This document provides an overview and summary of SEMAFO's assets, growth strategy, and projects. SEMAFO has high-grade gold deposits in West Africa, a track record of success, and is pursuing growth through projects like Boungou mine construction and regional exploration. Boungou is on track to begin production in Q3 2018 and aims to be one of SEMAFO's highest producing mines. SEMAFO's priority is replacing reserves through exploration while maintaining a strong social responsibility program.

1. UNEARTHING
THE FUTURE
THE 28TH ANNUAL GOLD FORUM
The Broadmoor, Colorado Springs, Colorado | 24-27 September 2017

2.  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 “growth”, “strategy”, “targeted”, "expected", "guidance", “during the first three years”, “projected”, “payback period”, "continues", "on time and on budget", “aiming”,
“highest ever”, “next step”, “potential”, “targets”, “promising” 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 execute our growth strategy, the ability to begin production at Boungou in Q3 2018, the ability to produce 52,000 oz in Q3
2017, the ability to mine Zone 9 as planned through December 2017, the ability to reach the upper end of our 2017 production guidance of between 190,000 and 205,000 ounces of gold at a total
cash cost of between $685 and $715 per ounce and all-in sustaining cost of between $920 and $960 per ounce, the ability to meet the various highlights of the positive feasibility study of Boungou,
including with respect to the (i) project economics at $1,100/oz, (ii) anticipated average annual production, total cash cost, AISC and head grade during the first three years, (iii) ability to produce
some 1.2 million ounces over a projected LOM in excess of 7 years, and (iv) projected LOM total cash cost and AISC, the ability to complete the construction of Boungou on time and on budget, the
ability to meet our expected consolidated production in 2018 and 2019, the ability to convert inferred resources in the West and East Boungou flanks to indicated resources, the ability to execute our
2017 Mana exploration strategy, the ability to complete a Mana PFS in Q1 2018, the ability to develop an underground at Siou, the accuracy of our assumptions, fluctuation in the price of currencies,
gold prices and 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 2016 Annual MD&A, as updated in SEMAFO’s 2017 First Quarter MD&A, 2017 Second 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.
 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.
 All amounts are in US dollars unless otherwise indicated. 2
FORWARD-LOOKING STATEMENTS
Unearthing the future

3. 3
OUR ASSETS
STRONG IN-HOUSE
TECHNICAL TEAM
TRACK RECORD OF
OPERATING SUCCESS
IN WEST AFRICA
HIGH-GRADE DEPOSITS
FINANCIAL STRENGTH
LARGE EXPLORATION
PACKAGE
DISCIPLINED
GROWTH STRATEGY
RESPECTED CSR
PROGRAMS
Unearthing the future

4. 4
Côte d’Ivoire
MANA MINE
in Burkina Faso
Ouagadougou
(Capital)
KORHOGO
NABANGA
BANTOU
BOUNGOU
Ghana
Benin
Togo
Niger
Mana
BANFORA
LONG-STANDING PRESENCE
IN WEST AFRICA
Commissioned
3 mines in West Africa over
20 YEARS
5,000 km2
in Burkina Faso over three
prospective belts
BOUNGOU
Construction under way
Targeted Production Q3 2018
Unearthing the future

5. 5% Others
126,000 oz
23% Siou
5.0 Mt @ 4.3 g/t Au
689,000 oz
30% Wona
12.4 Mt @ 2.3 g/t Au
913,000 oz
42% Boungou
9.6 Mt @ 4.15 g/t Au
1,276,000 oz0.9 0.8
2.2 2.0 1.9
2.3 2.2
3.3 3.01.0
1.6
1.1
2.8 3.0 2.4 2.8
2.9
3.0
0.5
0.9
2.7
2.1 1.9
1.4
1.2
2.1 2.6
2008 2009 2010 2011 2012 2013 2014 2015 2016
Proven and Probable Reserves
Measured and Indicated Resources
Inferred Resources
5
EXPLORATION
AND ACQUISITION SUCCESS
- Reserves estimate using a gold price of $1,100/oz
- Resources estimate using a gold price of $1,400/oz
* All mineral resources are exclusive of mineral reserves.
Unearthing the future
Exploration at Mana
Acquisition
of Boungou
Discovery of
West Flank

6. MANA PRODUCTION AND COST PROFILE
6
GUIDANCE 2017 H1 2017 2016
Total gold ounces produced (K) 190-205 103 240
Total cash cost /ounce sold1 ($) 685-715 701 548
All-in sustaining cost /ounce2 ($) 920-960 976 720
1Total 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.
► 52,000 oz expected in Q3 2017 to reach the upper end of guidance

7. 7
UPPER PORTION OF SIOU’S ZONE 9 CHALLENGING
 We changed grade control method
to RC drilling
 We drilled 200 holes
• over 7,500 meters to a vertical
depth of 30 meters
• over a grid of 12.5 meters by
6.25 meters
• over 500 meters on strike of
mineralization
 Thus covering what is to be mined
from May through December 2017
on Zone 9
 Geological interpretation issues
 Complex geometry
 Junction of 3 different zones
Caused by:
Action plan:

8. 8
ZONE 9 BACK ON TRACK
 Grade control drilling on the test zone
resulted in:
668,000 tonnes at 4.52 g/t for 97,000 oz
compared to reserves of
633,500 tonnes at 4.82 g/t for 98,100 oz
 As expected, the zone is simpler and
more rectilinear at depth
 Ore mined between May and August is in
line with reserves
 Q3 production includes 240,000 tonnes
at 5 g/t from Zone 9
Unearthing the future

9. | NEAR -TERM GROWTH: BOUNGOU |
9

10. 10
BOUNGOU: A HIGH QUALITY PROJECT
 A $155M ACQUISITION IN 2015
 FROM SCOPING STUDY TO PRODUCTION IN THREE YEARS
 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 AISC 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
 Feasibility study at $1,100/oz:
• CAPEX $231M
• After-tax NPV 5%: $262 million
• After-tax IRR: 48%
• Payback period: 1.5 years
 Production of some 1.2 million ounces over a projected LOM in excess of 7 years
Unearthing the future

11. 11
ROBUST PROJECT ECONOMICS
GOLD PRICE SENSITIVITY ANALYSIS
Base Case
Gold Price ($/oz) $1,100 $1,200 $1,300
After-tax NPV5% ($M) $262 $334 $400
After-tax IRR (%) 48 58 68
Payback period (years) 1.5 1.3 1.2

12. 2016 2017 2018
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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 
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
Mining Permit Award
Detailed Engineering
Earthworks
Accommodation Construction
Water Storage Facility & Dams
Tailing Storage Facility
Milling
Feed Preparation
Leaching & CIP Circuit
Gold Room
Plant Services
Power Plant
Fuel Depot
Pre-Stripping
Mining Ore
1st Gold Pour
Process
Plant
The water storage facility is already functional
%
complete
100%
100%
41%
88%
71%
12%
17%
23%
70%
0%
22%
55%
30%
24%
0%
0%
12
CONSTRUCTION CONTINUES ON TIME AND ON BUDGET
 51% complete
 $94M out of $231M spent
 All major long-lead items on site
 On time for first gold pour in Q3 2018
 1,900 workers on site
 2.1 M man-hours without lost time injury
*Schedule milestones as at August 31, 2017 Unearthing the future

13. 14
PROCESS PLANT PROGRESS
AS AT AUGUST 31, 2017
Surge Bin Vertimill
CrusherSAG mill
ROM Pad Leach Tanks
13

14. 14
Water Storage Facility holds currently 500k m3 water
Pre-stripping Boungou Pit:
3.7 Mt moved
Installation of Vertimill
Delivery of SAG Mill

15. 15
BOUNGOU: NEXT STEP FOR GROWTH
2018-2019 AIMING FOR HIGHEST CONSOLIDATED
PRODUCTION EVER
0
100 000
200 000
300 000
400 000
2013 2014 2015 2016 2017 2018(E) 2019(E)
oz
Target
Guidance
Mana

16. CREATING VALUE THROUGH EXPLORATION
Initial exploration budget of $23M ► Mana $5M
► Boungou $15M
► Other properties $3M
► H1 2017: $14M
Mostly in-fill drilling to complete studies on Siou and Boungou
► H2 2017: $9M
Regional exploration programs
16

17. 17
NEAR-TERM UPSIDE AT BOUNGOU
WEST AND EAST FLANKS
WEST FLANK
EAST FLANK
Unearthing the future
Discovery of West and East Flanks in 2016
Our objectives:
 To convert inferred to indicated resources
 To complete a PFS in Q1 2018
 To improve production and economics as of
year 4

18. NEXT STEP IN OUR GROWTH STORY
REGIONAL EXPLORATION AT BOUNGOU
Boungou
4,000m
Pambourou
3,000m
Porphyre
3,000m
Dangou Nord
2,000m
Bossoari
1,600m
Pambourou Nord
1,500m
Scheduled RC drilling
15,000m in H2 2017
18Unearthing the future
Boungou Mine

19.  2017 budget of $5M
 Siou
─ To expand resources
─ To convert inferred into indicated resources
─ To evaluate the underground potential
 Regional exploration
─ To find satellite deposits within trucking distance of the
mine
19
2017 MANA EXPLORATION STRATEGY
Unearthing the future
Yama

20. 20
SIOU UNDERGROUND POTENTIAL
Unearthing the future
20
2,565,000 t @ 2.40 g/t for 197,900 ounces Au
5,834,000 t @ 3.70 g/t for 693,200 ounces Au
From To Length Au cut (40 g/t Au)
1 MMP17-008 379.5 390.7 11.2 11.3
2 MMP17-018 349 353.7 4.7 6.98
3 MMP17-019 401.9 406.6 4.7 6.10
4 WDC928 286 310.95 24.95 2.38
5 WDC931 337 348.9 11.9 7.45
6 WDC933 301 346.7 45.7 3.90
7 WDC934 338 346.7 8.7 5.26
8 WDC938 351 355.3 4.3 21.77
9 WDC939 376.6 386.7 10.1 5.50
10 WDC940 340.5 351.5 11.0 5.04

21. RC DRILL TARGETS IN H2 2017
FOLLOW-UP OF PROSPECTIVE AUGER RESULTS
Mouni 1,800m
Fobiri Sud 1,200m
Wona SO 2,000m
Scheduled RC 20,000m
Pompoi
2,000m
Datomo
2,000m
Kokoi
1,500m
Bara
8,000m
Unearthing the future 21

22. 22
Côte d’Ivoire
MANA MINE
in Burkina Faso
Ouagadougou
(Capital)
KORHOGO
NABANGA
BANTOU
BOUNGOU
Ghana
Benin
Togo
Niger
Mana
BANFORA
Unearthing the future
OTHER PROSPECTIVE PROPERTIES
Korhogo - Côte d’Ivoire
 Trenching program completed
 RC drilling program of 6,000 m
on best targets
Kongolokoro Sector
 Four exploration permits on the Houndé Belt
 Drilling program completed
 Evaluation underway
Nabanga - Inferred resources of
1.84 Mt @ 10 g/t Au for 590,000 ounces
 Next step: investigate the mineralized structure at depth

23. 23
KORHOGO: PROMISING GOLD
ANOMALIES IN CÔTE D’IVOIRE
 Permit located south of Tongon Mine
 H1 2017: 11 trenches completed
─ 7 returned anomalous gold values
 H2 2017
─ Ongoing RC program on Chigata Zone
─ Significant gold values obtained
Unearthing the future

24. FINANCIAL FLEXIBILITY
24
 Cash as at June 30, 2017 - $304M
 Credit facility (LIBOR +4.75%) of $120M as at June 30, 2017
Unearthing the future

25. 25
SOCIAL INVESTMENT AT THE HEART
OF OUR VALUE CREATION
National Workforce
Development Program –
Training of promising national employees
for management or trainer positions
SEMAFO Foundation –
Seven years of activities generated
revenues of
to the benefit of communities
Training –
5,270 HOURS
of training were dispensed in 2016 to our
Burkinabe employees
Strong Safety Record –
Accident frequency rate of
1.85 per 200,000 HOURS
worked as of December 31, 2016
C$5.5M