2. Legal 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: our production expectations for 2014 and 2015 including our production guidance;
the impact of cost cutting initiatives; grade, recovery rates and timelines for production from our tailings reclaim facility and the impact of such production on the
Company’s performance; the timing for the completion of push backs trends on cash and all-in sustaining costs; predictions regarding cash costs per ounce; haulage costs;
improved access to ore in 2014; duration of mining at Father Brown pit; strip ratios after push backs; average planned head grades for refractory ore; sustaining capital
budgeted for 2014; ability to generate cash; timing for moving equipment from Bogoso to Wassa; the life of mine at Bogoso; pumping capacity at the Bogoso tailings facility;
timing of Mineral Resource and Mineral Reserve estimates for the Bogoso tailings facility and at Wassa; timing of drilling and recovery of assays; timing for completion of a
feasibility study at Wassa underground; timing to commercial production at Wassa underground; plans to pursue a low cost production strategy focused on non-refractory
ore sources; updated mineral reserve and mineral resource estimates at Wassa; capital expenditures; and our 2014 and 2015 outlook and objectives for the remainder of
2014 and 2015 and our medium term objectives. 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; 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 Report on Form 10-K for 2012. 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 measures
should be considered as Non-GAAP Financial Measures as defined in applicable securities laws and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. We use cash operating cost per ounce as a key operating indicator. We monitor these measures monthly, comparing
each month's values to prior period's values to detect trends that may indicate increases or decreases in operating efficiencies. This measure is also compared against
budget to alert management to trends that may cause actual results to deviate from planned operational results. We provide this measure to our investors to allow them to
also monitor operational efficiencies of our mines. We calculate these measures for both individual operating units and on a consolidated basis. There are material
limitations associated with the use of such non-GAAP financial measures. These measures are not necessarily indicative of operating profit or cash flow from operations as
determined under IFRS. 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 (“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; (ii) “NI 43-101 Preliminary Economic Assessment, Mechanized Mining of the West Reef Resource,
Prestea Underground Mine, Prestea, Ghana”, dated May 3, 2012 and prepared under the supervision of Martin P. Raffield and S. Mitchel Wasel; and (iii) Golden Star’s Annual
Report of Form 10-K for 2012. Additional information will be included in Golden Star’s Annual Information From for the year ended December 31, 2013 which will be 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 Resources April 2014 Investor Presentation 2
3. • Located in stable jurisdiction with
long mining history
• Two producing mines – Wassa and
Bogoso
• Wassa Mineral Reserves1 of
1.97M oz at 1.75 g/t Au
• Bogoso Mineral Reserves1 of
1.98M oz at 3.17 g/t Au
• Prestea Underground mine awaiting
development
• Three processing plants – 7 mtpa
• 2013 production 331,000 oz.
• 2014 guidance 295 – 320,000 oz.
3
Golden Star unlocking value in Ghana
(1) Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to Company's press release dated 10 February 2014.
Golden Star Resources April 2014 Investor Presentation
4. 2013 Highlights
• Achieved production guidance for 2013
• Achieved cash cost guidance for 2013 at low end of range
• EstablishedWassa Main pit and grew Mineral Reserves and Resources at
this mine
• Largely completed push backs at Bogoso, well prepared for low cost
production in 2014 and 2015
• Commenced tailings retreatment at Bogoso, ramp up underway
• Completed Feasibility Study on Prestea Underground with successful
conclusion
• Reduced capex significantly whilst maintaining sound operations and
development project pipeline
• Raised debt finance with $50 million Ecobank loan
• Cash on hand at year end of $65.6 million
4Golden Star Resources April 2014 Investor Presentation
6. Costs per Ounce1
$1,044 $1,049
$950-1,000
FY 2012 FY 2013 FY 2014
AISC:
$1,318
6
(1) See note on slide 2 regarding non-GAAP financial measures
AISC:
$1,326
AISC:
$1,150 -1,200
• Cash costs per ounce in line with guidance for 2013
• Downward trend expected in 2014 on both cash and all-in sustaining
costs
Golden Star Resources April 2014 Investor Presentation
7. Bogoso
Sustaining
Capex, $21.7
Wassa
Development
Capex, $15.9
Wassa
Sustaining
Capex, $17.7
Bogoso
Development
Capex, $47.4
Capital Expenditures
7
Total Capex $102.7 million
Bogoso
Sustaining
Capex,
$8.0M
Wassa
Sustaining
Capex,
$13.0M
Bogoso
Development
Capex, $23.0M
Total capex $50.0 million
2013 2014
Wassa
Development
Capex, $6.0M
Golden Star Resources April 2014 Investor Presentation
8. • Two operational pits – Wassa Main and
Father Brown
• Mining at Father Brown pit to end in
Q2 2014
• Non-refractory plant with current
capacity of 2.7 mtpa
• Large and growing mineral resource,
evaluating underground potential
• 2014 planned head grade of 1.7 g/t Au
• 2014 strip ratio of 4.5:1
8
Wassa Mine Demonstrating Strong Potential
Ownership 90%
2013 gold production 185,807 oz.
Mineral Reserves(1) 1.97 M oz.Au
P&P Reserve grade(1) 1.75 g/t Au
2013 cash operating costs/ oz. $805
(1) Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to Company's press release dated 10 February 2014.
Golden Star Resources April 2014 Investor Presentation
9. Wassa Operational Review
• Cash costs per ounce declined in
2013 with higher head grade and
less stripping
• Cash costs per ounce increasing in
2014 as head grade decreases
• Mining fromWassa Main pit only
• Lower grade loss offset by savings
on haulage costs
• Q1 2014 production of 34,838
ounces
9
(1) See note on slide 2 regarding non-GAAP financial measures
159,000
186,000
135,000
$890
$805
$925
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
2012A 2013A 2014E
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
Ouncesproduced
Cashoperatingcosts
• Golden Star Resources April 2014 Investor Presentation
10. • Large pit now formed at Wassa
• Larger trucks
• Productivity gains
• Mining $1,000 pit shell from
January 2014
• From May 2014, entire ore
source 500m from plant,
reducing haulage costs
• Equipment transferred on lease
arrangement from Bogoso to
Wassa
Wassa Main Development
10Golden Star Resources April 2014 Investor Presentation
11. Wassa Main Grade Thickness Contour (gt)*m
Wassa Growth – Dec 2011
11Golden Star Resources April 2014 Investor Presentation
12. Wassa Main Grade Thickness Contour (gt)*m
Wassa Growth – Dec 2013
• Mineral Reserve and Resource update for year end 2013
• Wassa Mineral Reserve increased 34% to 2.0 million oz; 22% higher average grade of 1.75 g/t Au
• Wassa Measured and Indicated Mineral Resources increased 29% to 3.3 million oz; 25% higher
average grade of 2.0 g/t Au
$1,300 Pit Shell
Golden Star Resources April 2014 Investor Presentation 12
13. Wassa Main Grade Thickness Contour (gt)*m
Wassa Growth – March 2014
$1,300 Pit Shell
• New drilling campaign commenced November 2013 - infill and step out
• Significant grades and widths intercepted on step out holes, confirming ore body is open down
plunge
• In-fill drilling shows wide zones of significant grades between existing high grade drill intercepts
Golden Star Resources April 2014 Investor Presentation 13
14. 14
Wassa –Way Forward
• PEA of underground mine at Wassa
complete Q2 2014
• Drilling completed and assays received
by mid 2014
• Revised Mineral Resource estimate Q3
2014
• Feasibility Study (based on revised
Resource estimates) to commence Q3
2014
• 18 months to commercial production at
underground mine thereafter
• Wassa processing capacity adequate for
deeper ore
Golden Star Resources April 2014 Investor Presentation
15. • Mining in Bogoso North and Chujah pits
• Two processing plants with combined capacity of
3.2 mtpa
• Bogoso refractory plant – 2.7 mtpa Biox®
• Bogoso non-refractory plant – 1.5 mtpa CIL
• 2014 average head grade refractory ore of 2.6 g/t
Au
• 2014 strip ratio, after pushback, of 3:1
• Sustaining capital of $8 million budgeted for 2014
15
Bogoso to Deliver Returns in NearTerm
Ownership 90%
2013 gold production 144,999 oz.
Mineral Reserves(1) 1.98 M oz Au
P&P Reserve grade(1) 3.17 g/t Au
2013 cash operating costs/ oz. $1,361
(1) Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to Company's press release dated 10 February 2014.
Golden Star Resources April 2014 Investor Presentation
17. Bogoso push backs improving ore access
• Push backs substantially complete by end of Q1 2014
• Remaining LOM strip ratio post completion of push backs is 2:1
17
Grade g/t
0 100
meters
Chujah
End of 2012 surface
End of 2013 surface
Pushback mined in 2013
Final pit design
West
Final pit design
End of 2012 surface
End of 2013 surface
Pushback mined in 2013
Bogoso North
East
Golden Star Resources April 2014 Investor Presentation
18. • Reprocessing of tailings in TSF1 at
Bogoso non-refractory plant
• 9,200 ounces produced in H2 2013
• Achieved grade of 0.96 g/t Au,
with recovery of 42.5%
• Doubled pumping capacity in late
2013
• Targeting 5,000 tpd in 2014
• Exceeding target on regular basis
• Simple operation and low capex ore
source, opex of $8-10/tonne
• Mineral Resource and Reserve
estimate on tailings expected in
2014
18
Bogoso Tailings Deliver Low Cost Ounces
Golden Star Resources April 2014 Investor Presentation
19. • Established underground mine 100 years of
production, care and maintenance since 2002
• M&I Mineral Resource of 630k ounces, Inferred
Mineral Resource of further 850k ounces
• Located 15km from Bogoso plant
• Positive feasibility study concluded in May 2013
• 50,000 – 80,000 oz over 6 year LOM
• Cash operating costs $650 - 700/oz
• Initial capex of $90m
• Evaluating high grade lower capex, cost and
production alternative
19
Prestea Underground offers long
term growth
Ownership 90%
Mineral Reserves(1) 0.44 M oz Au
P&P Reserve grade(1) 9.6 g/t Au
(1) Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to Company's press release dated 10 February 2014. Mineral Reserves and Resources for Prestea
Underground are included in the total Mineral Reserves and Resources reported for Bogoso.
Golden Star Resources April 2014 Investor Presentation
20. Medium term Outlook
2014
• Production for 2014 expected to be between 295,000 - 320,000 ounces
• Production to vary between quarters – Q2 and Q4 2014 will be stronger
• Father Brown pit to supply ore until end Q1 2014
• Cash operating costs of $950-1,000 per ounce
2015
• Production for 2015 expected to be between 260,000 - 280,000 ounces
• Hard rock mining to continue at Bogoso until Q3 2015
• Costs at Bogoso expected to reduce over remainder of life of mine
• Tailings retreatment to continue for next five years
• Cash costs of $900-950 per ounce
20Golden Star Resources April 2014 Investor Presentation
21. Company Strategy
21
• Pursue growth from non-refractory ounces
• Wassa Underground
• Bogoso tailings
• Prestea Underground
• Drive costs down through active management and mine planning
• Leverage off existing infrastructure to maintain low capex levels
• Favour operating margin over total ounces produced
Golden Star Resources April 2014 Investor Presentation
22. Investment Case
22
Golden Star is focusing operations on low cost non-refractory ounces
Costs are reducing through active management and as a result of strategy
New management team demonstrated capabilities and will continue to
deliver to shareholders
Company is adequately funded to achieve its near term objectives
Significant optionality to increase production if gold price rises
Historic infrastructure investment allows for lower capex in 2014
Development of Wassa is central to this strategy
Golden Star Resources April 2014 Investor Presentation
24. (1) Includes US$47.3M of 5% Convertible Debentures at fair value
(2) As accessed on April 23, 2014 from Bloomberg
(3) As a group, beneficially owned, or controlled or directed, directly or indirectly as at December 31, 2013
24
Major Shareholders2
Heartland Advisors Inc. 12.11%
Sentry Select Capital Corp. 11.53%
Van Eck Associates Corp. 8.0%
Directors and Executive Officers3 2.8%
DE Shaw & Co 1.8%
Acadian Asset Management 1.2%
Share Price (Last close) (US$) (as of April 23, 2014) 61 cents
Shares Outstanding 259.1M
Market Capitalization (US$) 161M
Cash and Equivalents (US$) (March 31 2014) 58M
Total Debt (US$) (December 31,2013)1 94.2M
EnterpriseValue (US$) 197.2M
Daily AverageVolume
TSX: 140K
NYSE MKT: 2.6M
Strong Sponsorship, Good Liquidity
Golden Star Resources April 2014 Investor Presentation
25. • Tim Baker, Chairman, former COO of Kinross Gold Corp., extensive experience in
operating mines and projects around the world
• Sam Coetzer, President and CEO, mining engineer with over 26 years of
international mining experience including Kinross, Xstrata, Xstrata Coal, and Placer
Dome
• Anu Dhir, lawyer with corporate affairs and legal experiences in the mining, oil and gas
and technology sectors
• Rob Doyle, more than 30 years of experience in all facets of international resource
exploration, development and production
• Tony Jensen, over 25 years of mining industry experience; is President and CEO for
Royal Gold Inc
• Craig Nelsen, geologist with over 30 years of experience in the mining business
• Chris Thompson, 40 years of mining company and fund management experience.
Former Chairman of the World Gold Council
• Bill Yeates, audit partner for Hein & Associates and has 35 years of experience
working with public companies
25
New Team, New Focus – Board
26. 2014 Guidance
Combined Operations in 2014
Production (oz) 295,000 – 320,000
Cash operating cost ($/oz.)1 950 – 1,000
Capital expenditure (millions)
Sustaining:
Development:
Total:
$21
$29(2)
$50
26
0
50
100
150
200
250
300
350
2014E
Wassa Bogoso
165 – 180k oz
130 – 140k oz
295 – 320k oz
(1) Power and fuel prices used in the guidance are US$0.18 per kilowatt hour and US$1.30 per liter, respectively.
(2) The development capital expenditure forecast for Bogoso for 2014 is inclusive of approximately US$12 million of development expenditures incurred at the Prestea Underground Mine.
Production
Golden Star Resources April 2014 Investor Presentation
