ST BARBARA LIMITED — Capital/Financing Update 2011

Aug 8, 2011

St Barbara Limited ACN 009 165 066 Level 14, 90 Collins Street, Melbourne VIC 3000 Locked Bag 9, Collins Street East, Melbourne VIC 8003 Tel +61 3 8660 1900 Fax +61 3 8660 1999 www.stbarbara.com.au

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Protecting Cash Flows For Southern Cross Operations

The FY12 Forward Guidance contained in the June 2011 Quarterly Report released on 28 July 2011, made reference to mining at Marvel Loch, Southern Cross, continuing until 31 August 2012, after which time the plant is expected to be placed on care and maintenance. For FY12, Southern Cross Operations is forecast to produce 90,000 to 100,000 ounces of gold at a cash operating cost of between A$1,170 to A$1,220 per ounce.

To appropriately manage the volatile gold price risk, and secure the projected life of Southern Cross Operations by locking in minimum cash flows for the remaining life of the mine, price protection has been established for 100,000 ounces of gold production by way of a zero cost collar utilising put and call options. As a result, revenue from Southern Cross Operations production for FY12 is secured at a minimum gold price of A$1,550, and is capped at A$1,610 per ounce.

Production from the Company’s core asset, the Gwalia mine at Leonora, remains unhedged.

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Ross Kennedy

Executive General Manager Corporate Services Company Secretary 9 August 2011

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