ST BARBARA LIMITED — Investor Presentation 2017

Apr 3, 2017

Presentation to analysts and investors attending European Gold Forum

Attached is a presentation by Bob Vassie, Managing Director and CEO, to analysts and investors attending European Gold Forum this week.

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 +61 3 8660 1999

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

European Gold Forum St Barbara – ASX200 Australia / Pacific Gold Producer

Forwardstatements

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') is 1 July to 30 June. As at 15 Mar 2017, A$1.00 = US$0.7574, US$1 .00 = A$1.32 (www.rba.gov.au) US$ in this presentation converted from previously published A$ results using FX rates used in preparation of financial statements: Spot: 31 Dec 2016 = 0.7217, 30 Jun 2016 = 0.7452, 30 Jun 2015 = 0.7713, Average: 1HFY17 = 0.7546, FY16 = 0.7281, FY15 = 0.8319, FY14 = 0.9178 (Reuters). Thispresentation published Tuesday 4 April 2017.

• Introduction &overview

• Recenthistory

• Operations

  • GwaliaMine, WA

  • SimberiMine, PNG

• Growth &exploration

• Conclusion

• Appendices

An introduction to St Barbara

A$1.2 billion (US$0.9 billion) 1ASX200 gold producer and explorer

• • Debt free6
• • FCF Yield 24%2
• • Positioned togrow

diPtroucon	$/k638@SCS680FY1A7AIUozoz3$/kY1360@AISCUS0F7F75ozoz
Atsses(f&itpro5)buiiontrtcon	5)ll(iii%GWA86ttaawmne,esernusraa4)(/hdHi8.3At•ggraegu,$3)(/hhiiAISCUS630•gmargnoz5)b(SiiiPNGi14%mermne,apuaewunea

1. Market Cap at 29 March 2017 @ A$2.46/share, A$=0.7644. 2. 'FCF Yield' as at 29 March 2017 when SBM = A$2.46/share. FCF Yield is a Non‐IFRS measure, refer corresponding slide in appendix. 3. Midpoint of guidance, refer ASX release 18 January 2017. 4. Reserve grade as at 30 June 2016, refer 'Ore Reserves and Mineral Resources Statements 30 June 2016' released 23 August 2016. 5. Relative percentage of segment profit for year to30 June 2016. 6. No interest bearing borrowings, except for equipment leases amounting to less than A$1 M.

(),ASX200ASXSBM1969t.es:
dCitommoy	()ldGAou
2kMtarecap	$$/hUS93@US1.885Ms$$(/)hA1.2@A2.46Bs
2hSares	947M
5dLiiitquy	/d()%6M1.3ay
6EPS	$US025
8hCas	$US75M
bDte	7liN
1()ORJORCreeseresv	04Moz
1lMiRneraesources	91Moz

	lddiCtonsoae	liGwaa	biiSmer
FY16A	$/9k@387AISCUS680ozoz	$/k@267AISCUS570ozoz	$/k@110AISCUS941ozoz
3FY17F	$/k@360AISCUS750ozoz	$/k@260AISCUS630ozoz	$/k@100AISCUS1,064ozoz

1. Refer ASX announcement 23 August 2016 titled 'Ore Reserves and Mineral Resources Statements 30 June 2016'. Mineral Resources are reported inclusive of Ore Reserves. 2. As at close 29 March 2017, A$2.46 ea @ A$ 0.7644. 3. FY17F is midpoint of guidance revised 18 Jan 2017 in Q2 Dec 2016 Quarterly Report. 4. Non IFRS measure, refer corresponding slide in Appendix. 5. 3 months to 9 Mar 2017, per IRESS. 6. EPS for FY16. 7. No interest bearing borrowings, except for equipment leases amounting to less than A$1 million. 8. Cash at 31 March 2017. 9. Includes King of the Hills mine 9 koz (sold Oct 2015).

5/ European Gold Forum | 4 to 6 April 2017

Continuedsafety success

FY12 FY 13 FY 14 FY 15 FY 16 Dec‐16

RecordableInjury Frequency Rate1

Safety

• Record FY16 TRIFRof 2.1

• Record safety performance of 1.8 TRIFR1 inH1 FY17

• Overall winners for the secondyear running in Western Australia Underground Mine Emergency Response Competition2

6 / European Gold Forum | 4 to 6 April 2017

• 1. Total RecordableInjury Frequency Rate (12 month average)
• 1. The Chamber of Minerals and Energy Western Australia Underground Mine Emergency Response Competition, November2016, Kalgoorlie

St Barbaravs Comparators FCF Yield & EV/Reserves

Source: Bell Potter 3 March 2017 (with permission) + public reports for US/Canadian miners, when SBM = A$2.38/share, EV = US$895M, spot gold = US$1,235/oz. EV = Market cap + net debt. AISC margin = US$ spot gold less reported AISC (SBM = US$572 /oz Q2 Dec 2016). Production is gold ounces only, by‐product credits are accounted for in AISC. Implied free cash flow = AISC margin x estimated annualised production, and is an estimate only. European Gold Forum | 4 to 6 April 2017

7/

St Barbara share price vs US$ gold ‐ June 2013 topresent, % change

Source: IRESS toclose 15 Mar 2017

Consolidatedproduction & costs, FY14 to present

1. NonIFRS measure, refer slide in appendix.

European Gold Forum | 4 to 6 April 2017

9/ 2. US$/A$ exchange rates average for the financial year per Reuters, see slide 2

Cashcontribution, every segment improved Y on Y

CashContribution by Segment since FY14

'Cash contribution' is a non‐IFRS measure of segment operating cash contribution less sustaining and growth capital expenditure, as reported in St Barbara's annual and half year financial statements since June 2015. The figure for FY14 has been prepared on a similar basis. The Leonora segment in FY14 and FY15 included King of the Hills satellite mine(sold Oct 2015) which represented less than 2% of the segment cash contribution. Gold Ridge sold 1 May 2015.

10 / European Gold Forum | 4 to 6 April 2017

Debt free1 fromMarch 2017

Net Cash/ (Net Debt) 1

• ˃Debt free1

• ˃ Net cash position to grow in 2H FY17

• ˃ US$325 million debt repaid between June 2015 andMarch2017

• 1. Nointerest bearing borrowings, except for equipment leases amounting to less than A$1 million

Cash and Debt FY15 toMarch 2017

12/

Debt, Cash Balance & Contribution from Operations

Figures from corresponding quarterly reports.

1. Excluding restricted cash

2. A$/US$ exchange rates per Reuters 3. A$ equivalent excl. transaction costs 5. Q3 Mar FY17 estimated cash contribution. European Gold Forum | 4 to 6 April 2017

3. Non‐IFRS measure, cash contribution as per cash movement table inQuarterly Reports

Gwalia, Western Australia

13 / European Gold Forum | 4 to 6 April 2017

Gwalia| Profitably mined for over 100 years

• Ore body 3.5 km 'straight line' from surface

• Herbert Hoover was the initial manager ‐ later a US President (1929‐1933)

• Rare 100 years + deposit (Kalgoorlie Super Pit WA, Cripple Creek &Victor USA)

Gwalia inSt Barbara ownership

15 / European Gold Forum | 4 to 6 April 2017

FY17F AISC is midpoint of guidance, released 19 July 2016 in Q4 June 2016 Quarterly Report and updated 18 Jan 2017 in Q2 Dec 2016 Quarterly Report. 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'.

'10mines still making good money if the gold price falls 50%'

www.mining.com/10‐mines‐still‐making‐good‐money‐if‐the‐gold‐price‐falls‐50/?utm\_source=digest‐en‐mining‐ 170226&utm_medium=email&utm_campaign=digest accessed 24 Feb 2017

16/ European Gold Forum | 4 to 6 April 2017 Mining.com article uses primarily 2015 AISC. Some figures not given in article sourced frompublic reports, most recent available full year production & AISC.

Simberi, Papua New Guinea

17/ European Gold Forum | 4 to 6 April 2017

4480110531002,111 1,218 941 1,064 All‐in sustaining cost (US$/oz) 1,714 2,670 3,315 Production (koz) Milling (kt) 1H FY17 Guidancemid‐point Guidancemid‐point

FY14 FY 15 FY 16 FY 17 F

Milling equals processing throughput AISC is a non IFRS measure, refer corresponding slide in Appendix. FY17Fillustrates mid‐point of guidance, refer Dec 2016 Quarterly Report for details European Gold Forum | 4 to 6 April 2017

18/

19/ European Gold Forum | 4 to 6 April 2017

Gwalia ExtensionProject | Supports mining to 2,000 mbs

20/

Refer announcement 27 March 2017. Conceptual illustration only, studies underway will determinefinal design. PAF = 'Paste Aggregate Fill' – illustration in appendix. European Gold Forum | 4 to 6 April 2017

SimberiSulphide | potential long life mine extension

1.3Moz Sulphide Reserve @ 3.0 g/t Au, 3.6 Moz Sulphide Resource @ 1.7 g/t Au

ibilhidSSPFSmerupe
Capex	$llUS100iionm
duioPrtocn	130,0008 youncesoverears(lphdekodel)1MSui80iintotaozs.z ox
Outptu	/ldfroGo@35+AutratetconcengmlphdelddoéfrodeiGoisuoresrmoxores,
bleCotratencenpaya	%90
ll‐AInSuiningCotatss	$$US930US990toperounce

• Focused exploration for oxide and sulphide ore underway on nearby Tatau island toimprove project economics

• Study to improve project capex via potential lower cost models ongoing

Exploration | FY17 Guidance: US$14 to $17 million

US$8‐$9 million Gwalia

• ˃ Gwalia Deep Drilling infill + NorthernExtension
• ˃Gwalia + Province seismic

US$6‐$8 million greenfields (30% Pinjin WA, 70% PNG)

• ˃Pinjin – large scale drill campaign
• ˃Aerial survey Back Creek NSW
• ˃ Tatau Island (PNG)
  • ˃ copper‐ gold (Farm‐in and option with Newcrest)
  • ˃gold to extend Simberi LOM

Exciting future off a sustainable, profitable base

• Debt free1 andone of best margins in world gold mining2

• Experienced and successful team with proven capability to:

  • improve profitable operations

  • turn‐aroundloss‐making operations

• Strong organic and exploration growth prospects

• Seeking growth opportunities

/ 1. No interest bearing borrowings, except for equipment leases amounting to less than A$1M 2. Refer

24 / European Gold Forum | 4 to 6 April 2017

ConsolidatedProduction, Costs, Guidance Summary

duPrioSutocnmmarylidadCo		Q4JunFY16	YearFY16	Q1SepFY17	Q2DecFY17	daGuince3FY17
tenso
duPriotocn
lGwiaa	oz	65,098	267,166	67,118	70,925	ko255265toz
4f						1)(lykoiou245265toprevsz
hellsKingHito	oz	‐	9,112	‐	‐	‐
beSimir	oz	26,935	110,286	25,429	28,057	ko95105toz
Colidadtenso	oz	92,033	386,654	92,547	98,982	3030ko57toz(lyko)iou340370torevsz
						p
ddeMineGra						[2]deReserve gra
lGwiaa	/tg	9.3	9.3	10.4	11.9	8.3
beSimir	/tg	1.18	1.26	1.05	1.13	1.3
[1]
lhingToCaOpCotattsseras
lGwiaa	$/Aoz	638	609	580	546	/na
4fhellsKingHito	$/Aoz	‐	893	‐	‐	‐
beSimir	$/Aoz	1,164	1,134	1,247	1,161	/na
lidadCotenso	$/Aoz	792	768	763	721
[1]ll‐AInSuiningCotatss
lGwiaa	$/Aoz	836	783	774	716	815850to
4fhellsKingHito	$/Aoz	‐	964	‐	‐	(ly)iou850910toprevs‐
beSimir	$/Aoz	1,266	1,293	1,359	1,277	1,3301,490to
lidadCotenso	$/Aoz	960	933	935	876	9501,030to
						3)(lyiou9851,075toprevs

1. Non‐IFRSmeasure, refer Appendix. 3. FY17 guidance announced in Q4 June 2016 quarterly report (released 19 July 2016), updated for Gwalia inQ2 December 2016 quarterly report (released 18 Jan 2017).

2. Ore Reserve grade at 30 June 2016, refer Ore Reserve and Mineral Resources Statement (released 23 August 2016)

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

25 / European Gold Forum | 4 to 6 April 2017

Consistentquarterly production

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

Q2 December 2016 quarter

• Consolidated company production of 99 koz (Q1 FY17: 93 koz)

  • Gwalia 71koz (Q1:67 koz)

  • Simberi 28koz (Q1: 25 koz)

• Consolidated AISC1 of A$876/oz (Q1: A$935/oz)

  • GwaliaA$716/oz (Q1: 774/oz)

  • SimberiA$1,277/oz (Q1: A$1,359/oz)

26/ European Gold Forum | 4 to 6 April 2017

Consolidatedgold production H on H

koz

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

1HFY17 Production Highlights

Consolidated

• 192koz @ AISC1 US$682/oz

• 376koz CY16

Gwalia

• 138 koz record@ US$583/oz

• 269koz CY16

Simberi

• 53koz @ US$992/oz

• 106koz CY16

27 / European Gold Forum | 4 to 6 April 2017

• The overall pay equity gap at St Barbara reduced from 43% in 2007 to 16% in 2016 (compared to 23% nationally and 16% for the mining industry1)

• Nil gender pay gap in 'like‐for‐like' roles2

• Bob Vassie, MD & CEO, appointed in 2014 as one of 32 CEO Ambassadors of theWorkplace Gender Equality Agency pay equity campaign

• Certified by WGEA as an Employer Of Choice For Gender Equality in 2014, 2015 & 2016, one of three resources companies currently certified

1. WGEA Australia's gender equality scorecard Nov 2016, www.wgea.gov.au/sites/default/files/2015‐16‐gender‐equality‐scorecard.pdf ,

28 / European Gold Forum | 4 to 6 April 2017

1. Refer St BarbaraCorporate Governance Statement for details, www.stbarbara.com.au/about\_us/governance

1HFY17 Financial Results Summary1 (A$)

			1HFY17	2HFY16	1HFY16
ldGioprce	ldldiiAveragegoprcerease	$/Aoz	1,687	1,664	1,564
	2ll‐AISiiCttnusanngos	$/Aoz	905	954	922
lRtesu	ffSitttttt˃auoryproaerax	$AM	83	92	77
	/2lf(l)fdUiitttt˃nernneproossaeraygx	$AM	81	67	60
	2EBITDA˃	$AM	144	137	161
	2dliUEBITDA˃neryng	$AM	164	142	144
hflCasow	hflfCiiiittt˃asowsromoperangacves	$AM	139	120	123
	3hflffdCit˃asowsaerunngcapex	$AM	231	99	98
	2dbNtt˃ee	$AM	()31	92	199
EPS	hBii˃ascearnngspersare()fiiittromconnungoperaons	cps	661	861	615

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

2. Non‐IFRSmeasure, refer appendix, excludes discontinued operations

29 / European Gold Forum | 4 to 6 April 2017

1. Cash flows fromoperating activities less payments for PPE, development & capitalised exploration

FY16Financial Summary1 (A$)

			6FY1	FY15
ldiGoprce	ldilidAeragegoprcereasev	$/Aoz	1,595	1,439
	2ll‐AISiiCttnusanngos	$/Aoz	933	1,007
lRtesu	ffiStttttt˃aorproaerauyx	$AM	169	40
	2dlffiiUtttt˃neryngneproaerax	$AM	127	24
	2IAEBTD˃	$AM	298	168
	2dlUiEBITDA˃neryng	$AM	286	184
fhlCasow	ffhlCiiiittt˃asowsromoperangacves	$AM	243	113
	3hflffdiCt˃asosaernngcapewux	$AM	197	63
	1bDtt˃erepaymens	$AM	142	71
iRtaos	hBii˃asearnnspersarecg(f)iiittromconnngoperaonsu	$ps	034	004
	2Ritt˃eurnonequy(f)iiittromconnungoperaons	%	54	21

1. Principal repayments from cash flow statement

2. Non‐IFRSmeasure, refer appendix..

3. Cash flows from operating activities less cash outflows for investing activities (PPE, development, capitalised exploration)

First half FY17Highlights | Record cash flow

• Record cash flow & Underlying NPAT1

• Debt free2 fromMarch2017

• Positioned for growth

31/ European Gold Forum | 4 to 6 April 2017 1. NonIFRS measure, refer corresponding slide in Appendix.

1. Nointerest bearing borrowings, except for equipment leases amounting to less than A$1 million

EBITDAmargin at Gwalia: 66%4

Underlying profit from operations1

Cash contribution fromoperations1, 2

1. Results for Leonora include King of the Hills (which ceased production in the September 2015 quarter) operating results, but exclude significant items.

2. Non‐IFRS measure of site operating cash flow, refer 31 Dec 2016 Interim Financial Report page 5 3. AU$/US$ conversions based on SBM avg qtr rates: 2HFY15: 0.78, 1HFY16: 0.71, 2HFY16: 0.73, 1HFY17: 0.75

3. Result for 1HFY17, non‐IFRS measure, refer 31 Dec 2016 Interim Financial Report page 4

32 / European Gold Forum | 4 to 6 April 2017

Financial Results| Cash movement 1H FY17 (A$)

Cash movement 1HFY17

Gwalia| Long, profitable and stable life ahead

LOMto 2024 at 1940 mbs1 Successful and prospective exploration program2

Investing to extend LOM3

Source:Company reports, FY16 results, FCF = (A$ gold price ($1,650/oz) – AISC) x production, Implied LOM = Reserves ÷ production

34 / European Gold Forum | 4 to 6 April 2017

• 1. 2016 Annual Mineral Resources andOre Reserves Report 30 June 2016 (www.stbarbara.com.au)
• 1. Exploration slide 22 in this presentation
• 1. US$75 million Gwalia Extension Project announced 27 March 2017

Exploration | Gwalia Deep Drilling Program

FY 17 drilling target 2,000 to 2,200 mbs

• In FY16, added R&R below 1,800 mbs

• In FY17, looking to add further R&Rbelow2,000 mbs

Northern Extension target area

Gwalia lateral extensions remainopen

'R&R' = Mineral Resources and Ore Reserves, for full explanation and results refer to ASX release 18 Jan 2017 'Quarterly Report December 2016' and ASX release dated 23 August 2016 'Ore Reserves and Mineral Resources Statements 30June 2016'

Paste Aggregate Fill (PAF): Operational benefits + synergies with rest of Gwalia Extension Project

Mix paste with waste crushed underground for stope filling

• Increases truck productivity, only ore hauled tosurface

• Allows faster stope filling, reducing cycle times

• Crush raisebore chippings underground ‐ avoids production interruption during vent shaft construction

GwaliaDeeps Exploration | Northern Extension

For full explanation and results refer to ASX release 19 Oct 2016 'Quarterly Report September 2016' and '2016 Annual Mineral Resources andOre Reserves Report at 30 June 2016' (www.stbarbara.com.au) European Gold Forum | 4 to 6 April 2017

Gwalia Mineral Resource Classification & Reserves June 2015 andJune 2016

liaGwOrReaeserve	(/)(/)dkkobablekkoPrPrt,t,t,t,ovegzogz			/(dbable,kko)OAL&TTPrPrt,t,oveogz
2016	2,286	9.6	027	4,105	67.	1,105	6,975	8.3	1,808
2015	2,100	9.1	614	3,190	9.6	980	5,290	9.4	1,594

38 / European Gold Forum | 4 to 6 April 2017 Refer ASX announcement 23August 2016 titled 'Ore Reserves and Mineral Resources Statements 30 June 2016'.

Reserves and resources Gwalia ‐Major variances FY15 to FY16 1

3,896

June2016

Gwalia

Reserves Gwalia Resources

Changes include Geology, Design and Factor Changes

Potential for further addition in FY17 fromNorthern extension and 2000‐2200 mbs infill drilling

*

1. Refer ASX announcement 23 August 2016 titled 'Ore Reserves and Mineral Resources Statements 30June 2016'. Geology & Design Changes includes other minor modifying technical factors.

Greater Gwalia| province exploration campaign in FY17

• ˃ Explore reflecting sound waves off mineral formations
• ˃ Used successfully by other regional gold miners
• ˃ Complete: 2D Gwalia program via down‐ hole sensors. Q3 commencing on Greater Gwalia 3Dprogram

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.

40 / European Gold Forum | 4 to 6 April 2017

Exploration | Pinjin WA

Pinjin, WA

• The Pinjin Project is located 150km northeast of Kalgoorlie WA, comprising a large tenement package of 1,358 km2

• An initial 25,000m aircore drill campaign in 2016 returned encouraging results

• A 17,000m aircore drill program due to be completed in Q3 March 2017

Exploration | Tabar Island Group PNG

TatauIsland, PNG

• Focus of Greenfields exploration in PNG

• Pure‐gold exploration focused on improving economics of future investment inSimberi

• Zones of high grade trenching results with follow up drilling underway

• Option and farm‐in with Newcrest for copper‐gold porphyry exploration on Tatau andBig Tabar islands

OreReserves Summary as at 30 June 2016

		dProve			bablePro		lTota
jPrtoec	Tonnes(k)	Au/tg	koz	Tonnes(k)	Au/tg	koz	Tonnes(k)	Au/tg	koz
lia()GwWAa	2,286	9.6	702	4,510	7.6	1,105	6,795	8.3	1,808
()illToHWAwer	‐	‐	‐	2,257	3.7	306	2,257	3.7	306
bede()SimiOxiGPNr	4,687	1.3	194	9,407	1.3	381	14,094	1.3	576
imbeilphide()SSuPNGr	154	3.0	14	13,402	3.0	1,307	13,556	3.0	1,321
llljToAPrtatsoec	127,7	4.0	910	29,891	3.2	3,099	3017,7	3.4	4,011

Notes

1. Ore Reserves are basedon a gold price of Gwalia (A$1,350/oz), Tower Hill (A$1,250/oz), Simberi (US$1200/oz)

2. Mineral Resources arereported inclusive of Ore Reserves.

3. Data is rounded tothousands 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 most 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 incentivewas 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.

Mineral ResourcesSummary as at 30 June 2016

Prt	dMeasure			dicadInte			fedInrre			lTota
joec	Tonnes(k)	Au/tg	koz	Tonnes(k)	Au/tg	koz	Tonnes(k)	Au/tg	koz	(k)Tonnes	Au/tg	koz
l()GwiaWAa	94,51	7.7	2321,	311,77	6.8	2,854	057	4.4	80	2917,4	07.	3,896
()illToHWAwer	‐	‐	‐	4,604	3.9	574	489	3.3	51	5,093	3.8	625
()SimbeiOxideGPNr	6,817	1.1	232	16,686	1.0	532	5,925	1.0	187	29,428	1.0	951
belphde()SimiSuiPNGr	1,583	1.2	58	46,382	1.7	2,543	19,885	1.6	1,003	67,850	1.7	3,607
lllToAPrjtatsoec	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 arereported inclusive of Ore Reserves

2. Cut‐off Grades Leonora: GwaliaDeeps (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 arereported constrained by a US$1,800/oz pit shell

4. Data is rounded tothousands 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 containedin the ASX release dated 23 August 2016 'Ore Reserves and Mineral Resources Statements' 30 June 2016' available at www.stbarbara.com.au.

Strong institutional share register

Shareholding Structure

Significant Shareholders 1

kVEAitancssocaes	18%
&MGIMtttnvesmeng	%7
ViIMtttnanesmengvv	5%
2lhhldIiiStttnsonaareoersu	82%
hSiaresonssue	947M

Approved Depositary Receipts (ADR) are trading in USA through BNY Mellon (ADR OTC Code 'STBMY')

ResearchCoverage

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1. As notifiedby substantial shareholders to 30 March 2017

Boardof Directors

Tim Netscher Chairman– Non Executive 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 RoadResources Limited and Western Areas Limited.

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.

David Moroney Director– NonExecutive

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'sCo‐operative Ltd and WA Super, Western Australia's largest public offer superannuation fund.

Kerry Gleeson Director– NonExecutive

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.

ExecutiveLeadership Team

Bob Vassie 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.

Garth Campbell‐Cowan ChiefFinancial Officer

Joined2006

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.

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.

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.

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Investor RelationsEnquiries

Rowan Cole Company Secretary

Garth Campbell‐Cowan ChiefFinancial Officer

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

51/ European Gold Forum | 4 to 6 April 2017