SEMAFO provides a summary of its operations and growth strategy in West Africa. It has a track record of success at its Mana mine in Burkina Faso, with production expected to increase up to 11% in 2015. It is conducting exploration drilling at Mana and regionally to identify new deposits near the mine. A feasibility study for the high-grade Natougou deposit is on track for completion in Q2 2016 and indicates the potential for resource growth. SEMAFO also discusses its portfolio of exploration properties in Burkina Faso and Côte d'Ivoire that provide opportunities for new discoveries.

1. MAKING
THE GRADE
Investor
Presentation
December 2015

2. MAKING THE GRADE
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 “on track”, “guidance”, “expect”, “target”, “will”, “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 complete
the Natougou feasibility study early in the second quarter of 2016 within the $12.5 million budget, the ability to achieve the mid-
range of our 2015 production guidance of between 245,000 and 275,000 ounces, the ability to achieve our 2015 total cash cost
guidance of between $485 and $505 per ounce and our all-in sustaining cost guidance of between $630 and $650 per ounce, 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, Second Quarter MD&A and 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.
FORWARD-LOOKING STATEMENTS
2

3. MAKING THE GRADE
3
SEMAFO HAS….
 A DISCIPLINED
GROWTH STRATEGY
 A TRACK RECORD OF
OPERATING SUCCESS
IN WEST AFRICA
 HIGH-GRADE OPEN-PIT
DEPOSITS
 FINANCIAL STRENGTH
 LARGE EXPLORATION
PACKAGE
 A STRONG CSR PROGRAM
3

4. MAKING THE GRADE
Mana Mine
Capital
SEMAFO property
Other mines
Electric line
Bantou
Natougou
Nabanga
Niger
Côte d’Ivoire
Ghana
Togo
Benin
OVERVIEW
5
 Commissioned three mines
in West Africa over 20 years
 Owner-operator of Mana Mine
in Burkina Faso
 6,820 km2 in Burkina Faso
over three prospective belts
 780 km2 in Côte d’Ivoire
EssakaneInata
Youga
Bissa
Taparko
MANA
BURKINA FASO
BANFORA GOLD BELT PERMITS
Côte d’Ivoire
Korhogo
4

5. MAKING THE GRADE
172,7 158,6
234,3
750 777
649
495
1 221 1 242
805
640
0
200
400
600
800
1000
1200
1400
0
50
100
150
200
250
300
2012 2013 2014 Guidance 2015
Production '000 ounces Total Cash Cost ($/oz)
All-in Sustaining Cost ($/oz)
5
OPERATING SUCCESS
Increasing production and declining costs
 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 benefit from a full year of
production from the Siou and
Fofina deposits in 2015
On track to meeting production guidance
for eighth consecutive year
0
1
2
3
Dec. 31, 2007 Dec. 31, 2014
Mana Reserves Net of Depletion:
+150%
Reserves in M. oz Au
275
245
‘000oz
US$/oz
9 months

6. MAKING THE GRADE
PRODUCTION AT MANA TO INCREASE BY UP TO 11% IN 2015
Q3 2015
9 months
2015
REVISED
GUIDANCE
November 2015
INITIAL
GUIDANCE
January 2015
Ore processed (t) 618,300 1,756,500 2,500,000 2,500,000
Head grade (g/t) 3,67 3.81 3.60 3.60
Recovery (%) 92 92 90 90
Total gold ounces produced (K) 67 198 245–275 245-275
Total cash cost/ounce sold1($) 485 494 485-505 575-605
All-in sustaining cost2 ($) 616 621 630-650 715-750
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
• All-in sustaining costs for the 9-month period of 2015 decreased by 26% year over year
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7. MAKING THE GRADE
 As a result of our cost control focus, G&A expenses have been trending
downward for the past three years:
ESTIMATED CAPEX (in millions of $) 2015 Guidance(1)
Sustaining Capital 15.0
Stripping Costs 18.0
Sustaining Capital - 2014 Deferred 4.0
Total 37.0
STREAMLINED OPERATIONS
 24% relative to 2014
(1) 2015 Guidance
$M
10
12
14
16
18
20
22
24
2012 2013 2014 2015
G&A Expense in $M
7
(E)
Exploration: $18.0M
Natougou Feasibility Study: $12.5M

8. MAKING THE GRADE
LOW ALL-IN SUSTAINING COST RELATIVE TO OUR PEERS
Source: BMO CAPITAL MARKETS as at November 16, 2015
• Total Cash Costs (Co-Product): The Gold Institute definition of Total Cash Cost is cash operating costs plus royalties and production taxes.
For averages, total cash costs are weighted to the number of ounces produced in each respective year.
• AIC (All-In-Cost): All-In-Sustaining-Cost plus development capital
8
$1 466
$1 334
$1 041
$1 148
$1 237
$1 066
$965
$932
$1 077
$780
$1 090
$665
$850
$728
$608
$692
$770
$634
$476 $490
$0
$200
$400
$600
$800
$1 000
$1 200
$1 400
$1 600
GSC BTO PRU ACA ELD GOLD EDV TGZ ASR SMF
All-in Sustaining Costs Production and Cash Cost - By-Product
2015 2015

9. MAKING THE GRADE
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
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10. MAKING THE GRADE
TARGETED EXPLORATION WITHIN TRUCKING DISTANCE OF MANA
25 km
from the mine
 $11 million exploration budget
established for Mana project in 2015
 H2 2015 exploration will concentrate
exclusively within trucking distance of
the mine
 ~30,000 meters of RC drill program to
be completed in H2 2015

11. MAKING THE GRADE
Natougou
NabangaBanfora (15 permits)
Grassroots projects Advanced projects Production
Wona/Kona
Fofina
Siou
Maoula
Bantou
sector
Massala
Mana Est (Siou sector)
Natougou Explo
Korhogo permits (CDI)
Yaho
GROWTH PIPELINE
Nabanga Explo
Acquisition of Orbis Gold
Q1 2015 for $155M
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12. MAKING THE GRADE
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
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13. MAKING THE GRADE
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
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Mines

14. MAKING THE GRADE
FEASIBILITY STUDY UPDATE AT NATOUGOU – November 12, 2015
14
• Process: 90% completed
This includes the plant and site layout, equipment
specification, RFQs (Request for Quotes)
• Remaining work items: test work on tailings and
CAPEX/OPEX estimates
• Environmental study: 40% completed (September 30, 2015)
75% completed (November 12, 2015)
• 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%
 70% complete – on track for completion in early Q2 2016
 $9.9M of $12.5M total budget disbursed

15. MAKING THE GRADE15

16. MAKING THE GRADE
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
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17. MAKING THE GRADE
THE BOUNGOU SHEAR ZONE DRILLING CAMPAIGN
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18. MAKING THE GRADE
REGIONAL EXPLORATION PROGRAM : $1.3M – H2 2015
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19. MAKING THE GRADE
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
.
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20. MAKING THE GRADE
BANFORA: A 30-KILOMETER ANOMALY TREND
 Portfolio of 10 farm-in and 5
acquired permits covering
1,600 km²
 Auger drilling revealed a major NE-
trending 30-km anomaly called the
Mouro Trend
 2015 RC drilling found some good
intersections that lack continuity
 Project on hold pending decision
on 2016 exploration budget
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21. MAKING THE GRADE
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
21

22. MAKING THE GRADE
FINANCIAL FLEXIBILITY
 Cash at September 30, 2015 - $138M
• Excluding $17.5M received in early October which
represents the September 30 gold shipment
 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
22

23. MAKING THE GRADE
SHORT-TERM PRIORITIES
 Disciplined exploration within trucking distance of the Mana Mine
and Natougou deposit
 Deliver our production guidance for an eighth consecutive year
 Complete the feasibility study at Natougou
 Ongoing cost optimisation programs
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24. MAKING THE GRADE
> SEMAFO Foundation -
six years of activities
bolster our ability to
establish strong relations
with communities
> National Workforce
Development Program –
training of promising
national employees for
management or trainer posts
> Strong Safety Record –
accident frequency rate
of 1.88 per 200,000
hours worked as of
September 30, 2015
SOCIAL INVESTMENT -
AT THE HEART
OF OUR VALUE
CREATION > Training – 10,000 hours of
training were dispensed in
2014, of which 75%
benefited our Burkinabè
employees
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25. MAKING THE GRADE
IN SUMMARY
Track Record of Operating Success in West Africa
• Achieved production guidance for seven consecutive years
• Production of 198,400 ounces for 2015 YTD (↑15% YOY)
• Total cash cost of $494 per ounce for 2015 YTD (↓26% YOY)
• All-in sustaining cost of $621 per ounce for 2015 YTD (↓26% YOY)
• Successfully commissioned three mines in West Africa
Disciplined Growth Strategy
• Targeted exploration in vicinity of Mana Mine and Natougou deposit
• Feasibility study for Natougou deposit in line for completion
in early Q2 2016
• Initiated exploration in Côte d’Ivoire on a strong geological trend
• High-grade open-pit assets
Financial Strength
• $138M in cash (as at September 30, 2015)
• $17.5M in gold receivables from September 30 gold shipment
• 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
(September 30, 2015)
• 294 days without lost time injury
• Well-established National Workforce Development Program
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26. MAKING THE GRADE
Average Daily Trading Volume(1)  2.1M
Coverage  16 analysts*
Close  C$3.49*
Market Cap  C$1.03B*
Solid balance sheet
*As at December 9, 2015
O/S 294M SHARES
SMF: HIGH LIQUIDITY AND BROAD COVERAGE
(1) Three-month moving average as at December 9, 2015 – TSX
(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear
TSX, OMX: SMF
Geographic Distribution
of Shares (2)
TOP 5 SHAREHOLDERS
1. Van Eck
2. Prudential (including M&G & Vanguard)
3. Tocqueville
4. Royal Bank of Canada
5. Fiera Capital
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
26
90%
Institutional
Retail 9%
USA
43%
Canada
40%
Europe
17%