Gsr merged nov_2017_presentation

1. WASSA
OPERATIONS
SITE VISIT
NOVEMBER 2017
Focused on Cash Flow Generation

2. 2
Disclaimer
NYSE: GSS
TSX: GSC
SAFE HARBOUR: Some statements contained in this presentation are forward-looking statements or forward-looking information (collectively, “forward-looking
statements”) within the meaning of the United States 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: production, cash operating cost, all-in sustaining cost and capital expenditure guidance for 2017; the potential expansion of production at Wassa
Underground; the timing for the release of further drilling results from Wassa Underground; the targeted 2017 mining rate at Wassa Underground;; the ability to conduct
additional drilling at Wassa Underground and the timing for completion thereof; the impact on grade as mining operations move further into B Shoot; the potential drilling
targets in 2017; the impact of Wassa Underground and Prestea Underground on the Company’s production profile, cost profile, cash operating cost per ounce and AISC
per ounce; the ability to mine via longitudinal stoping and transverse stoping at B Shoot at Wassa Underground and the timing and impact thereof; the achievement of
2017 production; the ability to expand Mineral Reserves and Mineral Resources and extend the life of mine at Prestea Underground and Wassa Underground through
exploration; and the timing for incurring 2017 capital expenditures. Factors that could cause actual results to differ materially include timing of and unexpected events at
the Prestea and/or the Wassa processing plants; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals and
permits; construction delays; the availability and cost of electrical power; timing and availability of external financing on acceptable terms or at all; technical, permitting,
mining or processing issues, including difficulties in establishing the infrastructure for Wassa Underground or Prestea Underground, inconsistent power supplies, plant
and/or equipment failures and an inability to obtain supplies and materials on reasonable terms (including pricing) or at all; changes in U.S. and Canadian securities
markets; heavy rainfall and flooding of underground mines; 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, 2016 filed on SEDAR at www.sedar.com. 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”, “All-In Sustaining Cost per ounce”, “AISC per ounce”,
“Adjusted Net Income”, “Adjusted Net Income/Share”, “Cash operating margin per ounce” and “Cash Flow from operations before working capital changes”. 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 International Financial Reporting Standards (“IFRS”). “Cash operating cost per ounce” for a period is
equal to the cost of sales excluding depreciation and amortization for the period less royalties, the cash component of metals inventory net realizable value adjustments
and severance charges divided by the number of ounces of gold sold (excluding pre-commercial production ounces) 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, divided by the number of ounces of gold sold (excluding pre-commercial production ounces) during the
period. 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. In order to indicate to stakeholders the Company's earnings excluding the non-cash (gain)/loss on the fair value of
debentures, non-cash impairment charges and severance charges, the Company calculates “Adjusted Net Income” and “Adjusted Net Income per share” to supplement the
condensed interim consolidated financial statements. “Cash operating margin per ounce” is calculated as gold price minus cash operating cost per ounce. “Cash flow from
operations before working capital changes” is calculated by subtracting the "Changes in working capital" from "Net cash provided by operating activities" as found in the
statements of cash flows. These measures are not necessarily indicative of operating profit or cash flow from operations as would be 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. Please see our “Management’s Discussion and Analysis of Financial Condition and
Results of Operations for the three and six months ended June 30, 2017” for a reconciliation of these Non-GAAP measures to the nearest IFRS measure.
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 of Disclosure for Mineral Projects ("NI 43-101") and other publicly available
information regarding the Company, including the following: (i) “NI 43-101 Technical Report on a Feasibility Study of the Wassa Open Pit Mine and Underground Project in
Ghana” effective December 31, 2014; (ii) “NI 43-101 Technical Report on Resources and Reserves, Golden Star Resources Ltd., Bogoso Prestea Gold Mine, Ghana”
effective December 31, 2013, and (iii) “NI 43-101 Technical Report on a Feasibility Study of the Prestea Underground gold project in Ghana” effective November 3, 2015.
Additional information is included in Golden Star's Annual Information Form for the year ended December 31, 2016 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 NI 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.

3. 3
Wassa Gold Mine: Overview
NYSE: GSS
TSX: GSC
Reducing risk and fast-
tracking cash flow
• Open pit and underground mine - GSR
commenced pit production in 2005 and
underground in Q1 2017
• Mineral Reserves of 1.3Moz - strong Inferred
conversion potential
• 2.7 Mtpa carbon-in-leach plant - conventional
processing method with robust recovery rate of
94%
• Currently mining and processing 5,200 tonnes
per day from Wassa Main pit and 2,200t per
day from Wassa Underground
• Underground-only production in 2018 focusing
on high margin ounces at 2,700 to 3,000
tonnes per day
• Major open pit push back delayed until 2019

4. 4
Wassa: Q3 2017 Highlights
NYSE: GSS
TSX: GSC
• Total production from Wassa of 31,724oz in Q3 2017 and 95,233oz in first 9 months
of 2017
• Wassa’s cash operating cost1 in Q3 2017 was $856/oz, a 13% decrease compared to
Q2 2017 ($979/oz)
• Production from Wassa Underground of 15,877oz in Q3 2017, a 19% increase
compared to Q2 2017
• Wassa Underground’s production accounted for 50% of Wassa’s gold production in
Q3, compared to 41% in Q2 2017 – underground continued to ramp up
• Wassa Underground’s mining efficiency has increased by 38% from a rate of 1,600
tpd in Q2 2017 to over 2,200tpd in Q3 2017
1. See note on slide 2 regarding “Non-GAAP Financial Measures”
42% increase in gold
production compared to
Q3 2016
23% decrease in cash
operating cost per ounce1
compared to Q3 2016

5. 5
First 9 Months of 2017: Operating Results
NYSE: GSS
TSX: GSC
Production
First 9 months of 2017: 95Koz
2017 Guidance: 135-150Koz
5
NYSE: GSS
TSX: GSC
Cash Operating Cost1
First 9 months of 2017: $926/oz
2017 Guidance: $880-935/oz
1. See note on slide 2 regarding Non-GAAP Financial Measures
942 979
856
0
200
400
600
800
1,000
1,200
Q1 17 Q2 17 Q3 17
$/oz
Wassa 2017 Cash Operating Cost
Per Ounce1
11 13
16
20
19
16
0
5
10
15
20
25
30
35
Q1 17 Q2 17 Q3 17
Goldounces(‘000)
Wassa 2017 Gold Production
WUG Open pit

6. MINERAL
RESERVES
Dec 31, 2016 Proven and Probable Mineral
Reserve
Tonnes Grade Ounces
Wassa Main Pit 11,264,000 1.56 565,000
Wassa
Underground
5,477,000 4.21 742,000
Stockpiles 695,000 0.96 21,000
WASSA TOTAL 17,436,000 2.37 1,328,000
6
Wassa: Mineral Reserves and Resources
NYSE: GSS
TSX: GSC
MINERAL
RESOURCES
Dec 31, 2016 Measured and Indicated Resources
Tonnes Grade Ounces
Wassa Main Pit 27,500,000 1.43 1,265,000
Wassa
Underground
13,499,000 3.82 1,656,000
Wassa Other 3,348,000 3.78 407,000
WASSA TOTAL 44,347,000 2.33 3,328,000

7. 7
Operational Successes
NYSE: GSS
TSX: GSC
• Production from Wassa Underground is stabilizing and will improve as the new fleet
becomes available early in 2018
• The “Continuous Improvement Programme” has been implemented encompassing
the entire mine staff
• Decision has been taken to defer Cut 3 of Wassa Main Pit and to focus on higher
margin, underground production from early 2018 onwards

8. • LTI Free Days: 150 days
• LTI Free man-hours: 2.8 million
• Won the following awards at 2017 Safety and
First Aid competition:
• Best Mine team at the Zone 1 Safety
& First Aid Competition
• Best community team at the Zone 1
Safety & First Aid Competition
• Weekly “Walk the Talk” intervention by
management; out of 740 issues identified
during the year-to-date, 520 have been
addressed with proposed actions completed
• Mine rescue training gallery, with design
considerations based on Wassa and Prestea
Underground settings, is complete and will
serve both mine rescue teams
8
A Strong Safety Culture
NYSE: GSS
TSX: GSC
Wassa’s award winning safety and first aid
team

9. 9
GEOLOGY

10. 10
Wassa Geology
NYSE: GSS
TSX: GSC
• The Wassa Gold deposit is hosted in Birimian meta sedimentary and volcanic rocks
• Dating has shown it is the oldest deposit in the Ashanti Belt
• Initial gold mineralization has been affected by two major folding events which controls
current geometry of ore bodies
• Gold has been remobilized during the first tight folding event and it is these higher
grade fold closures which are being mined underground

11. WASSA
UNDERGROUND
11

12. • Commercial production commenced on
January 1, 2017
• Total development advance: 4,309m
(2017 YTD plus Q4 2017 forecast)
• 2017 production guidance: 70-80,000oz
• Production from F Shoot completed
• Mining rates have been better than
expected - target of 1,400 tpd for 2017
but actual rate of over 1,800 tpd in first
9 months of the year
• Targeting 2,700-3,000tpd in 2018 as an
underground-only operation
• The upper portion of the B Shoot is being
mined and definition drilling for next
phase is in progress
12
Wassa Underground: Current Status
NYSE: GSS
TSX: GSC
1,710
1,579
2,301
0
500
1,000
1,500
2,000
2,500
Q1 17 Q2 17 Q3 17
OreTonnage
Wassa Underground: Average
mining rate per day achieved

13. 13
Wassa Underground Growth Opportunities
NYSE: GSS
TSX: GSC
Potential to optimize production and reduce costs through the
transition to a higher grade, underground-only operation
• Higher grade ore in the underground mine
(B Shoot) is now being exposed and will be
realized in production results in Q4 2017
• Potential to expand production further
through:
• Exploration upside – Inferred Mineral
Resources of 1.9Moz (14.5Mt at 4.16 g/t
Au)
• Encouraging results down dip of the
current underground workings and the
ore body remains open at depth
• Fully utilizing capacity of infrastructure
– excess plant capacity and decline
capacity

14. 14 NYSE: GSS
TSX: GSC
Wassa Underground Mine
Current development and stoping
As-built F Shoot
stoping
As-built pit
As-built B Shoot
stoping

15. 15 NYSE: GSS
TSX: GSC
Wassa Underground Mine
Dec 2017

16. 16 NYSE: GSS
TSX: GSC
Wassa Underground Mine
Dec 2018
Hangingwall definition drilling drive
in 2018 for Panel 2 and 3
Panel 1

17. 17 NYSE: GSS
TSX: GSC
Wassa Underground Mine
Dec 2019
Cut 3
pushback
would have
started in
2019
Panel 1
Panel 2
Panel 3

18. 18 NYSE: GSS
TSX: GSC
Wassa Underground Mine
Dec 2020
Hangingwall definition
drilling drive in 2020
for Inferred Resource

19. 19 NYSE: GSS
TSX: GSC
Wassa Underground Mine
Dec 2021
Inferred ore mining
expected to continue
down dip.

20. 20 NYSE: GSS
TSX: GSC
Wassa Underground Mine
Dec 2022
Inferred ore mining
expected to continue
down dip.

21. • 4 Volvo Trucks have arrived in Ghana and are on site being commissioned by Volvo
Specialist
• Additional Solo longhole stope drill on site and being commissioned
• Additional Loader R2900G expected on site in mid-January 2018
21
Planned Expansion of Mining Fleet
NYSE: GSS
TSX: GSC
Larger mining fleet is expected to allow 2,700-3,000 tpd to be
achieved consistently

22. • Raise bore ventilation holing in B
Shoot pit is expected to be
implemented in Q1 2018
• Raise bore waste passes to supply
waste for stope support are expected
to be put in place in Q1 2018
• Second portal expected to be
completed by Q2 2018
• Paste fill being evaluated as the
preferred stope support for Panel 2
and below - this will enable 4,000 tpd
to be mined from underground
22
Planned Infrastructure Upgrades
NYSE: GSS
TSX: GSC
Upgrades being implemented to allow for a future mining rate of
4,000 tpd from existing decline

23. 23
WASSA MAIN PIT

24. • Conventional bench mining
• Production of 55Koz from Wassa Main Pit in
first 9 months of 2017
• Cut 2 will finish in December 2017 and Cut has
been deferred
Open Pit Fleet
• 3 Liebherr 984 Backhoe excavators
• 10 CAT 777 Trucks
• 3 CAT D9 dozers
• 4 Production rigs, 2 Sandvik and 2 Atlas Copco
• Fleet capacity ~650,000 tonnes per month
24
Wassa Main Pit
NYSE: GSS
TSX: GSC

25. Cut 2 Pit
Redesign
Cut 3 East Pit
Outline
Cut 3 West Pit
Outline
419 Waste
Dump
Expansion
Dump Capacity
Vol = 28.5 Mbcm
Tons = 51.3 Mt
Wassa
Underground
To ROM Pad
To ROM Pad
Wassa Main Pit & Waste Dump
25
NYSE: GSS
TSX: GSC

26. Wassa Main Pit: Deferred Cut 3 Pushback
Cut 3 Phase 1
Cut 3 Phase 2
Decision taken to defer the Cut 3 pushback until a time when the gold price is
higher
26
NYSE: GSS
TSX: GSC

27. 27
PROCESSING PLANT

28. 28
WASSA PROCESSING PLANT
DUMP TRUCK
ROM
FE WHEEL LOADER
ROM Bin
Vibrating
Grizzly
Apron
feeder
CV01
CV02
weightometer
weightometer
weightometer
Single
toggle Jaw
Crusher
Secondary
Screen
Secondary
cone Crusher
CV10
CV04
CV03 CV05
CV11
Belt feeders X4
COS
Ball mill 2
Ball mill 1 scats
scats
Sump2
Sump1
Splitter
box
Primary Cyclone
cluster2
Primary Cyclone
cluster1
Knelsonconc 2
Knelsonconc 1
Scalping screen1
Scalping screen2
Concentrate tk 2
Concentrate tk 1
Shaking table
Trashscreen
Sump3
Sump4
Sump5 with
cyanide addition
Pre-leachHighrate Thickener
Secondary Cyclone
cluster1
Secondary Cyclone
cluster2
Thickener overflow tank
Electrowinning cell (3x)Stripsolution
tank
Elution
column
Calcine oven (2x)
Induction furnace
Bullion bars
Acid wash
cone
Recovery
screen
Storage facility
Carbon Safety Screen
CIL tanks
Carbon basket
Sump6
RegenerationKiln Barrencarbon hopper
Quench carbon screen
U/F
O/F
O/F
O/F
U/F
O/F
U/F
U/F
O/F
U/S
U/S
U/S
O/S
O/S
O/S
Trash
material
CV12
CV13
Quaternary
cone
Crushers X4
Tertiary
Screens X2
Tertiary
bin
Quaternary
bin
CV08 &09
CV07
CV06
CV16
CV17
Tertiary
cone
Crushers
X2
weightometer
Lime Silo
O/F
U/F
U/F
U/F
Head
Autosampler
Tails
Autosampler
Recovery: 94%
Throughput: 7,600t/day
Mill availability: 95%
Wassa Processing Plant
NYSE: GSS
TSX: GSC

29. 29
2017 EXPLORATION

30. 30
Wassa Underground Extended Through Step Out Drilling
NYSE: GSS
TSX: GSC
HOLE ID
From
(m)
To
(m)
Drilled
Width
(m)
Grade
Au
(g/t)
B Shoot North
BS17DD002 294.0 309.0 15.0 18.9
BS17DD002 300.0 302.0 2.0 91.8
BS17DD003 289.9 314.0 24.1 7.3
B Shoot South
BS17DD385M 1001.0 1024.8 23.8 6.1
BS17DD385M 1018.0 1020.0 2.0 20.2
BS17DD385M 1049.3 1071.0 21.7 5.3
WASSA UNDERGROUND
Latest drilling results confirm high grade B Shoot extends to the north and
south and remains open in both directions
 Results confirm B Shoot extends
approximately 50m to the north of
current planned stoping area and 200m
to the south of Wassa’s Inferred Mineral
Resources
 Indicates that Wassa is a larger deposit
than previously estimated - potential to
expand production in the short term
and longer term
 B Shoot South drilling will comprise
7,000m in total and B Shoot North
comprised 4,164m
 Further drilling results expected from
Wassa Underground during Q4 2017
 First exploration program at Wassa
Underground since 2014

31. 31
B Shoot South: Ore Body Remains Open Down Plunge
NYSE: GSS
TSX: GSC
SN
BS17DD385m1
23.8m @ 6.1 g/t
21.7m @ 5.3 g/t
18900N19100N19300N
New 200m
step out fence
– results from
1st mother
hole received
B Shoot planned
stopes
B Shoot current development
Wassa Main Pit
Previous
step out
drilling
holes
Inferred
Mineral
Resource
BS17DD0021
15.0 m @ 18.9 g/t
BS17DD0031
24.1m @ 7.3 g/t
400 m
F Shoot
 Encouraging results from first mother hole of B Shoot South step out hole; however
further results needed to gain comprehensive understanding of the ore body’s
extension
1. All widths in this diagram are drilled widths.

32. 32
NYSE: GSS
TSX: GSC
N S
 Promising results from 15 holes in B Shoot North – ore body is open to the north
 Represents the potential to add ounces to Wassa Underground’s mine plan in the
near term
B Shoot North: Potential To Increase Near-Term Production

33. Conclusion
33

34. 34
Wassa Gold Mine: Summary
NYSE: GSS
TSX: GSC
• Focusing on optimizing the mine to
maximize margin and cash flow generation
• Continuing to improve the understanding of
the ore body with increasing depth
• Cut 3 delayed to focus on higher grade,
higher margin underground ounces
• Driving continuous improvement
• Ensuring that the upgraded underground
fleet is fully utilized to achieve a mining rate
of 2,700-3,000 tpd in 2018
• Progressing internal study on stope support
options, with long paste fill as the preferred
support method

35. Focused on Cash Flow Generation

36. 2
Disclaimer
SAFE HARBOUR: Some statements contained in this presentation are forward-looking statements or forward-looking information (collectively, “forward-looking statements”) within the
meaning of the United States 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 expansion of production and
reduction of costs at Golden Star’s projects; the exploration upside of the Company’s projects and ability of the Company to increase mine lives and Mineral Resources and Mineral
Reserves; the ability of the Company to transform into a high grade, low cost gold producer; the impact of Prestea Underground on the Company’s production profile, cost profile, cash
operating cost per ounce and AISC per ounce; the timing for commercial production at Prestea Underground; the achievement of 2017 production; production, cash operating cost and
capital expenditure guidance for 2017; ore grade, production and capital expenditures at Mampon; the timing for commencing production at Mampon; the timing for pre-development of
Mineral Resources, blasting of the first stope and commencing commercial production at Prestea Underground; the ability to expand Mineral Reserves and extend the life of mine at Prestea
Underground through exploration; the ability to convert Mineral Resources into Mineral Reserves; the timing for incurring 2017 capital expenditures; and the potential for growth of Golden
Star’s share price. Factors that could cause actual results to differ materially include timing of and unexpected events at the Bogoso/Prestea processing plants; variations in ore grade,
tonnes mined, crushed or milled; delay or failure to receive board or government approvals and permits; construction delays; the availability and cost of electrical power; timing and
availability of external financing on acceptable terms or at all; technical, permitting, mining or processing issues, including difficulties in establishing the infrastructure for Prestea
Underground, inconsistent power supplies, plant and/or equipment failures and an inability to obtain supplies and materials on reasonable terms (including pricing) or at all; changes in
U.S. and Canadian securities markets; heavy rainfall and flooding of underground mines; 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, 2016 filed on SEDAR at www.sedar.com. 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”, “all-in sustaining cost per ounce”, “AISC per ounce”, “Adjusted Net Loss”,
“Adjusted Net Loss/Share”, “Cash operating margin per ounce” and “Cash Flow from/(used in) operations”. 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 International
Financial Reporting Standards (“IFRS”). “Cash operating cost per ounce” for a period is equal to the cost of sales excluding depreciation and amortization for the period less royalties, the
cash component of metals inventory net realizable value adjustments and severance charges 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, divided by the number of ounces of gold sold during the period. 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. In order to indicate to stakeholders the
Company's earnings excluding the non-cash (gain)/loss on the fair value of debentures, non-cash impairment charges and severance charges, the Company calculates “Adjusted Net
Earnings/(Loss)” and “Adjusted Net Earnings/Loss) per share” to supplement the condensed interim consolidated financial statements. “Cash operating margin per ounce” is calaculated as
gold price minus cash operating cost per ounce. “Cash flow from/(used in) operations” is calculated by subtracting the "Changes in working capital" from "Net cash provided by operating
activities" as found in the statements of cash flows. These measures are not necessarily indicative of operating profit or cash flow from operations as would be 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. Please see our “Management’s Discussion and Analysis of Financial Condition and Results of Operations for the 3
months and 9 months ended September 30, 2017” for a reconciliation of these Non-GAAP measures to the nearest IFRS measure.
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 of Disclosure for Mineral Projects ("NI 43-101") and other publicly available information regarding the
Company, including the following: (i) “NI 43-101 Technical Report on a Feasibility Study of the Wassa Open Pit Mine and Underground Project in Ghana” effective December 31, 2014; (ii)
“NI 43-101 Technical Report on Resources and Reserves, Golden Star Resources Ltd., Bogoso Prestea Gold Mine, Ghana” effective December 31, 2013, and (iii) “NI 43-101 Technical
Report on a Feasibility Study of the Prestea Underground gold project in Ghana” effective November 5, 2015. Additional information is included in Golden Star's Annual Information Form
for the year ended December 31, 2015 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 NI 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.
NYSE: GSS
TSX: GSC

37. 3
Prestea Gold Mine: Overview
NYSE: GSS
TSX: GSC
A well-endowed ore body that has been mined consistently for a
century
• 100+ year old gold mine in south-western Ghana, 40km from Wassa mine
• 9 million ounces of gold produced during its history over a 9km strike length
• Currently in production from open pit oxide deposits (Prestea Open Pits) and pre-
commercial production from underground mine (Prestea Underground)
• Construction and pre-development of high grade Prestea Underground Gold Mine
completed – robust against sensitivities of gold price, grade and tonnage
• Underground stope blasting commenced in September 2017 - commercial production
expected in Q4 2017
• Prestea Open Pits anticipated to complete production in early 2018
• Currently processing 4,400 tpd in processing plant and expecting to reduce to 650
tpd of high grade ore in 2018

38. 4
Prestea: Q3 2017 Highlights
NYSE: GSS
TSX: GSC
• Record quarterly production for fifth consecutive quarter
• Total production from Prestea of 42,103oz in Q3 2017 and 100,563oz in first 9
months of 2017
• Prestea’s cash operating cost1 in Q3 2017 was $520/oz, an 11% decrease compared
to Q2 2017 ($585/oz)
• 3,204oz of gold was produced from Prestea Underground development ore
• First stope was blasted at the end of Q3 2017 – stoping ore will be recognized in
Prestea’s production for the first time in Q4 2017
1. See note on slide 2 regarding “Non-GAAP Financial Measures”
86% increase in gold
production compared to
Q3 2016
38% decrease in cash
operating cost per ounce1
compared to Q3 2016

39. 5
First 9 Months of 2017: Operating Results
NYSE: GSS
TSX: GSC
Production
First 9 months of 2017: 101Koz
2017 Guidance: 120-130Koz
5
Cash Operating Cost1
First 9 months of 2017: $570/oz
2017 Guidance: $680-725/oz
1. See note on slide 2 regarding Non-GAAP Financial Measures
628 585 520
0
200
400
600
800
1,000
1,200
Q1 17 Q2 17 Q3 17
$/oz
Prestea 2017 Cash Operating Cost
Per Ounce1
0.3 3.2
26
32
39
0
5
10
15
20
25
30
35
40
45
Q1 17 Q2 17 Q3 17
Goldounces(‘000)
Prestea 2017 Gold Production
Prestea Underground Prestea Open Pits

40. 6
Prestea: Mineral Reserves and Resources
NYSE: GSS
TSX: GSC
MINERAL
RESERVES
Dec 31, 2016 Proven and Probable Mineral
Reserve
Tonnes Grade Ounces
Open pit 811,000 3.17 83,000
Underground 1,094,000 13.93 490,000
Stockpiles 115,000 2.55 9,000
PRESTEA TOTAL 2,020,000 8.96 582,000
MINERAL RESOURCES
(Inclusive of Reserves)
Dec 31, 2016 Resources
Tonnes Grade Ounces
Measured
and
Indicated
Resources
Open pit non-
refractory
1,594,000 2.75 141,000
Open pit refractory 14,424,000 3.01 1,396,000
Underground 1,570,000 15.69 792,000
Other 2,230,000 1.69 121,000
PRESTEA TOTAL 19,818,000 3.85 2,450,000
Inferred Resources 4,835,000 6.64 1,032,000

41. 7
Operational Successes
NYSE: GSS
TSX: GSC
• Underground production ramping up
following first stope blasting
• Stope hanging wall conditions are
favourable with minimal dilution and
good fragmentation
• Infrastructure construction complete
• Training of Golden Star’s Alimak
miners and development crews is
proceeding well
• Highly successful open pit mining at
Mampon during 2017
• Plant modifications for high grade
underground ore are progressing on
target

42. 8
Health and Safety
NYSE: GSS
TSX: GSC
• Last LTI in November 2016
• Open pits – last LTI June 2015 – almost 10 million man hours LTI free
• Underground – LTI in November 2016
• Safe operating procedures
• Reporting of near miss accidents
• Safety focus on haulage trucks driving
through populated areas
• New underground personnel training
• Emergency preparedness and mine rescue
• Shaft and hoisting safety upgrades
5.2 million man hours Lost Time Injury (LTI) free

43. 9
Community Relations and Social Responsibility
NYSE: GSS
TSX: GSC
Chief Operating Officer Daniel Owiredu signs the new CSR agreements with the local communities in
October 2012
Strong support from local communities
Value Retention
Oil Palm & Skills Training
Local Participation
Driving Principles
Secure social license and retain value in host communities
Development Foundation
$2 per oz. for dev programs
Proactive engagement
with communities

44. PRESTEA
UNDERGROUND
10

45. • Commercial production expected in Q4 2017
• Stope 1 in longhole production
• Stope 2 raising complete and drilling cable
support and blast holes
• Stope 3 raise development at 130m
• Stope 4 commenced raising
• Stope 5 Alimak nest preparation ongoing
• Breakthrough of the footwall drive complete
allowing improved ventilation, cooler
temperatures and better environmental
conditions for loader operation
• 17 Level rehabilitation ongoing with decline
development expected to commence in Q4
2017
11
Prestea Underground: Current Status
NYSE: GSS
TSX: GSC

46. 12
Development Sequence
NYSE: GSS
TSX: GSC
Current situation
17L
24L
S1 S2
S3
S4

47. 13
Development Sequence
NYSE: GSS
TSX: GSC
December 2017
17L
24L

48. 14
Development Sequence
NYSE: GSS
TSX: GSC
December 2018
17L
24L
21L
Decline to 21L
Vent raise system

49. 15
Development Sequence
NYSE: GSS
TSX: GSC
December 2019
17L
24L
21L

50. 16
Development Sequence
NYSE: GSS
TSX: GSC
December 2020
17L
24L
21L
Decline to 27L

51. 17
Development Sequence
NYSE: GSS
TSX: GSC
December 2021
17L
24L
21L
27L

52. 18
Development Sequence
NYSE: GSS
TSX: GSC
Mid-2022
17L
24L
21L
27L

53. 19
Explanation of Alimak Mining
NYSE: GSS
TSX: GSC
Alimak raise commences on first stope

54. 20
Explanation of Alimak Mining
NYSE: GSS
TSX: GSC
First raise completes, sub drift to second raise

55. 21
Explanation of Alimak Mining
NYSE: GSS
TSX: GSC
First Alimak relocates to top and install support

56. 22
Explanation of Alimak Mining
NYSE: GSS
TSX: GSC
First Alimak longhole drilling

57. 23
Explanation of Alimak Mining
NYSE: GSS
TSX: GSC
First stope commences blasting

58. 24
Explanation of Alimak Mining
NYSE: GSS
TSX: GSC
Sequence progresses

59. 25
Explanation of Alimak Mining
NYSE: GSS
TSX: GSC
Sequence progresses

60. 26
Explanation of Alimak Mining
NYSE: GSS
TSX: GSC
Sequence progresses

61. 27
24 Level Development
NYSE: GSS
TSX: GSC
Workshop
Vent raise
Ore drive
Footwall drive
Alimak nest
Pump chamber
Drill chamber
21 Level ore pass

62. 28
PRESTEA OPEN PITS

63. 29
NYSE: GSS
TSX: GSC
2017 Results: Prestea Open Pits & Mampon Deposit
1. See note on slide 2 regarding Non-GAAP Financial Measures
Q1 2017 Q2 2017 Q3 2017
Actual YTD
(end Sep 2017)
Budget YTD
(end Sep 2017)
Ore Mined kt 341 366 477 1,191 853
Waste Mined kt 583 956 1,030 2,568 1,471
Ore Processed kt 389 371 408 1,167 1,016
Grade Processed g/t 2.31 3.15 3.60 3.03 5.32
Recovery % 88.8 88.1 86.7 88.1 89.0
Gold Sales oz 26,446 32,019 42,103 100,568 106,082
Direct Operating Cost $/oz 637 652 526 595 531
162%
115% 115%
156%
104%
123%
0%
50%
100%
150%
200%
Mining Milling G&A
Cost Performance Relative To Production
%Production Attained %Cost Incurred
• Fifth consecutive quarter of record
production from Prestea Open Pits in Q3
2017
• Surface operations performance has
outperformed plan significantly
• Consistent decrease in direct operating cost
• Life of Prestea Open Pits extended until
early 2018

64. 30
Mampon Deposit
NYSE: GSS
TSX: GSC
Logging – Feb 2017 Grade Control – Mar 2017 Mining – Mar 2017
Pit 1 (Oct)
Ore turned
transition
Pit 2
depleted &
under backfill
Aboronye
Ore mining
underway

65. 31
Re-forestation and Biodiversity Offset Impact of Mining
NYSE: GSS
TSX: GSC
• Mampon site nursery created
• All seedlings gathered are from the Opon Mansi
Forest Reserve (OMFR)
• 8,580 seedlings of 18 different species nursed
• Additional seedlings to be sourced from Forestry
Services Division (FSD)
• Rehabilitation
• Works commenced on initial access road created for
Pit 1
• Compartment 20 of OMFR is earmarked for
biodiversity off-set
• FSD and Golden Star team inspected site
• Checklist for progress tracking activities being
developed
• 36 hectares of land of Minta Forest reserve earmarked
for re-forestation
• Additional 14 hectares to be provided by FSD

66. 32
Process Plant Modification
• Modifications to plant underway to ensure efficient
processing
• Downsizing delayed until May 2018 due to additional
ore availability from Prestea Open Pits
• Construction will be complete well ahead of
changeover to solely underground ore
• Work to date:
• Lime silo installed and operational
• Pre-leach thickener operational
• Acacia reactor operational
• 2x current leach tanks rebuilt
• 1x leach tank rebuilt (old biox tank), 1 ongoing
• New CIL final tails pump station - 85% complete
• CIL feed pump station - 30% complete
• New Carbon recovery screen - 40% complete
Plant modified to accept underground ore and ensure the full impact of higher
grades is realized

67. GEOLOGY &
EXPLORATION
PROGRAM

68. 34
Geology
NYSE: GSS
TSX: GSC
• Prestea Underground is hosted within Birimian Phyllites
• Gold mineralization is associated with the prolific fault zone referred to as the Ashanti
Trend
• West Reef mineralization is hosted in a fault structure parallel to the Main Reef
located ~250m in the hanging wall
• Gold occurs as free gold along carbonaceous partings within the quart veins or with
pyrite and arsenopyrite

69. 35
Exploration Strategy
NYSE: GSS
TSX: GSC
1.0 m @ 0.25g/t1.0m @ 37.3g/t
Prestea West Reef 24 Level 270 S4 X cut – North Wall
Prestea West Reef 24 Level 270 S4 X cut – South Wall
1.0m @ 12.6g/t1.0m @ 3.4g/t
1.0 m @ 0.42g/t 1.0m @ 32.4g/t 1.0m @ 64.1g/t 1.0m @ 0.5g/t

70. 36
Exploration Targets for 2017 and Beyond
NYSE: GSS
TSX: GSC
Planned 2017 and
beyond West Reef
extension drilling
Prestea
Open Pits
Planned
2018 Main
Reef drilling
South
Gap
N S
Bondaye
Shaft
Tuapim
Shaft
17L
24L
Central
Shaft
Potential Main Reef
drilling beyond
2018
Planned
South Gap
surface
drilling
Potential
Tuapim
drilling
beyond 2017
35L
30L
Planned Main
Reef Drilling
30-35L
Targets

71. 37
2017 Exploration Program
NYSE: GSS
TSX: GSC
Asset
Planned Drilling
(m)
Expected Cost
($ million)
Prestea Underground
West Reef extension and definition drilling 11,630 1.2
Main Reef initial drill testing on 17 to 21 Levels 4,600 0.6
South Gap and Tuapim drilling from surface 5,250 0.7
Prestea Underground Total 21,480 2.5
Prestea Open Pits and Mampon deposit
Prestea South Pit and Mampon expansion drilling 9,100 0.4
Prestea Open Pits and Mampon Total 9,100 0.4
Prestea Operations TOTAL 30,580 2.9
Phase one of exploration program has 3 key targets at Prestea:
1. Extension and definition of West Reef – assessing the opportunity to increase the
supply of high grade UG ore to the plant in the near term – drilling commenced in Q1
2017
2. Initial testing of Main Reef between 17 and 21L – to evaluate the potential to include
Main Reef ore in the mine plan in the medium term – expected to commence in 2018
3. Confirming the results of previous drilling of South Gap and Tuapim areas –
conducted from surface and testing the Main Reef. Potential to extend Prestea
Underground’s LOM – commenced in Q3 2017

72. 38
2017 West Reef Drilling to Date
NYSE: GSS
TSX: GSC

73. 39
Planned West Reef Drilling – 2018 and Beyond
NYSE: GSS
TSX: GSC
17 Level
N
S
24 Level
30 Level
West Reef Planned
Stopes
Main Reef
mined
stopes
Completed 2017
West Reef Infill
Drilling
100 m
West Reef
2019 Planned
Drilling Up
Dip
West Reef North Extension and Down
Plunge Drilling to complete by end
2017
West Reef
Mined Stopes
2018 West Reef
Planned Drilling with the
objective of extending
the Mineral Reserves to
the South (up plunge)
2018 West Reef
Planned Drilling with the
objective of extending the
West Reef to the North
(down plunge)

74. 40
Planned Main Reef Drilling – 2018 and Beyond
NYSE: GSS
TSX: GSC
17 Level
N
S
24 Level
30 Level
Main Reef
mined
stopes
100 m
Main Reef 2019 Planned
Drilling from 17-21 Level
Decline re-mucks
Main Reef mined
stopes
Main Reef 2018
Planned Drilling from
287 drill chamber
Main Reef
plunge
extension
targets
Main Reef
plunge
extension
targets

75. 41
Main Reef Drilling 30 Level
NYSE: GSS
TSX: GSC
7.2g/t
12.8g/t
0.8g/t
20.2g/t
7.8g/t
1.1g/t
2.9g/t
1.0g/t
1.7g/t
2.7g/t
0.9g/t
12.6g/t
• In 2006 9 holes were drilled below 30 Level to test the Main Reef
• All of the holes intersected the reef structure as well as hanging wall and foot wall
mineralization
QUESTIONS?