Presentation to Macquarie Securities Australia Conference Attached - - PDF document

Shareholder Notice / 2 May 2018

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

Presentation to Macquarie Securities Australia Conference

Attached is a presentation by Bob Vassie, Managing Director and CEO, to analysts and investors attending the Macquarie Securities Australia Conference in Sydney today.

Macquarie Australia Conference 2018

BOB VASSIE, MANAGING DIRECTOR & CEO 2 May 2018

ASX: SBM

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 Title slide picture: Gwalia Mine WA, ready-line before sunrise. Published 30 April 2018.

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Contents

• Overview
• Safety
• Highlights
• Operations &

Growth

• Exploration
• Strategy
• Conclusion

Photo: Gwalia Mine, WA, processing plant ‘Morning Glory’, photo by Daniel Elsden.

Corporate Overview

• 1. As at 30 April 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 Reserves. 7. Non IFRS measure, refer Appendix. 8. FY18 guidance in Q3 March FY18 Quarterly Report.

Consolidated Gwalia underground mine Simberi open pit mine FY17 381 koz @ AISC7 A$907/oz 265 koz @ AISC A$785/oz 116 koz @ AISC A$1187/oz FY18F8 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

ASX 200 (ASX: SBM), est. 1969 Commodity Gold (Au) Market cap1 A$2.2B @ A$4.27/sh Shares1 517 M Liquidity2 2.8 M/day (0.5%) FY17 EPS3 A$0.32 FY17 DPS A$0.06 Cash4 A$262 M Debt Nil5 Ore Reserves (JORC)6 4.3 Moz Mineral Resources6 9.1 Moz

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Australia

Papua New Guinea

Simberi Operations Leonora Operations (Gwalia mine)

Focus on safety

Total Recordable Injury Frequency Rate1

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 titled ‘Safety Performance in the Western Australian Mineral Industry’ for FY 2016-2017.

Tele-remote operating of bogger at Gwalia, WA.

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5 / 6.0 4.1 5.0 2.1 1.2 1.2 2.4 2.6 FY 13 FY 14 FY15 FY16 FY17 Q1 FY18 Q2 FY18 Q3 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 of 2.12

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Strong margins & liquidity, actively growing, well positioned

• 1. Midpoint of FY18 guidance in Q3 March FY18 Quarterly Report. 2. EBITDA margin and cash contribution are non-IFRS measures, refer corresponding

slide in Appendix. EBITDA Margin and Cash contribution reported page 4 2018 Interim Financial Report. Cash contribution ÷ ounces of gold sold.

• 3. No interest bearing debt except for equipment leases amounting to A$0.2 M. Cash balance excludes A$1.2 M restricted cash.
• FY18F Production ∼384 koz @ AISC A$945/oz1
• Cornerstone Gwalia Mine with Life of Mine Plan to FY 2031

Operational excellence

• EBITDA margin of 49%2
• A$837/oz cash contribution2

Financial performance

• Debt free, A$262 M cash at bank3
• Operating cash flow funds all growth activities
• Commenced paying fully franked dividends in 2017

Capital management

• Life-of mine extension projects or studies at both mines
• Broad range of exploration projects, inc. equity investments

Growth

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Balance Sheet

Cash balance at 31 March 2018 of A$262M , no debt1

1. Cash balance excludes A$1.2 M restricted cash, no interest bearing debt except for equipment leases amounting to A$0.2 M.

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• 340
• 347
• 226
• 1
• 0.3
• 0.2
• 0.2

79 77 137 161 199 216 262

• 400
• 300
• 200
• 100

100 200 300 FY14 FY15 FY16 FY17 Q1 FY18 Q2 FY18 Q3 FY18

A$M

Cash and debt

Cash Debt

161 199 216 262 38 17 46 FY17 Q4 Jun FY18 Q1 Sep FY18 Q2 Dec FY18 Q3 Mar Cash balance Column1 Net cash movement

Q1 movement net of: $25 M dividends Q2 movement net of: $31 M tax $12 M investments

Increasing cash balance

A$M Q3 movement net of: $16 M dividends $4 M investments

For details refer to cash movements table in ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’

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construction (completion due Q1 Sep FY20 to Q3 Mar FY20)

Gwalia Extension Project

feasibility study

Gwalia Mass Extraction

drilling

2600 mbs hole

interpretation

3D Targets

Main current projects - timeline

FY18 FY19 FY20

Q3 Mar Q4 Jun Q1 Sep Q2 Dec & beyond

Investment decision Dec 2018

drilling analysis & results drilling

Simberi sulphide PFS

• ngoing drilling and interpretation program (Nov 2016 to 2024)

Simberi JV

Refer Q3 March FY18 Quarterly Report for details

Initial 2 year option period to Nov 2018

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83 109 131 185 183 214 248 267 265 260

FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18F

to 250 940 841 783 785 860

6.9 5.7 6.3 8.8 8.2 8.4 8.9 9.3 10.7 11.7

Mined Grade (g/t Au)

Reserve Grade 7.8 g/t Au June 2017

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Gwalia production and cost profile

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. Reserve grade per ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.

Production (koz) AISC (A$/oz)

Historic Gwalia Head-frame

Q1-3 184 @ 858 & 12.1 g/t Au

11 / Macquarie Australia Conference, 2 May 2018 Animation of Gwalia underground mine available at https://youtu.be/e7slJIjDLtc

Gwalia animation

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Gwalia Extension Project update – on schedule

1. Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’. Project commenced Q3 Mar 2017.

• Project includes new ventilation shafts and underground

crushing of waste, mixed with paste to fill emptied stopes

• Budget of A$100 M with planned completion between

Q1 Sep 2019 and Q3 March 20201

• FY18F capex of A$45 to A$50 million
• A$7M capex spent in Q3 Mar FY18
• Raise bore activities progressing to schedule with second

surface shaft pilot hole drilling underway

• Plan now anticipates some concurrent raiseboring of

vent shafts to allow early completion

• PAF completion due October 2018

Above: Isometric view of proposed PAF crushing circuit, notionally at 1420 mbs. Macquarie Australia Conference, 2 May 2018

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Gwalia Deeps 1540 – 1580 lode schematic

Reproduced from ASX release 25 September 2017 ‘Denver Gold Forum 2017’

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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 corresponding slide in Appendix. Reserve grade per ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.

Gwalia 5-year outlook

• “Gwalia Mass Extraction” (GMX) PFS completed for a major production

rate increase, potentially within 5-year outlook.

• GMX investment decision targeted for Dec 2018.
• Without hydraulic hoisting, production levels expected to remain

robust at around current levels.

83 109 131 185 183 214 248 267 265 250 250 240 280 290 260 940 841 783 785 860 920 930 720 650

FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18F FY19 FY20 FY21 FY22 AISC (A$/oz) Outlook

260 240

GEP GMX FS

6.9 5.7 6.3 8.8 8.2 8.4 8.9 9.3 10.7 11.7 9.8 8.1 7.7 6.7

Mined Grade (g/t Au)

Reserve Grade to 2140 mbs 7.8 g/t Au June 2017

without hydraulic hoisting LoM to FY 2031

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Gwalia Mass Extraction - PFS

For details refer to ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’

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Exploration | Gwalia Seismic

For full explanation and results refer to ASX release 19 April 2018 ‘Quarterly Report March FY18’

Gwalia Seismic Exploration

• 3 target areas identified between 600 and 1,900 mbs north and south of Gwalia
• Drilling planned for two holes in Q4 June FY18 (GWDD20 and GWDD21)

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44 80 110 116 125 132

Q1-3 100 @ 1,045 2.8 milled FY14 FY15 FY16 FY17 FY18F

1.7 2.7 3.3 3.7

Mill throughput (Mt)

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Simberi production and cost profile

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.

Production (koz) AISC (A$/oz)

2,300 1,464 1,293 1,187 1,100

Aerial Rope Conveyor or ‘Ropecon’ at Simberi PNG.

• 9
• 4

2 10 12 5 8 9 19 5 24 20 24 23 23 FY15 Q1 Sep FY15 Q2 Dec FY15 Q3 Mar FY15 Q4 Jun FY16 Q1 Sep FY16 Q2 Dec FY16 Q3 Mar FY16 Q4 Jun FY17 Q1 Sep FY17 Q2 Dec FY17 Q3 Mar FY17 Q4 Jun FY18 Q1 Sep FY18 Q2 Dec FY18 Q3 Mar

Quarterly cash contribution from Simberi

Decision to retain

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Simberi Strategic Review – one year on

• Decision in November 2016 to retain Simberi operating assets was the right one
• Cash contribution1 since the decision to retain the asset is A$114 million
• Simberi well placed to achieve improved FY18 production and cost guidance

1. Non-IFRS measures, refer Appendix for details

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$114 M A$M

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Simberi Sulphide – potential long life mine extension

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1.4 Moz Sulphide Reserve @ 3.5 g/t Au, 3.2 Moz Sulphide Resource @ 1.8 g/t Au

For full explanation refer to ASX release ‘Simberi Strategic Review Concluded ’ 14 November 2016 Ore Reserves and Mineral Resources Statements 30 June 2017 release 23 August 2017

Simberi Sulphide PFS

Capex US$100 million Production 130,000 ounces over 8 years (1 Moz Sulphides. 80 koz oxide in total) Output Gold concentrate @ 35+ g/t Au from sulphide ores, Gold doré from oxide ores Concentrate payable 90% All-In Sustaining Cost US$930 to US$990 per ounce

• Focused exploration for sulphide ore

underway to improve project economics

• Study to improve project capex via potential

lower cost processing models ongoing

Strictly Commercial in Confidence

Exploration FY18 Guidance - A$14 to A$18 million

A$6 - A$8 million Gwalia

• Gwalia Deep Drilling infill + Intermediates
• Gwalia Seismic

A$4 - A$5 million Pinjin WA

• Aircore drilling of targets identified in FY17

A$4 - A$5 million PNG

• Simberi Oxides/Sulphides
• Tatau Oxides/Sulphides

Option and farm in with Newcrest

• Copper-gold porphyry program continuing

Investments

• $21 million invested in four prospective

explorers (ASX: ABU, CYL, DKM, PEX) between March 2017 and April 2018

FY18 exploration guidance updated 19 April 2018, for full explanation and results refer to ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’ Macquarie Australia Conference, 2 May 2018

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Simberi Island Group (PNG) Pinjin, Western Australia

For full explanation and results refer to ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’

Leonora, Western Australia Exploration activities

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Strategy for the next 5 years – “stronger for longer”

Diversify production base

Seeking a portfolio of robust operations

Sustainable long life operations

Aiming for above average mine life at bottom-third AISC

Quality growth pipeline

Actively add, manage and progress assets in all phases of the pipeline

Talented people who deliver

Support and work with our people to continue to achieve extraordinary results

Trusted to operate

Our various stakeholders trust us everywhere we choose to operate

Sustainability Report

Sustainability Report topics

Governance & Economic Performance

• Core values and Code of Conduct
• Ethical business conduct with all stakeholders
• Manage for long term growth

Health & Safety

• Safe work environment and practices

People

• Attract, retain, engage and develop workforce
• Diversity

Social & Communities

• Engage, respect and enhance
• Minimise adverse impact

Environment

• Emissions and incidents
• Waste management
• Energy efficiency

Sustainability Report

• Complements Annual Report and Corporate

Governance Statement

• Disclosure guided by GRI standards
• Available on website at

www.stbarbara.com.au/sustainability/

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Gender Diversity

• WGEA Employer Of Choice For Gender

Equality in 2014, 2015, 2016 and 2017-18 and the

• nly mining company to be certified this year.
• 2017 Winner Excellence in Diversity Programs and

Performance, National Women in Resources Awards

• Overall pay equity gap reduced from

43% in 2007 to 14% in 20171

• Nil gender pay gap in ‘like-for-like’ roles2
• Bob Vassie, MD & CEO, appointed in 2014 as one of

the first CEO Ambassadors of the Workplace Gender Equality Agency pay equity campaign

• Bob Vassie member of AusIMM Council for Diversity

and Inclusion

• 1. Compared to 22% nationally and 15% for the mining industry, WGEA Australia’s gender equality scorecard Nov 2017

https://www.wgea.gov.au/sites/default/files/2016-17-gender-equality-scorecard.pdf

• 2. Refer St Barbara Corporate Governance Statement for details, www.stbarbara.com.au/about_us/governance

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Council for Diversity and Inclusion

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Conclusion

• Sustained operational performance,

EBITDA margin 49% 1, 2

• A$262 M cash at bank3
• Paying fully franked dividends
• Profitable growth options underway:
• Gwalia extension project & mass extraction
• Simberi sulphide exploration, copper-gold

porphyry exploration with Newcrest

• Debt free4 and positioned to grow
• 1. From continuing operations, reported page 4 of 2018 Interim Financial Report
• 2. Non-IFRS measure, refer Appendix.
• 3. Cash balance at 31 March 2018 (not audited) includes A$1.2M restricted cash.
• 4. No interest bearing borrowings, except for equipment leases amounting to approx. A$0.2M

‘Underground Light Trails’ Gwalia WA 2017.

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Appendices

2600 mbs drill hole in progress at Gwalia, Feb 2018

Production Summary Consolidated Year FY17 Q1 Sep FY18 Q2 Dec FY18 Q3 Mar FY18 Q3 YTD FY18 Guidance FY181

St Barbara’s financial year is 1 July to 30 June Year to 30 June 2017 Qtr to 30 Sep 2017 Qtr to 31 Dec 2017 Qtr to 31 Mar 2018 9 mths to 31 Mar 2018 Year to 30 June 2018

Production Gwalia

• z

265,057 64,283 62,835 56,773 183,891 250 to 260 koz Simberi

• z

116,044 33,976 36,674 29,112 99,762 125 to 132 koz (prev. 115 to 125) Consolidated

• z

381,101 98,259 99,509 85,885 283,653 375 to 392 koz (prev. 365 to 385) Mined Grade Reserve grade2 Gwalia g/t 10.7 10.7 11.2 15.0 12.2 7.8 Simberi g/t 1.13 1.21 1.32 1.16 1.24 1.3 Total Cash Operating Costs3 Gwalia A$/oz 592 621 668 679 651 n/a Simberi A$/oz 1,092 964 908 1,036 964 n/a Consolidated A$/oz 689 740 757 800 761 n/a All-In Sustaining Cost3 Gwalia A$/oz 785 816 859 905 858 840 to 880 Simberi A$/oz 1,187 1,027 994 1,129 1,045 1,070 to 1,130 (prev. 1,130 to 1,230) Consolidated A$/oz 907 889 910 982 924 920 to 970 (prev. 940 to 990)

1. FY18 guidance announced in Q4 June 2017 report (released 26 July 2017) and revised on 9 January 2018, 6 April 2018 and in the Q3 March FY18 Quarterly Report. 2. Ore Reserve grade at 30 June 2017, refer Ore Reserve and Mineral Resources Statement (released 23 August 2017). 3. Non-IFRS measure, refer Appendix

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Consolidated Production, Costs, Guidance Summary

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Hedging Summary at 30 April 2018

Financial Year Volume

• unces

Price A$/oz Delivery (all monthly instalments) Announced FY 18 9,000 9,000 $1,725 $1,730 May to June 2018 May to June 2018 12 April 2017 1 June 2017 FY 19 100,000 $1,750 July 2018 to June 2019 7 February 2018 FY 20 50,000 $1,750 July to December 2019 7 February 2018

For details refer to ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’

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862 959 889 910 982

AISC (A$/oz) FY17 average A$907/oz

Consolidated Q3 FY18 quarter

65 62 64 63 57 30 32 34 37 29 95 94 98 100 86

FY17 Q3 Mar FY17 Q4 Jun FY18 Q1 Sep FY18 Q2 Dec FY18 Q3 Mar Gwalia Simberi

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

Production (koz)

1. Non IFRS measure, refer corresponding slide in Appendix 2. Announced in Q3 March FY18 production update released 6 April 2018 3. Announced in Q3 March FY18 quarterly report released 19 April 2018

• Consolidated production of

86 koz (Q2 FY18: 100 koz)

• Gwalia 57 koz (Q2: 63 koz)
• Simberi 29 koz (Q2: 37 koz)
• Consolidated AISC1 of A$982/oz

(Q2: A$910/oz)

• Gwalia A$905/oz (Q2: A$859/oz)
• Simberi A$1,129/oz (Q2: $994/oz)
• Consolidated FY18 guidance
• Production 375 to 392 koz2

(was 365 to 385 koz)

• AISC A$920 to A$970 /oz3

(was A$940 to A$990/oz)

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Growth Pipeline

Feasibility Construction Production Exploration

Australia Overseas

Greater Gwalia Pinjin Back Creek

16%

Catalyst Metals

16%.

Peel Mining

Au

Tabar Is Group

Cu-Au, OFA with NCM1

Tabar Is Group Tower Hill Simberi Sulphide

Inorganic growth

Evaluating exploration, project, development and operating assets in a range of sizes in Australia and overseas

Gwalia Extension Gwalia Mine Simberi Mine

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GMX

Projects owned 100%. St Barbara interest as noted. New in Q3 FY18

• 1. Option and Farm-in Agreement with Newcrest announced 14 November 2016

10%

ABM Resources

12%

Duketon Mining

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Exploration | Gwalia Deeps, 2600 mbs target

For full explanation and results refer to ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’

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Reserves and Resources as at 30 June 2017

Gwalia Reserves

• Increased by net 325 koz after depletion
• Lower average grade 8.3 to 7.8 g/t Au
• Cost of discovery at depth in FY17 A$23/oz

Gwalia Resources

• Increased by net 1,191 koz
• Lower average grade 7.0 to 6.7 g/t Au

Simberi Resources and Reserves

• Oxide mine life extended, grade maintained at 1.3 g/t Au
• Sulphide reserve increased by 81 koz to

1.4 Moz, grade increased from 3.0 to 3.5 g/t Au

Note: For full details refer to ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.

3.9 5.1 0.6 0.6 1.0 0.7 3.6 3.2 9.1 9.6 FY16 FY17

Mineral Resources

(Moz)

1.8 2.1 0.3 0.3 0.6 0.5 1.3 1.4 4.0 4.3

FY16 FY17 Ore Reserves

(Moz)

Gwalia Tower Hill Simberi Oxide Simberi Sulphide Total

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Gwalia – lowest expected mined depth

For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released on 21 February 2018.

Ore Reserves Mineral Resources

1100 1220 1300 1380 1420 1500 1500 1540 1580 1620 1700 1740 1780 1820 2140 2200 1000 1200 1400 1600 1800 2000 2200 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18F FY19F FY20F FY21F FY22F

mbs

Lowest Expected Mined Depth in Year

Ore Reserves and Mineral Resources Statements as at 30 June 2017 (released 23 August 2017), Ore Reserves extended down to 2140 mbs, Mineral Resources extend down to 2200 mbs, work continues to seek further extensions.

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Gwalia – depth of Ore Reserves

1540 mbs 1740 mbs 1940 mbs 2140 mbs

500 1000 1500 2000 30 Jun 2014 30 Jun 2015 30 Jun 2016 30 Jun 2017

Ore Reserves and Mineral Resources Statements as at 30 June 2017 (released 23 August 2017), and corresponding prior Statements. Ore Reserves extended down to 2140 mbs, Mineral Resources extend down to 2200 mbs, work continues to seek further extensions. For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released on 21 February 2018.

1.9 Moz 1.6 Moz 1.8 Moz 2.1 Moz 0.21 Moz 0.25 Moz 0.27 Moz 0.27 Moz

0.0 0.5 1.0 1.5 2.0 2.5

Ore Reserves

At end of year (+ production during year) (Moz)

Maximum Depth

• f Ore Reserves

(mbs) Production Reserves Maximum Depth

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Gwalia Mass Extraction - PFS

For details refer to ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’

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Gwalia Mass Extraction PFS – narrow lodes mining method

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Gwalia LoM to FY 2031 (with hydraulic hoisting)

Gwalia Key Metrics Guidance Outlook FY18F FY19 FY20 FY21 FY22 Underground ore mined kt 700 820 940 1,150 1,400 Mined grade g/t Au 11.7 9.8 8.1 7.7 6.7 Gold Production koz 250-260 250 240 280 290 AISC A$/oz 840-880 920 930 720 650 Capital expenditure

• Sustaining
• Growth (GEP)

A$M 35-40 50-55 40 37 35 5 50 40

• GMX (PFS)

40 60

• GEP additional ventilation 1

15 10 7 Anticipated lowest mining depth in FY mbs 1620 1700 1740 1780 1820

Table 1: 5-year key metrics (with hydraulic hoisting)

• 1. GEP additional ventilation per ASX release 27 March 2017 “Gwalia Extension Project approved”.

For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released 21 February 2018.

Outlook projections are mid-point estimates with anticipated range ±5%.

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Gwalia LoM to FY 2031 (without hydraulic hoisting)

Gwalia Key Metrics Guidance Outlook FY18F FY19 FY20 FY21 FY22 Underground ore mined kt 700 820 950 1,000 1,180 Mined grade g/t Au 11.7 9.7 7.9 8.3 6.5 Gold Production koz 250-260 250 240 260 240 AISC A$/oz 840-880 920 930 920 880 Capital expenditure

• Sustaining
• Growth (GEP)

A$M 35-40 50-55 40 37 35 5 45 30 Anticipated lowest mining depth in FY mbs 1620 1660 1720 1760 1820

Table 2: 5-year key metrics (without hydraulic hoisting)

For full details refer to ASX Announcement “Gwalia mine medium and long-term outlook” released 21 February 2018.

Outlook projections are mid-point estimates with anticipated range ±5%.

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Exploration | Tabar Island group, PNG, Q3 March FY18

Tabar Islands

• Simberi Pigiput 750m drill hole

to assess conceptual Cu-Au porphyry target ongoing

• Newcrest Option and Farm-in

Three drills holes targeting Cu- Au porphyry at Talik North, for 2,481 metres in total completed.

For full explanation and results refer to ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’ Macquarie Australia Conference, 2 May 2018

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Exploration | Horsepaddock Well – Leonora province WA, Q3 March FY18 Q3 March FY18 geophysical surveys at Horsepaddock Well completed

• Previous exploration to 2006 highlighted

potential for a granite-intrusive type of deposit under ultramafics

• Recent improvements in the depth

penetration of IP and SAM (Induced Polarisation and Sub-Audio Magnetic) make these potentially effective techniques for targeting disseminated sulphides 100m – 200m deep, typical of deposits in the Province

• Results being studied with follow-up work

programs expected in Q4 June FY18

For full explanation and results refer to ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’ Macquarie Australia Conference, 2 May 2018

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Ore Reserves Summary as at 30 June 2017

Notes 1. Ore Reserves are based on a gold price of: Gwalia (AU$1,350/oz), Tower Hill (AU$1,250/oz), Simberi (US$1,200/oz) 2. Cut-off Grades Gwalia (4.0g/t Au), Tower Hill (2.8g/t Au), Simberi Oxide (0.5g/t Au), Simberi Sulphide (1.1g/t Au) 3. Mineral Resources are reported inclusive of Ore Reserves. 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 2017 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/ Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.

Project Proved Probable Total Tonnes ('000) Gold (g/t) Ounces ('000) Tonnes ('000) Gold (g/t) Ounces ('000) Tonnes ('000) Gold (g/t) Ounces ('000) Gwalia, (WA) 2,308 9.8 725 6,248 7.0 1,408 8,556 7.8 2,133 Tower Hill, (WA)

• 2,572

3.7 306 2,572 3.7 306 Simberi Oxide, (PNG) 3,294 1.4 153 7,613 1.3 319 10,907 1.3 472 Simberi Sulphide, (PNG) 245 3.2 25 12,291 3.5 1,307 12,537 3.5 1,402 Total All Projects 5,847 4.8 903 28,724 3.6 3,340 34,572 3.9 4,312

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Mineral Resources Summary as at 30 June 2017

Notes 1. Mineral Resources are reported inclusive of Ore Reserves 2. Cut-off Grades Gwalia (2.5g/t Au), Tower Hill (2.5g/t Au), Simberi Oxide (0.4g/t Au), Simberi Sulphide (0.6g/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 2017 Annual Mineral Resource and Ore Reserve Report at www.stbarbara.com.au/exploration/Ore-Reserves-mineral-resources/ Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au.

Project Measured Indicated Inferred Total Tonnes ('000) Gold (g/t) Ounces ('000) Tonnes ('000) Gold (g/t) Ounces ('000) Tonnes ('000) Gold (g/t) Ounces ('000) Tonnes ('000) Gold (g/t) Ounces ('000) Gwalia, (WA) 5,045 7.8 1,265 14,877 6.4 3,042 3,831 6.3 780 23,753 6.7 5,087 Tower Hill, (WA)

• 4,604

3.9 574 489 3.3 51 5,093 3.8 625 Simberi Oxide, (PNG) 4,056 1.3 164 12,313 1.1 427 4,919 1.0 152 21,288 1.1 744 Simberi Sulphide, (PNG) 836 1.7 45 41,005 1.9 2,471 12,676 1.6 663 54,517 1.8 3,179 Total All Projects 9,937 4.6 1,474 72,799 2.8 6,514 21,915 2.3 1,646 104,651 2.9 9,635

Macquarie Australia Conference, 2 May 2018

Macquarie Australia Conference, 2 May 2018

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Predominantly institutional share register

Institutional 87%

Non Institutional 5% Not analysed 8% Not analysed 8% Non Institutional 5% Other 9% UK 10% USA 33% Australia 35%

Analysis as at 14 April 2018

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Substantial shareholders and broker coverage

Substantial Shareholders 1

Van Eck 11.2% Vinva 5.2% Institutional Shareholders 2 87% Shares on issue 517 M American Depositary Receipts (ADR) trade in USA through BNY Mellon (ADR OTC Code ‘STBMY’)

Broker Research Coverage

Argonaut James Wilson Canaccord Reg Spencer Citi Trent Allen Credit Suisse Mike Slifirski Deutsche Bank Matthew Frydman GMR David Cotterell JP Morgan Mathew Hocking Macquarie Ben Crowley

• 1. As notified by substantial shareholders to 30 April 2018
• 2. As at 14 April 2018

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Macquarie Australia Conference, 2 May 2018

Board of Directors

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. Mr Vassie is a non-executive director of Tawana Resources NL.

Tim Netscher Chairman– Non Executive

Appointed Director February 2014 Appointed Chairman July 2015 Mr Netscher is an experienced international mining executive with extensive

• perational,

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.

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 WA Super (Western Australia’s largest public offer superannuation fund) and Hockey Australia Ltd.

Kerry Gleeson Director– Non Executive

Appointed May 2015 Ms Gleeson is an experienced corporate executive with

• ver

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. Ms Gleeson is a Non-Executive Director

• f

Trinity College, University of Melbourne.

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Executive Leadership Team

Garth Campbell-Cowan Chief Financial Officer

Joined 2006 Mr Campbell-Cowan is a Chartered Accountant with 30 years experience in finance and management positions across a number of different industries. He 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

• f Corporate Accounting at Telstra and has

held senior finance leadership roles with WMC, Newcrest Mining and ANZ.

Bob Vassie 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

• f

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.

Rowan Cole Company Secretary

Joined 2010 Mr Cole joined St Barbara in 2010 as General Manager Corporate Services and was appointed Company Secretary in 2014. He has over 30 years’ experience across chartered accounting, retail banking, private and public companies. Mr Cole's experience includes external, internal and IT audit, strategy formulation, execution and measurement, process and business improvement, marketing, financial services, head

• f

risk and compliance, chief audit executive and chief financial and risk officer.

Val Madsen GM Human Resources

Joined 2013 Ms Madsen joined St Barbara in September 2013. Ms Madsen leads the Human Resources Function covering recruitment, remuneration and benefits, talent management, employee relations and wellbeing, diversity and training and

• development. Val is a member of AMMA’s

AWRA Advisory Board and Chair of the Minerals Council of Australia’s Gender Diversity Working Group. With a Masters in Education and a number

• f
• ther

business qualifications and accreditations, Val has enjoyed a diverse career in Human Resources.

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Competent Persons Statement

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

• f 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 2017’ released to the Australian Securities Exchange (ASX) on 23 August 2017 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 2017 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. Full details are contained in the ASX release dated 23 August 2017 ‘Ore Reserves and Mineral Resources Statements 30 June 2017’ available at www.stbarbara.com.au. Macquarie Australia Conference, 2 May 2018

Selected ASX Announcements 19 April 2018 Q3 March FY18 quarterly report 4 April 2018 Investment in Duketon Mining 15 March 2018 Investment in ABM Resources 21 February 2018 Gwalia mine medium and long-term outlook

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Non-IFRS Measures

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. All-In Sustaining Cost (AISC) All-In Sustaining Cost is based on Cash Operating Costs, and adds items relevant to sustaining production. It includes some, but not all,

• f 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 AISC margin Average gold price realised - AISC Cash contribution Cash flow from operations before finance costs, refer reconciliation of cash movement in the most recent quarterly report available at www.stbarbara.com.au EBIT Earnings before interest revenue, finance costs and income tax expense. EBITDA EBIT before depreciation and amortisation. EBITDA margin EBITDA ÷ Revenue 2018 Interim Financial Report Refer 2018 Interim Financial Report available at www.stbarbara.com.au

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Investor Relations Enquiries

Rowan Cole Company Secretary T: +61 3 8660 1900 E: info@stbarbara.com.au

St Barbara Board, underground at Gwalia, October 2017. L to R: Lucas Welsh (GM Finance), Andrew Walker (Underground Manager) Tim Netscher (Non-Executive Chairman), Bob Vassie (MD&CEO), Kerry Gleeson (Non-Executive Director), David Moroney (Non-Executive Director)

Macquarie Australia Conference, 2 May 2018