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1 Saracen Mineral Holdings Limited Australian Gold Producer ASX:SAR SARACEN MINERAL HOLDINGS LTD Guido Staltari, Executive Chairman Raleigh Finlayson, Chief Operating Officer Denver Gold Forum Denver, CO 12 September 2012 Exploring for growth. Guido Staltari Executive Chairman 1

2 Qualification 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. Exploration targets presented and discussed here are conceptual in nature and there has been insufficient exploration to define a Mineral Resource ( Resource ) or Ore Reserve ( Reserve ). 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 JORC. Refer to Slide 30 for the relevant Competent Person statements. Resources are inclusive of Reserves. Some of the comments, forecasts, targeted outcomes and predictions made, or that might be interpreted from the comments herein, are subjective and speculative, in part because such is the very nature of gold exploration and exploitation, and in part also because geoscientists and engineers can be very optimistic about the future of the exploration and other work programs they are involved in. Such optimism can lead to erroneous judgments as to future results and valuations, and in many cases external factors may change the outcome. Take care to question and carefully evaluate any judgments you might make, on the basis of this presentation, 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 this presentation 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 this presentation, its accuracy or reliability. This presentation should not be construed as an offer or mooted offer in relation to Saracen securities. United States This document may not be released or distributed in the United States. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Any securities described in this document have not been, and will not be, registered under the US Securities Act of 1933 (as amended) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws. 2

3 SARACEN. who we are Profitable Australian ASX200 gold producer Experienced Board and Management with excellent track record in discovery, delivering mining projects, and adding long-term shareholder value. World class gold region in Australia 120, ,000ozpa (in FY13) Resources: 3.6moz (inclusive of Reserves) to be updated in Sep 12 Reserves: 825,000oz to be updated in Sep 12 Low-grade surface stockpiles 0.9g/t - 89,000oz Open pit and u/g ore sources A$17m exploration budget FY13 FY2012 A$670/oz cash margin A$37.7M Operating Profit (before other income/expenses) A$18.7m FY12 net profit (after tax and non-cash adjustments) 3

4 SARACEN where we are 110km NE of Kalgoorlie, WA 30Moz plus gold district Neighbours are Barrick (Kanowna, Wallaby, Granny Smith) and Anglogold Ashanti (Sunrise Dam) Saracen s resource inventory over a number of gold deposits, with a central 2.4mtpa processing facility at Carosue Dam. Commanding infrastructure position 4

5 Executive Summary ASX Code: SAR Shares on Issue: 594.8m Market Cap: ~$210m Cash: ~$31m (as at 30 June 12) Debt: Nil (excluding leasing) Hedging: Nil Shareholding: Institutional: 60% Management: 3% Other: 37% Major Shareholders: Sprott: 5.0% Van Eck: 6.1% Old Mutal: 5.1% Kinetic: 3.6% Black Rock: 3.1% Management: 3.0% 5

6 Saracen Share Price Performance ASX: SAR 9 Apr 2010 Commercial Production 21 Dec 2010 Red October Dewatering 13 Jun 2012 Red October Milling starts 22 June 2009 $28m Placement Development fully funded 29 Sept 2008 Development & Production Board Approval 29 Jan st Gold Pour 3 Sept 2010 ASX300 1 Oct 2011 Red October UG Mining 2Dec 2011 ASX Apr 2009 $20m debt facility with RMB 18 Dec 2009 Mining Commences at Porphyry 23 Jun 2010 $35m Placement to fund Red October UG 6

7 Results and Expansion FY11 Great Start Production: 111koz Cash Costs: A$738/oz (ex royalties) Net Profit: A$47.6m Gross Margin: A$590/oz (before hedging adjustments) FY12 Consolidation Production: 116koz YTD Cash Costs: A898/oz (ex royalties) Net Profit: A$18.7m (impacted by hedge adjustments, inventory write-down, higher D&A) Gross Margin: A$666/oz (before hedging adjustments) FY13 Ramp-Up and Pre-expansion Forecast Production: koz Bulk Pit Feed: Karari High Grade Pit Feed: Deep South High Grade UG Feed: Red October 7 FY14 Expansion & Growth Bulk Pit Feed: Whirling Dervish, Wallbrook Multiple UG Sources: Red October, Deep South, Whirling Dervish (subject to positive feasibility results) Expansion Study: Increase production from 2.4mtpa -> 3.2mtpa -> 4.0mtpa (subject to positive feasibility results)

8 Summary Project Pipeline Karari OP Margarets OP Deep South OP Red October UG Stage 5 Active Mines Wallbrook OP Butcher Well OP Million $OP Porphyry OP Stage 4 Development Phase Whirling Dervish OP Whirling Dervish UG Elliots OP Deep South UG Stage 3 Feasibility & Pre Development Karari UG Tin Dog Porphyry UG Crimson Belle OP Twin Peaks UG Pinnacles UG Stage 2 Scoping Study & Resource Definition Butcher Well Red October South Regional Lake Carey (Red October Sunrise Dam gap) Whirling Dervish Luvi trend Porphyry North Regional Stage 1 Greenfields Exploration Underground Project Open Pit Projects Greenfields Exploration 8

9 Carosue Dam District Key Projects Karari Resources: 1.3g/t = 557koz. Reserves: 1.3g/t = 205koz. Planning: Base load open pit feed near mill for FY13. Exploration: Target high grade shoots amenable to bulk Underground Mining from base of open pit. Whirling Dervish Resources: 1.3g/t = 503koz. Reserves: 1.4g/t = 146koz (Open Pit only and excludes expansion). Planning: Bulk open pit source for FY14-16, Underground Feasibility Studies ongoing. Exploration: Extensions to high grade HW & FW Underground targets. Note: Resources and Reserves Statement last updated 6 Sept Upgrade expected Sept-12. 9

10 Carosue Dam District Whirling Dervish Karari 2.4mtpa CIL Plant Whirling Dervish April

11 Carosue Dam District Karari K3 K2 K1 11

12 Carosue Dam District Karari 7750mN K1 360m 12

13 KARARI WHIRLING DERVISH POTENTIAL Karari U/G K1 Drilling targets from U/G Whirling Dervish U/G Bottom up mining extraction 13

14 Carosue Dam District - Whirling Dervish Hangingwall Lode System Footwall Lode System 330m 14

15 Carosue Dam District - Whirling Dervish Existing Open Pit Planned Cutback Proposed Underground Pit Exploration Target* 1.3g/t 410,000oz Underground Exploration Target* 3.5g/t 300,000oz Total Exploration Target* 1.8g/t 710,000oz Karari 350m Current Block Model +3g/t * The term Exploration Target is used in accordance with JORC. * Refer to Exploration Target qualification on Slide 2. 15

16 Porphyry District Key Projects Wallbrook Resources: 1.2g/t = 331koz. Reserves: 1.4g/t = 66koz. Planning: Bulk open pit source for +FY16 follow Whirling Dervish. Exploration: Extensions to resource below bottom of pit design to increase open pit reserves. Note: Resources and Reserves Statement last updated 6 Sept Update expected Sept

17 Porphyry District Wallbrook Existing Redbrook Pit Existing Eleven Bells Pit South Optimisation Shell to limit of drilling Deeper drilling recently completed, results include: - 0.9g/t 1.7g/t 17

18 Porphyry District Wallbrook (Eleven Bells) 160m 18

19 Carosue Dam District - CIL Plant Current 2.4Mtpa Stage 1 Expansion to 3.2mtpa Stage 2 Expansion to +4.0mtpa 19

20 Safari Bore District Key Projects Deep South Resources: 3.9g/t = 203koz. Reserves: 3.6g/t = 29koz (Open Pit only). Planning: High grade open pit source during FY13, Underground feasibility study ongoing. Exploration: Target HG shoots open at depth and along strike. Deep South trend Note: Resources and Reserves Statement last updated 6 Sept Upgrade expected Sept

21 Safari Bore District - Deep South Resources: Total: 3.9g/t = 203koz Reserves: Open pit: 3.6g/t = 29koz Underground: Underground reserves TBD. Drilling & Feasibility study underway 360m Targets: Down-dip extensions of high grade mineralisation. No drilling below 400m Planning: Open pit planned FY13 UG Feasibility FY13 Development FY14 1H Production FY14 2H Note: Resources and Reserves Statement last updated 6 Sept Upgrade expected Sept

22 Red October District Key Projects Red October Resources: 4.2g/t = 208koz. Reserves: TBA - Trial mining & milling underway. Planning: High grade underground mill feed for FY13 and beyond. Exploration: Target extensions of high grade mineralisation (+10g/t) at depth and along strike from underground exploration drill drives. Red October Shear Note: Resources and Reserves Statement last updated 6 Sept Upgrade expected Sept

23 For personal use only Red October District Red October 425m 23

24 For personal use only Red October District Red October 24

25 Red October District Red October 25

26 Red October District Red October 26

27 Carosue Dam Expansion - Funding Karari PLANT 2.4mtpa > 4.2Mtpa. A$35M+ WHIRLING DERVISH Pre-strip. A$30M Our preference is to fund the expansion work out of internal cash flow, supplemented by debt financing. The Saracen Board expects to complete its finance deliberations by October 2012, upon completion of the expansion feasibility study. April

28 Summary Project Pipeline Karari OP Margarets OP Deep South OP Red October UG Stage 5 Active Mines Wallbrook OP Butcher Well OP Million $OP Porphyry OP Stage 4 Development Phase Whirling Dervish OP Whirling Dervish UG Elliots OP Deep South UG Stage 3 Feasibility & Pre Development Karari UG Tin Dog Porphyry UG Crimson Belle OP Twin Peaks UG Pinnacles UG Stage 2 Scoping Study & Resource Definition Butcher Well Red October South Regional Lake Carey (Red October Sunrise Dam gap) Whirling Dervish Luvi trend Porphyry North Regional Stage 1 Greenfields Exploration Underground Project Open Pit Projects Greenfields Exploration 28

29 Saracen Contact us 29

30 Appendix Resources & Reserves Resources* 1.5g/t = 3.6Moz Reserves* 1.5g/t = 825Koz MINERAL RESOURCES Category Tonnes District Mine Type Au grade Ounces Measured 5,639, ,000 Indicated 16,478, ,000 Open Pit Inferred 4,574, ,000 Total 26,691, ,113,000 Carosue Dam Measured Indicated 497, ,000 Underground Inferred 755, ,000 Total 1,252, ,000 Carosue Dam Total 27,943, ,245,000 Measured 1,603, ,000 Indicated 22,894, ,000 Open Pit Inferred 5,911, ,000 Total 30,407, ,121,000 Porphyry Measured Indicated 982, ,000 Underground Inferred 316, ,000 Total 1,298, ,000 Porphyry Total 31,706, ,293,000 Measured 780, ,000 Indicated 2,023, ,000 Open Pit Inferred 804, ,000 Total 3,607, ,000 Safari Bore Measured Indicated 294, ,000 Underground Inferred 782, ,000 Total 1,076, ,000 Safari Bore Total 4,683, ,000 Measured Indicated 4,474, ,000 Open Pit Inferred 5,309, ,000 Total 9,784, ,000 Red October Measured Indicated 618, ,000 Underground Inferred 32, ,000 Total 651, ,000 Red October Total 10,434, ,000 Stockpiles Measured 1,442, ,000 Measured 9,463, ,000 Open Pit & Indicated 45,869, ,969,000 Stockpiles Inferred 16,599, ,000 Total 71,931, ,006,000 Measured MINERAL Indicated 2,390, ,000 Underground RESOURCES Inferred 1,886, ,000 Total 4,276, ,000 Measured 9,463, ,000 Total Indicated 48,259, ,340,000 Inferred 18,485, ,000 GRAND TOTAL 76,207, ,604,000 Competent Person Statements: The information in this report that relates to mineral resources and open pit ore reserves has been compiled by Mr Lynn Widenbar BSc MSc DIC MAusIMM. Mr Widenbar, who is a member of the Australasian Institute of Mining and Metallurgy, is a consultant to Saracen Gold Mines Pty Ltd. Mr Widenbar has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity that he is undertaking to qualify as a Competent person as defined in the 2004 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Widenbar consents to the inclusion in this report of the matters based on his information in the form and context that the information appears. ORE RESERVES District Mine Type Category Tonnes Au grade Ounces Proven 4,267, ,000 Open pit Probable 4,084, ,000 Total 8,351, ,000 Carosue Dam Proven Underground Probable Total Carosue Dam Total 8,351, ,000 Proven 579, ,000 Open pit Probable 6,108, ,000 Total 6,688, ,000 Porphyry Proven Underground Probable 643, ,000 Total 643, ,000 Porphyry Total 7,331, ,000 Proven 362, ,000 Open pit Probable 485, ,000 Total 847, ,000 Safari Bore Proven Underground Probable Total Safari Bore Total 847, ,000 Proven Open pit Probable Total Red October Proven Underground Probable Total Red October Total Stockpiles Proven 344, ,000 Proven 5,552, ,000 Open Pit & Probable 10,677, ,000 Stockpiles Total 16,230, ,000 Proven ORE RESERVES Underground Probable 643, ,000 Total 643, ,000 Total Proven 5,552, ,000 Probable 11,320, ,000 GRAND TOTAL 16,873, ,000 Rounding errors will occur. Competent Person Statement: The information in this report relating to ore reserves for Porphyry underground has been compiled by Chris Burton. Mr Burton, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Saracen Gold Mines Pty Ltd and has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Burton consents to the inclusion in this report of the matters based on his information in the form and context that the information appears. 30