ST BARBARA LIMITED — Investor Presentation 2016

Jul 31, 2016

ASX Release / 1 August 2016

Presentation to Diggers and Dealers Mining Forum

Attached is a presentation by Bob Vassie, Managing Director and CEO, to the Diggers and Dealers Mining Forum in Kalgoorlie, 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

BOB VASSIE, MANAGING DIRECTOR & CEO / 1 August 2016

Diggers & Dealers Mining Forum

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 the 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.

Overview of operations

2015', includes King of the Hills & Kailis (sold October 2015, refer ASX announcement 16 Oct 2015). 2. As at close 28 July 2016, $3.05 ea 3. FY17F is midpoint of guidance, released 19 July 2016 in Q4 June 2016 Quarterly Report. 4. Non IFRS

measure, refer corresponding slide in Appendix

˃ Near mine targets

3 / Diggers & Dealers Mining Forum – 1 August 2016

Overview

• ˃ Turnaround complete
  • ˃ Record annual gold production and guidance exceeded
  • ˃ Record safety performance: TRIFR2 of 2.1
  • ˃ Best performing stock in the ASX200 FY16 (↑418%)3
• ˃ Strong cash flow generation
  • ˃ FY16 AISC A$933 / oz
  • ˃ Cash contribution1 A$275 million for FY16
  • ˃ US$ debt reduced US$197 million since 1 June 2015
• ˃ Positive outlook for FY17
  • ˃ Forecast production 340-370 koz at AISC of A$985-$1075/oz
  • ˃ Forecast capex $45-$53m (≈78% sustaining and ≈22% growth)
• ˃ Profitable growth options
  • ˃ Gwalia –decision on mine extension by end CY16
  • ˃ Simberi strategic review progressing
  • ˃ Exploration Gwalia, Pinjin, Simberi, Tatau, Big Tabar
  • ˃ Eyes open for other opportunities

Start safe, stay safe

St Barbara's award winning Emergency Response Teams from Gwalia (top) and Simberi (bottom)

Record safety result of 2.1 for FY16

Total Recordable Injury Frequency Rate 1,2

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

2. TRIFR includes Pacific Operations from September 2012

Leonora, Western Australia

Gwalia: production increasing year on year

7 / Diggers & Dealers Mining Forum – 1 August 2016

FY17F AISC is midpoint of guidance, released 19 July 2016 in Q4 June 2016 Quarterly Report. AISC is a non IFRS measure, refer corresponding slide in Appendix. June 2015 Reserve grade 9.4 g/t Au, refer ASX announcement released 25 August 2015 titled 'Ore Reserves and Mineral Resources Statements 30 June 2015'.

Simberi, Papua New Guinea

Simberi: Record FY16, gold production up 39%

FY16

• ˃ Record production 110,286 oz
• ˃ AISC1 A$1,293 /oz
• ˃ Mine output up 57% Y on Y to 9.9 Mt

FY17

• ˃ Improved mining practice and resource offset by more complex mining and anticipated lower grades

• ˃ Capex US$4 US$5 million

• 1. Non IFRS measure, refer corresponding slide in Appendix
• 1. FY17F AISC is midpoint of guidance, released 19 July 2016 in Q4 June 2016 Quarterly Report.

Simberi Sulphide PFS & Strategic Review

• Sulphide Project assess additional investment against potential eight year mine life extension

• Strategic review of PNG assets to maximize shareholder value

Profitable growth options

Existing opportunities

• Gwalia mine extension study well advanced

• Simberi strategic review underway

• Exploration in WA and PNG

Eyes open for other opportunities

• Consider sensible inorganic growth where it increases shareholder value

• Systematic evaluation process underway

Will consider

• Exploration, project, development and operating assets

• 'Investible' assets inside and outside of Australia

Gwalia mine extension

Materials handling study outcome

• Continued trucking with additional ventilation

• Investment decision due by end CY16

• Commence Q3 Mar 2017, anticipate 18-24 month construction

• Capital cost est. A$65 million (±20% at conceptual study accuracy)

• Facilitates mining below 1,800 mbs and potential for increased production above 1,800 mbs

Gwalia exploration program - summary

Q4 June 2016 Results1

• 2,200 mbs deep drilling

• Southern Extension

• Northern Extension

FY17

• Continued deep drilling & Northern Extension

• Seismic Reflective campaign

Gwalia Deeps Exploration

New intercepts at 2200 mbs1

• ˃ Deepest intersection to date
• ˃ 200 m deeper vertically and 430 m further down-plunge than previous drilling
• ˃ Intersected over 70m of mineralised Gwalia mine sequence

Conceptual illustration of Gwalia ventilation solution

Conceptual illustration only, studies underway will determine final design

Exploration FY17 Guidance

Guidance A$18 to A$22 million

A$10- A$12 million Gwalia

• ˃ Gwalia Deep Drilling infill + Northern Extension
• ˃ Gwalia Seismic

A$8- A$10 million – 30% Pinjin WA, 70% PNG

• ˃ Pinjin complete drilling
• ˃ Simberi Oxides near mine
• ˃ Tatau Copper- Gold
• ˃ Tatau Oxides/Sulphides

FY17 PNG Exploration Focus

Simberi

Near mine oxide drilling & trenching

Tatau

• Preparing to drill anomaly near historical copper- gold prospect at Mt Letam

• Further copper- gold zones in Southwest Tatau as well as Sulphide/Oxide targets

Big Tabar

Historical copper-gold prospect

Simberi Island Group (PNG)

FY17 Exploration Focus – Pinjin (WA)

Pinjin Project

• Located 150 km northeast of Kalgoorlie, WA

• Comprises 1,358 km2 tenement package

• 288 holes drilled to date for a total of 14,385 m with 7 positive intersections1

St Barbara share price vs gold in A$ and US$

Source: IRESS to 28 July 2016

1. http://www.asx.com.au/education/investor-update-newsletter/201601-making-money-this-year.htm

2. www.mywealth.commbank.com.au, 1 July 2016.

St Barbara share price vs gold in A$ and US$ Indexed from 30 June 2014

Source: IRESS to 28 July 2016

20 / Diggers & Dealers Mining Forum – 1 August 2016 1. http://www.asx.com.au/education/investor-update-newsletter/201601-making-money-this-year.htm

1. www.mywealth.commbank.com.au, 1 July 2016.

St Barbara vs selected Australian gold companies

Source: Adapted from Bell Potter research (with permission) 26 July 2016, analyst research, company reports. FCF = FY 2016 'implied free cash flow' at A$1,762/oz gold less AISC. FY16 FCF Yield = FCF per share as % of share price.

• ˃ Turnaround complete
• ˃ Strong production and cash flow outlook
• ˃ Record safety performance
• ˃ Profitable growth options in current portfolio:
  • ˃ Gwalia
  • ˃ Pinjin
  • ˃ Simberi & Tatau
• ˃ Eyes open for new opportunities

Appendices

Simberi, March 2016

Debt, Cash Balance & Contribution from Operations

Gwaliamaterialshandling	Decide: Q2 Dec 2016≈Q3 Mar 2017Start:≈18-24 mthsTerm:	ventilationonly
Simberisulphide	Decide: Q3 Mar 2017≈Q1 Sep 2017Start:≈24 mthsTerm:	investdivest
US$ Notes	Decide: Q4 Jun 2017Mature: April 2018	payoutcashat 18 Jul 2016in fullpayout in part
Cash flowfrom ops		2H FY16 F1H FY16
	-400-300	-200-1000100200Indicative financial impactAll figures approximate A$M

26 / Diggers & Dealers Mining Forum – 1 August 2016

For discussion, refer ASX announcement 19 July 2016 'Q4 June 2016 Quarterly Report'

Gwalia production increased 8% in FY16

Underground Storage

At critical times shorter waste removal turnaround time gives greater availability of trucks for taking ore to surface

Continuous Remote Tele-bogging (CY16) At critical times bogger operates 24 hours a day

Competent Persons Statement

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 most recently included in the 2015 Annual Report and Notice of 2015 Annual General Meeting released to the ASX on 20 October 2015. 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.

Non-IFRS Measures

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

Cash operating costs	˃	CalculatedaccordingtocommonminingindustrypracticeusingTheGoldInstitute(USA)ProductionCostStandard(1999revision).
		Refermostrecentquarterlyreportavailableatwww.stbarbara.com.auforexample
All-In Sustaining Cost	˃	All-InSustainingCostisbasedonCashOperatingCosts,andaddsitemsrelevanttosustainingproduction. Itincludessome,butnotall,ofthecomponentsidentifiedinWorldGoldCouncil'sGuidanceNoteonNon-GAAPMetrics-All-InSustainingCostsandAll-InCosts(June2013).Refermostrecentquarterlyreportavailableatwww.stbarbara.com.auforexample
Cash contribution	˃	Cashflowfromoperationsbeforefinancecosts,referreconciliationofcashmovementinthemostrecentquarterlyreportavailableatwww.stbarbara.com.au
Free cash flow	˃	Calculatedasoperatingcashflowminuscapitalexpenditure

Investor Relations Enquiries

Rowan Cole Company Secretary Garth Campbell-Cowan Chief Financial Officer

T: +61 3 8660 1900

E: info@stbarbara.com.au

St Barbara Board and executive June 2016 at Simberi. L to R: Garth Campbell-Cowan (CFO), David Moroney (Non-Executive Director), Bob Vassie (MD&CEO), Tim Richards (GM Simberi), Kerry Gleeson (Non-Executive Director), Wayne Schiller (Simberi Ops Manager), Tim Netscher (Non-Executive Chairman)