Cash Flow Focused on Generating · ation programs in 2013; the expansion of mineral resources through successful exploration and levels of mineral reserves, development and acquisitions;

Focused on Generating Focused on Generating Cash FlowOctober 24, 2013

On The Radar (TMX Equicom) - Toronto

Forward-Looking InformationThis presentation contains “forward-looking statements” and “forward-looking information” (collectively “forward-looking information”) as defined in applicable securities laws that reflect SAS’ current expectations and projectionsabout its future results, plans and objectives. All statements other than statements of historical fact are consideredforward-looking information. Forward-looking information is based on assumptions, estimates, analysis and opinions ofManagement made in light of its experience and its perception of trends, current conditions and expectedd l t ll th f t hi h th C b li t b l t d bl i thdevelopments, as well as other factors, which the Company believes to be relevant and reasonable in thecircumstances. This presentation uses words such as “estimate”, “intend”, “believe”, “expect”, “anticipate”, “plan”,“potential” and similar terminology to identify forward-looking information.

Forward-looking information is contained throughout this presentation, specifically regarding the Company’sproduction and capital budgets, and planned gold production levels at the Holt, Holloway and Hislop mines; thedevelopment of additional production zones and the average ore grade at Holt; the resumption of mining at the Westdevelopment of additional production zones and the average ore grade at Holt; the resumption of mining at the WestPit at Hislop and the production level therefrom; required capital expenditures at the Holt and Holloway mines as wellas the Holt Mill; the extent and timing of development initiatives at Taylor; the impact of gold price fluctuations on theCompany’s operating cash flow, planned capital expenditures, and changes at the operations; the impact ofexchange rate fluctuations on the Company’s currency forward derivatives; the continued availability of taxdeductions; the nature, location and objectives of exploration programs in 2013; the expansion of mineral resourcesthrough successful exploration and levels of mineral reserves, development and acquisitions; the sufficiency of theC ’ h fl d i ti h t hi it 2013 bj ti i l di th d t f T lCompany’s cash flow and existing cash reserves to achieve its 2013 objectives including the advancement of Taylorand other exploration projects.

Forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differmaterially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are notlimited to, assumptions about the general business and economic conditions; the accuracy of the Company’s mineral reserves and mineralresources estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on whichthese are based; the volatility and level of the price of gold including that the gold price will generally remain within a reasonable range of; y p g g g p g y gcurrent levels; the ability to achieve capital and operating cost estimates; the sufficiency of cash reserves and operating cash flow to maintainand potentially expand gold production levels, exploration and development activities; continued compliance by the Company with the termsof the credit facility; the availability of additional financing on acceptable terms if and as required; and the continued availability of adequateskilled manpower and the retention of key personnel. A description of these risks and uncertainties can be found in the Company’s AnnualInformation Form obtained on SEDAR at www.sedar.com. SAS disclaims any intention or obligation to update or revise any forward-lookinginformation, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Simply Achieving Success | www.sasgoldmines.com | 2

SAS Highlights

A Significant Junior G ld d i

Strong Balance Gold producer in

the Canadian ShieldBalance

Sheet

On Track to Produce 95,000 – 105,000 Ounces of Gold in 2013

Conducting Advanced Exploration at the Taylor

of Gold in 2013

Supported by an Exploration at the Taylor Project Experienced Team

The Largest Landholder for Gold Exploration in the Timmins Mining


District

Experienced Management Team

Graham Farquharson P. Eng (Chairman)

Herbert Abramson Catherine A Gignac Warren Seyffert Q C

DIRECTORS

Herbert Abramson Catherine A. Gignac Warren Seyffert Q.C.

John Hick B.A., LLB David Michael Petroff B.MATH, MBA Duncan Middlemiss P. Eng.

Duncan Middlemiss P.Eng

President & CEOFormerly Mine Manager with Kirkland Lake Gold and Chief Mine Engineer for Holt McDermott Mine (Barrick) Joined SAS

SENIOR MANAGEMENT

President & CEO Mine Engineer for Holt-McDermott Mine (Barrick). Joined SAS in 2008 as VP Operations, and later assumed the role of COO.

Ben AuCFO and VP of Finance

Formerly Controller with Agnico-Eagle Mines.CFO and VP of Finance

Pierre Rocque P.Eng

VP of EngineeringFormerly Director of Technical Services with Lakeshore Gold Corp., and AMEC Americas Ltd.

Doug Cater P.Geo Formerly with Sabina Silver Corp and Dundee Precious


VP of Exploration Metals.

Land Position in the Timmins Mining District

Ontario/Québec Border

Ghost Targets/Zone 4

Hislop North

Zone 4


2013 Operating Results

Q12013A Q2 2013A Q3 2013A YTD 2013E Guidance

Gold Production 24,461 25,353 25,434 75,248 95,000 – 105,000

Mine Cash Costs(Per Ounce)

US$794 US$780 TBA TBA US$800-$850(Per Ounce)

$ $ $ $

Royalty Costs (Per Ounce)

US$145 US$117 TBA TBA US$125-$140

Total Cash Costs*

(Per Ounce of Gold Sold)

US$939 US$897 TBA TBA ~US$945

*Note: for full summary of results and non-GAAP measures, please refer to the Company’s Q2/2013 MDA and Financial Report available on the website (www.sasgoldmines.com) , or under the Company’s profile on SEDAR at www.sedar.com.


Q2 All-In Sustaining Cost ComparisonQ2 2013 Statistics US$ per ounce

Realised price/ ounce of gold sold All-in cash costs* Margin

Barrick ABX $1 411 $919 $492Barrick ABX $1,411 $919 $492New Gold NGD $1,276 $931 $345Kinross K $1,394 $1,072 $322Agnico-Eagle AEM $1,336 $1,127 $209Aurico AIQ $1,366 $1,189 $177IAM Gold IMG $1,373 $1,196 $177St Andrew (1) SAS $1,428 $1,216 $212Lakeshore Gold LSG $1 409 $1 257 $152Lakeshore Gold LSG $1,409 $1,257 $152Goldcorp G $1,358 $1,279 $79Brigus Gold BRD $1,321 $1,334 -$13Newmont NEM $1,386 $1,441 -$55

Average $1,369 $1,191 $177High $1,428 $1,441 $492Low $1,276 $919 -$55


* Q2 2013 All-in sustaining costs are as disclosed by the respective entities.; Margin per ounce demonstrates the entities’ ability to generate or deplete cash flows.

(1) Before project under development (Taylor).

Cash and Cash Resources

Q2 2013 Q2 2012Q4 2012Working Capital $ 16.5 Million $ 18.2 Million $ 8.2 Million

Cash and cash equivalents $ 31.5 Million $ 30.7 Million $ 16.9 Million

Revolving Credit Facility US$ 10.0 Million (undrawn)

US$ 10.0 Million (undrawn

US$ 10.0 Million (undrawn

Bank Debt* US$ 11.0 Million (1) US$ 13.0 Million US$ 15.0 Million

(1) The company made its semi-annual repayment of US$2 million in September 2013, reducing the bank debt to US$9 Million in Q3 2013.

*interest rates vary depending on the Company’s total debt ratio and ranges between 2.00% and 2.75% above prime, based on i t d 3 00% d 3 75% b LIBOR b d LIBOR d prime rate advances, or 3.00% and 3.75% above LIBOR, based on LIBOR advances.

*the Company must make semi-annual payments of US$2million to reduce the term credit owing. in September, SAS made its first semi-annual payment of US$2million on the term debt.


2013E All-In Sustaining CostsRevised All-In Cash Cost Estimate at June 30, 2013

US$60

US$150US$155

US$55

US$945

Spending Reduction of 36%

US$1,210

Sustaining Capital Total Cash Costs

Spending Reduction of ~36%


Exploration & Evaluation Assets Deferred Capital Savings

General & Administration Expenses

Operations Overview

HOLT MINE (Underground)• Reserves (3.0Mt @ 5.10 g/t Au – 490,000 ounces)• Production Rate ~1,100tpd• 2013 Production ~55% of total production

HOLLOWAY MINE (Underground)• Reserves (298kt @ 4.26 g/t Au – 41,000 ounces)• Production Rate ~700tpd• 2013 Production ~23% of total production

HISLOP MINE (O Pit)HISLOP MINE (Open Pit)• Reserves (449kt @ 2.16 g/t Au – 31,000 ounces)• Production Rate ~1,200tpd


• 2013 Production ~22% of total production

HOLT MINE – Long Section Looking North

Zone 4*Reserves (Proven & Probable)

3.0Mt @ 5.10 g/t Au (490,000 ounces)775 Level

925 Level

1075 Level

Completed development

Planned development

775 Level

Zone 6 Upper

p

Mined stopes

1075 Level

925 LevelZone 6 Lower


Exploration Potential – future drilling* As at December 31, 2012 1,000ft

Taylor Project – Advanced Exploration

Mineral reserves of 985,000t @5.45g/t Au for 173,000 ounces with estimated annual production of 41,000 ounces

over the mine life. over the mine life.

Initial Bulk SampleSample

Targeted 2nd

Bulk Sample

1008 lens

1004 lens

Definition Drilling Program


Taylor Project – Highlights From Definition Drilling Program

T220-003 16.2m 11.56 g/t

T220-004B 27.7m 5.49 g/t

T220-005 18.3m 6.62 g/t

T220-007 10.2m 5.40 g/t

1008 lens

T220-019A 28.2m 5.92 g/t

T220-021A 10.7m 8.64 g/tg

Simply Achieving Success | www.sasgoldmines.com | 13* See press release dated August 27, 2013.

180 Million Ounce Gold Belt


Holloway Mine - Smoke Deep and Sediment Zone

Long Section Looking East

Additional Drilling

* See press release dated Mar 4, 2013

during Q2/Q3


Hislop North Project – Plan View

4.43g/t Au/20.2 metres;

incl. 12.81g/t Au/3.8 metres


Hislop Pit Complex – Plan View

3.06 /21.8 (incl. 5.30 /8.2)

7.01/8.1


Share Structure

368.3 millionShares OutstandingOutstanding

Stock Options 14.7 million

Fully Diluted 383.0 million

Major Shareholders

Market Capitalization ~108 Million

Abramson FamilyTrapeze Asset ManagementSprott Asset Management


* Share structure as of September 30, 2013, Market Cap as of October 16, 2013

Analyst Coverage

LOEWEN ONDAATJE, MCCUTCHEON LIMITED Michael Fowler

STONECAP SECURITIES Christos Doulis

SECUTOR CAPITAL MANAGEMENT CORP Lilliana Paoletti


Why Invest in SAS

Fifth Consecutive Quarter of Positive

Cash Flow from Operations

~100,000 Ounces of Annual Production

Operations

SASSimply Achieving

Success

Large Land Position with Exploration Experienced Team

Success

with Exploration Upside For Future

Growth

Dedicated to Achieving Success


APPENDIXAPPENDIX


Mineral Reserves – As at December 31, 2012MINERAL RESERVES ESTIMATE (December 31, 2012)

Project

Proven Probable Proven + Probable

O O O ProjectTonnes(‘000)

Grade (g/t Au)

Ounces Au

(‘000 oz)

Tonnes(‘000)

Grade (g/t Au)

Ounces Au

(‘000 oz)

Tonnes(‘000)

Grade (g/t Au)

Ounces Au

(‘000 oz)

Holt 1,174 4.66 176 1,820 5.38 315 2,993 5.10 490

Holloway 110 4 07 14 187 4 38 26 298 4 26 41Holloway 110 4.07 14 187 4.38 26 298 4.26 41

Hislop 18 2.11 1 432 2.17 30 449 2.16 31

Taylor 0 0.00 0 985 5.45 173 985 5.45 173

TOTAL 1,302 4.57 191 3,424 4.94 544 4,726 4.84 735

Mineral Reservesa) Mineral Reserves are excluded from Mineral Resources. In the update of December 31, 2011, Mineral Reserves were included in Mineral Resources;b) Mineral Reserves were estimated by Management according to CIM Definition Standards – November 2010c) Mineral Reserves for Holloway and Holt were estimated using an average long-term gold price of US$1,400 per ounce and an exchange rate of

$1.00 = US$1.00;d) Mineral Reserves for Hislop were estimated using an average gold price of US1,600 per ounce and an exchange rate of C$1.00 = US$1.00;e) Mineral Reserves included in the 2013 mining plan were estimated using an average gold price of US$1,600 per ounce and an exchange rate of

C$1.00 = US$1.00;f) Mineral Reserves for Taylor (includes the WPZ only) were estimated using an average long-term gold price of US$1,300 per ounce and an

exchange rate of C$1.00 = US$0.98;g) Mineral Reserves for Holloway and Holt were estimated using a cut-off grade of 3.0 g/t Au;h) Mineral Reserves for Hislop were estimated using a cut-off grade of 1.1 g/t Au;i) Mi l R f T l ti t d i t ff d f 3 5 /t A


i) Mineral Reserves for Taylor were estimated using a cut-off grade of 3.5 g/t Au;j) Tonnes and gold ounce information is rounded to the nearest thousands as such, rows and columns may not add exactly due to rounding.

Mineral Resources – As at December 31, 2012MINERAL RESOURCES ESTIMATE (December 31, 2012)

Project

Measured Indicated Inferred

Tonnes GradeOunces

Au Tonnes Grade Ounces Au Tonnes Grade Ounces

A(‘000) (g/t Au)Au

(‘000 oz) (‘000) (g/t Au)Au

(‘000 oz) (‘000) (g/t Au)Au

(‘000 oz)

Holt 1,947 3.80 238 2,512 4.12 333 1,713 4.72 260

Holloway 209 3.57 24 1,178 4.29 163 3,067 4.67 461

Hislop 385 1.54 19 446 1.13 16 5 1.34 0

Taylor 0 0.00 0 1,704 5.03 275 1,929 3.96 246

Aquarius 0 0.00 0 23,112 1.49 1,106 502 0.87 14

Clavos 0 0.00 0 503 4.81 78 318 4.73 48

TOTAL 2,540 3.44 281 29,455 2.08 1,971 7,534 4.25 1,029

Mineral Resourcesa) Mineral Resources are exclusive of Mineral Reserves. In the update of December 31, 2011, Mineral Resources were inclusive of Mineral Reserves;b) Mineral Resources were estimated by Management according to CIM Definition Standards – November 2010

) Mi l R f H ll d H lt ti t d i l t ld i f US$1 500 d h t f C$1 00 US$1 00c) Mineral Resources for Holloway and Holt were estimated using an average long-term gold price of US$1,500 per ounce and an exchange rate of C$1.00 = US$1.00;d) Mineral Resources for Holloway and Holt were estimated at a cut-off grade of 2.5 g/t Au; e) Mineral Resources for Hislop were estimated at a cut-off grade of 0.6 g/t Au, and uses an average long-term gold price of US$1,800 per ounce and an exchange

rate of C$1.00 = US$1.00;f) Mineral Resources for Taylor were estimated using a block cut-off grade of 2.5 g/t Au for the West Porphyry and 3.0 g/t Au for the Shoot and uses a US$1,200 per

ounce long-term gold price and an exchange rate of C$1.00 = US$0.98g) Mineral Resources for Aquarius are as of the October 2, 2006, RPA Technical Report. Mineral Resources were calculated using a long term gold price of US$500 per

ounce and an exchange rate of C$1.00 = US$0.90. No cut-off grade was applied because of uncertainty about selectivity within the deposit;h) Mineral Reso rces for Cla os JV ere estimated as of the October 2012 RPA Technical Report Mineral Reso rces ere calc lated sing a long term gold price of


h) Mineral Resources for Clavos JV were estimated as of the October, 2012, RPA Technical Report. Mineral Resources were calculated using a long term gold price of US$1600 per ounce and an exchange rate of C$1.00 = US$1.00. A cut-off grade of 2.75 g/t Au was applied.

i) The Clavos Resource noted in the table represents SAS’s 40% share of the project resource. j) Tonnes and gold ounce information is rounded to the nearest thousands. As a result, rows and columns may not add up exactly due to rounding.

TSX SAS OTCQX STADF

www.sasgoldmines.comwww.sasgoldmines.com@@sas_miningsas_mining

20 Adelaide Street East, Suite 1500Toronto ON M5C 2T6

CanadaTel: 416-815-9855; Toll Free: 1-800-463-5139

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Fax: 416-815-9437

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Cash Flow Focused on Generating · ation programs in 2013; the expansion of mineral resources through successful exploration and levels of mineral reserves, development and acquisitions;