY15
˃ $40m turnaround in profitability FY14 to FY15

koz

Non IFRS measure, refer corresponding slide in Appendix 2. FY 16 AISC Guidance (mid-point)

29 / St Barbara Profile September 2015

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Simberi – Improvement in all aspects
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Tons Milled and Recovery FY14 & FY15 (kt / Qtr)

FY14 & FY15 Ore and Waste mined (kt)

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1,882
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86% 86%
83% 83%
79% 78% 77% 78%
768
750
616
536
459 463
423
368
FY14 FY14 FY14 FY14 FY15 FY15 FY15 FY15
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
Mill Throughput Recovery
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(total displayed)
1,618
1,448
1,405 1,389
1,250
877
576
FY14 FY14 FY14 FY14 FY15 FY15 FY15 FY15
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
Ore Mined Waste Mined
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Gold Produced FY14 & FY15 (Oz / Qtr)

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27.1
22.5
17.3
12.8 12.6
11.7
10.8
8.9
FY14 FY14 FY14 FY14 FY15 FY15 FY15 FY15
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
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US$ 000s
FY14 & FY15 Costs (US$) US$ / oz
30,000 3,000
25,000 2,500
20,000 2,000
15,000 1,500
10,000 1,000
5,000 500
- -
FY14 FY14 FY14 FY14 FY15 FY15 FY15 FY15
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
Mining Cost Total Processing Total
G&A Total Total Cash Cost/oz
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30 / St Barbara Profile September 2015

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Simberi: Increased gold production
key driver in cash flow turnaround
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Gold production FY15

Simberi Cash Contribution

FY15

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10.0
9.5 9.4
7.7
6.8
6.5 6.5
5.5
4.9 5.0 5.0
2.7
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
14 14 14 14 14 14 15 15 15 15 15 15
2014 2015
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koz

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10
2
-5
-10
FY15 FY15 FY15 FY15
Q1 Sep Q2 Dec Q3 Mar Q4 Jun
A$M
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Note: Mine became cash flow positive month of December 2014.

31 / St Barbara Profile September 2015

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Simberi Ore Delivery System
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Mobile Crusher

Breaker

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RopeCon Station

RopeCon

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SAG Mill Feed Conveyor

32 / St Barbara Profile September 2015

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Simberi Ore Delivery System
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FEEDER
BREAKER
ROPECON (CV02)
2.7km long Aerial
Rope Conveyor
CV03/CV10
Overland
Conveyor
SAG APRON
FEEDER
CV01
Fixed Speed
Feed Conveyor
CV04 / STACKER
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33 / St Barbara Profile September 2015

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Organic Growth – Simberi sulphide
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Simberi – Sorowar pit – 13 Aug 2015 (oxides ores being mined, exposing the sulphide wall behind.)

˃ Sulphide mining at Simberi potentially extends life (15 years +) based on existing reserve, open at depth[1 ]

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˃ Simberi oxide mine life ~4 years[1 ]
˃ Oxide mining pre-strips for sulphide mining

˃ Reserves of 19.9 Mt @ 2.0 g/t Au for 1.3 Moz[2] contained gold with further drilling planned.

Schematic showing a theoretical oxide/sulphide pit design

˃ Processing options being considered, favouring a low capex flotation circuit, with export of a concentrate
˃ Pre-Feasibility Study due end of calendar 2015
1. Refer ASX announcement 22 July 2015 “Quarterly Report 30 June 2015” 2. Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’.

34 / St Barbara Profile September 2015

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Exploration
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Deep drill at Gwalia, Western Australia, 2015
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Exploration

FY15 exploration focused on near mine resources at Gwalia and Simberi

Drilling at Monun Creek, Simberi PNG 2014

35 / St Barbara Profile September 2015

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Exploration – focus on near mine targets
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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.

36 / St Barbara Profile September 2015

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Exploration: Centenary, Leonora WA
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In Q3 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 (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’

37 / St Barbara Profile September 2015

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Exploration: Centenary, Leonora WA
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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.

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

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Exploration – focus on near mine targets at Simberi
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Trenching within ML136 was completed at Sorowar Southeast, Pigibo North and Botlu North . Significant trench sampling results include:

Sorowar Southeast:

SIMTR853: 15m @ 1.9 g/t Au, inc 5m @ 3.3 g/t Au Pigibo North:

SIMTR904: 10m @ 2.5 g/t Au, inc 5m @ 3.7 g/t Au

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

39 / St Barbara Profile September 2015

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Exploration: Tatau and Big Tabar Island
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: Big Tabar Island - Banesa Detailed creek mapping and channel sampling was conducted at Banesa Au-Cu prospect (EL609) during the June quarter. Significant trench sampling results include:

˃ TABTR072: 10m @ 0.8 g/t Au ˃ TABTR074: 5m @ 1.2 g/t Au and 0.2% Cu

Discussions are being held with two interested parties regarding potential joint ventures for exploring Banesa

EL609 is 100% owned and covers Western Simberi and all of Tatau and Big Tabar Islands

40 / St Barbara Profile September 2015

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Ore Reserves & Mineral Resources at 30 June 2015
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˃ Ore Reserves & Resources reduced via production depletion and sale of Gold Ridge

Ore Reserves and Mineral Resources[1 ]

% of Ore Reserves[1]

13.16

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9.22
5.16
4.02
FY 14 FY 15
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Leonora,
WA
47%
Simberi,
PNG
53%
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Mineral Resources Ore Reserves

Moz

Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’.
Resources include 274 koz relating to King of the Hills & Kailis subject to sale agreement (refer ASX announcement 20 August 2015).
Mineral Resources are reported inclusive of Ore Reserves.

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Ore Reserves Summary as at 30 June 2015
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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

Ore Reserves are based on a gold price of A$1,250/oz.
Mineral Resources are reported inclusive of Ore Reserves.
Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.
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/
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.

42 / St Barbara Profile September 2015

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Major variances to Ore Reserves FY14 to FY15 [ 1]
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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
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43 St Barbara Profile September 2015
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Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’.

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Mineral Resources Summary as at 30 June 2015
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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

Mineral Resources are reported inclusive of Ore Reserves
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)
Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding.
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/
Sale of King of the Hills mine and Kailis resource announced 20 August 2015, refer corresponding ASX announcement for details.

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.

44 / St Barbara Profile September 2015

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Major variances to Mineral Resources FY14 to FY15 [1]
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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
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Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’
Note Resources include 274 koz relating to King of the Hills & Kailis subject to sale agreement (refer

45 St Barbara Profile September 2015

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Cash, debt, hedging at 30 June 2015
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	June 2015 A$M	June 2014 A$M
Cash balance 1	77	79
Interest bearing debt ˃ US Senior Secured Notes US$196 M (2014: $250M) and Red Kite US$75M (2014: US$75M) ˃ Lease liabilities ˃ Total	342 5 347	330 10 340
˃ US Senior Secured Notes ˃ US$250 M issued March 2013, US$193 M balance at 31 Aug 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

A$/US$ exchange rate: @ 30 June 2015 0.7713 (@ 30 June 2014: 0.9430) per Reuters
Excluding A$2 million restricted cash

46 / St Barbara Profile September 2015

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Cash movement FY15
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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
A$ Million
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A$ margin increases as exchange rate decreases
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$/oz
FY15 A$ 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
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48 / St Barbara Profile September 2015

Source: A$/US$ Reuters

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US$ debt vs. US$ based revenue, acts as a natural hedge [1 ]
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Rev vs Debt
US$
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Rev vs Debt A$ @ 0.77

Rev vs Debt A$ @ 0.70

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A$ 540M
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A$ 491M
US$ 378M A$ 383M
A$ 348M
US$ 268M
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US$

A$0.77

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A$0.70
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Revenue Debt

˃ Revenue based on FY16F guidance mid point 344 koz
˃ Assumed gold price US$1,100/oz
˃ Debt at 31 Aug 2015 = US$193 million Senior Secured Notes + US$75 million Red Kite Facility
˃ Debt ≈ 71% of revenue in each scenario
˃ FX examples @ A$0.77 (gold A$1,429/oz) and @ A$0.70 (gold A$1,571/oz)
˃ Illustration excludes hedge of 100 koz @ A$1,600/oz for FY16
Non IFRS measure refer corresponding slide in Appendix

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Gender Diversity - Recent Awards
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˃ 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, 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

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WGEA Gender pay gap statistics August 2014,

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

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Waterwise Business Awards (Water Corporation, WA)
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˃ 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

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Golden Gecko Award - 31 August 2015
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˃ Western Australian State Government - Department of Minerals and Petroleum – award for environmental achievement

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˃
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˃ St Barbara awarded certificate of merit for the absorption Chiller project (see slide 16)

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http://www.dmp.wa.gov.au/goldengecko/

52 / St Barbara Profile September 2015

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Concept – before and after mine cooling system upgrade
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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 53 / 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.

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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

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Appendices
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Simberi SAG mill

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Consolidated Gold Production
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AISC (Consolidated)
(A$/oz)
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1,344
1,153
1,042
979
FY15 AISC A$1,007/oz 798
111
99
98
91 22
17
13 27
12
69
12
19
15
13
11
77
69
59 57
45
FY 14 FY 15 FY 15 FY 15 FY15
Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun
Gwalia King of the Hills Simberi Gold Ridge Total
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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.

All-In Sustaining Cost, Non IFRS measure, refer corresponding slide in Appendix.

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Consolidated Production, Costs, Guidance Summary
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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

Non-IFRS measure, refer corresponding slide in Appendix.
Ore Reserve grade at 30 June 2014
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.

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King of the Hills + Kailis divestment
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˃ 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

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Board of Directors
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Tim Netscher Chairman– Non Executive

Bob Vassie Managing Director and CEO

Appointed February 2014

Appointed July 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.

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.

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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).

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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.

58 / St Barbara Profile September 2015

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Executive Leadership Team
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Bob Vassie

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Managing Director and CEO

Appointed 2014

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

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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.

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Strong institutional share register
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Top 100 Shareholding Structure

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Institutions
Australia, 36%
70%
Private, 12%
UK, 22%
USA, 15%
Unallocated/
Europe, 5%
not analysed,
Asia, 2%
18%
Other / not analysed, 20%
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Analysis and geographic spread of Top 100 Shareholders as at 14 Aug 2015

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Significant shareholders & wide broker coverage
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Significant Shareholders[1 ]

Broker Research Coverage

Hunter Hall 15% M&G Investment Mgt 13% 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

As notified by substantial shareholders to 31 Aug 2015 2. As at 14 Aug 2015

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Competent Persons Statement
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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.

62 / St Barbara Profile September 2015

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Non-IFRS Measures
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We supplement our financial information reporting determined under International Financial Reporting Standards (IFRS) with certain non-IFRS financial measures, including cash operating costs. We believe that these measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance.

Cash operating costs ˃ Calculated according to common mining industry practice using The Gold Institute (USA) Production Cost Standard (1999 revision). Refer June 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).
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

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Investor Relations Enquiries
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Rowan Cole

Company Secretary E: [email protected] T: +61 3 8660 1900 www.stbarbara.com.au ASX: SBM

64 / St Barbara Profile September 2015

AI assistant

ST BARBARA LIMITED — Investor Presentation 2015

65749_rns_2015-09-15_3bbbfaad-b761-4116-84d6-58b1a32ab08d.pdf