ST BARBARA LIMITED — Capital/Financing Update 2009

Dec 9, 2009

St Barbara Limited ABN 36 009 165 066

10 December 2009

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ST BARBARA SUCCESSFULLY COMPLETES THE RETAIL COMPONENT OF THE $124 MILLION EQUITY RAISING

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS OR IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS

Retail Entitlement Offer

St Barbara Limited is pleased to announce that the retail component (“ Retail Entitlement Offer ”) of its 4 for 13 Accelerated Non-Renounceable Pro Rata Entitlement Offer announced on 11 November 2009 (“ Offer ”) closed oversubscribed and therefore will raise the full amount of approximately $51 million from this part of the Offer.

Combined with approximately A$73 million raised from the Institutional Entitlement Offer, St Barbara has raised a total of approximately A$124 million, before costs, from the Offer. Over 99% of the total proceeds from the Offer were raised from existing shareholders.

Tim Lehany, the Managing Director and Chief Executive Officer of St Barbara said “We are delighted that our pro rata offer has been so strongly supported by our shareholders and see the success of the raising as a solid endorsement of our strategy. The balance sheet has been significantly strengthened and we have already contracted to buy back $15.35 million face value of Convertible Notes. We in no way take shareholder support for granted and will continue to work tirelessly to deliver our Three Year Plan and growth aspirations for St Barbara.”

As the Retail Entitlement Offer was oversubscribed, shares applied for in excess of Eligible Retail Shareholder entitlements ( Additional New Shares ) will be capped at the greater of:

• 4 times that shareholder’s entitlement under the Retail Entitlement Offer; or,

• 400,000 Additional New Shares.

Where an Eligible Retail Shareholder has applied for a number of Additional New Shares less than the cap, the number of Additional New Shares applied for will be allotted in full.

The allotment of new shares under the Retail Entitlement Offer will be completed on Monday, 14 December 2009 and those shares are expected to be quoted on the Australian Securities Exchange on Tuesday, 15 December 2009.

Ross Kennedy Executive General Manager Corporate Services Company Secretary

Media and investor enquiries:

Ross Kennedy, Executive General Manager Corporate Services / Company Secretary: +61(0) 3 8660 1903

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS OR IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS

LEVEL 14, 90 COLLINS STREET, MELBOURNE VIC 3000 LOCKED BAG 9, COLLINS STREET EAST VIC 8003 TELEPHONE + 61 3 8660 1900 FACSIMILE + 61 3 8660 1999

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This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to, or for the account or benefit of, any “U.S. person” (as defined in Regulation S under the U.S. Securities Act of 1933 (the “U.S. Securities Act”)) (“U.S. Person”), or in any other jurisdiction in which such an offer would be illegal. Securities may not be offered or sold in the United States, or to or for the account or benefit of U.S. Persons unless the securities have been registered under the U.S. Securities Act or an exemption from the registration requirements of the U.S. Securities Act is available. The securities to be offered and sold in the Offer have not been, and will not be, registered under the U.S. Securities Act or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of U.S. Persons, unless the securities are registered under the U.S. Securities Act or an exemption from the registration requirements of the U.S. Securities Act is available. Neither this announcement nor any other documents relating to the Offer may be sent, distributed or released in the United States or to U.S. Persons or to any persons acting for the account or benefit of U.S. Persons.

The Offer does not constitute an offer, and New Shares will not be issued or sold under the Offer, in any jurisdiction in which, or to any person to whom, it would not be lawful to make such an offer, issue or sale. No action has been taken to register or qualify the Shares or the New Shares or to otherwise permit a public offering of Shares or New Shares outside Australia. The New Shares may be offered, issued or sold in any other jurisdiction under the Offer where such offer, issue or sale is permitted under applicable law.

Neither St Barbara nor any other person warrants or guarantees the future performance of St Barbara or any return on any investment made under the Offer.

This announcement may contain forward looking statements, including indications of, and guidance on, future earnings and financial position and performance of St Barbara. Forward looking statements include those containing such words as ‘anticipate’, ‘estimates’, ‘should’, ‘will’, ‘expects’, ‘plans’ or similar expressions. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond St Barbara’s control, and which may cause actual results to differ materially from those expressed in the statements contained in this announcement. You should not place undue reliance on these forward-looking statements having regard to the fact that the outcome may not be achieved. These forward-looking statements are based on information available to St Barbara as of the date of this announcement. Except as required by law or regulation (including the ASX Listing Rules), St Barbara undertakes no obligation to update these forward-looking statements. To the maximum extent permitted by law, St Barbara and its officers, employees, agents, associates and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of such information, or likelihood of fulfillment of any forward looking statement, and disclaim all responsibility and liability for these forward looking statements (including, without limitation, liability for negligence).

Nothing contained in this announcement constitutes investment, legal, tax or other advice. You should make your own assessment and take independent professional advice in relation to the information and any action taken on the basis of the information.