Tokyo Presentation

1
Tokyo Presentation

• Eduard Eshuys
• Managing Director CEO
• 26 September 2004

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Outline

• Australia
• St Barbara
• The Future

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Outline of Annual Production

• Australia is the worlds 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

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World Gold Production 2003 total 2,593 tonnes
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2003 Australian Gold Production (ozs000)
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Australian Gold Price - 1975 to current
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2004 Production and Market Capitalisation
Comparison
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The Company

• Directors
• Colin Wise Non-Executive Chairman
• Eduard Eshuys Managing Director CEO
• Hank Tuten Non-Executive Director
• Mark Wheatley Non-Executive Director

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The Companys Capital

• Listed shares 715 million
• Unlisted options 85 million
• Current market cap 31 million

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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

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The Company

• Major Assets
• NuStar shareholding 55.4market value 21m
• Paulsens 5 royalty 5m
• Land bank 1,600 sq kms
• Resources of 1.3m ozs
• Meekatharra Joint Ventures
• Bluebird Plant

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NuStar Mining Corporation Ltd

• Major Assets
• Paulsens with reserves 1.2mt _at_ 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

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Restructure and Divestment of NuStar

• Initial sale of 100m shares at A0.04/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

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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 _at_ Meekatharra
• replacement value gt50m

Issued Capital 523m shares
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Meekatharra Resources
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Exploration by St Barbara

• Drilling at Paddys Flat for
• High grade underground at Prohibition
  Vivians-Consols
• Open pit potential at southern end
• Commence late October

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Initial prime objective is to define reserves at
Paddys Flat and recommence gold production
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Vivian Consols(Felsic Porphyry in Ultramafics)
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Joint Ventures
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Joint Venture Expenditure
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Exploration by JV Partners

• Aurogenic - earning 70
• geophysics at Tuckanarra
• drilling at number of historical targets
• Elara earning 65
• drilling to commence late Octoberat Mulla Mulla

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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

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Where in Australia?

• Western Australia
• Eastern Goldfields
• Murchison Goldfields (Meekatharra)
• Telfer District
• Queensland
• Mt Isa - Cloncurry

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Commodities to Explore for

• Gold
• Copper
• Nickel

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Strategic Plan for Wealth Creation
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Options After Drill Out / Feasibility Studies

• Sale of part / all of resources / reserves
• Retention of royalty to protect bonanza gains
• Development of resource

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Summary

• Restructuring of capital refinancing underway
• Drilling to commence October to test for
  extensionsto the resources
• Acquisition and joint venture opportunitiesidenti
  fied 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
Paddys Flat and recommence gold production _at_
Meekatharra
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Tokyo Presentation

• 26 September 2004