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1 Saracen Mineral Holdings Limited Australian Mid-Tier Gold Producer ASX:SAR SARACEN MINERAL HOLDINGS LTD Guido Staltari, Executive Chairman Raleigh Finlayson, Chief Operating Officer Targeting Gold Production Growth Guido Exploring Staltari, Executive Chairmanfor growth. Raleigh Finlayson, Chief Operating Officer 12 September

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 included forecasts, predictions 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. It is uncertain if further exploration will result in the determination of a Mineral Resource. 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. Some of the comments, forecasts 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, ti its accuracy or reliability. This presentation should not be construed as an offer or mooted offer in relation to Saracen securities. 2

3 International Offer Restrictions This document does not constitute an offer of new ordinary shares ("New Shares") of the Company in any jurisdiction in which it would be unlawful. New Shares may not be offered or sold in any country outside Australia except to the extent permitted below. Canada (British Columbia, Ontario and Quebec provinces) This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the "Provinces") and to those persons to whom they may be lawfully distributed in the Provinces, and only by persons permitted to sell such New Shares. This document is not, and under no circumstances is to be construed as, an advertisement or a public offering of securities in the Provinces. This document may only be distributed in the Provinces to persons that are "accredited investors" within the meaning of NI Prospectus and Registration Exemptions, of the Canadian Securities Administrators. No securities commission or similar authority in the Provinces has reviewed or in any way passed upon this document, the merits of the New Shares or the offering of New Shares and any representation to the contrary is an offence. No prospectus has been, or will be, filed in the Provinces with respect to the offering of New Shares or the resale of such securities. Any person in the Provinces lawfully participating in the offer will not receive the information, legal rights or protections that would be afforded had a prospectus been filed and receipted by the securities regulator in the applicable Province. Furthermore, any resale of the New Shares in the Provinces must be made in accordance with applicable Canadian securities laws which may require resales to be made in accordance with exemptions from dealer registration and prospectus requirements. The Company, and the directors and officers of the Company, may be located outside Canada, and as a result, it may not be possible for Canadian purchasers to effect service of process within Canada upon the Company or its directors or officers. All or a substantial portion of the assets of the Company and such persons may be located outside Canada, and as a result, it may not be possible to satisfy a judgment against the Company or such persons in Canada or to enforce a judgment obtained in Canadian courts against the Company or such persons outside Canada. Any financial information contained in this document has been prepared in accordance with Australian Accounting Standards and also comply with International Financial Reporting Standards and interpretations issued by the International Accounting Standards Board. Unless stated otherwise, all dollar amounts contained in this document are in Australian dollars. Statutory rights of action for damages or rescission Securities legislation in certain of the Provinces may provide purchasers with, in addition to any other rights they may have at law, rights of rescission or to damages, or both, when an offering memorandum that is delivered to purchasers contains a misrepresentation. These rights and remedies must be exercised within prescribed time limits and are subject to the defenses contained in applicable securities legislation. Prospective purchasers should refer to the applicable provisions of the securities legislation of their respective Province for the particulars of these rights or consult with a legal adviser. The following is a summary of the statutory rights of rescission or to damages, or both, available to purchasers in Ontario. In Ontario, every purchaser of the New Shares purchased pursuant to this document (other than (a) a "Canadian financial institution" or a "Schedule III bank" (each as defined in NI ), (b) the Business Development Bank of Canada or (c) a subsidiary of any person referred to in (a) or (b) above, if the person owns all the voting securities of the subsidiary, except the voting securities required by law to be owned by the directors of that subsidiary) shall have a statutory right of action for damages and/or rescission against the Company if this document or any amendment thereto contains a misrepresentation. If a purchaser elects to exercise the right of action for rescission, the purchaser will have no right of action for damages against the Company. This right of action for rescission or damages is in addition to and without derogation from any other right the purchaser may have at law. In particular, Section of the Securities Act (Ontario) provides that, if this document contains a misrepresentation, a purchaser who purchases the New Shares during the period of distribution shall be deemed to have relied on the misrepresentation if it was a misrepresentation at the time of purchase and has a right of action for damages or, alternatively, may elect to exercise a right of rescission against the Company, provided that (a) the Company will not be liable if it proves that the purchaser purchased the New Shares with knowledge of the misrepresentation; (b) in an action for damages, the Company is not liable for all or any portion of the damages that the Company proves does not represent the depreciation in value of the New Shares as a result of the misrepresentation relied upon; and (c) in no case shall the amount recoverable exceed the price at which the New Shares were offered. Section 138 of the Securities Act (Ontario) provides that no action shall be commenced to enforce these rights more than (a) in the case of any action for rescission, 180 days after the date of the transaction that gave rise to the cause of action or (b) in the case of any action, other than an action for rescission, the earlier of (i) 180 days after the purchaser first had knowledge of the fact giving rise to the cause of action or (ii) three years after the date of the transaction that gave rise to the cause of action. These rights are in addition to and not in derogation from any other right the purchaser may have. Certain Canadian income tax considerations. Prospective purchasers of the New Shares should consult their own tax adviser with respect to any taxes payable in connection with the acquisition, holding, or disposition of the New Shares as any discussion of taxation related maters in this document is not a comprehensive description and there are a number of substantive Canadian tax compliance requirements for investors in the Provinces. 3

4 International Offer Restrictions Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the New Shares (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu il a expressément exigé que tousles documents faisant foi ou se rapportant de quelque manière que ce soità la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d achat ou tout avis) soient rédigés en anglais seulement. Cayman Islands No offer or invitation to subscribe for New Shares may be made to the public in the Cayman Islands. European Economic Area Germany The information in this document has been prepared on the basis that all offers of New Shares will be made pursuant to an exemption under the Directive 2003/71/EC ("Prospectus Directive"), as implemented in Member States of the European Economic Area (each, a "Relevant Member State"), from the requirement to produce a prospectus for offers of securities. An offer to the public of New Shares has not been made, and may not be made, in a Relevant Member State except pursuant to one of the following exemptions under the Prospectus Directive as implemented in that Relevant Member State: (a) to legal entities that are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities; (b) to any legal entity that has two or more of (i) an average of at least 250 employees during its last fiscal year; (ii) a total balance sheet of more than 43,000,000 (as shown on its last annual unconsolidated or consolidated financial statements) and (iii) an annual net turnover of more than 50,000,000 (as shown on its last annual unconsolidated or consolidated financial statements); (c) tofewer than 100 natural or legal persons (other than qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive) subject to obtaining the prior consent of the Company or any underwriter for any such offer; or (d) in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of New Shares shall result in a requirement for the publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Directive. Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies Ordinance (Cap. 32) of Hong Kong (the "Companies Ordinance"), nor has it been authorised by the Securitiesand FuturesCommission inhong Kong pursuant tothesecuritiesandthe FuturesOrdinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). Noaction has been takenin Hong Kong toauthorise or register this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong by means of any document, other than (i) to "professional investors" (as defined in the SFO) or (ii) in other circumstances that do not result in this document being a "prospectus" (as defined in the Companies Ordinance) or that do not constitute an offer to the public within the meaning of that ordinance. No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors (as defined in the SFO and any rules made under that ordinance). No person allotted New Shares may sell, or offer to sell, such shares in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such shares. The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice. Malaysia This document may not be distributed or made available in Malaysia. No approval from the Securities Commission of Malaysia has been or will be obtained in relation to any offer of New Shares. The New Shares may not be offered or made available for purchase in Malaysia except in an exemption from the prospectus and approval requirements of Securities Commission of Malaysia. 4

5 International Offer Restrictions Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, thisdocument and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part XIII of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), or as otherwise pursuant to, and in accordance with the conditions of any other applicable provisions of the SFA. This document has been given to you on the basis that you are (i) an existing holder of the Company s shares, (ii) an "institutional investor" (as defined in the SFA) or (iii) a "relevant person" (as defined under section 275(2) of the SFA). In the event that you are not an investor falling within any of the categories set out above, please return this document immediately. You may not forward or circulate this document to any other person in Singapore. Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party. There are on sale restrictions in Singapore that may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly. Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the New Shares may be publicly distributed or otherwise made publicly available in Switzerland. Neither this document nor any other offering or marketing material relating to the New Shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of New Shares will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA). This document is personal to the recipient only and not for general circulation in Switzerland. United Kingdom Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the New Shares. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of FSMA) in the United Kingdom, and the New Shares may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom. Any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to the Company. In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) )(investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. 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. 5

6 Overview Location Carosue Dam, 120km NE of Kalgoorlie in the South Laverton district of WA, home to significant gold mines such as Sunrise Dam, Granny Smith and Wallaby. 6

7 Summary Production of 120k to 130k oz in FY12 Existing resource base (825koz of Ore Reserves and 3.6Moz of Mineral Resources) underpins operations at Carosue Dam at current production rates Higher quarterly gold production expected in September, as grades increase towards 1.7g/t. Forecast gold production for FY12 of 120koz to 130koz, at A$700 to A$750 per oz (cf.111koz at A$738 in FY11, excluding royalties of A$55 per oz) Targeting production of 250k oz by FY15 Near-term accelerated exploration at Red October, Whirling Dervish and Porphyry to unlock underground potential Targeting underground production contribution of ~50% by 2015 Targeting annual production of 250k ounces by 2015 Approx $50m Placement to fund accelerated target The Company is proposing to undertake a Placement of approximately A$50m, with proceeds for increased budget allocations towards: accelerated exploration over the next 12 to 18 months accelerated underground development at Porphyry and Whirling Dervish working capital and potential acquisition opportunities The Company also intends to undertake a Share Purchase Plan (SPP) capped at $15m. 7

8 Capital Raising Overview OFFER SIZE OFFER PRICE Total capital raising of up to A$65.2 million A$50.2 million s708 unconditional placement (Placement) Share Purchase Plan (SPP) capped at A$15.0 million Fixed offer placement and SPP price of A$0.68 per share Circa 12.2% discount to Saracen s closing price of $0.775 Circa 12.0% discount to Saracen s 5 day VWAP of $ s708 unconditional placement of 73.8 million new fully paid ordinary shares Offer price of $0.68 cents per new share Total placement proceeds of approximately $50.2 million STRUCTURE SPP capped at A$15.0 million Evans and Partners Pty Ltd (E&P) and Euroz Securities Limited (Euroz) appointed as Joint Lead Managers and E&P appointed as Lead Arranger of the Placement E&P and Euroz appointed as Joint Underwriters of the SPP Exploration greenfields and brownfields Red October and Butcher Well A$10 million USE OF FUNDS Expansion and Underground Development Porphyry and Whirling Dervish A$30 million Working capital and potential acquisitions A$10 million Total Placement A$50 million SPP proceeds to be applied towards working capital and potential acquisitions A$15 million 8

9 Capital Raising Indicative timetable Trading Halt Pre market Wednesday, 14 September 2011 Record Date for SPP Thursday, 15 September 2011 ASX Announcement and return to trade Friday, 16 September 2011 Lodge GM Notice Wednesday, 21 September 2011 Settlement of Placement Thursday, 22 September 2011 Allotment of Placement Shares Friday, 23 September 2011 New shares commence trading on the ASX Monday, 26 September 2011 Expected Closing Date of SPP Friday, 14 October 2011 Expected ddt date of GM Monday, 24 Otb October 2011 Expected settlement of SPP Friday, 28 October 2011 Allotment of SPP shares Monday, 31 October 2011 New SPP shares commence trading on ASX Tuesday, 1 November 2011 The above timetable is indicative only and is subject to change without notice 9

10 Use of Placement Proceeds Description Current Budget New Budget increase Budget A$M A$M A$M Greenfields and Brownfields Exploration Red October and Butcher Well Expansion/ Underground Development Porphyry Whirling Dervish Working Capital/Potential Acquisitions Working capital and potential acquisitions Assuming Placementnet net proceedsof of A$50M. The Company also intends to undertake a Share Purchase Plan (SPP) capped at $15m. Any funds raised from the SPP will be applied towards working capital and potential acquisitions. 10

11 Target Production ozpa g/t 300,000 Open Pit 3.0 Current production of 120kozpa entirely from open pit sources 250, ,000 Underground g/t Red October underground feed to commence in FY12 Porphyry, Whirling Dervish, Twin Peaks and Deep South set to add to underground production profile 150, Targeting ~50% underground d production contribution by FY15 Carosue Dam Target Production of 250kozpa by FY15 100, Targeting upgrade of existing CDO 2.4mtpa facility or a northern ~1.0mtpa facility 50, Target Production based on current SAR Resources, and potential extensions/acquisitions 0 FY11 FY12 FY13 FY14 FY15 FY

12 Project Development Pipeline Karari OP Porphyry OP Enterprise OP Whirling Dervish OP Stage 5 Active Mines Red October UG Stage 4 Development Phase Wallbrook OP Million Dollar OP Porphyry UG Butcher Well OP Margarets OP Monty s Elliots OP Safari Bore OP Stage 3 Feasibility & Pre Development Twin Peaks UG Deep South UG Whirling Dervish UG Tin Dog Crimson Belle OP Karari UG Pinnacles UG Stage 2 Scoping Study & Resource Definition Butcher Well Red October South Regional Deep South Regional Lake Carey (Red October Sunrise Dam gap) Porphyry North Regional Stage 1 Greenfields Exploration 12 Underground Project Open Pit Projects Greenfields Exploration

13 Red October 13

14 Red October development timetable 14

15 Red October Underground diamond drilling to commence within 3 months of underground development starting. Drilling is aimed at converting resources into reserves, and resource extension. A total of 18,500m of core drilling is planned. This is a generalized long sectional view of selected high grade intersections projected onto the plane of the Red October chert and shear hosted gold mineralisation. Low grade intersections between some of the high grade intersections are not uncommon, with gold bearing cross structures, splay faults, and possible disruptions in the shear surface adding to the complexity of the deposit. The trial underground mining phase is intended in part to provide more detail on the continuity of the high grade zones, which are not sufficiently defined for ore reserve estimation and mine planning purposes. It should be noted that for resource estimation purposes the high grade cut off limits employed for the shear and chert hosted mineralisation are 25g/t and 60g/t respectively. 15

16 Red October Quartz veins in base of pit All intercepts are quartz veins within the broader Red October shear 5.6 oz/t (174 g/t) Supergene pit Saddle drilling 4.1 oz/t (127 g/t) Portal location 20.2 oz/t (628 g/t) 16

17 Red October - Lake Carey Drilling Program 17

18 Red October - Lake Carey Drilling Program High Impact Drill Targets emerging Work to date Drilled 5,430m aircore holes and 652m diamond holes. Results Anomalous results >0.1g/t received in 17 aircore holes inc. 0.57g/t, 3.0g/t. Forward Program Follow up work will consist of geological interpretation combined with multi element geochemistry to assess alteration signature. Similar work was recently completed on Red October drilling. 18

19 Sunrise Dam 17 years in the making Sunrise Dam 12km 100m (base of Red October pit) Red October 300m (base of existing Red October resource) 400m (base of Sunrise Dam pit) 600m (top of Vogue discovery) OPEN Best intercepts include 5.1 g/t & 4.7g/t Vogue 500m OPEN 1,000m (base of existing Sunrise resource) LONG SECTION (looking East) The Sunrise Dam gold mine is not an asset of the Company. This image is for illustrative purposes only. 19

20 Butcher Well 10km to Red October 20

21 Butcher Well Well endowed mineralised system spanning 4km strike length with minimal drilling below 70m below surface. Current resource: 221,000oz Jericho: 20m at 6.0g/t gold (from 24m) 9m at 7.5g/t gold (from 39m) 7m at 24.0g/t gold (from 66m) 9.7m at 6.7g/t gold (from 38m) Old Camp Syenite: 20m at 5.06g/t gold (from 10m) 29m at g/t gold (from 6m) Previous Drilling Drill collars outside of mined pits shown as dots Red: Intersection > 10.0 g*m Au Blue: Intersection > 1.0 g*m Au Grey: Intersection <.10 g*m Au NEW drill collars shown as triangle EXISTING Resource areas: blue labels

22 Porphyry y Pit 22

23 Porphyry y Budget : 4,000m RC Program will target: Depth extensions to high grade plunge amenable to underground mining Current Porphyry resource is 435,000oz: Current Porphyry Reserve is 148,000oz: Measured 1.3mt@ 1.2 g/t = 50,000oz Proven (OP) 0.3mt@ 1.7 g/t = 16,000oz Indicated 5.0mt 0mt@ 1.9 g/t = 300,000oz000o Probable (OP) 1.0mt 0mt@ 2.0 g/t = 62,000oz Inferred 1.6 g/t = 85,000oz Probable (UG) 0.6mt@ 3.4 g/t = 70,000oz 23

24 Macraes compared with Porphyry y Underground FRASERS UNDERGROUND Room & Pillar mining method 2.5g/t annual production 55 65kozpa 70 80% recovery Operational for 3.5 years PORPHYRY UNDERGROUND Room & Pillar mining method 3.4g/t annual production XX kozpa 90-95% recovery XX Mine life 24

25 Whirling Dervish Pit & Drilling 25

26 Whirling Dervish Current resource : Total 1.3 g/t = 503,000oz Exploration target based on extension of existing mineralisation downto 500m RL or 800m below surface. Budget : 5,000m RC 8,000m Diamond Program will target: High grade down dip extension amenable to underground mining. Current underground reserves: No underground reserves currently. Feasibility study underway Exploration targets presented and discussed here are conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource. 26

27 Whirling Dervish potential expansion 49580N The Whirling Dervish main footwall zone consists of a broad zone of mineralisation averaging 1 3g/t with a high grade core averaging 4 6g/t. The high grade appears to be consistent ste t and dcontinuous and appears amenable to standard underground mining methods. Possible development options include: an enlarged pit (stage 3) a selective higher grade underground mine a lower grade bulk underground mine a combination of the above 27

28 Appendices A. Twin Peaks Located in the Carosue Dam District Diamond drilling targeting high grade ore in the FY12 Potential U/G operation B. Pinnacles Located in the Carosue Dam District Diamond drilling targeting high grade ore in the FY12 C. Deep South Located in the Safari Bore District Open p pit to be mined Diamond drilling targeting high grade ore in FY12, for a potential U/G operation D. Board & Senior Management E. Resources and Reserves Growth Profile Growth in Saracen s Resources and Reserves over the past 6 years F. JORC Resources and Reserves Statements as at 30 June

29 Appendix Twin Peaks Budget : 2,200m RC 1,000m Diamond Program will target: High grade extensions down plunge. Drilling has been previously delayed by heritage issues; now resolved and drilling will commence early in FY12. Current resource: Indicated 4.0 g/t = 38,000oz Inferred 4.3 g/t = 35,000oz Current reserves: No reserves currently, Feasibility study underway 29

30 Appendix Twin Peaks 30

31 Appendix Pinnacles 7.8g/t 3.1g/t 13.5g/t 21.0g/t Budget : 1,500m RC Program will target: Depth extensions to high grade amenable to narrow underground mining. All drilling <180m Current resource: No resource currently Current reserve: No reserves currently 7.5g/t 9.6g/t 31

32 Deep South Appendix p 32

33 Appendix Deep South Budget : 1,200m RC 1,000m Diamond core Program will target: Depth extensions to high grade plunge amenable to underground mining Current resource is 203,000oz: Current Reserve is 29,000oz: Indicated 3.1 g/t = 98,000oz Probable (OP) 3.6 g/t = 29koz Inferred 0.7mt@ 4.8 g/t = 105,000oz No current UG reserves, feasibility study underway 33

34 Appendix Deep South Drilling Targets 800m Red: +2g/t Yellow: +3.5g/t Orange +5g/t 34

35 Board & Senior Management Appendix g 35

36 Appendix Resources & Reserves Resource Growth Resourcesand Reserves (Moz) Since acquiring Carosue Dam in 2005/6, Saracen has quintupled the Resource base through h exploration and acquisition. Its Resource Base* stands at 3.6Moz of Resources and 825,000oz of Ore Reserves, providing a significant platform for future development *Further information regarding Saracen s Mineral Resources and Ore Reserves can be found on the Company s website. See 6 Sept 2011 ASX announcement for more detail on Resources and Reserves. Estimates are subject to depletion and additions since last published statement Reserves Resources 36

37 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, ,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 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 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. 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 37