ST BARBARA LIMITED — Capital/Financing Update 2008

Jul 10, 2008

ASX Shareholders Report

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St Barbara

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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

St Barbara Completes Equity Raising

St Barbara Limited (St Barbara) advises that it has completed the retail component of its 2 for 7 renounceable accelerated pro‐rata entitlement offer to shareholders (the Entitlement Offer) made under the Prospectus dated 13 June 2008.

The Retail Entitlement Offer closed on Friday 4 July 2008, with valid subscriptions for 16,753,683 New Shares received by the Company. A total of 123,554,066 New Shares were not taken up under the Retail Entitlement Offer and were, as required by the Prospectus, offered by the Underwriter for sale via a bookbuild (the Retail Bookbuild).

Having not received acceptable bids for the New Shares offered under the Retail Bookbuild, the Underwriter, Macquarie Capital Advisers Limited, will, subject to the Underwriting Agreement (and none of the termination events as set out in Section 8.4 of the Prospectus being triggered between now and close of business on 16 July 2008), subscribe for the full shortfall of 123,554,066 New Shares.

Settlement of the 140,307,749 New Shares from the Retail Entitlement Offer is expected to occur on Wednesday 16 July 2008 raising approximately $56.1 million for St Barbara. The New Shares from the Retail Entitlement Offer are expected to be issued and commence trading on the ASX on Thursday 17 July 2008.

Together with approximately A$63.4 million raised through the Institutional Entitlement Offer and Institutional Placement completed last month, St Barbara has raised a total of approximately A$120 million before fees in new equity funds which will be used to:

• Fund the remaining capital expenditure for the development of the Gwalia gold mine and related operations and infrastructure;

• Undertake improvements at the Southern Cross processing plant to improve productivity and efficiency;

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ASX Shareholders Report

• Sustain the current higher level of exploration activities in line with the strategy to increase Ore Reserves;

• Support working capital requirements.

Investment Market & Media Enquiries

Eduard Eshuys, Managing Director and CEO +61 3 8660 1910

Delphine Cassidy, General Manager Investor Relations +61 3 8660 1902

11 July 2008

This document is not a prospectus and does not constitute an offer of securities.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

The entitlements and New Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (Securities Act), or any U.S. state or other securities laws. The entitlements and the New Shares may not be offered, sold or otherwise transferred except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

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