National bank qc june 2016 lr

1. THE GRADE
MAKING

2. 2
FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and
assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You
are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions
such as “target”, “guidance”, “feasibility”, “initial”, “timetable”, “will”, “objective”, “promising”, “potential”, “priorities” and other similar words
or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the
forward-looking statements include the ability to achieve a first gold pour at Natougou in H2 2018, the ability to meet our 2016 production
guidance of between 225,000 and 245,000 ounces, the ability to achieve our 2016 total cash cost guidance of between $535 and $565 per
ounce and our all-in sustaining cost guidance of between $720 and $760 per ounce, the ability to meet the annual average production
targets at Natougou within the anticipated total cash costs and all-in sustaining costs, the ability to achieve the projected LOM, the ability to
meet the targeted permitting process, initial capital expenditures, construction start-up, the ability to expand Natougou reserves and
resources, the ability to bring Yama into reserves by year-end 2016, the ability to meet the various objectives in terms of tonnes of ore to the
milling facility, head-grade and gold recovery at the Natougou plant, the ability to generate an after-tax internal rate of return (IRR) of 48% with
a payback period of 1.5 years and to generate an after-tax NPV of $262 million, the accuracy of our assumptions, the ability to execute on our
strategic focus, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral
reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other
risks described in SEMAFO’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to
these and other risks in SEMAFO’s 2015 Annual MD&A, as updated in SEMAFO’s 2016 First Quarter MD&A, and other filings made with
Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at
www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable
law.
All mineral resources are exclusive of mineral reserves.
In this presentation, all amounts are in US dollars unless otherwise indicated.

3. 3
SEMAFO HAS….
 STRONG IN-HOUSE
TECHNICAL TEAM
 TRACK RECORD OF
OPERATING SUCCESS
IN WEST AFRICA
 HIGH-GRADE OPEN-PIT
DEPOSITS
 FINANCIAL STRENGTH
 LARGE EXPLORATION
PACKAGE
 RESPECTED CSR
PROGRAMS
 DISCIPLINED GROWTH
STRATEGY

4. 4
6,600km2
in Burkina Faso
over three prospective belts
MANAMine
in Burkina Faso
20years
Commissioned
3 mines in West Africa
over
LONG STANDING PRESENCE IN WEST AFRICA
NATOUGOUFeasibility Study Completed
Targeted Production H2 2018
BurkinaFaso
Mana
BANFORA GOLD BELT
PERMITS
Ouagadougou
(Capital)
Inata
Essakane
Bissa
Taparko
Youga
SEMAFO property
Other mines
Electric line
Korhogo
Natougou
Nabanga
Bantou

5. 55
172.7
158.6
234.3
255.9
750
777
649
493
550
1,221
1,242
801
645
740
0
200
400
600
800
1000
1200
1400
0
50
100
150
200
250
300
2012 2013 2014 2015 Guidance 2016
Production '000 ounces Total Cash Cost ($/oz) All-in Sustaining Cost ($/oz)
OPERATING SUCCESS
Met its production guidance for the eighth consecutive year
245
225
‘000oz

6. 6
2008 2009 2010 2011 2012 2013 2014 2015
0.9 0.8
2.2 2.0 1.9
2.3 2.2
3.3
1.0
1.6
1.1
2.8 3.0 2.4 2.8
2.9
0.5
0.9
2.7
2.1 1.9
1.4
1.2
2.1
Discoveries
- Reserves estimate using a gold price of $1,100/oz
- Resources estimate using a gold price of $1,400/oz
EXPLORATION AND ACQUISITION SUCCESS
Fofina
1.2 Mt @ 2.72 g/t Au
104,000 oz
Siou
6.5 Mt @ 4.16 g/t Au
874,000 oz
Wona
12.6 Mt @ 2.30 g/t Au
935,000 oz
2010 2011 2012 2015
FOFINA
FOBIRI YAHO SIOU
ACQUISITION
ORBIS GOLD
Natougou
9.6 Mt @ 4.15 g/t Au
1,300,000 oz
40%
30%
27%
3%
Reserves 50 % YoY
Inferred Resources
Measured and Indicated Resources
Proven and Probable Reserves
* All mineral resources are exclusive of mineral reserves.

7. 77
MANA STRONG PRODUCTION AND LOW COST PROFILE
6
GUIDANCE
2016
2015 2014
Ore processed (t) 2,500,000 2,399,600 2,754,000
Head grade (g/t) 3.25 3.63 2.90
Recovery (%) 91 91 91
Total gold ounces produced (K) 225-245 256 234
Total cash cost/ounce sold1($) 535-565 493 649
All-in sustaining cost/ounce2 ($) 720-760 645 801
1 Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and
government royalties per ounce sold.
2 All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the total cash cost, plus sustainable
capital expenditures and stripping costs per ounce.

8. 88
0
200
400
600
800
1000
1200
1400
AISC 2016 TCC 2016
LOW ALL-IN SUSTAINING COST RELATIVE TO INDUSTRY PEERS: 2016
Source: National Bank as at May 27, 2016
$/oz
AISC - All-In-Sustaining-Cost: Cash costs plus corporate costs plus sustaining capital
Total Cash Costs (Co-Product): The Gold Institute definition of Total Cash Costs is cash operating costs plus royalties and production taxes.
SMF

9. NATOUGOU: OUR NEW QUALITY ASSET

10. 10
POSITIVE FEASIBILITY STUDY HIGHLIGHTS
During the first three years,
• Average annual production of more than 226,000 ounces
• Average total cash cost of $283/oz and AISC of $374/oz
• Average head grade 5.72 g/t at a gold recovery rate of 93.8%
Projected LOM total cash cost of $408/oz and all-in sustaining
cost of $518/oz
Maiden open pit mineral reserves of 9.6 million tonnes at a
grade of 4.15 g/t Au for 1,276,000 ounces of gold
Initial CAPEX: $219 million, project fully financed
First gold pour
H2 2018
Project economics at $1,100/oz:
• After-tax NPV 5%: $262 million
• After-tax IRR: 48%
• Payback period: 1.5 years

11. 11
NATOUGOU– INITIAL PRODUCTION
YEAR 1 YEAR 2 YEAR 3
Feed ore (t) 1,256,000 1,343,200 1,343,200
Grade (g/t) 5.93 5.59 5.65
Gold recovery (%) 93.9 93.7 93.7
Ounces (oz) 224,918 226,100 228,502
TCC ($/oz) 319 304 227
AISC ($/oz) 380 406 337
STRONG FREE CASH FLOW

12. 12
2016 2017 2018
NATOUGOU TIMETABLE
2026
Construction & Pre-stripping
17
12
 Lycopodium selected for the
EPCM contract
 Filing of the Environmental
Social Impact Assessment (ESIA)
Permitting process
& Detailed engineering
Commissioning, ramp-up,
first gold pour and production

13. 13
VALUE CREATION THROUGH
EXPLORATION
Budget expanded to $18 million

14. 14
TARGETED EXPLORATION WITHIN TRUCKING DISTANCE OF MANA - 2016
25 km
from the mine
$6.5 million exploration budget
established for Mana project in 2016
 Exploration will concentrate on
areas within trucking distance of
the mine
 42,000-meter RC drill program
 63,000-meter auger drill program
Mana Mine
Wona
Siou
Fofina
FobiriYaho
BN2
POMPOÏ
MAOULAYAMA
MONTAGNE
BLANCHE

15. 15
DRILLING RESULTS AT YAMA
OBJECTIVE: RESERVES BY YEAR-END 2016
Results summary
─ 15 m @ 3.95 g/t Au
─ 6 m @ 5.26 g/t Au
─ 12 m @ 6.08 g/t Au
─ 12 m @ 3.85 g/t Au
─ 12 m @ 4.71 g/t Au
─ 5 m @ 5.00 g/t Au

16. 16
BOMBOUELA NORD – BN2
 Promising auger results in
Q1 2016
 Follow-up with 6,500 m of
RC drilling, commencing
in May 2016

17. 17
NATOUGOU: AN UNDEREXPLORED PROPERTY
Prior to the acquisition, Natougou had seen little near-pit or regional
exploration
Focus on in-fill drilling for the feasibility study in 2015
Regional and proximal exploration only commenced a few months ago
773 km2 of exploration ground
Objective is to expand
reserves and resources
to continue creating value

18. 18
 28,000 meters of RC drilling
 6,000 meters of DDH drilling
 60,000 meters of auger drilling
 Airborne geophysical survey
Natougou
PROXIMAL AND REGIONAL EXPLORATION PROGRAM : $9M IN 2016

19. 19
EXPLORATION POTENTIAL – OPEN IN ALL DIRECTIONS
19

20. 20
FOOTWALL ZONE OF BOUNGOU SHEAR ZONE

21. 21
NATOUGOU –AUGER DRILLING ON SOUTH ZONE

22. 22
NABANGA : A THIRD HIGH-GRADE DEPOSIT
Nabanga Deposit

23. 23
Nabanga Deposit
Inferred Resources
1.8 Mt @ 10 g/t Au
590,000 ounces
 2016 Budget of $1,5 M
 16,000 m RC drilling
program
Yacti Target
Kamsongo Target
NABANGA : A THIRD HIGH-GRADE DEPOSIT

24. 24
24
2016 PRIORITIES
NATOUGOU
 Completing detailed engineering in Q4
 Completing the permitting process and starting construction by year-end
 Continuing exploration with the aim of increasing reserves, resources and value
MANA
 Delivering our production guidance for a ninth consecutive year
 Exploring within trucking distance of the Mine
• Bringing Yama into reserves
OTHERS
 Exploring Nabanga
 Remaining on the lookout for opportunities
 Continuing our cost reduction efforts

25. 25
National Workforce Development Program -
Training of promising national employees for
management or trainer posts
SEMAFO Foundation -
Six years of activities which generated revenues of
C$4.2M to the benefit of communities
Training – 6,200 hours of training
were dispensed in 2015, of which 64%
benefited our Burkinabe employees
Strong Safety Record -
Accident frequency rate of 1.86 per 200,000
hours worked as of December 31, 2015

26. 26
SMF: INVESTOR INFORMATION
TSX, OMX: SMF
Average Daily
Trading Volume(1)  3.3M
Coverage  16 analysts
Close  C$4.92
Market Cap  C$1.6B
*As at May 30, 2016
USA
39%
Canada
42%
Europe
18%
Others
1%
26
O/S 323.6M SHARES Geographic Distribution
of Shares (2)
TOP 5 SHAREHOLDERS
DIRECTORS
Jean Lamarre
Chair of the Board
John LeBoutillier
Lead Director
Terence F. Bowles
Benoit Desormeaux
President and Chief Executive Officer
Flore Konan
Gilles Masson
Lawrence McBrearty
Tertius Zongo
1. Van Eck
2. Prudential (including M&G & Vanguard)
3. Royal Bank of Canada
4. Tocqueville
5. Sentry Investments
Institutional
89%
Retail
11%
(1) Three-month moving average as at May 30, 2016 – TSX
(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear

27. 27
MANA’S RESERVES (AS AT DECEMBER 31, 2015)
Wona:
12,665,000 t @ 2.30 g/t Au
935,100 oz
Fofina:
1,185,000 t @ 2.72 g/t Au
103,700 oz
Siou:
6,524,000 t @ 4.16 g/t Au
873,600 oz
Mana
Processing Plant

28. 28
SEMAFOInc.
100Alexis-Nihonblvd.
7thfloor,St-Laurent(Quebec)
CanadaH4M2P3
www.semafo.com