January 2017

A SCARCE ASSET IN A TRUE MINING DISTRICT

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This presentation of Guyana Goldfields Inc. (the "Company") containsstatements that constitute "forward-looking statements." Such forward-lookingstatements involve known and unknown risks, uncertainties and other factorsthat may cause our actual results, performance or achievements, ordevelopments in our industry, to differ materially from the anticipated results,performance or achievements expressed or implied by such forward-lookingstatements. Forward looking statements are statements that are not historicalfacts and are generally, but not always, identified by the words "expects,""aims," "plans," "anticipates," "believes," "intends," "estimates," "projects,""potential" and similar expressions, or that events or conditions "will," "would,""may," "could" or "should" occur. Information inferred from the interpretation ofdrilling results and information concerning mineral resource and mineral reserveestimates may also be deemed to be forward looking statements, as suchinformation constitutes a prediction of what might be found to be present whenand if a project is actually developed. Forward-looking statements this documentinclude statements regarding: the Company's expectations regarding drillingand exploration activities on properties in which the Company has an interest;and the Company's statements regarding estimates of reserves and resourceson properties in which the Company has an interest.

There can be no assurance that such statements will prove to be accurate.Actual results and future events could differ materially from those anticipated insuch statements, and readers are cautioned not to place undue reliance onthese forward-looking statements that speak only as of their respective dates.Important factors that could cause actual results to differ materially from theCompany's expectations include among others, risks related to fluctuations inmineral prices; uncertainties related to raising sufficient financing to fundplanned work in a timely manner and on acceptable terms; changes in plannedwork resulting from weather, logistical, technical or other factors; the possibilitythat results of work will not fulfill expectations and realize the perceived potentialof the Company's properties; uncertainties involved in the estimation ofresources and reserves; the possibility that required permits may not beobtained on a timely manner or at all; the possibility that capital and operatingcosts may be higher than currently estimated and may preclude commercialdevelopment or render operations uneconomic; the possibility that the estimatedrecovery rates may not be achieved; risk of accidents, equipment breakdownsand labour disputes or

other unanticipated difficulties or interruptions; the possibility of cost overrun orunanticipated expenses in the work program; the risk of environmentalcontamination or damage resulting from the Company's operations; risksassociated with title to mineral properties; and other risks and uncertaintiesdiscussed appear elsewhere in the Company's documents filed from time totime with the Toronto Stock Exchange and Canadian securities regulators.

These statements are based on a number of assumptions, includingassumptions regarding general market conditions, the availability of financing forproposed transactions and programs on reasonable terms, the cost ofexploration and development and the ability of outside service providers todeliver services in a satisfactory and timely manner. Forward-looking statementsare based on the beliefs, estimates and opinions of the Company'smanagement on the date the statements are made. Except as expresslyrequired by applicable securities laws, the Corporation undertakes no obligationto update these forward-looking statements in the event that management'sbeliefs, estimates or opinions, or other factors, should change.

This presentation uses the terms "Inferred Resource", "Indicated Resource",“Measured Resource” and "Mineral Resource". The Company advises readersthat although these terms are recognized and required by Canadian securitiesregulations (under National Instrument 43-101 "Standards of Disclosure forMineral Projects"), the US Securities and Exchange Commission does notrecognize these terms. Readers are cautioned not to assume that any part or allof the mineral deposits in these categories will ever be converted into reserves.In addition, "Inferred Resources" have a great amount of uncertainty as to theirexistence, and economic and legal feasibility. It cannot be assumed that anypart of an Indicated or Inferred Mineral Resource will ever be upgraded to ahigher category. Under Canadian rules, estimates of Inferred Mineral Resourcesmay not form the basis of feasibility or pre-feasibility studies, or economicstudies except for a Preliminary Assessment as defined and permitted underNational Instrument 43-101. Readers are cautioned not to assume that part orall of an Inferred Resource exists, or is economically or legally mineable. TheMineral Resources stated in this presentation are not Mineral Reserves and, inthe absence of a current feasibility study, do not demonstrate economic viability.The determination of Mineral Reserves can be affected by various factorsincluding environmental, permitting, legal, title, taxation, socio-political, andmarketing issues.

FORWARD LOOKING STATEMENT

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Cash position of US$70M vs. debt of US$80M as at Dec 31, 2016

+20% annual production growth 2016 to 2018 Potential for further growth via mill expansion from 5,000 – 8,000 tpd (study underway late

Jan 2017)Organic Growth

High grade ~200 average koz/yr Au producer with +16 years reserve life at a conservative US$1,000 gold price

Simple metallurgy and mine plan, positive grade reconciliation to date Exceptional free cash flow generation

A Scarce Asset

No by-products Minimal currency exposure Oil price hedged for the near term up to 2019

100% Pure Gold Exposure

+200,000 acre land package in highly prospective & underexplored greenstone belt 5 drill ready targets within a 30km radius from Aurora Mill

District Potential

Strong Balance Sheet

INVESTMENT HIGHLIGHTS

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Proven and Probable Reserves Grade – Precious Metals Only (g/t Au equivalent)

Source: Company filings and BMO Capital MarketsNote: Includes precious metals, converted to AuEq grade using LT pricing of US$1,250/oz Au and US$18.00/oz Ag when not converted by the company.

(1)

(2)

(3)

WHAT STANDS US APART? Aurora is a High Grade Gold Mine

3.4   2.9   

2.7   2.3    2.2   

1.7    1.5    1.3    1.3    1.2    1.0    1.0   0.8    0.7    0.7    0.6   

0.4   

Median: 1.3 g/t

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2016 HIGHLIGHTS: An Impressive Start

2016 Q4 2016 Q3 2016 Q2 2016 Q1 20162016 Guidance ounces 140,000 - 160,000Gold Sold ounces 156,000 45,500 33,300 36,600 40,500Gold Produced ounces 151,600 43,800 34,400 32,000 41,300Average Realized Gold Price US$/ounce 1,245 1,204 1,334 1,269 1,196

Gross Revenue US$ mlns 194.2 54.8 44.4 46.4 48.5

Ore mined tonnes 2,507,200 688,000 642,200 623,400 553,600Waste mined tonnes 5,700,900 1,899,800 1,315,100 1,076,700 1,409,300Total Mined tonnes 8,208,000 2,587,800 1,957,300 1,700,100 1,962,900Strip ratio waste:ore 2.3 2.8 2.0 1.7 2.5Tonnes mined per day tpd 22,400 28,100 21,300 18,700 21,600

Ore processed tonnes 1,889,000 507,500 491,200 427,700 462,600Tonnes processed per day tpd 5,200 5,500 5,300 4,700 5,100Head grade g/t Au 2.74 2.94 2.42 2.61 3.07Recovery % 90.2 90.6 88.7 91.1 89.2

Achieved upwardly revised production guidance in first year of commercial production !

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1. This is a non-GAAP measure. Refer to non-GAAP Performance Measures section in the latest MD&A.

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2017 Guidance

• Due to mine sequencing gold production is expected to be slightly higher in thesecond half of the year relative to the first half.

• Due to the timing of sustaining capital expenditures, all-in sustaining costs¹ areexpected to be higher in the first half of the year relative to the second half.

2017 Guidance (@ $1,200/oz)

Gold production (000’s ounces) 160 - 180Cost of sales (production costs, royalty and depreciation) ($ per ounce) $800 - $850

Cash cost¹, excluding royalty ($ per ounce) $500 - $550

All-in sustaining1 (“AISC”) ($ per ounce) $775 - $825

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RORY’S KNOLL OPEN PIT

Photo taken August 31, 2016

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PEA on economic assessment expected to be released early 2017Sulphur Rose

Results expected to be released in January 2017Mill Expansion Results

Results expected to be released in January 2017Revised OreReserve

UPCOMING CATALYSTS

Program currently being ramped up significantlyExploration

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RESERVE / RESOURCE GROWTH:

1. Further Infill Drilling:• Goal of upgrading of near-surface inferred resources• Between Northwest Aleck Hill and Mad Kiss to test continuity of mineralized zones

2. Saprolite targets near the Aurora Mill within trucking distance

3. Revised Ore Reserve Metal Price:• Current reserves run at US$1,000 gold price (Jan 2016)• With Aurora’s high grade nature, a higher gold price materially increases open pit ounces & defers

the underground mine plan• Updated ore reserve at a higher gold price expected January 2017

RESERVE/RESOURCE GROWTH POTENTIAL: Within the “Golden Square Mile” of the Aurora Mine

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ORGANIC GROWTH POTENTIAL: Further Infill Drilling Targeted Within The “Golden Square Mile”

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GUIANA SHIELD: Known Gold Region

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CUYUNI BASIN: A TRUE MINING DISTRICT: Looking for Mine #2

• 1 Operating Gold Mine

• 1 Sulphur Rose Discovery

• Multiple near-mine saprolite targets

• 1,200 square km land package

• Long history of artisanal mining

• Highly prospective greenstone belt

Looking for Mine #2

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BROWNFIELDS EXPLORATION: Powis Hill, Gold Creek, Marupa & Iroma

Brownfields Exploration

• Near Mine Saprolite Targets:

• Powis Hill

• Gold Creek

• Gold Creek Laterite Target

• Aurora shear intersecting lateriteridges. Anomalous gold in creeks

• Marupa West:

• Anomalous soils on intrusive target

• Iroma:

• Largest geochem anomaly

• Initial drilling planned early 2017

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SULPHUR ROSE: A Mine In the Making

• 23 km from Aurora Mine in a straight line

• Multiple I.P survey targets identified

• Follow-up drilling to be completed after I.P

Sulphur Rose

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GREENFIELDS EXPLORATION: Wynamu

• Quartz vein stockwork

• Previous access with helicopter support

• Newly constructed road now available allowing for cost effective access

• Drill ready

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APPENDIX

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Symbol: TSX: GUY

Total Shares Outstanding 171,148,473Options 8,256,507Warrants 0

52 week: Hi/Lo C$10.35 / C$3.24

Market Cap (at C$ 6.25) C$1,067 million

Cash Balance (Dec 31, 2016) US$70 million

Debt  (Dec 31, 2016) US$80 million

Top 10 Shareholders Shares %

Van Eck 27.4M 16.0%

The Baupost Group 20.6M 12.0%

Franklin Resources (Templeton) 8.6M 5.0%

Rafferty Asset Management 8.3M 4.9%

Patrick Sheridan Jr. (Founder) 6.0M 3.5%

Sun Valley Gold 4.9M 2.9%

Fidelity Investments 4.5M 2.6%

Fiera Capital 4.3M 2.5%

Manulife 3.4M 2.0%

Oppenheimer 3.2M 1.8%

CORPORATE SNAPSHOT

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0

500

1,000

1,500

2,000

2,500

3,000

3,500

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

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 Ton

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UG FRESH DF OP SAP S/P

OP FRESH S/P OP FRESH DF

OP SAP DF

LOM ORE MILLED

Source: January 2016 NI-43 101 Technical Report

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Guyana is the only English speaking country in South America

British common law and secure tenure - part of the Commonwealth

Democratically elected government under parliamentary system

Long history of significant gold production:

Gold was the largest export of the country

Royalty:

5%: Gold price $1,000/oz or less

8%: Gold price $1,000/oz +

Corporate income tax:

30% with no withholding tax on interest payments

MINING FRIENDLY JURISDICTION & GOVERNMENT

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Road Access to Aurora

LOGISTICS & INFRASTRUCTURE

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Focus on health and safety of our employees, the well-being of our community and the protection of the natural environment

Hiring in the region, giving priority to local communities: 523 full-time employees 96% are Guyanese nationals Scholarship and job/skills training

Supporting local communities Local sourcing of goods and services Business opportunities Participation in municipal development Sustainable development initiatives in community

CSR AND SUSTAINABLE DEVELOPMENT

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SIMPLE METALLURGY

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Gold Price $1,000/oz Quantity (kt) Grade (g/t) Contained Gold (koz)Proven ReservesO/P Saprolite 18 3.10 2O/P Fresh 4,939 3.12 495Stockpile 120 1.73 7Total Proven 5,077 3.09 504Probable ReservesO/P Saprolite 3,265 1.98 208O/P Fresh 8,963 2.88 829U/G 14,904 3.13 1,502Total Probable 27,132 2.91 2,539Total P & P Reserves¹ 32,208 2.94 3,042

Gold Price $1,300/oz Quantity (kt) Grade (g/t) Contained Gold (koz)Measured & Indicated ResourcesO/P 32,500 2.64 2,750U/G 30,060 3.91 3,780Total M&I Resources 62,560 3.25 6,530Inferred ResourceO/P 5,080 1.54 250U/G 11,810 4.12 1,560Total Inferred Resource 16,890 3.33 1,810

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The cut-off grades for open pit are 0.5 g/t Au and 1.2 g/t Au for underground. Mineral resources were calculated using a gold price of US$1,300/oz.

(1) CIM definitions were followed for Mineral Reserves. (2) Mineral Reserves are estimated using a gold price of US$1,000/oz, 5% royalty and an average metallurgical recovery of 97.0% for saprolite and 94.4% for fresh rock material. (3) Mineral Reserves are based on a cut-off grade of:Open Pit Vein saprolite cut-off grade of 0.43 g/t Au - Upper saprolite cut-off grade of 0.41 g/t AuOpen Pit Fresh rock cut-off grade of 0.75 g/t Au - Fresh rock Rory’s Knoll cut-off grade of 0.64 g/t AuUnderground 1.62 g/t Au.(4) Mineral Reserves include:

Open pit: ore loss of 5% and dilution of 4% to 23% at 0.1 g/t Au. Underground: ore loss of 12% and dilution of 21% at 1.43 g/t Au.(5) Totals may not add due to

rounding

MINERAL RESERVES & RESOURCES

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Geological Description Rory's Knoll mineralization: disseminated pyrite and gold mineralization associated with intense silica-fuchsite-

sericite-carbonate alteration in tonalite intrusive probably emplaced at the hinge of the folded volcanic rock and metasediments.

Mad Kiss mineralization: disseminated pyrite and gold mineralization associated with intense silica-fuchsite-sericite-carbonate alteration in a quartz feldspar porphyry dyke.

Aleck Hill mineralization: mesothermal gold veins hosted in the shear zones of metavolcanic and metasedimentary rocks; occurs in a zone of pyrite-rich quartz-carbonate veins in volcanic rocks that are enclosed in an alteration envelope which reportedly includes silica-sericite and calcite cement filling fractures.

GEOLOGY

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BOARD & SENIOR OFFICERS

Alan FerryLead Director

Geologist that has been Involved in the investment industry for over 28 years as a mining analyst and a mining corporate finance specialist.

Patrick Sheridan Jr.Founder, Executive Chairman and Director

Over 25 years of experience in the mining industry Has actively explored in Guyana since 1996 and is the founder of Guyana Goldfields and lead the

discovery of the Aurora and Sulphur Rose deposits

Scott A. CaldwellPresident & CEO and Director

Mining engineer with 30+ years experience building and operating gold and base metal mines worldwide Former President, CEO and Director of Allied Nevada Gold Corp. from 2006 - 2013

Michael RichingsDirector

40+ years of development and operational experience in the resource sector. Mr. Richings is currently the Chairman of the Board for Vista Gold, where he also served as CEO from 2007 to 2012

Rene MarionDirector

25+ years of diversified management and senior technical experience with resource industry expertise in operations, mineral exploration, and mine development, along with a successful history of corporate development.

Wendy KeiDirector

Chartered Professional Accountant and previously served as CFO of Dominion Diamond Corporation (formerly Harry Winston).

Jean-Pierre ChauvinDirector

40+ years of combined experience in mining operations and construction management.

David BeattyDirector

25+ years of financial capital markets and resource management experience.

Daniel NooneDirector and VP, Exploration

Over 25 years of experience of international mineral exploration and development Former VP of Peru for Aquiline Resources

Paul J. MurphyExecutive VP, Finance & CFO

Over 40 years of financial experience and former Head of PricewaterhouseCoopers LLP Western’s World Mining Practice

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Scientific and Technical InformationThe qualified person for the mineral resource and reserve estimates and other scientific and technical information herein are as follows:Scott Wilson, CPG, Glen Cole, P.Geo. Jarek Jakubek, C.Eng., John Lambert, P.Geo., D Erik Spiller, MMSA and Richard Tocher, P.E,(the “QPs”) who are independent of the Company and have approved the contents of this presentation. The qualified person for the otherscientific and technical information in this presentation, is Daniel Noone, BApSci (Geo), MBA, and has approved the contents of thispresentation.

Technical and scientific information contained herein, including the mineral resource and reserve estimates relating to the Aurora GoldProject is derived from the “AGM Inc. Aurora Gold Project - Updated Feasibility Study” dated January 18, 2016 (the “Technical Report”).We have filed the Technical Report under our profile at www.sedar.com. For details of the data verification procedures employed by theQPs and the key assumptions, parameters and methods used to estimate the mineral resource and mineral reserve estimates, pleasesee the Technical Report. For information about known legal, political, environmental, or other risks that could materially affect thepotential development of the mineral resources or mineral reserves, please see the Technical Report.

Securities LawsThis presentation does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where suchwould be prohibited. This presentation is not an offer to sell, or a solicitation of an offer to purchase, any securities in the United States.The securities referred to in this presentation will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold inthe United States except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933 and applicablestate securities laws.

The information contained in this presentation does not and is not intended to constitute a "valuation," "formal valuation," "appraisal,""prior valuation," or a "report, statement or opinion of an expert" for purposes of any securities legislation in Canada or otherwise.

CurrencyUnless otherwise indicated, all dollar values herein are in United States dollars.

SCIENTIFIC, TECHNICAL AND SECURITIES INFORMATION

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Jacqueline WagenaarVP, IR & Corporate Communications

Tel: (416) 628 5936 x.5295Email: jwagenaar@guygold.com