18th November 2019 

Saracen Mineral Holdings is pleased to announce that it has entered into a binding sale agreement with Barrick Gold Corporation to acquire its 50% interest in the Kalgoorlie Consolidated Gold Mines through the purchase of 100% of the shares in Barrick Pty Limited for a price of US$750 million. KCGM owns and operates the Super Pit gold mine in Kalgoorlie-Boulder, Western Australia. 
The Super Pit is a large, high quality, long-life open-pit and underground gold mine located in the globally renowned Golden Mile Region of Kalgoorlie-Boulder, Western Australia. The Golden Mile has produced in excess of 60Moz of 
gold. The Super Pit is a large scale operation with 490koz of gold produced in FY2019, making it one of the largest gold mines in Australia.

"Saracen’s gold production rose 12 per cent in FY19 to a record 355,077oz while all-in-sustaining-costs fell to A$1,030/oz.
This performance was reflected in the net profit after tax, which  increasedby 22 per cent to a record A$92.5m.
The end result was that cash and equivalents rose to A$154.4 million at 30 June 2019, up from $118.3 million a year earlier. And this increase came after spending A$216.9 million on exploration and growth."

"One of the key achievements for the year was the growth in our gold inventory, with Reserves increasing by 30 per cent to 3.3 million 
ounces..

.. with the acquisition of the interest in the Super Pit, our gold 
reserves will, at completion of that transaction, be at a staggering 7mozs from 3 mines.."

"September quarterly production was a record for the three months to 96,324oz which sits well within guidance from our current 2 
mines for the current financial year of 350 - 370,000 ounces at an all-in sustaining cost of A$1,025 - 1,075 per ounce. Obviously 
upon completion of the Super Pit transaction, we will see a substantial lift in our Group production and pushing it next year to an 
annualised + 600,000ozs."