Microsoft power point 2014 november investor presentation

I N V E S T O R P R E S E N T A T I O N1 1 . 1 4

1

DISCLAIMER AND OTHER MATTERSSAFE HARBOR: Some statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995and applicable Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that couldcause actual results to differ materially. Such statements include comments regarding: transformation of Golden Star to a low cost underground gold producer and the timingthereof; our production expectations for the remainder of 2014, including our cash operating costs and expected operational improvements, including grade and recovery,during Q4 2014; life of mine cash operating costs for combined operations from the start of 2016; the timing for completing mining at Bogoso North and Chujah; estimatedcapital expenditures;; use of the existing Wassa processing plant and Bogoso oxide and sulfide processing plants; matters relating to the PEA for Wassa, including estimatedpost-tax internal rate of return and net present value of Wassa underground (including assumed discount rates), the timing for first production from Wassa underground,pre-production capital expenditures, and the life of mine cash operating costs and sustaining costs at Wassa underground; remaining capital expenditures for the year;positive cash flow at Bogoso until the end of the life of mine; timing of revised preliminary economic assessment at Prestea Underground; timing of Prestea Underground tocommercial production; and our mineral reserve and mineral resource estimates. Factors that could cause actual results to differ materially include timing of and unexpectedevents at the Bogoso oxide and sulfide processing plants and/or at the Wassa processing plant; variations in ore grade, tonnes mined, crushed or milled; variations inrelative amounts of refractory, non-refractory and transition ores; delay or failure to receive board or government approvals and permits; the availability and cost ofelectrical power; timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues, including difficulties in establishing theinfrastructure for Wassa Underground; changes in U.S. and Canadian securities markets; 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 otherfactors in our Annual Information Form for the year ended December 31, 2013. The forecasts contained in this presentation constitute management's current estimates, as ofthe 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 resultswill 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 anyparticular 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 ofany date other than the date of this presentation.NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms "cash operating cost per ounce" and "all-in sustaining cost per ounce". These terms should beconsidered 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 substitutefor measures of performance prepared in accordance with GAAP. "Cash operating cost per ounce" for a period is equal to the cost of sales excluding depreciation andamortization for the period less royalties and production taxes, minus the cash component of metals inventory net realizable value adjustments and severance chargesdivided by the number of ounces of gold sold during the period. "All-in sustaining costs per ounce" commences with cash operating costs and then adds sustaining capitalexpenditures, corporate general and administrative costs, mine site exploratory drilling and greenfield evaluation costs and environmental rehabilitation costs. This measureseeks 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 taxpayments or interest costs. These measures are not necessarily indicative of operating profit or cash flow from operations as would be determined under InternationalFinancial Reporting Standards. 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 similarto the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. In order to indicate to stakeholders thecompany's earnings excluding the non-cash (gain)/loss on the fair value of debentures, non-cash impairment charges and severance charges, the Company calculatesadjusted net loss attributable to Golden Star shareholders" and "adjusted net loss per share attributable to Golden Star shareholders" to supplement the condensed interimconsolidated financial statements.INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemed reliable, however norepresentation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star's material properties disclosed herein is based upontechnical reports prepared and filed pursuant to National Instrument 43-101 Standards for Disclosure of Mineral Properties ("NI 43-101") and other publicly availableinformation regarding the Company, including the following: (i) “NI 43-101 Technical Report on a Preliminary Economic Assessment of the Wassa Open Pit Mine andUnderground Project in Ghana” effective October 30, 2014 prepared by SRK Consulting (UK) Limited; (ii) “NI 43-101 Technical Report on Resources and Reserves, GoldenStar Resources Ltd., Bogoso Prestea Gold Mine, Ghana” effective December 31, 2013 prepared by SRK Consulting (UK) Limited, and (iii) Golden Star's press release datedFebruary 10, 2014. Additional information is included in Golden Star's Annual Information Form for the year ended December 31, 2013 which is filed on SEDAR. MineralReserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a "Qualified Person" as definedby Canada's National Instrument 43-101. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden Star ResourcesVice President of Exploration.CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated.

November 2014 Investor Presentation2

— Golden Star is transforming to a lower cost producer— Higher cost Bogoso refractory operation to close late 2015— Wassa underground development reduces Wassa’s costs per oz

dramatically— Tailings retreatment has delivered lower cost oz— Development of Prestea mine is next logical development

— PEA indicates Prestea can deliver ~70k oz/ year for 4.5 yearsat average cost of $370 per oz for $40 million investment

— Expenditure of ~$80 million on Wassa and Prestea unlockssignificant value for shareholders— Realization of corporate strategy to favour margin over production

EXECUTING ON STRATEGY

Group Life of Mine CoC expected to reduce below $700/ oz from 2016

1. See note on slide 2 regarding Non-GAAP Financial Measures2. LOM is from 2016 onwards and assumes Wassa construction proceeds as per technical report and Prestea construction commences early 2015

3 November 2014 Investor Presentation

Q3 2014 OPERATIONAL PERFORMANCE MIXED

4

MINING DEVELOPMENT OPTIMISATION

61,170 ouncesproduced and soldQ3’14, expectimprovement in Q4’14

Wassa PEA delivers

STRONGRESULTS

Revised Presteadevelopment plans

indicate SHORTERDEVELOPMENTperiod

Intermittent GRIDPOWER constrainedmilling capacity, morestable lines now installed

Wassa FUNDINGSECURED, decisiontaken to commenceexploration decline

6% lower mine operatingexpenses, third quarterof LOWER COSTS

Mining 27%HIGHER GRADEat Bogoso Q3’14

REDUCEDPRODUCTIONRISK with largestockpile at Bogoso

November 2014 Investor Presentation

Q3 2014 FINANCIALS REFLECT IMPROVED PROFITABILITY

5

REVENUE FLATRevenue flat quarter over quarter with similarproduction at slightly lower gold prices

COSTS SIGNIFICANTLY REDUCED AGAINMine operating expenses reduced 6% to $70 MCOC per ounce reduced 12% to $1,052

MINIMAL LOSSGroup approaching profitability with theadjusted net loss reduced to $1 M

1. See note on slide 2 regarding Non-GAAP Financial Measures


COSTS AND EXPENSES REDUCING

$88.5$84.3

$78.4

$70.7

$50$55$60$65$70$75$80$85$90

Q4 2013 Q1 2014 Q2 2014 Q3 2014

Cost of Sales Excluding D&A ($ M)

6

Cash Operating Costs Per Ounce

$1,206 $1,201$1,052 $1,000-

1,100 BELOW$750

$1,523$1,349

$1,222

$1,150-1,350

BELOW$800

Q1 2014 Q2 2014 Q3 2014 FY 2014E LOM

$84.8$83.0

$74.0

$69.7

$50$55$60$65$70$75$80$85$90

Q4 2013 Q1 2014 Q2 2014 Q3 2014

Mine Operating Expenses ($ M)

— Cash operating costs per ouncedeclining over the year

— Bogoso cash costs dramaticallyreduced

— LOM cash costs expected to reduce tobelow $750/oz from 2016


— Large continuous shallow depositwith free milling gold

— 2.0M oz of Mineral Reserves at1.75 g/t Au1

— Currently one large open pit -Wassa Main

— CIL plant with 2.7 mtpa capacityperforming well

— 500 meters from Wassa Main pit

— Easy access by road and onnational power grid

— 2014E production of 115,000-125,000 oz at cash costs $925-1,000/oz

1. Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to Company's press release dated 10 February 2014.

WASSA MINE POISED FOR GROWTH


WASSA OPERATIONAL PERFORMANCE STEADY

Q3 2014 Q2 2014

Ore mined kt 631 723Fewer ore tonnes mined with closure ofFather Brown

Waste mined kt 2,317 2,812Fewer waste tonnes mined with closure ofFather Brown

Ore processed kt 613 661Milling below capacity in July due to powerrelated outages

Gradeprocessed g/t 1.20 1.48

Exclusion of high grade Father Brownore, Wassa Main grade expected to improve

Recovery % 91.9 92.8 Recovery impacted by grade

Gold sales oz 22,716 29,446


WASSA FINANCIAL PERFORMANCE

Cash operating cost per oz1

$955 $967

$1,072

$-

$200

$400

$600

$800

$1,000

$1,200

Q1 2014 Q2 2014 Q3 2014

— Mine operating expenses reducedto $24.7 M (Q2 2014: $29.4 M)

— Elimination of high cost contractmining

— Expenses reduced by $9 millionsince Q1 2014

— Costs per ounce increased withlower grade processed

— Full year cash operating costsexpected to be $925-1,000/oz

— Reduction in costs per ounce from2015 as grade increases withdepth

1. See note on slide 2 regarding Non-GAAP Financial Measures


10

CAPEX COSTS RETURNUnderground pre-production capex

$41 MILLION

LOM cash operatingcosts of

$684 PER OZPost tax IRR at$1,200 gold price of

78%

Operating cash flowplus $35 million in

facilities FUNDSproject

LOM all-in sustainingcosts of

$778 PER OZ

NPV5% at $1,200 goldprice

$271 MILLION

Bulk of expenditure

in 2015

REDUCEDEXPOSURE toweather and fuel pricefluctuations withunderground mining

First productionexpected

EARLY 2016

WASSA PEA INDICATES SUBSTANTIAL VALUE


— Underground ore blended with open pit ore to achieve anticipated head gradeof >2.5 g/t Au

— Wassa’s expected LOM average CoC from beginning of 2016 of $660 per oz

WASSA DEVELOPMENT IS STRATEGY IN ACTION

11

400

500

600

700

800

900

1,000

1,100

1,200

-

50

100

150

200

250

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Cos

ts p

er O

unce

US$

Gol

d Pr

oduc

tion

–O

unce

s 00

0’s

Gold Production CoC AiSC

1. See note on slide 2 regarding Non-GAAP Financial Measures of Cash Operating Costs and All-in Sustaining Costs per ounce


BOGOSO MINE DELIVERING RETURNS

— 2.0M oz of Mineral Reserves1 at3.17 g/t Au

— Significant portion in refractorydeposits

— National road to site, on localpower grid

— Mining in Bogoso North andChujah pits, tailings retreatmentprovides supplemental ounces

— Strategic value in two processingplants— Third party ore treatment— Prestea mine

— FY2014E production of 145,000 –155,000 oz at cash costs $1,100-1,200 per oz

1. Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to the NI 43-101 Technical Report Golden Star Resources Ltd, Bogoso Prestea Gold Mine of the same date.


BOGOSO OPERATIONAL PERFORMANCE IMPROVED

13

Q3 2014 Q2 2014Ore mined refractory kt 775 531 Pushbacks complete, full access to ore

Waste mined kt 2,143 3,408 Strip ratio reducing

Refractory ore processed kt 559 610 Power outage in July reduced throughput

Refractory grade g/t 2.67 2.10 High grade ore now accessible

Gold recovery – refractory % 72.7 68.5 Recovery improves with grade

Non-refractory ore processed kt 315 331 Processing slowed to improve recoveries

Non-refractory grade g/t 1.07 0.82 Mining higher grade benches only

Gold recovery - non-refractory % 42.4 32.5 Recovery improves with grade

Gold sold refractory oz 33,610 28,620

Gold sold non-refractory oz 4,844 3,655

Total gold sold oz 38,454 32,275


BOGOSO FINANCIAL PERFORMANCE STRONG

Cash operating cost per oz1

$1,489$1,415

$1,041

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Q1 2014 Q2 2014 Q3 2014

— Higher grade processedreduced costs per ounce,lowest cash cost per ounce infour years

— Mine operating margin nowpositive

— Refractory pits expected togenerate positive cash flowuntil end of LOM

— Gold price dependent

— Headcount reduction underway,reducing future liabilities

1. See note on slide 2 regarding non-GAAP financial measures


PRESTEA IS ENDOWED WITH SOLID INFRASTRUCTURE

— Located on Ashanti trend in townof Prestea, Western Ghana

— More than 16 surface and sixunderground shafts

— Two surface and two undergroundshafts operational today – Centraland Bondaye shafts

— 15 kms from Bogoso processingplant along dedicated haul road

— Existing, permitted andconstructed processing plants atBogoso

— Labour with undergroundexperience in local community

— Utilities including grid electricityavailable


PRESTEA HAS A LONG HISTORY OF PRODUCTION

— Prestea in operation as undergroundmine since 19th century

— 9 million oz of production from thelarger mineralized zone, Main Reef

— Acquired in 2002, placed on care andmaintenance— Refurbishment and dewatering

ongoing

— Exploration development and drilling2003-2013

— Identified and defined the West Reefmineralized zone

— 2013 Feasibility Study demonstratedpositive economics for mechanisedmining on the West Reef


PRESTEA GEOLOGY AND RESOURCES

— Prestea mineralized trend has strike length of over 9 km— Primary structure is Main Reef - north south trending, steeply

dipping, narrow, mineralized quartz vein— Multiple secondary vein structures are developed to the east and

west of the Main Reef— PEA is focused on the West Reef, high grade mineralized zone

— Indicated Resource of 0.8 Mt @ 18.5 g/t for 502k oz— Inferred Resource of 0.5 Mt @ 12.1 g/t for 185k oz—Non-refractory material—Expected recovery of 90% with high gravity gold recovery—Strike length 800 m, dip 70-85º west, 0.5-4.0 m wide—570m to 950 m depth (17 to 24 Level)


— West Reef last mined in 2000 above 17 level in the PEA target area—These stopes used shrinkage mining and are accessible today

— Feasibility Study published in mid-2013 for mechanized cut and fillmining method and a new access shaft system for the West Reef

— PEA supersedes the Feasibility Study—Shrinkage mining method—Low operating and capital cost—Higher NPV and enhanced IRR in a lower gold price environment

PRESTEA MINING METHOD


PRESTEA DEVELOPMENT AND COSTS

— Year 1 focused on infrastructure upgrades— Development commences in year 2— 50% production rate achieved mid year 2— Full production rate of ~500 tpd achieved in year 3— 649k tonnes at 17.2 g/t for 359k oz contained

— Includes 17% mining dilution

26,800

84,10079,200 81,400

51,900

64

374 406 389

431

502 470 500484

501

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2 3 4 5 6Production Coc Aisc

Costs per tonne

Mining $133

Process/hauling $29

G&A $28

Total $190


PRESTEA CAPITAL COSTS

40

24.1

8.3 8.3 7.73.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

1 2 3 4 5 6

Development capex Sustaining capex

Capital Expenditure

Infrastructure rehab $30 M

Refurb & development $24 M

Sustaining capital $22 M

Development & stoping $7 M

Mining equipment $6 M

Owner costs $2 M

Closure $2 M

Total $94 M

20

— Preproduction capex estimated at $40 million all in year 1— Infrastructure includes hoist and shaft upgrades, electrical, ventilation,

dewatering and process plant modifications— Refurbishment and development overheads include power, labor and

maintenance during the construction period— Capital supports underground mining beyond the West Reef PEA target


PRESTEA UNDERGROUND ECONOMICS

— At Au $1,200, post-tax IRR of 72%— At Au $1,200, post-tax NPV5% of $121 million— LOM cash operating costs of $370/oz— LOM all-in sustaining costs of $518/oz

— The PEA demonstrates robust economics for Prestea— At Au $1,160, IRR is 68% and post tax NPV5% is $112 million— High grade nature of the deposit, combined with the low capex

requirements, makes the project viable at low gold prices

Gold Price NPV5% IRR

$ 1,000 75 50%

$ 1,100 98 62%

$ 1,200 121 72%

$ 1,300 144 82%

$ 1,400 167 92%


WAY FORWARD

— Development period of 12 – 18 months— Disciplined approach to funding, options being evaluated at

subsidiary and corporate level— Critical permits and licenses in place, updated Environmental

permit application ongoing— Enthusiastic local community and Government support for

mine— Prestea represents the third low cost ore source to be

identified and developed in the last 18 months

22

Golden Star will continue to assess and develop its existing assetsto lower our group cost profile and improve shareholder returns


CATALYSTS FOR VALUE CREATION

PEA onundergroundmining atWassacomplete

EstablishWassaMain pit

Completepush backat Bogoso

UpdatedMineralResourceestimate forWassa

Q3 2014 Q4 2014Q2 2014 2015 2016

Operationalcost savingsachieved

FirstproductionPrestea

Firstproductionfrom WassaUnderground

* Development of projects dependent on positive study results and adequate access to finance

WassaFeasibilitycomplete

Wassadeclineconstructionbegins

RevisedPEA forPrestea

Presteadevelopmentcommences


Investment Case

Established gold mining company with15 years of production history in Ghana

Successfully reduced overall operatingcosts over last two years

Development projects to deliver low costounces through 2026

3.9M oz in Mineral Reserves on thelargest land package on the AshantiGold belt

Low operational risk in a stable Africanmining jurisdiction

Significant exploration & developmentupside development

Offers investors leveraged, un-hedgedexposure to the gold price

24

MANAGEMENT AND BOARD

Sam CoetzerPresident andCEO

Sam was appointed CEO in January 2013after joining Golden Star in March 2011 asCOO. Sam is a mining engineer and amember of the World Gold Council. Hehas over 26 years of international miningexperience with Kinross, Xstrata, XstrataCoal and Placer Dome.

André van NiekerkEVP and CFO

André joined Golden Star in 2006 andspent five years in Ghana as the head offinance and business operations, afterwhich he transferred to the corporateoffice as Controller. André was appointedto the role of CFO in 2014. Prior to joiningGolden Star, André spent six years withKPMG serving clients in the mining and oiland gas industries

Daniel OwireduEVP and COO

Daniel was appointed COO in January2013, after joining Golden Star inSeptember 2006 as VP, Ghana Operations.He has more than 20 years of experiencein the mining sector in Ghana and WestAfrica. Most recently, Daniel was DeputyChief Operating Officer for AngloGoldAshanti where he successfully managedthe construction and operation of theBibiani, Siguiri, and the Obuasi mines.

Tim BakerChairman

Tim was appointed Chairman in January2013. Tim most recently served as theCOO of Kinross. He is a geologist withover 30 years of global projectdevelopment and operational experiencein Chile, Tanzania, United States,Venezuela, Kenya and Liberia.

Tony JensenDirector

Tony has over 25 years of mining industryexperience and is CEO of Royal Gold Inc.Prior to joining Royal Gold, Tony was theMine General Manager of the Cortez JointVenture and spent eighteen years withPlacer Dome. Tony has extensiveexperience in operations in the UnitedStates and Chile where he held severalsenior management positions.

Chris ThompsonDirector

Chris has 40 years of experience ininternational mining. Chris formerly servedas Chairman and CEO of Gold FieldsLimited, Chairman of the World GoldCouncil and Founder, President and CEO ofCastle Group Inc. Chris has helddirectorships at over 25 public gold miningcompanies

25

Anu is the Managing Director of MiniqsLimited, a private group primarilyinterested in developing resource projects.She is also a Director of Atlatsa Resources,Frontier Rare Earths, and of EnergulfResources. Prior to founding Miniqs, Anuwas VP, Corporate Development andCompany Secretary at Katanga Mining.

Anu DhirDirector

MANAGEMENT AND BOARD

Craig is a geologist with over 30 years ofexperience in the mining business. He isFounder, CEO and Director of AvantiMining. Formerly, Craig was EVP,Exploration of Gold Fields Limited;Founder, CEO and Chairman of the formerMetallica Resources (now New Gold), andheld a variety of strategic positions at LacMinerals.

Robert has more than 30 years of mining;from international resource exploration,development, and fundraising, toproduction. Most recently, he wasFounder, and CEO of Medoro Resources,now Gran Colombia Gold Corp. Prior tothis, he served as CFO of Pacific StratusEnergy, CFO of Coalcorp Mining and CFOof Bolivar Gold Corp. Currently, Robertserves as a Director of MandalayResources and Detour Gold

Craig NelsonDirector

Rob DoyleDirector

Bill YeatesDirector

Bill was one of the founding partners ofHein & Associates LLP where he served onthe Executive Committee and was theirNational Director of Auditing andAccounting. Bill has over 40 years ofauditing experience working with publiccompanies specializing in extractiveindustries. From 2005 to 2009, he servedon the Financial Accounting StandardsAdvisory Council.

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PROVEN AND PROBABLE MINERAL RESERVES

Dec 31, 2013Proven

Mineral Reserve

Dec 31, 2013Probable

Mineral Reserve

Dec 31, 2013Proven and Probable

Mineral Reserve

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main - - - 33,721 1.72 1,863 33,721 1.72 1,863

Father Brown - - - 694 4.31 96 694 4.31 96

Stockpiles 438 0.68 10 59 0.54 1 497 0.67 11

Subtotal Wassa 438 0.68 10 34,473 1.77 1,960 34,911 1.75 1,970

Bogoso 2,930 2.65 250 1,731 2.59 144 4,662 2.63 394

Dumasi 3,116 2.39 239 5,826 2.36 443 8,941 2.37 682

Mampon - - - 1,133 5.24 191 1,133 5.24 191

Prestea South 969 2.74 85 2,170 2.52 176 3,139 2.59 261

Prestea Underground - - - 1,434 9.61 443 1,434 9.61 443

Stockpiles 106 1.79 6 - - - 106 1.79 6

Subtotal Bogoso 7,122 3 581 12,294 4 1,397 19,415 3 1,977

Total 7,559 2.43 590 46,767 2.23 3,357 54,327 2.26 3,947

Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in our Annual Information form for the year ended December 31, 2013

27

MEASURED AND INDICATED MINERAL RESOURCES1

Dec 31, 2013Measured

Mineral Resources

Dec 31, 2013Indicated

Mineral Resources

Dec 31, 2013Measured and Indicated

Mineral Resources

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main2 - - - 25,582 1.41 1,160 25,582 1.41 1,160

Wassa Underground2 - - - 10,116 4.27 1,389 10,116 4.27 1,389

Father Brown - - - 692 3.86 86 692 3.86 86

Father Brown Underground - - - 1,000 6.47 208 1,000 6.47 208

Wassa Other - - - 2,115 2.40 163 2,115 2.40 163

Subtotal Wassa - - - 39,505 2.37 3,007 39,505 2.37 3,007

Bogoso 2,697 2.94 255 1,856 2.95 176 4,553 2.94 431

Dumasi 3,255 2.56 268 9,868 2.41 764 13,123 2.45 1,032

Mampon - - - 1,553 4.79 239 1,553 4.79 239

Prestea South 986 2.87 91 3,318 2.62 279 4,304 2.67 370

Prestea Underground - - - 1,356 14.50 632 1,356 14.50 632

Bogoso Other - - - 3,835 2.64 325 3,835 2.64 325

Subtotal Bogoso 6,938 2.75 614 21,786 3.45 2,415 28,724 3.28 3,029

Total 6,938 2.75 614 61,291 2.75 5,422 68,229 2.75 6,0361. Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in the Company’s Annual Information Form for the year ended

December 31, 2013.2. All Mineral Resources for Wassa Main and Wassa Underground are as at September 15, 2014. Please refer to NI 43-101 Technical Report on a Preliminary Economic

Assessment Of The Wassa Open Pit Mine And Underground Project dated October 30, 2014.

28

INFERRED MINERAL RESOURCES1

Dec 31, 2013 Inferred Mineral Resources

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main2 237 1.56 12

Wassa Underground2 8,841 3.95 1,122

Father Brown 40 1.85 2

Father Brown Underground 881 6.35 180

Wassa Other 85 2.93 8Subtotal Wassa 10,084 4.08 1,324

Bogoso 288 2.08 19

Dumasi - - -

Mampon 221 1.79 13

Prestea South 581 6.00 112

Prestea Underground 3,289 8.02 848

Bogoso Other 892 2.37 68

Subtotal Bogoso 5,271 6.25 1,060

Total 15,355 4.83 2,384

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1. Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in the Company’s Annual Information Form for the year endedDecember 31, 2013.

2. All Mineral Resources for Wassa Main and Wassa Underground are as at September 15, 2014. Please refer to NI 43-101 Technical Report on a Preliminary EconomicAssessment Of The Wassa Open Pit Mine And Underground Project dated October 30, 2014.

PEA targetPEA target

PRESTEA WEST REEF LOCATION

30

Business

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