Prestea PEA Results

1. Q 4 2 0 1 4 P R E S T E A P E A R E S U L T S
1 1 . 1 4

2. 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: PEA operating metrics, including
estimated gold production, tonnes processed, grade and gold recoveries; estimated pre-tax and post-tax internal rate of return and net present value of
Prestea mine (including assumed discount rates) and sensitivities to gold price; the timing for first production from Prestea mine; the life of mine at Prestea
and the ability to extend the life of mine; cash operating costs per ounce; all-in sustaining costs per ounce; the availability and quantum of funding to
advance the development of Prestea mine; mining methods and estimated recovery at Prestea mine; capital costs, including pre-production capital costs,
for Prestea mine; potential modifications to the Bogoso processing plant; required investments in mine infrastructure; production and operating metrics;
the timing for ramping up production at Prestea mine; group life of mine cash costs; estimates of indicated mineral resources, including tonnage, grade and
contained ounces of gold; and future work to be completed at Prestea mine. Factors that could cause actual results to differ materially include timing of
and unexpected events at the Bogoso 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 Prestea mine; 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 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.
Q4 2014 2 Prestea PEA Results

3. MANAGEMENT PARTICIPANTS
Sam Coetzer
President and
Chief Executive Officer
Martin Raffield
Senior Vice President,
Technical Services

4. EXECUTING ON STRATEGY
— Golden Star is transforming to a lower cost producer
— Higher cost Bogoso refractory operation to close late 2015
— Wassa underground development reduces Wassa’s costs per oz
dramatically
— Tailings retreatment has delivered lower cost oz
— Development of Prestea mine is next logical development
— PEA indicates Prestea can deliver ~70k oz/ year for 4.5 years
at average cost of $370 per oz for $40 million investment
— Expenditure of ~$80 million on Wassa and Prestea unlocks
significant value for shareholders
— Realization of corporate strategy to favour margin over production
Group Life of Mine CoC expected to reduce below $700/ oz from 2016
1. See note on slide 2 regarding Non-GAAP Financial Measures
2. LOM is from 2016 onwards and assumes Wassa construction proceeds as per technical report and Prestea construction commences early 2015
Q4 2014 4 Prestea PEA Results

5. PRESTEA IS ENDOWED WITH SOLID INFRASTRUCTURE
— Located on Ashanti trend in town
of Prestea, Western Ghana
— More than 16 surface and six
underground shafts
— Two surface and two underground
shafts operational today – Central
and Bondaye shafts
— 15 kms from Bogoso processing
plant along dedicated haul road
— Existing, permitted and
constructed processing plants at
Bogoso
— Labour with underground
experience in local community
— Utilities including grid electricity
available
Q4 2014 5 Prestea PEA Results

6. PRESTEA HAS A LONG HISTORY OF PRODUCTION
— Prestea in operation as underground
mine since 19th century
— 9 million oz of production from the
larger mineralized zone, Main Reef
— Acquired in 2002, placed on care and
maintenance
— Refurbishment and dewatering
ongoing
— Exploration development and drilling
2003-2013
— Identified and defined the West Reef
mineralized zone
— 2013 Feasibility Study demonstrated
positive economics for mechanised
mining on the West Reef
Q4 2014 6 Prestea PEA Results

7. PRESTEA GEOLOGY AND RESOURCES
— Prestea mineralized trend has strike length of over 9 km
— Primary structure is Main Reef - north south trending, steeply
dipping, narrow, mineralized quartz vein
— Multiple secondary vein structures are developed to the east and
west of the Main Reef
— PEA is focused on the West Reef, high grade mineralized zone
—Indicated Resource of 0.8 Mt @ 18.5 g/t for 502k oz
—Inferred Resource of 0.5 Mt @ 12.1 g/t for 185k oz
—Non-refractory material
—Expected recovery of 90% with high gravity gold recovery
—Strike length 800 m, dip 70-85º west, 0.5-4.0 m wide
—570m to 950 m depth (17 to 24 Level)
Q4 2014 7 Prestea PEA Results

8. PRESTEA MINING METHOD
— West Reef last mined in 2000 above 17 level in the PEA target area
—These stopes used shrinkage mining and are accessible today
— Feasibility Study published in mid-2013 for mechanized cut and fill
mining method and a new access shaft system for the West Reef
— PEA supersedes the Feasibility Study
—Shrinkage mining method
—Low operating and capital cost
—Higher NPV and enhanced IRR in a lower gold price environment
Q4 2014 8 Prestea PEA Results

9. PEA target
PRESTEA WEST REEF LOCATION
9 Q4 2014 Prestea PEA Results

10. PRESTEA MINING METHOD
— Proposed shrinkage method,
historically used at Prestea
— Access from current Central
Shaft on 17 and 24 level
— Incline/decline system to
develop sublevels spaced at
40 meters vertical
— Vent and orepass raises
— Haulage on 24 level
Low risk brownfield project in established and tested mining area
Q4 2014 10 Prestea PEA Results

11. PRESTEA DEVELOPMENT AND COSTS
26,800
84,100
79,200 81,400
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
— Year 1 focused on infrastructure upgrades
— Development commences in year 2
— 50% production rate achieved mid year 2
— Full production rate of ~500 tpd achieved in year 3
— 649k tonnes at 17.2 g/t for 359k oz contained
— Includes 17% mining dilution
51,900
64
374 406 389
431
502 470 500
484
501
-
2 3 4 5 6
Production Coc Aisc
Costs per tonne
Mining $133
Process/hauling $29
G&A $28
Total $190
Q4 2014 11 Prestea PEA Results

12. PRESTEA CAPITAL COSTS
40
24.1
8.3 8.3 7.7
3.6
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
1 2 3 4 5 6
Development capex Sustaining capex
Capital Expenditure
Infrastructure rehab $30 M
Refurb & development $24 M
Sustaining capital $22 M
Development & stoping $7 M
Mining equipment $6 M
Owner costs $2 M
Closure $2 M
Total $94 M
— Preproduction capex estimated at $40 million all in year 1
— Infrastructure includes hoist and shaft upgrades, electrical, ventilation,
dewatering and process plant modifications
— Refurbishment and development overheads include power, labor and
maintenance during the construction period
— Capital supports underground mining beyond the West Reef PEA target
Q4 2014 12 Prestea PEA Results

13. PRESTEA UNDERGROUND ECONOMICS
— At Au $1,200, post-tax IRR of 72%
— At Au $1,200, post-tax NPV5% of $121 million
— LOM cash operating costs of $370/oz
— LOM all-in sustaining costs of $518/oz
Gold Price NPV5% IRR
$ 1,000 75 50%
$ 1,100 98 62%
$ 1,200 121 72%
$ 1,300 144 82%
$ 1,400 167 92%
— The PEA demonstrates robust economics for Prestea
— At Au $1,160, IRR is 68% and post tax NPV5% is $112 million
— High grade nature of the deposit, combined with the low capex
requirements, makes the project viable at low gold prices
Q4 2014 13 Prestea PEA Results

14. WAY FORWARD
— Development period of 12 – 18 months
— Disciplined approach to funding, options being evaluated at
subsidiary and corporate level
— Critical permits and licenses in place, updated Environmental
permit application ongoing
— Enthusiastic local community and Government support for
mine
— Prestea represents the third low cost ore source to be
identified and developed in the last 18 months
Golden Star will continue to assess and develop its existing assets
to lower our group cost profile and improve shareholder returns
Q4 2014 14 Prestea PEA Results

15. CATALYSTS FOR VALUE CREATION


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
Wassa
Feasibility
complete
Q2 2014 Q3 2014 Q4 2014 2015 2016
First
production
from Wassa
Underground
First
production
Prestea
Wassa
decline
construction
begins

Revised
PEA for
Prestea
* Development of projects dependent on positive study results and adequate access to finance
Prestea
development
commences
15 Q4 2014 Prestea PEA Results

16. Investment Case
Established gold mining company with
15 years of production history in Ghana
Successfully reduced overall operating
costs over last two years
Brownfield development projects to
deliver low cost ounces through 2026
3.9M oz. in Mineral Reserves on the
largest land package on the Ashanti
Gold belt
Low operational risk in a stable African
mining jurisdiction
Significant exploration & development
upside development
Offers investors leveraged, un-hedged
exposure to the gold price

17. 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
Q4 2014 17 Prestea PEA Results

18. 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
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.
Q4 2014 18 Prestea PEA Results

19. 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
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.
Q4 2014 19 Prestea PEA Results