ST BARBARA LIMITED — Capital/Financing Update 2008

Jun 9, 2008

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Capital Raising

• A$120 million via Entitlement offer and Placement

Mr Eduard Eshuys, Managing Director and CEO 10th June 2008

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Disclaimer

This presentation has been prepared by St Barbara Limited ( Company ). This presentation is not a prospectus and does not constitute an offer of shares. Any offer of shares will only be made in, or accompanied by, a prospectus which will be sent to eligible shareholders. Eligible shareholders wishing to acquire new shares should consider the prospectus and will need to complete the entitlement and acceptance form that accompanies the prospectus.

The material contained in this presentation is for information purposes only. The information in this presentation is not, and should not be relied upon as, financial product advice. It has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment in the Company is appropriate in light of your particular investment needs, objectives and financial circumstances.

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, should, will, expects, plans or similar expressions. 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.

This presentation has been prepared by the Company based on information available to it at the date of this presentation. 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, Macquarie Capital Advisers Limited, their related bodies corporate or any of their directors, employees, agents or advisers accept 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 Macquarie Capital Advisers Limited, their related bodies corporate or any of their directors, employees, agents or advisers.

Nothing in this presentation is a promise or representation as to the future. Statements or assumptions in this presentation as to future matters may prove to be incorrect and the differences may be material. None of the Company, Macquarie Capital Advisers Limited, their related bodies corporate or any of their directors, employees, agents or advisers gives any representation or warranty as to the accuracy of such statements or assumptions.

None of the shares referred to in this presentation have been, or will be, registered under the US Securities Act or the securities laws of any state of the United States, and may not be offered or sold in the United States, or to, or for the account or benefit of, a US Person, except in a transaction exempt from the registration requirements of the US Securities Act and applicable United States state securities laws.

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Table of Contents

	Page
Transaction Overview	4
Details of the Offer	7
Company Overview	11
What you need to do - next steps	19
Appendices	22

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Transaction Overview

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Transaction Overview

Raising approximately A$120 million via a fully underwritten Renounceable Accelerated Entitlement offer (RAPIDS) and Placement

Use of proceeds:

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

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

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

• Support increased working capital requirements and transaction costs

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Sources and Use of Funds

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A$ million
140
A$120m A$120m
120 Working capital A$3 million
Transaction fees A$5 million
A$10 million
100 Retail Offer & Bookbuild
A$46 million [1]
Exploration expenditure
80 A$35 million
Institutional Placement
A$6 million [1]
60
Institutional Entitlement
40 Offer & BookbuildA$68 million [1]
A$67 million [[2]]
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0
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A$120m Working capital A$3 million Transaction fees A$5 million Southern Cross processing plant A$10 million Exploration expenditure A$35 million Complete Gwalia development A$67 million[[2]]

Funds Raised

Use of Funds

• 1) Assumes an institutional and retail spilt of 60% and 40% respectively. The final split will not be known until after the completion of the Institutional Entitlement Offer

• 2) A$67 million comprises – increase in Gwalia pre-commissioning capital expenditure (A$17 million) and pre-commissioning capital expenditure incurred and to be incurred for the completion of Gwalia (previously planned to be funded by an A$50 million debt facility)

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Details of the Offer

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Details of Offer

▪ 2 New Shares for every 7 St Barbara Shares held

• Offer price : A$0.40 per New Share

• 28.6% discount to closing price on last trading day, Friday 6 June 2008 of A$0.56

• 23.7% discount to the theoretical ex-rights price, consistent with that offered in recent similar capital raisings

• Record date is Friday 13 June 2008

• Fully underwritten by Macquarie Capital Advisers

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Institutional Offer and Placement

▪ Institutional Entitlement Offer to raise approximately A$68 million[1]

• Eligible Institutional Shareholder offer open till 6pm (AEST) Wednesday 11 June 2008

• Renounced entitlements and entitlements of ineligible institutional shareholders will be placed in an institutional bookbuild (Thursday 12 June – Friday 13 June 2008)

• St Barbara shares in trading halt until Institutional Offer completed

▪ Institutional Placement

• Raising approximately A$6 million via placement to Institutional Investors

• Expected to be conducted on Thursday 12 June 2008 and Friday 13 June 2008

• 1) Assumes an institutional and retail spilt of 60% and 40% respectively. The final split will not be known until after the completion of the Institutional Entitlement Offer

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Retail Offer

• Retail Entitlement Offer to raise approximately A$46 million[1]

  • Prospectus and personalised Entitlement and Acceptance Form to be dispatched to Eligible Retail Shareholders the week beginning Monday 16 June 2008

  • Eligible Retail Shareholder offer open from Monday 16 June to Friday 4 July 2008

  • Renounced entitlements and entitlements of ineligible retail shareholders will be placed in an institutional book build (Thursday 10 July – Friday 11 July 2008)

• 1) Assumes an institutional and retail spilt of 60% and 40% respectively. The final split will not be known until after the completion of the Institutional Entitlement Offer

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Company Overview

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Who are we?

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• Australian focused gold producer and explorer

▪ Key assets include gold mines and associated infrastructure at Southern Cross and Leonora

• two of the three richest endowed gold provinces in Western Australia

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• Established production track record with over 480,000 ounces of gold produced over the last three years

• ▪ Low sovereign risk

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St Barbara’s strategic objective is to become a 1 million ounce per annum gold producer

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Strong growth profile

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Southern Cross Leonora
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400
Target
295-315 ozs
300
Forecast
200
155-160 ozs
100
0
FY June-06 FY June-07 FY June-08 FY June-09
Production (Koz)
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• Expected gold production of 155,000 – 160,000 ounces in FY08 at cash operating cost of approximately A$560 per ounce

• Targeted gold production of 295,000 – 315,000 ounces in FY09 from Southern Cross and Leonora operations

• Production at the rate of 450,000 ounces of gold per annum expected to be achieved during the June 2009 quarter

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St Barbara’s Ore Reserves doubled

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Reserves Resources
12,000
10,000
8,000
6,000 7,817
# 6,067
9,140
4,000 6,000
2,000
2,300 2,300
1,200
0 260
Jun-05 Jun-06 Jun-07 Dec-07
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• Over 90% increase in gold Ore Reserves over the twelve months to June 2007

• Further increases are expected to be completed by June 2008 Quarterly Report

• Mineral Resources of 10.1 million ounces provides strong potential for future growth of Ore Reserves

• Potential to exploit future exploration success by leveraging existing infrastructure in the Southern Cross and Leonora districts

  • Includes Meekathara and South Laverton Resources; assets sold in October 2005

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Mine developer

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Pre-commissioning Capital Expenditure on Gwalia

(A$ million)	YTD Apr-08	Total pre- commissioning budget
Mining Developments	45.6	57.1
Processing Plant and Borefields	25.5	36.7
Mine Infrastructure	6.0	17.3
Run of Mine Pad	4.7	5.0
Mine Infrastructure	6.9	10.4
Total	88.7	126.5

In addition, A$45.7 million was spent in FY07

▪ Leonora Ore Reserves of 1.7 million ounces

• underpins a mine life of at least eight years

• Hoover Decline at Gwalia along side the level of Ore Reserves at a vertical depth of 1,000 mbs

• Refurbishment of the Gwalia processing plant near completion

• in readiness to commence gold production

• Gold production on schedule to commence in September quarter 2008

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Exploration upside

• Extensive tenements within Australia covering approximately 18,000 square kilometres

• Exploration expenditure for the 2009 financial year is expected to continue at the higher level of approximately A$35 million

• Focused on the discovery of higher grade underground and open pit deposits in proximity to existing production infrastructure at Southern Cross and Leonora

• Exploration in the 2009 financial year will focus on proving up the Transvaal, Edwards Find and GVG Lode 2 deposits at Southern Cross and Tower Hill and Tarmoola at Leonora

▪ Dedicated base metals exploration team targeting nickel, copper, zinc deposits at Southern Cross and Leonora

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No committed gold deliveries

• Policy is to maximise the exposure of the Company to favourable movements in the spot gold price

• St Barbara has no committed gold deliveries

• Purchased put option strategy has been deployed since April 2007

• benefits from increases in gold prices above the strike price per ounce; provides protection against a lower gold price

• Positive marked-to-market value of put options of A$25.7 million as at 31 May 2008

▪ The Company’s put option position as at 31 May 2008 comprised:

	Ounces	Price/oz	Maturity
Bought put options	13,800	A$760	Jun-08
Bought put options	222,000	A$700	Jul 08 – Apr 10
Bought put options	280,000	A$800	Jul 08 – Jun 12
Bought put options	1,106,400	A$700	Jul 10 – Apr 17
Total	1,622,200

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Outlook

2008 Financial Year

▪ Revised forecast gold production now in the range of 155,000 - 160,000 ounces (compares to previous guidance of 165,000 – 170,000 ounces)

▪ Difference in forecast gold production primarily attributable to lower than expected mill availability and throughput at the Southern Cross operations in the first two months of June quarter; resulted in increased ore stockpiles at surface to be processed in the next financial year

▪ Part of the proceeds will be applied towards maintenance and productivity improvements at Southern Cross to resolve these issues

▪ Forecast cash operating costs of approximately A$560 per ounce (previous guidance of A$525 - $550 per ounce)

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Outlook

2009 Financial Year

▪ Gold production from the Southern Cross and Leonora operations is targeted to be in the range of 295,000 – 315,000 ounces

▪ Previously announced target of producing at the rate of 450,000 ounces per annum by December 2008 is now expected to be achieved by the middle of the 2009 calendar year

Ore Reserves and Mineral Resource statements

▪ Revised statements will be included in the June 2008 Quarterly Report ▪ Update is expected to reflect exploration success achieved by St Barbara during the current financial year, resulting in increased Ore Reserves

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Effect of the Offer on financial position

Cash Flow Movements	A$’000
Cash balance at 31 December 2007	114,921
Net cash flows from operations	19,083
Gwalia development	(65,522)
Southern Cross capital	(20,544)
Exploration	(18,296)
Purchase of gold put options	(4,480)
Net financing cash flows	1,636
Cash balance as at 31 May 2008	26,798
Restricted cash1	20,597
Available cash as at 31 May 2008	6,201
Net proceeds from the Offer	115,000
Pro-forma available cash post Entitlement Offer	121,201

1) Restricted cash represents cash placed on deposit with Commonwealth Bank under the terms of the bank guarantee facility. The bank guarantees in relation to obligations entered into for office rents and environmental performance bonds issued in favour of the Western Australian Department of Industry and Resources

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Next steps

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What you need to do – next steps

▪ Institutional Shareholders

• Read the Pathfinder Prospectus carefully and in full before making any investment decision

• Read the Procedures Manual carefully (provided by the Underwriter)

• Return the Institutional Shareholding Declaration Form to Orient Capital by 10am (Melbourne time), Wednesday 11 June 2008

• Return the Entitlement Acceptance or Renunciation Form to Macquarie Capital Advisers by 5pm (Melbourne time), Wednesday 11 June 2008

▪ Retail Shareholders

• Prospectus for Retail Entitlement Offer to be lodged following completion of the Institutional Entitlement Offer on Friday 13 June 2008

• Read the prospectus carefully and in full before making any investment decision

• Eligible retail shareholders who wish to acquire shares under the Retail Entitlement Offer will need to complete the personalised Entitlement and Acceptance Form accompanying the prospectus and return it to Computershare by Friday 4 July 2008

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Key dates

Institutional Entitlement Offer Opens Tuesday 10 June 2008 Institutional Entitlement Offer Closes Wednesday 11 June 2008 Institutional Entitlement Bookbuild Thursday 12 – Friday 13 June 2008 Record Date Friday 13 June 2008 Prospectus lodged with ASIC and ASX Friday 13 June 2008 Retail Entitlement Offer Opens Monday 16 June 2008 Settlement of the Institutional Entitlement Offer Monday 23 June 2008 Allotment of shares under the Institutional Entitlement Offer Tuesday 24 June 2008 Retail Entitlement Offer Closes Friday 4 July 2008 Retail Entitlement Bookbuild Thursday 10 – Friday 11 July 2008 Settlement of the Retail Entitlement Offer Wednesday 16 July 2008 Allotment of shares under the Retail Entitlement Offer Thursday 17 July 2008

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Appendices

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Page St Barbara’s Operations 25 Key business risks 28 Mineral Resources (including Reserves) 29 as at 31 December 2007 Proven and Probable Reserves 30 as at 30 June 2007

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St Barbara’s Operations Southern Cross

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▪ Located 360km east of Perth, Western Australia

▪ Current operations include the Marvel Loch underground mine, and other ore deposits located in the GVG area 13km to the south

▪ Total gold production for the ten months to 30 April 2008 was 130,000 ounces at a cash operating cost of A$544 per ounce

▪ Southern Cross, including Marvel Loch has gold Ore Reserves totalling 600,000 ounces and Mineral Resources of over 2 million ounces

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St Barbara’s Operations Southern Cross – Marvel Loch

Total tonnes mined: 1.5mt Total ounces produced: 204koz Average grade: 4.7g/t

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300
263
250
234
200 205
194
167
150
149
130
125
100 111
82
66
50 62
0
Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Forecast
June-08
mined tonnes (kt)
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▪ Cornerstone of St Barbara’s Southern Cross operations

▪ Gold mineralisation extends over a 1.3km strike length, defined to depths of over 700 metres below surface (“mbs”) and remains open at depth

▪ Expected to deliver approximately 0.9 million tonnes of ore during the 2008 financial year

▪ Marvel Loch mill has a production capacity of 2.4 Mtpa

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St Barbara’s Operations Leonora

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• Located 200 kilometres north of Kalgoorlie

• Includes high grade Gwalia underground mine with a mine life of at least 8 years and Trump/Kailis open pit deposit

• Gwalia mine is on schedule to commence production in the September quarter 2008

• Tower Hill is being considered as a potential underground development and is located 2 kilometres from the Gwalia mill

• Drilling underway at Tarmoola, testing for extensions to the existing higher grade Mineral Resource for potential underground development

Leonora, including Gwalia, has gold Ore Reserves totaling 1.7 million ounces and Mineral Resources of over 8 million

▪

ounces

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Key business risks

▪ Mining Operations Have Significant Operational and Development Risks

• Risks such as in extreme cases, cave ins, accidents, flooding, environmental hazards, the discharge of toxic chemicals and other hazards and other similar occurrences may delay production, increase production costs or result in liability

• Profitability could be adversely affected if for any reason its production and processing of gold or mine development is unexpectedly interrupted or slowed

▪ Reliance on Key Personnel and Other Business Inputs

• St Barbara’s operations rely on the ability to source and retain skilled personnel, contractors, materials and supplies. The increase in demand across the resources industry could result in competition and cost inflation for these inputs which may have a material impact on St Barbara’s results of operations

▪ Gold Price Risk

• Reduction in gold prices for any sustained period could materially and adversely affect St Barbara’s business

• The gold price is quoted in US dollars. As a result, St Barbara is exposed to exchange rate risk

▪ Ore Reserves and Mineral Resources

• St Barbara’s Ore Reserves and Mineral Resources for its gold assets are estimates only and, as new information becomes available, may change, which may positively or negatively affect the economic viability of St Barbara’s operations

▪ Funding Risk

• There can be no assurance that additional equity or debt funding will be available if required by St Barbara for its future asset development plans

▪ Regulatory Risk

• St Barbara operations are subject to extensive government regulations that could cause St Barbara to incur costs that materially and adversely affect St Barbara’s operations NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR U.S. PERSONS

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Mineral Resources (including Reserves) as at 31 December 2007

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Notes – Southern Cross:

Information in this report that relates to Southern Cross Ore Reserves is based on information compiled by Mr. Jacobus Kirsten and Mr. Sam Larritt who are Members of the Australasian Institute of Mining and Metallurgy. Both Mr. Kirsten and Mr. Larritt are full-time employees of the Company. Mr. Kirsten and Mr. Larritt have sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined by the 2004 edition of the ‘ Australasian Code for Reporting of Mineral Resources and Ore Reserves’. Mr. Kirsten and Mr. Larritt consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The ore reserve estimates for Hercules and GVG used a gold price of A$750/oz. The gold price is based on put options bought by the Company, exercisable at A$760 each, for the twelve months within which these reserves are expected to be mined. A cut-off grade of 0.9g/t, dilution of 5% and mining recovery of 97.5% were applied. Metallurgical recovery is 93%. The ore reserve estimate for Nevoria used a gold price of A$700/oz and a cut-off grade of 3.0g/t. A dilution of 10% and mining recovery of 75% were applied to all lodes. Metallurgical recovery is 93%.

The ore reserve estimate for Marvel Loch used a gold price of A$700/oz and a cut-off grade of 3.0g/t. A dilution of 30% and mining recovery of 85 % were applied to Undaunted lode, a dilution of 12% and mining recovery of 90 % were applied to Sherwood lode, a dilution of 5% and mining recovery of 95 % were applied to Exhibition lode, New lode and East lode, a dilution of 20% and mining recovery of 95 % were applied to Firelight lode. Metallurgical recovery is 93%.All data is rounded to two significant figures. Discrepancies in summations will occur due to rounding.

Notes – Leonora:

The information in this report that relates to Gwalia Deeps Ore Reserve is based on information compiled by Mr. Per Scrimshaw and Mr. Daniel Donald, who are members of the Australasian Institute of Mining and Metallurgy. Mr. Scrimshaw is a consultant to and Mr. Donald an employee of St Barbara Limited and both have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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. Scrimshaw and Mr. Donald consent to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The ore reserve estimate for Gwalia Deeps used a gold price of A$700/oz and a cut-off grade of 5.0g/t. The gold price is based on put options bought by the Company, exercisable at A$700 per ounce, corresponding to the period of time within which these reserves are expected to be mined. Dilution factors between 8% and 20% at 0.2g/t Au were applied based on stope width. Mining recovery factors are based on geotechnical studies and vary from 85% to 50% depending on depth of mining. Metallurgical recovery is 95%.

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All data is rounded to two significant figures. Discrepancies in summations will occur due to rounding. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR U.S. PERSONS

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Proven and Probable Reserves as at 30 June 2007

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These resources have been estimated under the direction of Mr Ben Bartlett and reviewed by Mr Peter Thompson. Mr Thompson and Mr Bartlett listed above have sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activities which they undertook to qualify as Competent Persons as defined in the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. They have consented to the inclusion in the report of the matters based on their information in the form and context in which they appear.The Tower Hill resource estimate is calculated using a 0.8g/t cut-off to a vertical depth of 400m, and a 2g/t cutoff below 400m. Some deposits that have been included in previous resource statements for several years have been withdrawn from this statement pending further investigation of their potential for eventual economic exploitation. All numbers have been rounded to two significant figures. Some apparent discrepancies in summations will occur due to rounding. Leonora Other - McGraths, Kailis, Harbour Lights, Tamoola s/pile, Royal Arthur Bore, Rainbow & Gwalia UG (Intermediates). Southern Cross Other - Axehandle, North Edwards, Transvaal, Cornishman (SBM 51%), Golden Pig (Min. Waste), New Zealand Gully, Various Stockpiles, Great Victoria Lode 2, Great Victoria Lode 1 (Sulphide), Redwing, Yilgarn Star.

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