november boungou-visit final-low

UNEARTHINGTHE FUTURE

BOUNGOU VISITBurkina Faso | 13-14 November 2017

This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and

future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-

looking statements include words or expressions such as “development”, “payback period”, “during the first three years", “projected", “LOM plan", “life of mine”, “schedule”, “estimate”,

“initial”, “next step”, “growth story”, “objectives”, “continues”, "on time and on budget“, “upside" and other similar words or expressions. Factors that could cause future results or events

to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to begin production at Boungou in Q3 2018, the ability to meet the

various highlights of the feasibility study of Boungou, including with respect to the (i) project economics at $1,100/oz, (ii) anticipated average annual production, total cash cost, AISC

and head grade during the first three years, (iii) ability to produce some 1.2 million ounces over a projected LOM in excess of 7 years, and (iv) projected LOM total cash cost and AISC,

the ability to meet Boungou’s projected LOM Plan, cash flow, mine and processing schedule over eight years, the ability to complete the construction of Boungou on time and on budget,

the ability to convert inferred resources in the West and East Boungou flanks to indicated resources and to complete a PFS in Q1 2018, the ability to improve Boungou’s production and

economics as of year 4, the ability to meet all of the operating, mining, process plant and consumables costs as well as the other mining parameters set forth in the Boungou NI-43 101

Technical Report dated March 23, 2016, the accuracy of our assumptions, fluctuation in the price of currencies, gold prices and operating 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 securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO’s 2016 Annual MD&A, as

updated in SEMAFO’s 2017 First Quarter MD&A, 2017 Second Quarter MD&A, 2017 Third 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.

We also advise you that the terms “Inferred Resources” and “Indicated Resources”, although recognized and required by the Canadian Securities Administrators, are not recognized by

the US Securities and Exchange Commission. There is no certainty that Inferred Resources or Indicated Resources will be economically mineable.

All mineral resources are exclusive of mineral reserves.

All amounts are in US dollars unless otherwise indicated.2

FORWARD-LOOKING STATEMENTS

Unearthing the future

3

SUMMARY

1. HIGHLIGHTS

2. GEOLOGY – RESERVES & RESOURCES

3. CONSTRUCTION

─ PROCESSING

─ TIMETABLE

4. MINING

─ MINING PARAMETERS

─ HUMAN RESOURCES

5. EXPLORATION UPSIDE

6. CSR

4

Christian Cloutier, Engineering Manager & Natougou Project Manager

Michel Crevier, VP Exploration & Mine Geology

Benoit Desormeaux, President and Chief Executive Officer

Sylvain Duchesne, VP Engineering & Construction

Ruth Hanna, Analyst, Investor Relations

Robert Lavallière, VP Corporate Affairs & Investor Relations

Patrick Moryoussef, VP Mining Operations

Sébastien Perreault, Mine Superintendant

Philippe Sénéchal, Chief of Health & Security Services

SEMAFO PARTICIPANTS

5

BOUNGOU DEVELOPMENT

Q1 2015 Q1 2016 2017 Q3 2018

Acquisition of Orbis

Gold (Natougou)

$155M

Completion of a

feasibility study +

financing

Construction of

Boungou Mine

$231M

Production -

First gold pour

Q4 2016

Permit - Start of

construction

6

BOUNGOU: A HIGH QUALITY PROJECT

A $155M ACQUISITION IN 2015

FROM SCOPING STUDY TO PRODUCTION IN THREE YEARS

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

Base case at $1,100/oz:

• CAPEX $231M

• 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


7

ROBUST PROJECT ECONOMICS

GOLD PRICE SENSITIVITY ANALYSIS

Base Case

Gold Price ($/oz) $1,100 $1,200 $1,300

After-tax NPV5% ($M) $262 $334 $400

After-tax IRR (%) 48 58 68

Payback period (years) 1.5 1.3 1.2

Feasibility Study Assumptions

• Gold price of $1,100 per ounce

• Heavy fuel oil (HFO): $0.69 per liter

• Light fuel oil (LFO): $1.08 per liter

• Exchange rate: $0.72 US to the Canadian dollar

• Exchange rate: $1.09 US to the EURO

• NPV calculated using a 5% discount rate

• Based on the 2015 Burkina Faso mining code

As at September 30, 2017

• $1,279 per ounce

• $0.61 per liter

• $1.06 per liter

• $0.80 US to the Canadian dollar

• $1.18 US to the EURO

8Unearthing the future

Total or

Average Construction Year Year Year Year Year Year Year Year

LOM Period 1 2 3 4 5 6 7 8

MINE SCHEDULE

Waste Mined (t) 67,840,054 17,020,156 12,508,621 8,614,138 4,665,928 11,570,114 11,507,941 1,953,156

Pre-stripping Activity (t) 18,109,796 18,109,796

Capitalized Stripping Activity (t) 43,835,775 3,087,493 7,262,607 10,134,443 14,789,050 4,608,056 3,954,126 -

Ore Mined (t) 9,567,241 72,610 1,714,444 1,712,439 2,120,648 1,053,503 1,262,403 1,178,712 452,482

Ore Grade (g/t) 4.15 2.48 5.01 4.55 4.68 3.11 3.93 2.90 3.46

Total Mined (t) 139,352,866 18,182,406 21,822,093 21,483,667 20,869,229 20,508,481 17,440,573 16,640,778 2,405,638

Operational Stripping Ratio 7.1 9.9 7.3 4.1 4.4 9.2 9.8 4.3

Total Stripping Ratio 13.6 11.7 11.5 8.8 18.5 12.8 13.1 4.3

PROCESSING SCHEDULE

Ore Processed 9,567,241 1,256,010 1,343,200 1,343,200 1,343,200 1,346,880 1,343,200 1,343,200 248,351

Head Grade (g/t) 4.15 5.93 5.59 5.65 3.63 3.92 2.74 2.18 1.53

Recovery (%) 92.9% 93.9% 93.7% 93.7% 92.4% 92.7% 91.2% 90.0% 87.4%

Gold - Recovered (oz) 1,184,955 224,918 226,100 228,502 144,617 157,305 108,030 84,807 10,676

REVENUES (in $000s) 1,305,389 247,664 248,982 251,624 159,351 173,309 119,105 93,560 11,794

COST OF PRODUCTION (427,912) (61,768) (58,181) (40,992) (52,783) (67,179) (68,846) (64,883) (13,280)

OTHER OPERATING COSTS

Royalties (52,215) (9,907) (9,959) (10,065) (6,374) (6,932) (4,764) (3,742) (472)

Selling Costs (3,155) (585) (589) (597) (390) (422) (299) (242) (31)

Other (19,406) (3,393) (3,214) (3,042) (1,918) (2,625) (2,180) (1,925) (1,109)

Taxes (97,411) - - (36,788) (36,027) (8,048) (12,875) (3,673) -

Working Capital - (6,729) (7,708) (16,721) 5,979 1,362 3, 398 17,301 3,118

Initial Capex (212,173) (212,173)

Initial Supplies Inventory - (7,218) 3,609 3,609

Sustaining Capex (25,043) (6,690) (5,919) (1,500) (5,121) (1,500) (2,813) (1,500) -

Capitalized Stripping Activity (105,099) (7,028) (17,112) (23,660) (35,807) (11,332) (10,160) - -

Deferred Capex (15,249) (3,539) (5,257) (5,455) (998) - - - -

Rehabilitation & Closure Costs (17,249) (257) (257) (257) (257) (257) (257) (257) (15,450)

CASH FLOW 330,477 (219,391) 147,768 140,786 112,547 25,655 76,376 20,309 38,248 (11,821)

Total Cash Cost /oz 408 319 304 227 412 474 684 812 1,284

All-in Sustaining Cost /oz 518 380 406 337 695 555 804 830 1,284

BOUNGOU

LOM PLAN

AND CASH FLOW

* Reference NI 43-101 Technical Report

March 23, 2016

Year 1 Year 2 Year 3 Year 4 to 8 TOTAL LOM

MINE SCHEDULE

Ore mined (t) 1,714,444 1,712,439 2,120,648 4,019,710 9,567,241

Head grade (g/t) 5.01 4.55 4.68 3.33 4.15

Waste mined (t) 17,020,156 12,508,621 8,614,138 29,697,139 67,840,054

Capitalized stipping activity (t) 3,087,493 7,262,607 10,134,443 23,351,232 43,835,775

Operational stripping ratio 9.9 7.3 4.1 7.4 7.1

Total stripping ratio 11.7 11.5 8.8 13.2 11.7

PROCESSING SCHEDULE

Ore processed (t) 1,256,010 1,343,200 1,343,200 5,624,831 9,567,241

Head grade (g/t) 5.93 5.59 5.65 3.05 4.15

Recovery (%) 93.9% 93.7% 93.7% 91.7% 92.9%

Gold - Recovered (oz) 224,918 226,100 228,502 505,435 1,184,955

Total cash cost/oz 319 304 227 575 408

All-in sustaining cost/oz 380 406 337 710 518

* Reference NI 43-101 Technical Report March 23, 2016

LIFE OF MINE

9

CAPITAL ESTIMATE SUMMARY BY AREA

Initial Capital Expenditures $M

Indirect construction 13.6

Processing plant 42.3

Reagents and plant services 13.7

Infrastructure 53.8

Owner costs 15.8

EPCM costs 15.9

Resettlement action plan 8.0

Initial supplies inventory 7.2

Plant & infrastructures subtotal 170.3

Pre-stripping 42.4

Contingency 18.7

Grand Total 231

2016 - $17M

2017(E) - $160M

2018 (E) - $54M10

OPERATING COSTS$ per tonne milled1

Mining ($/t) $20.28

Processing ($/t) $19.51

G&A ($/t) $4.94

Operating cost ($/t ore) $44.73

1Life of mine LOM average Operating strip ratio of 7.1:1

Mining45%

Processing44%

G&A11%

11

12

DETAILED COSTS

Cost Centre US$ /t Ore

Operating Consumables $4.99

Plant Maintenance $1.64

Laboratory (Plant) $0.08

Power (fuel only) $7.09

Power Plant Costs $1.57

TPA Exoneration ($0.10)

Labour (Plant Operations & Maintenance)$4.24

Subtotal – Process Plant $19.51

General & Administration $3.13

Labour (Administration) $1.81

Subtotal - General & Administration $4.94

Total $24.45

Mining Activity - US$/t mined Cost

Load $0.21

Haul $0.44

Drill & Blast $0.82

Pre-Split $0.08

Grade Control $0.07

Auxiliary Equipment $0.23

ROM Rehandle $0.07

Long term Stockpile Rehandle $0.05

Dewatering $0.02

Geology $0.07

Management, Supervisory and Fixed Roles $0.29

Miscellaneous Operational Overheads $0.03

Contracted Services $0.09

TOTAL $2.47

Mining Operating Cost Process Plant Consumables Cost

Plant Area US$ /t ore

Feed Preparation $0.13

Milling $1.18

Leaching & CIP $0.18

Elution / Goldroom $0.01

Reagents $2.39

Water Treatment & Cleaning $0.03

Fuel (plant and mobile equipment) $1.07

Total $4.99

Process Plant Operating Cost

13

GEOLOGY

14

PROPERTY Tapoa1,2,3,4,5 (Natougou Project)

MINERAL RESERVES

Proven

Tonnes 1,583,000

Grade (g/t Au) 6.46

Ounces 329,000

Probable

Tonnes 7,984,000

Grade (g/t Au) 3.69

Ounces 947,000

TOTAL MINERAL RESERVES

Tonnes 9,567, 000

Grade (g/t Au) 4.15

Ounces 1,276,000

MINERAL RESOURCES (exclusive of reserves)

Measured

Tonnes 70,000

Grade (g/t Au) 1.90

Ounces 4,000

Indicated

Tonnes 2,602,000

Grade (g/t Au) 2.48

Ounces 207,000

TOTAL M&I

Tonnes 2,672,000

Grade (g/t Au) 2.46

Ounces 211,000

Inferred

Tonnes 6,298,000

Grade (g/t Au) 3.72

Ounces 754,000

MINE RESERVES AND RESOURCES (DEC. 31, 2016)

1 The Corporation indirectly owns a 100% interest in all of its permits, except for the permits held

by SEMAFO Boungou S.A., in which the Government of Burkina Faso holds a 10% interest.2 Mineral reserves and resources at Mana and at Tapoa (Natougou Project) were estimated

using a gold price of $1,100 and $1,400 per ounce, respectively.3 Rounding of numbers of tonnes and ounces may present slight differences in the figures.4 All mineral resources reported are exclusive of mineral reserves.5 As of December 31, 2016.

Drill typeNumber of

holes

Pre-collartotal length

(m)

Diamond tails total length

(m)

Averagetotal depth

(m)

Total length(m)

Diamond 174 - 9,029 51.89 9,029

Multi-purpose 625 34,937 19,569 87.21 54,505

RC 550 51,712 - 94.02 51,712

Total 1,349 86,649 28,598 85.43 115,246

Category Grid

Inferred 80 x 80 meters

Indicated/Probable 40 x 40 meters

Measured/Proven 20 x 20 meters

Grade Control 10 x 10 meters

BOUNGOU PIT DESIGNS

15

CONSTRUCTION - BOUNGOU DEVELOPMENT

16

Tail thickener

Overflow ore

stockpile

Leach tanks

Surge bin

Pebble crusher

Milling

Primary crusher

Refining

Process and raw water tanks

Process water pond

ROM PAD

Plant workshop

Plant office

Desorption

CIP

Oxygen plant

Reagents

Warehouse

Plant mess

Gatehouse

Grinding media

storage

Event pond

17

18

PROCESS PLANT PROGRESSAS AT OCTOBER 31, 2017

Surge Bin VertimillCrusher

SAG MillROM Pad

Leach Tanks

Gatehouse

Raw Water Tank

Main Kitchen + Mess

PARAMETERS

Throughput 4,000 tpd

Elution AARL

Hardness WBI = 18-21 kWh/t

Grinding circuit SAG and Vertimill (VTM)

Grind fineness 63µm

Lixiviation CIP + carrousel

Gravity YES

Retention time 36 hours

O2 plant+ Lead Nitrate PbNO3 YES

Thickeners YES (2: Pre-lixiviation+ tailings)

Tailings storage facility With geomembrane (As) 62-65 % solids

Stockpile Reclaim Surge Bin

Water Water storage facility of 1.8 Mm3, High density tailings

Power plant – 0.18$/kWh Hybride DFO+HFO, capacity 15.4 MW, avg

consumption 6.4 MW

PROCESS PLANT

19

20

DESIGN CRITERIA

DESIGN BASIS UNIT NOMINAL

Metal Recovery @ 36 hrs and 63µm Gravity / ILR Recovery Au % 50.0

Leach-Carousel (36hrs) Au % 42.0

Overall Au % 92.0

Annual Ore Processing Feed Rate Mtpa 1.34

Nominal Plant Throughput dry tpd 4,000

Availability % 92.0

Feed Rate Operating dry t/h 167

Particle Size Information

Crusher C130 P80 mm 133

SAG Mill 20 ft 2400 kW T80 µm 1,000 - 3,000

Tower Mill VTM 4500 P80 µm 63

REAGENT UNIT NOMINAL

Consumption

Lime kg/t 0.44

Cyanide kg/t 0.50

SAG mill media kg/t 0.40

Tower mill media kg/t 0.70

OVERALL PROCESS FLOW DIAGRAM

21

22

LOCATION OF SURFACE WATER SOURCES AND STORAGE

B

D

A

CE

Nominal Capacity

A ► 75,000 m3

B ► 100,000 m3

C ► 100,000 m3

D ► 500,000 m3

E ► 1,100,000 m3

2016 2017 2018

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

Mining Permit Award

Detailed Engineering

Earthworks

Accommodation Construction

Water Storage Facility & Dams

Tailing Storage Facility

Milling

Feed Preparation

Leaching & CIP Circuit

Gold Room

Plant Services

Power Plant

Fuel Depot

Pre-Stripping

Mining Ore

1st Gold Pour

Process

Plant

The water storage facility is already functional

%

complete

100%

100%

42%

94%

75%

22%

33%

31%

77%

0%

36%

58%

35%

30%

0%

0%

23

CONSTRUCTION CONTINUES ON TIME AND ON BUDGET

63% complete

$113M out of $231M spent

All major long-lead items on site

On time for first gold pour in Q3 2018

1,695 workers on site

2.5 M man-hours without lost time injury

As at September 30, 2017


Pre-stripping Boungou Pit:

5.3 Mt Moved

Pebble and Reclaim Areas

Delivery of SAG Mill

24

First Lift - Construction of Tailings Storage Facility

23

OPÉRATIONS

MINING

25

SITE LAYOUT*

26

*Reference:

NI 43-101 Technical Report, March 23, 2016

SLOPE DESIGN GUIDELINES FOR THE AMC PROPOSED FINAL PIT

MaterialBatter

Height (m)

Batter

Angle (°)

Berm width

(m)

Inter-ramp

Angle (°)

Soil and extremely

weathered rock5 – 10 (1) 26.5 6 -

Highly weathered rock 12 45 6 33.7

Moderately weathered to

fresh rock18 70 - 80 4.5 58.5 – 66.9

OPEN PIT EQUIPMENT REQUIREMENTS

Equipment Main activity Number

Komatsu PC 1250 (Excavator)Ore mining (day shift), waste

mining (night shift)2

Komatsu PC 2000 (Face shovel) Waste mining 2

Komatsu HD 605 (63 t haul truck) Hauling of ore and waste 13

CAT D8 (dozer) Ancillary work 2

CAT 834 (wheel dozer) Ancillary work 1

CAT 16 (grader) Ancillary work 1

Water truck (45,000 L) Dust suppression 1

Atlas Copco DM25 (Production drill) Production drilling 6

Atlas Copco MD 5150C (pre-split drill)Pre-split drilling and ore

contact drilling1

WA 600 (Wheel loader) ROM loader 1

The deposit will be mined from three distinct pits,

approximately

580 to 1,800 meters long

300 to 500 meters wide

50 to 80 meters deep

50 to 100 meters apart

Haulage ramps will be 20-meter wide

at a 10% gradient

A regularized mining model suitable for mine planning

with block dimensions of

5 meters in X (East direction) * 5 meters

in Y (North direction) * 2 meters in

Z direction (will be adjusted to accommodate vein dip)

Mining will take place on 6-meter benches

Ore loss 5%; dilution 18%

Grade control - RC drilling 10 meters x 10 meters

Five-year mining contract signed with AMS

MINING PARAMETERS

27

CUTBACK RANKING

PTWA1 starter pit

PTWA1 starter pit

~ half of project value

PTEN2

PTEN1 / IP8

PTES2

PTES1 / IP9

PTWA4 / IP4

PTWA3

PTWA6 / IP3

PTWA2 / IP2

PTWA1 / IP1

PTWA5 / IP528

PIT CONTRIBUTION

Pre-stripping required (Period -1)

29

MILL FEED AND STOCKPILE BALANCE

30

• A total of 2,820 hours of training dispensed to employees year to date

• Unskilled positions will mainly be filled by candidates from the Partiaga

Commune. Skilled positions will be sourced from Burkina Faso at large,

but we expect many to come from the Eastern region.

• Three-year collective agreement with Boungou employees

31

FOCUS ON HIRING LOCAL EMPLOYEES - OPERATIONS

30

244

SEMAFO Boungou S.A.

Expatriates

Local employees

28

392

AMS Mining Contractor

Expatriates

Local employees

58

812

TOTAL EMPLOYEES

Expatriates

Local employees

Security – Catering – Others

176 local employees

| EXPLORATION UPSIDE |

33

NEAR-TERM UPSIDE AT BOUNGOUWEST AND EAST FLANKS

WEST FLANK

EAST FLANK


Discovery of West and East Flanks in 2016

Our objectives:

To convert inferred to indicated resources

• Infill drilling completed at the end of August 2017

To complete a PFS in Q1 2018

To improve production and economics

as of year 4

34

WEST FLANKBOUNGOU SHEAR ZONE A-A’ SECTION

3535

WEST FLANKBOUNGOU SHEAR ZONE B-B’ SECTION

NEXT STEP IN OUR GROWTH STORYREGIONAL EXPLORATION AT BOUNGOU

Boungou

4,000m

Pambourou

3,000m

Dangou Est

3,000m

Dangou Nord

2,000m

Bossoari

1,600m

Pambourou Nord

1,500m

Scheduled RC drilling

15,000m in H2 2017

36Unearthing the future

Boungou Mine

37

SOCIAL INVESTMENT AT THE HEARTOF OUR VALUE CREATION

Corporate Social Responsability

Resurfaced 115 kilometer of regional roads Constructed 2 schools, 3 grain banks, 3 freshwater wells, 3 sets of latrines and a

sewing center Developed and provided masonry, sewing, management and literacy courses Supported local entrepreneurs in sewing and organic sesame revenue-generating

projects

38

COMMUNITIES

SEMAFO’s achievements in the Est region

Housing in resettled village

Mosque in resettled village

SEMAFO Foundation’s activities in the Est region

Motorcycle repair course

Refresher course

for local masons

39

COMMUNITIES

SEWING CENTER

First order for Boungou mine work clothes

40

| APPENDICES|

41

PROPERTY Mana1,2,4,5,6 Tapoa1,2,4,5,6

(Natougou Project)

Yactibo1,3,4,5,7

(Nabanga Project)Total

MINERAL RESERVES

Proven

Tonnes 10,242,000 1,583,000 11,825,000

Grade (g/t Au) 3.09 6.46 3.54

Ounces 1,017,000 329,000 1,346,000

Probable

Tonnes 8,400,000 7,984,000 16,384,000

Grade (g/t Au) 2.63 3.69 3.15

Ounces 710,600 947,000 1,657,600

TOTAL MINERAL RESERVES

Tonnes 18,642,000 9,567, 000 28,209,000

Grade (g/t Au) 2.88 4.15 3.31

Ounces 1,727,600 1,276,000 3,003,600

MINERAL RESOURCES (exclusive of reserves)

Measured

Tonnes 9,050,000 70,000 9,120,000

Grade (g/t Au) 1.47 1.90 1.48

Ounces 428,600 4,000 432,600

Indicated

Tonnes 35,981,000 2,602,000 38,583,000

Grade (g/t Au) 2.04 2.48 2.07

Ounces 2,360,600 207,000 2,567,600

TOTAL M&I

Tonnes 45,031,000 2,672,000 47,703,000

Grade (g/t Au) 1.93 2.46 1.96

Ounces 2,789,200 211,000 3,000,200

Inferred

Tonnes 13,022,000 6,298,000 1,840,000 21,160,000

Grade (g/t Au) 2.95 3.72 10.00 3.79

Ounces 1,233,600 754,000 590,000 2,577,600

SEMAFO MINE RESERVES AND RESOURCES (DEC. 31, 2016)

1 The Corporation indirectly owns a 100% interest in all of its permits, except for the permits held

by SEMAFO Burkina Faso S.A. and SEMAFO Boungou S.A., respectively, in which the

Government of Burkina Faso holds a 10% interest.2 Mineral reserves and resources at Mana and at Tapoa (Natougou Project) were estimated

using a gold price of $1,100 and $1,400 per ounce, respectively.3 Mineral resources at Yactibo Permit Group (Nabanga Project) were reported above a 5.0 g/t Au

cut-off grade.4 Rounding of numbers of tonnes and ounces may present slight differences in the figures.5 All mineral resources reported are exclusive of mineral reserves.6 As of December 31, 2016.7 As of June 30, 2015.

42

MANA MINE RESERVES AND RESOURCES (DEC. 31, 2016)

DEPOSITS

DECEMBER 31, 2016

PROVEN RESERVES PROBABLE RESERVES TOTAL RESERVES

Tonnage Grade (g/t Au)

Ounces4


Ounces4


Ounces4

MANA1,2,3

WONA-KONA 6,060,000 2.35 457,900 6,308,000 2.24 454,700 12,368,000 2.30 912,600

NYAFÉ 263,000 5.85 49,400 4,000 5.02 700 267,000 5.84 50,100

FOFINA 199,000 3.38 21,600 12,000 2.69 1,000 211,000 3.33 22, 600

SIOU 3,535,000 4.14 470,500 1,461,000 4.65 218,400 4,996,000 4.29 688,900

YAMA - - - 615,000 1.81 35,800 615,000 1.81 35,800

ROMPAD 185,000 2.96 17,600 - - - 185,000 2.96 17,600

TOTAL 10,242,000 3.09 1,017,000 8,400,000 2.63 710,600 18,642,000 2.88 1,727,600

DEPOSITS

DECEMBER 31, 2016

MEASURED INDICATED TOTAL RESOURCES


Ounces4


Ounces4


Ounces4

MANA1,2,3

WONA-KONA 1,419,000 1.98 90,200 21,696,000 2.55 1,778,400 23,115,000 2.51 1,868,600

NYAFÉ 300,000 5.60 54,100 230,000 5.84 43,100 530,000 5.70 97,200

FOFINA 412,000 3.67 48,600 309,000 4.04 40,200 721,000 3.83 88,800

YAHO 5,738,000 0.91 168,500 11,636,000 0.88 330,800 17,374,000 0.89 499,300

FILON 67 26,000 2.72 2,300 9,000 3.59 1,000 35,000 2.93 3,300

FOBIRI 469,000 1.80 27,100 114,000 1.52 5,600 583,000 1.74 32,700

SIOU 686,000 1.71 37,800 1,879,000 2.65 160,100 2,565,000 2.40 197,900

YAMA - - - 108, 000 0,41 1,400 108,000 0.40 1,400

TOTAL 9,050,000 1.47 428,600 35,981,000 2.04 2,360,600 45,031,000 1.93 2,789,200

DEPOSITS

DECEMBER 31, 2016

INFERRED


Ounces4

MANA1,2,3

WONA-KONA 3,463,000 2.96 329,600

NYAFÉ 151,000 5.86 28,400

FOFINA 88,000 3.73 10,500

YAHO 223,000 0.78 5,600

FILON 67 6,000 6.32 1,100

FOBIRI 578,000 1.39 25,800

MAOULA 2,628,000 1.62 137,100

SIOU 5,834,000 3.70 693,200

YAMA 51,000 1.42 2 300

TOTAL 13,022,000 2.95 1,233,600

1 The Corporation indirectly owns 90% of SEMAFO Burkina Faso S.A., which holds the interest in the

Mana Mine reserves and resources.2 Mineral reserves and resources were estimated using a gold price of $1,100 and $1,400 per ounce,

respectively.3 All mineral resources reported are exclusive of mineral reserves.4 Rounding of numbers of tonnes and ounces may present slight differences in the figures.

| NOTES|

SEMAFO Inc.

100 Alexis-Nihon blvd.

7thfloor, St-Laurent (Quebec)

Canada H4M 2P3

www.semafo.com

http://www.semafo.com/