Presentation to Macquarie Securities Australia Conference Attached - PDF document

Shareholder Notice / 2 May 2018 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. 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 ASX: SBM 2 May 2018 Macquarie Australia Conference 2018

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. 2 / Macquarie Australia Conference, 2 May 2018

Contents • Overview • Safety • Highlights • Operations & Growth • Exploration • Strategy • Conclusion Photo: Gwalia Mine, WA, processing plant ‘Morning Glory’, photo by Daniel Elsden. 3 / Macquarie Australia Conference, 2 May 2018

Corporate Overview ASX 200 (ASX: SBM), est. 1969 Papua Simberi Operations Commodity Gold (Au) New Guinea Market cap 1 A$2.2B @ A$4.27/sh Shares 1 517 M Liquidity 2 2.8 M/day (0.5%) FY17 EPS 3 A$0.32 FY17 DPS A$0.06 Australia Cash 4 A$262 M Leonora Operations Nil 5 Debt (Gwalia mine) 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 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 4 / 30 June 2017’. Mineral Resources are reported inclusive of Ore Reserves. 7. Non IFRS measure, refer Appendix. 8. FY18 guidance in Q3 Macquarie Australia Conference, 2 May 2018 March FY18 Quarterly Report.

Focus on safety 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 of 2.1 2 Tele-remote operating of bogger at Gwalia, WA. 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 / Macquarie Australia Conference, 2 May 2018 titled ‘Safety Performance in the Western Australian Mineral Industry’ for FY 2016-2017.

Strong margins & liquidity, actively growing, well positioned •FY18F Production ∼ 384 koz @ AISC A$945/oz 1 Operational excellence •Cornerstone Gwalia Mine with Life of Mine Plan to FY 2031 •EBITDA margin of 49% 2 Financial performance •A$837/oz cash contribution 2 •Debt free, A$262 M cash at bank 3 Capital •Operating cash flow funds all growth activities management •Commenced paying fully franked dividends in 2017 •Life-of mine extension projects or studies at both mines Growth •Broad range of exploration projects, inc. equity investments 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. 6 / Macquarie Australia Conference, 2 May 2018 3. No interest bearing debt except for equipment leases amounting to A$0.2 M. Cash balance excludes A$1.2 M restricted cash.

Balance Sheet Cash balance at 31 March 2018 of A$262M , no debt 1 Cash and debt A$M 300 262 200 216 199 161 137 100 79 77 Cash 0 -0.3 -0.2 -0.2 Debt -1 -100 -226 -200 -300 -340 -347 -400 FY14 FY15 FY16 FY17 Q1 Q2 Q3 FY18 FY18 FY18 1. Cash balance excludes A$1.2 M restricted cash, no interest bearing debt except for equipment leases amounting to A$0.2 M. 7 / Macquarie Australia Conference, 2 May 2018

Increasing cash balance 262 46 A$M 17 216 199 Q3 movement net of: 38 Q2 movement net of: $16 M dividends $31 M tax 161 $4 M investments $12 M investments Q1 movement net of: $25 M dividends FY17 FY18 FY18 FY18 Q4 Jun Q1 Sep Q2 Dec Q3 Mar Cash balance Column1 Net cash movement For details refer to cash movements table in ASX release 19 April 2018 ‘Quarterly Report Q3 March FY18’ 8 / Macquarie Australia Conference, 2 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 9 / Macquarie Australia Conference, 2 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. 10 / Macquarie Australia Conference, 2 May 2018 Reserve grade per ‘Ore Reserves and Mineral Resources Statement 30 June 2017’.

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

Gwalia Extension Project update – on schedule Project includes new ventilation shafts and underground A$7M capex spent in Q3 Mar FY18 • • crushing of waste, mixed with paste to fill emptied Raise bore activities progressing to schedule with second • stopes surface shaft pilot hole drilling underway Budget of A$100 M with planned completion between • Plan now anticipates some concurrent raiseboring of • Q1 Sep 2019 and Q3 March 2020 1 vent shafts to allow early completion FY18F capex of A$45 to A$50 million • PAF completion due October 2018 • Above: Isometric view of proposed PAF crushing circuit, notionally at 1420 mbs. 1. Details contained in ASX announcement 27 March 2017 ‘Gwalia Extension Project approved’. 12 / Macquarie Australia Conference, 2 May 2018 Project commenced Q3 Mar 2017.