RALEIGH FINLAYSON : MANAGING DIRECTOR

ASX GOLD PRODUCER Macquarie Western Australia Forum - October 2014

Qualification

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This presentation has been prepared by Saracen Mineral Holdings Limited (Saracen or the Company) based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. You should be aware that as an Australian company with securities listed on the ASX, the Company is required to report reserves and resources in Australia in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2012 Edition ) ("JORC Code"). You should note that while the Company's reserve and resource estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries. This is a presentation about geology, geoscientific interpretation, geoscientific speculation, gold deposits, gold potential, engineering, infrastructure, potential values, costs, risks, and related matters pertinent to Saracen’s present and future activities as a publicly listed mineral exploration and production company. It includes forecasts, predictions, targets and estimates of future expenditures which may vary over time. It is uncertain if further exploration will result in the determination of a Resource or Reserve. Where exploration, evaluation, operational and feasibility study expenditure estimates and budgets amounts are presented herein, ongoing prioritisation and scaling of expenditures will be subject to results and, where applicable, scheduling changes. Targeted production and other outcomes are subject to change, and may not eventuate, depending on the results of ongoing performance and assessment of data. All Reserves and Resources as referred to herein are in accordance with the JORC Code. Refer to last slide of this presentation for the relevant Competent Person statements. Resources are inclusive of Reserves. Certain statements contained in the Presentation Materials, including information as to the future financial or operating performance of the Company and its projects, are forward looking statements. Such forward looking statements: a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and

social uncertainties and contingencies; b) involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements; and c) may include, among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based on assumptions and estimates related to future

technical, economic, market, political, social and other conditions. The Company disclaims any intent or obligation to publicly update any forward looking statements, whether as a result of new information, future events or results or otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward looking statements. All forward looking statements contained in the Presentation Materials are qualified by the foregoing cautionary statements. Recipients are cautioned that forward looking statements are not guarantees of future performance and accordingly recipients are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein. The Presentation Materials do not purport to be all inclusive or to contain all information about the Company. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares for subscription, purchase or sale in any jurisdiction. Take care to question and carefully evaluate any judgments you might make, on the basis of the Presentation Materials, as to the value of Saracen and its securities. This presentation is not intended to provide the sole or principal basis of any investment or credit decision or any other risk evaluation and may not be considered as a recommendation by Saracen or its officers. Any investor reading the Presentation Materials should determine its interest in acquiring securities in Saracen on the basis of independent investigations that it considers necessary, prudent or desirable. Saracen and its officers do not accept any liability for any loss or damage suffered or incurred by any investor or any other person or entity however caused (including negligence) relating in any way to this presentation including, without limitation, the information contained in it, any errors or omissions however caused by any other person or entity placing any reliance on the Presentation Materials, its accuracy or reliability.

Corporate Overview

Corporate Structure ASX Code SAR

Shares 792.8m

Share Price1 $0.39

Market Cap1 $258m

Cash & Bullion2 A$36.3m

Debt2 A$12.0m

Net Cash2 A$24.3m

Hedging2 137koz @ A$1,609/oz

Hedge Value2 A$27.4m

Last Hedge Delivery June 2016 @ A$1,750/oz

Board & Management Non-Executive Chairman Guido Staltari (retiring at AGM)

Managing Director Raleigh Finlayson

Non-Executive Director Barrie Parker

Non-Executive Director Martin Reed

Non-Executive Director Samantha Tough

Non-Executive Director Geoff Clifford (Chairman elect)

Chief Financial Officer Gerry Kaczmarek

Chief Operating Officer Craig Bradshaw

Substantial Shareholders Van Eck Associates 12.8%

Wroxby / Seven Group 8.0%

Paradice Investments 6.9%

1. As at 14 October 2014 2. As at 30 September 2014

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Key Assets Thunderbox Operations: • 2.5Mtpa CIL plant • Operational 2002 – 2007 • Produced 805koz @ US$290/oz • 2.8Moz Resource • 783koz Reserve • 5 year mine life already in reserve • Capex A$45-55m • AISC Forecast of ~A$1,100/oz

Carosue Dam Operations: • 2.4Mtpa CIL Plant • Whirling Dervish OP provides declining strip ratio,

increasing grade and margins • Karari Exploration Decline future upside catalyst Red October: • High grade underground mine (6.9g/t reserve) • Set to deliver 60koz again in FY2015

Combined Assets: • 6.9Moz Mineral Resources • 1.6Moz Ore Reserves • Milling capacity 5.0Mtpa • Potential production ~290kozpa • +3,000 km2 tenement package • Progressive and measured approach

Carosue Dam Operations (CDO)

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Red October: • Red October UG: 333kt @ 6.9g/t for 74koz • 60koz delivered in FY2014 @ 6.4g/t • 60koz guidance in FY2015 @ 6.9g/t • “All In” sustaining costs A$1,150/oz • Recent high grade drilling results include:

• 1.8m @ 216.3g/t • 3.0m @ 62.7g/t • 3.9m @ 131.5g/t

Carosue Dam: • 2.4mtpa modern processing facility • Whirling Dervish OP: provides base load feed • Remaining Strip Ratio 1.8:1 (30/09/14) • Remaining Average Grade 1.71g/t (30/09/14) • Whirling Dervish UG: 1.5mt @ 3.0g/t for 150koz • “All in” sustaining costs decreasing to A$1,075/oz • Karari: Exploration decline commencing Nov-14 • Karari drilling to follow up:

• 25m @ 7.9g/t & 19m @ 5.1g/t

Carosue Dam Operations – Red October Cross Section

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Carosue Dam Operations – Red October Long Section (FW)

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Recent drilling

Carosue Dam Operations – Red October (Footwall Lode)

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ROGC305: 10.4m @ 11.2g/t

ROGC355: 0.4m @ 93.9g/t

ROGC357: 1.8m @ 216.3g/t

ROGC379: 4.5m @ 20.0g/t

ROGC383: 1.8m @ 93.6g/t

ROGC385: 3.0m @ 62.7g/t

ROGC390: 3.9m @ 131.5g/t

Limit of Ore Reserves (as at 9 October 2014)

Current Drilling

Program Outside Reserve

Carosue Dam Operations - Red October

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16,345 16,888

11,761

15,963 5.91

6.96

5.82

6.23

0.00

2.00

4.00

6.00

8.00

0

5,000

10,000

15,000

20,000

Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014

g/t

Con

tain

ed o

z

Red October Quarterly Production

Contained Gold Mine Grade

3,310

5,625

7,028

4.16

6.54

7.79

0.00

2.50

5.00

7.50

10.00

0

2,500

5,000

7,500

10,000

Jul-14 Aug-14 Sep-14

g/t

Con

tain

ed o

z

Red October Monthly Production

Contained Gold Mine Grade

Carosue Dam Operations – Whirling Dervish & Karari

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KARARI WHIRLING DERVISH

PROCESSING PLANT

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Whi

rling

Der

vish

Cro

ss S

ectio

n

Whirling Dervish - Grade & Strip ratio

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Carosue Dam Operations – Whirling Dervish

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18,351 19,062

23,614

36,420

1.04 1.13

1.25 1.23

0.00

0.50

1.00

1.50

2.00

0

10,000

20,000

30,000

40,000

Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014

g/t

Con

tain

ed o

z

Whirling Dervish Quarterly Production

Contained Gold Mine Grade

FY2015 Carosue Dam Mill Feed

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Mine to ROM (FY2015) Whirling Dervish OP 3.9mt @ 1.7g/t = 207,000con oz (using latest reserves)

ROM to Mill (FY2015) Whirling Dervish OP 2.1mt @ 1.60g/t = 110,000con oz

ROM to Mill (FY2016) Whirling Dervish OP 1.8mt @ 1.70g/t = 97,000con oz

RO ROM to Mill (FY2015) Red October UG 0.3mt @ 6.4g/t = 60,000con oz

Key Points: • All mining costs expensed against rec oz milled in

FY2015 (no non-cash deferrals) • Only requires processing, administration and corporate

costs to realise • Approx A$520/oz AISC for 90,000 rec oz in FY2016

136,168 oz 133,492 oz 150,000 oz (F)

0 oz

50,000 oz

100,000 oz

150,000 oz

200,000 oz

250,000 oz

FY2013 (A) FY2014 (A) FY2015 (F)

Mine Production (rec oz)

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ROM Stock (FY2016) Whirling Dervish OP 1.8mt @ 1.70g/t = 90,000 rec oz

FY2016 (F)

90koz @

$520/oz

Carosue Dam Operations – Total Mining

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34,696 35,950 35,375

52,383

1.70

1.86

1.69 1.63

0.00

0.50

1.00

1.50

2.00

0

10,000

20,000

30,000

40,000

50,000

60,000

Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014

g/t

Con

tain

ed o

z

Quarterly Mine Production (OP& UG)

Contained Gold Mine Grade

11,522 oz placed on Stockpile

40,861 oz delivered to the mill

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9,579 10,618

16,328

$1,806

$1,674

$1,147

$1,000

$1,250

$1,500

$1,750

$2,000

0

5,000

10,000

15,000

20,000

Jul-14 Aug-14 Sep-14

A$/o

z

Rec

over

ed o

z

Monthly Production & AISC

Recovered Gold AISC

Carosue Dam Operations – Production & AISC

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31,096 31,242

29,912

36,525 $1,786

$1,574

$1,731

$1,448

$1,000

$1,250

$1,500

$1,750

$2,000

0

10,000

20,000

30,000

40,000

Dec Qtr 2013 Mar Qtr 2014 Jun Qtr 2014 Sep Qtr 2014

A$/o

z

Rec

over

ed o

z

Quarterly Production & AISC

Recovered Gold AISC

Carosue Dam Operations – Karari Long Section

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Carosue Dam Operations – Karari Exploration Drive

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Consideration: • A$20 million cash on Settlement; • A$3 million cash upon the sooner

of commencement of commercial production, or if, after a period of 24 months following settlement, the prevailing gold price has exceeded A$1,550/oz for a calendar month;

• 1.5% NSR Royalty on the Thunderbox Operations (capped at A$17 million).

Equates to an acquisition cost of A$11 per Resource ounce & A$32 per Reserve ounce

Thunderbox Operations – CIL Plant

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Breaking new ground at Thunderbox…

4 October 2014

Thunderbox Operations – Thunderbox Long Section

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Priority Drill Target Area

450m

Thunderbox Operations – Zone A Cross Section

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Thunderbox Operations – Zone C Cross Section

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Thunderbox Operations (TBO)

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Development Timeline:

Exploration Activity

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Key Points of Difference

Delivery • One of Saracen’s core values • Consistently delivered into guidance quarter by quarter over two years • Resource confidence and reconciliation performance underpins guidance

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Declining Cost Profile

• AISC set to decrease over A$350/oz to A$1,150/oz (Carosue Dam Operations) • Thunderbox AISC of A$1,100/oz (approx 5 year mine life) • Driven by free cashflow generation, as opposed to production targets

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Growing Margins • Increasing forward hedge price, up to A$1,750/oz in June 2016 • Decreasing AISC’s to A$1,150/oz in FY2015 (free kick with 90koz stockpile in FY2016) • >A$500/oz AISC margin v forward hedge price

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Exploration Pipeline

• A$10m regional exploration budget (Carosue Dam & Thunderbox Operations) • A$10m exploration decline & drilling program at Karari (Carosue Dam Operations) • A$5m exploration budget for Red October program

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Progressive Company

• Carosue Dam Operation forecast to deliver 150,000 ounces per annum • Thunderbox Operations potential to deliver 140,000 ounces per annum • Potential to double production to 290,000 ounces per annum and increase free cashflow

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Group Mineral Resources & Ore Reserves

Competent Persons Statement: The information on Exploration Results, Group Mineral Resources and Ore Reserves is extracted from the report entitled “2014 Mineral Resources and Ore Reserves” dated 9 October 2014 This report is available to view on the ASX Website at www.asx.com.au and the Company’s website at www.saracen.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources and Ore Reserves, that all market assumptions and technical assumptions underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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