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Guido Staltari, Executive ChairmanRaleigh Finlayson, Chief Operating Officer

SARACEN MINERAL HOLDINGS LTD

Exploring for growth.

Saracen Mineral Holdings LimitedAustralian Gold ProducerASX:SAR

Guido StaltariExecutive Chairman

Denver Gold ForumDenver, CO12 September 2012

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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.

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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 120,000-130,000ozpa (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 3.5Mt @ 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)

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SARACEN – where we are…

110km NE of Kalgoorlie, WA

30Moz plus gold districtNeighbours 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

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Executive Summary

ASX Code: SAR

Shares on Issue: 594.8mMarket 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%F

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Saracen – Share Price Performance

ASX: SAR

17 Apr 2009$20m debt facility 

with RMB

22 June 2009$28m Placement  

Development       fully funded

18 Dec 2009Mining Commences 

at Porphyry

29 Jan 20101st Gold 

Pour

9 Apr 2010Commercial Production

23 Jun 2010$35m Placement to fund Red October UG

3 Sept 2010ASX300

21 Dec 2010Red October Dewatering

1 Oct 2011Red October UG Mining

2 Dec 2011ASX200

13 Jun 2012Red October Milling starts

29 Sept 2008Development & Production

Board Approval

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Results and Expansion

FY11 – Great StartProduction: 111kozCash Costs: A$738/oz (ex royalties)Net Profit: A$47.6mGross Margin: A$590/oz (before hedging adjustments)

FY12 – ConsolidationProduction: 116kozYTD 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-expansionForecast Production: 120-130kozBulk Pit Feed: KarariHigh Grade Pit Feed: Deep SouthHigh Grade UG Feed: Red October

FY14 – Expansion & GrowthBulk Pit Feed: Whirling Dervish, WallbrookMultiple 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)

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Karari OPMargarets OP

Wallbrook OP

Red October UG

Whirling Dervish UG

Twin Peaks UG

Deep South UG

Karari UG Porphyry UG

Stage 4

Active Mines

Development Phase

Feasibility & Pre‐Development

Greenfields Exploration

Million $ OP

Scoping Study & Resource Definition

Lake Carey (Red October – Sunrise Dam gap) Porphyry North Regional 

Tin Dog

Elliots OP

Butcher Well OP

Pinnacles UGCrimson Belle OP

Whirling Dervish Luvi trendButcher Well‐Red October South Regional  Stage 1

Stage 5

Stage 3

Stage 2

Underground Project

Open Pit Projects

Greenfields Exploration

Summary – Project Pipeline

Whirling Dervish OP

Deep South OP

Porphyry OP

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Carosue Dam District – Key Projects

KarariResources: 12.9mt @ 1.3g/t = 557koz.Reserves: 4.8mt @ 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 DervishResources: 12.1mt @ 1.3g/t = 503koz.Reserves: 3.2mt @ 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 2011. Upgrade expected Sept-12.

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Carosue Dam District – Whirling Dervish

April 2011

Whirling Dervish

Karari2.4mtpa CIL Plant

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Carosue Dam District – Karari

K3 K2 K1

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Carosue Dam District – Karari 7750mN

K1 360m

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KARARI – WHIRLING DERVISH POTENTIAL

Karari U/G

Drilling targets from U/GWhirling Dervish U/GBottom‐up mining extraction

K1

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Carosue Dam District - Whirling Dervish

Footwall Lode System

Hangingwall Lode System

330m

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Carosue Dam District - Whirling Dervish

Pit Exploration Target*10mt @ 1.3g/t410,000oz

Underground Exploration Target*2.8mt @ 3.5g/t300,000oz

Total Exploration Target*12.8mt @ 1.8g/t710,000oz

* The term “Exploration Target” is used in accordance with JORC.* Refer to  Exploration Target qualification on Slide 2.

Current Block Model +3g/t

Existing Open Pit

Planned Cutback

Proposed Underground

Karari

350m

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Porphyry District – Key Projects

WallbrookResources: 8.8mt @ 1.2g/t = 331koz.Reserves: 1.4mt @ 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 2011. Update expected Sept-12.

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Porphyry District – Wallbrook

SouthExisting Eleven Bells Pit

Existing Redbrook Pit

Optimisation Shell – to limit of drilling

Deeper drilling recently completed, results include: -87m @ 0.9g/t81m @ 1.7g/tF

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Porphyry District – Wallbrook (Eleven Bells)

160m

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Carosue Dam District - CIL Plant

Current 2.4MtpaStage 1 Expansion to 3.2mtpaStage 2 Expansion to +4.0mtpa

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Safari Bore District – Key Projects

Deep SouthResources: 1.6mt @ 3.9g/t = 203koz.Reserves: 253kt @ 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.

Note: Resources and Reserves Statement last updated 6 Sept 2011. Upgrade expected Sept-12.

Deep South trend 

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Resources:Total: 1.6mt @ 3.9g/t = 203koz

Reserves:Open pit: 253kt @ 3.6g/t = 29kozUnderground: Underground reserves TBD. Drilling & Feasibility study underway

Targets: Down-dip extensions of high grade mineralisation. No drilling below 400m

Planning:Open pit planned – FY13UG Feasibility – FY13Development – FY14 1HProduction – FY14 2H

Note: Resources and Reserves Statement last updated 6 Sept 2011. Upgrade expected Sept-12.

Safari Bore District - Deep South

360m

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Red October District – Key Projects

Red OctoberResources: 1.5mt @ 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.

Note: Resources and Reserves Statement last updated 6 Sept 2011. Upgrade expected Sept-12.

Red October Shear

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Red October District – Red October

425m

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Red October District – Red October

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Red October District – Red October

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Red October District – Red October

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Carosue Dam Expansion - Funding

April 2011

WHIRLING DERVISHPre-strip…. A$30M

Karari

PLANT2.4mtpa > 4.2Mtpa …. A$35M+

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.

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Karari OPMargarets OP

Wallbrook OP

Red October UG

Whirling Dervish UG

Twin Peaks UG

Deep South UG

Karari UG Porphyry UG

Stage 4

Active Mines

Development Phase

Feasibility & Pre‐Development

Greenfields Exploration

Million $ OP

Scoping Study & Resource Definition

Lake Carey (Red October – Sunrise Dam gap) Porphyry North Regional 

Tin Dog

Elliots OP

Butcher Well OP

Pinnacles UGCrimson Belle OP

Whirling Dervish Luvi trendButcher Well‐Red October South Regional  Stage 1

Stage 5

Stage 3

Stage 2

Underground Project

Open Pit Projects

Greenfields Exploration

Summary – Project Pipeline

Whirling Dervish OP

Deep South OP

Porphyry OP

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Saracen – Contact us

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Resources* 76.2mt @ 1.5g/t = 3.6Moz Reserves* 16.9mt @ 1.5g/t = 825Koz

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.

District Mine Type Category Tonnes Au grade OuncesMeasured         5,639,000 1.3 236,000Indicated          16,478,000 1.3 697,000Inferred            4,574,000 1.2 180,000Total                   26,691,000 1.3 1,113,000Measured         0 0.0 0Indicated          497,000 3.7 58,000Inferred            755,000 3.0 73,000Total                   1,252,000 3.3 132,000

27,943,000 1.4 1,245,000Measured         1,603,000 1.3 65,000Indicated          22,894,000 1.2 859,000Inferred            5,911,000 1.0 197,000Total                   30,407,000 1.1 1,121,000Measured         0 0.0 0Indicated          982,000 4.3 137,000Inferred            316,000 3.4 34,000Total                   1,298,000 4.1 171,000

31,706,000 1.3 1,293,000Measured         780,000 2.0 51,000Indicated          2,023,000 2.4 157,000Inferred            804,000 2.2 57,000Total                   3,607,000 2.3 266,000Measured         0 0.0 0Indicated          294,000 4.4 42,000Inferred            782,000 4.6 116,000Total                   1,076,000 4.5 157,000

4,683,000 2.8 423,000Measured         0 0.0 0Indicated          4,474,000 1.8 255,000Inferred            5,309,000 1.3 215,000Total                   9,784,000 1.5 470,000Measured         0 0.0 0Indicated          618,000 6.8 134,000Inferred            32,000 2.9 3,000Total                   651,000 6.6 137,000

10,434,000 1.8 608,000Stockpiles Measured 1,442,000 0.8 36,000

Measured   9,463,000 1.3 389,000Indicated          45,869,000 1.3 1,969,000Inferred            16,599,000 1.2 649,000Total 71,931,000 1.3 3,006,000Measured   0 0.0 0Indicated          2,390,000 4.8 372,000Inferred            1,886,000 3.7 226,000Total 4,276,000 4.3 598,000Measured   9,463,000 1.3 389,000Indicated          48,259,000 1.5 2,340,000Inferred            18,485,000 1.5 875,000

76,207,000 1.5 3,604,000

MINERAL RESOURCES

Open Pit & Stockpiles

UndergroundMINERAL RESOURCES

Total

GRAND TOTAL

Red October

Open Pit

Underground

Red October Total

Open Pit

Underground

Carosue Dam Total

Open Pit

Underground

Porphyry Total

Open Pit

Underground

Safari Bore Total

Carosue Dam

Porphyry

Safari Bore

District Mine Type Category Tonnes Au grade OuncesProven 4,267,000 1.2 170,000Probable 4,084,000 1.5 193,000Total 8,351,000 1.4 363,000Proven 0 0.0 0Probable 0 0.0 0Total 0 0.0 0

Carosue Dam Total 8,351,000 1.4 363,000Proven 579,000 1.6 30,000Probable 6,108,000 1.4 282,000Total 6,688,000 1.5 312,000Proven 0 0.0 0Probable 643,000 3.4 70,000Total 643,000 3.4 70,000

Porphyry Total 7,331,000 1.6 382,000Proven 362,000 2.0 23,000Probable 485,000 2.9 45,000Total 847,000 2.5 68,000Proven 0 0.0 0Probable 0 0.0 0Total 0 0.0 0

Safari Bore Total 847,000 2.5 68,000Proven 0 0.0 0Probable 0 0.0 0Total 0 0.0 0Proven 0 0.0 0Probable 0 0.0 0Total 0 0.0 0

Red October Total 0 0.0 0Stockpiles Proven 344,000 1.1 12,000

Proven 5,552,000 1.3 235,000Probable 10,677,000 1.5 520,000Total 16,230,000 1.4 755,000Proven 0 0.0 0Probable 643,000 3.4 70,000Total 643,000 3.4 70,000Proven 5,552,000 1.3 235,000Probable 11,320,000 1.6 590,000

16,873,000 1.5 825,000

Underground

Open pit

Underground

ORE RESERVES

Carosue Dam

Porphyry

Safari Bore

Open pit

Underground

Open pit

Underground

Open pit

ORE RESERVES

Open Pit & Stockpiles

Underground

Total

GRAND TOTAL

Red October

Appendix – Resources & Reserves

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