SEMAFO has a track record of operating success in West Africa, with high-grade open-pit deposits and 8 consecutive years of meeting production guidance. They are pursuing disciplined growth through the feasibility study for the high-grade Natougou deposit and targeted exploration near existing mines and in Côte d'Ivoire. SEMAFO has strong financial flexibility with $167M in cash and low debt.

1. THE GRADE
MAKING
Toronto
January 26-27, 2016

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 “guidance”, “outlook”, “preliminary”, “final adjustment”, “initial”, “assumptions”, “should”, “will”, “expected”,
“estimated”, “anticipates”, “committed”, “evolve”, “become”, “pursuing”, “growth”, “opportunities” 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 meet our production guidance of between 225,000 and 245,000 ounces of gold at a total cash cost of
between $535 and $565 per ounce and all-in sustaining cost of between $720 and $760 per ounce, the ability to incur $44.3 million of
capital expenditures at Mana, the ability to invest $11 million in our initial exploration program in 2016, the accuracy of our various
assumptions, the ability of the Mana mill to process approximately 2.5 million tonnes at an average grade of 3.25 g/t Au with an average
gold recovery rate of 91%, the ability to keep our general and administrative expenditures at $13.5 million, the ability to finalize the Natougou
feasibility study toward the end of the first quarter of 2016, 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 2014 Annual
MD&A, as updated in SEMAFO’s 2015 First Quarter MD&A, 2015 Second Quarter MD&A and 2015 Third 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….
 A TRACK RECORD OF
OPERATING SUCCESS
IN WEST AFRICA
 HIGH-GRADE OPEN-PIT
DEPOSITS
 FINANCIAL STRENGTH
 LARGE EXPLORATION
PACKAGE
 A STRONG CSR
PROGRAM
 A DISCIPLINED
GROWTH STRATEGY

4. 4
STRONG PRESENCE IN WEST AFRICA
6,820km2
in Burkina Faso
over three prospective belts
780km2
in Côte d’Ivoire
MANAMine
in Burkina Faso
Owner-operator of
20years
Commissioned
3 mines in West Africa
over
BurkinaFaso
Mana
BANFORA
GOLD BELT
PERMITS
Ouagadougou
(Capital)
Inata Essakane
Bissa
Taparko
Youga
SEMAFO property
Other mines
Electric line
Korhogo
Natougou
Nabanga
Bantou
4

5. 55
172,7
158,6
234,3
255,9
750
777
649
495
550
1 221 1 242
805
648
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
0
1
2
3
Dec. 31, 2007 Dec. 31, 2014
Mana Reserves Net of
Depletion: +140%
Reserves in Moz Au
245
225
‘000oz
 Built and expanded Mana on
time and on budget
 Reserves at Mana more than
doubled since inauguration of
the mine in 2008
 Total cash and all-in sustaining
costs benefited from a full year
of production from the Siou and
Fofina deposits in 2015

6. 66
STRONG PRODUCTION PROFILE, LOW COSTS
6
GUIDANCE
2016
Full year
2015³
Full year
2014
Q4 2015³ Q4 2014
Ore processed (t) 2,500,000 2,399,100 2,754,000 642,600 638,200
Head grade (g/t) 3.25 3.63 2.90 3.13 3.30
Recovery (%) 91 91 91 89 85
Total gold ounces
produced (K)
225-245 255.9 234.3 57.5 61.8
Total cash cost/ounce
sold1($)
535-565 495 649 495 596
All-in sustaining cost2 ($) 720-760 648 805 730 700
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.
³ 2015 numbers are preliminary and are subject to final adjustment.

7. 77
10
12
14
16
18
20
22
24
2012 2013 2014 2015 2016
G&A Expense in $M
 As a result of our cost control focus, G&A expenses have been trending
downward for the past four years:
ESTIMATED CAPEX (in millions of $) 2016 Guidance
Sustaining Capital 12.1
Stripping Costs 28.4
Sustaining Capital - 2015 Deferred 3.8
Total 44.3
STREAMLINED OPERATIONS
(E) 2016 Guidance
$M
(E)
Initial exploration budget: $11M
Natougou feasibility study: $12.5M,
$11M of which was spent in 2015

8. 88
LOW ALL-IN SUSTAINING COST RELATIVE TO OUR PEERS: 2016
Source: TD Securities as at January 21, 2016
* Revised for SEMAFO Guidance of January 20, 2016
$0
$200
$400
$600
$800
$1 000
$1 200
$1 400
IMG AGI TMM KGC AUY P ABX GG BTO AEM CG DGC NEM LSG NGD ELD SMF*
Operating Exploration G&A Other Sustaining
$/oz

9. 99
MANA’S RESERVES (AS AT DECEMBER 31, 2014)
Wona-Kona:
13,275,500 Mt @ 2.27 g/t
Au
970,100 oz
Fofina:
2,443,200 Mt @ 2.62 g/t
Au
205,700 oz
Siou:
6,972,200 Mt @ 4.37 g/t
Au
980,000 oz
Mana
Processing Plant

10. 1010
TARGETED EXPLORATION WITHIN TRUCKING DISTANCE OF MANA - 2016
25 km
from the mine
 $4.5 million exploration budget
established for Mana project in
2016
 Exploration will concentrate on
areas within trucking distance of
the mine
 ~27,000-meter RC drill program,
mainly on 3 sectors south of Mana
 27,000-meter auger drill program
Mana Mine
Wona
Siou
Fofina
Fobiri
Yaho
RC drilling
4,600 m
RC drilling
6,900 m
RC drilling
12,500 m

11. 1111
2008 2009 2010 2011 2012 2013 2014
0,9 0,8
2,2 2,0 1,9
2,3 2,2
1,0
1,6
1,1
2,8 3,0 2,4
3,8
0,5
0,9
2,7
2,1 1,9
1,4
2,2
44%
43%
9%
* Includes Orbis acquisition
- Resources at Tapoa Permit Group (Natougou deposit) estimate at $1,300/oz. NI 43-101 report, March 2015
- Resources at Yactibo Permit Group (Nabanga deposit) were reported above a 5.0 g/t Au cut-off grade.
NI 43-101 report, June 2015
Inferred Resources
Measured and Indicated Resources
Proven and Probable Reserves
GROWTH IN MINERAL RESERVES AND RESOURCES
Fofina
2.4Mt @ 2.62 g/t Au
205,700 oz
Wona-Kona
13.3Mt @ 2.27 g/t Au
970,100 oz
Siou
7.0Mt @ 4.37 g/t Au
980,000 oz
*
- Mana Reserves estimate using price of $1,100 /oz.
- Mana Resources estimate at $1,400/oz.

12. 12
0
1
2
3
4
5
6
SEMAFO’S QUALITY OPEN-PIT ASSETS
NATOUGOU MINERAL RESOURCES (1)
Category Tonnes Grade Ounces
Indicated 5.8 Mt 5.87 g/t Au 1.1 Moz
Inferred 3.9 Mt 3.49 g/t Au 0.4 Moz
SIOU – MINERAL RESERVES
Total reserves 7.0 Mt 4.37 g/t Au 1.0 Moz
(1) Mineral Resources reported above an 0.77 g/t Au cut-off grade. NI 43-101 report, March 2015
(2) Source: Brokers and company reports.
Grade of West African Open Pit Gold Deposits(2)
Gold Deposits
Natougou Indicated
Siou Reserves
Projects
Natougou Inferred
Mines

13. THE GRADE
MAKING
13
FEASIBILITY STUDY UPDATE AT NATOUGOU – January 2016
• Process: 90% complete
This includes the plant and site layout, equipment specification,
RFQs (Request for Quotes)
• Remaining work items: mine plan, CAPEX/OPEX estimates and
financial model
• Environmental study: 80% complete (January 2016)
• Results from 56,000 meters of drilling for the feasibility study
are in line with expectations
• Positive metallurgical test work met expectations
o Fresh rock - gold recovery rate of over 92%
o Oxidized - gold recovery rate of over 96%
 90% complete –delivery anticipated in Q1 2016
 $11M of $12.5M total budget disbursed

14. THE GRADE
MAKING
14
NATOUGOU PRELIMINARY SITE PLAN

15. 15
REGIONAL EXPLORATION PROGRAM : $1.3M – H2 2015PROXIMAL AND REGIONAL EXPLORATION PROGRAM : $6M IN 2016
 Airborne geophysical surveying - 2015
 20,000 meters of RC drilling
 6,000 meters of core drilling –
continuity of footwall & sector SW
 60,000 meters of auger drilling
2016

16. 16
BOUNGOU SHEAR ZONE DRILLING CAMPAIGN
2016 Core Drilling:
6,000 meters in the
footwall and south
sector of Natougou

17. 17
NATOUGOU DEPOSIT – GROWTH POTENTIAL
Results from Phase I of proximal exploration returned values of up to 10.29 g/t Au
over 10 meters at depths between 8-130 meters
Target area measures about 200 meters wide, is open towards the west and northwest
TPA0103
10m @10.82g/t Au
TPA0406
10m @10.29g/t Au
TPA0356
3m @12.89g/t Au
TPA0401
3m @17.04g/t Au

18. 1818
NABANGA: A SECOND HIGH-GRADE DEPOSIT
Nabanga –Inferred Mineral Resource
(1)
Cut-off Grade Tonnes Grade Ounces
5.0 g/t Au 1.84 Mt 10.0 g/t Au 590,000 oz
(1) Inferred Mineral Resource figures at a 5.0 g/t Au cut-off grade. NI 43-101 report, June 2015
.

19. 19
Côte d’Ivoire
Highly mineralised greenstone belts
Korhogo Project
Along strike from Tongon Mine - priority targets
EXPLORATION UPSIDE: ACQUIRED PERMITS IN CÔTE D’IVOIRE
Korhogo Permit /Application
Korhogo East Application
Korhogo West Permit
Target Corridor
Fapoha South (Randgold)
Fapoha North (Randgold)
Gold Mine
Gold Deposits
Target Corridor

20. THE GRADE
MAKING
20
FINANCIAL FLEXIBILITY
 Cash at December 31, 2015 - $167M
 Long-term debt (LIBOR +6.5%) of $90M
 Debt-Equity Ratio at September 30, 2015 – 15%
 Generated $108M ($0.37 per share) of cash flow
from operating activities for the 9-month period of 2015

21. THE GRADE
MAKING
 Complete the feasibility study at Natougou
 Disciplined exploration within trucking distance
of the Mana Mine and Natougou deposit
 Deliver our production guidance for a ninth consecutive year
 Ongoing cost optimisation programs
21
SHORT-TERM PRIORITIES

22. 22
National Workforce
Development Program -
Training of promising national
employees for management
or trainer posts
SEMAFO Foundation -
Six years of activities bolster
our ability to establish strong
relations with communities
Training – 10,000 hours of training
were dispensed in 2015, of which 75%
benefited our Burkinabe employees
Strong Safety Record -
Accident frequency rate of
1.88 per 200,000 hours worked
as of December 31, 2015

23. 23
IN SUMMARY
Track Record of Operating Success in West Africa
– Achieved production guidance for eight consecutive years
– Production of 255,900 ounces for 2015 (↑ 9% YOY)
– Total cash cost of $495/oz for 2015 (↓24% YOY)
– All-in sustaining cost of $648/oz for 2015 YTD (↓20% YOY)
– Successfully commissioned three mines in West Africa
Disciplined Growth Strategy
– Feasibility study for Natougou deposit in line for completion
at end of Q1 2016
– Targeted exploration in vicinity of Mana Mine and Natougou
deposit
– Initiated exploration in Côte d’Ivoire on a strong geological
trend
– High-grade open-pit assets
Financial Strength
– $167M in cash (as at December 31, 2015)
– Long-term debt of $90M
– Generating free cash flow
Strong CSR Program
– 2009 pledge to commit up to 2% of net profit to support
SEMAFO Foundation community activities
– Accident frequency rate of 1.88 per 200,000 hours worked
(December 31, 2015)
– Well-established National Workforce Development Program
23

24. 24
SMF: HIGH LIQUIDITY AND BROAD COVERAGE
TSX, OMX: SMF
Average Daily
Trading Volume(1)  1.9M
Coverage  16 analysts*
Close  C$3.50*
Market Cap  C$1.0B*
Solid balance sheet
*As at January 20, 2016
(1) Three-month moving average as at January 20 ,2016 – TSX
(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear
90%
Institutional
Retail
10%
USA
43%
Canada
40%
Europe
17%
24
O/S 294M SHARES
Geographic Distribution
of Shares (2)
TOP 5 SHAREHOLDERS
ADMINISTRATORS
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. Fiera Capital

25. THE GRADE
MAKING
25
APPENDICES

26. THE GRADE
MAKING
26
MINERAL RESERVE AND RESOURCES

27. THE GRADE
MAKING
27
NATOUGOU STRUCTURES
Sub-parallel hangingwall structures not
included in resource estimate