ST BARBARA LIMITED — Capital/Financing Update 2006

Mar 27, 2006

St Barbara Limited ACN 009 165 066 1205 Hay Street, West Perth WA6005 Telephone +61 8 9476 5555 Facsimile -61 8 9476 5500 Email perth@stbarbara.com.au Website www.stbarbara.com.au

Resource Capital Fund converts its $7,000,000 Convertible Note into shares

Resource Capital Fund has provided notice of converting its $7,000,000 Convertible Note into shares.

The conversion terms of the Convertible Note were approved by shareholders at the Annual General Meeting held on 16 November 2005.

As a consequence:

• The Company has no secured borrowings outstanding;
• Issued capital of the Company is now 716,414,131 shares; and
• RCF's shareholding has increased to 183.7 million shares or 25.6% of the issued capital of the Company.

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Eduard Eshuys Managing Director and CEO

27 March 2006