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

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

3. 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

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

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6. 2003 Australian Gold Production (ozs’000)

7. St Barbara Mines Limited Australian Gold Price - 1975 to current

8. 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

9. 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

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

11. 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%

12. 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

13. St Barbara Mines Limited NuStar Mining Corporation Ltd Major Assets: Ø Paulsens with reserves 1.2mt @ 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

14. 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

15. 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 Plant @ Meekatharra l replacement value >$50m Issued Capital – 523m shares

16. St Barbara Mines Limited Meekatharra Resources MTAu g/tOz Au Paddy’s Flat7.52.8680,000 Joint Ventures9.72.2685,000 Total17.22.51,365,000

17. 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

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

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20. Vivian Consols (Felsic Porphyry in Ultramafics)

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22. Joint Ventures

23. St Barbara Mines Limited Joint Venture Expenditure $’m 200420052006Total Aurogenic1.002.001.004.00 Elara1.754.502.008.25 Total2.756.503.0012.25

24. 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

25. 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

26. 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

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28. Commodities to Explore for Ø Gold Ø Copper Ø Nickel

29. 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

30. 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

31. 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 production @ Meekatharra

32. St Barbara Mines Limited Tokyo Presentation 26 September 2004