unearthing the future -...

UNEARTHINGTHE FUTURE

THE 28TH ANNUAL GOLD FORUM The Broadmoor, Colorado Springs, Colorado | 24-27 September 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 “growth”, “strategy”, “targeted”, "expected", "guidance", “during the first three years”, “projected”, “payback period”, "continues", "on time and on budget", “aiming”,

“highest ever”, “next step”, “potential”, “targets”, “promising” 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 execute our growth strategy, the ability to begin production at Boungou in Q3 2018, the ability to produce 52,000 oz in Q3

2017, the ability to mine Zone 9 as planned through December 2017, the ability to reach the upper end of our 2017 production guidance of between 190,000 and 205,000 ounces of gold at a total

cash cost of between $685 and $715 per ounce and all-in sustaining cost of between $920 and $960 per ounce, the ability to meet the various highlights of the positive 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 complete the construction of Boungou on time and on budget, the

ability to meet our expected consolidated production in 2018 and 2019, the ability to convert inferred resources in the West and East Boungou flanks to indicated resources, the ability to execute our

2017 Mana exploration strategy, the ability to complete a Mana PFS in Q1 2018, the ability to develop an underground at Siou, 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, 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

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OUR ASSETS

STRONG IN-HOUSE TECHNICAL TEAM

TRACK RECORD OF OPERATING SUCCESS IN WEST AFRICA

HIGH-GRADE DEPOSITS

FINANCIAL STRENGTH

LARGE EXPLORATION PACKAGE

DISCIPLINEDGROWTH STRATEGY

RESPECTED CSR PROGRAMS


4Côte d’Ivoire

MANA MINE in Burkina Faso

Ouagadougou(Capital)

KORHOGO

NABANGA

BANTOU

BOUNGOU

GhanaBenin

Togo

Niger

Mana

BANFORA

LONG-STANDING PRESENCE IN WEST AFRICA

Commissioned3 mines in West Africa over

20 YEARS5,000 km2in Burkina Faso over three prospective belts

BOUNGOUConstruction under wayTargeted Production Q3 2018


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% Boungou9.6 Mt @ 4.15 g/t Au1,276,000 oz0.9 0.8

2.2 2.0 1.9 2.3 2.2 3.3 3.01.0 1.6

1.12.8 3.0 2.4 2.8

2.9 3.0

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

5

EXPLORATION AND ACQUISITION SUCCESS

- 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.


Exploration at Mana Acquisition of Boungou

Discovery of West Flank

MANA PRODUCTION AND COST PROFILE

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GUIDANCE 2017 H1 2017 2016

Total gold ounces produced (K) 190-205 103 240

Total cash cost /ounce sold1 ($) 685-715 701 548

All-in sustaining cost /ounce2 ($) 920-960 976 720

1Total 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.

► 52,000 oz expected in Q3 2017 to reach the upper end of guidance

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UPPER PORTION OF SIOU’S ZONE 9 CHALLENGING

We changed grade control method to RC drilling

We drilled 200 holes• over 7,500 meters to a vertical

depth of 30 meters• over a grid of 12.5 meters by

6.25 meters• over 500 meters on strike of

mineralization Thus covering what is to be mined

from May through December 2017 on Zone 9

Geological interpretation issues Complex geometry Junction of 3 different zones

Caused by:

Action plan:

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ZONE 9 BACK ON TRACK

Grade control drilling on the test zone resulted in:

668,000 tonnes at 4.52 g/t for 97,000 ozcompared to reserves of

633,500 tonnes at 4.82 g/t for 98,100 oz

As expected, the zone is simpler and more rectilinear at depth

Ore mined between May and August is in line with reserves

Q3 production includes 240,000 tonnes at 5 g/t from Zone 9


| NEAR -TERM GROWTH: BOUNGOU |

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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

Feasibility study 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


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ROBUST PROJECT ECONOMICS

GOLD PRICE SENSITIVITY ANALYSISBase 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

2016 2017 2018

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

Mining Permit AwardDetailed Engineering

EarthworksAccommodation Construction

Water Storage Facility & DamsTailing Storage Facility

MillingFeed Preparation

Leaching & CIP CircuitGold Room

Plant ServicesPower PlantFuel Depot

Pre-StrippingMining Ore

1st Gold Pour

Process Plant

The water storage facility is already functional

%complete100%

100%

41%

88%

71%

12%

17%

23%

70%

0%

22%

55%

30%

24%

0%

0%12

CONSTRUCTION CONTINUES ON TIME AND ON BUDGET

51% complete

$94M out of $231M spent

All major long-lead items on site

On time for first gold pour in Q3 2018

1,900 workers on site

2.1 M man-hours without lost time injury

*Schedule milestones as at August 31, 2017 Unearthing the future

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PROCESS PLANT PROGRESSAS AT AUGUST 31, 2017

Surge Bin VertimillCrusherSAG mill

ROM Pad Leach Tanks

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Water Storage Facility holds currently 500k m3 water

Pre-stripping Boungou Pit:3.7 Mt moved

Installation of Vertimill

Delivery of SAG Mill

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BOUNGOU: NEXT STEP FOR GROWTH2018-2019 AIMING FOR HIGHEST CONSOLIDATED

PRODUCTION EVER

0

100 000

200 000

300 000

400 000

2013 2014 2015 2016 2017 2018(E) 2019(E)

oz

TargetGuidance

Mana

CREATING VALUE THROUGH EXPLORATION

Initial exploration budget of $23M ► Mana $5M

► Boungou $15M

► Other properties $3M

► H1 2017: $14M Mostly in-fill drilling to complete studies on Siou and Boungou

► H2 2017: $9M Regional exploration programs

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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 To complete a PFS in Q1 2018 To improve production and economics as of

year 4

NEXT STEP IN OUR GROWTH STORYREGIONAL EXPLORATION AT BOUNGOU

Boungou4,000m

Pambourou 3,000m

Porphyre 3,000m

Dangou Nord 2,000m

Bossoari1,600m

Pambourou Nord1,500m

Scheduled RC drilling15,000m in H2 2017

18Unearthing the future

Boungou Mine

2017 budget of $5M

Siou─ To expand resources

─ To convert inferred into indicated resources

─ To evaluate the underground potential

Regional exploration─ To find satellite deposits within trucking distance of the

mine

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2017 MANA EXPLORATION STRATEGY


Yama

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SIOU UNDERGROUND POTENTIAL

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2,565,000 t @ 2.40 g/t for 197,900 ounces Au

5,834,000 t @ 3.70 g/t for 693,200 ounces Au

From To Length Au cut (40 g/t Au)1 MMP17-008 379.5 390.7 11.2 11.32 MMP17-018 349 353.7 4.7 6.983 MMP17-019 401.9 406.6 4.7 6.104 WDC928 286 310.95 24.95 2.385 WDC931 337 348.9 11.9 7.456 WDC933 301 346.7 45.7 3.907 WDC934 338 346.7 8.7 5.268 WDC938 351 355.3 4.3 21.779 WDC939 376.6 386.7 10.1 5.5010 WDC940 340.5 351.5 11.0 5.04

RC DRILL TARGETS IN H2 2017 FOLLOW-UP OF PROSPECTIVE AUGER RESULTS

Mouni 1,800mFobiri Sud 1,200mWona SO 2,000m

Scheduled RC 20,000m

Pompoi2,000m

Datomo2,000m

Kokoi1,500m

Bara8,000m

Unearthing the future 21

22Côte d’Ivoire

MANA MINE in Burkina Faso

Ouagadougou(Capital)

KORHOGO

NABANGA

BANTOU

BOUNGOU

GhanaBenin

Togo

Niger

Mana

BANFORA


OTHER PROSPECTIVE PROPERTIES

Korhogo - Côte d’Ivoire Trenching program completed

RC drilling program of 6,000 m on best targets

Kongolokoro Sector Four exploration permits on the Houndé Belt

Drilling program completed

Evaluation underway

Nabanga - Inferred resources of 1.84 Mt @ 10 g/t Au for 590,000 ounces Next step: investigate the mineralized structure at depth

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KORHOGO: PROMISING GOLD ANOMALIES IN CÔTE D’IVOIRE

Permit located south of Tongon Mine

H1 2017: 11 trenches completed─ 7 returned anomalous gold values

H2 2017 ─ Ongoing RC program on Chigata Zone─ Significant gold values obtained


FINANCIAL FLEXIBILITY

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Cash as at June 30, 2017 - $304M

Credit facility (LIBOR +4.75%) of $120M as at June 30, 2017


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SOCIAL INVESTMENT AT THE HEARTOF OUR VALUE CREATION

National Workforce Development Program –Training of promising national employees for management or trainer positions

SEMAFO Foundation –Seven years of activities generated revenues ofto the benefit of communities

Training –5,270 HOURS of training were dispensed in 2016 to our Burkinabe employees

Strong Safety Record –Accident frequency rate of 1.85 per 200,000 HOURS worked as of December 31, 2016

C$5.5M

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