ST BARBARA LIMITED — Investor Presentation 2016

Feb 28, 2016

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ASX Release / 29 February 2016
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Presentation to analysts and investors attending BMO Capital Markets 25[th] Global Metals & Mining Conference

Attached is a presentation by Bob Vassie, Managing Director and CEO, to analysts and investors attending BMO Capital Markets 25[th] Global Metals & Mining Conference this week.

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 / 28 February – 2 March 2016
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BMO 25[th] Global Metals and Mining Conference St Barbara – Australia/Pacific Gold Producer

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Forward statements
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This presentation has been prepared by St Barbara Limited (“the Company”). The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. This presentation is not a financial product or investment advice. It does not take into account the investment objectives, financial situation or particular needs of any investor. Before making an investment in the Company, an investor or prospective investor should read this document in its entirety, consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances, seek legal and taxation advice appropriate to their jurisdiction and consult a financial adviser if necessary. The Company is not licensed to provide financial product advice in respect of the Company’s securities.

This presentation may contain forward-looking statements that are subject to risk factors associated with exploring for, developing, mining, processing, sale of gold, as well as financing, hedging and sovereign risk matters. Forward-looking statements include those containing such words as anticipate, estimates, forecasts, guidance, outlook, should, will, expects, plans or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. Nothing in this document is a promise or representation as to the future. Actual results may vary from the information in this presentation and any variation may be material. Past performance is not an indication of future performance. Statements or assumptions in this presentation as to future matters may prove to be incorrect and any differences may be material. The Company does not make any representation or warranty as to the accuracy of such statements or assumptions.

Investors are cautioned not to place undue reliance on such statements.

This presentation has been prepared by the Company based on information available to it and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party.

The Company estimates its Ore Reserves and Mineral Resources in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition ("JORC Code"), which governs such disclosures by companies listed on the Australian Securities Exchange. The JORC Code differs in several significant respects from Industry Guide 7 of the US Securities and Exchange Commission (“SEC”), which governs disclosures of mineral reserves in registration statements and reports filed with the SEC. In particular, Industry Guide 7 does not recognise classifications other than Proved and Probable Reserves, and the SEC does not permit mining companies to disclose Mineral Resources in SEC filings.

Financial figures are in Australian dollars unless otherwise stated. The Company’s fiscal year (‘FY’) runs from 1 July to 30 June. As at 22 Feb 2016, A$1.00 = US$0.71, US$1 .00 = A$1.41 (www.rba.gov.au)

2 / BMO Presentation 28 Feb to 2 Mar 2016

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Contents
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˃ Overview

˃ Financial result highlights

˃ Safety

• ˃ Production

• ˃ Cash, debt, hedging

˃ Organic growth

˃ Simberi strategic review

˃ Exploration

• ˃ Conclusion

• ˃ Appendices

Rainbow over Simberi processing plant, January 2016

3 / BMO Presentation 28 Feb to 2 Mar 2016

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Overview of operations
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Consolidated

ASX 300 listed Company (SBM), founded 1969

˃ Shares on issue

495 M

• ˃ Market Cap[2] A$913 M

4.0 Moz[1]

• ˃ Ore Reserves 30 June 2015

9.2 Moz[1]

• ˃ Mineral Resources 30 June 2015

˃ ADR OTC code STBMY

˃ FY15A 377 koz

@ AISC A$1,007/oz

• ˃ FY16F[3] 367 koz

• @ AISC A$1,025/oz

• Simberi

Simberi

• ˃ Open pit mine ˃ Q2 FY16 AISC A$1,319 /oz

Leonora

• ˃ Gwalia underground mine

• Australia

• ˃ FY15 AISC A$841/oz

• ˃ FY15 production Leonora

248 koz

• ˃ FY16F production 245 – 260 koz

• ˃ FY15 production 80 koz

• ˃ FY16F production 100 – 110 koz

• ˃ Potential for long life sulphide mine

• ˃ Near mine targets for exploration

• 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 24 Feb 2016, $1.845 ea 3. Midpoint of FY16 Guidance

4 / BMO Presentation 28 Feb to 2 Mar 2016

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St Barbara share price
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ASX:SBM

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(with selected ASX announcements) Q1 Production Update, inc:
$2.00 Simberi 29.5 koz, A$12M cash flow [3 ]
$1.80
$1.60
$1.40
Q2 Production Update, inc:
$1.20 Simberi cash flow positive in Dec
$1.00 Q3 Production Update, inc:
Simberi 22.5 koz , A$10 M cash flow [3]
Repay US$20M debt
$0.80
Sale of King of the Hills
$0.60
$0.40 SBM to rejoin ASX 300
US$54M debt repurchased
$0.20
Sale of Gold Ridge
$0.00
30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15
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‘Gold Miner of the Year’[1] . Top performing stock in the ASX 300 in 2015[2]

Source: IRESS to 24 Feb 2016

1. Australian Gold Mining Journal, January 2016

2. http://www.asx.com.au/education/investor-update-newsletter/201601-making-money-this-year.htm 3. Cash contribution per cash movement table in relevant Quarterly Reports

5 / BMO Presentation 28 Feb to 2 Mar 2016

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1H FY16 Headlines: Record 1H profit and cash flow
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• ˃ Statutory profit after tax $77 million

• ˃ Up 28% on 2H FY15 of $60 million

• ˃ Underlying net profit after tax[1] $60 million

• ˃ Up 40% on 2H FY15 of $43 million

• ˃ Cash flow from operations $123 million

• ˃ Up 35% on 2H FY15 of $91 million

• ˃ Accelerated debt repayment

• ˃ A$159 million[2] (US$121 million[3] ) of debt repaid in 9 months to Feb 2016 (which is US$103 million ahead of debt amortisation schedule, and includes US$55 million repaid in 1H FY16)

• ˃ Cash balance at 31 December 2015 of $100 million after financing commitments

  1. Non IFRS measure, refer slide in appendix 2. Actual cash flow 3. Face value debt reduction

6 / BMO Presentation 28 Feb to 2 Mar 2016

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1H FY16 Financial Summary [1 ]
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			1H FY16	2H FY15	1H FY15
Gold price	Average gold price realised	A$/oz	1,564	1,461	1,411
	All-In Sustaining Cost3	A$/oz	922	882	1,166
Result	˃ Statutory profit after tax	A$M	77	60	(20)
	˃ Underlying net profit/(loss) after tax3	A$M	60	43	(1)
	˃ EBITDA3	A$M	161	92	57
	˃ Underlying EBITDA3	A$M	144	122	64
Cash flow	˃ Cash flows from operating activities	A$M	123	91	22
	˃ Cash flows after funding capex4	A$M	98	75	(13)
	˃ Debt repayments2	A$M	78	68	3
Ratios	˃ Basic earnings per share (from continuing operations)	cps	15.6	5.8	(1.6)
	˃ Return on equity3 (from continuing operations)	%	45%	27%	(8%)

1. All measures this page below Statutory NPAT exclude results from discontinued operations

2. Repayment of USD debt and leasing facilities

3. Non-IFRS measure, refer appendix, excludes discontinued operations

4. Cash flows from operating activities less payments for PPE, development & capitalised exploration

7 / BMO Presentation 28 Feb to 2 Mar 2016

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Start safe, stay safe
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Total Recordable Injury Frequency Rate

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12.5
9.0
6.0
5.0
4.1 4.1
3.4
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FY 11 FY 12 FY 13 FY 14 FY15 Q1 Q2 FY16 FY16

Safety performance

˃ Record low TRIFR[1] of 3.4 at Q2 FY16

• ˃ Continued good results for mixed jurisdiction underground / open pit combination

˃ Simberi Emergency Response Team multi prize winners at recent national competition[3 ]

˃ Leonora Emergency Response Team multi prize winners, including ‘Best Team’ at recent Underground Mine Emergency Response Competition[3 ]

1. Total Recordable Injury Frequency Rate (12 month avg) 2. TRIFR includes Pacific Operations from September 2012 3. Refer slide in appendix

8 / BMO Presentation 28 Feb to 2 Mar 2016

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Consolidated Gold Production
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AISC (Consolidated) (A$/oz)

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1,374
1,305
1,167
922
882
211
203
190
184
50
29 16 167 58
24
21 30 27
9
34 36 23
134 136
106 109 114
1H FY14 2H FY14 1H FY15 2H FY15 1H FY16
Gwalia King of the Hills Simberi Gold Ridge
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1H FY16 Operations Highlights

˃ Consolidated production

• 203 koz

˃ Record production for:

• Gwalia 136 koz • Simberi 58 koz

˃ Simberi production

• 108 koz for CY 2015

˃ 1H FY16 AISC[1] A$922/oz

˃ King of the Hills mine and Kailis resource sold

koz

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

9 / BMO Presentation 28 Feb to 2 Mar 2016

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

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Leonora, Western Australia
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Gwalia Haul Road
New generation Sandvik Underground Mining Truck
Gwalia –Absorption Chiller Plant Byrnecut Jumbo Underground Drill Rig
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10 / BMO Presentation 28 Feb to 2 Mar 2016

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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

˃ designed to increase production rate and prepare for mining at deeper levels

• ˃ waste storage underground

• ˃ ore pass system

˃ Deep drilling project in progress

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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
5.7 260
Range
248 245
214
185 183
131
109
83
FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY16 F
koz
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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’.

11 / BMO Presentation 28 Feb to 2 Mar 2016

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Gwalia gold production - 136 koz in H1
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AISC
(A$/oz)
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883
FY15 AISC A$841/oz 860 846
692
645
Mined Grade June 2015
9.7 9.7
(g/t Au) Reserve grade
8.6 9.4 g/t Au
7.9
9.0
FY15 average grade 8.9 g/t Au
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Production (koz)

77.0 72.4 68.6 63.5 57.2 FY 15 FY 15 FY 15 FY16 FY16 Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec

Q2 December FY16 Quarter:

• ˃ 63,533 oz produced in Q2 (Q1: 72,388 oz)

• ˃ 135,921 oz produced in H1 FY16

• ˃ AISC[1] of A$846/oz (Q1: A$692/oz)

• ˃ Production in Q2 less than Q1 due to lower grade, partially offset by processing of stockpiles from previous quarter

• Ore grade fluctuates within mine sequence and will vary from Q to Q (see slide 11)

• Ore containing an estimated 1,000 oz of gold was stockpiled at the end of Q2 (5,500 oz at end of Q1)

• ˃ FY 16 Guidance revised:

• Production of between 245 – 260 koz (was 230 – 250 koz)

• AISC of between A$840/oz and A$900/oz (was A$875/oz – A$940/oz)

• Non IFRS measure, refer corresponding slide in Appendix

12 / BMO Presentation 28 Feb to 2 Mar 2016

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Simberi
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Staff BBQ & Relaxation Deck

Ropecon looking east to Pigiput Bay and plant below

Hitachi 1200 Excavation loading Bell 50D Articulated Dump Truck

SAG Mill

13 / BMO Presentation 28 Feb to 2 Mar 2016

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Simberi: record half year and calendar year gold production
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Q2 December FY16 Quarter:

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AISC (A$/oz)
1,619
1,310 1,319
1,252
1,149
Production (koz)
29.4
28.4
27.1
22.5
17.3
FY 15 FY 15 FY 15 FY 16 FY 16
Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
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• ˃ 28,379 oz produced in Q2 (Q1: 29,539 oz)

• ˃ Record production:

• 58 koz for H1 FY16

• 108 koz for CY 2015

• ˃ AISC[1] of A$1,319/oz impacted by significant equipment purchase including:

• Two new low hour excavators cost US$2M, arriving February (plus four low hour trucks purchased in Q3 due in Feb)

• ˃ Underlying ‘Total cash operating cost’[1] 2% lower in Q2 than in Q1

• ˃ FY 16 guidance refined:

• Production between 100 – 110 koz (was 90 – 110 koz)

• AISC between A$1,350 and A$1,430/oz (was A$1,275 to A$1,400/oz)

• Non IFRS measure, refer corresponding slide in Appendix

14 / BMO Presentation 28 Feb to 2 Mar 2016

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Half on Half Profit Comparison
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Half on Half Underlying Profit[2] & Significant Items

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17
60
43
-8 -1
-14
-25
-7
-16
-203
FY14 FY14 FY15 FY15 FY16
1H 2H 1H 2H 1H
A$M
NPAT Underlying Significant items
(continuing operations)
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1. All excluding results from discontinued operations

2. Non-IFRS measure, refer appendix

15 / BMO Presentation 28 Feb to 2 Mar 2016

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Cash movement 1H FY16
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Cash movement 1H FY16

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16 -78
128
-17
-8
-10
-8
100
77
Cash Leonora Ops Simberi Ops Debt Interest Exploration Corporate Other Cash
Jun 2015 repayments payments (incl capex) Dec 2015
A$ million
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16 BMO Presentation 28 Feb to 2 Mar 2016

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Cash and Debt FY15 and H1 FY16
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Debt, Cash Balance & Contribution from Operations (FY15 to present)

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420
A$ Debt [2,3 ]
390
367
358
347
325 325 325
293
284
US$ Debt 271
249
216
204
115
108
A$ Cash balance [1 ] 100 approx. 100
77
68
56
80
70 69
A$ Cash Contribution [4 ] 57
10 32
FY15 FY15 FY15 FY15 FY16 FY16 FY16
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec 22 Feb 16
A$ Cash Contribution A$ Cash balance US$ Debt A$ debt
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1. Excluding restricted cash 2. A$/US$ exchange rates per Reuters / www.rba.gov.au (selected rates displayed in corresponding table in appendix)

2. A$ equivalent net of transaction costs

3. Cash contribution from operations per cash movement table in Quarterly Reports (eg: p11, December 2015 Quarterly Report)

17 / BMO Presentation 28 Feb to 2 Mar 2016

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Debt and hedging at 31 December 2015
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US Senior Secured Notes

• ˃ US$250 million issued March 2013, US$168 million balance at 22 Feb 2016

• ˃ 6 monthly interest payments in arrears each April and October

• ˃ Interest rate 8.875% p.a., matures April 2018

• ˃ US$16 million repurchased in 1H FY16

• ˃ Additional US$12 million repurchased in February 2016[1]

Red Kite debt facility

• ˃ Eight equal quarterly principal repayments (scheduled Q1 Sep 2015 to end Q4 Jun 2017)

• ˃ First US$9 million instalment paid in September 2015

• ˃ US$30 million repayment in December 2015 quarter

• ˃ Balance remaining at 31 Dec 2015 US$36 million

Hedging

• ˃ At 23 Feb 2016, approx. 33,000 oz of gold forward contracts to be delivered by June 2016 at A$1,600/oz

• ˃ 40,000 oz of gold put and call options contracts which expire 30 Jun 2016 (minimum US$1,187/oz, maximum US$1,287/oz) to secure US$ cash flow to repay Red Kite in full by June 2016

• Inc. US$10 million announced 9 Feb 2016

18 / BMO Presentation 28 Feb to 2 Mar 2016

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Organic growth studies - progress
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Gwalia materials handling

• ˃ Conceptual studies on potential materials handling systems for deeper mining. These studies include:

• ˃ blind and raise-bore shafts with skip hoisting

• ˃ a shaft with vertical conveying

• ˃ slurry pumping to surface

• ˃ new ventilation shafts to facilitate continued truck haulage

• ˃ Update in Q3 FY16 (March 2016) quarterly report

• ˃ Investment decision in Q2 FY17 (December 2016 quarter)

Gwalia deep drilling

• ˃ Deep drilling is continuing

• ˃ No new results since December 2015 quarterly report

Reece Zimmermann – Goldroom Operator (L), Paul Owen – Processing Shift Supervisor (R), Gwalia Processing Plant, January 2016

19 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Gwalia Deep Drilling Program
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Gwalia Deep Drilling Program

The full drilling program is aimed at delineating an indicated resource to support the planned shaft studies.

Refer report[1] for full results of recent 6 holes that successfully intersected mine sequence

South West Branch intercepts similar to 1,100 – 1,300 mbs, significantly thinner to levels currently being mined and in reserve.

• Further drilling through until Q1 Sep FY17 is planned to complete the program.

• Program expected to create additional reserves (based on trucking). Materials handling studies will continue.

• For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

20 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Focus on near mine targets
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Exploration

A$15 million, approximately:

70% Australia and

30% Pacific

Gwalia Deep Drilling (WA)

Centenary (WA)

Pinjin (WA)

Simberi (PNG) + Banesa (PNG)

21 / BMO Presentation 28 Feb to 2 Mar 2016

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Simberi PNG – status
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Simberi:

• ˃ profitable since month of December 2014

• ˃ produced at target 100,000 ounce per annum production run rate since month of December 2014

• ˃ produced 107, 553 ounces of gold in CY 2015

• ˃ forecast to produce between 100,000 and 110,000 ounces for FY16

• ˃ approx. 3 years of oxide-only mine life remaining (local exploration continuing)

• ˃ exploration lease EL609 covering the Tabar Island group (which includes Simberi Island) is highly prospective[1 ]

22 / BMO Presentation 28 Feb to 2 Mar 2016

1. Refer Q2 December 2015 Quarterly Report released 21 January 2016

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Simberi PNG –PFS
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˃ PFS due April 2016

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˃ Progress report on the PFS proposes:

• ˃ Sulphide Project utilises the existing infrastructure on Simberi Island, including the airport, power station, village, and wharf

• ˃ the existing semi-autogenous grinding (SAG) mill and ball mill would be utilised in new plant flowsheet and maintain the ability to process both oxide and sulphide ores

• ˃ processing sulphide ore to produce saleable concentrate is the preferred option, avoids need for downstream processing on the Island

• ˃ Some parts of the oxide reserve are contained within the Sulphide Project pit shell and would continue to be processed to generate gold doré

Ship unloading at Pigiput Bay port.

23 / BMO Presentation 28 Feb to 2 Mar 2016

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Simberi PNG –PFS preliminary results
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Scope	Produce and sell gold concentrate from sulphide ore and gold doré from oxide ore
Ore Reserves at 30 June 20151	Sulphide: 19.9 Mt @ 2.0 g/t Au for 1,285 koz of contained gold Oxide: 19.1 Mt @ 1.3 g/t Au for 818 koz of contained gold2
Capex	US$100 million (A$140 million at A$/US$ 0.70) comprising: • US$43 million processing plant • US$42 million mining fleet (consider alternative) • US$15milliongeneralsiteinfrastructure
Production	Sulphide - average annual production c. 140,000 ounces over 7 years (1 Moz in total) Oxide – annualproduction within the Project varies(140,000 oz in total)
Mill throughput	2.0 Mtpa
Recovery	c. 83%
Output	Gold concentrate @ 30+ g/t Au from sulphide ores Gold doré from oxide ores
All-In Sustaining Cost3	US$930 to US$990 per ounce

The above project metrics are based on a progress report on the PFS and subject to the assumptions contained therein. The results may change as the PFS is finalised. It is envisaged that further optimisation and value engineering activities will continue on the Project during the strategic review.

1. Refer ASX release 25 August 2015 ‘Ore Reserves and Mineral Resources Statements as at 30 June 2015’

2. optimisation of the existing oxide operation

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

24 / BMO Presentation 28 Feb to 2 Mar 2016

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Simberi PNG –Strategic review
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• ˃ Need to evaluate the potential investment in the Simberi Sulphide Project against the Company’s other potential investment opportunities

• ˃ to maintain continuity of production a decision on the Sulphide Project would be required by December 2016

• ˃ Cutfield Freeman & Co appointed to assist the Company to conduct a Strategic Review and evaluate various options regarding its PNG assets, including:

• ˃ Sulphide Project

• ˃ existing oxide operation, and

• ˃ EL609 exploration licence across the Tabar Island Group

  • (inc. Simberi, Tatau and Big Tabar Islands).

• ˃ The Strategic Review is anticipated to take approximately 6 months and will explore a range of options for the Company’s various PNG assets including:

• ˃ continued ownership, exploration and development

• ˃ joint ventures

• ˃ divestment of some or all of the assets.

25 / BMO Presentation 28 Feb to 2 Mar 2016

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Summary – Strong profits of 2H FY15 continue,
debt significantly reduced
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˃ Profitability maintained from record 2H FY15

˃ Continued strong operating results with underlying NPAT of $60 million

• ˃ $15 million profit on sale of King of the Hills & Kailis

˃ Continued accelerated debt repayments ˃ A$77 million debt repayment in first half ˃ Total US$121 million in debt repayments in 9 months to Feb 2016

• ˃ Evaluating growth options

• ˃ Gwalia deep drilling and materials handling studies continue

• ˃ Simberi Sulphide PFS and strategic review

˃ Targeted exploration continues

• ˃ WA: Centenary, Pinjin

• ˃ PNG: Simberi, Big Tabar

26 / BMO Presentation 28 Feb to 2 Mar 2016

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Appendices
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Jan 2016: Shadows silhouetted viewing an ore pass, Gwalia mine.

27 / BMO Presentation 28 Feb to 2 Mar 2016

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St Barbara vs other gold companies, ASX & globally
Free cash flow, Enterprise Value, Production
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EV/Production (A$/oz)
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Bubble size =
7,000 production rate RRS LN
(kozpa)
AEM US
DGC CN
6,000
NCM
5,000 GG US ABX US
NEM US NGD US
EGO US
4,000
AQG RRL
EVN
AUY US
BTG US
3,000 KGC US
NST SBM
PPP US ANG SJ
SAR
SGL SJ
2,000
CG CN
GFI SJ
DRM
IAG US HAR SJ RSG
1,000 TRY
BDR
TGZ KCN
SLR
MML
MOY
PRU
0
-100 0 100 200 300 400 500
ASX Gold Global Gold
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Normalised FCF margin (A$/oz)

28 / BMO Presentation 28 Feb to 2 Mar 2016

Source: Argonaut Metals and Mining, 6 January 2016 (with permission)

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Consolidated Production, Costs, Guidance Summary
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Production Summary Consolidated	Production Summary Consolidated	Q3 Mar FY15	Q4 Jun FY15	Year FY15	Q1 Sep FY16	Q2 Dec FY16		Guidance **FY163 **
Production									(prev 230 to 250 koz)
Gwalia	oz	76,954	57,208	248,142	72,388	63,533		245 - 260 koz
Kingof the Hills	oz	11,836	15,014	49,677	9,112			9 koz4
Simberi	oz	22,498	27,137	79,568				100 - 110 koz (prev 90 to 110 koz)
Consolidated	oz	111,288	99,359	377,387	111,039	91,912		354 - 379 koz **Reserve grade2 **	(prev 329 to 369 koz)
Mined Grade
Gwalia	g/t	9.7	8.6	8.9	9.7	7.9		9.4
Kingof the Hills	g/t	4.1	4.5	4.2	3.9	-5		n/a
Simberi	g/t	1.38	1.28	1.23	1.22	1.22		1.3
Total Cash Operating Costs[1]
Gwalia	$/oz	532	729	642	553	665		n/a
Kingof the Hills	$/oz	1,177	1,095	1,112	893	-		n/a
Simberi	$/oz	1,193	1,034	1,336	1,119	1,098		n/a
Consolidated	$/oz	734	868	850	731	799
All-In Sustaining Cost[1]									(prev 875 to 940)
Gwalia	$/oz	645	860	841	692	846		840 - 900
Kingof the Hills	$/oz	812	1,106	1,103	964	-		-
Simberi	$/oz	1,310	1,149	1,464	1,252	1,319		1,350 – 1,430	(prev 1,275 – 1,400)
Consolidated	$/oz	798	979	1,007	863	992		990 - 1,060	(prev 995 to 1,070)
Capital Expenditure
Gwalia	$M							30 – 35
Kingof the Hills	$M							-
Simberi	$M							10 – 12 (prev 8-12)
Consolidated	$M							38 - 49

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

2. Ore Reserve grade at 30 June 2015, refer Ore Reserve and Mineral Resources Statement released 25 August 2015

3. FY16 guidance issued in the June 2015 Quarterly Report, and revised on 8 Jan 2016 and in this report. 4. Stockpiled as at 30 June 2015.

4. King of the Hills ceased mining in April 2015 and ceased processing in September 2015. It was sold in October 2015 (refer ASX announcement 16 October 2015)

29 / BMO Presentation 28 Feb to 2 Mar 2016

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St Barbara Emergency Response Teams:
International success
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St Barbara WA:

Winners in 3 categories and overall winners, CME (WA) Eastern Regional Council 2015 Underground Mine Emergency Response Competition , held at Kanowna Belle WA, November 2015

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Gwalia – Underground mining Truck
Gwalia – Underground mining Truck
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St Barbara PNG:

Winners in 4 categories including Most improved and Multi-Casualty, PNG National Mines Rescue Challenge held over the 4 days in Madang, Papua New Guinea, August 2015

Underground drilling

30 / BMO Presentation 28 Feb to 2 Mar 2016

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Cash and debt
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	June 2014 A$M	June 2015 A$M	Dec 2015 A$M	22 Feb 2016 A$M
Cash balance1	79	77	100	≈100
Interest bearing debt ˃ US Senior Secured Notes ˃ Red Kite ˃ Total USD$ debt ˃ A$ equivalent4 ˃ Lease liabilities ˃ Total	0.94302 250 75 325 FX US$ US$ US$	0.77132 196 75 271	0.73063 180 36 216	0.71073 168 36 204
	A$ 330 10 340	A$ 342 5 347	A$ 290 3 293	A$ 281 3 284
Developments in December Quarter 2015 ˃ Repurchase additional US$3 million Senior Secured Notes ˃ US$30 million Red Kite pre-payment Feb 2016 – repurchase additional US$12 million Notes5

1. Excluding A$2 million restricted cash 4. 2. Reuters 5. 3. www.rba.gov.au

2. A$ equivalent net of transaction costs 5. Inc. US$10 million announced 9 Feb 2016

31 / BMO Presentation 28 Feb to 2 Mar 2016

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Key changes to underlying profit/(loss) [1] 2H FY15 to 1H FY16
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Underlying Profit[1] After Tax Reconciliation (H1 FY16 v H2FY15)

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4 -15
7
8 60
9
4
43
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2H FY15 Gross Profit - Aust Gross Profit - D&A Net Financing Income tax Corporate + Other 1H FY16
Ops Simberi Ops Costs expense
A$ Million
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32 / BMO Presentation 28 Feb to 2 Mar 2016

1. Non-IFRS measure, refer appendix

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Significant items [1] in net profit after tax
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Significant items in net profit after tax

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

77 -14
-2
-1
60
1H FY16 NPAT Profit on sale of KOTH & Foreign exchange Tax effect 1H FY16 Underlying NPAT
Kailis
A$ Million
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33 / BMO Presentation 28 Feb to 2 Mar 2016

1. Non-IFRS measure, refer appendix

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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

34 / BMO Presentation 28 Feb to 2 Mar 2016

Plunge, centre of lode

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Gwalia Production Profile – ‘Centre out’ method
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Objective: Maximise production,

Stope diagram of South West Branch showing mining in Q3 & Q4 FY2015

constrained by:

• 1) Waiting for adjacent/above stope’s paste fill to dry

• 2) Geotech considerations – not too many

open stopes too close together

= ‘Centre out’ method

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‘Centre out’ –
extract centre
stope of lode first,
then move out to
edge of lode
Maintain 3-4 mining
fronts, each as
distant from each
other as possible
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Historical stopes
(light blue)
Q3 FY15 Stopes
(dark blue)
Q4 FY15 Stopes
(red)
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Stopes on outside of lode – generally lower grade Stopes in centre – generally higher grade = Variable gold production based on stopes in production that quarter

35 / BMO Presentation 28 Feb to 2 Mar 2016

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Developments at Gwalia in FY15
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• ˃ New absorption chiller plant utilises waste heat from power plant

• ˃ Deep HV Cable drop to 1,400 mbs

• ˃ New mining techniques improve production and efficiency

Ore Pass system: increases efficiency of trucking and bogging

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Underground waste storage: allows greater proportion of trucking to surface to be for ore.

36 / BMO Presentation 28 Feb to 2 Mar 2016

Gwalia Mining Strategy

Dual Lift Stoping in SWB

˃ mining sequence manages the hanging wall

FY11

2

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1
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5
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4

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8
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Note: Single lift Hanging 3 Wall Span typically 32m (HR=6.15)

7

Development fully in 6 ore (limited dilution)

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11
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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

37 / BMO Presentation 28 Feb to 2 Mar 2016

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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 overall production rate influenced by draw-point productivity (which is current focus of business improvement activity)

• Mining commences on a new level (approx. 40 metres depth) approx. each 12 months

• 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

38 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Gwalia Deep Drilling Program
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Gwalia Processing Plant

Gwalia deep drilling by DDH1 at night

Gwalia deep drill cores

Atlas Copco MT6020 Mining trucks

39 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Gwalia Deep Drilling Program
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40 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Gwalia Deep Drilling Program
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Figure 1.0

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

41 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Future Gwalia – Drilling Plan
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Figure 1.1

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

42 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Gwalia West Lode – Long Section
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West Lode

• West Lode is one of the four major lode structures[1] identified within the Gwalia Mine Sequence, and is located approximately 80m to the west of South West Branch.

Drilling results[2] show encouraging grade and thickness:

• ˃ studies underway to assess the options for exploiting the lode with a materials handling solution

• ˃ expected to add to reserves.

• Further drilling is planned to investigate extensions of the lode system below 1,800 metres below surface.

Figure 2.0

1. Main Lode, South Gwalia Series, South West Branch, West Lode 2. For full explanation and results refer to ASX release 20 October 2015 ‘Quarterly Report September 2015’

43 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Centenary
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Centenary

In Q3 FY15 St Barbara conducted electromagnetic (EM) survey work on Centenary Project approximately 60 km north of Leonora. Four sites were drilled in Q4 FY15 with follow up drilling in Q1 and Q2 FY16

New drilling targeted an anomalous nickel geochemistry feature within weathered ultramafics not previously reported within E37-917, and generated results[1] including:

CNRD004: 7m @ 5,651ppm Ni from 58 m

• A second phase of work is expected to commence during the March quarter of 2016.

Figure 3.0

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

44 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Pinjin, Leonora WA
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Pinjin

The Pinjin Project is located 150km northeast of Kalgoorlie, comprising a large tenement package of 1,358 km[2] (Figure 3.1).

Two reconnaissance field visits were conducted during the quarter and necessary approvals obtained.

A significant aircore drilling program (of up to 25,000 metres) targeting bedrock geochemical and geophysical targets is expected to commence late in the March 2016 quarter and continue through much of the June 2016 quarter[1] .

Figure 3.1

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

45 / BMO Presentation 28 Feb to 2 Mar 2016

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Simberi
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46 / BMO Presentation 28 Feb to 2 Mar 2016

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Simberi Ore Delivery System
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----- Start of picture text -----

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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47 / BMO Presentation 28 Feb to 2 Mar 2016

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Organic Growth – Simberi sulphide
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Simberi – Sorowar pit – 13 Aug 2015 (oxide ore being mined, exposing the sulphide wall behind)

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Sulphide mining at Simberi potentially extends life based on existing reserve, open at depth[1 ]

Simberi oxide mine life ~3 years[1 ] Oxide mining pre-strips for sulphide mining

Schematic showing a theoretical oxide/sulphide pit design

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

• ˃ Processing options being considered, favouring a low capex flotation circuit, with export of a concentrate

• Refer ASX announcement 20 October 2015 “Quarterly Report Q1 September 2015” 2. Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’.

48 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Focus on near mine targets at Simberi
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Simberi PNG

Encouraging results[1] from drilling at Pigibo North (13 holes for 780m) and Patan (8 holes for 500m) included:

Pigibo North:

SDH342: 22m @ 0.7 g/t Au from 3m SDH347: 18m @ 1.0 g/t Au from 0m

Patan:

SDH348: 5m @ 14.1 g/t Au from 15m SDH349: 14m @ 4.1 g/t Au from 22m SDH352: 16m @ 1.7 g/t Au from 21m

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

49 / BMO Presentation 28 Feb to 2 Mar 2016

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Exploration: Big Tabar Island
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Big Tabar Island

• Further follow up trenching was conducted in the quarter on the Banesa Au-Cu porphyry prospect. Significant trench sampling results[1 ] include:

TABTR168: 20m @ 1.1 g/t Au and 0.3% Cu, and 30m @ 1.2 g/t Au TABTR171: 30m @ 1.2 g/t Au and 0.1% Cu, inc. 20m @ 1.7 g/t Au TABTR174: 57m @ 1.4 g/t Au and 0.1% Cu, inc. 25m @ 1.8 g/t Au > Ongoing discussions are being held with an interested party regarding a potential joint venture for exploring Banesa

1. For full explanation and results refer to ASX release 21 January 2016 ‘Quarterly Report December 2015’

50 / BMO Presentation 28 Feb to 2 Mar 2016

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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

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 (prior to his resignation from St Barbara in July 2015) 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.

51 / BMO Presentation 28 Feb to 2 Mar 2016

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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

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-Reservesmineral-resources/

5. Sale of King of the Hills mine and Kailis resource announced 20 August 2015 and completed 15 October 2015, refer corresponding ASX announcements 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.

52 / BMO Presentation 28 Feb to 2 Mar 2016

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

9.22
5.16
4.02
FY 14 FY 15
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----- Start of picture text -----

Leonora,
WA
47%
Simberi,
PNG
53%
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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.

53 / BMO Presentation 28 Feb to 2 Mar 2016

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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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54 BMO Presentation 28 Feb to 2 Mar 2016
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1. Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’.

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Major variances to Mineral Resources FY14 to FY15 [1]
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----- 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 BMO Presentation 28 Feb to 2 Mar 2016

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Strong institutional share register
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Top 100 Shareholding Structure

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Institutional Australia
71% 34%
Not analysed
14%
UK 15%
USA 17%
Other 5%
Non
Non
Institutional
Institutional
15%
15%
Not analysed
14%
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Analysis and geographic spread of Top 100 Shareholders as at 15 Jan 2016

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Significant Shareholders & wide broker coverage
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Significant Shareholders1
Hunter Hall	15%
M&G Investment Mgt	12%
Franklin Resources Inc	6%
Institutional Shareholders2	71%
Shares on issue	495M
Approved Depositary Receipts	(ADR) are
trading in USA through BNY Mellon
(ADR OTC Code ‘STBMY’)

Broker Research Coverage Argonaut Patrick Chang Canaccord Reg Spencer Deutsche Bank Brett Mckay Macquarie Ben Crowley Petra Capital David Cotterell

1. As notified by substantial shareholders to 31 Jan 2016 2. As at 15 Jan 2016

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Board of Directors
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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.

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.

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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).

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.

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Executive Leadership Team
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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.

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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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 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.

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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).

• 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.

• Return on equity ˃ Net profit after tax divided by average shareholders’ equity for the period. 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 2016 Interim Financial Report (p4) for details, available at www.stbarbara.com.au

• Underlying net profit/(loss) ˃ Net profit after tax excluding identified significant items and excluding discontinued after tax operations

• ˃ Refer 2016 Interim Financial Report (p4) for details, available at www.stbarbara.com.au

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Investor Relations Enquiries
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Rowan Cole Company Secretary

Garth Campbell-Cowan Chief Financial Officer

T: +61 3 8660 1900

E: info@stbarbara.com.au

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