2. 2 NYSE: GSS
TSX: GSC
Disclaimer
SAFE HARBOUR: Some statements contained in this presentation are forward-looking statements or forward-looking information (collectively, “forward-looking
statements”) within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Investors are cautioned
that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include
comments regarding: production, cash operating cost, all-in sustaining cost and capital expenditure guidance for 2018; the ability to extend production at Prestea Open
Pits until end of H1 2018; the ability to focus on higher margin underground ore; the timing for completing the processing of ore from Prestea Open Pits; the ability to
expand production at Wassa Underground and Prestea Underground; the ability to use excess shaft/decline capacity and processing capacity at Wassa Underground and
Prestea Underground; the targeted 2018 mining rate at Wassa Underground and Prestea Underground; the ability to conduct additional drilling at Wassa Underground
and Prestea Underground and the timing for completion thereof; the impact on grade as mining operations move further into B Shoot; the potential to add additional
ounces to the short term mine plan at Wassa Underground and Prestea Underground; the potential drilling targets in 2018; planned stoping at B Shoot at Wassa
Underground and at West Reef at Prestea Underground; the ability to achieve 2018 production guidance; the ability to expand Mineral Reserves and Mineral Resources,
extend the life of mine and supply additional ore to processing plants at Prestea Underground and Wassa Underground; the timing for releasing a Mineral Reserve and
Mineral Resource update; the timing for releasing the 2018 exploration strategy update; the timing for releasing initial drilling results from the 2018 drilling program;
and the dollar amount of capital expenditures to be incurred in 2018. Factors that could cause actual results to differ materially include timing of and unexpected events
at the Prestea and/or the Wassa processing plants; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals
and permits; construction delays; the availability and cost of electrical power; timing and availability of external financing on acceptable terms or at all; technical,
permitting, mining or processing issues, including difficulties in establishing the infrastructure for Wassa Underground or Prestea Underground, inconsistent power
supplies, plant and/or equipment failures and an inability to obtain supplies and materials on reasonable terms (including pricing) or at all; changes in U.S. and
Canadian securities markets; heavy rainfall and flooding of underground mines; and fluctuations in gold price and input costs and general economic conditions. There
can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors
in our Annual Information Form for the year ended December 31, 2016 filed on SEDAR at www.sedar.com. The forecasts contained in this presentation constitute
management's current estimates, as of the date of this presentation, with respect to the matters covered thereby. We expect that these estimates will change as new
information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time,
we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in
this presentation represent management's estimate as of any date other than the date of this presentation.
NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms “cash operating cost per ounce”, “All-In Sustaining Cost per ounce” and “AISC per
ounce”. These terms should be considered as Non-GAAP Financial Measures as defined in applicable Canadian and United States securities laws and should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards (“IFRS”). “Cash
operating cost per ounce” for a period is equal to the cost of sales excluding depreciation and amortization for the period less royalties, the cash component of metals
inventory net realizable value adjustments and severance charges divided by the number of ounces of gold sold (excluding pre-commercial production ounces) during
the period. “All-In Sustaining Costs per ounce” commences with cash operating costs and then adds sustaining capital expenditures, corporate general and
administrative costs (excluding share-based compensation), mine site exploratory drilling and greenfield evaluation costs and environmental rehabilitation costs, divided
by the number of ounces of gold sold (excluding pre-commercial production ounces) during the period. This measure seeks to represent the total costs of producing
gold from operations. These measures are not representative of all cash expenditures as they do not include income tax payments or interest costs. Changes in
numerous factors including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumables and mine site general and
administrative activities can cause these measures to increase or decrease. We believe that these measures are the same or similar to the measures of other gold
mining companies, but may not be comparable to similarly titled measures in every instance. Please see our “Management’s Discussion and Analysis of Financial
Condition and Results of Operations for the three and nine months ended September 30, 2017” for a reconciliation of these Non-GAAP measures to the nearest IFRS
measure.
INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemed reliable,
however no representation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star's material properties disclosed
herein is based upon technical reports prepared and filed pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and other
publicly available information regarding the Company, including the following: (i) “NI 43-101 Technical Report on a Feasibility Study of the Wassa Open Pit Mine and
Underground Project in Ghana” effective December 31, 2014; (ii) “NI 43-101 Technical Report on Resources and Reserves, Golden Star Resources Ltd., Bogoso Prestea
Gold Mine, Ghana” effective December 31, 2013, and (iii) “NI 43-101 Technical Report on a Feasibility Study of the Prestea Underground gold project in Ghana”
effective November 3, 2015. Additional information is included in Golden Star's Annual Information Form for the year ended December 31, 2016 which is filed on
SEDAR. Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a
"Qualified Person" as defined by NI 43-101. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden Star
Resources Vice President of Exploration.
CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated.
3. 3 NYSE: GSS
TSX: GSC
Management Participants
Katharine Sutton
VP, Investor Relations &
Corporate Affairs
Sam Coetzer
President and
Chief Executive Officer
André van Niekerk
EVP and Chief Financial
Officer
Daniel Owiredu
EVP and Chief Operating
Officer
4. 4 NYSE: GSS
TSX: GSC
Golden Star: Snapshot
2018 AISC1
guidance
$850-950/oz
2018 capex budget
(excl. exploration)
$29.9m
2018 production
guidance
230,000-255,000oz
Cash balance2
$27.8m
2018 exploration
budget
$6.6m
1. See note on slide 2 regarding “Non-GAAP Financial Measures”
2. As at December 31, 2017
5. 5 NYSE: GSS
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0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Q1 17 Q2 17 Q3 17 Q4 17
Ounces
FY 2017 Gold Production
Prestea Open Pits Wassa Main Pit
Wassa Underground Prestea Underground
2017 Gold Production Guidance Achieved
38% increase in production in FY 2017 compared to FY 2016
• 267,565oz produced in FY 2017, in
middle of 2017 guidance range
• 31% increase in production from the
Wassa complex in FY 2017 compared
to FY 2016
• 45% increase in production from the
Prestea complex in FY 2017
compared to FY 2016
• Ore supply from Prestea Open Pits
extended until end of H1 2018
• Commercial production achieved at
Prestea Underground on February 1,
2018
6. 6 NYSE: GSS
TSX: GSC
Operating Costs Continue to Reduce
FY 2017 consolidated cash operating cost per ounce1 and AISC per ounce1
below bottom end of respective guidance ranges
$976
$872
$763
2015 2016 2017 2018
Cash Operating Cost Per
Ounce1,2
• 13% decrease in cash operating cost per ounce1 to $763 compared to FY 2016
• 14% decrease in AISC per ounce1 to $944 compared to FY 2016
• Cash operating cost1 and AISC1 per ounce expected to continue to reduce further as
production focuses on higher margin, underground ore
1. See note on slide 2 regarding Non-GAAP Financial Measures
2. 2018 figures are consolidated guidance. 2015-2017 figures are actual results
$650-730
$1,149
$1,093
$944 $850-950
2015 2016 2017 2018
AISC Per Ounce1,2
8. 8 NYSE: GSS
TSX: GSC
Q4 & FY 2017: Wassa Operational Results
• 31% increase in gold production
in FY 2017 compared to FY 2016
due to ramp up of Wassa
Underground
• 456% increase in production
from Wassa Underground in FY
2017 compared to FY 2016 after
declaring commercial production
on January 1, 2017
• 6% decrease in cash operating
cost1 compared to FY 2016, as a
result of the increase in gold sold
• 43% increase in gold production
in Q4 2017 compared to Q4
2016
• 29% decrease in cash operating
cost per ounce3 in Q4 2017
compared to Q4 2016
1. Relates to Wassa Main Pit
2. Relates to Wassa Underground
3. See note on slide 2 regarding Non-GAAP financial measures
WASSA
Wassa 2018 Guidance:
Gold production of 137,000-142,000 ounces
Cash operating cost per ounce3 of $600-650
FY
2017
FY
2016
Q4
2017
Q4
2016
Ore Mined Mt 2.3 2.5 0.7 0.6
Waste
Mined
Mt 6.2 10.0 1.0 2.2
Ore
Processed
Mt 2.6 2.6 0.7 0.7
Grade
Processed
g/t
1.271
3.032
1.271
2.062
1.381
4.042
1.221
2.272
Recovery % 94.6 93.6 94.4 92.9
Gold
Production
Koz 137 104 42 29
Gold Sales Koz 137 104 42 29
Cash Op.
Cost3 $/oz 880 941 775 1,090
9. 9 NYSE: GSS
TSX: GSC
Wassa Underground: A Strong Fourth Quarter
• 31% increase in gold production from Wassa
Underground in Q4 2017 compared to Q3
2017
• 55% increase in grade from Wassa
Underground to 4.04 g/t Au compared to Q3
2017
• Wassa Underground continued to exceed its
targeted mining rate of 1,400 tpd for FY
2017, with 1,900 tpd in Q4 2017
• Wassa became an underground-only
operation in January 2018
• Focuses production on higher grade, higher
margin ounces
• Mining rate from Wassa Underground is
anticipated to be increased to 2,700-3,000
tpd in FY 2018, with potential to expand
further
10. 10 NYSE: GSS
TSX: GSC
Q4 & FY 2017: Prestea Operational Results
1. Relates to Wassa Main Pit
2. Relates to Wassa Underground
3. See note on slide 2 regarding Non-GAAP financial measures
PRESTEA
FY
2017
FY
2016
Q4
2017
Q4
2016
Ore Mined Mt 1.5 1.5 0.3 0.3
Waste
Mined
Mt 3.5 4.0 0.9 0.6
Ore
Processed
Mt 1.6 1.5 0.5 0.4
Grade
Processed
g/t 2.85 2.21 2.39 2.51
Recovery % 86.4 83.9 82.6 83.0
Gold
Production
Koz 130 90 30 24
Gold Sales Koz 130 90 30 24
Cash Op.
Cost3 $/oz 632 800 875 694
• Prestea complex exceeded top
end of upwardly revised FY 2017
gold production guidance of 120-
130koz
• 45% increase in production in FY
2017 compared to FY 2016 due
primarily to the contribution from
high grade Mampon and Prestea
Underground
• 21% decrease in cash operating
cost per ounce3 in FY 2017
compared to FY 2016
• Mining of Prestea Open Pits
expected to continue until late Q1
2018
• Ore supply from Prestea Open
Pits expected to continue until
end of H1 2018
Prestea 2018 Guidance:
Gold production of 93,000-113,000 ounces
Cash operating cost per ounce3 of $740-880
11. 11 NYSE: GSS
TSX: GSC
Commercial Production Achieved at Prestea Underground
• Production in Q4 2017 lower than
expected due to blasting issues
• Adjustments made to drill design patterns,
blasting practices and raising layout to
improve efficiencies
• Progress with subsequent stopes has
accelerated – mining sequence now
working well
• Six raise sequence now in operation and
commercial production declared on
February 1, 2018
• Targeted mining rate of 650 tpd in FY
2018
• 2,400 metres of development completed
since start of project, as at Dec 31, 2017
13. 13 NYSE: GSS
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FY 2017: Financial Snapshot
• 43% increase in revenue compared
to FY 2016 due primarily to revenue
received from Wassa Underground
after commercial production
• 108% increase in mine operating
margin compared to FY 2016 due to
higher revenue and both operations
moving towards a lower cost
structure
• Net income attributable to GSR
shareholders of $38.8m compared
to net loss of $39.6m in FY 2016
• $9.2m severance charge incurred
due to transition to underground-
focused producer
• $27.8m cash at December 31, 2017
• Remaining $15m of Ecobank facility
drawn in late January 2018
1. As at December 31, 2017
Financial position gaining strength and flexibility
Cash balance1
$27.8m
Cash provided by
operations
$55.2m
Debt1
$107.7m
Net income
$38.8m
Capex incurred
$69.6m
Mine operating margin
$57.2m
15. 15 NYSE: GSS
TSX: GSC
High Grade Drilling Results from Wassa Underground
HOLE ID
From
(m)
To
(m)
~True
Width
(m)
Grade
Au
(g/t)
B Shoot and F Shoot South
BS17DD385D3 1305.7 1517.0 94.0 4.4
Including 1305.7 1319.7 18.4 8.3
Including 1353.0 1415.0 29.8 4.5
B Shoot North
BS17-720-29 209.9 246.0 27.1 8.7
Including 231.0 242.0 8.3 22.2
BS17-745-17 219.0 236.0 11.4 7.3
242 FW
242DD17006 488.0 495.0 6.8 8.2
WASSA UNDERGROUND
Latest drilling results confirm B Shoot and F Shoot extend to the south
Results from 4 ‘daughter’ holes
received from 2017 down plunge
drilling program
Confirm that F Shoot and B Shoot
extend 180m to south of Wassa’s
Inferred Mineral Resources (600m to
the south of current Mineral Reserves)
Indicate that Wassa is a larger deposit
than previously estimated – potential
to increase mine life
B Shoot North drilling confirms
potential to add stopes into Wassa
Underground’s near term mine plan
Drilling also testing a new target in the
242 trend’s footwall (242 FW) –
potential to supply additional
underground ore to Wassa’s plant
16. 16 NYSE: GSS
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B Shoot South: Ore Body Remains Open Down Plunge
1. Drilled width
2. Estimated true width. Drilled width is 211.3m.
SN
Mother hole -
BS17DD385m1
23.8m @ 6.1 g/t
21.7m @ 5.3 g/t
18900N19100N19300N
New 200m
step out
fence
B Shoot planned
stopes
B
Shoot
Wassa Main
Pit
Previous
step out
drilling
holes
Inferred
Mineral
Resource
400 m
F Shoot
One of four
daughter holes -
BS17DD385D32
94.0m @ 4.4 g/t
Latest drilling results suggest that ore body may be larger than previous estimates
17. 17 NYSE: GSS
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Prestea Underground: Planned 2018 Drilling
17 Level
N S
24 Level
30 Level
West Reef
planned
stopes
West
Reef
mined
stopes
West
Reef
mined
stopes
Main
Reef
mined
stopes
Main
Reef
mined
stopes
Central
Shaft
2017
drilling
Planned drilling in
early 2018
Inferred
Resource
blocks
200 m
• Planned drilling in early 2018 will access the larger, longer term exploration target -
the projected down plunge extension of the high grade West Reef ore body
19. 19 NYSE: GSS
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Expansion Potential At Both Underground Operations
Feasibility Study
Targeted Mining Rate
Shaft / Decline
Capacity
Processing Plant
Capacity
Potential to significantly increase production using existing underutilized
capacity
WASSA
UNDERGROUND
2,200 tpd
4,000 tpd
7,700 tpd
PRESTEA
UNDERGROUND
650 tpd
1,500 tpd
4,000 tpd
2018 Targeted Mining
Rate
2,700-3,000 tpd 650 tpd
20. 20 NYSE: GSS
TSX: GSC
2018 Guidance: Focusing on Cash Flow Generation
Significant decrease in operating cost per ounce expected in FY 2018
1. See note on slide 2 regarding “Non-GAAP Financial Measures”
2. Includes 2018 exploration budget
Gold
production
230,000-255,000oz
Cash operating
cost per ounce1
$650-730
All-In Sustaining
Cost per ounce1
$850-950
Capital
expenditures2
$36.5m
• 2018 production focuses on high margin ounces primarily from underground mines
• Top end of FY 2018 consolidated operating cost guidance ranges are below the
bottom end of FY 2017 guidance ranges
22. 22 NYSE: GSS
TSX: GSC
Appendices: Market Information
• Beacon Securities
• BMO Capital Markets
• CIBC Capital Markets
• Clarus Securities
• Credit Suisse
• Desjardins Capital Markets
• HC Wainwright & Co
• National Bank Financial
• Numis Securities
• Scotia Bank
• Van Eck
• Franklin Templeton
• Oppenheimer Funds
• Sentry Investments
• USAA Asset Management
• Earth Resources
• Konwave (Gold 2000)
• AGF Management
• Baker Steel
1. As at February 20, 2018
2. Refers to NYSE American listing
3. As at December 31, 2017
Market Information1One Year Share Price (GSS)1,2
Analyst Coverage Key Institutional Shareholders
Markets
NYSE American /
TSX / GSE
Tickers
NYSE: GSS
TSX: GSC
GSE: GSR
Shares in Issue 380,990,856
Options 16,629,462
Share Price2 $0.73
Market
Capitalization
$278m
Cash3 $27.8m
Debt3 $107.7m
Daily Volumes
Traded (3 Month
Average)2
1.3m shares
23. 23 NYSE: GSS
TSX: GSC
A Responsible Corporate Citizen
Winner of PDAC 2018 Environmental & Social Responsibility Award
$6.2m in sustainable
agribusiness to date
$3.5m in development fund
projects to date
#gsr17
$47m in salaries in 2016
#gsr17
$47m paid in Government payments in 2017
24. 24 NYSE: GSS
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Wassa Underground: Isometric View
19500N
19300N
19100N
18900N
400 m
24217DD006
6.8m1 at 8.2 g/t
BS17-720-29
27.1m @ 8.7 g/t
BS17DD385D3
94.0m1 @ 4.4 g/t
BS17DD385D2
BS17DD308M
BS17DD385D4
BS17DD315M
BSDD347
BSDD351
BS17DD014A
BS17DD012
BS17DD003
Decline as
at Dec 31,
2017
B Shoot
stopes
Wassa Main Pit
as at Dec 31,
2017
Grade Block
model >1.9 g/t
Inferred
Mineral
Resource
N S
Mother
hole
BS17DD3
85M
4 daughter
holes
BS17-745-17
25. 25 NYSE: GSS
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Mineral Reserves and Resources
Mineral Reserves1,2 Tonnes ('000) Grade (Au g/t) Content (Koz)
Proven Reserves
Wassa 695 0.96 21
Prestea 115 2.55 9
Total 810 1.18 31
Probable Reserves
Wassa 16,741 2.43 1,307
Prestea 1,905 9.35 573
Total 18,646 3.13 1,879
Total Proven & Probable 19,456 3.05 1,910
Mineral Resources1,2 Tonnes ('000) Grade (Au g/t) Content (Koz)
Measured & Indicated Mineral Resources
Wassa 44,347 2.33 3,328
Prestea 5,394 6.08 1,055
Total 49,741 2.74 4,382
Inferred Mineral Resources
Wassa 15,581 4.20 2,102
Prestea 3,723 7.79 933
Total 19,305 4.88 3,034
1. For Wassa and Prestea’s Mineral Reserves and Resources please refer to the Annual Information Form for the year ended December 31, 2016 and dated
March 27, 2017, which is filed on SEDAR and at www.gsr.com
2. All numbers exclude refractory ore.
