ASX: SAR‌‌‌‌‌‌‌‌‌‌‌‌‌‌

Low cost growth

RALEIGH FINLAYSON

MANAGING DIRECTOR

Investor Presentation October 2015

Qualification

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:

1. 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;

2. 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

3. 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.

Doubling gold production to 300,000oz

• Transformation to mid-tier gold producer underway

• FY16 production outlook 150-160koz (Carosue Dam only)

• Gold production to double to ~300koz at AISC ~A$1075/oz within two years, driving substantial increase in free cash-flow

• Two operational centres in Western Australia:

  • Carosue Dam (NE of Kalgoorlie) - Transitioning to multiple high-grade, high- margin underground mines, 2.4Mtpa plant, ~150-160kozpa

  • Thunderbox (SE of Leinster) - Re-development of large-scale open pit ahead of schedule, 2.5Mtpa plant, ~125kozpa production from June Q 2016

• Large endowment - 7.6Moz in Resources, 1.5Moz in Reserves

• Outstanding exploration upside: Several emerging high-grade discoveries

• A$45M cash and bullion, no debt (30 Sept)

  
  

  1

  The key value-drivers

• Produce - Carosue Dam

  FY15 record 167koz, FY16 outlook 150-160koz

  
  

• Develop - Thunderbox

  Running ahead of schedule (potential to add 20koz into FY16), Stage 1 adds ~125koz pa over ~4.5 years

  
  

• Grow - Earnings visibility

  Visibility on +4 year mine life at Karari, +10 year mine life at Thunderbox, other organic opportunities

  
  

• Monetise - Build cash on balance sheet

  Build a sustainable free cash-flow positive business

  
  

  Vision: Join the ranks of mid-tier ASX-listed gold miners

  (~300koz pa, ~A$1075/oz AISC, minimum five-year mine life, internally funded)

  2

  Corporate overview

  
  

  Corporate Structure			Board & Management
  ASX Code	SAR		Non-Executive Chairman	Geoff Clifford
  Shares	792.8m		Managing Director	Raleigh Finlayson
  Share Price	A$0.55	At 14 Oct 2015	Non-Executive Director	Mark Connelly
  Market Cap	A$436m		Non-Executive Director	Barrie Parker
  Enterprise Value	A$391m		Non-Executive Director	Martin Reed
  Cash and bullion	A$45m	At 30 Sep 2015	Non-Executive Director	Samantha Tough
  Debt	Nil		Chief Financial Officer	Gerry Kaczmarek
  Hedging	302koz @ A$1,523/oz or ~20% of Reserve	At 30 Sep 2015	Chief Operating Officer	Craig Bradshaw
  Mineral Resources	7.6 Moz	As at 30 Jun 2015	Chief Geologist	Daniel Howe
  Ore Reserves	1.5 Moz		Chief Corporate Development Officer	Troy Irvin
  Substantial Shareholders	7.8% 7.5% Wroxby 6.2% Paradice Investments 4.8% Karara Capital 73% Van Eck Others			Ownership Geographic	Institutional - Australia 22% Institutional - North America 1% Institutional - UK 3% 54% Institutional - Europe (ex-UK) 5% 14% Institutional - Asia Institutional - Other Retail / Other 3

  High grade, low cost WA production

  
  

  Carosue Dam Operations, NE of Kalgoorlie

  • Strong operational track record since 2010

  • Producing at ~150-160kozpa




Thunderbox Project, SE of Leinster







PERTH




Thunderbox




Carosue Dam




Kalgoorlie

• Acquired from Norilsk in 2014

• Development progressing ahead of schedule

• Low-cost, long-life open pit producing ~125kozpa from FY 2017 with underground potential

• AISC of A$1032/oz

• Recent acquisition of Kailis and King of the Hills increases Resources within trucking distance of the

plant to 3.5Moz 4

Five year production & cost outlook

300,000

$1,500




Production (oz)

200,000




AISC (A$/oz)

$1,000




100,000

$500




0 $0

FY16 FY17 FY18 FY19 FY20




CDO Thunderbox AISC (Combined + Corp)




Notes:

• Refer to ASX announcements '2015 Mineral Resources & Ore Reserves' dated 15/10/15, 'Robust five-year Outlook' dated 15/10/15 and 'Thunderbox Project Feasibility and Development Approval' dated 23/3/15 for full details of the production & cost outlook by source

• 75% of total production in the five-year outlook is from Ore Reserves, 2% of production is sourced from Indicated Resources and 23% of production is sourced from Inferred Resources

• CDO = Carosue Dam

• Thunderbox = Thunderbox open pit Ore Reserves




Saracen has a clear strategy to become a ~300kozpa low-cost, high-margin Australian gold producer. 5

Production - Deliver, deliver, deliver




FY13 - 136koz @ A$1072/oz C1 (120-130koz @ A$1075/oz C1 Guidance)

FY14 - 133koz @ A$1515/oz AISC (130-140koz @ A$1500/oz AISC Guidance)




FY15 - What we said:

FY15 - What we delivered:




FY15 Guidance: 145-155koz @ A$1150/oz AISC

FY15 Actual: 167koz @ A$1139/oz ASIC

6

Carosue Dam - The engine room







Carosue Dam




Kalgoorlie




PERTH

• 2.4Mtpa CIL plant, operated since 2010

  • FY16 outlook 150-160koz @ AISC A$1025-1075/oz, ore sourced in ~equal portions from:

  • Karari UG - Multiple high-grade lodes, exciting new discovery, intensive drilling continuing, long hole stoping underway

  • Red October UG - Very high grade ~6-7g/t Au

  • Ore stockpile - ~83koz contained, mining cost sunk

• Deep South - Shallow, high-grade, low capex, development imminent, mineralisation open in all directions

• Outstanding exploration upside - Extensive tenement holding in world-class ~23Moz Laverton District, 180km strike length of two key regional structures

  
  

  7

  Karari - Emerging high-grade discovery

  
  

  Ore stockpile of ~83koz at 30 June 2015

• ~A$47m (US$33m) deferred FCF @

  ~A$861/oz AISC

  
  

  8

  Karari - A major gold system

  
  

  >4 years visibility:

  
  

  • UG drilling only commenced in the March Q 2015

    
    

  • Mineral Resource has more than doubled from 311koz to 633koz (~2,500opvm)

    
    

  • Maiden UG Ore Reserve of 98koz

    
    

  • Open down-plunge and to the south

    
    

  • Mining Inventory will continue to grow with ongoing drilling…




9

Karari - A major gold system




>4 years visibility:




• Multiple HG lodes

  
  

• Attractive widths

  
  

• Selective mining optionality

  
  

• Stope production commenced in September

  
  

• Ore development into the Dhoni lode to commence this month

10