Saracen Mineral : Site Visit Presentation - See it All in a Day

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:

• 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.

Time 8.00 9.40

Activity

Flight departure Arrive at Thunderbox

Thunderbox tour including:

• • Underground Tour / TSF Tour

• • Pit Tour

• • C-Zone lookout

• • D-Zone & Mill

• • Morning tea & Lunch

12.40 13.00 13.45

Pre-boarding Depart Thunderbox

Arrive Carosue Dam

Carosue Dam tour including:

• • Atbara

• • Dervish TSF & Pit

• • Paste plant

• • Mill

15.15 15.40 16.40

Pre-boarding

Depart Carosue Dam Arrive Kalgoorlie

Key metrics (ASX:SAR)
Shares on issue	831.4m
Share price	A$4.40	At 2 Aug 2019
Market cap	A$3.6b
Liquidity	30-day ADV 7.6m shares
Major indices	ASX200, GDX/GDXJ, MSCI Small cap
Cash, bullion, investments	A$154m	At 30 Jun 2019
Debt	Nil
Hedging	419koz @ A$1,840/oz
Safety - LTIFR	0.8 (v industry average 1.9)
Mineral Resources	9.2 Moz	At 30 Jun 2019
Ore Reserves	3.3 Moz

Australian dollars converted at an exchange rate of A$0.70 per US$1

Institutional - Australia

Institutional - North America

Institutional - UK

Institutional - Europe (ex-UK)

Institutional - Asia

Institutional - Other

Retail

Board
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
Executiv	e
Chief Financial Officer	Morgan Ball
Chief Operating Officer	Simon Jessop
Corporate Development Officer	Troy Irvin
Chief Geologist	Daniel Howe
People, Culture and Communications	Marianne Dravnieks

The growing Australian gold stock

•  We demand safety and production

  •  Improved safety - LTIFR 0.8 30 June 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 - 350-370,000oz at AISC of A$1,025 - A$1,075/oz

•  More cash flow - Cash, bullion and investments of A$154m, no debt

•  More profit - December H A$43m, June H A$47-50m (unaudited)

•  More Reserve growth:

  •  All mines open, shallow, and with grades increasing at depth

  •  Reserves 3.3Moz* at 30 June 2019 …~80% within 500m of two processing centres

  •  Outstanding drill results bode well for 4Moz** target within next 4 years

*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.