ST BARBARA LIMITED — Capital/Financing Update 2004

Nov 24, 2004

ASX SHAREHOLDERS REPORT

Enquiries regarding this report or Company business may be directed to:

Colin G. Jackson Non-executive Chairman Telephone 0417 929 107

or

Brett Lambert

Actina Chief Executive Officer Telephone (08) 9476 5599 Overseas +61 8 9476 5599

NuStar Mining Corporation Level 2, 16 Ord Street West Perth Western Australia 6005 Telephone (08) 9476 5599 Overseas +61 8 9476 5599

Dollar values in this report are Australian dollars unless otherwise stated.

Paulsens Finance Package Finalised

All conditions associated with the Finance Facility from Westpac Banking Corporation, including the granting of securities over project assets, have been satisfied. As a consequence, the Company has access to funds as required for the Paulsens gold mine.

NuStar has utilised the Westpac Facility to hedge 115,000 ounces of gold on a flat forward basis at $628 per ounce (representing 30 percent of forecast production) and establish zero cost options over 58,000 ounces (a further 15 percent of forecast production), securing a floor price of $609 per ounce, with full price participation up to $650 per ounce. The forward sales and option contracts have maturities between July 2005 and December 2008.

It is anticipated that first draw down of debt will be made to complete the acquisition of the Paulsens Royalty from St Barbara Mines Limited, subject to shareholder approval of both companies. (NuStar used cash on hand to fully repay the convertible note held by Claymore Capital Pty Ltd).

Paulsens mine development advance continues with the decline face at approximately 650 metres (125 metres below surface). Plant construction has commenced with the first stage, bulk earthworks, completed ahead of schedule.

A historically high gold price has been secured for a portion of Paulsens production – prudently underwriting the loan facility - whilst retaining substantial exposure to the spot gold market.

The first gold pour remains on schedule for May 2005.

Cófin G Jackson Non-executive Chairman

25 November 2004