St Barbara Mines Limited Tokyo Presentation Eduard Eshuys Managing Director & CEO 26 September 2004

St Barbara Mines Limited Outline Ø Australia Ø St Barbara Ø The Future

St Barbara Mines Limited Outline of Annual Production Ø Australia is the world’s 2 nd largest gold producer at 11% Ø Produced 290 tonnes or 9.32 m oz Ø Nickel 125k tonnes or 10% Ø Copper 458k tonnes or 3% Ø Exploration spend $648m

St Barbara Mines Limited World Gold Production 2003 total 2,593 tonnes

St Barbara Mines Limited

2003 Australian Gold Production (ozs’000)

St Barbara Mines Limited Australian Gold Price to current

St Barbara Mines Limited 2004 Production and Market Capitalisation Comparison Company Gold Production Market Capitalisation Newcrest761,780$4.8 bn Sons of Gwalia521,081$245 m Croesus236,760$160 m Equigold156,633$212 m St Barbara96,611$31 m

St Barbara Mines Limited The Company Directors: Ø Colin WiseNon-Executive Chairman Ø Eduard EshuysManaging Director & CEO Ø Hank TutenNon-Executive Director Ø Mark WheatleyNon-Executive Director

St Barbara Mines Limited The Company’s Capital Ø Listed shares715 million Ø Unlisted options 85 million Ø Current market cap$31 million

St Barbara Mines Limited The Company Major shareholders: Ø Resource Capital Fund II LP 21.86% Ø Ocean Resources Capital Holdings 10.13% Ø RAB Europe Fund Ltd 6.29% Ø St James’ Place Recovery Trust 5.65%

St Barbara Mines Limited The Company Major Assets: Ø NuStar shareholding – 55.4% market value $21m Ø Paulsens 5% royalty $5m Ø Land bank 1,600 sq kms Ø Resources of 1.3m ozs Ø Meekatharra Joint Ventures Ø Bluebird Plant

St Barbara Mines Limited NuStar Mining Corporation Ltd Major Assets: Ø Paulsens with reserves 10.7g/t (412k ozs) Ø Cash at bank $13.48m at June 2004 Ø Production to commence May 2005 Market capitalisation $39.6m Shares on issue 990m

St Barbara Mines Limited Restructure and Divestment of NuStar Ø Initial sale of 100m shares at A$0.04/share Ø Sale of Paulsens 5% royalty $5.1m to NMC Ø Grant of option to Claymore over 100m NMC shares at $0.05/share for 3 months Ø Share swap of NMC shares for SBM shares on the basis of 1.25 NMC shares for each SBM share to a max of 240m shares Ø SBM shares purchased to be cancelled

St Barbara Mines Limited After Divestment of NuStar Ø Cash of $8m and zero debt Ø 102m NMC shares – value $4m Ø Resources of 1.3m ozs Ø Meekatharra joint ventures l $6.5m over next 12 mths Ø Bluebird Meekatharra l replacement value >$50m Issued Capital – 523m shares

St Barbara Mines Limited Meekatharra Resources MTAu g/tOz Au Paddy’s Flat ,000 Joint Ventures ,000 Total ,365,000

St Barbara Mines Limited Exploration by St Barbara Drilling at Paddy’s Flat for: Ø High grade underground at Prohibition Vivians-Consols Ø Open pit potential at southern end Ø Commence late October

St Barbara Mines Limited Initial prime objective is to define reserves at Paddy’s Flat and recommence gold production

St Barbara Mines Limited

Vivian Consols (Felsic Porphyry in Ultramafics)

St Barbara Mines Limited

Joint Ventures

St Barbara Mines Limited Joint Venture Expenditure $’m Total Aurogenic Elara Total

St Barbara Mines Limited Exploration by JV Partners Ø Aurogenic - earning 70% l geophysics at Tuckanarra l drilling at number of historical targets Ø Elara – earning 65% l drilling to commence late October at Mulla Mulla

St Barbara Mines Limited Future Exploration and Acquisitions The focus will be Australia – why? Ø Historical exporter of commodities Ø 80% of prospective geology under cover Ø Vast data bases generated over last 40 years Ø Strong research capabilities Ø Depth of experienced professionals Ø Established infrastructure Ø Community support

St Barbara Mines Limited Where in Australia? Ø Western Australia l Eastern Goldfields l Murchison Goldfields (Meekatharra) l Telfer District Ø Queensland l Mt Isa - Cloncurry

St Barbara Mines Limited

Commodities to Explore for Ø Gold Ø Copper Ø Nickel

St Barbara Mines Limited Strategic Plan for Wealth Creation Ø Initial Phase Data compilation / target selection $0.5m Ø Discovery Phase D rilling of targets $1-2m Ø Evaluation Phase Resource drilling of discovery $20-30m Ø Valuation Phase Feasibility studies $5-10m

St Barbara Mines Limited Ø Sale of part / all of resources / reserves Ø Retention of royalty to protect bonanza gains Ø Development of resource Options After Drill Out / Feasibility Studies

St Barbara Mines Limited Summary Ø Restructuring of capital & refinancing underway Ø Drilling to commence October to test for extensions to the resources Ø Acquisition and joint venture opportunities identified and being pursued Ø Achieve growth and wealth through exploration success Ø Focus on Australia for gold, copper and nickel Initial prime objective is to define reserves at Paddy’s Flat and recommence gold Meekatharra

St Barbara Mines Limited Tokyo Presentation 26 September 2004