Saracen Mineral Holdings Ltd

Guido Staltari

Executive Chairman

2

Guido Staltari, Executive Chairman

Raleigh Finlayson, Chief Operating Officer

SARACEN MINERAL HOLDINGS LTD

Exploring for growth.

Saracen Mineral Holdings Limited Australian Gold Producer ASX:SAR

Guido Staltari

Executive Chairman

Funded for growth - heading to 190Kozpa

ASX Spotlight Conference, New York 28 February 2013

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.

Investment Thesis: Generating cash, reinvesting

and funded for growth to 190,000 ozpa by FY2015.

Mkt Cap A$240M

Debt Facility A$50M

Cash* at 31/12/12 A$30M

EV $220M

EV / Reserves A$190/oz

EV/ Resources A$50/oz

No equity raising since mid-2011

Only major mill for 100kms.

Expanding from 2.4 Mpta to 3.2 Mtpa by 2014

Moving from 115k ozpa to to 190k ozpa in 2015

Resource base +10 years

1 Plant

2 Regions - Nth/Sth

3 Mines currently

12 Orebodies in Reserves

Exploration of $10M pa

4.1 Moz Resource, 1.1Moz Reserves

Quality Resource Endowment

3 years on, decades of potential

For Resources and Reserves see Appendices. *Cash as at 31 December 2012 includes environmental bonds and gold on hand.

Carosue Dam - Strategic Plant Prudent Capital Management

5

Assets Overview: One Plant, Two Regions, Multiple Resources

Started 2010 Southern Region 0 – 50kms to plant Bulk Tonnes

~90% of throughput ~70 oz Mine: Karari Open Pit

Develop: Whirling Dervish Open Pit

Newly emerging

Northern Region 85-140kms to Carosue plant

Currently ~10% of throughput ~30% oz Mine: Red October Underground 8+ g/t

& Deep South Open Pit 3+g/t Develop: Deep South UG 4+g/t

6

2013-15 Production, Capex, Opex Guidance: A funded 3-Yr spend of $115m-$160m to lift production, lower cash costs

Performance to date in FY2013 has been ahead of guidance. - Record December and January months of 13k oz each

- Due to blended grade of 2.1 g/t (v guidance of 1.8 g/t)

-Cash Costs in Dec and in January ave. approx. A$850/oz plus

royalties of around A$60 per oz

For more detail see Appendices or 3 Dec 2012 ASX Announcement.

Ind

ust

ry A

ve -

$8

70

7

Lowering Costs - Saracen trending back to

around industry average. Jan & Feb ~A$910/oz*

* $A cash costs of A$850 plus SAR royalties approx $60/oz.

A$2000

A$1000

A$400

Realised Price in Dec Qtr A$1639/oz

Gross Margin Before D&A and

reinvestment

A$625/oz

Saracen’s December Quarter Performance v Australian Gold Producers (Sept Quarter 2012)

1st Quartile 2nd Quartile 3rdQuartile 4th Quartile

26

koz

@A

$9

10

/oz

32

koz

@ A

$1

01

4/o

z

Saracen in Dec & Jan

Gold Price FY2013 YTD A$1616/oz

Gross Margin Before D&A and

reinvestment

A$706/oz

Cash Cost (A$)

8

Resources - Continuous Growth, multiple

blending options underpin > +10 years production

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

2005 2006 2007 2008 2009 2010 2011 2012

North

South Karari, Whirling Dervish, Wallbrook et al.

Red October, Deep South, Butcher Well et al.

0

0.2

0.4

0.6

0.8

1

1.2

2005 2006 2007 2008 2009 2010 2011 2012

North

South

RESOURCES RESERVES Red October, Deep South et al.

Karari, Whirling Dervish, Wallbrook, et al.

100 100 104 105 108 108 112 111 111 116 114

119

0

20

40

60

80

100

120

140

160

180

200

2010M 2010J 2010S 2010D 2011M 2011J 2011S 2011D 2012M 2012J 2012S 2012D 2013M 2013J 2013S 2013D 2014M 2014J 2014S 2014D 2015M 2015J

9

Production - Consistent past performance ready

to rise supported by gold inventory growth

125-135 koz

135-145 koz

180-190 koz

Guidance FY2014 Guidance FY2015

Ro

llin

g an

nu

alis

e g

old

pro

du

ctio

n

Guidance FY2013

PRODUCTION: To rise ~50% in next 2 yrs

3.27 Moz

3.6 Moz

4.13 Moz RESOURCES:

Up 26% in past 2yrs

Rolling Four Qtr Production

10

Corporate:

Saracen Mineral Holdings (ASX Code:SAR)

Capital Structure

Shares on Issue 595 M

Share Price A$0.40

Market Cap A$240M

Cash* at 31/12/12 A$30M

Debt $10M

Undrawn Facilities A$40-55M

Tax Benefits A$50+M

Hedging 200k @ A$1695 /oz

Shareholders

Van Eck 6%

Renaissance 5%

Mgmt (diluted) 4%

Total holders +3000

BO

AR

D

Guido Staltari Exec Chairman

Barrie Parker Non-exec

Ivan Hoffman OAM Non-exec

Martin Reed Non-exec

Broker Research Coverage

Evans & Partners Cathy Moises

Canaccord Reg Spencer

RBS Morgans James Wilson

BA Merrill Lynch Andy Clayton

Stephen Gorenstein

Euroz

MG

MT Guido Staltari MD

Raleigh Finlayson COO

Gerry Kaczmarek CFO

*Cash as at 31 December 2012 includes environmental bonds and gold on hand.

Indicative Development Schedule

FY 2013 Active

Karari Open Pit (1.8 g/t)

FY2013 Active

Red October UG (8+ g/t)

FY2013 Active

Deep South Open Pit (3+ g/t)

FY2013 In dev’

Whirling Dervish Open Pit (1.2 g/t)

FY2014 Deep South Underground (4+ g/t)

FY2016 Wallbrook Open Pit (1.2 g/t)

FY2016 Million Dollar Open Pit (1.0 g/t)

FY2017 Whirling Dervish UG (3-4 g/t)

FY2017 Enterprise Open Pit (2.1 g/t)

Growth through staged developments:

- Blending bulk and high-grade resources

Calendar 2013: A year of action and news flow

Karari & Whirling Dervish Plant Upgrade Northern Region

Jan - $30m Whirling Dervish Cutback in progress June - First Ore July - Karari resource drilling

Feb - EPC Plant Award and capex guidance March - First Works Dec - Update

Feb - Red October update April - Deep South UG feas. study May - Update Aug/Sep - Resource Update

June - Update July - Quarterly report August/Sep - FY results

Feb - Half year result April - Quarterly report May - Update

13

Southern Region - Carosue Dam District

Karari OP & Whirling Dervish OP & UG

Karari

Whirling Dervish

2.4mtpa Plant

14

Karari U/G

Drilling targets from U/G Whirling Dervish U/G Bottom-up mining extraction

K1

Southern Region - Karari & Whirling Dervish

Open Pit and Underground developments

Whirling Dervish will comprise 60-80% of mill feed for next 2 years, with Karari OP/UG and Whirling Dervish UG options being evaluated.

15

Existing Open Pit $30M Cutback

Proposed Underground Current Block Model +3g/t Karari – pit wall is 1.2+km away

Southern Region - Whirling Dervish move from

OP to proposed UG in circa 2016

16

Operating UG mine and associated infrastructure provides strategic base for future potential developments at Deep South UG, Butcher Well, etc.

Northern Region - Red October

17

Northern Region– Red October

Red October Status: UG mining in progress Resources: 683,000t @ 5.7g/t = 126koz.

Reserves: 260,000t @ 8.3g/t = 69koz.

Planning: High grade underground mill feed from FY2013.

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 25 Sept 2012.

Red October Shear over 4+ km

18

Northern Region - Red October Central Lode

high grade drill hits and visible gold

19

Northern Region - Deep South Open pit

yielding 3+g/t grades

Ore zones marked up on pit floor

20

Northern Region - Deep South UG feasibility

in progress. Excellent drill hits at depth

Significant mineralization over several km Consistent mining widths High grades continue to depth

21

Wallbrook Resources: 14.2mt @ 1.0g/t = 468koz.

Reserves: 3.0mt @ 1.2g/t = 117koz.

Planning: Bulk open pit source for +FY16 following Whirling

Dervish.

Exploration: Extensions to resource below bottom of pit

design to increase open pit reserves.

Note: Resources and Reserves Statement last updated 25 Sept 2012.

Southern Region - Wallbrook. Open pit in circa

FY2016

22

Southern Region - Wallbrook. Open pit in circa

FY2016

Investment Thesis: Generating cash, reinvesting

and funded for growth to 190,000 ozpa by FY2015.

Mkt Cap A$240M

Debt Facility A$50M

Cash* at 31/12/12 A$30M

EV $220M

EV / Reserves A$190/oz

EV/ Resources A$50/oz

No equity raising since mid-2011

Only major mill for 100kms.

Expanding from 2.4 Mpta to 3.2 Mtpa by 2014

Moving from 115k ozpa to to 190k ozpa in 2015

Resource base +10 years

1 Plant

2 Regions - Nth/Sth

3 Mines currently

12 Orebodies in Reserves

Exploration of $10M pa

4.1 Moz Resource, 1.1Moz Reserves

Quality Resource Endowment

3 years on, decades of potential

For Resources and Reserves see Appendices. *Cash as at 31 December 2012 includes environmental bonds and gold on hand.

Carosue Dam - Strategic Plant Prudent Capital Management

24

Contact Us: ASX: SAR www.saracen.com.au info @saracen.com.au

25

Southern Region Karari and Whirling Dervish developments

April 2011

Whirling Dervish

Karari 2.4mtpa Plant

Whirling Dervish Status: Pit cutback in progress, access

ore by June 2013. UG potential being

evaluated

Resources: 21.9mt @ 1.7g/t = 1.1mkoz.

Reserves OP 5.6mt @ 1.3g/t = 237koz

Reserves UG 0.9mt @ 3.3g/t = 100koz

Planning: Bulk open pit source for FY14-

16, UG Feasibility Studies ongoing.

Exploration: Extensions to high grade HW

& FW Underground targets.

Karari Status: Current pit depleted by June 2013,

UG and OP cutback potential being

evaluated

Resources: 6.4mt @ 1.6g/t = 340,000oz .

Reserves: 2.5mt @ 1.4g/t = 112koz.

Exploration: Target high grade shoots

amenable to bulk Underground Mining

from base of open pit.

Pinnacles High grade discovery: Additional drilling

planned.

Note: Resources and Reserves Statement last updated 25 Sept 2012.

26

Southern Region – Karari

K3 K2 K1

27

Southern Region – Karari 7750mN

K1

28

Southern Region - Whirling Dervish

Footwall Lode System

Hangingwall Lode System

29

Deep South Resources: 2.3mt @ 3.7g/t = 279koz.

Reserves: 212kt @ 3.1g/t = 21koz (Open Pit).

843kt @ 4.3g/t = 116koz (U/G).

Planning: High grade open pit source during FY13,

Underground feasibility study and drilling ongoing.

Exploration: Target HG shoots open at depth and along

strike.

Note: Resources and Reserves Statement last updated 25 Sept 2012.

Deep South trend

Northern Region - Deep South subject of

UG Feasibility Study

30

Appendix - Saracen Dec 2012

Production and Capex Guidance:

Production units FY2011 FY2012 FY2013 FY2014 FY2015

Ore Milled Mtpa 2.6 2.4 2.5 Mt 2.8 3.2

Grade g/t 1.5 1.8 1.8 g/t 1.7 2

Gold Output Koz 111 118 125-135koz 135-145 180-190

Op Cost (exc. Royalties) A$/oz 738 897 975-1075 900-1000 850-950

Guidance as per ASX 3 Dec 2012 Update

Capex A$M FY2013 FY2014 FY2015

Open Pits (Whirling, Wallbrook) 28-30 0-2 2-4

Plant Upgrade (Stage 1) 7-8 17-20 0

Underground (Red Oct, Deep South) 15-20 23-40 23-36

Sub Total - Growth Capital 50-60 40-60 25-40

Sustaining Capital 8-12 8-12 8-12

Surface Exploration (10-15) + Corporate (5-8) 15-23 15-23 15-23

Total 73-95 63-95 48-75

31

District Mine Type Category Tonnes Au grade Ounces

Measured 5,639,000 1.3 236,000

Indicated 16,478,000 1.3 697,000

Inferred 4,574,000 1.2 180,000

Total 26,691,000 1.3 1,113,000

Measured 0 0.0 0

Indicated 497,000 3.7 58,000

Inferred 755,000 3.0 73,000

Total 1,252,000 3.3 132,000

27,943,000 1.4 1,245,000

Measured 1,603,000 1.3 65,000

Indicated 22,894,000 1.2 859,000

Inferred 5,911,000 1.0 197,000

Total 30,407,000 1.1 1,121,000

Measured 0 0.0 0

Indicated 982,000 4.3 137,000

Inferred 316,000 3.4 34,000

Total 1,298,000 4.1 171,000

31,706,000 1.3 1,293,000

Measured 780,000 2.0 51,000

Indicated 2,023,000 2.4 157,000

Inferred 804,000 2.2 57,000

Total 3,607,000 2.3 266,000

Measured 0 0.0 0

Indicated 294,000 4.4 42,000

Inferred 782,000 4.6 116,000

Total 1,076,000 4.5 157,000

4,683,000 2.8 423,000

Measured 0 0.0 0

Indicated 4,474,000 1.8 255,000

Inferred 5,309,000 1.3 215,000

Total 9,784,000 1.5 470,000

Measured 0 0.0 0

Indicated 618,000 6.8 134,000

Inferred 32,000 2.9 3,000

Total 651,000 6.6 137,000

10,434,000 1.8 608,000

Stockpiles Measured 1,442,000 0.8 36,000

Measured 9,463,000 1.3 389,000

Indicated 45,869,000 1.3 1,969,000

Inferred 16,599,000 1.2 649,000

Total 71,931,000 1.3 3,006,000

Measured 0 0.0 0

Indicated 2,390,000 4.8 372,000

Inferred 1,886,000 3.7 226,000

Total 4,276,000 4.3 598,000

Measured 9,463,000 1.3 389,000

Indicated 48,259,000 1.5 2,340,000

Inferred 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

Appendix – Resources & Reserves

tonnes g/t oz tonnes g/t oz tonnes g/t oz tonnes g/t oz

Whirling Dervish O/P 203,000 1.3 8,000 13,514,000 1.2 538,000 245,000 0.7 5,000 13,962,000 1.2 551,000

Whirling Dervish U/G 0 5,993,000 2.1 399,000 1,917,000 2.2 136,000 7,910,000 2.1 535,000

Karari O/P 1,314,000 1.5 62,000 3,379,000 1.7 189,000 446,000 1.3 19,000 5,139,000 1.6 270,000

Karari U/G 0 947,000 1.7 51,000 322,000 1.8 19,000 1,269,000 1.7 70,000

Monty's/Elliots 542,000 1.4 25,000 1,138,000 1.4 52,000 697,000 1.5 34,000 2,377,000 1.5 111,000

Twin Peaks 0 291,000 4.0 37,000 248,000 4.3 34,000 539,000 4.1 71,000

Pinnacles 0 387,000 2.1 27,000 26,000 1.4 1,000 413,000 2.1 28,000

Carosue Dam Sub-Total 2,059,000 1.4 95,000 25,649,000 1.6 1,293,000 3,901,000 2.0 248,000 31,609,000 1.6 1,636,000Porphyry O/P 702,000 1.1 25,000 7,262,000 1.0 239,000 1,551,000 1.0 48,000 9,515,000 1.0 312,000

Porphyry U/G 488,000 5.0 78,000 243,000 2.9 23,000 731,000 4.3 101,000

Million Dollar 9,270,000 1.0 298,000 1,639,000 0.9 47,000 10,909,000 1.0 345,000

Wallbrook 2,064,000 1.1 72,000 7,319,000 1.0 234,000 4,784,000 1.1 162,000 14,167,000 1.0 468,000

North West 332,000 0.8 9,000 691,000 0.8 18,000 1,023,000 0.8 27,000

Margarets 192,000 2.0 12,000 651,000 1.1 24,000 843,000 1.3 36,000

Enterprise 218,000 2.1 15,000 294,000 2.3 21,000 179,000 2.4 14,000 691,000 2.3 50,000

Porphyry Sub-Total 2,984,000 1.2 112,000 25,157,000 1.1 891,000 9,738,000 1.1 336,000 37,879,000 1.1 1,339,000

Safari Bore 780,000 2.0 50,000 1,358,000 2.3 100,000 672,000 2.3 50,000 2,810,000 2.2 200,000

Deep South O/P 387,000 2.9 36,000 0 387,000 2.9 36,000

Deep South U/G 1,605,000 3.8 198,000 356,000 3.9 45,000 1,961,000 3.9 243,000

Safari Bore Sub-Total 780,000 2.0 50,000 3,350,000 3.1 334,000 1,028,000 2.9 95,000 5,158,000 2.9 479,000

Red October O/P 33,000 5.5 6,000 150,000 1.8 9,000 64,000 1.5 3,000 247,000 2.3 18,000

Red October U/G 121,000 12.1 47,000 223,000 7.2 52,000 92,000 3.1 9,000 436,000 7.7 108,000

Thin Lizzie 325,000 1.3 14,000 325,000 1.3 14,000

Tin Dog 1,284,000 1.3 54,000 1,284,000 1.3 54,000

Bulldog 1,529,000 0.9 44,000 1,529,000 0.9 44,000

Crimson Belle 916,000 1.4 41,000 577,000 1.3 24,000 1,493,000 1.4 65,000

Butcher Well 2,568,000 1.6 136,000 2,662,000 1.8 152,000 5,230,000 1.7 288,000

Red October Sub-Total 154,000 10.7 53,000 3,857,000 1.9 238,000 6,533,000 1.4 300,000 10,544,000 1.7 591,000

Ore Stockpiles 1,526,000 1.0 49,000 1,526,000 1.0 49,000

Sub-grade stockpiles 2,160,000 0.6 42,000 2,160,000 0.6 42,000

Total Mineral Resources 9,663,000 1.3 401,000 58,013,000 1.5 2,756,000 21,200,000 1.4 979,000 88,876,000 1.4 4,136,000

Measured Indicated Inferred Total

All

Deposit District

Car

osu

e D

amSa

fari

Bo

reR

ed

Oct

ob

er

Po

rph

yry

Mineral Resources by individual deposit as of 30 June 2012.

Competent Person Statements The information in this report that relates to Exploration results and Mineral Resources has been compiled under the supervision of Mr Richard Maddocks (BSc MSc). Mr Maddocks, who is a Fellow of the Australasian Institute of Mining and Metallurgy, is a full-time employee of Saracen Gold Mines Pty Ltd. Mr Maddocks 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 Maddocks consents to the inclusion in this report of the matters based on his information in the form and context that the information appears. Refer to the important notes attaching the Resources statement in the Company’s ASX release of 25 September 2012.

32

District Mine Type Category Tonnes Au grade Ounces

Measured 5,639,000 1.3 236,000

Indicated 16,478,000 1.3 697,000

Inferred 4,574,000 1.2 180,000

Total 26,691,000 1.3 1,113,000

Measured 0 0.0 0

Indicated 497,000 3.7 58,000

Inferred 755,000 3.0 73,000

Total 1,252,000 3.3 132,000

27,943,000 1.4 1,245,000

Measured 1,603,000 1.3 65,000

Indicated 22,894,000 1.2 859,000

Inferred 5,911,000 1.0 197,000

Total 30,407,000 1.1 1,121,000

Measured 0 0.0 0

Indicated 982,000 4.3 137,000

Inferred 316,000 3.4 34,000

Total 1,298,000 4.1 171,000

31,706,000 1.3 1,293,000

Measured 780,000 2.0 51,000

Indicated 2,023,000 2.4 157,000

Inferred 804,000 2.2 57,000

Total 3,607,000 2.3 266,000

Measured 0 0.0 0

Indicated 294,000 4.4 42,000

Inferred 782,000 4.6 116,000

Total 1,076,000 4.5 157,000

4,683,000 2.8 423,000

Measured 0 0.0 0

Indicated 4,474,000 1.8 255,000

Inferred 5,309,000 1.3 215,000

Total 9,784,000 1.5 470,000

Measured 0 0.0 0

Indicated 618,000 6.8 134,000

Inferred 32,000 2.9 3,000

Total 651,000 6.6 137,000

10,434,000 1.8 608,000

Stockpiles Measured 1,442,000 0.8 36,000

Measured 9,463,000 1.3 389,000

Indicated 45,869,000 1.3 1,969,000

Inferred 16,599,000 1.2 649,000

Total 71,931,000 1.3 3,006,000

Measured 0 0.0 0

Indicated 2,390,000 4.8 372,000

Inferred 1,886,000 3.7 226,000

Total 4,276,000 4.3 598,000

Measured 9,463,000 1.3 389,000

Indicated 48,259,000 1.5 2,340,000

Inferred 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

Appendix – Resources & Reserves

Competent Person Statements The information in this report that relates to underground Ore Reserves at Red October, Deep South and Whirling Dervish has been compiled under the supervision of Mr Stephen King (B.Eng). Mr King, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full-time employee of Saracen Gold Mines Pty Ltd. Mr King 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 King consents to the inclusion in this report of the matters based on his information in the form and context that the information appears. The information in this report that relates to open pit Ore Reserves has been compiled under the supervision of Mr Chris Burton (Dip App.Sc). 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. Mr Burton 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 Burton consents to the inclusion in this report of the matters based on his information in the form and context that the information appears. Refer to the important notes attaching the Reserves statement in the Company’s ASX release of 25 September 2012.

tonnes g/t oz tonnes g/t oz tonnes g/t oz

Whirling Dervish OP 5,592,000 1.3 237,000 5,592,000 1.3 237,000

Whirling Dervish UG 938,000 3.3 100,000 938,000 3.3 100,000

Karari OP 2,500,000 1.4 112,000 2,500,000 1.4 112,000

Monty's/Elliots OP 264,000 1.4 12,000 47,000 1.3 2,000 311,000 1.4 14,000

Carosue Dam Sub-Total 264,000 1.4 12,000 9,077,000 1.5 451,000 9,341,000 1.5 463,000

Porphyry OP 550,000 2.2 38,000 550,000 2.2 38,000

Million Dollar OP 3,045,000 1.0 101,000 3,045,000 1.0 101,000

Wallbrook OP 3,032,000 1.2 117,000 3,032,000 1.2 117,000

Margarets OP 143,000 1.9 9,000 143,000 1.9 9,000

Enterprise OP 374,000 2.1 26,000 374,000 2.1 26,000

Porphyry Sub-Total 0 0.0 0 7,144,000 1.3 291,000 7,144,000 1.3 291,000

Safari Bore OP 362,000 2.0 23,000 232,000 2.2 16,000 594,000 2.1 39,000

Deep South OP 212,000 3.1 21,000 212,000 3.1 21,000

Deep South UG 843,000 4.3 116,000 843,000 4.3 116,000

Safari Bore Sub-Total 362,000 2.0 23,000 1,287,000 3.7 153,000 1,649,000 3.3 176,000

Red October UG 0 0.0 0 260,000 8.3 69,000 260,000 8.3 69,000

Butcher Well OP 146,000 1.9 9,000 146,000 1.9 9,000

Red October Sub-Total 0 0.0 0 406,000 6.0 78,000 406,000 6.0 78,000

Stockpiles S 3,686,000 0.8 90,000 0 0 0 3,686,000 0.8 90,000

Total Ore Reserves 4,312,000 0.9 125,000 17,914,000 1.7 973,000 22,226,000 1.5 1,098,000

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Total Ore ReservesMine

TypeDistrict Deposit

Proved Reserves Probable Reserves

Ore Reserves by individual deposit as of 30 June 2012.

Saracen Mineral Holdings Ltd

Guido Staltari

Executive Chairman