ST BARBARA LIMITED — Investor Presentation 2008

Apr 7, 2008

ASX Shareholders Report

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St Barbara

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European Gold Forum 2008

Attached is a copy of a presentation being given to the European Gold Forum 2008 in Zurich by Mr Eduard Eshuys, Managing Director & CEO.

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Ross Kennedy Company Secretary

8 April 2008

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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

G:\Corporate\Company Secretarial\ASX\2008\080408_asxa_ EurGoldPrez.doc

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Building a Bigger Future
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European Gold Forum 2008 Mr Eduard Eshuys, Managing Director and CEO 11[th] April 2008

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Who are we?

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▪ Australian dedicated gold producer, developer and explorer

▪ Land bank + 20k sq kms

▪ Resources of 10.1Moz

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• Reserves of 2.3Moz

▪ Target 450,000oz pa gold production rate by December Quarter 2008

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Brief History to Date

Jul 2004 Eshuys & Wise appointed by shareholders Mar 2005 Acquired Sons of Gwalia gold assets Sep 2005 Set target to achieve 150 – 200koz production in FY06 Feb 2006 Set target to achieve rate of 450koz pa by December Quarter 2008 and 1Moz production and 10Moz Reserves by December 2010 Jun 2006 Achieved production target; produced 166koz in FY06 Feb 2007 Gwalia Deeps development approved Jun 2007 Achieved production 171koz in FY07 Sep 2007 Tower Hill discovery

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1Moz pa Production Target

“To produce 1 million ounces of gold and have reserves of 10 million ounces by the end of 2010”

▪ Target Southern Cross and Leonora production of 600koz pa

▪ Additional growth through potential development of Tarmoola and land bank discoveries

▪ Acquisitions and joint ventures

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Target
production
1000 rate
800
600
Target
400
Forecast
200
0
Jun-06 Jun-07 Jun-08 Jun-09 By Dec-10
Southern Cross Leonora Land bank discoveries 'Bolt on' acquisitions
Production (Koz)
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St Barbara Assets

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• A large world class land bank of 20,000+ sq km, of which 7000+ sq km in WA

• Only 30% of Southern Cross & Leonora land effectively explored historically

• Operations and community infrastructure in place

• Potential for production expansion

• Well established regulatory environment

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Exploration Strategy

• Focus on under explored land bank at Leonora and Southern Cross

• Current gold price and improved technology provide new opportunities

• Sustain exploration expenditure ~A$25m per annum. Results include: ▪ Tower Hill resources - 1.4Moz at A$6/oz

• ▪ Gwalia reserves – 1.7Moz at $A20/oz

▪ Aim to increase Resources >10Moz

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FY08 Exploration Expenditure
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Base Metals
11%
Southern Cross
28%
Green Fields
5%
Leonora
56%
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• Conversion of Resources to Reserves

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* Forecast 6
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Capital Structure

▪ Market capitalisation +A$800 million

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0
Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07
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▪ 994m ordinary shares

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800
600
400
200
million (A$)
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▪ 18.9m options (unlisted) ▪ A$100m Convertible Notes

▪ Institutional shareholders hold 63%

• North America

• ▪ United Kingdom

• ▪ Australia

▪ Included in S&P/ ASX 200 index

Market Capitalisation Growth

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A$/US$ $0.90 exchange rate
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Financial Position

As at 31 December 2007

▪ Cash and equivalents of A$133m ▪ A$100m Convertible Notes

▪ A$0.73 conversion price; 5 year term ▪ A$2.3m leasing debt

▪ Zero gold delivery commitments

▪ A$25m guaranteed bond facility

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Southern Cross Endowment

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• Total endowment of 12Moz

▪ Marvel Loch u/g +900,000 tpa

▪ Prospective open pits include:

• Nevoria

• Transvaal

• Edward’s Find

• Axehandle

• 20+ open pit targets

• Open pit production +1.5Mtpa

• ▪ Mill throughput 2.4Mtpa

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Marvel Loch

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Mill
Mining office
Main road
Marvel Loch
Jaccoletti deposit
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Marvel Loch - The Cornerstone

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Resource: 813,000 oz
Reserve: 410,000 oz
Underground production + 900,000 tpa
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Leonora Endowment

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• Total endowment +12 Moz

▪ 27 deposits mined historically and represent future opportunities

• 5 of the 27 have produced more than 100koz

• 2 processing plants with approximately 5Mtpa combined capacity

• ▪ Significant base metal potential

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Gwalia

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North
Portal
Mill Mining Office
Resource: 4.0Moz @ 8.9 g/t
Reserve: 1.7Moz @ 9.4g/t
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Gwalia - Hoover Decline 98% complete

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▪ Decline has reached top of reserves

▪ Underground stress levels in line with feasibility study

▪ Initial production rate of 100,000oz pa on target

▪ Pre-production capex A$160 million

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Gwalia - Successful Drilling to > 2000mbs

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New SBM
holes from
surface
Decline at 990mbs
Reserve to 1600mbs
Resource to 1800mbs
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Gwalia - Production Opportunities

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Exploration Opportunities

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▪ Gwalia to Kailis 8 kms

▪ Depth potential

▪ Tower Hill Resource 1.4Moz; 2 km from Gwalia

▪ Resource definition cost at Tower Hill of A$6/oz ▪ Drilling underway on Gwalia-Kailis trend

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Tower Hill

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Leonora
Gwalia
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North

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Tower Hill – Resource 1.4Moz

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Tarmoola – Resource 2.1Moz

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▪ Higher grades exist at depth on the graniteultramafic contact

▪ Underground mine development potential from base of pit

▪ Drilling underway targeted to extend and increase resources

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Tarmoola Processing Plant

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Tarmoola 3.6Mtpa processing plant on care and maintenance

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Tarmoola Underground Potential

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Underground Resource:
350,000 ounces 3.2Mt @ 3.5g/t
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St Barbara’s Ore Reserves Doubled

▪ June 2005 Southern Cross Reserves of 260koz

2 years later…

▪ Production since July 2005 400koz

• June 2007 Southern Cross Reserves 600koz

• ▪ June 2007 Gwalia Reserves 1.7Moz

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12,000 Reserves Resources
10,000
8,000
6,000 7,817
# 6,067
9,140 6,600
4,000 6,000
2,000
2,300 2,300
1,200 1,600
0 260
Jun-05 Jun-06 Dec-06 Jun-07 Dec-07
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Includes Meekathara and South Laverton Resources; assets sold in October 2005 23

• Reserves to be updated in March Quarter 2008

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St Barbara’s Objectives

By 2010……… “To produce 1 million ounces of gold per annum and have reserves of 10 million ounces by the end of 2010”

Beyond 2010………

• Current reserves underpin future production

• Marvel Loch to 2012

• Gwalia to 2017

• Aggressive exploration to continue at the under explored Southern Cross and Leonora areas

• Greenfield exploration of identified targets

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Why St Barbara?

▪ Dedicated to gold in Australia

▪ Aggressive but objective explorer

▪ Under explored land bank

▪ Proficient developer

▪ Strong growth profile

▪ Long term reserve profile

▪ Full exposure to gold price upside

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….thank you
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Appendix 1: Summary of Resources and Reserves

Mineral Resources as at 31 December 2007:

Region	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnes	AU g/t	koz	Tonnes	AU g/t	koz	Tonnes	AU g/t	koz	Tonnes	AU g/t	koz
Southern Cross	2,980	3.6	347	12,690	2.7	1,106	6,070	3.0	579	21,740	2.9	2,032
Leonora	12,990	0.9	380	74,110	2.4	5,792	11,750	5.1	1,913	98,850	2.5	8,085
Total	15,970	1.4	727	86,800	2.5	6,898	17,820	4.3	2,492	120,590	2.6	10,117

Proven and Probable Reserves as at 30 June 2007:

Region	Proved	Proved	Proved	Probable	Probable	Probable	Total	Total	Total
	Tonnes	AU g/t	koz	Tonnes	AU g/t	koz	Tonnes	AU g/t	koz
Southern Cross	1,110	3.7	130	5,100	2.9	1,106	6,200	3.0	600
Leonora				5,600	9.4	5,792	5,600	9.4	1,700
Total	1,110	3.7	130	11,000	6.3	6,898	12,000	6.0	2,300

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Disclaimer

Note: All Reserves as at 30 June 2007 and Resources as at 31 December 2007

This presentation includes certain statements, estimates and projections with respect to the future performance of St Barbara. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may prove to not be correct. The projections are merely estimates by St Barbara, of the anticipated future performance of St Barbara’s business based on interpretations of existing circumstances, and factual information and certain assumptions of future economic and results, which may prove to be incorrect. Such projections and estimates are not necessarily indicative of future performance, which may be significantly less favourable than as reflected herein. Accordingly, no representations are made as to the fairness, accuracy, correctness or completeness of the information contained in this presentation including estimates or projections and such statements, estimates and projections should not be relied upon as indicative of future value, or as a guarantee of value or future results. This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in St Barbara Limited.

The information contained in this report relating to drilling results and resources has been compiled by Mr Peter Thompson. Mr Thompson is a Member of the Australasian Institute of Mining and Metallurgy, and is a full-time employee of the Company. Mr Thompson has 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 in the 2004 edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’. Mr Thompson consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

In providing this presentation, St Barbara has not considered the objectives, financial position or the needs of the recipient. The recipient should obtain and rely on its own financial advice from its tax, legal, accounting and other professional advisers in respect of the recipient’s objectives, financial position and needs.

To the maximum extent permitted by law, neither St Barbara nor its related corporations, directors, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

By attending the presentation, you agree that no part of this presentation or disclaimer may be disclosed, distributed or reproduced to any third party without the consent of St Barbara Limited (“St Barbara”).

You represent and confirm by attending and/or retaining this presentation, that you accept the above conditions.

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