2014 dgg conference draft final

I N V E S T O R P R E S E N T A T I O N
0 9 . 1 4

DISCLAIMER AND OTHER MATTERS
SAFE HARBOR: Some statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding: the timing for closing higher cost
refractory operations; transformation of Golden Star to a low cost underground gold producer and the timing thereof; our production expectations for 2014,
including our production guidance for 2014; the timing for completing mining at Bogoso North and Chujah; predictions regarding cash operating costs per
ounce for 2014 and over the life of mine target; estimated capital expenditures; anticipated all-in sustaining costs over the life of mine target; expected
cash flow over the remainder of 2014 and the life of mine targets; timing of drilling, the acceleration of cash flows due ot underground mining at Wassa;
anticipated blended head grades at Wassa and Wassa Underground; life of mine for Wassa and Wassa Underground; use of the existing Wassa processing
plant and Bogoso oxide and sulfide processing plants; estimated post-tax internal rate of return and net present value (including assumed discount rate) at
Wassa Underground; estimated capital expenditures and timing of capital expenditures at Wassa Underground; sensitivities of the Wassa underground
economic model; timing of Wassa Underground construction; timing of Wassa underground to commercial production; the sufficiency of funding to advance
the development of Wassa Underground; timing for completion of mining at Bogoso; timing of revised preliminary economic assessment at Prestea
Underground; timing of Prestea Underground to commercial production; operational risk of mining in Ghana; and our expectations regarding exploration
and development upside. Factors that could cause actual results to differ materially include timing of and unexpected events at the Bogoso oxide and
sulfide processing plants and/or at the Wassa processing plant; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts of
refractory, non-refractory and transition ores; delay or failure to receive board or government approvals and permits; the availability and cost of electrical
power; timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues, including difficulties in
establishing the infrastructure for Wassa Underground; changes in U.S. and Canadian securities markets; and fluctuations in gold price and input costs and
general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please
refer to the discussion of these and other factors in our Annual Information Form for the year ended December 31, 2013. The forecasts contained in this
presentation constitute management's current estimates, as of the date of this presentation, with respect to the matters covered thereby. We expect that
these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we
may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event.
Investors and others should not assume that any forecasts in this presentation represent management's estimate as of any date other than the date of this
presentation.
NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms "cash operating cost per ounce” and “all-in sustaining cost per ounce”. These
terms should be considered as Non-GAAP Financial Measures as defined in applicable Canadian and United States securities laws and should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. “Cash operating cost per ounce” for a period is
equal to the cost of sales excluding depreciation and amortization for the period less royalties and production taxes, minus the cash component of metals
inventory net realizable value adjustments divided by the number of ounces of gold sold during the period. “All-in sustaining costs per ounce” commences
with cash operating costs and then adds sustaining capital expenditures, corporate general and administrative costs, mine site exploratory drilling and
greenfield evaluation costs and environmental rehabilitation costs. This measure seeks to represent the total costs of producing gold from operations These
measures are not representative of all cash expenditures as they do not include income tax payments or interest costs. These measures are not necessarily
indicative of operating profit or cash flow from operations as would be determined under International Financial Reporting Standards. Changes in numerous
factors including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumables and mine site general and
administrative activities can cause these measures to increase or decrease. We believe that these measures are the same or similar to the measures of
other gold mining companies, but may not be comparable to similarly titled measures in every instance.
INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemed
reliable, however no representation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star’s material
properties disclosed herein is based upon technical reports prepared and filed pursuant to National Instrument 43-101 Standards for Disclosure of Mineral
Properties (“NI 43-101”) and other publicly available information regarding the Company, including the following: (i) “NI 43-101 Technical Report on
Mineral Resources and Mineral Reserves Golden Star Resources Ltd, Wassa Gold Mine, Ghana Effective Date December 31, 2012”, prepared by SRK
Consulting (UK) Limited and prepared under the supervision of Martin P. Raffield and S. Mitchel Wasel; (ii) Golden Star’s press release dated February 10,
2014; (iii) Golden Star’s Annual Report for 2013; and (iv) Golden Star’s press release dated September 15, 2014. Additional information is included in
Golden Star’s Annual Information Form for the year ended December 31, 2013 which is filed on SEDAR. Mineral Reserves were prepared under the
supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a "Qualified Person" as defined by Canada's
National Instrument 43-101. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden Star
Resources Vice President of Exploration.
CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated.
Golden Star 2 Resources May 2014

INTRODUCTION TO GOLDEN STAR
— 15 year history in Ghana
— Three mines – Wassa, Bogoso
and Prestea
— Located on Ashanti gold belt
close to major gold producers
— 3.9M oz. Reserves and further
2.1M oz. of M & I Resources1, 2
— Total processing capacity of
6.9 mtpa
— Historical production circa
300,000 oz. per annum
— Listed on the NYSE, TSX and in
Ghana
1. Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in the Company’s Annual Report for the year ended December 31,
2013.
2. All Mineral Resources for Wassa Main and Wassa Underground are as at September 15, 2014. Please refer to the to the relevant disclosure on Mineral Resource
Estimates contained in Company’s announcement of the same date.
Golden Star Resources 3 September 2014

STRATEGIC DIRECTION
— Major cost reductions being achieved at existing operations
— Higher cost refractory operations to close in late 2015
— Significant high grade underground reserve at Prestea with extensive
exploration upside
— Major new underground discovery at Wassa
— Capital expenditure of less than $100 million on these two low cost
projects unlocks value
— Golden Star will transform to a low cost gold producer by 2017

BOGOSO MINE
— 2.0M oz. of Mineral Reserves1 at 3.17 g/t Au
— Significant portion are in high grade
refractory deposits
— Mining in Bogoso North and Chujah pits
only, 400,000 oz. in Mineral Reserves1
— 2014E production of 145-155,000 oz.
— Mining complete end 2015
— Major pushbacks recently completed, now
cash flow positive
— Tailings retreatment continues
— FY2014E cash costs $1,100-1,200
— Tarred road to site and power supplied by
national grid
— Strategic value in two processing plants
— Tailings retreatment
— Third party ore treatment
— Prestea Underground
1. Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to Company's press release dated 10 February 2014.

PRESTEA UNDERGROUND
— Existing high grade underground mine, suspended in 2002
— Historical production of over 9M oz.
— High grade ore body, 18 g/t Au in situ
— 440,000 oz. Mineral Reserves1 with scope to grow with further drilling
— Non refractory free milling ore
— M & I Mineral Resource of 630,000 oz.1
— Ore to be processed at Bogoso plant
— Mine located 15 km’s from plant along dedicated haul road
— Full support from Government and community to develop

PRESTEA UNDERGROUND
— 2013 Feasibility Study demonstrated positive
economics
— Lower capex, quicker production alternative
evaluated in Q2 2014
— Shrinkage mining = less dilution
— Significantly lower capex
— Quicker to production
— Similar cash operating costs per ounce to
Feasibility Study
— Progressing to PEA, expected to be complete
Q4 2014

WASSA MINE
— 2.0M oz. of Mineral Reserves at
1.75 g/t Au1
— One large open pit - Wassa Main
— Non-refractory plant with 2.7 mtpa
capacity performing well
— 500 meters from Wassa Main pit
— Easy access by road and on national
power grid
— 2014E production of 115-125,000 oz.
— Closure of high grade, high cost
satellite pit
— FY2014E cash costs $925-1,000/oz.
— Operating cash costs and expenses
reducing

WASSA DEVELOPMENT RATIONALE
— Two year LOM in 2011, two year drilling campaign increased this by 148%,
despite reducing gold price
— Subsequent infill and step drilling campaign commenced November 2013
demonstrates a high grade orebody plunging southeast and open at depth
— Infill drilling also shows wide zones of significant grades between existing
high grade drill intercepts
— 2013 mine plan was for open pit mining over 12 years, cash flows
weighted to later years due to increasing grade at depth
— Opportunity to accelerate cash flows with underground mining the higher
grade, deeper zones motivated Company to enter into PEA
Results of Wassa PEA recently released

WASSA RESOURCE DEVELOPMENT 2013
Indicated Resource Inferred Resource
— Steady and deliberate drill programme undertaken as understanding of
deposit evolved
— Higher grade appeared at depth

WASSA RESOURCE DEVELOPMENT H1 2014
— Decision taken to do step out drilling to determine strike length
— Longer strike length allows for higher underground tonnage
— PEA delayed to allow for assessment of larger scale underground mine

WASSA RESOURCE DEVELOPMENT H2 2014
— Deposit remains open in all directions
— Concession extends for over 5 kilometers to the south in the direction of
strike
— Further open pit and underground optimisation possible in Feasibility
Study

WASSA MINERAL RESOURCE UPDATE
— Total M&I Mineral Resources of 35,7 Mt @ 2.22 g/t Au for 2,5M oz. (47,5
Mt @ 1.88 g/t Au for 2,9M oz. in 2013)
— Open pit constrained to 200 m depth with underground below that, thus
eliminating lower grade deep material from block model
— Increase in grade of 18%
— Includes 7 months of depletion from mining since end 2013
— Inferred Mineral Resources increased substantially to 9 Mt @ 3.88 g/t Au
for 1.1M oz. (0.9 Mt @ 2.51 g/t Au for 0.1M oz.)
— Updated resource model includes infill at depth and step out to south
— $1,400 gold price assumption used to derive cutoff grade and optimised
pit shell
— Open pit cutoff grade of 0.58 g/t Au for oxide and 0.61 g/t Au for fresh
— Underground cutoff grade of 2.27 g/t Au

OPEN PIT VS. UNDERGROUND RESOURCE ESTIMATE AND MINE DESIGN
— Open pit constrained to 200 m depth in $1,000/ oz. pit shell
— Decline will be developed from starter pit
— All ore feed will be from within 500 metres of plant
14 Golden Star Resources September 2014
Open
Pit
Under
-ground

WASSA PEA KEY FINDINGS @ AU PRICE $1,300
— Post-tax IRR of 129%
— Post-tax NPV5% of $350 million
— Underground pre-production capex estimated at $41 million
— Average combined annual production 174,000 ounces for first 5 years of
combined production, 120,000 ounces per annum thereafter
— First production from Wassa underground expected early 2016, 10 year
LOM thereafter
— LOM cash operating costs of US$684/ oz.
— LOM all-in sustaining costs of US$778/ oz.

WASSA PEA KEY FINDINGS SENSITIVITY
Post - Tax NPV5% NPV10% IRR
Gold Price
$ 1,000 $111 $67 25%
$ 1,100 $191 $136 47%
$ 1,200 $271 $203 78%
$ 1,300 $350 $269 129%
$ 1,400 $433 $338 234%
$ 1,500 $515 $407 615%
$ 1,600 $597 $476 n/a
— Robust economics
— At Au price of $1,230, IRR is 90% and post tax NPV5% is $295 million
— Returns most sensitive to Au price, less so to costs
— Low capex makes sensitivity of returns negligible

WASSA PEA OPERATING ASSUMPTIONS @ AU PRICE $1,300
— Potentially mineable resource 18.2 Mt @ 2.9 g/t Au for 1.7M oz.
— Assumes construction of underground decline commences Q1 2015, first stope
200m below surface
— First production from underground in Q1 2016, commercial production in Q4
2016
— Owner mining in open pit and contractor mining underground
— Longhole open stope mining for underground
— Wider areas with transverse methods; narrower with longitudinal
— Processing rate 7,600 tpd
— LOM recovery from combined ore sources of 93%

WASSA PEA FINDINGS – CAPITAL EXPENDITURE
Open pit and
Plant Capex
Initial
Underground
Capex
Underground
Development
Capex
Underground
Sustaining
Capex
$49
$68.9
$34.1
$40.6
43
60
50
40
30
20
10
0
US$ Millions
LOM Capex
Development Capex Sustaining Capex
— Incremental pre-production underground capital of $41 M, total development
capital of $109M
— Bulk of expenditure in 2015
— Operating cashflow plus $35M in facilities will fund development

WASSA PRODUCTION AND COSTS
1,200
1,100
1,000
900
800
700
600
500
250
200
150
100
50
— Construction of decline in early 2015, potential first underground production
2016
— Underground ore blended with open pit ore to achieve anticipated head grade
of >2.5 g/t Au once underground in production
— Expected LOM average CoC of $684 per oz.
400
-
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Costs per Ounce US$
Gold Production – Ounces 000’s
Gold Production CoC AiC

CATALYSTS FOR VALUE CREATION
Wassa
decline
construction
begins

PEA on
underground
mining at
Wassa
complete

Establish
Wassa
Main pit


Operational
cost savings
achieved
Complete
push back
at Bogoso
Updated
Mineral
Resource
estimate for
Wassa
Q2 2014 Q3 2014 Q4 2014 2015 2016
Revised PEA
for Prestea
Underground
First
production
from Wassa
Underground
First
production
Prestea
Underground
* Development of projects dependent on positive study results and adequate access to finance

Wassa
Feasibility
complete

Investment Case
Established gold mining company with
15 years of production history in Ghana
3.9M oz. in Mineral Reserves & a further
2.1M oz. in Measured & Indicated
Mineral Resources
Successfully reduced overall operating
costs over last two years
Delivering on stated strategy of low
cost, low capex growth
Offers investors leveraged, un-hedged
exposure to the gold price
Low operational risk in a stable African
mining jurisdiction
Significant exploration & development
upside development
Golden Star 21 Resources May 2014

INTRODUCTION TO GHANA
— Attractive investment destination and top
African mining jurisdiction
— Stable inclusive democracy
— S&P credit rating of B
— Second largest producer of gold in Africa
— Strong mining culture and trained
personnel
— Golden Star well positioned in country
— Large property positions and excellent
geological knowledge base
— Solid and longstanding relationships with
the government and communities
— COO is former President of the Ghana
Chamber of Mines

— Listed on NYSE AMEX, TSX and Ghana Stock Exchange
Share Price (Last close) (US$) (as of September 12, 2014) 47 cents
Shares Outstanding 259.1M
Market Capitalization (US$) 121M
Cash and Equivalents (US$) (June 30, 2014) 43M
Total Debt (US$) (June 30, 2014)1 115.8M
Enterprise Value (US$) 194.2M
Daily Average Volume TSX: 145K
Major Shareholders2
Heartland Advisors Inc. 12.1%
Sentry Select Capital Corp. 10.9%
Van Eck Associates Corp. 8.7%
Directors and Executive Officers3 2.8%
Sprott Inc 2.5%
BNP Paribas 1.7%
(1) Includes US$55.1M of 5% Convertible Debentures at fair value
(2) As accessed on September 3, 2014 from Bloomberg
(3) As a group, beneficially owned, or controlled or directed, directly or indirectly as at June 30, 2014
NYSE MKT: 1.8M
STRONG SPONSORSHIP, GOOD LIQUIDITY

MANAGEMENT AND BOARD
Sam Coetzer
President and
CEO
Sam was appointed CEO in January 2013
after joining Golden Star in March 2011 as
COO. Sam is a mining engineer and a
member of the World Gold Council. He
has over 26 years of international mining
experience with Kinross, Xstrata, Xstrata
Coal and Placer Dome.
André van Niekerk
EVP and CFO
André joined Golden Star in 2006 and
spent five years in Ghana as the head of
finance and business operations, after
which he transferred to the corporate
office as Controller. André was appointed
to the role of CFO in 2014. Prior to joining
Golden Star, André spent six years with
KPMG serving clients in the mining and oil
and gas industries
Daniel Owiredu
EVP and COO
Daniel was appointed COO in January
2013, after joining Golden Star in
September 2006 as VP, Ghana Operations.
He has more than 20 years of experience
in the mining sector in Ghana and West
Africa. Most recently, Daniel was Deputy
Chief Operating Officer for AngloGold
Ashanti where he successfully managed
the construction and operation of the
Bibiani, Siguiri, and the Obuasi mines.
Tim Baker
Chairman
Tim was appointed Chairman in January
2013. Tim most recently served as the
COO of Kinross. He is a geologist with
over 30 years of global project
development and operational experience
in Chile, Tanzania, United States,
Venezuela, Kenya and Liberia.
Tony Jensen
Director
Tony has over 25 years of mining industry
experience and is CEO of Royal Gold Inc.
Prior to joining Royal Gold, Tony was the
Mine General Manager of the Cortez Joint
Venture and spent eighteen years with
Placer Dome. Tony has extensive
experience in operations in the United
States and Chile where he held several
senior management positions.
Chris Thompson
Director
Chris has 40 years of experience in
international mining. Chris formerly served
as Chairman and CEO of Gold Fields
Limited, Chairman of the World Gold
Council and Founder, President and CEO of
Castle Group Inc. Chris has held
directorships at over 25 public gold mining
companies

Anu is the Managing Director of Miniqs
Limited, a private group primarily
interested in developing resource projects.
She is also a Director of Atlatsa Resources,
Frontier Rare Earths, and of Energulf
Resources. Prior to founding Miniqs, Anu
was VP, Corporate Development and
Company Secretary at Katanga Mining.
Anu Dhir
Director
MANAGEMENT AND BOARD
Craig is a geologist with over 30 years of
experience in the mining business. He is
Founder, CEO and Director of Avanti
Mining. Formerly, Craig was EVP,
Exploration of Gold Fields Limited;
Founder, CEO and Chairman of the former
Metallica Resources (now New Gold), and
held a variety of strategic positions at Lac
Minerals.
Robert has more than 30 years of mining;
from international resource exploration,
development, and fundraising, to
production. Most recently, he was
Founder, and CEO of Medoro Resources,
now Gran Colombia Gold Corp. Prior to
this, he served as CFO of Pacific Stratus
Energy, CFO of Coalcorp Mining and CFO
of Bolivar Gold Corp. Currently, Robert
serves as a Director of Mandalay
Resources and Detour Gold
Craig Nelson
Director
Rob Doyle
Director
Bill Yeates
Director
Bill was one of the founding partners of
Hein & Associates LLP where he served on
the Executive Committee and was their
National Director of Auditing and
Accounting. Bill has over 40 years of
auditing experience working with public
companies specializing in extractive
industries. From 2005 to 2009, he served
on the Financial Accounting Standards
Advisory Council.

PROVEN AND PROBABLE RESERVES
Dec 31, 2013
Proven
Mineral Reserve
Dec 31, 2013
Probable
Mineral Reserve
Dec 31, 2013
Proven and Probable
Mineral Reserve
tonnes
(000)
grade
g/t Au
ounces
(000)
tonnes
(000)
grade
g/t Au
ounces
(000)
tonnes
(000)
grade
g/t Au
ounces
(000)
Wassa Main - - - 33,721 1.72 1,863 33,721 1.72 1,863
Father Brown - - - 694 4.31 96 694 4.31 96
Stockpiles 438 0.68 10 59 0.54 1 497 0.67 11
Subtotal Wassa 438 0.68 10 34,473 1.77 1,960 34,911 1.75 1,970
Bogoso 2,930 2.65 250 1,731 2.59 144 4,662 2.63 394
Dumasi 3,116 2.39 239 5,826 2.36 443 8,941 2.37 682
Mampon - - - 1,133 5.24 191 1,133 5.24 191
Prestea South 969 2.74 85 2,170 2.52 176 3,139 2.59 261
Prestea Underground - - - 1,434 9.61 443 1,434 9.61 443
Stockpiles 106 1.79 6 - - - 106 1.79 6
Subtotal Bogoso 7,122 3 581 12,294 4 1,397 19,415 3 1,977
Total 7,559 2.43 590 46,767 2.23 3,357 54,327 2.26 3,947
* Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in our Annual Report for the year ended December 31, 2013

MEASURED AND INDICATED MINERAL RESOURCES1
Dec 31, 2013
Measured
Mineral Resources
Dec 31, 2013
Indicated
Mineral Resources
Dec 31, 2013
Measured and Indicated
Mineral Resources
tonnes
(000)
grade
g/t Au
ounces
(000)
tonnes
(000)
grade
g/t Au
ounces
(000)
tonnes
(000)
grade
g/t Au
ounces
(000)
Wassa Main2 - - - 25,582 1.41 1,160 25,582 1.41 1,160
Wassa Underground2 - - - 10,116 4.27 1,389 10,116 4.27 1,389
Father Brown - - - 692 3.86 86 692 3.86 86
Father Brown Underground - - - 1,000 6.47 208 1,000 6.47 208
Wassa Other - - - 2,115 2.40 163 2,115 2.40 163
Subtotal Wassa - - - 39,505 2.37 3,007 39,505 2.37 3,007
Bogoso 2,697 2.94 255 1,856 2.95 176 4,553 2.94 431
Dumasi 3,255 2.56 268 9,868 2.41 764 13,123 2.45 1,032
Mampon - - - 1,553 4.79 239 1,553 4.79 239
Prestea South 986 2.87 91 3,318 2.62 279 4,304 2.67 370
Prestea Underground - - - 1,356 14.50 632 1,356 14.50 632
Bogoso Other - - - 3,835 2.64 325 3,835 2.64 325
Subtotal Bogoso 6,938 2.75 614 21,786 3.45 2,415 28,724 3.28 3,029
Total 6,938 2.75 614 61,291 2.75 5,422 68,229 2.75 6,036
2013.

INFERRED MINERAL RESOURCES1
Dec 31, 2013 Inferred Mineral Resources
tonnes
(000)
grade
g/t Au
ounces
(000)
Wassa Main2 237 1.56 12
Wassa Underground2 8,841 3.95 1,122
Father Brown 40 1.85 2
Father Brown Underground 881 6.35 180
Wassa Other 85 2.93 8
Subtotal Wassa 10,084 4.08 1,324
Bogoso 288 2.08 19
Dumasi - - -
Mampon 221 1.79 13
Prestea South 581 6.00 112
Prestea Underground 3,289 8.02 848
Bogoso Other 892 2.37 68
Subtotal Bogoso 5,271 6.25 1,060
Total 15,355 4.83 2,384
2013.

2014 dgg conference draft final

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