Presentation to analysts and investors at Leonora Operations - PDF document

SBM Release / 9 August 2018 Presentation to analysts and investors at Leonora Operations Attached is a presentation to analysts and investors attending a site visit today at Leonora Operations, Western Australia. Investor Relations Mr David Cotterell Manager Investor Relations +61 3 8660 1959 ASX: SBM Media Relations Mr Tim Duncan Hinton & Associates +61 3 9600 1979 ADR: STBMY 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 / August 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. 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 This presentation published 9 August 2018 2 / Gwalia Site Visit Presentation / August 2018

Contents Overview of St Barbara • Operations • Safety Gwalia Mine, Leonora, WA • History • Production • Innovation • Growth Exploration Appendices 2600 mbs deep drilling site, June 2018 3 / Gwalia Site Visit Presentation / August 2018

Corporate Overview Papua ASX 200 (ASX: SBM; ADR: STBMY), est. 1969 Simberi New Guinea Commodity Gold (Au) Market cap 2 A$2.2B @ A$4.17/sh Shares 2 521 M Liquidity 5 3.2 M/day (0.6%) H1 FY18 EPS 6 A$0.21 Australia H1 FY18 Dividend A$0.04 Leonora Cash and cash deposits 7 A$344 M (Gwalia mine) Debt Nil Ore Reserves (JORC) 1 4.3 Moz Mineral Resources 1 9.6 Moz Consolidated Gwalia Simberi 268 koz @ AISC 4 A$802/oz FY18A 403 koz @ AISC A$891/oz 135 koz @ AISC A$1,068/oz FY19F 3 245 to 260 koz @ AISC A$920 to $980/oz 105 to 115 koz @ AISC A$1,275 to A$1,375/oz 350 to 375 koz @ AISC A$1,030 to 1,100/oz 1. Refer ASX announcement 23 August 2017 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2017’. Mineral Resources are reported inclusive of Ore Reserves. 2. As at close 2 August 2018, A$4.17 ea. 3. FY19F guidance released 26 July 2018 Q4 June 2018 Quarterly Report. 4. Non IFRS measure, refer corresponding slide in Appendix. 5. 3 months to 2 Aug 2017, Deutsche 4 / Gwalia Site Visit Presentation / August 2018 Bank. 6. Basic EPS for H1 FY18. 7. Cash and cash deposits at 30 June 2018.

Start safe, stay safe Total Recordable Injury Frequency Rate 1 • Decrease in TRIFR from 2.6 at the end of Q3 Mar FY18 to 2.1 5.0 at the end of Q4 June FY18. 4.1 • Plans and strategies implemented to further reduce 2.6 the TRIFR rate through FY19. 2.4 2.1 2.1 • Corresponding LTIFR (lost time 1.2 1.2 (‘serious’) injury frequency rate) of 0.5 to 30 June 2018 compares with gold mining FY 14 FY15 FY16 FY17 Q1 Q2 Q3 Q4 industry average of 2.1 2 FY18 FY18 FY18 FY18 1. Total Recordable Injury Frequency Rate (12 month avg). 2. Industry Lost Time Injury Frequency Rate (LTIFR) data per Department of Mines, Industry Regulation and 5 / Gwalia Site Visit Presentation / August 2018 Safety report titled ‘Safety Performance in the Western Australian Mineral Industry’ for 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 / August 2018

Gwalia production profile Mined Grade FY18 performance (g/t Au) 12.5 10.7 10.5 9.3 8.9 • Record production 268 koz 8.8 8.4 8.2 6.9 (FY17: 265 koz) 6.3 5.7 Reserve Grade 7.8 g/t Au June 2017 • AISC 1 A$802/oz 260 265 268 267 Production (FY17: A$785/oz) 248 245 (koz) 214 AISC 185 FY19 guidance 183 (A$/oz) 950 940 841 131 802 783 785 • Production of 245 to 260 koz 109 83 • AISC of A$920 to A$980/oz 2 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19F 1. AISC is a Non-IFRS measure, refer Appendix 7 / Gwalia Site Visit Presentation / August 2018 2. FY19F AISC is midpoint of guidance released 26 July 2018 in the Q4 June 2018 Quarterly Report

Quarterly Gwalia production profile AISC (A$/oz) 905 872 859 816 FY18 average A$802/oz 679 Q4 Jun FY18 production Mined grade 15.0 • 84,537 oz (g/t Au) 13.4 11.2 10.7 (Q3 FY18: 56,773 oz) 9.2 FY18 average 12.5 g/t Au • AISC 1 A$679/oz Reserve grade 7.8 g/t Au 2 (Q3 FY18: A$905/oz) Production (koz) 84.5 • Mined grade of 13.4 g/t Au from higher grade sections of South 64.3 62.8 62.1 West Branch (Q3 FY18: 15.0 g/t Au) 56.7 • Mining chevron reset in Q3 allowed production from multiple faces FY17 FY18 FY18 FY18 FY18 Q4 Jun Q1 Sep Q2 Dec Q3 Mar Q4 Jun Reported ounces in Quarterly Report. 1. Non IFRS measure, refer corresponding slide in Appendix 8 / Gwalia Site Visit Presentation / August 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/ya-GEzscdCY 9 / Gwalia Site Visit Presentation / August 2018

Gwalia Mining Strategy Dual Lift Stoping in SWB Mining method mining sequence manages the hanging wall Long hole stoping with fill • FY11 North & South access on • two dual lift levels gives 4 2 mining areas 1 Greater percentage of free • 5 bogging increases productivity of each stope 4 Sill drives fully in ore – • reduces development 3 Note: Single lift Hanging dilution Wall Span typically 32m 8 (HR=6.15) Production drilling parallel • 7 to hanging-wall to reduce blast induced dilution Development fully in 6 ore (limited dilution) 11 Gwalia Site Visit Presentation / August 2018 10 /

Stope Cycles targeting higher production 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 0 1 2 3 4 5 6 Adjacent stope curing Development Raiseboring ‘Production’ Production Drilling Blasting & Bogging Paste filling & Curing Gwalia Site Visit Presentation / August 2018 11 /