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St Barbara Mines Limited
Tokyo Presentation
Eduard EshuysManaging Director & CEO
26 September 2004
St Barbara Mines Limited
Outline
Australia
St Barbara
The Future
St Barbara Mines Limited
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
St Barbara Mines Limited
World Gold Production 2003 total 2,593 tonnes
South Africa 14%
USA 11%
Australia 11%
Rest of World
St Barbara Mines Limited
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
The Company
Directors:
Colin Wise Non-Executive Chairman
Eduard Eshuys Managing Director & CEO
Hank Tuten Non-Executive Director
Mark Wheatley Non-Executive Director
St Barbara Mines Limited
The Company’s Capital
Listed shares 715 million
Unlisted options 85 million
Current market cap $31 million
St Barbara Mines Limited
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%
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
St Barbara Mines Limited
Vivian Consols(Felsic Porphyry in Ultramafics)
St Barbara Mines Limited
St Barbara Mines Limited
Joint Ventures
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
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
St Barbara Mines Limited
Where in Australia?
Western Australia Eastern Goldfields Murchison Goldfields (Meekatharra) Telfer District
Queensland Mt Isa - Cloncurry
St Barbara Mines Limited
St Barbara Mines Limited
Commodities to Explore for
Gold
Copper
Nickel
St Barbara Mines Limited
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
St Barbara Mines Limited
Sale of part / all of resources / reserves
Retention of royalty to protect bonanza gains
Development of resource
Options After Drill Out / Feasibility Studies
St Barbara Mines Limited
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
St Barbara Mines Limited
Tokyo Presentation
26 September 2004