26 November 2014

The Manager Company Announcements Office ASX Limited PO Box H224 Australia Square SYDNEY NSW 2000

Dear Sir/Madam,

MD’s PRESENTATION TO ANNUAL GENERAL MEETING

Please find attached a copy of the presentation to be given by Saracen Mineral Holdings Limited’s Managing Director, Raleigh Finlayson, at today’s Annual General Meeting.

Yours sincerely

G F Kaczmarek Company Secretary

Saracen Mineral Holdings Ltd

ACN 009 215 347 Level 4, 89 St Georges Terrace

Perth, WA 6000 Australia

Telephone (61 8) 6229 9100 Facsimile (61 8) 6229 9199

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RALEIGH FINLAYSON : MANAGING DIRECTOR DANIEL HOWE : GENERAL MANAGER – GEOLOGY & EXPLORATION

ASX GOLD PRODUCER AGM Presentation – 26 November 2014

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Qualification

2

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: a) 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; b) 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 c) 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.

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Corporate Overview

Corporate Structure ASX Code SAR

Shares 792.8m

Share Price1 A$0.27

Market Cap1 A$214m

Enterprise Value1 A$190m

Cash & Bullion2 A$36.3m

Debt2 A$12.0m

Net Cash2 A$24.3m

Forward Hedging3 89koz @ A$1,709/oz

Spot Deferred Hedging3 72koz @ A$1,404/oz

Total Hedging3 160koz @ A$1,572/oz

Total Hedge Value4 A$33.7m

Last Hedge Delivery June 2016 @ A$1,750/oz

Board Non-Executive Chairman Guido Staltari (retiring at AGM)

Managing Director Raleigh Finlayson

Non-Executive Director Barrie Parker

Non-Executive Director Martin Reed

Non-Executive Director Samantha Tough

Non-Executive Director Geoff Clifford (Chairman elect)

Management Chief Financial Officer Gerry Kaczmarek

Chief Operating Officer Craig Bradshaw

Substantial Shareholders Van Eck Associates 12.8%

Wroxby / Seven Group 8.0%

Paradice Investments 6.9%

Eley Griffiths Group 5.1% 1. As at 25 November 2014 2. As at 30 September 2014 3. As at 31 October 2014 4. As at 6 November 2014 (Spot Price A$1,338/oz)

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FY2014 LTIFR

4

5.2 5.4 5.5 5.6

6.7 6.8 7.0 7.2

8.3

7.4

5.3

3.2

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0

1

2

3

4

5

6

7

8

9

10

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June

Frequency Rate

# of

LTI

s

12 month rolling Lost Time Injury Frequency Rate

LTIs LTIFR

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FY2014 Total Incident Frequency Rate

5

356

435

276

705

484 444 425

383

581 548

443

310 TIFR Target 440

0

100

200

300

400

500

600

700

800

Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14

Tota

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iden

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unt

Month TIFR Weighted Weighted TIFR Target

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Key Assets Thunderbox Operations: • 2.5Mtpa CIL plant • Operational 2002 – 2007 • Produced 805koz @ US$290/oz • 2.8Moz Resource • 783koz 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 • Whirling Dervish OP provides declining strip ratio,

increasing grade and margins • Karari Exploration Decline future upside catalyst Red October: • High grade underground mine (6.9g/t reserve) • Set to deliver 60koz again in FY2015

Combined Assets: • 6.9Moz Mineral Resources • 1.6Moz Ore Reserves • Milling capacity 5.0Mtpa • Potential production ~290kozpa • +3,000 km2 tenement package • Progressive and measured approach

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Carosue Dam Operations (CDO)

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Red October: • Red October UG: 333kt @ 6.9g/t for 74koz • 60koz delivered in FY2014 @ 6.4g/t • 60koz guidance in FY2015 @ 6.9g/t • “All In” sustaining costs A$1,150/oz • Recent High grade drilling results (26 Nov 2014):

• 0.7m @ 314.6g/t • 6.9m @ 62.3g/t • 4.9m @ 104.7g/t

Carosue Dam: • 2.4mtpa modern processing facility • Whirling Dervish OP: provides base load feed • Remaining Strip Ratio 1.2:1 (26/11/14) • Remaining Average Grade 1.80g/t (26/11/14) • Whirling Dervish UG: 1.5mt @ 3.0g/t for 150koz • “All in” sustaining costs decreasing to A$1,075/oz • Karari: Exploration decline STARTED! • Karari drilling to follow up:

• 25m @ 7.9g/t & 19m @ 5.1g/t

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Carosue Dam Operations – Red October Cross Section

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Red

Oct

ober

Lon

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tion Started OCT 2011

OCT 2014

10km Dev Milestone: • 20/11/2014 • 266 metres/month • 4.3 meters/day

Updated Mine Plan

Current Drilling

3 Years

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Carosue Dam Operations – Red October Long Section (FW)

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Recent drilling

Exploration drilling

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Carosue Dam Operations – Red October (Footwall Lode)

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Results 26th Nov 2014:

RORD045: 0.7m @ 314.6g/t

ROGC397: 6.9m @ 62.3g/t

ROGC390: 4.9m @ 104.7g/t

Results 10th Sep 2014:

ROGC305: 10.4m @ 11.2g/t

ROGC355: 0.4m @ 93.9g/t

ROGC357: 1.8m @ 216.3g/t

Limit of Ore Reserves (as at 9 October 2014)

Current Drilling

Program

Outside Reserve

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Red

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Red October Village

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Saracen purchased the Red October village from the hirer

in October 2014 for $1.5m

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Carosue Dam Operations – Whirling Dervish & Karari

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KARARI WHIRLING DERVISH

PROCESSING PLANT

Slides 15 & 16 Sections

Slides 18 & 19 Sections

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2013 AGM Whirling Dervish

Whi

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Whi

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2014 AGM Whirling Dervish

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Whi

rling

Der

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Gra

de &

Stri

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INC

REA

SIN

G M

ARG

INS

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18

Whi

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Der

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GC

Dril

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Final Pit Design

Hangingwall Lodes

48m @ 3.25g/t

23m @ 2.49g/t

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19

Whi

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GC

Dril

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Final Pit Design

Footwall Lode

18m @ 3.06g/t

10m @ 9.03g/t

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Whi

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November 2014

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FY2015 Carosue Dam Mill Feed

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Mine to ROM (FY2015) Whirling Dervish OP 3.9mt @ 1.7g/t = 207,000con oz (using latest reserves)

ROM to Mill (FY2015) Whirling Dervish OP 2.1mt @ 1.60g/t = 110,000con oz

ROM to Mill (FY2016) Whirling Dervish OP 1.8mt @ 1.70g/t = 97,000con oz

RO ROM to Mill (FY2015) Red October UG 0.3mt @ 6.4g/t = 60,000con oz

Key Points: • All mining costs expensed against rec oz milled in

FY2015 (no non-cash deferrals) • Only requires processing, administration and corporate

costs to realise • Approx A$520/oz AISC for 90,000 rec oz in FY2016

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Car

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Dam

Mill

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FY2013 Delivery

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FY2013 Reconciliation

Deposit Reserves Actual Variance

Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces

Karari 1,388,000 1.24 55,000 1,274,000 1.48 61,000 -8% +19% +11%

Deep South 221,000 2.30 16,000 210,000 3.90 26,000 -5% +70% +63%

Wallbrook 87,000 1.13 3,000 66,000 1.31 3,000 -24% +16% 0%

Margarets 222,000 1.45 10,000 199,000 1.56 10,000 -10% +8% 0%

Butchers Well 180,000 1.63 10,000 163,000 1.95 10,000 -9% +20% 0%

Red October 98,000 8.33 26,000 116,000 8.30 31,000 18% 0% +19%

Total 2,196,000 1.70 120,000 2,028,000 2.16 141,000 -8% +27% +18%

Highlights: 8% less dilution across all sources (actual versus planned) 20% grade overcall at Karari – trend continued into FY2014… 70% grade overcall at Deep South – deposit subject to future UG mining (FY2017 onwards, min 3 year reserve) 19% ounce overcall at Red October – trend continued into FY2014…

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FY2014 Delivery

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FY2014 Reconciliation

Deposit Reserve Actual Variance

Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces

Karari 191,000 1.72 10,000 134,000 3.35 14,000 -30% +95% +40%

Whirling Dervish 1,953,000 1.03 65,000 1,767,000 1.14 65,000 -10% +11% 0%

Red October 300,000 5.00 48,000 293,000 6.38 60,000 -2% +28% +25%

Total 2,444,000 1.57 123,000 2,194,000 1.97 139,000 -10% +26% +13%

Highlights: 10% less dilution across all sources (actual versus planned) 11% grade overcall at Whirling Dervish – 67% contribution to FY2015 production guidance 28% grade overcall at Red October – 33% contribution to FY2015 production guidance 95% grade overcall at Karari – deposit subject to exploration decline and drilling program in FY2015, followed by production in FY2016…

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FY2015 Guidance

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FY2015 Production (oz)1 Cash Costs (A$/oz)2 AISC (A$/oz)3 Growth Capital (A$m)4

Whirling Dervish OP 101,000 rec oz A$910/oz A$1,075/oz Inclusive in AISC

Red October UG 49,000 rec oz A$800/oz A$1,150/oz Inclusive in AISC

Sustaining Capital Inclusive in AISC Inclusive in AISC

Royalties Inclusive in AISC Inclusive in AISC

Corporate & Interest A$50/oz

Deferred waste adjustment5 Nil Nil

Ore Inventory adjustment5 Nil Nil

Karari Exploration Decline A$9-11m

New TSF (CDO) ~4 year’s life A$4-6m

Exploration (CDO) A$4-6m

Exploration (TBO) A$4-6m

Thunderbox – C&M, Feasibility6 A$5-7m

Total 150,000 rec oz A$875/oz A$1,150/oz A$26-36m

1. Production (oz) is the mid-point of the guidance range provided and represents recovered mill production (oz) 2. Cash Costs (A$/oz) includes cash costs for open pit and underground mining, ore cartage, processing, site administration, exclusive of any accounting adjustments 3. ASIC (A$/oz) represents “All in Sustaining Costs” and includes Cash Costs, royalties, open pit and underground sustaining capital, corporate and interest costs , exclusive of any accounting adjustments 4. Growth Capital (A$m) represents capital incurred to increase production, as opposed to sustain production, and includes regional/greenfields exploration, new acquisitions and development that increases production 5. Non-cash adjustments have been excluded in Cash Costs and AISC’s calculations, therefore represent actual movements in cash 6. Includes Thunderbox Care & Maintenance, feasibility and approvals costs in preparation for a development decision in Q3 FY2015 to re-commence operations in Q2 FY2016

95% complete started 18/11

ongoing started 4/10 ongoing

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Tailings Storage Facility

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• FY2015 Capex $4-6m • ~4 years capacity • $2mpa less working capital

required over next 4 years

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Exploration

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Exploration Budget FY2015

Red October Exploration

($5m)

Bio-Geochemistry & Gravity Surveys

($<1m)

Blue Manna Auger & RC Drilling

(<$1m)

Karari Exploration Decline & Drilling

($10m)

Thunderbox Ops Drilling ($5m)

1-2 Rigs 1-2 Rigs 3 Rigs 2 Rigs 2 Crews

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Carosue Dam Operations – Whirling Dervish & Karari

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KARARI WHIRLING DERVISH

PROCESSING PLANT

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Carosue Dam Operations – Karari Exploration *2m intervals

18m @ 5.8g/t

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Karari Open Pit August 2013

HG

Kar

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Carosue Dam Operations – Karari Long Section

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Carosue Dam Operations – Karari Exploration

32 Looking South

Main Decline

Exploration Drill Drive

Ore Zones

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Carosue Dam Operations – Karari Exploration

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Interpretation Extensions

Exploration Drill Drive

Exploration Drilling

400m

(~4

year

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life)

Looking South

Looking West

600m (~4 years mine life)

South Shoot

Central Shoot

North Shoot

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Carosue Dam Operations – Karari Exploration

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18th November 2014

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Carosue Dam Operations – Karari Exploration

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Carosue Dam Operations – Karari Exploration

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Carosue Dam Operations – Karari Exploration

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N D J F M A M J J A S O N DKarari Main Decline

Karari Exploration Decline

Karari Stope Definition Drilling

Karari Exploration Drilling

Karari Exploration Results

Karari Ore Development

Karari Stoping

Exploration FY2015

Gold Ore

FY2016

Legend:Development

Drilling

Results

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Consideration: • A$20 million cash on Settlement; • A$3 million cash upon the sooner

of commencement of commercial production, or if, after a period of 24 months following settlement, the prevailing gold price has exceeded A$1,550/oz for a calendar month;

• 1.5% NSR Royalty on the Thunderbox Operations (capped at A$17 million).

Equates to an acquisition cost of A$11 per Resource ounce & A$32 per Reserve ounce

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Thunderbox 2.5mtpa CIL Plant

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Thunderbox Open Pit

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Breaking new ground at Thunderbox…

24 November 2014

VM Drilling

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DDH1

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Breaking new ground at Bannockburn…

12 November 2014

Orlando Drilling

Ban

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Thunderbox Development Timeline

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Settlement

Approvals

Feasibility Study

Thunderbox Extension Drilling

Thunderbox Drilling Results

Bannockburn Infill Drilling

Bannockburn Drilling Results

Development Decision*

Plant Refurbishment

Development

Commissioning

Production

* Subject to positive feasib ility results

Jun QThunderbox Operations FY2016Dec Q Mar Q Jun Q Sep Q Dec Q Mar Q

FY2015

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Saracen Exploration

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Exploration Budget FY2015

Red October Exploration

($5m)

Bio-Geochemistry & Gravity Surveys

($<1m)

Blue Manna Auger & RC Drilling

(<$1m)

Karari Exploration Decline & Drilling

($10m)

Thunderbox Ops Drilling ($5m)

1-2 Rigs 1-2 Rigs 3 Rigs 2 Rigs 2 Crews

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Zone

“C”

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Zone

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Car

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Dam

Gra

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Sur

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Deep South

Carosue Dam

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Bio-Geochemistry Survey

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Blue Manna

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Blu

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Exploration Activity

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Red October Drilling

Red October Results

Karari Exploration Decline

Karari Drilling

Karari Results

Blue Manna Drilling

Blue Manna Results

Thunderbox Drilling

Thunderbox Results

Bannockburn Drilling

Bannockburn ResultsThun

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Legend:

Car

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Dam

Development

Drilling

Results

Op Exploration Dec Q Mar QFY2015

Jun Q

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SAR FY2014 Share Price Performance

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SAR FY2015 YTD Share Price Performance

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Gold Price Performance

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H

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Points of Difference

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Delivery • One of Saracen’s core values • Consistently delivery into guidance quarter by quarter over 2.5 years • Resource confidence and reconciliation performance underpins guidance

1

Declining Cost Profile

• AISC set to decrease over A$350/oz to A$1,150/oz (Carosue Dam Operations) • Thunderbox cash costs of A$1,100/oz (approx 5 year mine life) • Increasing margins via declining costs & increasing hedge prices

2

Progressive & Measured

• Carosue Dam Operation forecast to deliver 150,000 ounces per annum • Thunderbox Operations potential to deliver 140,000 ounces per annum • Potential to double production to 290,000 ounces per annum and increase free cashflow

4

Exploration Pipeline

• A$10m regional exploration budget (Carosue Dam & Thunderbox Operations) • A$10m exploration decline & drilling program at Karari (Carosue Dam Operations) • A$5m exploration budget for Red October program

3

Safe Gold Bet • Protection to the downside… via hedgebook, 100% protection in FY2015, ~32% in FY2016 • Leverage to the upside… via our 1.6Moz ore reserve base, with significant upside • Reliable Board & Management, focused on cashflow and delivery

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Farewell Guido F

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Gro

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- G

old

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Gro

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Gro

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Group Mineral Resources & Ore Reserves

Competent Persons Statement: The information on Exploration Results, Group Mineral Resources and Ore Reserves is extracted from the report entitled “2014 Mineral Resources and Ore Reserves” dated 9 October 2014 This report is available to view on the ASX Website at www.asx.com.au and the Company’s website at www.saracen.com.au. 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.

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