MAKINGTHE GRADE

Denver Gold

Forum

September 20-23, 2015

MAKING THE GRADE

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 “scheduled for”, “guidance”, “increase”, “up to”, “estimated”, “targeted”, “growth”,

“pipeline”, “on track”, “upside”, “ongoing”, 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 meet our

2015 production guidance of between 245,000 and 275,000 ounces at a total cash cost of between $515 and $540 per ounce and

an all-in sustaining cost of between $655 and $685 per ounce, the ability to meet our 2015 guidance for ore processed, recovery

and head grade, the ability to meet our 2015 CAPEX guidance of $37 million, the ability to complete the Natougou feasibility study

in early Q2 2016, the ability to complete the feasibility study on Natougou within the budget estimate of $12.5 million, the ability to

execute on our strategic focus, 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 2014 Annual MD&A, as updated in

SEMAFO’s 2015 First Quarter MD&A and 2015 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.

All mineral resources are exclusive of mineral reserves.

In this presentation, all amounts are in US dollars unless otherwise indicated.

FORWARD-LOOKING STATEMENTS

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MAKING THE GRADE3

SEMAFO HAS….

A DISCIPLINED GROWTH STRATEGY

A TRACK RECORD OF OPERATING SUCCESSIN WEST AFRICA

HIGH-GRADE OPEN-PIT DEPOSITS

FINANCIAL STRENGTH

LARGE EXPLORATION PACKAGE

A STRONG CSR PROGRAM

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MAKING THE GRADE

Mana Mine

Capital

SEMAFO property

Other mines

Electric line

Bantou

Natougou

Nabanga

Niger

Côte d’Ivoire

Ghana

Togo

Benin

OVERVIEW

5

Commissioned three mines in West Africa over 20 years

Owner-operator of Mana Mine in Burkina Faso

7,040 km2 in Burkina Faso over three prospective belts

785 km2 in Côte d’Ivoire

EssakaneInata

Youga

Bissa

Taparko

MANA

BURKINA FASO

BANFORA GOLD BELT PERMITS

Côte d’Ivoire

Korhogo

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MAKING THE GRADE5

UPDATE - BURKINA FASO

2003 Mining Code• 3%-5% sliding royalty• Corporate tax rate of 17.5%• Under its mining agreement, Mana benefits from

fiscal stability clauses

2015 New Mining Code• 3%-5% sliding royalty • Corporate tax rate of 27.5%• 1% of monthly sales value destined for local

community development fund

Current Government• Transitional government since October 2014• Democratic and transparent elections

supported and funded by international organizations

General Elections• Scheduled for October 11, 2015• 14 presidential candidates registered

MAKING THE GRADE6

OPERATING SUCCESS

Increasing production and declining costs

Built and expanded Mana on time

and on budget

Reserves at Mana more than

doubled since inauguration of the

mine in 2008

Total cash and all-in sustaining

costs benefit from a full year of

production from the Siou and

Fofina deposits in 2015

Seven consecutive years of

meeting production guidance

172.7158.6

234.3

750777

649

530

1 221 1 242

805

670

0

200

400

600

800

1000

1200

1400

0

50

100

150

200

250

300

2012 2013 2014 Guidance 2015

Production '000 ounces Total Cash Cost ($/oz) All-in Sustaining Cost ($/oz)

0

1

2

3

Dec. 31, 2007 Dec. 31, 2014

Mana Reserves Net of Depletion: +150%

Reserves in M. oz Au

275

245

‘00

0 o

z

US$

/oz

MAKING THE GRADE

PRODUCTION AT MANA TO INCREASE BY UP TO 11% IN 2015

Q2 2015 H1 2015INITIAL 2015

GUIDANCE

REVISED 2015

GUIDANCE

Ore processed (t) 600,900 1,138,200 2,500,000 2,500,000

Head grade (g/t) 3.71 3.89 3.60 3.60

Recovery (%) 92 92 90 90

Total gold ounces produced (K) 66 131 245-275 245–275

Total cash cost/ounce sold1($) 471 498 575-605 515-540

All-in sustaining cost2 ($) 604 624 715-750 655-685

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.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

• All-in sustaining costs in H1 2015 decreased by 33% year over year

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MAKING THE GRADE

As a result of our cost control focus, G&A expenses have been trending downward for the past three years:

ESTIMATED CAPEX (in millions of $) 2015 Guidance

Sustaining Capital 15.0

Stripping Costs 18.0

Sustaining Capital - 2014 Deferred 4.0

Total 37.0

STREAMLINED OPERATIONS

24% relative to 2014

(1) 2015 Guidance

$M

10

12

14

16

18

20

22

24

2012 2013 2014 2015

G&A Expense in $M

8

(E)

MAKING THE GRADE

LOW ALL-IN SUSTAINING COST RELATIVE TO OUR PEERS

Source: TD Securities estimates as at August 20, 2015

$0

$200

$400

$600

$800

$1 000

$1 200

$1 400

IMG TMM AGI KGC DGC P GG CG AUY AEM LSG BTO NGD ELD NEM SMF

Sustaining

Other

G&A

Exploration

Operating

$1

,24

7

$1

,23

5

$1

,17

3

$1

,08

0

$1

,04

8

$9

98

$1

,03

0

$9

61

$9

89

$9

56

$9

50

$9

48

$9

31

$9

19

$9

05

$7

71

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MAKING THE GRADE

MANA’S RESERVES (AS AT DECEMBER 31, 2014)

Wona-Kona:13,275,500 Mt @ 2.27 g/t Au970,100 oz

Fofina:2,443,200 Mt @ 2.62 g/t Au205,700 oz

Siou:6,972,200 Mt @ 4.37 g/t Au980,000 oz

ManaProcessing Plant

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MAKING THE GRADE

TARGETED EXPLORATION WITHIN TRUCKING DISTANCE OF MANA

$11 million exploration budget

established for Mana project in 2015

H2 2015 exploration will concentrate

exclusively within trucking distance of

the mine

~30,000 meters of RC drill program to

be completed in H2 2015

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MAKING THE GRADE

Natougou

NabangaBanfora (15 permits)

Grassroots projects Advanced projects Production

Wona/KonaFofina

Siou

Maoula

Bantousector

Massala

Mana Est (Siou sector)

Natougou Explo

Korhogo permits (CDI)

Yaho

GROWTH PIPELINE

Nabanga Explo

Acquisition of Orbis Gold Q1 2015 for $154M

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MAKING THE GRADE

2008 2009 2010 2011 2012 2013 2014

0.9 0.8

2.22.0 1.9

2.3 2.2

1.0

1.6

1.1

2.8 3.02.4

3.8

0.5

0.9

2.7

2.1 1.9

1.4

2.2

44%

43%

9%

* Includes Orbis acquisition

- Resources at Tapoa Permit Group (Natougou deposit) estimate at $1,300/oz. NI 43-101 report, March 2015

- Resources at Yactibo Permit Group (Nabanga deposit) were reported above a 5.0 g/t Au cut-off grade.

NI 43-101 report, June 2015

Inferred ResourcesMeasured and Indicated ResourcesProven and Probable Reserves

GROWTH IN MINERAL RESERVES AND RESOURCES

Fofina

2.4Mt @ 2.62 g/t Au

205,700 oz

Wona-Kona

13.3Mt @ 2.27 g/t Au

970,100 oz

Siou

7.0Mt @ 4.37 g/t Au

980,000 oz

*

- Mana Reserves estimate using price of $1,100 /oz.

- Mana Resources estimate at $1,400/oz

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MAKING THE GRADE

0

1

2

3

4

5

6

SEMAFO’S QUALITY OPEN-PIT ASSETSNATOUGOU MINERAL RESOURCES

(1)

Category Tonnes Grade Ounces

Indicated 5.8 Mt 5.87 g/t Au 1.1 Moz

Inferred 3.9 Mt 3.49 g/t Au 0.4 Moz

SIOU – MINERAL RESERVES

Total reserves 7.0 Mt 4.37 g/t Au 1.0 Moz

(1) Mineral Resources reported above an 0.77 g/t Au cut-off grade. NI 43-101 report, March 2015(2) Source: Brokers and company reports.

Grade of West African Open Pit Gold Deposits (2)

Gold Deposits

Natougou Indicated

Siou Reserves

Projects

Natougou Inferred

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Mines

MAKING THE GRADE

FEASIBILITY STUDY UPDATE AT NATOUGOU – August 31, 2015

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• Process: 65% completed

This includes the plant and site layout, equipment specification,

RFQs (Request for Quotes) and CAPEX/OPEX estimates

• Environmental study: 35% completed

• A total of 50,000 meters of drilling has been completed for the

feasibility study

65% complete – on track for completion in early Q2 2016

$8.2M of $12.5M total budget disbursed

MAKING THE GRADE

NATOUGOU PROVISIONAL SITE LAYOUT

Reference: NI 43-101 report, March 2015

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MAKING THE GRADE

NATOUGOU DEPOSIT – GROWTH POTENTIAL

Results from Phase I of proximal exploration returned values of up to 10.29 g/t Au

over 10 meters at depths between 8-130 meters

Target area measures about 200 meters wide, is open towards the west and northwest

TPA010310m @10.82g/t Au

TPA040610m @10.29g/t Au

TPA03563m @12.89g/t Au

TPA04013m @17.04g/t Au

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MAKING THE GRADE

DRILLING CAMPAIGN ON THE BOUNGOU SHEAR ZONE

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MAKING THE GRADE

REGIONAL EXPLORATION PROGRAM : $1.3M – H2 2015

• Airborne geophysicalsurveying

• Geological mapping• Soil geochemistry• RC drilling

Dangouna

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Regional Area

MAKING THE GRADE

NABANGA: A SECOND HIGH GRADE DEPOSIT

Nabanga –Inferred Mineral Resource(1)

Cut-off Grade Tonnes Grade Ounces

5.0 g/t Au 1.84 Mt 10.1 g/t Au 590,000 oz

(1) Inferred Mineral Resource figures at a 5.0 g/t Au cut-off grade. NI 43-101 report, June 2015.

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MAKING THE GRADE

BANFORA: A 30-KILOMETER ANOMALY TREND

Portfolio of 10 farm-in and 5

acquired permits covering

1,600 km²

Auger drilling revealed a major NE-

trending 30-km anomaly called the

Mouro Trend

2015 RC drilling found some good

intersections that lack continuity

Project on hold pending decision

on 2016 exploration budget

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MAKING THE GRADE

Côte d’IvoireHighly mineralised greenstone belts

Korhogo ProjectAlong strike from Tongon Mine - priority targets

EXPLORATION UPSIDE: ACQUIRED PERMITS IN CÔTE D’IVOIRE

Korhogo Permit /Application

Korhogo East Application

Korhogo West Permit

Target Corridor

Fapoha South (Randgold)

Fapoha North (Randgold)

Gold Mine Gold DepositsTarget Corridor

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MAKING THE GRADE

FINANCIAL FLEXIBILITY

Cash at June 30, 2015 - $131M

Long-term debt (LIBOR +6.5%) of $90M

Debt-Equity Ratio at June 30, 2015 – 15%

Generated $73M of cash flow from operating activities

in H1 2015

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MAKING THE GRADE

SHORT-TERM PRIORITIES

Disciplined exploration within trucking distance of the Mana Mine

and Natougou deposit

Deliver our production guidance for an eighth consecutive year

Complete the feasibility study at Natougou

Ongoing cost optimisation programs

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MAKING THE GRADE

> SEMAFO Foundation -six years of activities bolster our ability to establish strong relations with communities

> National Workforce Development Program –training of promising national employees for management or trainer posts

> Strong Safety Record –accident frequency rate of 2.1 per 200,000 hours worked as of August 31, 2015

SOCIAL INVESTMENT -AT THE HEARTOF OUR VALUE

CREATION > Training – 10,000 hours of training were dispensed in 2014, of which 75% benefited our Burkinabèemployees

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MAKING THE GRADE

IN SUMMARY

Track Record of Operating Success in West Africa• Achieved production guidance for seven consecutive years

• Production of 131,200 ounces in H1 2015 (↑22% YOY)

• Total cash cost of $498 per ounce in H1 2015 (↓33% YOY)

• All-in sustaining cost of $624 per ounce in H1 2015 (↓33% YOY)

• Successfully commissioned three mines in West Africa

Disciplined Growth Strategy• Targeted exploration in vicinity of Mana Mine and Natougou deposit

• Feasibility study for Natougou deposit in line for completion

in early Q2 2016

• Initiated exploration in Côte d’Ivoire on a strong geological trend

• High-grade open-pit assets

Financial Strength• $131M in cash (as at June 30, 2015)

• Long-term debt of $90M

• Generating free cash flow

Strong CSR Program• 2009 pledge to commit up to 2% of net profit to support

SEMAFO Foundation community activities

• Accident frequency rate of 2.1 per 200,000 hours worked

(August 31, 2015)

• 270 days without lost time injury

• Well-established National Workforce Development Program

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MAKING THE GRADE

Average Daily Trading Volume(1) 2.4M

Coverage 16 analysts*

Close C$3.00*

Market Cap C$0.9B*

Solid balance sheet

*As at September 15, 2015

O/S 294M SHARES

SMF: HIGH LIQUIDITY AND BROAD COVERAGE

(1) Three-month moving average as at September 15, 2015 – TSX(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear

TSX, OMX: SMF

Geographic Distribution of Shares (2)

TOP 5 SHAREHOLDERS

1. Van Eck

2. Vanguard Group

3. Fiera Capital

4. Tocqueville

5. Royal Bank of Canada

ADMINISTRATORS

Jean Lamarre

Chair of the Board

John LeBoutillier

Lead Director

Terence F. Bowles

Benoit Desormeaux

President and Chief Executive Officer

Flore Konan

Gilles Masson

Lawrence McBrearty

Tertius Zongo

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90%Institutional

Retail 9%USA43%

Canada40%

Europe17%

MAKING THE GRADE28

APPENDICES

MAKING THE GRADE

MINERAL RESERVE AND RESOURCES

PROPERTY Mana1,2,5,6,7Tapoa1,3,5,8

Natougou deposit

Yactibo1,4,5,9

Nabanga depositTotal

Tonnes 14 387 600 14 387 600

Grade (g/t Au) 3,26 3,26

Ounces3 1 507 000 1 507 000

Tonnes 8 756 400 8 756 400

Grade (g/t Au) 2,60 2,60

Ounces3 733 300 733 300

Tonnes 23 144 000 23 144 000

Grade (g/t Au) 3,01 3,01

Ounces3 2 240 300 2 240 300

Tonnes 9 061 900 9 061 900

Grade (g/t Au) 1,65 1,65

Ounces3 479 800 479 800

Tonnes 33 363 200 5 790 000 39 153 200

Grade (g/t Au) 2,12 5,87 2,68

Ounces3 2 277 100 1 092 000 3 369 100

Tonnes 42 425 100 5 790 000 48 215 100

Grade (g/t Au) 2,02 5,87 2,48

Ounces3 2 756 900 1 092 000 3 848 900

Tonnes 65 569 100 5 790 000 71 359 100

Grade (g/t Au) 2,37 5,87 2,65

Ounces3 4 997 200 1 092 000 6 089 200

Tonnes 12 943 000 3 930 000 1 840 000 18 713 000

Grade (g/t Au) 2,83 3,49 10,00 3,68

Ounces3 1 179 100 442 000 590 000 2 211 100

Indicated

INFERRED MINERAL RESOURCES

TOTAL MINERAL RESERVES AND RESOURCES

TOTAL MINERAL RESOURCES

MINERAL RESERVES

Proven Mineral Reserves

Probable Mineral Reserves

Measured

MINERAL RESOURCES

TOTAL MINERAL RESERVES

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1. The Corporation indirectly owns 90% of SEMAFO Burkina Faso,

Birimian Resources/Birimian Discovery, which directly hold the interest

in the Mana Mine reserves and resources, Tapoa and Yactibo Permit

Group resources, respectively.

2. Mineral reserves and resources at Mana were estimated using a

gold price of $1,100 and $1,400 per ounce, respectively.

3. Mineral resources at Tapoa Permit Group (Natougou deposit) were

estimated using a gold price of $1,300 per ounce.

4. Mineral resources at Yactibo Permit Group (Nabanga deposit) were

reported above a 5.0 g/t Au cut-off grade.

5. Rounding of numbers to the nearest hundreds of tonnes may

present slight differences in the figures representing the ounces

contained.

6. All mineral resources reported are exclusive of mineral reserves.

7. As of December 31, 2014.

8. As of March 30, 2015.

9. As of June 30, 2015.

MAKING THE GRADE

NATOUGOU STRUCTURES

Sub-parallel hangingwall structures notincluded in resource estimate

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MAKING THE GRADE

MANA

2015 Drilling Program

$11M

65,500 meters of RC drilling 41,000 meters within trucking

distance of the Mana plant

170,000 meters of auger

drilling

1031

MAKING THE GRADE

BANFORA

2015 Drilling Program

$6M

35,000 meters of RC drilling

1132

MAKING THE GRADE

SEMAFO Inc., 100 boul. Alexis-Nihon, 7thfloor, St-Laurent (Quebec), Canada H4M 2P3 www.semafo.com

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