Focused on Cash Flow Generation WASSA OPERATIONS SITE VISIT NOVEMBER 2017

Transcription

1 Focused on Cash Flow Generation WASSA OPERATIONS SITE VISIT NOVEMBER 2017

2 Disclaimer SAFE HARBOUR: Some statements contained in this presentation are forward-looking statements or forward-looking information (collectively, forward-looking statements ) within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding: production, cash operating cost, all-in sustaining cost and capital expenditure guidance for 2017; the potential expansion of production at Wassa Underground; the timing for the release of further drilling results from Wassa Underground; the targeted 2017 mining rate at Wassa Underground;; the ability to conduct additional drilling at Wassa Underground and the timing for completion thereof; the impact on grade as mining operations move further into B Shoot; the potential drilling targets in 2017; the impact of Wassa Underground and Prestea Underground on the Company s production profile, cost profile, cash operating cost per ounce and AISC per ounce; the ability to mine via longitudinal stoping and transverse stoping at B Shoot at Wassa Underground and the timing and impact thereof; the achievement of 2017 production; the ability to expand Mineral Reserves and Mineral Resources and extend the life of mine at Prestea Underground and Wassa Underground through exploration; and the timing for incurring 2017 capital expenditures. Factors that could cause actual results to differ materially include timing of and unexpected events at the Prestea and/or the Wassa processing plants; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals and permits; construction delays; the availability and cost of electrical power; timing and availability of external financing on acceptable terms or at all; technical, permitting, mining or processing issues, including difficulties in establishing the infrastructure for Wassa Underground or Prestea Underground, inconsistent power supplies, plant and/or equipment failures and an inability to obtain supplies and materials on reasonable terms (including pricing) or at all; changes in U.S. and Canadian securities markets; heavy rainfall and flooding of underground mines; and fluctuations in gold price and input costs and general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Annual Information Form for the year ended December 31, 2016 filed on SEDAR at The forecasts contained in this presentation constitute management's current estimates, as of the date of this presentation, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this presentation represent management's estimate as of any date other than the date of this presentation. NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms cash operating cost per ounce, All-In Sustaining Cost per ounce, AISC per ounce, Adjusted Net Income, Adjusted Net Income/Share, Cash operating margin per ounce and Cash Flow from operations before working capital changes. These terms should be considered as Non-GAAP Financial Measures as defined in applicable Canadian and United States securities laws and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards ( IFRS ). Cash operating cost per ounce for a period is equal to the cost of sales excluding depreciation and amortization for the period less royalties, the cash component of metals inventory net realizable value adjustments and severance charges divided by the number of ounces of gold sold (excluding pre-commercial production ounces) during the period. All-In Sustaining Costs per ounce commences with cash operating costs and then adds sustaining capital expenditures, corporate general and administrative costs, mine site exploratory drilling and greenfield evaluation costs and environmental rehabilitation costs, divided by the number of ounces of gold sold (excluding pre-commercial production ounces) during the period. This measure seeks to represent the total costs of producing gold from operations. These measures are not representative of all cash expenditures as they do not include income tax payments or interest costs. In order to indicate to stakeholders the Company's earnings excluding the non-cash (gain)/loss on the fair value of debentures, non-cash impairment charges and severance charges, the Company calculates Adjusted Net Income and Adjusted Net Income per share to supplement the condensed interim consolidated financial statements. Cash operating margin per ounce is calculated as gold price minus cash operating cost per ounce. Cash flow from operations before working capital changes is calculated by subtracting the "Changes in working capital" from "Net cash provided by operating activities" as found in the statements of cash flows. These measures are not necessarily indicative of operating profit or cash flow from operations as would be determined under IFRS. Changes in numerous factors including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease. We believe that these measures are the same or similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. Please see our Management s Discussion and Analysis of Financial Condition and Results of Operations for the three and six months ended June 30, 2017 for a reconciliation of these Non-GAAP measures to the nearest IFRS measure. INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemed reliable, however no representation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star's material properties disclosed herein is based upon technical reports prepared and filed pursuant to National Instrument Standards of Disclosure for Mineral Projects ("NI ") and other publicly available information regarding the Company, including the following: (i) NI Technical Report on a Feasibility Study of the Wassa Open Pit Mine and Underground Project in Ghana effective December 31, 2014; (ii) NI Technical Report on Resources and Reserves, Golden Star Resources Ltd., Bogoso Prestea Gold Mine, Ghana effective December 31, 2013, and (iii) NI Technical Report on a Feasibility Study of the Prestea Underground gold project in Ghana effective November 3, Additional information is included in Golden Star's Annual Information Form for the year ended December 31, 2016 which is filed on SEDAR. Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a "Qualified Person" as defined by NI The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden Star Resources Vice President of Exploration. CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated. 2

3 Wassa Gold Mine: Overview Open pit and underground mine - GSR commenced pit production in 2005 and underground in Q Mineral Reserves of 1.3Moz - strong Inferred conversion potential 2.7 Mtpa carbon-in-leach plant - conventional processing method with robust recovery rate of 94% Currently mining and processing 5,200 tonnes per day from Wassa Main pit and 2,200t per day from Wassa Underground Underground-only production in 2018 focusing on high margin ounces at 2,700 to 3,000 tonnes per day Major open pit push back delayed until 2019 Reducing risk and fasttracking cash flow 3

4 Wassa: Q Highlights 42% increase in gold production compared to Q % decrease in cash operating cost per ounce 1 compared to Q Total production from Wassa of 31,724oz in Q and 95,233oz in first 9 months of 2017 Wassa s cash operating cost 1 in Q was $856/oz, a 13% decrease compared to Q ($979/oz) Production from Wassa Underground of 15,877oz in Q3 2017, a 19% increase compared to Q Wassa Underground s production accounted for 50% of Wassa s gold production in Q3, compared to 41% in Q underground continued to ramp up Wassa Underground s mining efficiency has increased by 38% from a rate of 1,600 tpd in Q to over 2,200tpd in Q See note on slide 2 regarding Non-GAAP Financial Measures

5 Gold ounces ( 000) $/oz First 9 Months of 2017: Operating Results Wassa 2017 Gold Production Wassa 2017 Cash Operating Cost Per Ounce , , Q1 17 Q2 17 Q3 17 WUG Open pit 0 Q1 17 Q2 17 Q3 17 Production Cash Operating Cost 1 First 9 months of 2017: 95Koz First 9 months of 2017: $926/oz 2017 Guidance: Koz 2017 Guidance: $ /oz 5 1. See note on slide 2 regarding Non-GAAP Financial Measures

6 Wassa: Mineral Reserves and Resources MINERAL RESERVES Dec 31, 2016 Proven and Probable Mineral Reserve Tonnes Grade Ounces Wassa Main Pit 11,264, ,000 Wassa Underground 5,477, ,000 Stockpiles 695, ,000 WASSA TOTAL 17,436, ,328,000 MINERAL RESOURCES Dec 31, 2016 Measured and Indicated Resources Tonnes Grade Ounces Wassa Main Pit 27,500, ,265,000 Wassa Underground 13,499, ,656,000 Wassa Other 3,348, ,000 WASSA TOTAL 44,347, ,328,000 6

7 Operational Successes Production from Wassa Underground is stabilizing and will improve as the new fleet becomes available early in 2018 The Continuous Improvement Programme has been implemented encompassing the entire mine staff Decision has been taken to defer Cut 3 of Wassa Main Pit and to focus on higher margin, underground production from early 2018 onwards 7

8 A Strong Safety Culture LTI Free Days: 150 days LTI Free man-hours: 2.8 million Won the following awards at 2017 Safety and First Aid competition: Best Mine team at the Zone 1 Safety & First Aid Competition Best community team at the Zone 1 Safety & First Aid Competition Weekly Walk the Talk intervention by management; out of 740 issues identified during the year-to-date, 520 have been addressed with proposed actions completed Mine rescue training gallery, with design considerations based on Wassa and Prestea Underground settings, is complete and will serve both mine rescue teams Wassa s award winning safety and first aid team 8

9 GEOLOGY 9

10 Wassa Geology The Wassa Gold deposit is hosted in Birimian meta sedimentary and volcanic rocks Dating has shown it is the oldest deposit in the Ashanti Belt Initial gold mineralization has been affected by two major folding events which controls current geometry of ore bodies Gold has been remobilized during the first tight folding event and it is these higher grade fold closures which are being mined underground 10

11 WASSA UNDERGROUND 11

12 Ore Tonnage Wassa Underground: Current Status 2,500 2,000 Wassa Underground: Average mining rate per day achieved Commercial production commenced on January 1, 2017 Total development advance: 4,309m (2017 YTD plus Q forecast) 2017 production guidance: 70-80,000oz Production from F Shoot completed 1,500 1,000 1,710 1,579 2,301 Mining rates have been better than expected - target of 1,400 tpd for 2017 but actual rate of over 1,800 tpd in first 9 months of the year 500 Targeting 2,700-3,000tpd in 2018 as an underground-only operation 0 Q1 17 Q2 17 Q3 17 The upper portion of the B Shoot is being mined and definition drilling for next phase is in progress 12

13 Wassa Underground Growth Opportunities Higher grade ore in the underground mine (B Shoot) is now being exposed and will be realized in production results in Q Potential to expand production further through: Exploration upside Inferred Mineral Resources of 1.9Moz (14.5Mt at 4.16 g/t Au) Encouraging results down dip of the current underground workings and the ore body remains open at depth Fully utilizing capacity of infrastructure excess plant capacity and decline capacity Potential to optimize production and reduce costs through the transition to a higher grade, underground-only operation 13

14 Wassa Underground Mine Current development and stoping As-built pit As-built F Shoot stoping As-built B Shoot stoping 14

15 Wassa Underground Mine Dec

16 Wassa Underground Mine Dec 2018 Panel 1 Hangingwall definition drilling drive in 2018 for Panel 2 and 3 16

17 Wassa Underground Mine Dec 2019 Cut 3 pushback would have started in 2019 Panel 1 Panel 2 Panel 3 17

18 Wassa Underground Mine Dec 2020 Hangingwall definition drilling drive in 2020 for Inferred Resource 18

19 Wassa Underground Mine Dec 2021 Inferred ore mining expected to continue down dip. 19

20 Wassa Underground Mine Dec 2022 Inferred ore mining expected to continue down dip. 20

21 Planned Expansion of Mining Fleet Larger mining fleet is expected to allow 2,700-3,000 tpd to be achieved consistently 4 Volvo Trucks have arrived in Ghana and are on site being commissioned by Volvo Specialist Additional Solo longhole stope drill on site and being commissioned Additional Loader R2900G expected on site in mid-january

22 Planned Infrastructure Upgrades Upgrades being implemented to allow for a future mining rate of 4,000 tpd from existing decline Raise bore ventilation holing in B Shoot pit is expected to be implemented in Q Raise bore waste passes to supply waste for stope support are expected to be put in place in Q Second portal expected to be completed by Q Paste fill being evaluated as the preferred stope support for Panel 2 and below - this will enable 4,000 tpd to be mined from underground 22

23 23 WASSA MAIN PIT

24 Wassa Main Pit Conventional bench mining Production of 55Koz from Wassa Main Pit in first 9 months of 2017 Cut 2 will finish in December 2017 and Cut has been deferred Open Pit Fleet 3 Liebherr 984 Backhoe excavators 10 CAT 777 Trucks 3 CAT D9 dozers 4 Production rigs, 2 Sandvik and 2 Atlas Copco Fleet capacity ~650,000 tonnes per month 24

25 Wassa Main Pit & Waste Dump Wassa Underground To ROM Pad To ROM Pad Cut 3 West Pit Outline Cut 3 East Pit Outline Cut 2 Pit Redesign 419 Waste Dump Expansion Dump Capacity Vol = 28.5 Mbcm Tons = 51.3 Mt 25

26 Wassa Main Pit: Deferred Cut 3 Pushback Cut 3 Phase 1 Cut 3 Phase 2 Decision taken to defer the Cut 3 pushback until a time when the gold price is higher 26

27 PROCESSING PLANT 27

28 Wassa Processing Plant WASSA PROCESSING PLANT M WHEEL LOADER Apron feeder ROM Bin Vibrating Grizzly DUMP TRUCK Recovery: 94% Throughput: 7,600t/day Mill availability: 95% CV06 O/S U/F O/F Primary Cyclone cluster 2 Scalping screen 2 CV01 CV02 Single toggle Jaw Crusher weightometer Secondary Screen CV16 CV03 CV17 Secondary cone Crusher CV04 Tertiary bin Tertiary cone Crushers CV05 X2 CV07 Tertiary Screens X2 CV08 & 09 Quaternary bin Quaternary cone Crushers X4 CV11 weightometer CV13 Lime Silo COS Ball mill 2 Sump 2 O/S Sump 1 scats Splitter box U/S Knelson conc 2 U/F Concentrate tk 2 Shaking table O/F Concentrate tk 1 Scalping screen 1 O/S Trash screen CV10 weightometer Belt feeders X4 U/S U/F Knelson conc 1 Trash material Quench carbon screen RegenerationKiln Barrencarbon hopper weightometer CV12 Ball mill 1 scats U/F O/F Primary Cyclone cluster 1 Carbon Safety Screen Tails Autosampler CIL tanks Sump 6 U/S Carbon basket Recovery screen O/F Pre-leach High rate Thickener orage facility Acid wash cone Elution column Thickener overflow tank U/F U/F O/F Secondary Cyclone cluster 1 Sump 3 Strip solution tank Induction furnace Electrowinning cell (3x) Calcine oven (2x) Bullion bars Head Autosampler Sump 5 with cyanide addition U/F O/F Secondary Cyclone cluster 2 Sump 4 28

29 2017 EXPLORATION 29

30 Wassa Underground Extended Through Step Out Drilling Latest drilling results confirm high grade B Shoot extends to the north and south and remains open in both directions HOLE ID WASSA UNDERGROUND From (m) To (m) Drilled Width (m) Grade Au (g/t) Results confirm B Shoot extends approximately 50m to the north of current planned stoping area and 200m to the south of Wassa s Inferred Mineral Resources B Shoot North BS17DD BS17DD BS17DD B Shoot South BS17DD385M BS17DD385M BS17DD385M Indicates that Wassa is a larger deposit than previously estimated - potential to expand production in the short term and longer term B Shoot South drilling will comprise 7,000m in total and B Shoot North comprised 4,164m Further drilling results expected from Wassa Underground during Q First exploration program at Wassa Underground since

31 B Shoot South: Ore Body Remains Open Down Plunge N S Wassa Main Pit 19300N 19100N 18900N F Shoot BS17DD g/t B Shoot current development B Shoot planned stopes Previous step out drilling holes New 200m step out fence results from 1 st mother hole received BS17DD g/t Inferred Mineral Resource 400 m BS17DD385m g/t 5.3 g/t Encouraging results from first mother hole of B Shoot South step out hole; however further results needed to gain comprehensive understanding of the ore body s extension All widths in this diagram are drilled widths.

32 B Shoot North: Potential To Increase Near-Term Production N S Promising results from 15 holes in B Shoot North ore body is open to the north Represents the potential to add ounces to Wassa Underground s mine plan in the near term 32

33 Conclusion 33

34 Wassa Gold Mine: Summary Focusing on optimizing the mine to maximize margin and cash flow generation Continuing to improve the understanding of the ore body with increasing depth Cut 3 delayed to focus on higher grade, higher margin underground ounces Driving continuous improvement Ensuring that the upgraded underground fleet is fully utilized to achieve a mining rate of 2,700-3,000 tpd in 2018 Progressing internal study on stope support options, with long paste fill as the preferred support method 34

35 Focused on Cash Flow Generation

36 Disclaimer SAFE HARBOUR: Some statements contained in this presentation are forward-looking statements or forward-looking information (collectively, forward-looking statements ) within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding: the expansion of production and reduction of costs at Golden Star s projects; the exploration upside of the Company s projects and ability of the Company to increase mine lives and Mineral Resources and Mineral Reserves; the ability of the Company to transform into a high grade, low cost gold producer; the impact of Prestea Underground on the Company s production profile, cost profile, cash operating cost per ounce and AISC per ounce; the timing for commercial production at Prestea Underground; the achievement of 2017 production; production, cash operating cost and capital expenditure guidance for 2017; ore grade, production and capital expenditures at Mampon; the timing for commencing production at Mampon; the timing for pre-development of Mineral Resources, blasting of the first stope and commencing commercial production at Prestea Underground; the ability to expand Mineral Reserves and extend the life of mine at Prestea Underground through exploration; the ability to convert Mineral Resources into Mineral Reserves; the timing for incurring 2017 capital expenditures; and the potential for growth of Golden Star s share price. Factors that could cause actual results to differ materially include timing of and unexpected events at the Bogoso/Prestea processing plants; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals and permits; construction delays; the availability and cost of electrical power; timing and availability of external financing on acceptable terms or at all; technical, permitting, mining or processing issues, including difficulties in establishing the infrastructure for Prestea Underground, inconsistent power supplies, plant and/or equipment failures and an inability to obtain supplies and materials on reasonable terms (including pricing) or at all; changes in U.S. and Canadian securities markets; heavy rainfall and flooding of underground mines; and fluctuations in gold price and input costs and general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Annual Information Form for the year ended December 31, 2016 filed on SEDAR at The forecasts contained in this presentation constitute management's current estimates, as of the date of this presentation, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this presentation represent management's estimate as of any date other than the date of this presentation. NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms cash operating cost per ounce, all-in sustaining cost per ounce, AISC per ounce, Adjusted Net Loss, Adjusted Net Loss/Share, Cash operating margin per ounce and Cash Flow from/(used in) operations. These terms should be considered as Non-GAAP Financial Measures as defined in applicable Canadian and United States securities laws and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards ( IFRS ). Cash operating cost per ounce for a period is equal to the cost of sales excluding depreciation and amortization for the period less royalties, the cash component of metals inventory net realizable value adjustments and severance charges divided by the number of ounces of gold sold during the period. All-in sustaining costs per ounce commences with cash operating costs and then adds sustaining capital expenditures, corporate general and administrative costs, mine site exploratory drilling and greenfield evaluation costs and environmental rehabilitation costs, divided by the number of ounces of gold sold during the period. This measure seeks to represent the total costs of producing gold from operations. These measures are not representative of all cash expenditures as they do not include income tax payments or interest costs. In order to indicate to stakeholders the Company's earnings excluding the non-cash (gain)/loss on the fair value of debentures, non-cash impairment charges and severance charges, the Company calculates Adjusted Net Earnings/(Loss) and Adjusted Net Earnings/Loss) per share to supplement the condensed interim consolidated financial statements. Cash operating margin per ounce is calaculated as gold price minus cash operating cost per ounce. Cash flow from/(used in) operations is calculated by subtracting the "Changes in working capital" from "Net cash provided by operating activities" as found in the statements of cash flows. These measures are not necessarily indicative of operating profit or cash flow from operations as would be determined under IFRS. Changes in numerous factors including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease. We believe that these measures are the same or similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. Please see our Management s Discussion and Analysis of Financial Condition and Results of Operations for the 3 months and 9 months ended September 30, 2017 for a reconciliation of these Non-GAAP measures to the nearest IFRS measure. INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemed reliable, however no representation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star's material properties disclosed herein is based upon technical reports prepared and filed pursuant to National Instrument Standards of Disclosure for Mineral Projects ("NI ") and other publicly available information regarding the Company, including the following: (i) NI Technical Report on a Feasibility Study of the Wassa Open Pit Mine and Underground Project in Ghana effective December 31, 2014; (ii) NI Technical Report on Resources and Reserves, Golden Star Resources Ltd., Bogoso Prestea Gold Mine, Ghana effective December 31, 2013, and (iii) NI Technical Report on a Feasibility Study of the Prestea Underground gold project in Ghana effective November 5, Additional information is included in Golden Star's Annual Information Form for the year ended December 31, 2015 which is filed on SEDAR. Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a "Qualified Person" as defined by NI The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden Star Resources Vice President of Exploration. CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated. 2

37 Prestea Gold Mine: Overview 100+ year old gold mine in south-western Ghana, 40km from Wassa mine 9 million ounces of gold produced during its history over a 9km strike length Currently in production from open pit oxide deposits (Prestea Open Pits) and precommercial production from underground mine (Prestea Underground) Construction and pre-development of high grade Prestea Underground Gold Mine completed robust against sensitivities of gold price, grade and tonnage Underground stope blasting commenced in September commercial production expected in Q Prestea Open Pits anticipated to complete production in early 2018 Currently processing 4,400 tpd in processing plant and expecting to reduce to 650 tpd of high grade ore in 2018 A well-endowed ore body that has been mined consistently for a century 3

38 Prestea: Q Highlights 86% increase in gold production compared to Q % decrease in cash operating cost per ounce 1 compared to Q Record quarterly production for fifth consecutive quarter Total production from Prestea of 42,103oz in Q and 100,563oz in first 9 months of 2017 Prestea s cash operating cost 1 in Q was $520/oz, an 11% decrease compared to Q ($585/oz) 3,204oz of gold was produced from Prestea Underground development ore First stope was blasted at the end of Q stoping ore will be recognized in Prestea s production for the first time in Q See note on slide 2 regarding Non-GAAP Financial Measures

39 Gold ounces ( 000) $/oz First 9 Months of 2017: Operating Results Prestea 2017 Gold Production Prestea 2017 Cash Operating Cost Per Ounce , , Q1 17 Q2 17 Q3 17 Prestea Underground Prestea Open Pits Q1 17 Q2 17 Q3 17 Production Cash Operating Cost 1 First 9 months of 2017: 101Koz First 9 months of 2017: $570/oz 2017 Guidance: Koz 2017 Guidance: $ /oz 5 1. See note on slide 2 regarding Non-GAAP Financial Measures

40 Prestea: Mineral Reserves and Resources MINERAL RESERVES Dec 31, 2016 Proven and Probable Mineral Reserve Tonnes Grade Ounces Open pit 811, ,000 Underground 1,094, ,000 Stockpiles 115, ,000 PRESTEA TOTAL 2,020, ,000 MINERAL RESOURCES (Inclusive of Reserves) Open pit nonrefractory Dec 31, 2016 Resources Tonnes Grade Ounces 1,594, ,000 Measured and Indicated Resources Open pit refractory 14,424, ,396,000 Underground 1,570, ,000 Other 2,230, ,000 PRESTEA TOTAL 19,818, ,450,000 Inferred Resources 4,835, ,032,000 6

41 Operational Successes Underground production ramping up following first stope blasting Stope hanging wall conditions are favourable with minimal dilution and good fragmentation Infrastructure construction complete Training of Golden Star s Alimak miners and development crews is proceeding well Highly successful open pit mining at Mampon during 2017 Plant modifications for high grade underground ore are progressing on target 7

42 Health and Safety 5.2 million man hours Lost Time Injury (LTI) free Last LTI in November 2016 Open pits last LTI June 2015 almost 10 million man hours LTI free Underground LTI in November 2016 Safe operating procedures Reporting of near miss accidents Safety focus on haulage trucks driving through populated areas New underground personnel training Emergency preparedness and mine rescue Shaft and hoisting safety upgrades 8

43 Community Relations and Social Responsibility Strong support from local communities Chief Operating Officer Daniel Owiredu signs the new CSR agreements with the local communities in October 2012 Driving Principles Secure social license and retain value in host communities Proactive engagement with communities Development Foundation $2 per oz. for dev programs Value Retention Oil Palm & Skills Training Local Participation 9

44 PRESTEA UNDERGROUND 10

45 Prestea Underground: Current Status Commercial production expected in Q Stope 1 in longhole production Stope 2 raising complete and drilling cable support and blast holes Stope 3 raise development at 130m Stope 4 commenced raising Stope 5 Alimak nest preparation ongoing Breakthrough of the footwall drive complete allowing improved ventilation, cooler temperatures and better environmental conditions for loader operation 17 Level rehabilitation ongoing with decline development expected to commence in Q

46 Development Sequence Current situation 17L S1 S2 S3 S4 24L 12

47 Development Sequence December L 24L 13

48 Development Sequence December L Vent raise system Decline to 21L 21L 24L 14

49 Development Sequence December L 21L 24L 15

50 Development Sequence December L 21L 24L Decline to 27L 16

51 Development Sequence December L 21L 24L 27L 17

52 Development Sequence Mid L 21L 24L 27L 18

53 Explanation of Alimak Mining Alimak raise commences on first stope 19

54 Explanation of Alimak Mining First raise completes, sub drift to second raise 20

55 Explanation of Alimak Mining First Alimak relocates to top and install support 21

56 Explanation of Alimak Mining First Alimak longhole drilling 22

57 Explanation of Alimak Mining First stope commences blasting 23

58 Explanation of Alimak Mining Sequence progresses 24

59 Explanation of Alimak Mining Sequence progresses 25

60 Explanation of Alimak Mining Sequence progresses 26

61 24 Level Development Workshop 21 Level ore pass Vent raise Drill chamber Pump chamber Footwall drive Ore drive Alimak nest 27

62 28 PRESTEA OPEN PITS

63 2017 Results: Prestea Open Pits & Mampon Deposit Q Q Q Actual YTD (end Sep 2017) Budget YTD (end Sep 2017) Ore Mined kt , Waste Mined kt ,030 2,568 1,471 Ore Processed kt ,167 1,016 Grade Processed g/t Recovery % Gold Sales oz 26,446 32,019 42, , ,082 Direct Operating Cost $/oz Fifth consecutive quarter of record production from Prestea Open Pits in Q Surface operations performance has outperformed plan significantly Consistent decrease in direct operating cost Life of Prestea Open Pits extended until early % 150% 100% 50% 0% Cost Performance Relative To Production 162% 156% 115% 115% 123% 104% Mining Milling G&A %Production Attained %Cost Incurred See note on slide 2 regarding Non-GAAP Financial Measures

64 Mampon Deposit Logging Feb 2017 Grade Control Mar 2017 Mining Mar 2017 Aboronye Ore mining underway Pit 2 depleted & under backfill Pit 1 (Oct) Ore turned transition 30

65 Re-forestation and Biodiversity Offset Impact of Mining Mampon site nursery created All seedlings gathered are from the Opon Mansi Forest Reserve (OMFR) 8,580 seedlings of 18 different species nursed Additional seedlings to be sourced from Forestry Services Division (FSD) Rehabilitation Works commenced on initial access road created for Pit 1 Compartment 20 of OMFR is earmarked for biodiversity off-set FSD and Golden Star team inspected site Checklist for progress tracking activities being developed 36 hectares of land of Minta Forest reserve earmarked for re-forestation Additional 14 hectares to be provided by FSD 31

66 Process Plant Modification Modifications to plant underway to ensure efficient processing Downsizing delayed until May 2018 due to additional ore availability from Prestea Open Pits Construction will be complete well ahead of changeover to solely underground ore Work to date: Lime silo installed and operational Pre-leach thickener operational Acacia reactor operational 2x current leach tanks rebuilt 1x leach tank rebuilt (old biox tank), 1 ongoing New CIL final tails pump station - 85% complete CIL feed pump station - 30% complete New Carbon recovery screen - 40% complete Plant modified to accept underground ore and ensure the full impact of higher grades is realized 32

67 GEOLOGY & EXPLORATION PROGRAM

68 Geology Prestea Underground is hosted within Birimian Phyllites Gold mineralization is associated with the prolific fault zone referred to as the Ashanti Trend West Reef mineralization is hosted in a fault structure parallel to the Main Reef located ~250m in the hanging wall Gold occurs as free gold along carbonaceous partings within the quart veins or with pyrite and arsenopyrite 34

69 Exploration Strategy 3.4g/t 37.3g/t 12.6g/t g/t Prestea West Reef 24 Level 270 S4 X cut North Wall g/t 32.4g/t 64.1g/t 0.5g/t Prestea West Reef 24 Level 270 S4 X cut South Wall 35

70 Exploration Targets for 2017 and Beyond Central Shaft Planned 2018 Main Reef drilling Prestea Open Pits Potential Main Reef drilling beyond 2018 Bondaye Shaft South Gap Potential Tuapim drilling beyond L 35L 30L Tuapim Shaft 24L N Planned 2017 and beyond West Reef extension drilling Planned Main Reef Drilling 30-35L Targets Planned South Gap surface drilling S 36

71 2017 Exploration Program Asset Planned Drilling (m) Expected Cost ($ million) Prestea Underground West Reef extension and definition drilling 11, Main Reef initial drill testing on 17 to 21 Levels 4, South Gap and Tuapim drilling from surface 5, Prestea Underground Total 21, Prestea Open Pits and Mampon deposit Prestea South Pit and Mampon expansion drilling 9, Prestea Open Pits and Mampon Total 9, Prestea Operations TOTAL 30, Phase one of exploration program has 3 key targets at Prestea: 1. Extension and definition of West Reef assessing the opportunity to increase the supply of high grade UG ore to the plant in the near term drilling commenced in Q Initial testing of Main Reef between 17 and 21L to evaluate the potential to include Main Reef ore in the mine plan in the medium term expected to commence in Confirming the results of previous drilling of South Gap and Tuapim areas conducted from surface and testing the Main Reef. Potential to extend Prestea Underground s LOM commenced in Q

72 2017 West Reef Drilling to Date 38

73 Planned West Reef Drilling 2018 and Beyond N S 17 Level West Reef 2019 Planned Drilling Up Dip 2018 West Reef Planned Drilling with the objective of extending the West Reef to the North (down plunge) West Reef Planned Stopes Completed 2017 West Reef Infill Drilling West Reef Mined Stopes 24 Level 30 Level Main Reef mined stopes West Reef North Extension and Down Plunge Drilling to complete by end m 2018 West Reef Planned Drilling with the objective of extending the Mineral Reserves to the South (up plunge) 39

74 Planned Main Reef Drilling 2018 and Beyond N Main Reef 2019 Planned Drilling from Level Decline re-mucks Main Reef mined stopes S 17 Level Main Reef plunge extension targets Main Reef 2018 Planned Drilling from 287 drill chamber Main Reef plunge extension targets 24 Level 30 Level Main Reef mined stopes 100 m 40

75 Main Reef Drilling 30 Level QUESTIONS? 7.2g/t 7.8g/t 1.1g/t 12.8g/t 0.8g/t 20.2g/t 2.9g/t 12.6g/t 1.0g/t 1.7g/t 2.7g/t 0.9g/t In holes were drilled below 30 Level to test the Main Reef All of the holes intersected the reef structure as well as hanging wall and foot wall mineralization 41