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Gwalia Investor and Analyst Site Visit 12 February 2016 Disclaimer

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Gwalia Investor and Analyst Site Visit 12 February 2016 Disclaimer Kous Kirsten, General Manager Leonora Operations Rowan Cole, Company Secretary Gwalia investor and analyst site visit 12 February 2016 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. This presentation published 10 February 2016 2 / Leonora Operations Site Visit / February 2016 Contents ˃ Overview of Operations ˃ FY16 Guidance ˃ Safety ˃ Gwalia Mine, Leonora, WA ˃ Production ˃ Business Improvement ˃ Growth ˃ Exploration ˃ Innovation and Diversity ˃ Appendices 3 / Leonora Operations Site Visit / February 2016 St Barbara’s history 2005 2006 Leonora and Southern Cross Name changed to acquired from Sons of Gwalia St Barbara Ltd administrators & Meekatharra sold 2008 Gwalia commissioned 2004 Change in Board and 2011 Management King of the Hills commissioned Gold production, Meekatharra, WA 2012 1991 Allied Gold Ltd acquired Name changed to Inc. Simberi and Gold Ridge St Barbara Mines Ltd Mineral exploration in WA 2013 Southern Cross sold 1969 Incorporated as Endeavour Oil 2015 Gold Ridge sold, King of the Hills sold 4 / Leonora Operations Site Visit / February 2016 Overview of operations ASX 300 listed Company (SBM), founded 1969 Consolidated ˃ Shares on issue 495 M ˃ FY15A 377 koz ˃ Market Cap2 A$874 M @ AISC A$1,007/oz ˃ Ore Reserves 30 June 2015 4.0 Moz 1 ˃ FY16F3 367 koz ˃ Mineral Resources 30 June 2015 9.2 Moz 1 @ AISC A$1,025/oz ˃ ADR OTC code STBMY Simberi Simberi ˃ Open pit mine ˃ Q2 FY16 AISC A$1,319 /oz Leonora ˃ FY15 production 80 koz ˃ Gwalia underground mine ˃ FY16F production 100 – 110 koz ˃ FY15 AISC A$841/oz Australia ˃ Potential for long ˃ FY15 production Leonora life sulphide mine 248 koz ˃ Near mine targets ˃ FY16F production for exploration 245 – 260 koz 1. Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 5 / Leonora Operations Site Visit / February 2016 30 June 2015’, includes King of the Hills & Kailis (subsequently sold as first announced 20 August 2015). 2. As at 9 Feb 2016 $1.765 ea 3. Midpoint of FY16 Guidance FY15 Scorecard Objective Result Guidance Gwalia – production and AISC1 Exceeded Simberi – production and AISC1 Achieved – 100 koz p.a. run rate Achieved – cash flow positive by June 2015 Quarter2 Exceeded Corporate Cost reduction Achieved Board renewal Achieved Gold Ridge - divestment Achieved King of the Hills - divestment Achieved New objectives Debt reduction Commenced Future St Barbara – Gwalia materials handling PFS Commenced – Simberi sulphide PFS Commenced 1. Non IFRS measure, refer corresponding slide in Appendix 6 / Leonora Operations Site Visit / February 2016 2. First achieved in month of December 2014 Share Price Reflects Turnaround ASX:SBM $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15 7 / Leonora Operations Site Visit / February 2016 Source: IRESS to 9 Feb 2016 St Barbara vs other gold companies, ASX & globally Free cash flow, Enterprise Value, Production Bubble size = production rate 7,000 RRS LN (kozpa) AEM US DGC CN 6,000 NCM 5,000 GG US ABX US NEM US NGD US EGO US 4,000 AQG RRL EVN AUY US BTG US 3,000 KGC US NST SBM PPP US ANG SJ SAR EV/Production (A$/oz) EV/Production 2,000 SGL SJ CG CN GFI SJ DRM IAG US HAR SJ RSG 1,000 TRY BDR TGZ SLR KCN MML PRU MOY 0 -100 0 100 200 300 400 500 ASX Gold Global Gold Normalised FCF margin (A$/oz) Source: Argonaut Metals and Mining, 6 January 2016 (with permission). Estimates on ASX producers are 8 / Leonora Operations Site Visit / February 2016 based on CY15/FY16 projections. Global peer production metrics are based on respective CY15 guidance. Start safe, stay safe Total Recordable Injury Frequency Rate Safety performance 1,2 ˃ TRIFR of 5.0 for FY15 12.5 ˃ Record low of 3.4 at Q2 FY16 9.0 ˃ Continued good results for mixed jurisdiction underground / open pit combination 6.0 ˃ Simberi Emergency Response 5.0 Team multi prize winners at 4.1 4.1 3 3.4 recent national competition ˃ Leonora Emergency Response Team multi prize winners, including ‘Best Team’ at recent Underground Mine Emergency FY 11 FY 12 FY 13 FY 14 FY15 Q1 Q2 3 FY16 FY16 Response Competition 1. Total Recordable Injury Frequency Rate (12 month avg) 9 / Leonora Operations Site Visit / February 2016 2. TRIFR includes Pacific Operations from September 2012 3. Refer next slide for details St Barbara Emergency Response Teams: International success ​St Barbara WA: Winners in 3 categories and overall winners, CME (WA) Eastern Regional Council 2015 Underground Mine Emergency Response Competition, held at Kanowna Belle WA, in November 2015 Gwalia – Underground mining Truck ​St Barbara PNG: Winners in 4 categories including Most improved and Multi-Casualty, PNG National Mines Rescue Challenge held over the 4 days in Madang, Papua New Guinea, in August 2015 Underground drilling 10 / Leonora Operations Site Visit / February 2016 Leonora, Western Australia Gwalia Processing plant Gwalia – Underground mining Truck Gwalia – New Absorption Chiller Plant Gwalia - Underground drilling 11 / Leonora Operations Site Visit / February 2016 Gwalia- one of Australia’s most historic mines 1896 - Welsh syndicate discovers the Gwalia Reef 1897 - Herbert Hoover buys mine for Bewick Moreing 1929 - Hoover becomes 31st President of USA 1963 - Mine closes 4 days before Christmas having produced more than 2.5 Moz over 67 years 1983 - Lalor Brothers purchase mine and open cut mining commences one year later 1999 - Open pit finishes and the Hoover Decline is established for underground mining 2002 - Mine placed in Care and Maintenance having produced another 1.3 Moz 2005 - Mine acquired by St Barbara Ltd 2008 - SBM pours first gold in Oct 2008 2009 - SBM first 100 koz in Sep 2009 2014 - 1,000,000 oz produced since 2005 12 Leonora Operations Site Visit / February 2016 Gwalia: production increasing year on year 1 ˃ FY15 AISC A$841/oz Mined Grade (g/t Au) June 2015 8.8 8.9 2 8.2 8.4 Reserve grade ˃ Reserves at 30 June 2015 : 9.4 g/t Au 6.9 6.3 5.3 Mt @ 9.4 g/t Au for 1.6 Moz 5.7 Range ˃ Mine life based on Ore 260 248 245 Reserves2 ≈7 years 214 ˃ Improvement projects 185 183 ˃ designed to increase production rate and prepare 131 for mining at deeper levels 109 ˃ waste storage underground 83 ˃ ore pass system ˃ Deep drilling project in progress FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY16 F koz 1. Non IFRS measure, refer corresponding slide in Appendix 13 / Leonora Operations Site Visit / February 2016 2. Refer ASX announcement released 25 August 2015 titled ‘Ore Reserves and Mineral Resources Statements 30 June 2015’. Gwalia: St Barbara’s cornerstone mine AISC (A$/oz) 883 860 846 FY15 AISC A$841/oz 692 December 2015 Quarter: 645 ˃ Record production of 248 koz for FY15 ˃ 135,921 oz produced H1 FY16 June 2015 Mined Grade 9.7 9.7 Reserve grade ˃ 63,533 oz produced Q2 FY16 (g/t Au) 9.4 g/t Au 8.6 7.9 ˃ Ore grade fluctuates within mine 9.0 FY15 average grade 8.9 g/t Au sequence and will vary from Q to Q 77.0 ˃ Ore containing an estimated 1,000 oz 72.4 68.6 of gold was stockpiled at the end of 63.5 57.2 Q2 (Q1: 5,500 oz) ˃ West Lode – promising intercepts2 expected to add to reserves FY 15 FY 15 FY 15 FY 16 FY 16 Q2 Dec Q3 Mar Q4 Jun Q1 Sep Q2 Dec koz 1. Non IFRS measure, refer corresponding slide in Appendix 14 / Leonora Operations Site Visit / February 2016 2. Slides 28 to 30 Gwalia: FY16 production guidance ˃ Production guidance for FY16 is 245,000 to 260,000 ounces.
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