ST BARBARA LIMITED — Investor Presentation 2017

Jul 12, 2017

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ASX Release / 13 July 2017
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Presentation to analysts and investors at Leonora Operations

Attached is a presentation to analysts and investors attending a site visit today at Leonora Operations, Western Australia.

Investor Relations Mr Rowan Cole Company Secretary +61 3 8660 1900 Media Relations Mr Tim Duncan 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

St Barbara Limited ACN 009 165 066

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

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Kous Kirsten, General Manager Leonora Operations / 13 July 2017
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Gwalia site visit presentation

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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 13 July 2017

2 / Gwalia Site Visit Presentation / July 2017

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Contents
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Overview of St Barbara

˃ Operations

˃ Safety

Gwalia Mine, Leonora, WA

˃ History

• ˃ Production

• ˃ Innovation

˃ Growth

Exploration Appendices

Byrnecut Atlas Copco underground mining trucks at Gwalia November 2016 – MT65 in foreground, MT6020s in background.

3 / Gwalia Site Visit Presentation / July 2017

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Overview of operations
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ASX 200 Company (SBM), founded 1969

Consolidated production

• Shares on issue

Shares on issue 497.3 M > Market Cap[1] A$1,398 M > Ore Reserves June 2016 4.0 Moz[2] > Mineral Resources June 2016 9.1 Moz[2]

˃ FY16 387 koz @ AISC[4] A$933/oz ˃ FY17 381 koz ˃ FY17F AISC A$960/oz[3]

Leonora

• ˃ Gwalia underground mine

• ˃ FY16 production 267 koz @ AISC A$783/oz

• ˃ FY17 production 265 koz

• ˃ FY17F AISC A$805/oz[3]

• Exploration Australia

• ˃ Greenfields and brownfields exploration Leonora portfolio in Australia & PNG

• ˃ Near mine targets

• ˃ JV with Newcrest in PNG

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Simberi
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Simberi

• ˃ Open pit mine

• ˃ FY16 production 110 koz @ AISC A$1,293/oz

• ˃ FY17 production 116 koz ˃ FY17F AISC A$1,308/oz[3]

• As at close 12 July 2017, A$2.81ea. 2. Refer ASX announcement 23 August 2016 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2016. 3. FY17F AISC is midpoint of guidance, released on 20 April 2017 in the Q3 March 2017 Quarterly Report. 4. Non IFRS measure, refer corresponding slide in Appendix

4 / Gwalia Site Visit Presentation / July 2017

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Start safe, stay safe
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Total Recordable Injury Frequency Rate[2]

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9.0
6.0
5.0
4.1
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2.1
1.8 1.8
1.5
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Safety performance

Record low TRIFR[1 ] of 1.5 continued to 31 March 2017

Gwalia Emergency Response Team overall winners for the second year running in CMEWA Underground Mine Emergency Response Competition[3]

FY 12 FY 13 FY 14 FY15 FY16 Q1 Q2 Q3 FY17 FY17 FY17

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

2. TRIFR includes Pacific Operations from September 2012

3. The Chamber of Minerals and Energy Western Australia, 5-7 November 2016, Kalgoorlie

5 / Gwalia Site Visit Presentation / July 2017

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Gwalia | 120 not out!
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From surface outcrop (first mined 1896) to current workings is approx. 3.5 km ‘straight line’ along shear

Herbert Hoover was the initial Gwalia mine manager (1897-1898), later a US President (1929-1933), noted angle of deposit – took mining underground via underlay shaft (forerunner of decline)

• One of few world deposits mined for over 100 years

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6 / Gwalia Site Visit Presentation / July 2017

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Gwalia production profile
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Mined Grade
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10.7
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(g/t Au)
9.3
8.8 8.9
8.2 8.4
6.9
6.3 Reserve Grade [3]
5.7 8.3 g/t Au June 2016
267
Production 265
(koz) 248
214
185 183
AISC [1]
(A$/oz) 940
841
131 783
109
83
FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17
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FY17 production > Production 265 koz > Mined grade 10.7 g/t Au

FY17 cost guidance[2]

Cost guidance @ AISC A$795A$815/oz

1. AISC is a Non-IFRS measure, refer appendix

2. FY17F cost guidance provided in the Q3 Mar 2017 Quarterly Report, released 20 April 2017. Actual cost to be reported in June quarterly report, anticipated release on 26 July 2017.

3. June 2016 Reserve grade 8.3 g/t Au, refer ASX announcement released 23 August 2016 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2016’.

7 / Gwalia Site Visit Presentation / July 2017

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Recent productivity improvements
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Gwalia
A rich history with a bright future
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Ore passes

Allows bogger to work constantly, independent of ore trucks, removes ore from fired stopes more rapidly, allowing paste-filling and adjacent stopes to be fired earlier

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

Underground Storage

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

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Gwalia Site Visit Presentation / July 2017

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Gwalia Mining Strategy
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Dual Lift Stoping in SWB

Mining method

mining sequence manages the hanging wall

• ˃ Long hole stoping with fill

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FY11
2
1
5
4
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• ˃ North & South access on two dual lift levels gives 4 mining areas

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• ˃ Greater percentage of free bogging increases productivity of each stope

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4
Note: Single lift Hanging 3
Wall Span typically 32m 8
(HR=6.15)
7
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• ˃ Sill drives fully in ore – reduces development dilution

• ˃ Production drilling parallel to hanging-wall to reduce blast induced dilution

Development fully in 6 11 ore (limited dilution)

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Stope Cycles 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

10 / Gwalia Site Visit Presentation / July 2017

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

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

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to dry Plunge, centre
2) Geotech considerations – not too many of lode
open stopes too close together
= ‘Centre out’ method
Historical stopes
(light blue)
‘Centre out’ –
extract centre
stope of lode first,
then move out to
edge of lode
Q3 FY15 Stopes
(dark blue)
Q4 FY15 Stopes
Maintain 3-4 mining
(red)
fronts, each as
distant from each
other as possible
Stopes on outside of lode – generally lower grade
Stopes in centre – generally higher grade
= Variable gold production based on stopes in production that quarter
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Stope diagram of South West Branch showing mining in Q3 & Q4 FY2015 for illustration purposes

11 / Gwalia Site Visit Presentation / July 2017

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Upgrade to Gwalia Resources & Reserves
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Gwalia Mineral Resource
June 2015
200m depth
extension of
Resource model
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Gwalia Mineral Resource
June 2016
Measured
Indicated
Inferred
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+938
+193
+297
-346
-277
3,896
1,808 3,304
1,594 koz
koz
Gwalia Reserves Gwalia Resources
June Mining Depth Design June June Mining depletion Depth June
2015 depletion extension changes 2016 2015 & sterilisation extensions 2016
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Refer ASX announcement 23 August 2016 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2016’.

12 / Gwalia Site Visit Presentation / July 2017

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Gwalia Extension Project
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• Gwalia Extension Project capex approved[1]

• Gwalia

• A rich history with a bright future Detailed budget and execution plan confirm that the project will generate a robust financial return and extend mining at Gwalia to at least 2,000 mbs[2]

• Provides foundation for potential further extensions

• to construct

• Budget of A$100 million and will take two and half to three years

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1. Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’ Pinjin, May 2016 2. Ore Reserves at 30 June 2016 extend down to 1,940 mbs, Annual Mineral Resources and Ore Reserves Report at 30 June 2016, available at www.stbarbara.com.au

13 / Gwalia Site Visit Presentation / July 2017

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Exploration | Gwalia Summary
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• GwaliaGwalia Seismic Reflection Program A rich history with a bright future  A full evaluation of extensions to the Gwalia Shear Zone will be undertaken during Q4 June 2017

• The survey will aim to identify extensions to the lode system and other potential occurrences of Gwalia style mineralisation

• One of the larger precious metal seismic surveys undertaken in Australia (15 km[2] )

Gwalia Deeps Extension – Resource drilling 2,000 to 2,200 mbs

• Eight daughter holes targeting below 2,000 mbs completed successfully, results consistent with previous quarters

• Three further holes underway at end of quarter

For full explanation and results refer to ASX release 20 April 2017 ‘Quarterly Report March 2017’

14 / Gwalia Site Visit Presentation / July 2017

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Exploration | Gwalia Deep Drilling Program
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A rich history with a bright future
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For full explanation and results refer to ASX release 20 April 2017 ‘Quarterly Report March 2017’

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Exploration | Gwalia Deep Drilling Program
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A rich history with a bright future
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For full explanation and results refer to ASX release 20 April 2017 ‘Quarterly Report March 2017’

16 / Gwalia Site Visit Presentation / July 2017

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Gwalia Deeps Exploration | Northern Extension
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A rich history with a bright future
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Reproduced from ASX release 19 Oct 2016 ‘Quarterly Report September 2016’

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Greater Gwalia | province exploration campaign in FY17
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Gwalia
A rich history with a bright future
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• ˃ Explore reflecting sound waves off mineral formations

• ˃ Used successfully by other regional gold miners

• 2D Gwalia program via down-hole sensors complete.

• ˃

˃ Greater Gwalia 3D program in progress

For full details Refer ASX announcement 23 August 2016 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2016’ and ‘Financial Report Presentation’ of the same date. Endowment = all amounts previously mined and in current resources.

18 / Gwalia Site Visit Presentation / July 2017

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Gwalia – Q4 Planned seismic survey
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Gwalia
A rich history with a bright future
Receiving phones and vibe truck, April 2017
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Q4 June 2017 Gwalia seismic survey 15km[2]

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For full explanation and results refer to ASX release 20 April 2017 ‘Quarterly Report March 2017’

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Appendices
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Gwalia Operations
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St Barbara

Byrnecut – contract mining

˃ Responsible for

• ˃ Byrnecut is part of Gwalia’s success

• ˃ Planning

• ˃ Started at Gwalia in Sep 2012

• ˃ Processing

• ˃ Procurement

˃ Alliance agreement from Sep 2013 ˃ Approx. 200 employees

• ˃ Commercial

• ˃ Fleet: inc.

˃ Approx. 150 employees, mostly FIFO

• ˃ 5 drill rigs

Leonora facilities

• ˃ 4 loaders

• ˃ 1.2 Mtpa plant

• ˃ 250 bed camp

• ˃ 10 trucks

• ˃ 8 Atlas Copco MT6020s (60t)

• ˃ 2 Atlas Copco MT65s (65t)

Other contractors

˃ Approx. 80 contractors involved as required

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Exploration | Investment in exploration juniors
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GwaliaStrategy Targeted investment in early to advanced stage gold A rich history with a bright future exploration through earn in arrangements, joint ventures or direct equity investments

Catalyst Metals Limited

• A$1.5 million investment in Catalyst Metals Limited for 5% interest

• Landholdings in Victoria

Peel Mining Limited

• A$3.3 million investment in Peel Mining Limited for 10% interest

• Landholdings in New South Wales (Cobar) and Western Australia

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Exploration | Summary of greenfields projects
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Pinjin, WA

• A rich history with a bright future >

• Final results from 3,239 metre RC drill program received

• A 305 hole Aircore drill program completed

• A 965 line km Airborne Electromagnetic (AEM) survey will be conducted in the June 2017 quarter

• A 330 km[2] Ground Gravity Survey will also commence in the quarter

Tatau Island, PNG

Back Creek, NSW

• Data processing and image generation from the previous airborne magnetic survey completed

• Detailed topographic map of Tatau Island was generated from the airborne LiDAR (light detection and ranging) survey conducted during the December 2016 quarter

• A 43 line km ground magnetic survey completed

• A diamond drill program at Southwest Tatau continued though the quarter

For full explanation and results refer to ASX release 20 April 2017 ‘Quarterly Report March 2017’

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Ore Reserves Summary as at 30 June 2016
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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)	2,286	9.6	702	4,510	7.6	1,105	6,795	8.3	1,808
Tower Hill (WA)	-	-	-	2,572	3.7	306	2,572	3.7	306
Simberi Oxide (PNG)	4,687	1.3	194	9,407	1.3	381	14,094	1.3	576
Simberi Sulphide (PNG)	154	3.0	14	13,402	3.0	1,307	13,556	3.0	1,321
Total All Projects	7,127	4.0	910	29,891	3.2	3,099	37,017	3.4	4,011

Notes

1. Ore Reserves are based on a gold price of Gwalia (A$1,350/oz), Tower Hill (A$1,250/oz), Simberi (US$1200/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 2016 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/

Competent Person Mr Tim Richards is entitled to participate in St Barbara’s long term incentive plan, details of which are included in the 2016 directors’ and Financial Report released to the ASX on 23 August 2016. Increase in Ore Reserves was one of the performance measures under that plan until 30 June 2016. No incentive was paid in financial year 2016 under this performance measure.

Full details are contained in the ASX release dated 23 August 2016 ‘Ore Reserves and Mineral Resources Statements 30 June 2016’ available at www.stbarbara.com.au.

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Mineral Resources Summary as at 30 June 2016
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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)	4,951	7.7	1,232	11,773	6.8	2,584	570	4.4	80	17,294	7.0	3,896
Tower Hill (WA)	-	-	-	4,604	3.9	574	489	3.3	51	5,093	3.8	625
Simberi Oxide (PNG)	6,817	1.1	232	16,686	1.0	532	5,925	1.0	187	29,428	1.0	951
Simberi Sulphide (PNG)	1,583	1.2	58	46,382	1.7	2,543	19,885	1.6	1,003	67,850	1.7	3,607
Total All Projects	13,351	3.5	1,522	79,445	2.4	6,233	26,869	1.5	1,321	119,665	2.4	9,079

Notes

1. Mineral Resources are reported inclusive of Ore Reserves

2. Cut-off Grades Leonora: Gwalia Deeps (2.5 g/t Au), Tower Hill (2.5 g/t Au), Simberi Oxide (0.4 g/t Au), Simberi Sulphide (0.6 g/t Au)

3. Simberi Mineral Resources are reported constrained by a US$1,800/oz pit shell

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

5. Details relating to each of the estimates are contained in the 2016 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/

Full details are contained in the ASX release dated 23 August 2016 ‘Ore Reserves and Mineral Resources Statements’ 30 June 2016’ available at www.stbarbara.com.au.

25 / Gwalia Site Visit Presentation / July 2017

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Board of Directors
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Gwalia

Tim Netscher Chairman– Non Executive A rich history with a bright future Appointed Director February 2014

Appointed Chairman July 2015

Mr Netscher is an experienced international mining executive with extensive operational, project development, and transactional experience and expertise in senior executive management roles. Mr Netscher’s experience covers a wide range of resources including nickel, coal, iron ore, uranium and gold and regions including Africa, Asia and Australia. Mr Netscher is a director of ASX listed Gold Road Resources Limited and Western Areas Limited.

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Bob Vassie Managing Director and CEO

Appointed July 2014

Mr Vassie is a mining engineer with over 30 years international mining industry experience, including 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.

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David Moroney Director– Non Executive

Appointed March 2015

Mr Moroney is an experienced finance executive with more than 20 years’ experience in senior corporate finance roles, including 15 years in the mining industry, and extensive international work experience with strong skills in finance, strategic planning, governance, risk management and leadership.

Mr Moroney is an independent non-executive director of non-ASX listed Geraldton Fishermen’s Co-operative Ltd and WA Super, Western Australia’s largest public offer superannuation fund.

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Kerry Gleeson Director– Non Executive

Appointed May 2015

Ms Gleeson is an experienced corporate executive with over 20 years boardroom and senior management experience across Australia, UK and the US, in a variety of industries including mining, agriculture, chemicals, logistics and manufacturing. A qualified lawyer in both UK and Australia, she has significant expertise in complex corporate finance and transactional matters, and in corporate governance in Australian and international businesses.

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Executive Leadership Team
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Bob Vassie

Gwalia A rich history with a bright future

Managing Director and CEO

Appointed 2014

Mr Vassie is a mining engineer with over 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.

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Garth Campbell-Cowan Chief Financial Officer

Joined 2006

Garth is a Chartered Accountant with 30 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 2016’ released to the Australian Securities Exchange (ASX) on 23 August 2016 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 23 August 2016 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 Person Tim Richards is entitled to participate in St Barbara’s long term incentive plan, details of which are included in the 2016 Directors’ and Financial Report released to the ASX on 23 August 2016

Full details are contained in the ASX release dated 23 August 2016 ‘Ore Reserves and Mineral Resources Statements 30 June 2016’ 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).

Refer most recent quarterly report available at www.stbarbara.com.au for example

• All-In Sustaining Cost ˃ All-In Sustaining Cost is based on Cash Operating Costs, and adds items relevant to sustaining production. It includes some, but not all, of the components identified in World Gold Council’s Guidance Note on Non-GAAP Metrics - All-In Sustaining Costs and All-In Costs (June 2013).

• Refer most recent quarterly report available at www.stbarbara.com.au for example

• Net-cash ˃ Net-cash equivalent to cash and cash equivalents less current and non-current interest bearing borrowings

• Net-debt ˃ Net-debt equivalent to current and non-current interest bearing borrowings less cash and cash equivalents

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Investor Relations Enquiries
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Alistair Reid

Manager Investor Relations

T: +61 3 8660 1900 E: info@stbarbara.com.au

Gwalia Site Visit Presentation / July 2017

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