The document summarizes the Denver Gold Forum 2014 conference to be held from 14-17 September. It contains forward-looking statements about SEMAFO's expectations to achieve the upper end of its 2014 production guidance of 200,000-225,000 ounces of gold and the lower end of its total cash cost guidance of $695-745 per ounce. It also outlines SEMAFO's strategy to continue growing production at its Mana Mine in Burkina Faso through exploration and expanding its project pipeline in the country.

1. DENVER GOLD FORUM 2014
14-17 SEPTEMBER

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 “anticipated”, “expected”, “growth”, “strategy”, “generate”, “future”, “create”,
“builds”, ”continue”, “expand”, “guidance”, “objective”, “focus”, “priority”, “short-term catalysts” 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 fund exploration and obtain drill results for the Bilakongo, Tigan, Kana
permits and the permits on the Banfora Gold Belt in the fourth quarter, the ability to execute on our strategy, the ability of our short-
term catalysts to materialize, the ability to generate future cash flow, the ability to attain the upper end of our production guidance
of between 200,000 and 225,000 ounces of gold and the lower end of our 2014 total cash cost guidance of between $695 and
$745 per ounce, and an all-in sustaining cost of between $840 and $890 per ounce and G&A of $16 million in 2014, the ability to
continue to grow Mana and expand our project pipeline, the ability to incur $30.6 million of sustaining capital expenditures and
$17.9 million of growth capital expenditures, the ability of the infill drilling program to replace and increase the reserves base at
Siou, the ability to optimize and improve efficiencies throughout the Corporation, fluctuation in the price of currencies, gold or
operating costs, mining industry risks, uncertainty as to the 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 2013 Annual MD&A as updated in our 2014 First and Second Quarter MD&A and other filings made with
Canadian securities regulatory authorities and available at www.sedar.com. Documents are also available on our website at
www.semafo.com. These forward-looking statements are dated as of September 10, 2014 and we disclaim any obligation to
update or revise these forward-looking statements, except as required by applicable law.
We also advise you that the terms “Inferred Resources” and “Indicated Resources”, although recognized and required by the
Canadian Securities Administrators, are not recognized by the US Securities and Exchange Commission. There is no certainty
that Inferred Resources or Indicated Resources will be economically mineable. All mineral resources are exclusive of mineral
reserves.
In this presentation, all amounts are in US dollars unless otherwise indicated.
2

3. INVESTMENT SUMMARY
3
► An established gold producer in West Africa
 Burkina Faso: owner and operator of the Mana Mine
 2014 production guidance of between 200,000 and 225,000 ounces of gold
 2014 total cash guidance of between $695 and $745 per ounce
 Record Q2, 2014 production of 72,700 ounces at a total cash cost of $602 per ounce
 Lower cost production growth from newly ramped-up, high-grade Siou and Fofina deposits
► Growth pipeline
 Siou: reserves extension
 Siou intrusive
 Mana property²: 3,315 km²
 Banfora Gold Belt²: 1,351 km²
► Strong balance sheet
 $93M in cash and no debt (as at June 30, 2014)
 $38M in cash flow from operating activities in Q2 2014
1 Total cash cost per ounce is a non-IRFS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government
royalties sold.
² Area includes permitted land and farm-in agreements.

4. BURKINA FASO – A FAST-GROWING MINING POWERHOUSE
 Seven new gold mines since 2007 and
~15 exploration/development companies
 Gold is Burkina Faso’s first export
product, accounting for 20% of GDP
 National production of 35 tonnes of gold
projected for 2014, up 9% from 2013
 Corporate tax rate of 17.5%
 3%-5% sliding royalty on gold produced
 Ranked 3rd in Africa for the jurisdiction
with most favorable policies towards
mining by The Fraser Institute of
Canada*
 Democratic and stable government
 Presidential election in November 2015
 SEMAFO - a first mover in the mining
sector in 1995
Banfora Belt
Houndé Belt
4
* 2013/2014 Annual Survey of Mining Companies

5. SEMAFO’S EXTENSIVE LAND PACKAGE
Permitted land and farm-in agreements: 3,315 km²
Ghana Togo
Mali
Niger
Benin
Farm-in agreements on
13 permits: 1,351 km²
Power line
5

6. PRIORITY FOR GROWTH - SIOU
6

7. MANA: EXPLORATION SUCCESS
RESERVES & RESOURCES (Moz)
(As at December 31)
Reserves: 24% increase*
Grade: 22% increase*
Reserves estimated @ $1,300/oz
Resources estimated @ $1,600/oz
Reserves estimated @ $1,100/oz
Resources estimated @ $1,400/oz
20132008 2009 2010 2011 2012
Inferred Resources
Measured & Indicated Resources
Proven & Probable Reserves
* Compared to December 31, 2012
Note: All mineral resources are exclusive of mineral reserves
Fofina
2.8 Mt @ 2.68 g/t Au
Siou
4.8 Mt @ 4.94 g/t Au
Wona-Kona
17.5 Mt @ 2.20 g/t Au
RESERVES (P&P)
25.5 Mt @ 2.81g/t Au
2.3 Moz
1,239,900 oz
769,300 oz
237,700 oz
FOCUS ON
QUALITY OUNCES
2010: Fofina, Fobiri 2012: Siou2011: Yaho
Discoveries
0.9
1.0
0.5
0.8
1.6
0.9
2.2
1.1
2.7
2.0
2.8
2.1
1.9
3.0
1.9
2.3
2.4
1.4
7
34%
11%
55%

8. STRATEGY: GENERATE FUTURE CASH FLOW
8

9. DISCIPLINED EXPLORATION BUILDS FUTURE CASH FLOW
AUGUST 2012
Discovery of Siou,
15 kilometers from Mana
Q2 2014
Siou generating free cash flow
18 months later
9

10. RUNDOWN OF STRATEGY
Continue to grow Mana through disciplined and
intensive exploration programs
 Budget of $20M, mainly focusing on vicinity of Mana
Continue to expand our project pipeline
Quality ounces approach
 Mana reserves calculated at a gold price of $1,100/oz
 Maximising throughput from high-grade Siou (4.94 g/t)
and Fofina (2.68 g/t) open-pit deposits
Cost control and optimization program
 G&A guidance of ~$16M for 2014, ↓18% from $19.6M
in 2013 (and ↓28% from 2012)
 Recently divested two non-core assets
Solid operational performance
 Met production guidance for six consecutive years
10

11. Experienced
Team Committed
to Delivering Results
STRONG GUIDANCE FOR 2014
 We expect to attain the upper end of our 2014 production guidance of between
200,000 - 225,000 ounces and the lower end of our 2014 total cash cost guidance of
between $695 and $745 per ounce.
Koz.Au
$/oz.Au
187,8
172,7
158,6
225
300
375
450
525
600
675
750
825
0
20
40
60
80
100
120
140
160
180
200
220
2011 2012 2013 2014 Guidance
2011-2014 Production and Total Cash Costs
Production '000 oz Total cash costs per ounce ($)
H1 2014
H2 2014
11
200
Total cash cost guidance 2014

12. MAINTAINING A SOLID EXPLORATION PROGRAM
 2014 exploration budget $20M
 Siou intrusive area: $14.0M
 Siou infill program: $4.5M
 Banfora Gold Belt: $1.5M
 Siou reserves focus
 Extend reserves between 180m-225m
at depth in the resources pit shell
 Siou intrusive area focus
 RC drilling on Siou Sector, Pompoi,
and Pompoi Nord
$39 $40
$22
$20
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
2011 2012 2013 2014E
Exploration
Investment (in $M)
in Burkina Faso
Yaho
discovery
Siou
discovery
75% for
Infill for
Siou reserves
12

13. EXPLORATION PRIORITY: SIOU INTRUSIVE AREA
The bulk of the $18.5M
Mana exploration budget
has been allocated as
follows:
► 103,000m of RC drilling
► 290,000m of auger drilling
► 8,400 soil samples
► Four diamond drills and
two RC drills are in the
area
13

14. RC DRILLING IN POMPOI VILLAGE SECTOR
14
In Q2, RC drilling
commenced on the 15-
kilometer anomaly trend
east of Mana. Results
include:
► Hole MRC14-3615 with
6.45 g/t Au over 4 meters
► Hole MRC14-3724 with
3.12 g/t Au over 8 meters
► Two RC rigs are in the
area
► Results should be
forthcoming in 2H 2014

15. SIOU – OBJECTIVE: INCREASE RESERVES BY YEAR-END
1 5
In 2014, 24,000 meters of infill drilling are planned, focusing on 180-225 meters ($4.5M).
Initial infill drilling results are in line with expectations.

16. ONGOING INFILL DRILLING PROGRAM FOCUSING ON
180-225 METERS
16

17. FARM-IN AGREEMENT OVER THREE PERMITS
► Three permits totalling
293 km2, located
northeast of Mana
 Bilakongo, Tigan and
Kana permits
 Auger drilling program
to resume after rainy
season
 Results should be
forthcoming in Q4
2014
1 7

18. FARM-IN AGREEMENTS OVER THIRTEEN PERMITS
► Thirteen permits totalling
1,351 km2, located on the
Banfora Gold Belt
 Four auger drills are on site
on the southern and
northern portions of the
Banfora Project permits
 Results should be
forthcoming in Q4 2014
1 8

19. OPERATING ON A SOLID FOUNDATION
1 9

20. Q2 2014 OPERATIONS HIGHLIGHTS
2 0
Q2 2014 Q2 2013
%
change
H1 2014
2014
GUIDANCE
Ore processed (t) 723,900 712,100  2% 1,365,900 2,495,000
Head grade (g/t) 3.37 2,00  69% 2.69 3.00
Recovery (%) 93 85  9% 91 90
Total gold ounces
produced (K)
72.7 41,5  75% 107.8 200-225
Total cash operating
cost/tonne
processed($)
48 36  33% 50 ≈ 58
Total cash
cost/ounce sold
(1)($)
602 675  11% 748 695-745
(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.
Achieved full mining rates at Siou and Fofina in the second quarter

21.  2014 production guidance: upper end of 200,000 – 225,000 ounces
 Total cash cost(1): lower end of between $695 – $745 per ounce
 All-in sustaining cost(2): $840 – $890 per ounce
 Estimated CAPEX (in millions of $) 2014 Guidance
Sustaining Capital 18.5
Stripping Costs 12.1
Total Sustaining Capital Expenditures 30.6
Siou Development* 12.4
Fofina Development* 5.5
Total Growth Capital Expenditures 17.9
2014 ESTIMATED CAPEX AND PRODUCTION GUIDANCE
(1) Total cash cost per ounce 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 pre-
stripping costs per ounce.
* Includes initial pre-stripping.
21

22. SHORT-TERM CATALYSTS
2 2
 Optimised throughput from Siou and Fofina - ongoing
 Focused exploration efforts in the vicinity of the Mana Mine
 Extending Siou reserves at depth – Q4 2014
 RC drilling on Siou Sector, Pompoi and Pompoi Nord – 2H 2014
– With the objective of finding quality ounces
 Connection to the grid in Q4 2014
 Targeted exploration on the Banfora Gold Belt permits – Q4 2014

23.  Committed to generating future cash flow through operational
efficiency and disciplined exploration
 Ongoing operations optimisation programs
 Targeted exploration program focused on the vicinity of the Mana
processing plant
 Sound balance sheet
 $93M in cash (as at June 30, 2014), no debt
 $38M in cash flow from operating activities in Q2 2014
 Successful track record
 Six consecutive years of achieving production guidance
 Time to bring Siou from discovery to production: 18 months
 Exploration success: Mana reserves and resources have more than
doubled since the mine start-up in 2008
IN SUMMARY
2 3

24. SEMAFO remains committed to making significant contributions to improving the quality of
life in the communities in which we operate.
 Fondation SEMAFO focuses primarily on
developing education, health and revenue-
generating programs and projects.
 SEMAFO pledges to contribute up to 2% of
its net income to support Fondation
SEMAFO.
 Fondation SEMAFO is a benchmark for
other mining companies in Burkina Faso
Together for a Better Society
A national radio campaign in Burkina
Faso aimed at raising awareness and
providing information to favor
development
RESPONSIBLE MINING - CSR PROGRAM
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25. Average Daily Trading Volume(1)  2.9M
Coverage  16 analysts*
Close  C$4.33*
Market Cap  C$1.2B*
Cash (As at June 30, 2014)  $93M
No Debt
*As at September 10, 2014
O/S 277M SHARES
SMF: HIGH LIQUIDITY AND BROAD COVERAGE
(1) Three-month moving average as at September 10, 2014 – TSX
(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear
TSX, OMX: SMF
Geographic Distribution
of Shares (2)
www.semafo.com
CONTACT
Robert LaVallière
Vice-President, Corporate Affairs and
Investor Relations
Tel: +1 514.744.4408 ext. 3405
Cell: +1 514.240.2780
Robert.LaValliere@semafo.com
2 5
Top 5 Shareholders
Fund Ownership Position
in % In M. shares
1 Van Eck 15.5 42.8
2 Sentry Investments 8.4 23.1
3 USAA 3.6 9.8
4 Caisse de Dépôt 3.2 9.0
5 Tocqueville 3.1 8.6
As of Q2 2014 33.8 93.3