Management Presentation September 2012

This presentation includes forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers and listeners are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risks and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the US Securities and Exchange Commission.

Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can legally extract or produce. We use certain terms in this presentation, such as “resources”, “geologic resources”, ”measured”, ”indicated” and “inferred”, that the SEC guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosure in our latest Form 10-K and other reports filed with the SEC. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml.

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Table of Contents

I. Corporate Overview II. Asset Portfolio III. Summit Gold-Silver Mine IV. Strategic Acquisition: Mogollon Gold-Silver V. Ortiz Gold Project VI. Investment Summary

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Investment Highlights

Santa Fe is a U.S. mining and exploration company that develops primarily silver and gold properties: Summit Gold-Silver Mine, New Mexico

▪ Revenue of $6.4 million generated in FYE June 30, 2011

▪ Revenue of $8.1 million generated in nine months ended March 31, 2012

▪ Revenue of $3.7 million generated in three months ended March 31, 2012

Lordsburg, New Mexico Mill is a strategic asset with spare capacity ▪ Permitted mill can handle a variety of ore types and is centrally located with respect

to surrounding historic mining districts and favorable infrastructure

Potential acquisition of Mogollon Gold-Silver project, New Mexico ▪ Strategic acquisition that would potentially double silver and gold resources for

processing at the Company’s Lordsburg mill

Ortiz Gold Project, New Mexico ▪ Measured & Indicated historical gold resource of 1.1mm ounces , inferred 0.7mm ozs

▪ Excellent potential for development as a low cost gold producer

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Ticker OTCBB: SFEG (As of Sept 2012)

Shares Outstanding 117 million

Warrants & Options 28 million

Fully Diluted 145 million

Management ownership 12%

Market Cap $35 million

Volume (90 day average) 150,000

52-week Range $0.28 - $1.23

Employees 70

Working Capital at March 31, 2012 $0.6mm

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Financing with Waterton Global Value, LP $10mm drawn down: $5mm used to repay short term debt, remainder

for working capital Terms: Repayment over30 months, 6 month grace period, 9% interest Gold and silver sales agreement

Conversion of $13.5 million of convertible debt Sulane Holdings Inc. converted $13.5 million of convertible debt in

December 2011 Conversion price was $1.00 per share, a premium over December

trading prices

Net effect of the financings Eliminated short term debt, provided working capital, strengthened

balance sheet

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Unit offering to shareholders Unit price $0.30. Each Unit consists of one share of Santa

Fe common stock and one three-year warrant having an exercise price of $0.40 per share.

Registered under Santa Fe’s S-3 shelf registration statement.

The offer closed in August 2012.

$1.8 million raised

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Santa Fe Gold Corporation

(OTCBB:SFEG)

Ortiz Gold Project

Potential Acquisition

Santa Fe Owned

Rationale behind the Spin Outs – Creating Value

Mogollon Gold Silver Project

Lordsburg Mining Company

Summit Gold-Silver Mine

Lordsburg Mill

Other Non-Core Mineral Properties

Drilled resource

100% 100% 100%

100% 100%

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Santa Fe has an experienced management team to lead the company’s growth.

W. Pierce Carson, PhD. President and CEO: Joined Santa Fe in 2003

40 years worldwide mining and public company experience with Exxon Minerals, Kennecott Copper, and Nord Pacific

Past president of companies listed on NYSE, NASDAQ, TSE and ASX MS and PhD in Economic Geology, Stanford; AB in Geology, Princeton

Michael P. Martinez, CPA. CFO and Treasurer: Joined Santa Fe in 2008 20 years experience in public and private accounting and financial

management 10 years as financial Officer for global aerospace manufacturing company BS in Business Administration, University of Arizona

Ryan P. Carson, JD. Secretary and Assist Treasurer : Joined Santa Fe in 2005 10 years general and corporate legal experience BS Biology, University of New Mexico; JD, Southern Methodist University

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Santa Fe has an experienced management team to lead the company’s growth.

John L. White. Vice President Operations: Joined Santa Fe in 2012 32 years experience in development & operation of underground, open pit

mines, in mineral exploration and in construction. Senior management experience as VP with St. Cloud Mining and Salls

Brothers Construction; formerlyTexas Gulf, Inc. and Exxon Minerals USA BS Geology, University of Washington; MS Geosciences, University of Arizona

Erland A. Anderson. Technical Manager Mining: Joined Santa Fe in 2010 40 years experience mine management & technical services, N. & S. America Senior management positions with St. Joe Resource Co. and Nord Resources

Corp; Manager of US Operations for A.C.A. Howe International AAS Civil Engineering, Michigan Technological Institute

Patrick S. Freeman. Acting Manager Ortiz Project: Joined Santa Fe in 2008 40 years experience mine construction and management President St. Cloud Mining 1987-2007; formerly Texas Gulf, Inc. BS Geology, Monmouth College

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W. Pierce Carson, PhD. Chairman, President and CEO

40 years worldwide mining and public company experience with Exxon Minerals, Kennecott Copper, and Nord Pacific

Successful track record in exploration, development and operations Past president of companies listed on NYSE, NASDAQ, TSE and ASX MS and PhD in Economic Geology, Stanford; AB in Geology, Princeton

John Frost Director

50 years international mining experience Credited with the discovery of 40 commercial mineral deposits Past President of Exxon Minerals International; MS and PhD in Geology, Stanford; BS in Mining Engineering, Stanford

Erich Hofer Director

30 years diverse international business experience HFE MAC LLC provides management and financial advisory services MBA, University of Chicago; three degrees in engineering & economics

from universities in Switzerland 12

Summit Mine, New Mexico Processing commenced in Q2 2010 Commercial production in Q2 2012 Production ramp-up underway Substantial exploration potential

Lordsburg Mill, New Mexico Significant excess capacity Increase in throughput expected:

Ramp-up of ore production from Summit Mine

Proposed acquisition of Mogollon Project

Historic Lordsburg Mining District

Other ore sources within trucking distance

Ortiz Gold Project, New Mexico Historical resource of 1.7mm oz gold NI 43-101 report underway Permitting estimated 2 years Production as early as 3 years

Proposed Strategic Acquisition Potential acquisition of Mogollon

gold-silver mining district Increase supply of ore to Lordsburg

Mill from Mogollon property Highly prospective exploration assets

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Summit Gold-Silver Probable Reserve

Production Ramp-up Commercial production commenced Q2 calendar 2012 Revenues expected to increase as higher grades are reached over next 18 mos Lordsburg Mill is producing a marketable, high value Au-Ag concentrate Sales contract with European Smelter: Aurubis AG, Germany Sales contracts with Arizona Smelters: Freeport McMoRan; Asarco Initial production of approximately 1,000 gold equivalent ounces per month

building to 2,400 gold equivalent ounces per month

Santa Fe’s attention to low costs and US mine locations position it for long-term strength.

Tons (000s) 618

Silver Grade (opt) 10.780 Ag Oz (000s) 6,663

Gold Grade (opt) 0.143 Au Oz (000s) 88

Gold Equiv Grade (opt) 0.349 Au Equiv Oz (000s) 200

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Production Parameters Underground mining using rubber

tired equipment and decline access 80% metallurgical recovery 5-10 year life of mine 57 miles to Lordsburg Mill Exploration Potential Excellent potential to expand

reserves/resource through further drilling

Further targets to be identified through mining

Further targets in the northwest of license area identified through preliminary drilling

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In May 2011 Santa Fe completed a Technical Report on the Summit Mine, yielding the following conclusions1:

Capital Cost: $18.5 million (now completed)

Average Cash Cost (5 years): $364/oz Au Equiv

Average Operating Cost (5 years): $84.50/ton

Revenue (5 year average): $28.5 million/yr

EBITDA (5 year average): $18.0 million/yr

Payback: 2 years

IRR: 66%2

1 Pricing Assumptions:

Gold: $1,000/oz Silver: $16.67/oz

2 $60 million of tax loss carry-forwards to be applied to Summit 18

Mine Life 5 Yr 10 Yr

$1000 Gold; $16.67 Silver (in millions)

Revenues $144 $288

EBITDA $91 $186

$1400 Gold, $23.33 Silver

Revenues $201 $402

EBITDA $149 $302

* Economics based on Technical Report by Chapman Wood and Griswold, Inc., May 2011

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Santa Fe is negotiating to purchase Mogollon Gold-Silver Project

Synergies of the acquisition include: Mogollon project is within trucking distance (approx 100 miles) from Santa Fe’s

Lordsburg Mill, which has spare capacity The Mogollon acquisition would potentially more than double the supply of

ore to the mill Production would require development of new underground mine

Primary Asset: Mogollon Gold-Silver District, New Mexico: Past Production: 15.7 million ounces of silver; 327,000 ounces of gold 45 miles of vein length available – only 3 miles developed so far Drilling program planned for 2013 Initial target 60 million ounces silver (1 million ounces gold equiv)

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Initial Target: Consolidated Mine (Mogollon District)

1980’s drilled resource: 845,000 tons grading 9.35 oz/t Ag and 0.15 oz/t Au; open along strike and at depth

Drilling program planned for 2013 Underground exploration/development program planned 2013 Initial production possible within three years

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Resource Estimate

1.7m “non-compliant” historical ounces

$40mm spent on exploration in the 1980’s – 1990’s

Production Potential

Historical production in excess of 350,000 ounces of gold

Future production anticipated as early as 3 years

Open pit mining at 3mm tons/yr to be processed through crushing, milling and gravity recovery

Litigation settled Settlement with Ortiz Mining Inc. confirmed Santa Fe’s exclusive mineral lease rights.

Next Steps NI 43-101 Technical Report: Resource statement and preliminary economic assessment.

Permitting: Complete technical work and environmental studies

* Non-NI 43-101 compliant and should not be relied upon; Santa Fe does not treat it as current.

Measured & Indicated* Inferred*

(0.01 opt cut-off)

Tons Grade Au Oz Tons Grade Au Oz

000s opt 000s 000s opt 000s

Carache 10,985 0.058 637 13,041 0.067 483

Lucas 12,683 0.033 419 6,397 0.028 179

Total 23,668 1,056 19,438 662

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Santa Fe is successfully making the transition from an exploration to a producing company

Profile of increasing cash flow beginning with Summit (2012), followed by

Mogollon (2015) and Ortiz (2017) Low estimated cost of production from all mines Lordsburg Mill is a strategic asset for new ore sources Mogollon acquisition would build gold & silver asset base Ortiz Gold Project potentially a “company maker” Pursuing strategic acquisitions and/or mergers Listing on AMEX or other senior exchange a priority

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Thank You!