bank of america merrill lynch conference - may 18, 2017

UNEARTHINGTHE FUTURE

Bank of America Merrill Lynch 34th Annual Global Mining Metals & Steel ConferenceBarcelona, Spain | May 16-18, 2017

This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties andassumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You arehence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as"growth", “strategy”, “under “targeted", “guidance”, “projected", “payback", “schedule”, “milestones”, “initial”, “creating”, “objective”, “expand”,“continue”, “next steps”, “evaluate”, “potential”, “prospective”, “priorities” and other similar words or expressions. Factors that could cause futureresults or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to startproduction at Natougou in H2 2018, the ability to meet our 2017 guidance of between 190,000 and 205,000 ounces of gold at a total cash cost ofbetween $685 and $715 per ounce and all-in sustaining cost of between $920 and $960 per ounce, the ability to achieve the highlights ofNatougou’s feasibility study in terms of (i) after-tax NPV and IRR, (ii) payback period, (iii) average annual production, total cash cost and AISC, (iv)projected LOM, LOM total cash cost (TCC) and all-in sustaining cost (AISC), the ability to meet Natougou’s construction milestones, the ability tomeet Boungou’s (Natougou) initial production schedule, ore feed, grade, gold recovery, TCC and AISC, the ability to expand reserves andresources, the ability to drill up the inferred resources into the indicated category in H1 2017, the ability to evaluate the potential for an undergroundoperation, the ability to execute on our 2017 priorities, the accuracy of our assumptions, fluctuation in the price of currencies, gold prices andoperating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa(including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO’s documents filed with Canadian securitiesregulatory authorities. You can find further information with respect to these and other risks in SEMAFO’s 2016 Annual MD&A, as updated inSEMAFO’s 2017 First Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com.These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

All mineral resources are exclusive of mineral reserves. All amounts are in US dollars unless otherwise indicated.

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FORWARD-LOOKING STATEMENTS

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OUR ASSETS

STRONG IN-HOUSE TECHNICAL TEAM

TRACK RECORD OF OPERATING SUCCESS IN WEST AFRICA

HIGH-GRADE OPEN-PIT DEPOSITS

FINANCIAL STRENGTH

LARGE EXPLORATION PACKAGE

DISCIPLINED GROWTH STRATEGY

RESPECTED CSR PROGRAMS

Unearthing the future

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LONG-STANDING PRESENCE IN WEST AFRICA

NATOUGOUConstruction under wayTargeted Production H2 2018

Côte d’Ivoire

Commissioned3 mines in West Africa over

20 YEARS7,000 km2in Burkina Faso over three prospective belts

0.9 0.8

2.2 2.0 1.9 2.3 2.23.3 3.01.0 1.6

1.1

2.8 3.0 2.4 2.8

2.93.0

0.5

0.9

2.7

2.1 1.91.4 1.2

2.1 2.6

2008 2009 2010 2011 2012 2013 2014 2015 2016

Proven and Probable Reserves

Measured and Indicated Resources

Inferred Resources

NATOUGOU NABANGA

■2015

5

EXPLORATION AND ACQUISITION SUCCESS

DEPOSITS

FOFINAFOBIRI

■2010

YAHO■

2011

SIOU■

2012

- Reserves estimate using a gold price of $1,100/oz - Resources estimate using a gold price of $1,400/oz* All mineral resources are exclusive of mineral reserves.


2016

WEST FLANK NATOUGOU

5% Others126,000 oz

23% Siou5.0 Mt @ 4.3 g/t Au689,000 oz

30% Wona12.4 Mt @ 2.3 g/t Au913,000 oz

42% Natougou9.6 Mt @ 4.15 g/t Au1,276,000 oz

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MANA PRODUCTION AND COST PROFILE

GUIDANCE 2017 2016Total gold ounces produced (K) 190-205 240Total cash cost/ounce sold1 ($) 685-715 548All-in sustaining cost/ounce2 ($) 920-960 7201Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government royalties per ounce sold.2 All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the total cash cost, plus sustainable capital expenditures and stripping costs per ounce.

CONSTRUCTION OF THE BOUNGOU MINE

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POSITIVE FEASIBILITY STUDY HIGHLIGHTS

During the first three years, • Average annual production of more than 226,000 ounces

• Average total cash cost of $283/oz and AISC of $374/oz

• Average head grade 5.72 g/t at a gold recovery rate of 93.8%

Projected LOM total cash cost of $408/oz and AISC of $518/oz

Maiden open pit mineral reserves of 9.6 million tonnes at a grade of 4.15 g/t Au for 1,276,000 ounces of gold

Project economics at $1,100/oz:• After-tax NPV 5%: $262 million

• After-tax IRR: 48%

• Payback period: 1.5 years

Production of some 1.2 million ounces over a projected LOM in excess of 7 years


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ROBUST PROJECT ECONOMICS

GOLD PRICE SENSITIVITY ANALYSISBase Case

Gold Price ($/oz) $1,000 $1,100 $1,200

After-tax NPV5% ($M) $199 $262 $334

After-tax IRR (%) 38 48 58

Payback period (years) 1.7 1.5 1.3

BOUNGOU - INITIAL PRODUCTION

YEAR 1 YEAR 2 YEAR 3

Feed ore (t) 1,256,000 1,343,200 1,343,200

Grade (g/t) 5.93 5.59 5.65

Gold recovery (%) 93.9 93.7 93.7

Ounces (oz) 224,918 226,100 228,502

TCC ($/oz) 319 304 227

AISC ($/oz) 380 406 337

STRONG FREE CASH FLOW 10Unearthing the future

2016 2017 2018

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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CONSTRUCTION OF THE BOUNGOU MINE

SCHEDULE MILESTONES


Mining Permit AwardDetailed Engineering

EarthworksConstruction Accommodation

Water Storage Facility & DamsTailing Storage Facility

Milling & Feed PreparationLeaching & CIP Circuit

Gold RoomPlant Services

Power PlantFuel Depot

Pre-StrippingMining Ore

1st Gold Pour

Process Plant

2017 budget of $23MCREATING VALUE THROUGH EXPLORATION

Prior to its acquisition, Natougou had seen little near-pit

or regional exploration

773 km2 of exploration ground

2017 budget of $15M

NATOUGOU: AN UNDEREXPLORED PROPERTY

Objective is to expand

reserves and resources to continue creating value

13 Unearthing the future

PROXIMAL AND REGIONAL EXPLORATION PROGRAM:

$15M IN 2017

Boungou Mine

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DDH drilling of 8,000 meters

RC drilling of 70,000 meters

Auger drilling of 60,000 meters

$8.5M to convert current inferred resources of West Flank

into the indicated category

$1.3M to carry out studies into a potential underground

operation on the West Flank

$5M for regional exploration

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Next steps

To drill up the inferred resources into the indicated category in H1 2017

To evaluate the potential for an underground operation

DISCOVERY OF 754,000 OZ OF INFERRED RESOURCES IN THE WEST FLANK – BOUNGOU MINE


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$3M FOR EXPLORATION ONOTHER PROSPECTIVE PROPERTIES

Côte d’Ivoire

Korhogo West - Côte d’Ivoire

Trenching program of 2,000 m

RC drilling program of 6,000 m on best targets

Houndé Belt - Kongolokoro Sector (Bantou)

Drilling program of 8,400 m on Dynikongoloand Milpo permits

RC drilling program of 7,200 m and DDH of 1,200 m

Nabanga - Inferred resources of 1.84 Mt @ 10 g/t Au for 590,000 ounces

Drilling programs to investigate parallel structures in the intrusive of Nabanga

─ 5,000 m of auger and 7,000 m of RC drilling

MANA MINE in Burkina Faso

BURKINA FASO

Ouagadougou(Capital)

KORHOGO

NABANGA

BANTOU

NATOUGOU

GhanaBenin

Togo

Niger

Mana

FINANCIAL FLEXIBILITY

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Cash at March 31, 2017 - $255M

Long-term debt (LIBOR +4.75%) of $60M

Additional $60M available


bank of america merrill lynch conference - may 18, 2017

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