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

St Barbara Mines Limited

Tokyo Presentation

Eduard EshuysManaging Director & CEO

26 September 2004


Outline

Australia

St Barbara

The Future


Outline of Annual Production

Australia is the world’s 2nd largest gold producer at 11%

Produced 290 tonnes or 9.32 m oz

Nickel 125k tonnes or 10%

Copper 458k tonnes or 3%

Exploration spend $648m


World Gold Production 2003 total 2,593 tonnes

South Africa 14%

USA 11%

Australia 11%

Rest of World



2003 Australian Gold Production (ozs’000)

0 100 200 300 400 500 600 700 800

Troy

Dalrymple

St Barbara

Equigold

Croesus

Sons of Gwalia

Newcrest


Australian Gold Price - 1975 to current

0

100

200

300

400

500

600

700

75 77 79 81 83 85 87 89 91 93 95 97 99 01 03


2004 Production and Market Capitalisation Comparison

CompanyGold

ProductionMarket

Capitalisation

Newcrest 761,780 $4.8 bn

Sons of Gwalia 521,081 $245 m

Croesus 236,760 $160 m

Equigold 156,633 $212 m

St Barbara 96,611 $31 m


The Company

Directors:

Colin Wise Non-Executive Chairman

Eduard Eshuys Managing Director & CEO

Hank Tuten Non-Executive Director

Mark Wheatley Non-Executive Director


The Company’s Capital

Listed shares 715 million

Unlisted options 85 million

Current market cap $31 million


The Company

Major shareholders:

Resource Capital Fund II LP 21.86%

Ocean Resources Capital Holdings 10.13%

RAB Europe Fund Ltd 6.29%

St James’ Place Recovery Trust 5.65%


The Company

Major Assets:

NuStar shareholding – 55.4%market value $21m

Paulsens 5% royalty $5m

Land bank 1,600 sq kms

Resources of 1.3m ozs

Meekatharra Joint Ventures

Bluebird Plant


NuStar Mining Corporation Ltd

Major Assets:

Paulsens with reserves 1.2mt @ 10.7g/t (412k ozs)

Cash at bank $13.48m at June 2004

Production to commence May 2005

Market capitalisation $39.6m

Shares on issue 990m


Restructure and Divestment of NuStar

Initial sale of 100m shares at A$0.04/share

Sale of Paulsens 5% royalty $5.1m to NMC

Grant of option to Claymore over 100m NMC shares at $0.05/share for 3 months

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

SBM shares purchased to be cancelled


After Divestment of NuStar

Cash of $8m and zero debt

102m NMC shares – value $4m

Resources of 1.3m ozs

Meekatharra joint ventures $6.5m over next 12 mths

Bluebird Plant @ Meekatharra replacement value >$50m

Issued Capital – 523m shares


Meekatharra Resources

MT Au g/t Oz Au

Paddy’s Flat 7.5 2.8 680,000

Joint Ventures 9.7 2.2 685,000

Total 17.2 2.5 1,365,000


Exploration by St Barbara

Drilling at Paddy’s Flat for:

High grade underground at Prohibition Vivians-Consols

Open pit potential at southern end

Commence late October


Initial prime objective is to define reserves at

Paddy’s Flat and recommence gold production

Initial prime objective is to define reserves at

Paddy’s Flat and recommence gold production



Vivian Consols(Felsic Porphyry in Ultramafics)



Joint Ventures


Joint Venture Expenditure

$’m

2004 2005 2006 Total

Aurogenic 1.00 2.00 1.00 4.00

Elara 1.75 4.50 2.00 8.25

Total 2.75 6.50 3.00 12.25


Exploration by JV Partners

Aurogenic - earning 70% geophysics at Tuckanarra drilling at number of historical targets

Elara – earning 65% drilling to commence late October

at Mulla Mulla


Future Exploration and Acquisitions

The focus will be Australia – why?

Historical exporter of commodities

80% of prospective geology under cover

Vast data bases generated over last 40 years

Strong research capabilities

Depth of experienced professionals

Established infrastructure

Community support


Where in Australia?

Western Australia Eastern Goldfields Murchison Goldfields (Meekatharra) Telfer District

Queensland Mt Isa - Cloncurry



Commodities to Explore for

Gold

Copper

Nickel


Strategic Plan for Wealth Creation

Initial PhaseData compilation / target selection

$0.5m

Discovery PhaseDrilling of targets

$1-2m

Evaluation PhaseResource drilling of discovery

$20-30m

Valuation PhaseFeasibility studies

$5-10m


Sale of part / all of resources / reserves

Retention of royalty to protect bonanza gains

Development of resource

Options After Drill Out / Feasibility Studies


Summary

Restructuring of capital & refinancing underway

Drilling to commence October to test for extensionsto the resources

Acquisition and joint venture opportunitiesidentified and being pursued

Achieve growth and wealth through exploration success

Focus on Australia for gold, copper and nickel

Initial prime objective is to define reserves at Paddy’s Flat and recommence gold production @ Meekatharra

Initial prime objective is to define reserves at Paddy’s Flat and recommence gold production @ Meekatharra


Tokyo Presentation

26 September 2004

Documents

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