Presentation to analysts and investors at Leonora Operations - PDF document

ASX Release / 15 May 2018 Presentation to analysts and investors at Leonora Operations Attached is a presentation to analysts and investors attending a site visit this week 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 W www.stbarbara.com.au ACN 009 165 066 Locked Bag 9, Collins Street East, Melbourne VIC 8003

Kous Kirsten, General Manager Leonora Operations / 15 May 2018 Gwalia site visit 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, e.g. FY18 = 1 July 2017 to 30 June 2018. Q1 Sep FY18 = quarter to 30 Sep 2017 Q3 Mar FY18 = quarter to 31 Mar 2018 Q2 Dec FY18 = quarter to 31 Dec 2017 Q4 Jun FY18 = quarter to 30 June 2018 Australian Securities Exchange (ASX) Listing code “SBM” American Depositary Receipts (ADR OTC code “STBMY”) through BNY Mellon, www.adrbnymellon.com/dr_profile.jsp?cusip=852278100 Published 14 May 2018. 2 / Gwalia Site Visit Presentation / May 2018

Contents Overview of St Barbara • Operations • Safety Gwalia Mine, Leonora, WA • History • Production • Innovation • Growth Exploration Appendices Adrian Diaz –Senior Resource Geologist (SBM) and Alexander Phillps (DDH1) at 2600 mbs deep drilling site, Jan 2018 3 / Gwalia Site Visit Presentation / May 2018

Overview of operations ASX 200 (ASX: SBM), est. 1969 Papua Simberi Operations Commodity Gold (Au) New Guinea A$2.5B @ Market cap 1 A$4.75/sh Shares 1 517 M Liquidity 2 2.8 M/day (0.5%) FY17 EPS 3 A$0.32 Australia FY17 DPS A$0.06 Leonora Operations Cash 4 A$262 M (Gwalia mine) Nil 5 Debt Ore Reserves (JORC) 6 4.3 Moz Mineral Resources 6 9.1 Moz Consolidated Gwalia underground mine Simberi open pit mine 381 koz @ AISC 7 A$907/oz FY17 265 koz @ AISC A$785/oz 116 koz @ AISC A$1187/oz FY18F 8 375 to 392 koz @ AISC A$920 to $970/oz 250 to 260 koz @ AISC A$840 to A$880/oz 125 to 132 koz @ AISC A$1,070 to A$1,130/oz 1. As at 11 May 2018. 2. 1 month to 30 April 2018, source IRESS. 3. Basic EPS. 4. 31 Mar 2018. 5. No interest bearing liabilities, except equipment leases totalling approx. A$0.2 million. 6. Refer ASX announcement titled ‘Ore Reserves and Mineral Resources Statement 30 June 2017’. Mineral Resources are reported inclusive of Ore 4 / Gwalia Site Visit Presentation / May 2018 Reserves. 7. Non IFRS measure, refer Appendix. 8. FY18 guidance in Q3 March FY18 Quarterly Report.

Start safe, stay safe Total Recordable Injury Frequency Rate 1 6.0 5.0 4.1 2.6 2.4 2.1 1.2 1.2 FY 13 FY 14 FY15 FY16 FY17 Q1 Q2 Q3 FY18 FY18 FY18 • TRIFR corresponds to 8 low range injuries in last 12 mths • Corresponding LTIFR (lost time/ ’serious’ injury frequency rate) of 0.7 to 31 Mar 2018 compares with gold mining industry average Tele-remote operating of bogger at Gwalia, WA. of 2.1 2 1. Total Recordable Injury Frequency Rate (12 month avg). TRIFR includes Pacific Operations from Sept 2012. 2. Industry Lost Time Injury Frequency Rate (LTIFR) data per the Department of Mines and Petroleum report 5 / Gwalia Site Visit Presentation / May 2018 titled ‘Safety Performance in the Western Australian Mineral Industry’ for FY 2016-2017.

Gwalia | 120 not out! • 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 6 / Gwalia Site Visit Presentation / May 2018

Gwalia production and cost profile Mined Grade (g/t Au) 11.7 10.7 9.3 8.9 8.8 8.4 8.2 6.9 6.3 5.7 Reserve Grade 7.8 g/t Au June 2017 260 267 265 to 248 250 Production (koz) 214 185 AISC 183 (A$/oz) 940 860 841 783 785 131 Q1-3 184 109 @ 83 858 & 12.1 g/t Au FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18F Historic Gwalia Head-frame FY18F AISC is midpoint of guidance, released 19 April 2018 in Q3 March FY18 Quarterly Report. AISC is a non IFRS measure, refer corresponding slide in Appendix. 7 / Gwalia Site Visit Presentation / May 2018 Reserve grade per ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.

Gwalia Q3 FY18 results + FY18 guidance AISC (A$/oz) 905 872 859 816 786 FY17 average A$785/oz Q3 Mar FY18 production 15.0 • 56,773 oz (Q2 FY18: 62,835 oz) Mined grade (g/t Au) • AISC 1 A$905/oz (Q2: A$859/oz) 11.3 11.2 10.7 • Mined grade of 15.0 g/t Au from 9.2 higher grade sections of South Reserve grade 7.8 g/t Au 2 FY17 average 10.7 g/t Au West Branch Production (koz) 64.9 64.3 62.8 62.1 56.7 FY18 guidance - maintained • Production of 250 to 260 koz • AISC of A$840 to A$880/oz • Sustaining capex: A$35 to A$40 M • Growth capex A$45 to $50 M (was A$50 to $55 M) FY17 FY17 FY18 FY18 FY18 Q3 Mar Q4 Jun Q1 Sep Q2 Dec Q3 Mar Reported ounces in Quarterly Report. 1. Non IFRS measure, refer corresponding slide in Appendix 8 / Gwalia Site Visit Presentation / May 2018 2. Refer ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ released 23 August 2017

Gwalia animation Gwalia A rich history with a bright future Animation of Gwalia underground mine available at https://youtu.be/e7slJIjDLtc 9 / Gwalia Site Visit Presentation / May 2018

Main current projects - timeline FY18 FY19 FY20 Q3 Mar Q4 Jun Q1 Sep Q2 Dec & beyond Gwalia Extension Project construction (completion due Q1 Sep FY20 to Q3 Mar FY20) Gwalia Mass Extraction feasibility study Investment decision Dec 2018 2600 mbs hole drilling analysis & results 3D Targets interpretation drilling Simberi sulphide PFS drilling Simberi JV ongoing drilling and interpretation program (Nov 2016 to 2024) Initial 2 year option period to Nov 2018 Refer Q3 March FY18 Quarterly Report for details 10 / Gwalia Site Visit Presentation / May 2018

Gwalia 5-year outlook Mined Grade 11.7 (g/t Au) 10.7 9.8 9.3 8.9 8.8 8.4 8.2 8.1 7.7 6.9 6.7 6.3 5.7 Reserve Grade to 2140 mbs 290 without 280 260 267 hydraulic 265 260 250 250 248 240 hoisting 240 214 185 183 LoM to AISC FY 2031 (A$/oz) 940 930 920 860 841 131 783 785 720 109 650 83 GEP GMX FS FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18F FY19 FY20 FY21 FY22 Outlook • “Gwalia Mass Extraction” (GMX) PFS completed for a • GMX investment decision targeted for Dec 2018. major production rate increase, potentially within 5- • Without hydraulic hoisting, production levels year outlook. expected to remain robust at around current levels. For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released on 21 February 2018. FY18F AISC is midpoint of guidance, released 23 January 2018 in Q2 December FY18 Quarterly Report. AISC is a non IFRS measure, refer 11 / Gwalia Site Visit Presentation / May 2018 corresponding slide in Appendix. Reserve grade per ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.

Gwalia Mass Extraction - PFS For details refer to ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’ 12 / Gwalia Site Visit Presentation / May 2018