ST BARBARA LIMITED — AGM Information 2010

Nov 17, 2010

2010 Annual General Meeting

We attach a copy of the Chairman's address and Managing Director and CEO's presentation for the 2010 Annual General Meeting in Melbourne today.

Ross Kennedy Executive General Manager Corporate Services Company Secretary 18 November, 2010

COLIN WISE, CHAIRMAN ADDRESS TO THE 2010 ANNUAL GENERAL MEETING OF SHAREHOLDERS

The past twelve months have seen a significant improvement in St Barbara's operational and financial activities, and a consolidation of our overall corporate position.

At this time last year we had:

• commenced to implement our revitalisation strategy under Tim Lehany's direction;
• successfully commissioned the Gwalia gold mine at Leonora; and
• delivered two consecutive quarters of production at the Leonora and Southern Cross operations in line with forecast production and costs.

We were however still adversely impacted by the Global Financial Crisis in our need to access funds for working capital.

Financial transformation midst GFC

In the midst of that economic downturn and the effective closure of debt markets to companies like St Barbara, we successfully completed in November 2009 the institutional component of a rights entitlement offer which raised A$73 million, followed by the raising of a further $51 million under a rights offer on identical terms to all other shareholders.

Net funds exceeding A$119 million were raised. We were delighted with the strong level of support from existing shareholders.

The funds raised enabled St Barbara to redeem all outstanding Convertible Notes, provide project development capital for the new King of the Hills gold mine at Leonora, and establish a working capital buffer to withstand potential volatility in the Australian dollar gold price.

St Barbara completed the 2010 financial year in a strong financial position, with available cash of $102.2 million as at 30 June 2010 and borrowings of $15.9 million.

The Company's financial strength combined with forecast positive operating cash flows now provide a strong platform to pursue a range of growth strategies designed to deliver value to shareholders. Tim Lehany will describe these in more detail shortly.

A year of transformation reaps rewards

The Company's two gold operations in Western Australia have performed well. Production of 231,000 ounces of gold for the year was at the upper end of the July 2009 guidance of 205,000 to 240,000 ounces of gold at a cash operating cost of $790 per ounce, also within the July 2009 guidance of $745 to $820 per ounce.

We successfully implemented business improvement systems, enhanced planning systems, strengthened our management teams and established much improved operational reliability.

I am delighted to confirm that the past six consecutive quarters have delivered production at Leonora and Southern Cross Operations in line with forecast.

Leonora Operations continue to grow. The Gwalia mine is one of Australia's most richly endowed high grade gold projects, with excellent size and quality of gold reserves and resources and is on track to increase gold production to 190,000 to 210,000 ounces of gold in the 2012 financial year. There has been a significant overall increase in ore reserves of 13%, net of production for the 2010 financial year. We remain on track to commence gold production in June 2011 from the new King of the Hills mine.

We have bolstered our organisational capability though a major leadership development program involving St Barbara's employees at every level and location, and have made a number of appointments to key strategic management roles.

These appointments will underpin our future growth and success. The importance of recruiting high calibre people, investing in their development and training, and retaining them to meet the challenges ahead cannot be emphasised strongly enough at any time, but particularly in the current tight employment market, at all levels. There is a very positive work and success culture developing within St Barbara, built around workforce engagement with a key set of values.

In order to attract and retain high calibre people we need to remunerate them appropriately. Significant work has been undertaken with the assistance of expert external advice, to ensure that personnel are remunerated in line with market conditions.

Current market conditions for executives and managers in companies like St Barbara call for there to be an alignment between rewards for excellent performance and the building of long term value for shareholders. The Performance Rights Plan which shareholders will be asked to approve today, is an integral part of this alignment.

The explanatory notes accompanying the Notice of this meeting provide a detailed description of the Plan, to which I should add that the Board regards such a performance plan as forming a significant part of the Company's long term remuneration structure. It is also important to note that the performance rights will only vest if the required service and performance conditions have been satisfied.

Company strategy confirmed

During the past year, the Board confirmed its previous strategy of seeking to position St Barbara as a successful mid-tier Australian gold producer.

On the basis of our now established platform and strategy for growth, we are targeting an annual production rate of 500,000 ounces of gold by 2014. Achieving such a production rate is a criterion, particularly amongst international institutional investors, that allows the Company to be recognised as an international scale mid tier gold producer.

We have been successful over the past 12 months in attracting to St Barbara's share register, additional international and institutional investors who share our vision for long term growth.

Institutional investment in St Barbara has increased from 55% in mid 2009 to almost 80% of our issued capital. Australian based institutional investors are estimated (as best we can) to hold 33% of the Company's issued capital, and institutional investors outside of Australia are estimated to hold 45%.

Our engagement with international institutions highlighted to us that St Barbara's current share capital structure is now a limiting factor in our seeking to attract additional overseas institutional investors, many of whom are precluded by their charters or mandates from investing in stocks with share prices of less than $US1. They have so far been denied the opportunity to invest in St Barbara.

Our share consolidation proposal to be put to today's meeting seeks to address this deficiency by consolidating six shares into one. This would, at current prices, remove the issue of a low share price, thereby broadening the potential range of investors in the Company.

In May this year another potential barrier to international investment in St Barbara loomed large. The Australian Government proposed a Resources Super Profits Tax, which would have adversely impacted the entire Australian minerals sector. In response, St Barbara fully supported mining industry actions to improve public awareness of the negative consequences of the proposed tax. The Government subsequently announced its intention to replace the planned Resource Super Profits Tax with a Minerals Resource Rent Tax, and that it would only apply to Australian iron ore and coal projects. That tax, as announced, will not apply to any of St Barbara's operations. However, the impact of Australian government policies of this nature on international investor confidence should not be under-estimated.

A market perspective

Under Tim Lehany's leadership, St Barbara has now regained significant share market credibility by meeting expectations on all key performance measures, with a resultant increased level of confidence from share market analysts in rating the Company's value. The US dollar denominated gold price is generating strong interest in gold stocks worldwide. While the price is strong and currently without real indications that it will fall significantly, we do not as a matter of policy or practice, speculate on what the future US dollar gold price or the Australian dollar exchange rate relative to the US dollar, might be.

Our focus is to safely produce the maximum practicable quantity of gold from our mines at the lowest possible cost.

The year ahead

The Australian gold sector has rarely been this dynamic. We have a strong US dollar gold price, and the past year has seen increased merger & acquisition activity in the Australian gold sector, with each of Lihir Gold, Sino Gold, Andean Resources, Avoca Resources and Dominion Mining having either been taken over, or agreed to merge with another company.

St Barbara remains focused and disciplined in its growth aspirations and strategies. Tim Lehany will shortly describe our internal and organic growth opportunities.

On the potential acquisition front, we have defined some key criteria to measure growth opportunities, which are aimed at ensuring that any acquisition will be well considered and provide long term value for shareholders. We will continue to be patient, and focus on internal growth opportunities until such time as an external target of value presents itself. We will not pursue growth purely for growth's sake.

It is possible that external growth opportunities may be outside of Australia, in a country or countries that are favourably regarded by St Barbara.

So, where to from here?

St Barbara has a strong available cash balance and growing cash flows from operations. We are now well placed to capitalise on internal and external growth opportunities.

Over the coming year, we will continue to drive growth in shareholder value by improving operating efficiencies and driving costs down. We will continue leveraging the value of our cornerstone asset, the Gwalia operations, and bring the King of the Hills mine into production, on budget and on time.

We have embarked on a renewed exploration program, with fresh drilling targets on some of our most prospective ground. For example, in the current quarter, drill rigs are operating at Hibernia and Copperhead in Western Australia, with drilling continuing underground to extend the resources base at Marvel Loch and in the Gwalia Deeps.

With regard to our contemplated growth through acquisition, we will apply the same focused and disciplined effort as has been applied to our current exploration and mine planning and implementation.

Acknowledging efforts and achievements.

Barbara Gibson will retire from the Board at the end of this Annual General Meeting, having decided to reduce the number of her directorships. Since her appointment in 2007, Barbara has been a most valuable team member and contributor to Board discussions and decision making during some very challenging times for St Barbara. She leaves the Board with the very best wishes for future health and happiness from her Board colleagues and our appreciation for the effectiveness of her contribution.

In conclusion, I would like to thank the Company's executive and management teams, all our employees and contractors, and my fellow Directors for their tireless support, dedication and commitment over a crucial period that has now set us up for a very exciting future.

I also thank all of St Barbara's shareholders. Your support and belief in the Company are central to our future success.

Investing for growth

Annual General Meeting – 18 November 2010 1

Tim Lehany, Managing Director & CEO 2010 Annual General Meeting 18 November, 2010

Forward looking statements

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 is not financial product or investment advice. It does not take into account the investment objectives, financial situation and particular needs of any investor. Before making an investment in the Company, an investor or prospective investor should read this document in its entirety, consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances, seek legal and taxation advice appropriate to their jurisdiction and consult a financial adviser if necessary. The Company is not licensed to provide financial product advice in respect of the Company's securities.

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. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. Nothing in this document is a promise or representation as to the future. Actual results may vary from the information in this presentation and any variation may be material. Past performance is not an indication of future performance. Statements or assumptions in this presentation as to future matters may prove to be incorrect and any differences may be material. The Company does not make any representation or warranty as to the accuracy 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 and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party.

The Company estimates its reserves and resources in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves 2004 Edition ("JORC Code"), which governs such disclosures by companies listed on the Australian Securities Exchange.

What we'll cover today

• 1. A COMPANY TRANSFORMED
• 2. OUR BUSINESS
• 3. CREATING VALUE
• 4. INVESTMENT CASE
• 5. CONLUSION

A company transformed

Annual General Meeting – 18 November 2010 4

Accelerating and delivering on our plans

Significant events in transforming our business

November 2009

Institutional entitlement - offer raises A$73M December 2009 Completion of retail offer - offer raises A$51M Total A$124M raised

October 2010 September 2010 Quarter Results – St Barbara affirms production guidance

September 2010 King of the Hills project viability confirmed Share Consolidation proposed

August 2010 Full Year Accounts – underlying net profit of A$14.5M Mineral Resources – Reduction in quantum, increase in quality Ore Reserves – Increase in Gwalia ore reserves

January 2010 December Quarter Results - Gold production in line with expectations for third consecutive Quarter February 2010 Half Year Results

March 2010 King of the Hills Gold Project approved.

April 2010 March Quarter Results - Consolidated production in line with expectations for fourth consecutive Quarter. Revitalised exploration strategy

May 2010 New banking facilities unlock cash June 2010 Full redemption of Convertible Notes completed July 2010 June Quarter Results – Gold production exceeds guidance

Market guidance for FY10 delivered

		GUIDANCE
Gold production (oz)			231,018
Guidance: 205,000-240,000Actual: 231,018	205,000		240,000
Cost per ounce (A$/oz)Guidance: 780-820Actual: 790		790
	780		820
LeonoraGuidance: 630-700Actual: 686		686
	630		700
Southern CrossGuidance: 840-930Actual: 883		883
	840		930
Capital expenditure (A$M)Guidance: 85-95Actual: 88		88
	85		95

Operational reliability established

• Highest quarterly gold production in 12 months
• Gwalia quarterly gold production expected to increase through remainder of FY11
• We continue to maintain published guidance for FY11

Financial transformation opens up growth options

Strong balance sheet and low debt provide funding flexibility

Note: St Barbara is not subject to the recently proposed Australian Minerals Resources Rent Tax

Building our reserves and extending mine life

At 30 June 2010

Safe production - Start Safe, Stay Safe 14.8 11.1 2010 Total Recordable Injury Frequency Rate Improving safety performance

Our business

Annual General Meeting – 18 November 2010 12

Leveraging growth from Leonora

Mine life: 9+ years

Ore Reserves: 10.2Mt @7.3g/t Au for 2.4Moz

Mineral Resources: 27.7Mt @ 6.1g/t Au for 5.4Moz

Cash Operating Cost: $A686/oz1

Gold production
2009	83Koz
2010	109Koz
2011 est	155-170Koz2

1 Financial year 2010

2 Forward guidance including King of the Hills

Highlights for Fiscal Year 2010

• Ore production from Gwalia mine continues to grow
  • New areas for mining identified
  • Ore haulage increased by 10%
  • Ore reserves increased within mining envelope
  • Increase in Gwalia Probable Ore Reserves of 195,000 contained ounces, net of production
• King of the Hills development approved and now

underway

The Gwalia mine – Our cornerstone project

The Gwalia mine – Our cornerstone project

Gwalia – Accessing the high grade South West Branch

King of the Hills- Leveraging Gwalia capital infrastructure

Mine life: 5+ years

Ore Reserves: 1.7Mt@4.3g/t Au for 230Koz

Mineral Resources: 2.5Mt@5.3g/t Au for 418Koz

Average Total Cost: A$1,020 - $1,050 /oz

Gold production forecast
2011	10Koz
2012	55-60Koz
2013	55-60Koz

Highlights and Opportunities

• Development of the mine has commenced
• Production commencing in June 2011
• Gold production of 55-60Koz per annum
• 5 to 6 years life of mine
• Available Gwalia plant capacity fully utilised
• A$ price risk mitigated through collar structure (Minimum A$1,425/oz, Maximum A$1,615/oz)

Leonora – Driving higher returns

Southern Cross Operations – Generating cash flow

Mine life: 2 + years

Ore Reserves: 5.4Mt @2.8g/t Au for 500koz

Mineral Resources: 19.9Mt @ 3.5g/t Au for 2.3Moz

Cash Operating Cost: A$883/oz2

Gold production
2009	156Koz
2010	122Koz
2011 est	110-125Koz

**1**From 1 July 2010 2Financial year 2010

Highlights and Opportunities

• Positive cash flows for FY11&12 at current gold prices
• Focus on higher grade underground ore
• Marvel Loch Underground ore production steadily increased from 320Kt (2006) to 970Kt (2010)
• Work is on-going to evaluate opportunities to extend the mine life

Creating value

Annual General Meeting – 18 November 2010 20

Investing in exploration success

A new team, a new exploration philosophy, a prospective land bank and available funds

• Budget of A$15 to A$16M pa for next 3 years
• Ten quality targets identified for drill testing in FY11

Filling the project pipeline – Leonora

Leonora (Western Australia)

Drilling in FY11 is planned to test the following targets:

• King of the Hills Northern Extension (3600m)
• Hibernia(4000m)
• Jasper Flat geochemical drilling (2400m)
• Yerilla geochemical drilling (4000m)
• Other targets

Priority: Hibernia

Filling the project pipeline – Leonora

Leonora (Western Australia)

Drilling in FY11 is planned to test the following targets:

• King of the Hills Northern Extension (3600m)
• Hibernia (4000m)
• Jasper Flat geochemical drilling (2400m)
• Yerilla geochemical drilling (4000m)
• Other targets

Priority: Hibernia

Filling the project pipeline – Southern Cross

Southern Cross (Western Australia)

Drilling is planned in FY11 to test the following targets:

• Copperhead (2500m)
• Fraser's South (3100m)
• Corinthian (900m)

Priority: Copperhead

Filling the project pipeline – Southern Cross

Southern Cross (Western Australia)

Drilling is planned in FY11 to test the following targets:

• Copperhead (2500m)
• Fraser's South (3100m)
• Corinthian (900m)

Priority: Copperhead

Filling the project pipeline – East Lachlan

East Lachlan (New South Wales)

Plan to drill test in FY11 the highest ranked targets (4000m), subject to completing:

• Detailed gravity (and possibly electrical) surveys
• Economic modelling of Cu-Au target style at depth

Priority: Testing porphyry copper gold targets under cover

How we will execute our medium term strategy

Investment case

Annual General Meeting – 18 November 2010 28

St Barbara has quality ore reserves – great value

St Barbara has the largest Australian reserve base of its peers, and the highest grade

St Barbara – Long term, high cash margins

Conclusion

Annual General Meeting – 18 November 2010 31

Strong, capable and growing

STRONG

• Gwalia to deliver organic growth and lower costs
• Financial strength provides flexibility for growth

CAPABLE

• Experienced Board & Executive team
• Operational capability to deliver to guidance GROWING
• Exploration drilling of defined targets
• Potential acquisitions being assessed

Competent Persons Statement

Competent Persons Statement

Significant gold intersections and geological interpretations contained in this report have been compiled by Mr. Phillip Uttley. Mr. Uttley is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full time employee of the company. Mr. Uttley has sufficient experience relevant to the style of mineralization, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004 edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves'. Mr. Uttley consents to the inclusion in the report of the matters based on his information in the form and context in which they appear.

References to Mineral Resources presented in this document have been produced in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves, December 2004 (JORC Code) under the direction of Mr. Ben Bartlett. Mr. Bartlett is a Member of The Australasian Institute of Mining and Metallurgy and is a full time employee of St Barbara. Mr. Bartlett has sufficient experience relevant to the style of mineralization, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Mr. Bartlett consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

References to Ore Reserves presented in this document have been produced in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves, December 2004 (JORC Code) under the direction of Mr. Jacobus Kirsten. Mr. Jacobus Kirsten is a Member of The Australasian Institute of Mining and Metallurgy and is a full time employee of St Barbara. Mr. Kirsten has sufficient experience relevant to the style of mineralization, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Mr. Kirsten consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.