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1 7 May 2014 The Manager Company Announcements Office ASX Limited PO Box H224 Australia Square SYDNEY NSW 2000 Dear Sir/Madam, PRESENTATION TO MACQUARIE SECURITIES INVESTOR CONFERENCE Please find attached a copy of the presentation to be given by Saracen Mineral Holdings Limited s Managing Director, Raleigh Finlayson, to the Macquarie Securities Investor Conference in Sydney today. Yours sincerely G F Kaczmarek Company Secretary Saracen Mineral Holdings Ltd ACN Level 4, 89 St Georges Terrace Perth, WA 6000 Australia Telephone (61 8) Facsimile (61 8)

2 RALEIGH FINLAYSON : MANAGING DIRECTOR ASX GOLD PRODUCER Macquarie Australian Conference May

3 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 last two slides of this presentation 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

4 Corporate Overview Corporate Structure Board & Management ASX Code SAR Chairman Guido Staltari Shares 792.8m Share Price 1 $0.315 Market Cap 1 $250m Daily Turnover 1 4.0m Managing Director Non-Exec Director Non-Exec Director Non-Exec Director Raleigh Finlayson Barrie Parker Martin Reed Samantha Tough Cash 2 $62.3m Non-Exec Director Geoff Clifford Debt 2 $12.0m Chief Financial Officer Gerry Kaczmarek Net Cash 2 $50.3m Chief Operating Officer Craig Bradshaw Hedging 2 A$1,647/oz Hedge Value 2 $32.4m 1. As at 5 May As at 31 March

5 Key Shareholders Shareholders by Category: Van Eck Associates 10.8% Paradice Investments 6.9% Vinva Investments 5.2% Board 2.4% 4

6 Key Assets Thunderbox Operations: 2.5Mtpa CIL plant Operational Produced $290/oz 2.09Moz Resource 728koz 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 Base load feed from Whirling Dervish containing 273koz of ore reserves All-in Sustaining Cash Costs reducing to A$950/oz Red October: High grade underground mine 48koz planned for FY2014 Combined Assets: 6.0Moz Mineral Resources 1.6Moz Ore Reserves Milling capacity 5.0Mtpa Production kozpa +3,000 km 2 tenement package Surrounded by quality mines & majors 5

7 Carosue Dam Operations (CDO) Red October: High grade underground mine 12km from Sunrise Dam Operations (AngloGold) 48koz planned & already delivered in FY2014 All in costs sub A$1,000/oz (Mar Q 2014) Grade 6.5g/t (actual) v 5.0g/t (guidance) YTD FY % overcall on ounces (Mar Q 2014) Exploration drill drive commenced 15,000m of exploration drilling starting in June Q 2014 Carosue Dam: 2.4mtpa modern processing facility Whirling Dervish: Base load, open pit feed containing 273koz of ore reserves Remaining Strip ratio 3.7:1 (Mar Q 2014) Grade increases from 1.1g/t to +2.0g/t (FY2015) All in sustaining costs decreasing to A$950/oz Karari: Exploration decline commencing in 1H FY2015 Significant grade overcall at base of open pit Whirling Dervish Karari corridor under-explored 6

8 Carosue Dam Processing Plant 7

9 Carosue Dam 8

10 Carosue Dam Whirling Dervish Mined (as at 31 Mar 2014) Remaining (as at 31 Mar 2014) FY2015 9

11 Whirling Dervish Cross Section 10

12 Guidance FY2014 & FY2015 (CDO only) Only includes Reserves. Red October not currently factored into FY

13 Carosue Dam - Karari 12

14 Karari Long Section 13

15 Karari Cross Section Exploration drilling planned from underground targeting longer term underground reserves & production 14

16 Red October Exploration Drill Drive Underground Development Planned Exploration Drilling 1042 ODS 15

17 Red October Long Section Proposed drilling 1H FY

18 Red October Red October Stope Proposed drilling 1H FY

19 Thunderbox Operations (TBO) Thunderbox 18

20 Thunderbox Operations Processing Plant Thunderbox Pit Village 19

21 Thunderbox Operations Historical Production: Development Timeline: 20

22 Thunderbox Operations Capex: $45 - $55m (inclusive of all capital & pre-strip mining costs) Ore Reserve: 728,000 contained ounces (684,000 recovered ounces) Mine Life: 5 ~140,000 ozpa All-in Sustaining Costs of ~$1,100/oz 21

23 Thunderbox - Longsection 22

24 Thunderbox Zone A 23

25 Thunderbox Zone C 24

26 Key Projects Pipeline Red October UG Whirling Dervish OP Stage 5 Active Mines Karari OP Karari Exploration Decline Stage 4 Development Phase Thunderbox OP Bannockburn OP Deep South UG Wallbrook OP Stage 3 Feasibility & Pre-Development Phase Million Dollar OP Whirling Dervish UG Thunderbox Resource Extension Waterloo & Amorac Nickel Deposits Karari Underground North Well, Mangilla & Rainbow Stage 2 Scoping Study & Res Def. Thunderbox Strike Corridor Bannockburn Strike Corridor Warrida Well JV Blue Manna Far South Karari - WD - Luvi Trend Red October District Stage 1 Greenfields Exploration Carosue Dam Operations Thunderbox Operations 25

27 Key Exploration Activity 26

28 Guidance FY2014 & FY2015 (CDO only) Only includes Reserves. Red October not currently factored into FY

29 FCF margin v EV/Production ($/oz) Source: Argonaut SAR FY

30 Key Points Delivery: 6 th Consecutive quarters of exceeding production guidance; on track to achieve upper end of increased full year guidance; Declining Sustaining Cash Costs: forecast to fall to A$950/oz in FY2015; Our Vision: Add value to our key stakeholders by delivering A$60m operating free cashflow by the end of FY2015 from our Carosue Dam Operations; Solid Cash Position & Growing: Cash and equivalents currently A66.7m; Hedge Protection: Hedge price increasing to A$1,750/oz by July 2016 ; Exploration Pipeline: Significant exploration news flow over the next 6-12 months; Doubling Output: Two operations with the potential to generate in excess of kozpa (currently kozpa). 29

31 RALEIGH FINLAYSON : MANAGING DIRECTOR ASX: SAR 30

32 # Group Mineral Resources * * As at 30/06/2013 compiled under JORC Code This information was prepared and first disclosed under the JORC Code It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. # As at 31/12/2013 compiled under JORC Code

33 # Group Ore Reserves * * As at 30/06/2013 compiled under JORC Code This information was prepared and first disclosed under the JORC Code It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. # As at 31/12/2013 compiled under JORC Code

34 Group Mineral Resources & Ore Reserves Competent Persons Statement: The information on Exploration Results, Group Mineral Resources and Ore Reserves is extracted from the reports entitled 2013 Mineral Resources and Ore Reserves dated 8 October 2013 and Saracen Acquires Thunderbox Operations dated 21 January Both reports are available to view on the ASX Website at and the Company s website at 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. 33