2014 Investor Presentation April 2

POISED FOR GROWTH

April 2014

1

Legal and Other Matters

SAFE HARBOR: Some statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of1995 and 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: our production expectations for 2014 and 2015 including our production guidance;the impact of cost cutting initiatives; grade, recovery rates and timelines for production from our tailings reclaim facility and the impact of such production on theCompany’s performance; the timing for the completion of push backs trends on cash and all-in sustaining costs; predictions regarding cash costs per ounce; haulage costs;improved access to ore in 2014; duration of mining at Father Brown pit; strip ratios after push backs; average planned head grades for refractory ore; sustaining capitalbudgeted for 2014; ability to generate cash; timing for moving equipment from Bogoso to Wassa; the life of mine at Bogoso; pumping capacity at the Bogoso tailings facility;timing of Mineral Resource and Mineral Reserve estimates for the Bogoso tailings facility and at Wassa; timing of drilling and recovery of assays; timing for completion of afeasibility study at Wassa underground; timing to commercial production at Wassa underground; plans to pursue a low cost production strategy focused on non-refractoryore sources; updated mineral reserve and mineral resource estimates at Wassa; capital expenditures; and our 2014 and 2015 outlook and objectives for the remainder of2014 and 2015 and our medium term objectives. Factors that could cause actual results to differ materially include timing of and unexpected events at the Bogoso oxide andsulfide processing plants and/or at the Wassa processing plant; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; delay or failure to receive board or government approvals and permits; the availability and cost of electrical power; timing and availability ofexternal financing on acceptable terms; technical, permitting, mining or processing issues; changes in U.S. and Canadian securities markets; and fluctuations in gold price andinput costs and general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. Pleaserefer to the discussion of these and other factors in our Annual Report on Form 10-K for 2012. The forecasts contained in this presentation constitute management'scurrent 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 isreceived 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 notundertake 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 thispresentation 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“ and “all-in sustaining cost per ounce”. These measuresshould be considered as Non-GAAP Financial Measures as defined in applicable securities laws and should not be considered in isolation or as a substitute for measures ofperformance prepared in accordance with GAAP. We use cash operating cost per ounce as a key operating indicator. We monitor these measures monthly, comparingeach month's values to prior period's values to detect trends that may indicate increases or decreases in operating efficiencies. This measure is also compared againstbudget to alert management to trends that may cause actual results to deviate from planned operational results. We provide this measure to our investors to allow them toalso monitor operational efficiencies of our mines. We calculate these measures for both individual operating units and on a consolidated basis. There are materiallimitations associated with the use of such non-GAAP financial measures. These measures are not necessarily indicative of operating profit or cash flow from operations asdetermined under IFRS. Changes in numerous factors including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumablesand 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 themeasures of other gold mining companies, but may not be comparable to similarly titled measures in every instance.

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 hereinis based upon technical reports prepared and filed pursuant to National Instrument 43-101 (“NI 43-101”) and other publicly available information regarding the Company,including the following: (i) “NI 43-101 Technical Report on Mineral Resources and Mineral Reserves Golden Star Resources Ltd, Wassa Gold Mine, Ghana EffectiveDate December 31, 2012”, prepared by SRK Consulting (UK) Limited; (ii) “NI 43-101 Preliminary Economic Assessment, Mechanized Mining of the West Reef Resource,Prestea Underground Mine, Prestea, Ghana”, dated May 3, 2012 and prepared under the supervision of Martin P. Raffield and S. Mitchel Wasel; and (iii) Golden Star’s AnnualReport of Form 10-K for 2012. Additional information will be included in Golden Star’s Annual Information From for the year ended December 31, 2013 which will be filedon 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 Canada's National Instrument 43-101. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. MitchelWasel, Golden Star Resources Vice President of Exploration.

CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated.

Golden Star Resources April 2014 Investor Presentation 2

• Located in stable jurisdiction with

long mining history

• Two producing mines –Wassa and

Bogoso

• Wassa Mineral Reserves1 of

1.97M oz at 1.75 g/t Au

• Bogoso Mineral Reserves1 of

1.98M oz at 3.17 g/t Au

• Prestea Underground mine awaiting

development

• Three processing plants – 7 mtpa

• 2013 production 331,000 oz.

• 2014 guidance 295 – 320,000 oz.

3

Golden Star unlocking value in Ghana

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

Golden Star Resources April 2014 Investor Presentation

2013 Highlights

• Achieved production guidance for 2013

• Achieved cash cost guidance for 2013 at low end of range

• Established Wassa Main pit and grew Mineral Reserves and Resources at

this mine

• Largely completed push backs at Bogoso, well prepared for low cost

production in 2014 and 2015

• Commenced tailings retreatment at Bogoso, ramp up underway

• Completed Feasibility Study on Prestea Underground with successful

conclusion

• Reduced capex significantly whilst maintaining sound operations and

development project pipeline

• Raised debt finance with $50 million Ecobank loan

• Cash on hand at year end of $65.6 million

4Golden Star Resources April 2014 Investor Presentation

2013 Production Performance

5

$75.0 $72.1$59.5 $56.5

$58.0$48.6

$58.7

$39.5

$0

$20

$40

$60

$80

$100

$120

$140

Q1 2013 Q2 2013 Q3 2013 Q4 2013

Wassa Bogoso

4651

45 44

3534 44

31

0

10

20

30

40

50

60

70

80

90

100

Q1 2013 Q2 2013 Q3 2013 Q4 2013

Wassa Bogoso

Revenue ($ million) Production (k oz.)

• Average realized gold price of $1,414 per ounce (FY 2012: $1,662)


Costs per Ounce1

$1,044 $1,049$950-1,000

FY 2012 FY 2013 FY 2014

AISC:

$1,318

6

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

AISC:

$1,326 AISC:

$1,150 -1,200

• Cash costs per ounce in line with guidance for 2013

• Downward trend expected in 2014 on both cash and all-in sustaining

costs


Bogoso Sustaining

Capex, $21.7

Wassa Development

Capex, $15.9

Wassa Sustaining

Capex, $17.7

Bogoso Development

Capex, $47.4

Capital Expenditures

7

Total Capex $102.7 million

Bogoso Sustaining

Capex,

$8.0M

Wassa Sustaining

Capex,

$13.0M

Bogoso Development

Capex, $23.0M

Total capex $50.0 million

2013 2014

Wassa

Development

Capex, $6.0M


• Two operational pits – Wassa Main and

Father Brown

• Mining at Father Brown pit to end in

Q2 2014

• Non-refractory plant with current

capacity of 2.7 mtpa

• Large and growing mineral resource,

evaluating underground potential

• 2014 planned head grade of 1.7 g/t Au

• 2014 strip ratio of 4.5:1

8

Wassa Mine Demonstrating Strong Potential

Ownership 90%

2013 gold production 185,807 oz.

Mineral Reserves(1) 1.97 M oz. Au

P&P Reserve grade(1) 1.75 g/t Au

2013 cash operating costs/ oz. $805



Wassa Operational Review

• Cash costs per ounce declined in

2013 with higher head grade and

less stripping

• Cash costs per ounce increasing in

2014 as head grade decreases

• Mining from Wassa Main pit only

• Lower grade loss offset by savings

on haulage costs

• Q1 2014 production of 34,838

ounces

9


159,000

186,000

135,000

$890

$805 $925

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2012A 2013A 2014E

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Ounce

s pro

duce

d

Cas

h o

pera

ting

cost

s

• Golden Star Resources April 2014 Investor Presentation

• Large pit now formed at Wassa

• Larger trucks

• Productivity gains

• Mining $1,000 pit shell from

January 2014

• From May 2014, entire ore

source 500m from plant,

reducing haulage costs

• Equipment transferred on lease

arrangement from Bogoso to

Wassa

Wassa Main Development


Wassa Main Grade Thickness Contour (g\t)*m

Wassa Growth – Dec 2011



Wassa Growth – Dec 2013

• Mineral Reserve and Resource update for year end 2013

• Wassa Mineral Reserve increased 34% to 2.0 million oz; 22% higher average grade of 1.75 g/t Au

• Wassa Measured and Indicated Mineral Resources increased 29% to 3.3 million oz; 25% higher

average grade of 2.0 g/t Au

$1,300 Pit Shell



Wassa Growth – March 2014

$1,300 Pit Shell

• New drilling campaign commenced November 2013 - infill and step out

• Significant grades and widths intercepted on step out holes, confirming ore body is open down

plunge

• In-fill drilling shows wide zones of significant grades between existing high grade drill intercepts


14

Wassa –Way Forward

• PEA of underground mine at Wassa

complete Q2 2014

• Drilling completed and assays received

by mid 2014

• Revised Mineral Resource estimate Q3

2014

• Feasibility Study (based on revised

Resource estimates) to commence Q3

2014

• 18 months to commercial production at

underground mine thereafter

• Wassa processing capacity adequate for

deeper ore


• Mining in Bogoso North and Chujah pits

• Two processing plants with combined capacity of

3.2 mtpa

• Bogoso refractory plant – 2.7 mtpa Biox®

• Bogoso non-refractory plant – 1.5 mtpa CIL

• 2014 average head grade refractory ore of 2.6 g/t

Au

• 2014 strip ratio, after pushback, of 3:1

• Sustaining capital of $8 million budgeted for 2014

15

Bogoso to Deliver Returns in Near Term

Ownership 90%

2013 gold production 144,999 oz.

Mineral Reserves(1) 1.98 M oz Au


2013 cash operating costs/ oz. $1,361



172,000

145,000

173,000

$1,186

$1,361

$1,025

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2012A 2013A 2014E

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Ounce

s pro

duce

d

Cas

h o

pera

ting

cost

s

Bogoso Operational Review

• Cash costs increased in 2013 with

lower grade and reduced access

to ore during push backs

• Mine operating expenses reduced

7% with lower contractor,

consumable and electricity costs

• Improved access to ore in 2014/

2015 will drive costs per ounce

down

• Q1 2014 production of 30,974

ounces

16



Bogoso push backs improving ore access

• Push backs substantially complete by end of Q1 2014

• Remaining LOM strip ratio post completion of push backs is 2:1

17

Grade g/t

0 100

meters

Chujah

End of 2012 surface

End of 2013 surface

Pushback mined in 2013

Final pit design

West

Final pit design

End of 2012 surface

End of 2013 surface

Pushback mined in 2013

Bogoso North

East


• Reprocessing of tailings in TSF1 at

Bogoso non-refractory plant

• 9,200 ounces produced in H2 2013

• Achieved grade of 0.96 g/t Au,

with recovery of 42.5%

• Doubled pumping capacity in late

2013

• Targeting 5,000 tpd in 2014

• Exceeding target on regular basis

• Simple operation and low capex ore

source, opex of $8-10/tonne

• Mineral Resource and Reserve

estimate on tailings expected in

2014

18

Bogoso Tailings Deliver Low Cost Ounces


• Established underground mine 100 years of

production, care and maintenance since 2002

• M&I Mineral Resource of 630k ounces, Inferred

Mineral Resource of further 850k ounces

• Located 15km from Bogoso plant

• Positive feasibility study concluded in May 2013

• 50,000 – 80,000 oz over 6 year LOM

• Cash operating costs $650 - 700/oz

• Initial capex of $90m

• Evaluating high grade lower capex, cost and

production alternative

19

Prestea Underground offers long

term growth

Ownership 90%

Mineral Reserves(1) 0.44 M oz Au


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

Underground are included in the total Mineral Reserves and Resources reported for Bogoso.


Medium term Outlook

2014

• Production for 2014 expected to be between 295,000 - 320,000 ounces

• Production to vary between quarters – Q2 and Q4 2014 will be stronger

• Father Brown pit to supply ore until end Q1 2014

• Cash operating costs of $950-1,000 per ounce

2015

• Production for 2015 expected to be between 260,000 - 280,000 ounces

• Hard rock mining to continue at Bogoso until Q3 2015

• Costs at Bogoso expected to reduce over remainder of life of mine

• Tailings retreatment to continue for next five years

• Cash costs of $900-950 per ounce


Company Strategy

21

• Pursue growth from non-refractory ounces

• Wassa Underground

• Bogoso tailings

• Prestea Underground

• Drive costs down through active management and mine planning

• Leverage off existing infrastructure to maintain low capex levels

• Favour operating margin over total ounces produced


Investment Case

22

Golden Star is focusing operations on low cost non-refractory ounces

Costs are reducing through active management and as a result of strategy

New management team demonstrated capabilities and will continue to

deliver to shareholders

Company is adequately funded to achieve its near term objectives

Significant optionality to increase production if gold price rises

Historic infrastructure investment allows for lower capex in 2014

Development of Wassa is central to this strategy


APPENDICES

(1) Includes US$47.3M of 5% Convertible Debentures at fair value

(2) As accessed on April 23, 2014 from Bloomberg

(3) As a group, beneficially owned, or controlled or directed, directly or indirectly as at December 31, 2013

24

Major Shareholders2

Heartland Advisors Inc. 12.11%

Sentry Select Capital Corp. 11.53%

Van Eck Associates Corp. 8.0%

Directors and Executive Officers3 2.8%

DE Shaw & Co 1.8%

Acadian Asset Management 1.2%

Share Price (Last close) (US$) (as of April 23, 2014) 61 cents

Shares Outstanding 259.1M

Market Capitalization (US$) 161M

Cash and Equivalents (US$) (March 31 2014) 58M

Total Debt (US$) (December 31,2013)1 94.2M

EnterpriseValue (US$) 197.2M

Daily Average Volume TSX: 140K

NYSE MKT: 2.6M

Strong Sponsorship, Good Liquidity


• Tim Baker, Chairman, former COO of Kinross Gold Corp., extensive experience in

operating mines and projects around the world

• Sam Coetzer, President and CEO, mining engineer with over 26 years of

international mining experience including Kinross, Xstrata, Xstrata Coal, and Placer

Dome

• Anu Dhir, lawyer with corporate affairs and legal experiences in the mining, oil and gas

and technology sectors

• Rob Doyle, more than 30 years of experience in all facets of international resource

exploration, development and production

• Tony Jensen, over 25 years of mining industry experience; is President and CEO for

Royal Gold Inc

• Craig Nelsen, geologist with over 30 years of experience in the mining business

• Chris Thompson, 40 years of mining company and fund management experience.

Former Chairman of the World Gold Council

• Bill Yeates, audit partner for Hein & Associates and has 35 years of experience

working with public companies

25

New Team, New Focus – Board

2014 Guidance

Combined Operations in 2014

Production (oz) 295,000 – 320,000

Cash operating cost ($/oz.)1 950 – 1,000

Capital expenditure (millions)

Sustaining:

Development:

Total:

$21

$29(2)

$50

26

0

50

100

150

200

250

300

350

2014E

Wassa Bogoso

165 – 180k oz

130 – 140k oz

295 – 320k oz

(1) Power and fuel prices used in the guidance are US$0.18 per kilowatt hour and US$1.30 per liter, respectively.

(2) The development capital expenditure forecast for Bogoso for 2014 is inclusive of approximately US$12 million of development expenditures incurred at the Prestea Underground Mine.

Production


WASSA MAIN DRILL HOLE PLAN VIEW

BSDD292A

4.1m @

17.6g/t

BSDD290B 18.5m

@ 6.8g/t

BSDD224

17.6m @

3.9g/tBSDD225

18.4m @

4.6g/t

BSDD241

5.9m @

12.1g/t

BSDD246

19.0m @ 10.2g/t

BSDD220

29.0m @

7.5g/t

BSDD285

27.9m @

5.0g/t

BSDD246

12.9m @

10.7g/t

BSDD2274

2.9m @

3.8g/t

BSDD218

32.4m @

3.5g/t

BSDD262

47.1 m @

7.2g/t

BSDD212

75.6m @

1.7g/t

BSDD264

16.9 @

5.5g/t

BSDD260

62.8m @ 4.1g/t

BSDD256

52.9m @

4.3g/t

BSDD226

32.6m @

7.5g/t

STDD033

24.0m@

4.3g/t

BSDD219

4.8m @

27.4g/t

BSDD233

11.2m @

20.0g/t

BSDD239B

22.2m @

4.1g/t

BSDD210

17.2m @

5.2g/tBSDD209

10.2m @

12.1g/t

242DD068

31.7m @

7.3g/t

BSDD293

17.5m @

4.9g/t

BSDD295M 20.3m

@

3.5g/t

BSDD296

19.9m @

15.3g/t

BSDD298A

58.6m @ 4.0g/t

BSDD299

38.2m @ 3.5g/t

242DD080

11.7m @ 2.4g/t

WASSA MAIN DRILL HOLE PLAN VIEW

BSDD301

19.2m

@11.35g/t

BSDD302

3.39m @

5.99g/t

BSDD305M

12.1m @ 6.53g/t

BSDD305D2

48.02m @

3.70g/t

BSDD305D1

17.11m @

2.35g/t

BSDD307

10.96m @

4.0g/t

BSDD308M

23.09m @

9.66g/t BSDD308D1

13.60m @

5.99g/t

BSDD295M

20.3m @ 3.5g/t

BSDD306

29.93m @

17.36g/t

BSDD309

5.36m @

2.28g/t

BSDD310

19.07m @

5.61g/t

BSDD311

5.74m @

2.40g/t

242DD080

11.7m @

2.4g/t

Investor Relations

2014 Investor Presentation April 2