1 NYSE: GSS TSX: GSC. Creating a leading African gold producer

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1 1 NYSE: GSS Creating a leading African gold producer

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 statement s 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 2018; ability of long-term relationship with La Mancha to strengthen balance sheet, unlock organic growth pipeline, fast track exploration and expansion programs, focus on increasing production and cash margin per ounce, and participate in consolidation of African region through seizing external growth opportunities; expected use of funds from La Mancha strategic investment towards exploration and timing thereof; closure of Prestea open pits by Q4 2018, and expected subsequent decrease in cash operating cost per ounce and annual operating costs; expectation of improved efficiency and better integration from bringing Alimak training program in-house; increased flexibility of mining sequence from installing of new Alimaks; increased recovery rate for underground material following downsizing of processing plant and power consumption; increased Inferred Mineral Resources through drilling and timing of announcements regarding such increases; potential of Wassa South to significantly increase production; achievement of targeted mining rate at Wassa Underground and Prestea Underground and timing thereof; and achievement of milestones in H including accelerated exploration of Mineral Resource definition drilling at Wassa and Prestea, accelerated Wassa Underground development. 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. Thee 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, 2017 filed and available 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 therein. 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" and "AISC per ounce". 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. 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 tit led measures in every instance. Please see our "Management's Discussion and Analysis of Financial Condit ion and Results of Operations for the three and nine months ended September 30, 2018" 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; and (ii) "NI Technical Report on Resources and Reserves, Golden Star Resources, Bogoso/ Prestea Gold Mine, Ghana" effective December 31, Additional information is included in Golden Star's Annual Information Form for the year ended December 31, 2017 which is filed and available on 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 Mitchel Wasel, Golden Star Resources Vice President of Exploration. CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated. 2 NYSE: GSS

3 Management Participants Sam Coetzer President and Chief Executive Officer André van Niekerk EVP and Chief Financial Officer Katharine Sutton VP, Investor Relations & Corporate Affairs 3 NYSE: GSS

4 Golden Star: Snapshot 2018 production guidance 225, ,000oz 2018 AISC 1 guidance $1,050-1,100/oz 2018 capital expenditures $45.1 million Cash balance 2 $18.4m Strategic investment by La Mancha $125.7m 4 NYSE: GSS 1. See note on slide 2 regarding Non-GAAP Financial Measures. 2. As at September 30, 2018, prior to investment by La Mancha.

5 Q Production: Wassa Continues to Outperform Consolidated gold production of 175,938 ounces in first 9 months of 2018 Q gold production of 57,113oz Wassa complex: 38,097oz Prestea complex: 19,016oz Continued strong production from Wassa Underground 130% increase in gold production compared to Q % increase in Wassa Underground grade compared to Q Average production rate achieved of 3,400 tpd Prestea improvement plan implemented at Prestea Complex Closure of Prestea Open Pits expected to be implemented in Q % increase in Prestea Underground s average production rate achieved in Q compared to Q NYSE: GSS

6 US$/oz On Track to Achieve Consolidated Cost Guidance FY 2018 Cash Operating Cost Per Ounce ,306 1,149 1, , Q Q Q Guidance Midpoint Wassa Complex Prestea Complex Q cash operating cost per ounce 1 of $780 and AISC per ounce 1 of $994 Higher cash operating cost per ounce 1 at Prestea in Q only partially offset by strong performance at Wassa Consolidated cash operating cost 1 and AISC per ounce 1 expected to continue to reduce in 2018 and beyond due to cost reduction measures at Prestea Complex and expected increase in gold production Consolidated cash operating cost per ounce 1 of $831 and AISC per ounce 1 of $1,077 in first 9 months of NYSE: GSS 1. See note on slide 2 regarding Non-GAAP Financial Measures.

7 La Mancha Investment: A Platform For Growth $125.7m strategic investment by La Mancha Holding S.à r.l. for 30% of enlarged share capital Long term relationship with La Mancha is expected to: Transform GSR s balance sheet Capital injection has strengthened GSR s financial position, providing additional flexibility Provide GSR with increased financial capacity to unlock organic growth pipeline Additional funding allows GSR to fast track its exploration and expansion programs to focus on increasing production and cash margin per ounce Provide GSR with a funding position to seize external growth opportunities GSR plans to participate in the consolidation of the African region Funding and expertise to grow across Africa 7 NYSE: GSS

8 Use of Proceeds from La Mancha Investment Use of Proceeds Range (US$m) Exploration Development and Expansion General Corporate Purposes TOTAL GSR expects to use the proceeds from La Mancha s strategic investment to advance its organic projects between Q and the end of 2020 Any external opportunities will be assessed on a case by case basis Exploration budget is dependent on the success of the drilling program at each asset and this will impact the size of the other budgets Majority of the exploration budget is expected to be used at Wassa Underground, following positive drilling results received in 2017 and 2018 Development and expansion budget has the primary objective of filling a greater portion of the Wassa processing plant s under-utilized capacity 8 NYSE: GSS

9 Q OPERATIONAL REVIEW Wassa Complex Prestea Complex 9 NYSE: GSS

10 Q3 2018: Wassa Operational Results WASSA Q Q Ore Mined Kt Waste Mined Kt 73 1,493 Ore Processed Kt Grade Processed g/t Au Main Pit 0.65 Underground 3.69 Main Pit 1.20 Underground 2.61 Recovery % Gold Production oz 38,097 31,724 Gold Sales oz 38,295 31,999 Cash Op. Cost 1 $/oz % of Wassa Complex s gold production attributable to Wassa Underground 130% increase in Wassa Underground production compared to Q and in line with Q % increase in Wassa Underground grade processed compared to Q although 26% decrease compared to Q due to expected variation within ore body Average mining rate achieved of 3,400 tpd 28% increase compared to Q % decrease in cash operating cost per ounce 1 compared to Q due to increase in gold sold and decrease in mine operating expenses Wassa Underground is well-positioned to maintain average production rate at 3,400 tpd, with the mining sequence working well 10 NYSE: GSS 1. See note on slide 2 regarding Non-GAAP Financial Measures.

11 Wassa Underground: Preparing For Expansion Wassa Underground is targeting an average production rate of 4,000 tpd on a consistent basis by mid-2020 Golden Star began preparing for this expansion during Q through: Undertaking a ventilation upgrade larger fans installed to allow for an increase in mining equipment operating underground The commencement of drilling of two ventilation boreholes due to be completed during Q Increase in production drilling record number of metres (over 1,000m) drilled by longhole drilling team in 24 hours during Q Ventilation borehole under construction Completed ventilation borehole 11 NYSE: GSS

12 Q3 2018: Prestea Operational Results PRESTEA Q Q Ore Mined Kt Waste Mined Kt 184 1,031 Ore Processed Kt Grade Processed g/t Au Open Pit 1.12 Underground Open Pit 3.49 Underground 5.83 Recovery % Gold Production oz 19,016 42,103 Gold Sales oz 19,364 42,380 Cash Op. Cost 1 $/oz 1, % of Q gold production attributable to Prestea Underground as Prestea Open Pits approach the end of mine life 239% increase in gold production from Prestea Underground compared to Q3 2017, although 13% decrease compared to Q % increase in Prestea Underground grade compared to Q although 23% decrease compared to Q due to anticipated variation within ore body Increase in cash operating cost per ounce 1 compared to Q due primarily to decrease in gold sold Cash operating cost per ounce 1 is expected to decrease at Prestea once the transition to being an underground-only operation is complete 12 NYSE: GSS 1. See note on slide 2 regarding Non-GAAP Financial Measures.

13 Prestea Improvement Plan Underway Focused on meeting production and operating cost targets by the end of 2018 so that Prestea Complex can begin 2019 from a strong position Prestea Open Pits have generated robust cash flow during the past 3 years but are now reaching the end of their mine life Reduced grades and tonnages being sent to the processing plant have resulted in increased unit costs Closure of Prestea Open Pits expected to be implemented in Q Closure includes downsizing processing plant from 4,000 tpd to 700 tpd, rightsizing workforce and optimizing management structure Anticipated to decrease Prestea s annual operating costs by 31% 13 NYSE: GSS

14 Focused on Increasing Prestea Underground s Production Rate Alimak training program brought in-house during Q expected to deliver improved efficiency and better integration Improvements in lead indicators of raise development and longhole drilling since early August % increase in average production rate at Prestea Underground to 375 tpd compared to Q and further improvement targeted in Q Two new Alimaks ordered with objective of increasing the flexibility of the mining sequence first new Alimak installed Recovery rate expected to increase from 94% for underground material following downsizing of processing plant and power consumption anticipated to reduce 14 NYSE: GSS

15 Q FINANCIAL REVIEW 15 NYSE: GSS

16 Q3 2018: Financial Snapshot 23% decrease in revenues compared to Q due to 53% decrease in revenue from Prestea only partially offset by 14% increase from Wassa 62% decrease in mine operating margin compared to Q3 2017, although in line with Q Net loss of $3.2m and adjusted net earnings of $3.0m $4.1m of principal debt repaid in Q total principal debt reduced to $113.8m $18.4m cash at September 30, 2018, not including $125.7m investment from La Mancha received post-period end Mine operating margin $10.2m Cash provided by operations 1 $7.9m Principal Debt 2 $113.8m Net loss $3.2m Capex incurred $9.8m Cash balance 2 $18.4m Cash injection from La Mancha has transformed financial position 16 NYSE: GSS 1. Before changes in working capital. 2. As at September 30, 2018.

17 EXPLORATION 17 NYSE: GSS

18 Million ounces of gold Growth of Wassa Underground s Mineral Resources Wassa Underground s Mineral Resources have grown significantly since maiden Mineral Resource estimate 5 years ago Maiden underground Mineral Resources delineated following drilling in Wassa Underground Mineral Resources Preliminary Economic Assessment released % Feasibility Study released and construction of decline commences +3% Stoping commenced and first ore fed to processing plant +6% Commercial production achieved on January 1, % Targeted average mining rate of 3,000 tpd % Apr-18 Indicated Inferred Inferred Mineral Resources anticipated to increase further in next update expected in February NYSE: GSS

19 Wassa Deposit Extended a Further 200 Metres to South Inferred Mineral Resource estimate expected to increase through latest drilling results Latest step out results confirm deposit extends 200m beyond current Inferred Resources down plunge Further upside potential exists as ore body remains open down plunge and up and down dip Wassa South represents potential to significantly increase production 19 NYSE: GSS

20 Drilling Commenced at Father Brown Potential to provide high grade, underground feed to Wassa processing plant as part of the strategy to fill the mills Father Brown is located 85km from Wassa processing plant Father Brown and other nearby pits mined from production of approximately 300koz (2.2Mt at 4.4 g/t Au in total, including grade of ~5.2 g/t Au from Father Brown) Existing Indicated and Inferred Mineral Resources of 479koz (2.7Mt grading 5.42 g/t Au) Two DD rigs have commenced drilling to further investigate underground mining potential Mineral Resources expected to increase through further drilling Existing infrastructure including haul road, workshops and camp reduced capital requirement to commence underground production Father Brown high grade vein 1 20 NYSE: GSS 1. Photos taken when Father Brown was being mined as an open pit operation.

21 FUTURE GROWTH & LOOKING AHEAD 21 NYSE: GSS

22 Expansion Potential At Both Underground Operations Operation Targeted Mining Rate Shaft / Decline Capacity Processing Plant Capacity WASSA UNDERGROUND 3,000 tpd 4,000 tpd 7,700 tpd PRESTEA UNDERGROUND 650 tpd 1,500 tpd 4,000 tpd 22 NYSE: GSS

23 KEY MILESTONES IN H Commence drilling at Father Brown satellite deposit Q Complete La Mancha strategic investment early Q Implement 5:1 share consolidation early Q Accelerate exploration and Mineral Resource definition drilling at Wassa and Prestea Q Accelerate Wassa Underground development to increase production Q Right-size Prestea Complex following closure of Prestea Open Pits Q Mineral Resource and Mineral Reserve update Q NYSE: GSS

24 Contact Us Katharine Sutton, Investor Relations NYSE American: GSS Follow Us 24 NYSE: GSS

25 Appendices: Market Information One Year Share Price (GSS) 1,2 Market Information 1 Markets Tickers NYSE American / TSX / GSE NYSE: GSS GSE: GSR Shares in Issue 3 108,807,009 Options 3 3,510,157 Share Price 2 $3.51 Analyst Coverage Beacon Securities BMO Capital Markets CIBC Capital Markets Clarus Securities Desjardins Capital Markets HC Wainwright & Co National Bank Financial Numis Securities Scotia Bank Key Institutional Shareholders La Mancha Van Eck Franklin Templeton Condire Investors Oppenheimer Funds USAA Asset Management Earth Resources Konwave (Gold 2000) AGF Management Baker Steel Market Capitalization Cash 3 Debt 3 Daily Volumes Traded (3 Month Average) 2,4 $382m $18.4m $113.8m 990k shares 25 NYSE: GSS 1. As at October 31, Refers to NYSE American listing. 3. As at September 30, This number relates to 3 months primarily before the share consolidation took place.

26 A Responsible Corporate Citizen #gsr17 #gsr17 $67m in salaries in 2017 $6.2m in sustainable agribusiness to date $3.5m+ in development fund projects to date $47m paid in Government payments in 2017 Winner of PDAC 2018 Environmental & Social Responsibility Award 26 NYSE: GSS

27 Mineral Reserves and Mineral Resources Mineral Reserves 1,2 Tonnes ('000) Grade (Au g/t) Content (Koz) Proven Mineral Reserves Wassa 1, Prestea Total 2, Probable Mineral Reserves Wassa 17, ,159 Prestea 1, Total 18, ,635 Total Proven & Probable 20, ,693 Mineral Resources 1 Tonnes ('000) Grade (Au g/t) Content (Koz) Measured & Indicated Mineral Resources Wassa 43, ,323 Prestea 23, ,673 Total 67, ,996 Inferred Mineral Resources Wassa 47, ,431 Prestea 4, Total 50, , For the Mineral Reserves and Measured and Indicated Mineral Resources please refer to the Company s Annual Information Form ( AIF ) for the yearended December 31, 2017 and dated March 29, The AIF is available at For the Inferred Mineral Resources, please refer to the press release entitled, Golden Star doubles Inferred Mineral Resources at Wassa Underground Gold Mine, dated April 12, All numbers exclude refractory ore. 27 NYSE: GSS