GSR

1. F I N A N C I A L R E S U L T S
0 7 . 1 4
1

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: our production expectations for 2014
including our production guidance; predictions regarding cash operating costs per ounce for 2014, 2015 and over the life of mine target; estimated capital
expenditures for 2014 [and 2015]; anticipated all-in sustaining costs for 2014, 2015 and over the life of mine target; expected cash flow over the remainder of
2014; timing of drilling, drilling results and concentration on infill drilling; the impact of cost cutting initiatives; improved access to ore in 2014; planned head
grades; ability to generate cash; timing for completion of a feasibility study at Wassa underground; timing of Wassa Preliminary Economic Assessment,
resource models and engineering and mine scheduling; timing of Wassa Underground construction; timing of Wassa underground to commercial production;
timing of revised preliminary economic assessment at Prestea Underground; timing of Prestea Underground to commercial production; timing of updated
mineral reserve and mineral resource estimates at Wassa; and our 2014 and 2015 outlook and objectives for the remainder of 2014 and 2015. 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 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”, “cost per
tonne mined” and “cost per tonne milled”. 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 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; and (iii) Golden Star’s Annual Report for 2013. 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.
Q2 2014 Financial Results Presentation2

3. MANAGEMENT PARTICIPANTS
Daniel Owiredu
Executive Vice President and
Chief Operating Officer
Sam Coetzer
President and
Chief Executive Officer
André van Niekerk
Executive Vice President and
Chief Financial Officer
Martin Raffield
Senior Vice President,
Technical Services

4. Q2 2014 OPERATIONAL REVIEW
4 Q2 2014 Financial Results Presentation
MINING DEVELOPMENT OPTIMISATION
61,721 ounces
produced and sold
Q2’14
Wassa development
DRILLING
delivers strong results
70 m @ 5.8 g/t Au
45 m @ 8.3 g/t Au
Internal study on
LOW CAPEX
option for Prestea
Underground
RAINFALL
heavy over period,
hampered access
and mining
PEA on WASSA
UNDERGROUND
nearing completion
Study yields
+’ve OUTCOME
Bogoso push backs
COMPLETE
Announcement due end
Q3’14
Progressing to PEA
in Q3’14

5. Q2 2014 FINANCIAL OVERVIEW
Golden Star Resources Q2 2014 Financial Results Presentation5
LOWER REVENUE
Revenue decreased quarter over quarter to $80 M
with fewer ounces of gold sold
EVEN LOWER COSTS
Cost of sales reduced 7% to $78 M
Mine operating expenses reduced 11% to $74 M
COC per ounce marginally reduced to $1,201
REDUCED LOSS
Adjusted net loss reduced 38% quarter over quarter
to $8 M

6. COST AND EXPENSES REDUCING
Cost of Sales Excluding Depreciation and
Amortization ($ M)
Golden Star Resources Q2 2014 Financial Results Presentation6
Mine Operating Expenses ($ M)

7. — Cash operating costs per ounce consistent from Q1 to Q2 2014
— Significant achievement of operational efficiencies at Wassa
— Strip ratio lower at both operations
— Focus on margin growth, development of new projects expected to
reduce cash costs going forward
CASH OPERATING COSTS PER OUNCE1
(1) See note on slide 2 regarding Non-GAAP Financial Measures
Q2 2014 Financial Results Presentation7
AISC: $1,349
AISC: $1,523
AISC:
$1,050-1,150

8. 2014 GUIDANCE REVISION
8 Golden Star Resources Q2 2014 Financial Results Presentation
ORIGINAL REVISED
Production oz. 295-320,000 260-280,000
Cash Operating Costs $ per oz. 950-1,000 1,000-1,100
Capital Expenditure $ M’s 50 36

9. WASSA OPERATIONAL PERFORMANCE
Q2 2014 Q1 2014
Ore mined kt 723 649 More ore available in Wassa Main pit
Waste mined kt 2,812 4,440
Wassa Main pit established in Q1’14
Completion of mining of Father Brown in Q2’14
Ore processed kt 661 704 In line with rated capacity for fresh rock
Grade
processed
g/t 1.48 1.62 Completion of mining at Father Brown
Recovery % 92.8 92.7
Gold sales oz. 29,446 34,838
9 Q2 2014 Financial Results Presentation
Wassa production forecast for 2014 revised to 115-125,000 ounces

10. WASSA FINANCIAL PERFORMANCE
Cash operating cost per oz1
— Increased costs per ounce
anticipated with head grade
reducing
— Mine operating expenses reduced
to $29 M (Q1 2014: $34 M)
— Operational efficiencies
— Reduced strip
— Full year cash operating costs
expected to be $925-1,000/oz.
— Reduction in costs per ounce from
2015 as grade increases with
depth
(1) See note on slide 2 regarding Non-GAAP Financial Measures
Q2 2014 Financial Results Presentation10

11. BOGOSO OPERATIONAL PERFORMANCE
11 Q2 2014 Financial Results Presentation
Q2 2014 Q1 2014
Ore mined refractory kt 531 627 Limited pit access
Waste mined kt 3,408 4,924 Push backs complete
Refractory ore processed kt 610 708 Ore availability
Refractory grade g/t 2.10 1.79 Accessed some high grade material
Gold recovery – refractory % 68.5 66.7
Non-refractory ore processed kt 331 404 Rain hampered hydraulic mining
Non-refractory grade g/t 0.82 0.94 Deeper benches have lower grade
Gold recovery - non-refractory % 32.5 41.0 Deeper benches with differing metallurgy
Gold sold refractory oz. 28,620 26,010
Gold sold non-refractory oz. 3,655 4,964
Bogoso production forecast for 2014 revised to 145-155,000 ounces
Slow start to Q3 with power interruptions

12. BOGOSO FINANCIAL PERFORMANCE
Cash operating cost per oz1
— Mine operating expenses reduced
to $45 M (Q1 2014: $49 M)
— Higher grade processed reduced
costs per ounce
— Achievement of cost saving targets
set in 2013
— Full year cash operating costs per
ounce of $1,100 – 1,200 expected
— Cash operating costs per ounce
expected to decrease over
remainder of 2014 and 2015
— Capex reduced from $31.0 M to
$18.0 M
(1) See note on slide 2 regarding non-GAAP financial measures
Q2 2014 Financial Results Presentation12

13. BALANCE SHEET
— Cash on hand at period end of $43.4 M
— Accounts payable reduced with deferral of creditor payments
— Negative working capital at quarter end
— Revenue and cash flow expected to improve in H2 2014
— Full year capex reduced from $50 M to $36 M
— Further capital expenditure for 2014 of $18 M budgeted, reduced from $31 M
originally budgeted
— Ecobank loan facility of $10.0 M remaining
Q2 2014 Financial Results Presentation13

14. WASSA DEVELOPMENT
Q2 2014 Financial Results Presentation14
Wassa Main Grade Thickness Contour
(gt)*m
— 12 holes, totaling 6,615 meters drilled Q2 2014
— Results confirmed and extended zones of high grade mineralization on
step out hole
— 450 m south: 70 m grading 5.8 g/t Au
— 50 m south: 45.4 m with grading 8.3 g/t Au
— Infill drilling continues to confirm continuity, grade and thickness
Wassa Main Grade Thickness Contour
(gt)*m
December 2011 July 2014

15. WASSA GROWTH
— Results support block modelling and stope design for PEA
— Infill drilling continues in Q3 2014
— Wassa underground PEA progressing well
— Resource models nearing completion
— Detailed engineering and mine scheduling thereafter
— PEA complete Q3 2014
— Step out drilling to continue, pending positive PEA
15 Q2 2014 Financial Results Presentation

16. PRESTEA UNDERGROUND
Q2 2014 Financial Results Presentation16
— High grade ore body, 19 g/t Au in situ
— Feasibility Study completed in 2013
demonstrated positive economics
— Lower capex, quicker production alternative
evaluated
— Internal study completed in Q2 2014
— Handheld 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

17. 17
CATALYSTS FOR VALUE CREATION
Q2 2014 Financial Results Presentation
Wassa
Underground
construction
begins
PEA on
underground
mining at
Wassa
complete
Establish
Wassa
Main pit
Complete
push back
at Bogoso
Updated
Mineral
Resource
estimate for
Wassa
Q3 2014 Q4 2014Q2 2014 2015 2016
Operational
cost
savings
achieved

Revised PEA
for Prestea
Underground
First
production
Prestea
Underground
First
production
from Wassa
Underground
* Development of projects dependent on positive study results and adequate access to finance

18. Investment Case
Established gold mining company with
15 years of production history in Ghana
3.9 M oz. in Mineral Reserves & a further
2.4 M oz. in Measured & Indicated
Mineral Resources
Successfully reduced overall operating
costs over last two years
18
Current pipeline of development
projects expected to reduce unit costs
further
Offers investors leveraged, un-hedged
exposure to the gold price
Low operational risk in a stable African
mining jurisdiction
Significant exploration & development
upside development

19. PROVEN AND PROBABLE RESERVES
19 Q2 2014 Financial Results Presentation
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

20. MEASURED AND INDICATED MINERAL RESOURCES
20 Q2 2014 Financial Results Presentation
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 Main 270 1.44 13 44,812 1.78 2,568 45,082 1.78 2,580
Wassa Underground - - - 2,446 3.67 289 2,446 3.67 289
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 270 1.44 13 51,066 2.02 3,314 51,336 2.02 3,327
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 7,208 2.70 627 72,852 2.45 5,729 80,060 2.47 6,356
* 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

21. INFERRED MINERAL RESOURCES
21 Q2 2014 Financial Results Presentation
Dec 31, 2013 Inferred Mineral Resources
tonnes
(000)
grade
g/t Au
ounces
(000)
Wassa Main 313 1.28 13
Wassa Underground 646 3.10 64
Father Brown 40 1.85 2
Father Brown Underground 881 6.35 180
Wassa Other 85 2.93 8
Subtotal Wassa 1,964 4.23 267
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 5,024 6.46 1,044
Total 6,989 5.84 1,311
* 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