SEMAFO PRESENTATION Stockholm, June 12, 2019 FORWARD-LOOKING - PowerPoint PPT Presentation

SEMAFO PRESENTATION Stockholm, June 12, 2019

FORWARD-LOOKING STATEMENTS • This presentation contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking. 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 “strategy”, “development”, “remains”, “target”, “growth”, “next 5 years and 5-year production and cost”, “continues”, “future”, “drivers”, “developing”, “no later than or through 2020 ”, “focus”, “ 2019 budget”, “Q 1 2020 ”, “timetable”, “ongoing”, “preliminary”, “potential”, “to be”, “ 2019 Exploration Program”, “goal”, “vision”, “aim”, “forecast” 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 (i) develop the Siou Underground on time and on budget, (ii) meet our 5-year target of 400,000+ ounces per year at $700/oz AISC, (iii) generate $1.2B of operating cash flow over the next 5 years at $1,300 gold price, (iv) develop a third cornerstone asset at Bantou, (v) eliminate debt no later than 2020, (vi) return money to shareholders, (vii) continue to develop a pipeline to ensure future growth is sustainable, (viii) meet our 80% HFO target at the Boungou power plant, (ix) have sufficient water to run our operations through 2020 at Boungou, (x) meet our 2019 cost per tonne budget at each of Boungou and Mana as well as our 5-year production and costs targets at each mine, (xi) start production at the Mana underground in Q1 2020, (xii) generate proximal satellite targets at Mana, (xiii) achieve our strategic vision organically, (xiv) increase shareholder value, (xv) achieve the potential Bantou development timeline, (xvi) maintain our $16 million general and administrative 2019 expenses forecast, the accuracy of our assumptions, 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 2018 Annual MD&A, as updated in our 2019 First 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. • In this presentation, all amounts are in US dollars unless otherwise indicated. 2

1 ● EXECUTIVE OVERVIEW 2 ● BOUNGOU MINE 3 ● MANA MINE 4 ● EXPLORATION 5 ● STRATEGY & CORPORATE DEVELOPMENT 6 ● FINANCIAL OVERVIEW 7 ● ESG 3

SEMAFO OVERVIEW – 400,000+ OZ PRODUCER AT ≈$700 AISC WITH UPSIDE MANA BOUNGOU 2008 first gold pour • • 2019 First full year of production • Strong 5-year outlook • Strong 5-year outlook • 1.5M oz Reserves at 3.0 g/t • 1.4M oz Reserves at 3.9 g/t MANA+BOUNGOU • 2019-2023 Target: 5-year average production of 413,000 onces at 5-year average $714 AISC 2.9M oz Reserves at 3.4 g/t • DEVELOPMENT UPSIDE • Bantou + Savary • Nabanga PEA Q3 2019 4

2018 HIGHLIGHTS  Boungou built on time, on budget  Production guidance met or exceeded for 10 out of 11 years 2018 set the table for a  Development of Siou Underground started and remains on time, on budget successful transition into an  Maiden resources estimate at Bantou 361,000 oz @5.35 g/t intermediate producer  Production run rate established for 400,000 oz in 2019  Initial Savary investment that led to its 2019 acquisition 5

TRANSITIONING TO AN INTERMEDIATE PRODUCER MILESTONES SOLID FUTURE ACHIEVED FOUNDATION VALUE DRIVERS > Third cornerstone asset developing at > 5-year target of 400,000+oz per year Bantou > Operated 4 mines in 3 West African at AISC low $700s with growth upside > Robust free cash flow for allocation: countries > $1.2 billion operating cash flow over • Eliminate debt no later than 2020 > Second cornerstone mine built by next 5 years • Return to shareholders same internal team on time, on budget > 100% exposure to rising gold price • Internal growth pipeline at Bantou, > Growth through exploration and > Strong liquidity and balance sheet Boungou, Mana and Nabanga acquisitions > Experienced team continues to build > Continue to develop pipeline to ensure > Success to date achieved with minimal on 20-year history in Burkina Faso future growth is sustainable equity dilution and limited debt > Established social licence 6

STRONG CULTURE, TEAM FOCUS AND QUALITY ASSETS OUR PEOPLE OUR SAVOIR-FAIRE OUR PROJECTS ● Committed workforce ● Track record of delivering results ● Quality projects ● Low employee turnover ● Responsiveness to challenges, refusal to fail ● Operational flexibility Good labour relations African know-how ● ● Exploration upside ● ● French-speaking expatriate team ● Textbook case acquisitions ● Development upside ● In-house focus versus consultancy ● Construction and expansion expertise Cash-flow focus Successful near-mine exploration ● ● ● Long-term executive team ● 20+ years operating experience ● National recruitment focus ● Reputable community outreach program 7

STRONG GROWTH ON ABSOLUTE AND PER-SHARE BASIS 5-year 5-year 2014 2015 2016 2017 2018 2019 Growth CAGR Savary Siou start Orbis acquisition Boungou DFS Boungou start Boungou built acquisition $1,257 $1,161 $1,249 $1,261 $1,260 $1,300 3% 1% Gold Price US$ 234,300 255,900 240,200 206,400 244,600 410,000 75% 12% Production oz. 0.85 0.88 0.76 0.64 0.75 1.23 45% 8% Production / Share x 1,000 $120,730 $147,561 $142,222 $107,023 $110,203 $243,000 101% 15% Operating Cash Flow US$ 000's 0.44 0.51 0.45 0.33 0.34 0.73 67% 11% Operating Cash Flow / Share 2,240 3,265 3,003 3,189 2,909 2,909 30% 5% Reserves 000's oz. 8.1 11.2 9.5 9.8 8.9 8.7 8% 2% Reserves / Share x 1,000 6,175 8,353 8,580 7,743 8,081 8,886 44% 8% Reserves + Resources 000's oz. 22.3 28.7 27.2 23.8 24.8 26.7 19% 4% Reserves + Resources / Share x 1,000 8

OVER $1.2B OF OPERATING CASH FLOW AT $1,300 GOLD PRICE 5-YEAR PRODUCTION & COST TARGETS Operating Cash 5-Year Total Flow > $1.2B ( US$M) $238 $229 $243 $240 $260 5-Year 500 1 200 Average 439 414 413 410 402 401 1 000 400 Production (000’s oz) $757 $730 $714 $707 800 $720 $652 AISC (US$/oz) 300 180 600 186 201 226 205 BOUNGOU 230 200 400 100 200 MANA 180 213 213 216 221 209 0 0 2019 2020 2021 2022 2023 Average 9 2019-2023 Guidance at mid-point

GROWTH STRATEGY INTERNAL EXTERNAL ● Boungou LOM extension ● Investing in small exploration companies ● Mana LOM extension ● Staying on the lookout ● Bantou development for accretive add-ons ● Nabanga development WHILE MAINTAINING ● Our financial discipline ● Our excellent health and safety track record ● A strong balance sheet and 100% exposure to price of gold 10

BURKINA FASO - A GROWING MINING COUNTRY Allo! [ French-speaking country] [ 274,000 km 2 ] [ 20M inhabitants] Before 2007, no producing mines Strong potential 1997 2019 First exploration Limited historical exploration 14 mines in production 2003 Mining code 2015 Mining code MANA BOUNGOU - Royalties 3 to 5% of sales 3 to 5% of sales - Tax rate 17.5% 27.5% 4 th gold producer in Africa - State interest 10% 10% - Mining Fund Ø 1% of sales 1 st export product [ GOLD ] for Local Development - Customs 7.5% 7.5% 2018 gold production [ 1.8 million oz ] - VAT 18% 18% - Fiscal stability yes yes - Mining permit Receipt - 1 year Receipt - 1 year 11 Source : CIA World Factbook 2017.

1 ● EXECUTIVE OVERVIEW 2 ● BOUNGOU MINE 3 ● MANA MINE 4 ● EXPLORATION 5 ● STRATEGY & CORPORATE DEVELOPMENT 6 ● FINANCIAL OVERVIEW 7 ● ESG 12

BOUNGOU MINE – BEFORE AND AFTER CONSTRUCTION ● June 1, 2018 ● January 1, 2017 www.semafo360.com 13