THE GRADEMAKING

Scotiabank Mining

Conference 2016, Toronto

December 6, 2016

2

FORWARD-LOOKING STATEMENTS

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 “target”, “guidance”, “feasibility”, “initial”, “timetable”, “will”, “objective”, “promising”, “potential”, “priorities” 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 achieve a first gold pour at Natougou in H2 2018, the ability to meet the annual production

targets from 2016 to 2019, the ability to meet our 2016 production guidance of between 225,000 and 245,000 ounces, the ability to

achieve our 2016 total cash cost guidance of between $535 and $565 per ounce and our all-in sustaining cost guidance of between $720

and $760 per ounce, the ability to meet the annual average production targets at Natougou within the anticipated total cash costs and all-in

sustaining costs, the ability to achieve the projected LOM, the ability to meet the targeted permitting process, initial capital expenditures,

construction start-up, the ability to expand Natougou reserves and resources, the ability to meet the various objectives in terms of tonnes of

ore to the milling facility, head-grade and gold recovery at the Natougou plant, the ability to generate an after-tax internal rate of return (IRR) of

48% with a payback period of 1.5 years and to generate an after-tax NPV of $262 million, the ability to produce between 225,000 and

245,000 ounces of gold at Mana in 2017, the ability to produce 100,000 ounces of gold at Natougou in 2018 and 226,000 in 2019

respectively, the ability to produce 200,000 ounces at Mana in 2018 and 2019, the ability to increase the annual mining capacity at hand to

40 million tonnes for the next three years, the ability to better understand the style of mineralization at the hangingwall zone at Natougou, the

ability to bring the west flank mineralized zone at Natougou into the inferred resource category by year-end, the ability to convert these

inferred resources into the indicated category by end of first half of 2017, the ability to evaluate the potential for an underground operation,

the accuracy of our assumptions, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold or 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 2015 Annual MD&A, as updated in

SEMAFO’s 2016 First Quarter, Second Quarter and 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.

All mineral resources are exclusive of mineral reserves.

In this presentation, all amounts are in US dollars unless otherwise indicated.

3

SEMAFO HAS….

STRONG IN-HOUSE

TECHNICAL TEAM

TRACK RECORD OF

OPERATING SUCCESS

IN WEST AFRICA

HIGH-GRADE OPEN-PIT

DEPOSITS

FINANCIAL STRENGTH

LARGE EXPLORATION

PACKAGE

RESPECTED CSR

PROGRAMS

DISCIPLINED GROWTH

STRATEGY

4

7,000km2

in Burkina Fasoover three prospective belts

MANAMinein Burkina Faso

20years

Commissioned3 mines in West Africa

over

LONG-STANDING PRESENCE IN WEST AFRICA

NATOUGOUFeasibility Study Completed

Targeted Production H2 2018

Burkina Faso

Mana

BANFORA GOLD BELT

PERMITS

Ouagadougou(Capital)

Inata

Essakane

Bissa

Taparko

Youga

SEMAFO propertyOther minesElectric line

Korhogo

Natougou

Nabanga

Bantou

55

172.7158.6

234.3

255.9

750777

649

493

550

1,2211,242

801

645

740

0

200

400

600

800

1000

1200

1400

0

50

100

150

200

250

300

2012 2013 2014 2015 Guidance 2016

Production '000 ounces Total Cash Cost ($/oz) All-in Sustaining Cost ($/oz)

OPERATING SUCCESS

Met its production guidance for the eighth consecutive year

245

225

$ / o

z

‘000

oz

6

2008 2009 2010 2011 2012 2013 2014 2015

0.9 0.8

2.22.0 1.9

2.3 2.2

3.3

1.0

1.6

1.1

2.8 3.02.4

2.8

2.9

0.5

0.9

2.7

2.1 1.9

1.4

1.2

2.1

Discoveries

- Reserves estimate using a gold price of $1,100/oz - Resources estimate using a gold price of $1,400/oz

EXPLORATION AND ACQUISITION SUCCESS

Fofina1.2 Mt @ 2.72 g/t Au104,000 oz

Siou6.5 Mt @ 4.16 g/t Au874,000 oz

Wona12.6 Mt @ 2.30 g/t Au935,000 oz

2010 2011 2012 2015

FOFINA FOBIRI YAHO SIOU

ACQUISITION ORBIS GOLD

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

40%

30%

27%

3%

Reserves 50 % YoY

Inferred ResourcesMeasured and Indicated ResourcesProven and Probable Reserves

* All mineral resources are exclusive of mineral reserves.

77

MANA STRONG PRODUCTION AND LOW COST PROFILE

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FIRST 9 MONTHS-2016 GUIDANCE 2016 2015

Ore processed (t) 2,039,100 2,500,000 2,399,100

Head grade (g/t) 3,01 3.25 3.63

Recovery (%) 94 91 91

Total gold ounces produced (K) 185 225-245 256

Total cash cost/ounce sold1($) 542 535-565 493

All-in sustaining cost/ounce2 ($) 730 720-760 645

1 Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses andgovernment 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 sustainablecapital expenditures and stripping costs per ounce sold.

8

Sales $231M

Operating Income $55M

Adjusted Net Income

Per share

$40M

$0.13

Margin per ounce sold $531

Cash Flow from operating activities

Per share

$112M

$0.36

Cash (Sept. 30) $282M

Long-term debt (Sept. 30) $60M

FINANCIAL HIGHLIGHTS FOR FIRST 9 MONTHS OF 2016

NATOUGOU: OUR NEW QUALITY ASSET

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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 all-in sustaining

cost 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

Initial CAPEX: $219 million, project fully financed

First gold pour

H2 2018

Project economics at $1,100/oz:

• After-tax NPV 5%: $262 million

• After-tax IRR: 48%

• Payback period: 1.5 years

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NATOUGOU– 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

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2016 2017 2018

NATOUGOU TIMETABLE

2026

Construction & Pre-stripping

1712

Lycopodium selected for the

EPCM contract

Filing of the Environmental

Social Impact Assessment (ESIA)

Detailed design and engineering

50% complete

Procurement

Suppliers selected for

earthworks and contract

mining

Issues of purchase orders for

comminution equipment and

seven other packages

Award of contracts for the

resettlement action plan

follow-up

Permitting process

& Detailed engineering

Commissioning, ramp-up,

first gold pour and production

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0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 Guidance 2017 2018 2019

Mana

Natougou

GROWTH PROFILE‘0

00

ou

nce

s

245

225

Target3

1 See press release of January 20, 2016.2 Contingent on receipt of permits and construction start-up by year-end 2016; for more details, refer to press release of February 25, 2016 or the

NI 43-101technical report for Natougou, which is filed on www.sedar.com and available on www.semafo.com.3 Assumption: Mineral reserves were estimated using a gold price of $1,100 per ounce

1, 3

2

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VALUE CREATION THROUGH

EXPLORATION

Budget expanded to $18 million

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TARGETED EXPLORATION WITHIN TRUCKING DISTANCE FROM THE PLANT

25 km

from the mill

Mana Mine

Wona

Siou

Fofina

FobiriYaho

BN2

KOKOÏ

MAOULAYAMA

MONTAGNE

BLANCHE

H1 2016 H2 2016

16,000 meters of RC drilling

for Yama reserves and

exploration in the area

17,000 meters

of RC drilling

8,000 meters of RC drilling

and 32,000 meters of auger

drilling on various targets

28,000 meters

of auger drilling

$6.5 MILLION EXPLORATION BUDGET IN 2016

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NATOUGOU: AN UNDEREXPLORED PROPERTY

Prior to the acquisition, Natougou had seen little

near-pit or regional exploration

In 2015, focus on in-fill drilling for the feasibility study

Regional and proximal exploration only commenced

late 2015

773 km2 of exploration ground

Objective is to expand

reserves and resources

to continue creating value

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28,000 meters of RC drilling - Ongoing

6,000 meters of DDH drilling - Ongoing

62,000 meters of auger drilling - Completed

Airborne geophysical survey - Completed

Natougou

PROXIMAL AND REGIONAL EXPLORATION PROGRAM : $9M IN 2016

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PROXIMAL DRILL RESULTS Q2 2016

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Next steps

– To bring the West Flank Zone into the inferred resources category by year-end 2016

– To convert the inferred resources into the indicated category by end of first half of 2017

– To evaluate the potential for an underground operation

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BOUNGOU SHEAR ZONE A-A’

21

BOUNGOU SHEAR ZONE B-B’

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NATOUGOU –AUGER DRILLING ON SOUTH ZONE

2323

NABANGA: A HIGH-GRADE ASSET

Nabanga –Inferred Mineral Resources(1)

Cut-off Grade Tonnes Grade Ounces

5.0 g/t Au 1.84 Mt 10.0 g/t Au 590,000 oz

(1) Inferred Mineral Resources figures at a 5.0 g/t Au cut-off grade. NI 43-101 report, June 2015.

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EXPLORATION UPSIDE: ACQUIRED PERMITS IN CÔTE D’IVOIRE

Randgold sector Ouobolo

Randgold sector Fanlokolo

Randgold sector Sireme

Randgold: Environment Tongon

Recent soil sampling results

SEMAFO’s Korhogo West and East permits

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FINANCIAL FLEXIBILITY

Cash at September 30, 2016 - $282M

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

Additional $60M can be drawn down by June 30, 2017

for Natougou construction Generated $112M of cash flow from operating

activities in 9 months of 2016

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2016 PRIORITIES

NATOUGOU

Completing the permitting process and starting construction by year-end

Continuing exploration with the aim of increasing reserves, resources and value

MANA

Delivering our production guidance for a ninth consecutive year

Exploring within trucking distance of the mine

Resuming stripping at Wona North

OTHERS

Exploring Nabanga

Remaining on the lookout for opportunities

Maintaining our cost reduction efforts

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National Workforce Development Program -

Training of promising national employees for

management or trainer posts

SEMAFO Foundation -

Six years of activities generated revenues of C$4.5M

to the benefit of communitiesTraining – 6,200 hours of training

were dispensed in 2015, of which 64%

benefited our Burkinabe employees

Strong Safety Record -

Accident frequency rate of 1.99 per 200,000

hours worked as of November 30, 2016

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IN SUMMARY Track Record of Operating Success in West Africa

• Achieved production guidance for eight consecutive years

• Production of 185,100 ounces for the first 9 months of 2016

• Total cash cost of $542 per ounce for the first 9 months of 2016

• All-in sustaining cost of $730 per ounce for the first 9 months of 2016

• Successfully commissioned three mines in West Africa

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Disciplined Growth Strategy• Targeted exploration in vicinity of Mana Mine and Natougou deposit

• Natougou deposit in line for construction start in Q4 2016

• Initiated exploration in Côte d’Ivoire on a strong geological trend

• High-grade open-pit assets

Strong CSR Program• 2009 pledge to commit up to 2% of net profit to support SEMAFO

Foundation community activities

• Accident frequency rate of 1.99 per 200,000 hours worked (Nov. 30, 2016)

• 272 days without lost time injury since March 11, 2016 (Nov. 30, 2016)

• Well-established National Workforce Development Program

•

Financial Strength• $282M in cash (as at September 30, 2016)

• Long-term debt of $60M

• Additional $60M can be drawn down by June 30, 2017 for Natougou construction

• Generating free cash flow

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SMF: INVESTOR INFORMATION

TSX, OMX: SMF

Average Daily

Trading Volume(1) 3.3M

Coverage 15 analysts

Close C$4.09

Market Cap C$1.3B

*As at November 30, 2016

USA

39%

Canada

42%

Europe

18%

Others

1%

29

O/S 324.8M SHARES Geographic Distribution

of Shares (2)

DIRECTORS

Jean Lamarre

Chair of the Board

John LeBoutillier

Lead Director

Terence F. Bowles

Benoit Desormeaux

President and Chief Executive Officer

Flore Konan

Gilles Masson

Lawrence McBrearty

Tertius Zongo

Institutional

89%

Retail

11%

(1) Three-month moving average as at November 30, 2016 – TSX(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear

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APPENDICES

31

NATOUGOU PROVISIONAL SITE LAYOUT

Reference: NI 43-101 report, March 2015

NATOUGOU SITE

32

MINERAL RESERVES AND RESOURCESPROPERTY Mana1,2,4,5,6 Tapoa1,2,4,5,6

(Natougou Project) Yactibo1,3,4,5,7

(Nabanga Project) Total

MINERAL RESERVES Proven Tonnes 12,655,000 1,583,000 14,238,000 Grade (g/t Au) 3.15 6.46 3.52 Ounces 1,281,400 329,000 1,610,400 Probable Tonnes 8,325,000 7,984,000 16,309,000 Grade (g/t Au) 2.64 3.69 3.16 Ounces 707,600 947,000 1,654,600 TOTAL MINERAL RESERVES Tonnes 20,980,000 9,567,000 30,547,000 Grade (g/t Au) 2.95 4.15 3.32 Ounces 1,989,000 1,276,000 3,265,000

MINERAL RESOURCES (exclusive of reserves) Measured Tonnes 8,751,000 77,000 8,828,000 Grade (g/t Au) 1.67 1.84 1.67 Ounces 470,800 5,000 475,800 Indicated Tonnes 33,526,000 2,564,000 36,090,000 Grade (g/t Au) 2.13 2.44 2.15 Ounces 2,293,100 201,000 2,494,100 TOTAL M&I Tonnes 42,277,000 2,641,000 44,918,000 Grade (g/t Au) 2.03 2.42 2.06 Ounces 2,763,900 206,000 2,969,900 Inferred Tonnes 13,041,000 2,683,000 1,840,000 17,564,000 Grade (g/t Au) 2.82 3.99 10.00 3.75 Ounces 1,184,200 345,000 590,000 2,119,200

1 The Corporation indirectly owns a 100% interest in all of itspermits, except for the permits held by SEMAFOBurkina Faso S.A. in which the Government of Burkina Fasoholds 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 presentslight differences in the figures.

5 All mineral resources reported are exclusive of mineralreserves.

6 As of December 31, 2015.7 As of June 30, 2015.

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MINERAL RESERVE AND RESOURCES (cont’d)

33

DEPOSITS

DECEMBER 31, 2015

PROVEN RESERVES PROBABLE RESERVES TOTAL RESERVES

Tonnage Grade

(g/t Au) Ounces4 Tonnage Grade

(g/t Au) Ounces4 Tonnage Grade

(g/t Au) Ounces4 WONA-KONA 6,107,000 2.35 460,700 6,558,000 2.25 474,400 12,665,000 2.30 935,100 NYAFÉ 263,000 5.85 49,400 4,000 5.02 700 267,000 5.84 50,100 FOFINA 1,146,000 2.74 100,800 39,000 2.30 2,900 1,185,000 2.72 103,700 SIOU 4,800,000 4.17 644,000 1,724,000 4.14 229,600 6,524,000 4.16 873,600 ROMPAD 339,000 2.43 26,500 — — — 339,000 2.43 26,500

TOTAL MANA 12,655,000

3.15 1,281,400 8,325,000 2.64 707,600 20,980,000

2.95 1,989,000

DEPOSITS

DECEMBER 31, 2015

MEASURED INDICATED TOTAL RESOURCES

Tonnage Grade

(g/t Au) Ounces4 Tonnage Grade

(g/t Au) Ounces4 Tonnage Grade

(g/t Au) Ounces4 WONA-KONA 1,427,000 1.95 89,500 20,962,000 2.55 1,715,300 22,389,000 2.51 1,804,800 NYAFÉ 300,000 5.60 54,100 230,000 5.84 43,100 530,000 5.70 97,200 FOFINA 1,061,000 2.99 102,000 425,000 3.87 52,800 1,486,000 3.24 154,800 YAHO 4,654,000 1.05 157,200 9,895,000 0.99 316,200 14,549,000 1.01 473,400 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 814,000 1.47 38,600 1,891,000 2.62 159,100 2,705,000 2.27 197,700

TOTAL MANA 8,751,000 1.67 470,800 33,526,000 2.13 2,293,100 42,277,000 2.03 2,763,900

DEPOSITS

DECEMBER 31, 2015

INFERRED

Tonnage Grade (g/t Au) Ounces4 WONA-KONA 3,010,000 2.91 281,600 NYAFÉ 151,000 5.86 28,400 FOFINA 162,000 4.33 22,600 YAHO 471,000 1.45 22,000 FILON 67 6,000 6.32 1,100 FOBIRI 578,000 1.39 25,800 MAOULA 2,628,000 1.62 137,100 SIOU 6,035,000 3.43 665,600

TOTAL MANA 13,041,000 2.82 1,184,200

1 The Corporation indirectly owns a 100% interest in all of its permits, except for the permits held by SEMAFO Burkina Faso S.A. in which the Government of Burkina Faso holds a10% interest.

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.

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MANA’S RESERVES (AS AT DECEMBER 31, 2015)

Wona:

12,665,000 t @ 2.30 g/t Au

935,100 oz

Fofina:

1,185,000 t @ 2.72 g/t Au

103,700 oz

Siou:

6,524,000 t @ 4.16 g/t Au

873,600 oz

Mana

Processing Plant

36

SEMAFO Inc. 100 Alexis-Nihon blvd. 7thfloor, St-Laurent (Quebec)Canada H4M 2P3 www.semafo.com