ST BARBARA LIMITED — AGM Information 2007

Nov 15, 2007

ASX Shareholders Report

==> picture [82 x 81] intentionally omitted <==

St Barbara

==> picture [145 x 46] intentionally omitted <==

==> picture [145 x 125] intentionally omitted <==

==> picture [145 x 96] intentionally omitted <==

==> picture [145 x 135] intentionally omitted <==

2007 Annual General Meeting

We attach a copy of the Chairman’s Address, Managing Director and CEO’s Address together with accompanying notes, as presented to the 2007 Annual General Meeting convened in Melbourne today.

==> picture [112 x 46] intentionally omitted <==

Ross Kennedy Company Secretary

16 November 2007

==> picture [145 x 46] intentionally omitted <==

St Barbara Limited ACN 009 165 066 Level 21, 90 Collins Street, Melbourne Vic 3000 Telephone +61 3 8660 1900 Facsimile +61 3 8660 1999 Email melbourne@stbarbara.com.au Website www.stbarbara.com.au

G:\Corporate\Company Secretarial\ASX\2007\071116_asxa_AGMPrez.doc

ST BARBARA LIMITED ACN 009 165 066

==> picture [164 x 51] intentionally omitted <==

CHAIRMAN'S ADDRESS

Annual General Meeting 16 November 2007

On behalf of the Board of St Barbara Limited, I welcome you all to the Company’s 2007 Annual General Meeting. This is the first AGM held in Melbourne, our new corporate office location.

The relocation of the office from Perth to Melbourne at the beginning of this year has coincided with twelve months of significant consolidation and continued growth for St Barbara.

More than 170,000 ounces of gold were produced from Southern Cross Operations, the reserves and resources at Southern Cross and Gwalia were substantially expanded, and the development of Gwalia was advanced and is on track to commence targeted gold production in the September 2008 quarter.

Established reserves are the life-line of a mining company and over the last 12 months, St Barbara has more than doubled reserves to 2.3 million ounces of gold.

The discovery of Tower Hill at Leonora has been a significant development. The initial objective was to confirm a source of open pit feed to supplement Gwalia underground ore to fully utilise the Gwalia treatment plant capacity and thereby enhance the economics of the Leonora Operations.

The level of exploration success at Tower Hill has encouraged the Company to accelerate development of a new mine, and plan to have it ready to commence production by September 2008, subject to timely receipt of requisite Government approvals.

Areas like Tower Hill historically produced gold when the gold price was much lower, high cost treatment plants were less efficient, and a lower level of technical wherewithal limited the capacity of the then operators to drill deeper.

St Barbara has been most successful in this past year in locating extensive mineralisation beneath previously mined open pit areas at Southern Cross and Leonora.

The Company has a highly prospective landbank of over 5,000 square kilometres in close proximity to existing gold treatment plants. Large parts of these areas have been under-explored by today’s standards. Targeted drilling will be a high priority during the next twelve months.

Similarly, highly prospective base metals targets identified in the Leonora and Southern Cross districts will also be drilled during 2008.

G:\Corporate\Company Secretarial\AGM\2007\2007 ChairmansAddress_Final.doc

Page 1 of 3

CHAIRMAN’S ADDRESS ANNUAL GENERAL MEETING 16 NOVEMBER 2007 AT 10AM

==> picture [164 x 51] intentionally omitted <==

Safety at all levels in our workforce is a principal concern of the Board and management and an integral part of the Company’s work practices. During the year, a Health and Safety Committee of the Board was established to facilitate a strong safety conscious culture throughout the Company.

While St Barbara has recorded a Lost Time Injury Frequency Rate of 4.3 compared to the industry LTIFR average of 5.0 (source: Minerals Council of Australia 2005/6 Safety Performance Report), we are committed to the principle of zero harm.

Last month’s successful institutional placement raised A$76 million. These funds and the proceeds from the Share Purchase Plan which is due to close on 29 November, will enable the Company to accelerate its exploration activities.

The funds will also help us to move forward at a faster rate on the development of Tower Hill, and continue to expand activities at Southern Cross.

The remaining capital to bring Gwalia into production will be largely sourced from the proceeds of the A$100 million convertible note issue which was completed last June. At that time, the plan was to supplement those funds with a A$50 million bank debt facility which would have covered the completion costs at Gwalia and the cost of expanding Southern Cross Operations. That planned bank debt facility has been deferred.

The successful institutional placement was also pleasing from another perspective. There was strong demand for St Barbara shares from Australian and international institutional investors at a placement price of 63 cents.

Approximately 65% of the placement was with current shareholders, with the remainder taken up by new shareholders.

Outlook

I will now turn to the outlook for the next twelve months.

St Barbara remains on target to achieve the strategic objective of producing gold at the annual rate of 450,000 ounces by the end of the December quarter 2008.

The Southern Cross treatment plant will continue to treat underground ore from Marvel Loch, supplemented by ore from a series of open pit cutbacks which are being developed.

The Gwalia gold mine is nearing its targeted commencement of production in the September Quarter 2008. The Hoover Decline is currently more than 85% completed at a depth of 885 metres below surface, on time and on budget, and is expected to reach the top of the ore body in March next year.

G:\Corporate\Company Secretarial\AGM\2007\2007 ChairmansAddress_Final.doc

Page 2 of 3

CHAIRMAN’S ADDRESS ANNUAL GENERAL MEETING 16 NOVEMBER 2007 AT 10AM

==> picture [164 x 51] intentionally omitted <==

In the past twelve months, the spot US dollar gold price has increased by 30% in contrast to a 17% increase in the Australian dollar gold price. The US dollar gold price is at historically high levels in dollars of the day, although well short of the early 1980’s high prices expressed in present day dollar terms.

During the year, the Company purchased put options to secure minimum revenues and protect capital investments for both Gwalia and Southern Cross production. Gwalia on a long term basis, and Southern Cross, for the current financial year.

These put options will secure a minimum gold price with unlimited upside exposure to future price increases. These put options have zero delivery requirements.

St Barbara’s market capitalisation has increased by 67% since last year’s AGM and is now approximately A$820 million.

On behalf of the Board I would like to congratulate and thank Ed Eshuys, his management team and all St Barbara personnel on achieving the success which the last twelve months has delivered.

A company’s performance depends on many, varying factors. However, success cannot be guaranteed merely by owning good properties or by operating in favourable market conditions. St Barbara has assembled a management team and workforce in a relatively short period of time, in a highly competitive labour market.

St Barbara is already an employer of choice for many as we pursue our objective of becoming a substantial and highly regarded Australian gold explorer and producer.

I also take the opportunity to thank my colleagues on the Board for their continuing support and active involvement during the past year.

Our future growth prospects are strong, and particularly, as the inherent value of the Company’s properties and prospects becomes apparent.

St Barbara is now recognised as a successful mid-sized Australian explorer and gold producer, with a full exposure to increases in the gold price while protected on the price downside at a number of different levels.

We look forward to continuing shareholder and investor support in the year ahead.

Colin Wise Chairman

G:\Corporate\Company Secretarial\AGM\2007\2007 ChairmansAddress_Final.doc

Page 3 of 3

==> picture [691 x 511] intentionally omitted <==

----- Start of picture text -----

Annual General Meeting
Mr Eduard Eshuys, Managing Director and CEO
16 November 2007
----- End of picture text -----

Today’s agenda

1. World gold

2. Summary

3. Year in review

• Achievements

• Performance to date

4. Operations

� Southern Cross Operations

• Leonora Operations

• 5. Going forward

1. World gold

World Gold

2. Summary

Summary

• An Australian gold producer and explorer

• Unique land bank of 18k sq kms

• Reserves of 2.3moz and resources of 8.4moz

• Zero gold delivery commitments

• Market capitalisation +A$770m*

• Gold production target 450,000 oz/pa by Dec Qtr 2008

Strong exploration focus

• Areas under explored because

• 1980s mining based on A$400/oz gold price and high

• Drilling often only to shallow depths of 100m

• Overburden made geological interpretation difficult

• New technology and concepts

• Drilling focus on open pit reserves

• Exploration expenditure at A$25m

3. Year in review

Year achievements

• �Exploration

• Gold resources increased from 7.1moz to 8.4moz

• Gold reserves increased from 1moz to 2.4moz

• Reserve delineation cost A$22/oz (US$20)*

• Substantial recent exploration success at Tower Hill

• �Production

• Achieved gold production forecast of 171koz in FY07

• �Development

• Gwalia Hoover Decline over 85% complete - on time

Financial performance

	FY07	FY06
Gold production (kt)	171	166
Average gold price (A$/oz)	811	694
EBITDA	45.7	40.9

• •

Strong financial platform to support growth

4. Operations

Current WA operations

� �

� � �

Southern Cross Operations

• Marvel Loch underground

• Open pits at Hercules and GVG

• Mill capacity 2.5Mtpa

• Nevoria reserves established

• Focused on expanding open pit

• Forecast to produce 170-

Southern Cross Achieved Production Forecast

60 49.5 43.7 43 41.6 40.1 38.1 37.8

Target Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-08

Southern Cross - Marvel Loch the Cornerstone

Southern Cross Open Pits Focus

• Total endowment of 12Moz

• 20+ open pit targets

• Cutback of pits mined at

• Existing roads and

Leonora Operations

• Gold endowment in

• Majority of production

• St Barbara holds key

Gwalia and Tower Hill

==> picture [691 x 511] intentionally omitted <==

----- Start of picture text -----

19
Gwalia Hoover Decline at 885m
Hoover Decline
currently at 885m
----- End of picture text -----

Gwalia Hoover Decline – 85%+ complete

• Hoover Decline at 885

• Underground stress levels

� Gwalia gold production Sept

• Initial rate of 100,000 oz pa

• Building to 200,000 oz pa

• Current reserve life 9+ years

==> picture [691 x 511] intentionally omitted <==

----- Start of picture text -----

21
The opportunity at Gwalia
Hoover Decline
currently at 885m
----- End of picture text -----

The opportunities at Leonora

Gold occurs over strike length of 8kms

5. Going forward

Objectives for next 12 months

• Produce 170 - 175koz pa @ A$500-A$525/oz cash

• Establish reserves at Tower Hill

• Gwalia and Tower Hill (subject to Government

• Expand open pit reserves at Southern Cross

Target production rate of 450koz pa by Dec08 Quarter

Expanding production

Annualised target 450koz

500 450 400 350 300 250 200 150 171.1 170 - 175koz 100 50 79.7 0 FY06 FY07 FY08 * Dec-08 Qtr *** Southern Cross Gwalia Leonora Open Pits

Objectives by 2010

• Increase production to 1moz

• •

• Increase profitability

• Reduce cash costs to A$450/oz (US$400/oz)

• Convert exploration successes into shareholder wealth

St Barbara in 2010

==> picture [691 x 397] intentionally omitted <==

----- Start of picture text -----

Production of 1moz gold pa
Reserves of 10moz gold
----- End of picture text -----

==> picture [12 x 10] intentionally omitted <==

----- Start of picture text -----

28
----- End of picture text -----

Thank you

Disclaimer

ST BARBARA LIMITED ACN 009 165 066

==> picture [164 x 51] intentionally omitted <==

MANAGING DIRECTOR’S ADDRESS

(To be read in conjunction with accompanying Powerpoint presentation)

Annual General Meeting 16 November 2007

Thank you Mr Chairman and good morning ladies and gentlemen.

The gold price today is around A$900 per ounce compared to A$550 per ounce when the Chairman and I were appointed to the Board by shareholders a little over three years ago.

The main drivers of this increase are

• A flat to declining production outlook;

• No recent large discoveries;

• Increased jewellery and investment demand; and

• The weaker US$.

While the projections on this chart are one broker’s view, the key issue is that none of those drivers appear to be changing in the short term.

So what does this mean for St Barbara?

We are an Australian gold producer and explorer with an extensive land bank and substantial reserves and a market capitalization today of around A$800 million. Our objectives are to become a 1 million ounce producer and have a 10 million ounce reserve by the end of 2010 and by converting exploration successes into shareholder wealth. We are well placed in meeting these objectives that we have set for ourselves.

With full exposure to upside in the gold price we are also well placed to benefit from any further improvements in the gold price.

In addition to producing gold, we see ourselves as an active explorer, differentiating ourselves from the others.

Our focus is to explore areas that have been under explored in the past and to drill past the shallow depths of previous drilling. This has allowed us to extend our reserves and mine life.

The performance and achievements in 2007 were pleasing.

Our operational achievements for the year include:

• Reserves increased by over 1.3 million ounces to 2.3 million ounces; significantly extending the mine life at both Gwalia and Southern Cross

G:\Corporate\Company Secretarial\AGM\2007\2007 MDAddress_Final.doc

Page 1 of 3

MANAGING DIRECTOR’S ADDRESS ANNUAL GENERAL MEETING 16 NOVEMBER 2007 AT 10AM

==> picture [164 x 51] intentionally omitted <==

• Recent exploration success at Tower Hill

• The Gwalia Hoover decline is over 85% complete; on schedule to reach the top of the ore body by March 2008

Profit from operations increased by over 10% to $45 million, with gold production of 171,000 ounces, in line with our forecast.

We issued A$100 million convertible notes in July, followed by the recent institutional placement that raised over A$75 million. This has strengthened our financial platform to support our growth.

We have over 7,000 square kilometres of tenements in Western Australia of which only 30% of the Southern Cross and Leonora land bank has been effectively explored historically.

We have the infrastructure in place to support production expansion.

Apart from our strong gold focus, our land position in Western Australia is also prospective for nickel, copper and zinc. Our land covers the extension of major nickel belts.

We have increased Marvel Loch Underground ore production from less than 400,000 tonnes per annum (tpa) to 800,000tpa and we intend to improve this further.

Gold production from Southern Cross Operations is on track to meet our forecast of 170,000 ounces – 175,000 ounces by June 2008. Production for the September Quarter 2007 was just over 43,000 ounces at a cash cost of A$509 per ounce. We aim to achieve production of 60,000 ounces for the December Quarter 2008. The Marvel Loch lodes have the potential for further extension.

We are undertaking drilling from underground to increase reserves and extend mine life.

We have had good exploration results from the Southern Cross Operations. There are 20 targets within reasonable trucking distance of the Marvel Loch mill. Nevoria, Transvaal and Edward’s Find were mined in the past when gold prices were A$400 per ounce and margins were low. Now with the gold prices at the A$900 per ounce level, these present real opportunities for substantial open pit reserves.

At Leonora, we hold a strong land position in a well endowed mineral belt. The Keith-Kilkenny Lineament, a major geological structure is associated with a number of world class gold and nickel deposits including Gwalia, Tarmoola, Mt Keith, Leinster and Cosmos.

We are pleased with the progress of the Hoover Decline. The Decline is now at 885 metres below surface and Gwalia is on track to recommence production in September Quarter 2008. We expect production to be around 100,000 ounces per annum initially, doubling over the following two years.

G:\Corporate\Company Secretarial\AGM\2007\2007 MDAddress_Final.doc

Page 2 of 3

MANAGING DIRECTOR’S ADDRESS ANNUAL GENERAL MEETING 16 NOVEMBER 2007 AT 10AM

==> picture [164 x 51] intentionally omitted <==

The strong reserve position already at Gwalia can be added to. As we develop the decline we will be undertaking further drilling from underground to add to these reserves.

As well as the strong reserve position, it can be seen that we have additional resources adjacent to the reserves.

Tower Hill is about 2 kilometres away from the Gwalia mill and is now likely to provide ore from both open pit and underground production.

Results from Tower Hill have been pleasing. There are significant zones of high grade veining present in this area. Past metallurgical test work indicates that the Tower Hill mineralization has similar characteristics to Gwalia. Historically, 95% recoveries have been achieved at Tower Hill. We are in the process of completing the engineering, development and costs studies, and targeting commencement of open pit mine production for the September Quarter 2008, subject to regulatory approvals.

The success of Tower Hill and Gwalia confirms their potential for further discoveries at depth at Harbour Lights, Forrest, Trump, Poker and Kailis; all within 8 kilometres of the Gwalia mill.

The key targets we have set ourselves for the next 12 months are clear.

• To produce between 170,000 and 175,000 ounces by June 2008 at a cash operating cost of between A$500 and A$525 per ounce.

• To continue to focus on establishing reserves at Tower Hill; commence production both at Gwalia and Tower Hill from September 2008 onwards and increase open pit reserves and production at Southern Cross.

This is the platform to achieve our targeted annual rate of 450,000 ounces gold production by the December 2008 Quarter.

Our vision for St Barbara is to be a producer of 1 million ounces of gold with reserves of 10 million ounces by the end of 2010. This will be achieved through expanding production at Southern Cross and Leonora to around 600,000 ounces and the remaining growth through discovery and/or bolt on acquisitions.

==> picture [113 x 56] intentionally omitted <==

Eduard Eshuys Managing Director and CEO

G:\Corporate\Company Secretarial\AGM\2007\2007 MDAddress_Final.doc

Page 3 of 3