ST BARBARA LIMITED — Investor Presentation 2017

Jan 31, 2017

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ASX Release / 1 February 2017
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Presentation to analysts and investors at Leonora Operations

Attached is a presentation to analysts and investors attending site visits during February 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 +61 3 8660 1999 ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003 W www.stbarbara.com.au

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Kous Kirsten, General Manager Leonora Operations
Rowan Cole, Company Secretary
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Gwalia investor and analyst site visit February 2017

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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 30 January 2017

2 / Leonora Operations Site Visit / February 2017

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Contents
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˃ Overview of St Barbara

˃ Assets and Guidance

˃ Safety

˃ Gwalia Mine, Leonora, WA

˃ Production

˃ Innovation

• ˃ Growth

˃ Exploration

˃ Appendices

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

3 / Leonora Operations Site Visit / February 2017

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St Barbara’s history
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2006 Name changed to St Barbara Ltd

2008 Gwalia commissioned

2005

Leonora and Southern Cross acquired from Sons of Gwalia administrators & Meekatharra sold

Gold production, Meekatharra, WA

1991 Name changed to St Barbara Mines Ltd

Mineral exploration in WA

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2011 King of the Hills commissioned

2012 Allied Gold Ltd acquired Inc. Simberi and Gold Ridge

2013 Southern Cross sold

1969 Incorporated as Endeavour Oil

2015

Gold Ridge sold, King of the Hills sold

4 / Leonora Operations Site Visit / February 2017

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

Consolidated production

Shares on issue

Market Cap[2 ]

Ore Reserves June 2016

Mineral Resources June 2016

• 497 M A$1,159 M

• 4.0 Moz[1] 9.1 Moz[1]

• ˃ FY16 387 koz @ AISC[4] A$933/oz ˃ FY17F[3] 360 koz @ AISC A$990/oz

Leonora

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˃ Gwalia underground mine
˃ FY16 production
267 koz @ AISC A$783/oz
˃ FY17F [3] production
260 koz @ AISC A$833/oz
Exploration Australia
˃ Greenfields and
brownfields exploration Leonora
portfolio in Australia & PNG
˃ Near mine targets
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• ˃ 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

• ˃ FY17F[3] production 100 koz @ AISC A$1,410/oz

• Refer ASX announcement 23 August 2016 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2016’. 2. As at close 27 Jan 2017, A$2.33ea. 3. FY17F is midpoint of guidance, released 19 July 2016 in Q4 June 2016 Quarterly Report, refined 18 January 2017 in Q2 December 2016 Quarterly Report. 4. Non IFRS measure, refer corresponding slide in Appendix

5 / Leonora Operations Site Visit / February 2017

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FY16 Highlights
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Record Safety

Record Production

Record Profit > Record Cash Flow

Balance sheet repaired > Addition to Gwalia Resources & Reserves > Best performing stock in ASX 200[1 ]

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

6 / Leonora Operations Site Visit / February 2017

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St Barbara vs Comparators FCF Yield & EV/Reserves
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EV/Reserve oz
(A$/oz)
A$0
Resolute
A$200
St Barbara
Oceana Gold
A$400
Evolution
Saracen
A$600
Regis
A$800
Bubble size =
estimated
A$1,000
production rate Northern Star
(koz p.a.)
A$1,200
0% 5% 10% 15% 20% 25% 30%
FCF Yield (FCF/EV)
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7 / Leonora Operations Site Visit / February 2017
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Source: Bell Potter 12 January 2017 (with permission), when SBM = $2.21/share, EV = $1.1B, spot gold = A$1,605/oz EV = Market cap + net debt. AISC margin = A$ spot gold less reported AISC (SBM = A$935 /oz Q1 Sep 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.

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

Safety performance

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9.0
6.0
5.0
4.1
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Record low TRIFR[1 ] of 1.8 continued to 31 December 2016

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

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2.1
1.8 1.8
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Initiatives focused on understanding current safety culture and strategies to maintain safety performance

FY 12 FY 13 FY 14 FY15 FY16 Q1 Q2 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

8 / Leonora Operations Site Visit / February 2017

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Gwalia, a mine with a rich history and future
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Low cost, high margin, cash generator[1 ] > Long life[2] > Opportunities to grow & extend[3 ]

1. Q2 Dec 2016 AISC A$ 716/oz, Leonora operating cash flow A$71M, refer Q2 December 2016 Quarterly Report (released 18 January 2017). 2. Gwalia mine plan to 2024, refer FY16 Financial Report Presentation released 24 August 2016. 3. Refer Gwalia Extension Project and exploration results in Q2 December 2016 Quarterly Report (released 18 January 2017).

9 / Leonora Operations Site Visit / February 2017

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Record production driven by productivity gains
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Mined Grade
9.3
(g/t Au) 8.8 8.9
8.2 8.4
6.9
Reserve Grade
6.3
5.7 8.3 g/t Au June 2016
265
267
Production
255
(koz) 248
214
185 183
AISC
(A$/oz) 940
841 833
131 783
109
83
FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 F
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FY16 continued improvement

FY16 production of 267 koz (FY15: 248 koz)

AISC of A$783/oz (FY15: A$841/oz)

FY17 guidance

Production 255 – 265 koz

AISC A$815 – A$850 per ounce > Capital expenditure A$44 to A$50M

AISC is a Non-IFRS measure, refer appendix . FY17F is midpoint of guidance, released 19 July 2016 in Q4 June 2016 Quarterly Report, refined 18 January 2017 in Q2 December 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’.

10 / Leonora Operations Site Visit / February 2017

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8% year on year improvement with 3 key innovations
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Gwalia A rich history with a bright future

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 (CY16) 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

11 / Leonora Operations Site Visit / February 2017

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Gwalia Q2 December 2016 quarter
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AISC (A$/oz)

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846 836
770 774
716
FY16 average A$783/oz
Mined Grade 11.9
(g/t Au)
10.4
10.2
9.3
FY16 average 9.3 g/t Au
7.9
Reserve grade 8.3 g/t Au
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Mined Grade
(g/t Au)
7.9
Production (koz)
63.5
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70.9 66.1 65.1 67.1 63.5 FY16 FY16 FY16 FY17 FY17 Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec

Q2 December 2016 quarter

Production of 70,925 oz (Q1: 67,118 oz)

AISC[1] of A$716/oz (Q1: A$774/oz)

Mined grade of 11.9 g/t Au (Q1: 10.4 g/t Au), higher than predicted due to presence of high grade shoots

 > Average mined grade of 9.0 g/t Au anticipated for Q3 and Q4

FY17 production guidance refined to between 255 and 265 koz, previously 245 to 265 koz[3 ]

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

1. Non IFRS measure, refer corresponding slide in Appendix

2. Refer ‘Ore Reserves and Mineral Resources Statements 30 June 2016’ released 23 August 2016 3. Refined 18 January 2017 in Q2 December 2016 Quarterly Report

12 / Leonora Operations Site Visit / February 2017

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

• ˃ 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

FY11 2

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1
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5
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4

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

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7

Development fully in 6 ore (limited dilution)

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11
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13 / Leonora Operations Site Visit / February 2017

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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

14 / Leonora Operations Site Visit / February 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

15 / Leonora Operations Site Visit / February 2017

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St Barbara vs Global Gold Miners – Q4 June 2016 US$ AISC
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Gwalia Q4 June 2016 Global gold production – AISC
1,400
53 companies, 196 mines
A rich history with a bright future
1,200
1,000 St Barbara US$716/oz AISC
(inc. Gwalia US$644/oz AISC)
800
600
400
200
0
0 2 4 6 8 10
Asia Africa Australia North America South America
AISC (US$/oz)
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Cumulative production (Moz)

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16 / Leonora Operations Site Visit / February 2017
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AISC is a non-IFRS measure, refer corresponding slide in Appendix. Company published AISC. Source: Global Mining Research (with permission)

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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
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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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17 / Leonora Operations Site Visit / February 2017

Refer ASX announcement 23 August 2016 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2016’.

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Gwalia Extension Project
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• Ventilation upgrade feasibility study announced in August 2016 completed and approved.

• Gwalia > Allows mining to 2,000 metres below surface (mbs)

• A rich history with a bright future[[1]]

• Option to extend vent infrastructure in the future to mine to 2,200 mbs[[1]]

˃ Paste Aggregate Fill (PAF) feasibility study also completed and approved.

• Mix paste with waste crushed underground for stope filling, eliminate trucking waste to surface

• Increases truck productivity, only ore hauled to surface

• Allows faster stope filling reducing stope cycle times

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

• Expediting PAF greatly enhances total value of Gwalia Extension Project

• Early works underway , approximately A$6 million expenditure in the March 2017 quarter

• Studies indicate Ventilation Upgrade capex of A$70 to A$75 million , over 2 to 2.5 years construction time, and PAF capex of A$15 to A$20 million, over 12 months construction time

> Final project cost and schedule depends on availability of raisebore machines and further geotechnical studies

• Investment decision to allow mining to 2,000 mbs scheduled for March 2017

Pinjin, May 2016

1. Current mine plan extends to 1,940 mbs in FY 2024. Should the current drilling program identify sufficient resources below 2,000 mbs, the Study defines additional infrastructure to extend ventilation from 2,000 mbs to allow mining to 2,200 mbs at a cost of between A$30 to A$35 M.

18 / Leonora Operations Site Visit / February 2017

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Gwalia Extension Project – Ventilation Upgrade
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Conceptual illustration only, studies underway will determine final design

19 / Leonora Operations Site Visit / February 2017

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Gwalia Extension Project – PAF Isometric Fixed Plant View
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Conceptual illustration only, studies underway will determine final design

20 / Leonora Operations Site Visit / February 2017

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PAF Isometric View
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1
2
1 Bogging Location 1
2 Bogging Location 2
Current Paste Infrastructure
Proposed PAF Fixed Plant
Waste Capacity
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Conceptual illustration only, studies underway will determine final design

21 / Leonora Operations Site Visit / February 2017

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Q2 December 2016 Exploration Results
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Gwalia
A rich history with a bright future
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Gwalia - March 2016
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22 / Leonora Operations Site Visit / February 2017

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Exploration: Gwalia Summary
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Gwalia Deeps Extension

• Successful completion of daughter holes GWDD18B and GWDD18C

• Intersected 88m and 81m of Mine Sequence respectively interpreted to represent extensions of South West Branch

• Further drilling of ten additional daughter holes scheduled to be completed during Q3 FY17

Northern Extension

• Drill holes GWDD10C and GWDD10D successfully intersected 130m and 75m of mineralised Mine Sequence respectively, interpreted to represent extensions of Main Lode and South West Branch

• GWDD10E passed through 103m of mineralised Mine Sequence returning an intersection of Main Lode

For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

23 / Leonora Operations Site Visit / February 2017

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Exploration: Gwalia Deep Drilling Program
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For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

24 / Leonora Operations Site Visit / February 2017

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Exploration: Gwalia Deep Drilling Program
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For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

25 / Leonora Operations Site Visit / February 2017

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Exploration: Gwalia Deeps Northern Extension
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For full explanation and results refer to ASX release 19 Oct 2016 ‘Quarterly Report September 2016’

26 / Leonora Operations Site Visit / February 2017

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Exploration: Summary of greenfields projects
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Pinjin, WA

• 3,329 metre RC drill program completed

In Q3 March 2017 a 17,000 metre aircore drill program commencing to follow up encouraging early stage results

Back Creek, NSW

3,776 line kilometre airborne geophysical survey was completed

Tatau Island, PNG

Results from Mt Letam copper-gold porphyry

Trenching, mapping and drilling continuing at Southwest Tatau > Farm-in and option with Newcrest for copper-gold porphyry exploration on Tatau and Big Tabar islands

For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

27 / Leonora Operations Site Visit / February 2017

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Exploration: Pinjin, WA
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For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’.

28 / Leonora Operations Site Visit / February 2017

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Exploration: Pinjin, WA
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For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

29 / Leonora Operations Site Visit / February 2017

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Exploration: Back Creek, NSW
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A rich history with a bright future
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Back Creek, NSW

• An airborne geophysical survey completed during the December 2016 quarter

• Data processing and image generation will be completed early in the March 2017 quarter

• A 3 sub-block

application ELA5392 was submitted for vacant ground adjacent to EL8214

For full explanation and results refer to ASX release 18 Jan 2017 ‘Quarterly Report December 2016’

30 / Leonora Operations Site Visit / February 2017

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Exploration: Gwalia Seismic campaign
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˃ ˃ Use sound waves reflecting off mineral Q1 Gwalia, Q2 ‘Greater Gwalia’ Gwalia formations to explore. ˃ Leading edge use of sensors down deep A rich history with a bright future ˃ Used successfully by other WA Gold drill holes

A rich history with a bright future ˃ Used successfully by other WA Gold miners

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31 / Leonora Operations Site Visit / February 2017

For full explanation and results refer to ASX release 19 July 2016 ‘Quarterly Report June 2016’

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Conclusion
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• ˃ Q2 Dec 2016: 99 koz gold produced at AISC[1] A$876 /oz

• ˃ Gwalia Extension Project studies approved, now includes PAF underground crushing and paste mixing

• ˃ Strong cash contribution leads to net cash[1] position

• ˃ A$121M debt repayments in Q2 Dec 2016, further US$20M reduction in January 2017, anticipate repurchasing remaining US$20M in Q3 March 2017

• ˃ Simberi new record total material moved in Q2 Dec 2016

• ˃ Exploration encouraging results, program in H2 FY17 includes:

• ˃ Gwalia, resource definition below 2,000 mbs, 3D seismic campaign

• ˃ Pinjin WA, 17,000m aircore drill campaign

• ˃ Tatau, gold trenching and drilling

• ˃ Newcrest farm-in and option activities starting

1.Non-IFRS measures, refer appendix

32 / Leonora Operations Site Visit / February 2017

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Appendices
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33 / Leonora Operations Site Visit / February 2017

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Consolidated Production, Costs, Guidance Summary
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Production Summary Consolidated	Production Summary Consolidated	Q4 Jun FY16	Year FY16	Q1 Sep FY17	Q2 Dec FY17	Guidance FY173
Production
Gwalia	oz	65,098	267,166	67,118	70,925	255 to 265 koz (previously 245 to 265 koz1)
King of the Hills4	oz	-	9,112	-	-	-
Simberi	oz	26,935	110,286	25,429	28,057	95 to 105 koz
Consolidated	oz	92,033	386,564	92,547	98,982	350 to 370 koz (previously 340 to 370 koz)
Mined Grade						Reserve grade[2]
Gwalia	g/t	9.3	9.3	10.4	11.9	8.3
Simberi	g/t	1.18	1.26	1.05	1.13	1.3
Total Cash Operating Costs[1]
Gwalia	$/oz	638	609	580	546	n/a
King of the Hills4	$/oz	-	893	-	-	-
Simberi	$/oz	1,164	1,143	1,247	1,161	n/a
Consolidated	$/oz	792	768	763	721
All-In Sustaining Cost[1]
~~1 Non-IFRS measure refer Appendix~~ Gwalia	$/oz	836	~~3 FY17 gu~~ 783	idance announced in 774	4 June 2016 quarterl 716	~~report (released 19 July 2016) updated~~ 815 to 850 (previously 850 to 910)
~~. , .~~ 2. Ore Reserve grade at 30 June 2016, re King of the Hills4	fer Ore Reserve and Min $/oz	eral Resources Statem -	ent ~~.~~ for Gwa 964	lia this quarter. -	-	~~,~~ -
~~(released 23 August 2016)~~ Simberi	$/oz	1,266	~~4. King of~~ It was s 1,293	~~t~~he Hills ceased mining old in October 2015(re 1,359	in April 2015 and cea fer ASX announcemen 1,277	~~sed processing in September 2015.~~ t 16 October 2015). 1,330 to 1,490
Consolidated	$/oz	960	933	935	876	950 to 1,030 (previously 985 to 1,0753)

1. Non-IFRS measure, refer Appendix.

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

3. FY17 guidance announced in Q4 June 2016 quarterly report (released 19 July 2016), updated for Gwalia on 18 Jan 2017 in Q2 December 2016 Quarterly Report.

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).

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Balance sheet positioned for growth
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A$M Net Debt / Net Cash [1 ]
˃
$31 million A$121 million debt
50 A$M Net Cash
repayments during Q2 Dec
2016
0
-15
>
-50 US$20 million Notes
-92 repurchased in Jan 2017
-100
-134
>
US$20 million Notes
35 /
-150 remaining at 31 Jan 2017
-199
-200
>
Remaining US$20 million
-243
-250 -270 Notes expected to be
repurchased in Q3 March
-311 -312
-300 -320 2017
-350
FY15 FY15 FY15 FY15 FY16 FY16 FY16 FY16 FY17 FY17
Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec
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1. Non-IFRS measures, refer Appendix for details

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Inorganic Growth
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Eyes open for opportunities

Will Consider

• Consider sensible inorganic growth where it increases shareholder value

• Robust and systematic evaluation process underway

Exploration, project, development and operating assets

• Range of sizes

• ‘Investible’ assets inside and outside of Australia, however, preference for Australian assets

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Gwalia
A rich history with a bright future
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Gwalia
A rich history with a bright future
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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

• ˃ Alliance agreement from Sep 2013

• ˃ Procurement

• ˃

Approx. 200 employees

• ˃ Commercial

• ˃ Fleet: inc.

˃ Approx. 150 employees, predominantly FIFO

• ˃ 5 drill rigs

• ˃ 4 loaders

Leonora facilities

• ˃ 10 trucks

• ˃ 1.2 Mtpa plant

• ˃ 8 Atlas Copco MT6020s (60t)

• ˃ 250 bed camp

• ˃ 2 Atlas Copco MT65s (65t)

Other contractors

• ˃ Approx. 80 contractors involved as required

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Stress Results – Comparatively benign to region
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Stress Test Results & Yilgarn Block Trends

Principal Stress (MPa)

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0 50 100 150 200 250 300
0
200
400
600
800
1000
1200
1400
1600
1800
2000
HI AE Min Yilgarn
Max Yilgarn Extrapolated Max Yilgarn Trend AMC Calc
Stress= 2/3UCS Extrapoloated Min Yilgarn Trend AMC Trend Line
Result from HI stress test conducted at the 1130 Level , July 2009
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Ore Reserves & Mineral Resources at 30 June 2016
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A rich history with a bright future Mineral Resources

Ore Reserves

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(Moz) (Moz)
9.2
9.1
5.0 4.6
Simberi
4.0 4.0
Leonora
1.9
2.1
Simberi
4.5
4.2
Leonora
2.1
1.9
FY 15 FY 16 FY 15 FY 16
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Refer ASX announcement released 23 August 2016 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2016’. Mineral Resources are reported inclusive of Ore Reserves.

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St Barbara share price vs US$ gold and XGD - % change
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700%
Gwalia
A rich history with a bright future 600% Top performing stock in the ASX 200 in FY2016 [2]
Joined ASX 200
500%
Top performing stock in the
ASX 300 in CY2015 [1]
400%
Joined ASX 300
300% SBM 279%
200%
100%
XGD 62%
A$ gold 4%
0%
US$ gold 0%
-100%
1 Jul 15 1 Oct 15 1 Jan 16 1 Apr 16 1 Jul 16 1 Oct 16 1 Jan 17
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• Source: IRESS to close 20 Jan 2017

• http://www.asx.com.au/education/investor-update-newsletter/201601-making-money-this-year.htm 2. www.mywealth.commbank.com.au, 1 July 2016.

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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/

6. 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.

Leonora Operations Site Visit / February 2017

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Strong institutional share register
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Shareholding Structure

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Not analysed Institutional USA 39%
10%
84%
Australia
Non
22%
Institutional
6%
UK 12%
Other 7%
Non
institutional /
not analysed
21%
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Analysis and geographic spread of shareholders as at 15 Dec 2016

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Significant Shareholders & wide broker coverage
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A rich history with a bright future Significant Shareholders[1 ]

Research Coverage

Van Eck Associates 16% M&G Investment Mgt 8% Vinva Investment Mgt 5% Institutional Shareholders[ 2] 84% Shares on issue 497M Approved Depositary Receipts (ADR) are trading in USA through BNY Mellon (ADR OTC Code ‘STBMY’)

Argonaut James Wilson Canaccord Reg Spencer Credit Suisse Mike Slifirski Deutsche Bank Matt Hocking Global Mining Research David Cotterell Macquarie Ben Crowley

1. As notified by substantial shareholders to 30 Jan 2017 2. As at 15 Dec 2016

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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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Rowan Cole Company Secretary

Garth Campbell-Cowan Chief Financial Officer

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

52 / Leonora Operations Site Visit / February 2017