Investor Presentaiton

EV/Production (A$/oz) St Barbara vs other gold companies, ASX & globally Free cash flow, Enterprise Value, Production St Barbara LIMITED 7,000 6,000 5,000 4,000 3,000 2,000 Bubble size = production rate (kozpa) DGC CN RRS LN GG US NEM US BTG US KGC US PPP US ANG SJ SGL SJ AUY US GFI SJ IAG US 1,000 HAR SJ CG CN RSG TRY BDR TGZ SLR KCN MML ΜΟΥ PRU 0 -100 0 100 200 • ASX Gold 37 / Asia Investor Relations Roadshow / March 2016 AEM US NCM ABX US NGD US EGO US AQG RRL EVN NST SBM SAR DRM 300 400 500 Global Gold Normalised FCF margin (A$/oz) Source: Argonaut Metals and Mining, 6 January 2016 (with permission)

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