Saracen Mineral : AGM Presentation

FUTURE PROOFING OUR BUSINESS

MORGAN BALL - Chief Financial Officer

ASX GOLD PRODUCER

AGM Presentation - 19th November 2019

Qualification

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 Appendix A 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:

1. 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;
2. 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
3. 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.

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	2

Corporate Overview

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

Board and Management
Board of Directors
Non-Executive Chairman	Tony Kiernan
Managing Director
Raleigh Finlayson
Non-Executive Director
Martin Reed
Non-Executive Director
John Richards
Non-Executive Director
Dr Roric Smith
Non-Executive Director
Samantha Tough
Management Team
Chief Financial Officer	Morgan Ball
Chief Operating Officer
Simon Jessop
Corporate Development Officer
Troy Irvin
Chief Geologist
Daniel Howe
GM People, Culture and Communications
Marianne Dravnieks
Manager, Legal and Company Secretary
Jeremy Ryan

Shareholder Geographic Summary

3.8%0.4% 5.6%		Institutional - Australia
3.5%		Institutional - UK

	39.9%		Institutional - North America
			Institutional - Europe (ex UK)
35.9%			Institutional - Asia
		Institutional - Other
	10.8%		Retail

Substantial Shareholder Summary

12.1%
9.8%		VanEck Global
5.1%		BlackRock Group
	Mitsubishi UFJ Financial Group
73.1%		Other

3

Our culture

The things that matter:

• Thinking and acting like OWNERS - 98% of Saracen employees own shares in our company
• Living our VALUES - Safety, Attitude, Communication, Delivery, Courage
• Valuing SAFETY as the key enabler for high performance teams

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	4

Sustainability

East Kalgoorlie Primary School
Supporting our
	Vested in our communities
		new parents

		Welcome to Country
Leonora High School art prize			Caring for injured wildlife

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	5

Community

Saracenemployees raise over $100k for Cancer research

Bringing Kalgoorlie to the city
	Clontarf career day

				Saracen careers day at
			CBC Fremantle
Argonaut team visit CDO
Supporting Telethon

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	6

The growing Australian gold stock

• We demand safety and production
• • Improved safety - LTIFR 0.4 30 September 2019 (v 1.9 WA gold average), more to do…
  • More production - Long life 400koz pa outlook, 100% in Reserves
  • …from two simple growing Australian operations - Carosue Dam and Thunderbox
• FY20 group guidance - 350-370,000ozat AISC of A$1,025 - A$1,075/oz
• More cash flow - Cash, bullion and investments of A$196m, no debt
• More profit - A$92.5m (FY2018: A$75.6m)
• More Reserve growth:
• • Reserves 3.3Moz* at 30 June 2019 …~80% within 500m of two processing centres
• More accretive M&A - Wonder North, Box Well… "bolt-ons" are our priority
• And transformational M&A - "Hot off the press" the Super Pit transaction

*Please refer to the ASX releases dated 1st August 2019 - "Reserves grow 32% to 3.3Moz, underpinning long life 400kozpa".

** Forward looking Ore Reserve growth is an aspirational target only and is not an estimate of current Ore Reserves. The potential quantity is conceptual in nature, and it is uncertain if further exploration will result in achieving this target.

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	7

Super Pit 50% acquisition - Consistent with SAR's growth strategy

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

• Acquisition of 50% of the globally renowned Super Pit, a Tier 1 asset in a Tier 1 mining jurisdiction
• Future proofing our business with an established long life asset:
• • Enviable 12 year mine life based on 7.3Moz of NI 43-101 Reserves (100% basis)1

• • Pipeline of further growth opportunities underpinned by an additional 4.4Moz in NI 43-101Resources1 (100% basis) and outstanding exploration upside
• First class joint venture partner in Newmont Goldcorp, with a proven track record of safely and efficiently operating the Super Pit
• Establishes Saracen as one of Australia's largest gold producers with group
  Reserves of ~7.0Moz2 from three mines close to Kalgoorlie
• Highly accretive acquisition across a broad range of metrics including earnings per share, cash flow per share, net asset value per share, EV/Resource and EV/Reserve

~300km	Western Australia

LEINSTERThunderbox

LEONORA LAVERTON

Carosue Dam

KALGOORLIE Super Pit

PERTH

1. The NI 43-101 estimates are foreign estimates and are not reported in accordance with the JORC Code; A competent person has not done sufficient work to classify the foreign estimates as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that following

	evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code	8
2.	Comprising Saracen JORC ore reserves and attributable (on 50% basis) KCGM JV NI 43-101 mineral reserves. Refer to page 4 for cautionary statements on KCGM JV NI 43-101 resources and reserves position. Refer to page 1 for information on resources and reserves of Saracen

Super Pit 50% acquisition - Tier 1 Asset

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

Overview of the Super Pit1

• Location: Approximately 600km east of Perth, Western Australia adjacent to the globally renowned gold mining city of Kalgoorlie-Boulder
• • 108km south-west of existing operations at Carosue Dam
• Ownership: Historically a 50:50 Joint Venture between Barrick and Newmont Goldcorp
• • Mine is managed by Kalgoorlie Consolidated Gold Mines Pty Ltd, with Newmont Goldcorp assuming operatorship in May 2015
• Mining: Operations comprise the Fimiston Open Pit and the Mt Charlotte Underground Mine (the "Super Pit Operations")
• Processing: Two crushing circuits supply coarse ore as a mill feed stockpile, two milling circuits (Fimiston and Mt Charlotte), two flotation circuits and three carbon-in-leach circuits
• • The circuit mills have processing capacity of approximately 13Mtpa
• Access: Mine is accessed by paved road and adjacent to Kalgoorlie-Boulder, which is easily reached by air, rail and road
• Power: Sourced through purchases from a gas fired power plant as well as off the local power grid
• Guidance: Gold production is expected to average ~245koz (Saracen's 50% Share) over the next ~3.5 years while the east wall remediation is underway2
• • An updated longer term production outlook for the Super Pit is expected to be provided by Newmont Goldcorp (the Operator) in December 2019

Key Statistics

	UoM	50%	100%
FY20F Production2	koz Au	~245		~490
FY19A Production3	koz Au	245		490
FY18A Production3	koz Au	365		730
FY20F AISC2	A$/oz		~1,470
FY19A AISC3	A$/oz		1,470
FY18A AISC3	A$/oz		1,023
NI 43-101 Reserves4	Moz Au	3.7		7.3
Ni 43-101 Resources4	Moz Au	5.8		11.7
Mine Life5	Years		~12

1. Refer to Section VI for summary of risks associated with the Transaction
2. KCGM JV FY20 production guidance and AISC guidance based on FY19 results. Receipt of additional or updated information may change the production guidance and other forward looking statements concerning the KCGM JV in this Presentation. Please note that Newmont Goldcorp (KCGM JV participant) may have a different interpretation of the underlying data and release differing production guidance and other information to the market.
3. Historical KCGM JV production and AISC based on Barrick public disclosures, converted to June year basis using the pro-rata annual production of the relevant periods and converted to AUD based on average AUD:USD exchange rates for the applicable periods

4.	Refer to page 4 for cautionary statements on KCGM JV reserves and resources position. Measured and Indicated Resources are presented inclusive of Proven and Probable Reserves	9
5.	KCGM JV mine life calculated as NI 43-101 Gold Reserves (as at 31 December 2018) divided by CY18 Production

Super Pit 50% acquisition - A premier Australian gold mine

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

The Super Pit is one of Australia's largest and most successful gold mines:

• 730koz of gold production in FY2018 (100% basis)¹
• Operating partner, Newmont Goldcorp, the world's leading gold company, has extensive experience in large scale open pit and underground operations
• FY19 production was impacted by a 2018 pit wall failure (compared with historical performance) - Remediation planning is underway and anticipated to take ~3.5 years, after which production is anticipated to revert to historical levels

One of Australia's Largest Gold Mines (100%)1,2

Established Large Scale Gold Mining Operation (100%)1

733

689

730

490

593

913

467

519

465

525

426

452

370 365

284 272

283 295

283 277

$1,241			$1,470
$991	$918	$1,023
606	732	752	730
		490

Boddington	Super Pit	Cadia East	Tropicana		Tanami	Telfer	St Ives	Sunrise Dam	Jundee	Granny Smith
					FY18			FY19

FY15	FY16	FY17		FY18	FY19
		Gold Production (Koz)		AISC (A$/oz)

1.	Historical KCGM JV production and AISC based on Barrick public disclosures, converted to June year basis using the pro-rata annual production of the relevant periods and converted to AUD based on average AUD:USD exchange rates for the applicable periods	10
2.	Historical production for Australian Gold Mines based on relevant public disclosures by each mine's owner

Super Pit 50% acquisition - SAR a premier Australian gold miner

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

FY20 Gold Production Guidance (koz Au)1,2,3,4

2,455
	850	750
			605
				400	360	355	285
					245
							215	213
Newcrest	Northern Star	Evolution	Pro Forma	St Barbara	Saracen	Regis	Westgold	Super Pit (50%)	Ramelius	Silver Lake
			Saracen	Gold Reserves (Moz Au)5,6,7

56.0
	7.5	7.0
		5.9
			5.4
					4.0	3.7	3.3
						2.6
									1.1	0.8
Newcrest	Evolution	Pro Forma	St Barbara	Northern Star	Regis	Super Pit (50%)	Saracen	Westgold	Silver Lake	Ramelius
		Saracen

1. Pro forma Saracen production calculated for illustrative purposes only and includes full year FY20 impact of KCGM JV as if the operation were acquired on 1 July 2019
2. Refer to page 4 for Listing Rule 5.19 Disclosure on Saracen Production Guidance
3. KCGM JV FY20 production guidance based on FY19 results. Receipt of additional or updated information may change the production guidance and other forward looking statements concerning the KCGM JV in this Presentation. Please note that Newmont Goldcorp (KCGM JV participant) may have a different interpretation of the underlying data and release differing production guidance and other information to the market
4. Midpoint of FY20 production guidance per relevant latest company disclosures presented
5. Refer to page 1 for information on reserves of SAR

6.	Refer to page 4 for cautionary statements on KCGM JV reserves position	11
7.	All figures presented on an attributable basis. Newcrest presented inclusive of Red Chris (70%), St Barbara presented inclusive of Atlantic Gold (100%), Westgold presented post Higginsville disposal, Silver Lake presented inclusive of Rothsay Project (100%) (pending Egan Street transaction)

Super Pit 50% acquisition - Enhances Saracen's portfolio

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Summary	Reserves (Moz)1,2	FY20F Production (koz)3,4,5

• Reserves and Resources: Material increase in attributable group Reserves to 7.0Moz (up ~111%) and Resources to 15.0Moz (up ~63%)1,2, long track record of replenishment and growth
• Mine Life: Substantial uplift in Reserves and Resources underpin material extension in portfolio mine life
• Production: Pro forma FY20 production up ~68% to 605koz3,4,5
• AISC: Pro forma FY20 AISC of A$1,220/oz3,4,5 (up from A$1,050/oz), an increase of ~16%
• Financial: Highly accretive on various metrics including EPS, FCFPS and NAVPS
• Upside: Significant growth opportunities at all three assets in Saracen's portfolio

	7.0
3.3
Standalone Saracen	Pro Forma Saracen

Resources (Moz) (Inclusive of Reserves)1,2

	15.0
9.2
Standalone Saracen	Pro Forma Saracen

605

360

Standalone Saracen	Pro Forma Saracen
FY20F AISC (A$/oz)3,4,5
1,050	1,220
Standalone Saracen	Pro Forma Saracen

1. Refer to page 4 for cautionary statements on KCGM JV reserves and resources position. Measured and Indicated Resources are presented inclusive of Proved / Proven and Probable Reserves. Pro Forma Saracen Reserves calculated based on ~3.3Moz of Saracen JORC Reserves and ~3.7Moz of NI 43-101 Reserves for KCGM JV, while Pro Forma Saracen Resources calculated based on ~9.2Moz of Saracen JORC Resources and ~5.8Moz NI 43-101 Resources for KCGM JV
2. Refer to page 1 for information on resources and reserves of SAR. Measured and Indicated Resources are presented inclusive of Proved / Proven and Probable Reserves.
3. Refer to page 4 for Listing Rule 5.19 Disclosure on Saracen Production and AISC Guidance
4. KCGM JV FY20 production guidance and AISC guidance based on FY19 results. Receipt of additional or updated information may change the production guidance and other forward looking statements concerning the KCGM JV in this Presentation. Please note that Newmont Goldcorp

	(KCGM JV participant) may have a different interpretation of the underlying data and release differing production guidance and other information to the market.	12
5.	Pro forma Saracen production calculated for illustrative purposes only and includes full year FY20 impact of KCGM JV as if the operation were acquired on 1 July 2019

Super Pit 50% acquisition - Outstanding exploration upside

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

 Super Pit NI 43-101

Mineral Resource currently averages a globally leading 45,000oz per vertical metre (OVM)…

 …significantly larger than Saracen's well endowed Carosue Dam and Thunderbox mines

 Significant inventory upside could be realised with further drilling at depth and evolving geology models

13

Exploration Overview

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

14

Safety
"The standard you walk past is the standard you accept":				 Building a proactive safety
4.0									culture
3.0									 Focused on positive leading
								indicators:
2.0										Safety interactions
									Hazard ID and
										rectification
1.0										Positive safety
										communication
0.0	Oct-17Nov-17Dec-17Jan-18Feb-18	Mar-18Apr-18May-18Jun-18Jul-18Aug-18	Sep-18Oct-18Nov-18Dec-18Jan-19Feb-19Mar-19Apr-19						 Lag indicators:
Jul-17Aug-17Sep-17	May-19	Jun-19	Jul-19	Aug-19	Sep-19		LTIFR 0.4
	LTI	LTIFR (12MMA)	WA GOLD LTIFR							TRIFR 10.8
							Zero LTIs for the last 6
Lost time injury frequency rate (LTIFR) - Calculated as a rolling 12 month average per million hours worked						
						months
LTIFR WA gold averagewww.dmp.wa.gov.au/Documents/Safety/MSH_Stats_Posters_SAfetyPerfWA_1718.pdf

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	15

Delivery

Production growth - More than doubled over the last 3 years:

 FY20 guidance 350 - 370koz at AISC A$1,025 - 1,075/oz (progressive over the 12 months)

 400koz pa from FY21 (after Carosue Dam mill expanded to 3.2Mtpa), 100% in

Reserves

 Further upside to the 7 year outlook to FY26:

 Excludes recent "bolt-on" acquisitions (Box Well, Wonder North)

 Excludes the emerging Atbara discovery (also not in Resources)

 Excludes any further exploration success, M&A success

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	16

Delivery

Future-proofing our business:

	 Ore stockpiles have more
	800,000	than doubled over the last
	700,000	4 quarters…
	 …to >700koz at 30
	600,000
(oz)	500,000	September…
Stocks	400,000	…including almost 140koz
	
	300,000	(~20%) in run-of-mine
	200,000	(ROM) stockpiles on
	surface
	100,000
	0

Sep Q 2018	Dec Q 2018		Mar Q 2019		Jun Q 2019	Sep Q 2019
CDO ROM stockpile		CDO Karari - Dervish blasted and developed		CDO Karari - Dervish decline		TBO ROM stockpile		TBO UG blasted and developed		TBO UG decline

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	17

Delivery

Reserve growth - More than doubled over the last 3 years (after mining depletion):

 Increased exploration spend in recent years…

 …delivered global-leadinggrowth

 This stellar track record of success has motivated

FY20 exploration guidance of A$50m

 4Moz* target within next 4 years

* Forward looking Ore Reserve growth is an aspirational target only and is not an estimate of current Ore Reserves. The potential quantity is conceptual in nature, and it is uncertain if further exploration will result in achieving this target.

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	18

Carosue Dam - Overview

• Simple business plan "we mine where we mill"…
• …afforded by the transformational growth of the Karari - Dervish mine adjacent to the mill
• 1.8Moz in Reserve (including Karari - Dervish 1.2Moz)
• Mill to be expanded to 3.2Mtpa during FY20-21(currently 2.4Mtpa), A$34m capital cost
• Open pit mining to resume in FY21 - Simple single fleet mine plan underpinned by 9.0Mt Reserves (+10 years of additional mill capacity of 800ktpa)
• Under-exploredmine corridor presents opportunity for further repeat deposits e.g. Atbara discovery within 4km of the mill
• Stellar regional exploration upside from a ~23Moz gold camp

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	19

Carosue Dam - We mine where we mill

Karari - Dervish mine:

• Two sister deposits, Karari and Dervish, adjacent to the mill
• Reserve increased to 1.2Moz, up 20%
• Materials handling optimisation - Increased productivity / lower costs from one of the largest tonnage underground gold mines in Australia
• Haulage decline enables

exploration to be conducted in

the "gap", studies ongoing…Please refer to the ASX releases dated 1st August 2019 - "Reserves grow 32% to 3.3Moz, underpinning long life 400kozpa".

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	20

Carosue Dam - We mine where we mill

Production transitioning to 100% Karari-Dervish:

Recovered gold (oz)

60,000

50,000

40,000

30,000

20,000

10,000

0

100% Karari-

Dervish

Sep Q

Dec Q

Mar Q

Jun Q

Sep Q

Dec Q

Mar Q

Jun Q

2018 A

2018 A

2019A

2019 A

2019 A

2019 F

2020 F

2020 F

Karari

Dervish

Deep South

LG Stocks

OPA's

• Ore production is transitioning to 100%
  Karari-Dervish i.e. adjacent to the mill
• Last of the third party ore during the December quarter 2019
• Deep South development recommenced
• Mill expansion - Commissioning targeted for December Q 2020

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	21

Carosue Dam - Atbara evolving

Atbara - Growing discovery 4km from mill:

• Thick drill results include (aggregated):







139m @ 1.1g/t

127m @ 1.3g/t

60m @ 1.3g/t

• Open at depth

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	22

Thunderbox - Overview

 'Does what it says on the tin' (~100% reconciliation to date)
	~1.5Moz in Reserve
	Growth opportunities include:
	 "Thunderground" - 720koz Reserve @ 2.0g/t, high productivity, low
	cost, long life simple underground mine, development progressing,
	materials handling opportunities due to very large scale
	 Thunderbox D Zone - Growing near surface C / D Zone cut-back,
	upgraded by recent drilling including 43m @ 3.7g/t and 73m @ 1.9g/t
	 Otto Bore - 60koz Reserve @ 2.0g/t, shallow open pit, 9km from mill
	 Wonder North - "Bolt-on" acquisition, 660koz Resource^, drilling
	planned
 Neighbours include Gold Fields, Red 5 (Darlot, King of the Hills
	- Maiden 1.5Moz Reserve, SAR >10%), Genesis and St Barbara	and cash flow reports - 31 March 2019".
		^ Refer to the ASX:BGH release dated 24th April 2019 - "Quarterly activities
	GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	23

Thunderbox - 'Does what it says on the tin'

Please refer to the ASX releases dated 1st August 2019 - "Reserves grow 32% to 3.3Moz, underpinning long life 400kozpa".

• C Zone - FY20 / 21 base load…
• …supplemented by Kailis open pit high grade soft oxide
• "Thunderground" development underway, stoping from FY21 - New drill results include 89m
• • 2.0g/t and 72m @ 2.4 g/t
• D Zone cut-back long term open pit feed - New drill results include 86m @ 1.7g/t and 72m
• • 2.4 g/t
• All zones open down plunge
• Satellite pits e.g. Otto Bore, Wonder North to be integrated

into the life of mine plan	24

Thunderbox - 'Does what it says on the tin'

 High productivity / low cost

 Top down method (no pit staging)

 As the mine progresses:

 Grade rises (1.0 to 1.9g/t)  Strip ratio falls (10 to zero)  AISC falls to ~A$625/oz

 Stockpiles grow to 114,000oz  Cash flow increases

dramatically

25

Thunderbox C Zone - Wall to wall gold

Proposed Underground Portal

Sediments

Average Bench	90m
Grade 2.0g/t

Basalt

Dacite

2336m RL

26

Thunderbox - Wonder North acquisition

 Bolt-on acquisition of Wonder North from Bligh Resources

 660,000oz in Resource, located less

than 30km south of Thunderbox

 Open pit and underground studies underway

 Drilling highlights include:  24m @ 5.3g/t

 22m @ 6.0g/t  22m @ 4.3g/t  26m @ 3.2g/t

 Open in all directions - SAR to hit the ground drilling… plans advancing rapidly…

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	27

More

• We have a simple business plan - We mine where we mill
• We deliver - Beat FY18 guidance, Beat FY19 (twice upwardly revised) guidance
• We have an outstanding platform for growth - People, assets, balance sheet
• We are a growth business - More to come:

	FY20 production guidance	- 350-370koz at AISC of A$1,025 - 1,075/oz
 Long term production outlook	- 400koz pa from FY21, 100% in Reserves
	Pipeline of further growth opportunities	- Including significant exploration upside

• We are future proofing our business

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	28

Ore Reserves^

Location	Deposit	Mine Type
	Karari / Dervish1	UG
	Deep South	UG
Dam	Karari South	OP
Monty's Elliot	OP
Carosue	Million Dollar	OP
Wallbrook	OP
	Enterprise	OP
	Porphyry	OP
	Porphyry	UG
	Stockpiles	S
	Carosue Dam Operations Sub-	Total
Thunderbox	Thunderbox2	OP
Thunderbox	UG
Stockpiles	S
	Otto Bore	OP
	Bannockburn	OP
	Kailis	OP
	Thunderbox Operations Sub-
	Total
	Total Ore Reserves

Notes:

All data rounded to two significant figures. Rounding errors may occur.

¹ Karari / Dervish UG includes both Karari and Whirling Dervish resources ² Thunderbox OP includes both C and D Zone resources

	Proved Reserves			Probable Reserves			Total Ore Reserves
tonnes	g/t	oz.	tonnes	g/t	oz.	tonnes	g/t	oz.
			12,000,000	3.1	1,200,000	12,000,000	3.1	1,200,000
			530,000	3.2	54,000	530,000	3.2	54,000
			1,700,000	1.4	78,000	1,700,000	1.4	78,000
			880,000	1.9	53,000	880,000	1.9	53,000
			3,900,000	1.3	160,000	3,900,000	1.3	160,000
230,000	1.1	8,000	1,300,000	1.2	51,000	1,500,000	1.2	59,000
170,000	2.0	11,000	250,000	2.2	18,000	420,000	2.1	29,000
			570,000	1.5	27,000	570,000	1.5	27,000
			1,200,000	2.9	110,000	1,200,000	2.9	110,000
840,000	1.0	26,000	-	-	-	840,000	1.0	26,000

1,200,000	1.2	45,000	22,000,000	2.5	1,800,000	24,000,000	2.3	1,800,000
2,900,000	1.6	150,000	6,800,000	1.4	310,000	9,700,000	1.5	460,000
			11,000,000	2.0	710,000	11,000,000	2.0	710,000
			950,000	2.0	60,000	950,000	2.0	60,000
			3,500,000	1.7	190,000	3,500,000	1.7	190,000
			770,000	2.0	49,000	770,000	2.0	49,000
1,900,000	1.1	68,000	-	-	-	1,900,000	1.1	68,000
4,800,000	1.4	220,000	23,000,000	1.8	1,300,000	28,000,000	1.7	1,500,000
6,000,000	1.4	270,000	45,000,000	2.1	3,100,000	52,000,000	2.0	3,300,000

^ Refer to the ASX release dated 1st August 2019 - "Reserves grow 32% to 3.3Moz, underpinning long life 400kozpa".

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS	29

Mineral Resources^^

Location	Deposit		Measured			Indicated			Inferred			Total
	Karari / Dervish O/P1	tonnes	g/t	oz	tonnes	g/t	oz	tonnes	g/t	oz	tonnes	g/t	oz
	24,000	1.3	990	4,100,000	1.7	220,000	280,000	1.6	14,000	4,400,000	1.6	230,000
	Karari / Dervish U/G1	3,900,000	3.8	480,000	16,000,000	2.8	1,400,000	2,100,000	3.1	210,000	22,000,000	3.0	2,100,000
	Monty's/Elliots		0.0		1,400,000	2.2	98,000	660,000	1.8	38,000	2,100,000	2.1	140,000
	Twin Peaks	40,000	2.3	3,000	560,000	3.4	61,000	80,000	2.8	7,000	680,000	3.2	71,000
	North West				680,000	1.1	24,000	1,600,000	0.9	49,000	2,300,000	1.0	73,000
	Pinnacles2 (ASX:NXM JV)				28,000	4.8	4,300	31,000	4.5	4,500	59,000	4.6	8,800
	Blue Manna							1,100,000	1.5	51,000	1,100,000	1.4	51,000
	Porphyry O/P				4,200,000	1.3	170,000	2,100,000	1.2	84,000	6,300,000	1.2	250,000
	Porphyry U/G				3,000,000	3.3	310,000	1,600,000	3.3	170,000	4,600,000	3.2	480,000
	Million Dollar				7,000,000	1.4	310,000	3,100,000	1.3	130,000	10,000,000	1.4	440,000
Dam	Wallbrook	1,300,000	1.1	44,000	6,100,000	1.0	190,000	1,500,000	0.8	36,000	8,900,000	0.9	270,000
Margarets		0.0		48,000	1.4	2,000	630,000	1.1	22,000	680,000	1.1	24,000
	Enterprise	220,000	2.1	15,000	310,000	2.2	22,000	140,000	2.2	10,000	670,000	2.2	47,000
Carosue	Safari Bore	780,000	2.0	50,000	1,400,000	2.3	100,000	670,000	2.3	50,000	2,900,000	2.1	200,000
Deep South O/P	43,000	4.0	5,500	260,000	1.9	16,000	410,000	1.6	21,000	710,000	1.9	43,000
	Deep South U/G	230,000	3.7	27,000	1,200,000	3.6	140,000	830,000	3.4	91,000	2,300,000	3.5	260,000
	Deep Well				68,000	2.2	5,000	15,000	2.0	1,000	83,000	2.2	6,000
	Box Well				1,800,000	1.6	94,000	920,000	1.2	36,000	2,700,000	1.5	130,000
	Belize				280,000	2.1	19,000	1,000,000	1.8	58,000	1,300,000	1.8	77,000
	Thin Lizzie3(ASX:AGG JV)							160,000	1.3	6,900	160,000	1.3	6,900
	Tin Dog							1,300,000	1.3	54,000	1,300,000	1.3	54,000
	Bulldog							1,500,000	0.9	44,000	1,500,000	0.9	44,000
	Crimson Belle 3(ASX:AGG JV)				470,000	1.8	27,000	280,000	1.4	13,000	750,000	1.7	40,000
	Butcher Well O/P3(ASX:AGG JV)							1,200,000	1.6	64,000	1,200,000	1.7	64,000
	Butcher Well U/G3(ASX:AGG JV)							1,600,000	4.6	230,000	1,600,000	4.5	230,000
	Ore Stockpiles	840,000	1.0	26,000							840,000	1.0	26,000
	Sub-grade stockpiles	930,000	0.6	17,000							930,000	0.6	17,000
	Carosue Dam Mineral Resources	8,300,000	2.5	670,000	49,000,000	2.0	3,200,000	25,000,000	1.9	1,500,000	82,000,000	2.0	5,400,000
	Thunderbox	8,300,000	1.8	480,000	29,000,000	1.6	1,600,000	7,200,000	1.3	300,000	45,000,000	1.7	2,400,000
Thunderbox	Otto Bore				1,300,000	2.1	85,000	820,000	1.6	41,000	2,100,000	1.9	130,000
Rainbow	230,000	1.5	11,000	590,000	1.2	23,000	910,000	1.0	30,000	1,700,000	1.2	64,000
	Bannockburn				12,000,000	1.7	660,000	960,000	1.7	51,000	13,000,000	1.7	710,000
	North Well				4,300,000	1.5	210,000	2,500,000	1.6	120,000	6,800,000	1.5	330,000
	Kailis				1,600,000	2.2	110,000	290,000	1.6	15,000	1,900,000	2.1	130,000
	Ore Stockpiles	1,900,000	1.1	68,000							1,900,000	1.1	68,000
	Sub-grade stockpiles	340,000	0.5	5,900							340,000	0.5	5,900
	Thunderbox Mineral Resources	11,000,000	1.6	560,000	49,000,000	1.7	2,700,000	13,000,000	1.3	560,000	73,000,000	1.6	3,800,000
	Total Mineral Resources	19,000,000	2.0	1,200,000	98,000,000	1.9	5,900,000	38,000,000	1.7	2,100,000	160,000,000	1.8	9,200,000

GOLD SECTOR LEADERSHIP BY THINKING AND ACTING LIKE OWNERS

• Refer to the ASX release dated 1st August 2019 - "Reserves grow 32% to 3.3Moz, underpinning long life 400kozpa".

30

Contact Details:

Troy Irvin

Corporate Development Officer phone: [phone] email:[e-mail] www.saracen.com.au