Presentation on Q2 December 2016 Quarterly Report and audio webcast - PDF document

ASX Release / 18 January 2017 Presentation on Q2 December 2016 Quarterly Report and audio webcast Bob Vassie, Managing Director & CEO, will brief analysts and institutional investors on the Q2 December 2016 Quarterly Report at 11:00 am Australian Eastern Daylight Time (UTC + 11 hours) on Wednesday 18 January 2017. Participation on the conference call is by personal invitation only. A live audio webcast of the briefing will be available on St Barbara’s website at www.stbarbara.com.au/investors/webcast/ or by clicking here. The audio webcast is ‘listen only’ and does not enable questions. The audio webcast will subsequently be made available on the website. 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 W www.stbarbara.com.au ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003

BOB VASSIE, MANAGING DIRECTOR & CEO / 18 January 2017 Q2 December 2016 Quarterly Presentation

Disclaimer 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. 2 / Q2 December 2016 Quarterly Presentation

Contents > Highlights > Safety > Operations > Gwalia Extension Project > Exploration > Conclusion St Barbara Emergency Response Team, Leonora Operations : Overall winners for the second year running in CMEWA Underground > Appendices Mine Emergency Response Competition, November 2016 3 / Q2 December 2016 Quarterly Presentation

Highlights Q2 December 2016 > Gold production for quarter increased to 99 koz, at lower AISC 1 of A$876/oz > Gwalia, WA > Gwalia Extension Project Feasibility Study approved , early works commenced > Inclusion of Paste Aggregate Fill (PAF) underground crushing and paste mixing > Simberi, PNG > Production maintained at above 100 koz p.a. run rate > New record total material moved > A$76 million quarter cash contribution from operations 2 (Q1 FY17: A$83 M) plus 14 koz gold inventory at end of quarter > A$121 million in debt repayments; net-cash 3 position at 31 Dec 2016 > Safety performance record low injury rate 4 maintained > Standard & Poor’s rating lifted to B+ with stable outlook 1.Non-IFRS measure, refer Appendix for details . 2. Non-IFRS measure of site operating cash flow (excludes $2 M of growth capex), refer ‘cash movements’ table in ‘ Quarterly Report Dec 2016’ released 18 Jan 2017. 3. Non-IFRS measure, equivalent to cash and cash equivalents less current and non-current interest bearing borrowings. 4 / Q2 December 2016 Quarterly Presentation 4. Total Recordable Injury Frequency Rate (12 month avg).

Start safe, stay safe Total Recordable Injury Frequency Rate 2 Safety performance 9.0 > Record low TRIFR 1 of 1.8 continued to 31 December 2016 > Gwalia Emergency Response 6.0 Team overall winners for the second year running in CMEWA 5.0 Underground Mine Emergency 4.1 Response Competition 3 > Initiatives focused on 2.1 understanding current safety 1.8 1.8 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, 5 / Q2 December 2016 Quarterly Presentation Kalgoorlie

Balance sheet positioned for growth A$M Net Debt / Net Cash 1 A$121 million debt ˃ $31 million A$M 50 Net Cash repayments during quarter 0 US$40 million Notes > -15 remaining at 31 December -50 -92 US Notes to be further > -100 -134 reduced by US$20 million on 6 / -150 20 January 2017 -199 -200 Remaining US$20 million > -243 Notes expected to be -270 -250 repurchased in Q3 March -311 -312 -320 -300 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 1. Non-IFRS measures, refer Appendix for details 6 / Q2 December 2016 Quarterly Presentation

St Barbara vs Comparators FCF Yield & EV/Reserves 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 Northern Star production rate (koz p.a.) A$1,200 0% 5% 10% 15% 20% 25% 30% FCF Yield (FCF/EV) 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. 7 / Q2 December 2016 Quarterly Presentation Implied free cash flow = AISC margin x estimated annualised production, and is an estimate only.

Consolidated Q2 December 2016 quarter AISC (A$/oz) 992 960 947 935 Q2 December 2016 quarter 876 FY16 average A$933/oz > Consolidated company production of 99 koz Production (koz) (Q1 FY17: 93 koz) > Gwalia 71 koz (Q1:67 koz) 99 92 93 92 92 > Simberi 28 koz (Q1: 25 koz) 28 > Consolidated AISC 1 of A$876/oz 25 25 27 28 (Q1: A$935/oz) > Gwalia A$716/oz (Q1: 774/oz) > Simberi A$1,277/oz (Q1: A$1,359/oz) 71 67 66 65 64 > Average A$ spot gold price fell 8% from Q1 to Q2, yet AISC margin reduced by only 5% 2 > FY17 production guidance refined to FY16 FY16 FY16 FY17 FY17 between 350 and 370 koz, previously 340 to Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec 370 koz Gwalia Simberi Figures displayed to nearest koz. Reported ounces in Quarterly Report. 1. Non IFRS measure, refer corresponding slide in Appendix 2. A$ spot gold average Q1 A$1,762/oz, Q2 A$1,626/oz, (Reuters), gold sold average Q1 $1,737/oz, Q2 8 / Q2 December 2016 Quarterly Presentation $1,636/oz, less AISC (refer chart), margin Q1 $802 /oz, Q2 $760/oz

Gwalia Q2 December 2016 quarter AISC (A$/oz) 846 836 774 770 716 FY16 average A$783/oz Q2 December 2016 quarter Mined Grade 11.9 > Production of 70,925 oz (g/t Au) 10.4 10.2 (Q1: 67,118 oz) 9.3 > AISC 1 of A$716/oz (Q1: A$774/oz) FY16 average 9.3 g/t Au 7.9 > Mined grade of 11.9 g/t Au (Q1: 10.4 Reserve grade 8.3 g/t Au Production (koz) g/t Au), higher than predicted due to presence of high grade shoots 70.9 67.1 66.1 65.1 63.5 > 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 FY16 FY16 FY16 FY17 FY17 Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec Figures displayed to nearest koz. Reported ounces in Quarterly Report. 1. Non IFRS measure, refer corresponding slide in Appendix 9 / Q2 December 2016 Quarterly Presentation 2. Refer ‘ Ore Reserves and Mineral Resources Statements 30 June 2016 ’ released 23 August 2016