2014 investor presentation june v3

MOVING AHEADJune 2014

NYSE MKT: GSS TSX: GSC

Legal and Other Matters

2

SAFE HARBOR: Some statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actualresults to differ materially. Such statements include comments regarding: our production expectations for 2014 and 2015; grade, recovery rates and timelines for production fromour tailings reclaim facility and the impact of such production on the Company’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; strip ratios after push backs; average planned head grades for refractory ore; sustainingcapital budgeted for 2014; ability to generate cash; the life of mine at Bogoso; pumping capacity at the Bogoso tailings facility; timing of Mineral Resource estimates at Wassa; timing ofdrilling and recovery of assays; timing for completion of a feasibility study at Wassa underground; timing of Wassa Preliminary Economic Assessment, timing of Wassa undergroundto commercial production; potential production from Wassa underground and associated cash costs and all in sustaining costs, plans to pursue a low cost production strategyfocused on non-refractory ore sources; updated mineral reserve and mineral resource estimates at Wassa; capital expenditures; and our 2014 and 2015 outlook and objectives forthe remainder of 2014 and 2015 and our medium term objectives. Factors that could cause actual results to differ materially include timing of and unexpected events at the Bogosooxide and sulfide 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 of externalfinancing on acceptable terms; technical, permitting, mining or processing issues; changes in U.S. and Canadian securities markets; and fluctuations in gold price and input costs andgeneral economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forecasts contained in thispresentation 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 changeas 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 donot 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 presentationrepresent 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 measures should beconsidered as Non-GAAP Financial Measures as defined in applicable securities laws and should not be considered in isolation or as a substitute for measures of performanceprepared in accordance with GAAP. We use cash operating cost per ounce as a key operating indicator. We monitor these measures monthly, comparing each month's values toprior period's values to detect trends that may indicate increases or decreases in operating efficiencies. This measure is also compared against budget to alert management to trendsthat may cause actual results to deviate from planned operational results. We provide this measure to our investors to allow them to also monitor operational efficiencies of ourmines. We calculate these measures for both individual operating units and on a consolidated basis. There are material limitations associated with the use of such non-GAAP financialmeasures. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Changes in numerous factors including, but notlimited 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 toincrease 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 titledmeasures 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 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 (“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 Effective Date December 31, 2012”, prepared by SRKConsulting (UK) Limited; (ii) “NI 43-101 Preliminary Economic Assessment, Mechanized Mining of the West Reef Resource, Prestea Underground Mine, Prestea, Ghana”, dated May3, 2013 and prepared under the supervision of Martin P. Raffield and S. Mitchel Wasel; (iii) Golden Star’s Annual Report for 2013 and (iv) “NI 43-101 Technical Report on Resourcesand Reserves Golden Star Resources Ltd, Bogoso Prestea Gold Mine, Ghana effective date 31st December 2013”, prepared by SRK Consulting (UK) Limited. Additional information isincluded in Golden Star’s Annual Information From for the year ended December 31, 2013 which is filed on SEDAR. Mineral Reserves were prepared under the supervision ofDr. 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 QualifiedPerson 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.

Golden Star Resources June 2014

• Pursue growth from non-refractoryounces

• Wassa Underground

• Prestea Underground

• Bogoso tailings

• Drive costs down through activemanagement and mine planning

• Leverage off existing infrastructureto maintain low capex levels

• Favour operating margin over totalounces produced

• 2013 production 331,000 oz., 2014guidance 295 – 320,000 oz.

• NYSE MKT and TSX listed, goodliquidity

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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.


2013 Highlights

• Achieved production and cash cost guidance for 2013

• Established Wassa Main pit and grew Mineral Reserves and Resources atthis mine

• Largely completed push backs at Bogoso, well prepared for low costproduction in 2014 and 2015

• Commenced tailings retreatment at Bogoso, ramp up underway

• Completed Feasibility Study on Prestea Underground with successfulconclusion

• Reduced capex significantly whilst maintaining sound operations anddevelopment project pipeline

• Raised debt finance with $50 million Ecobank loan

Golden Star Resources June 2014 4

Q1 2014 Highlights

• Gold produced and sold during the first quarter of 65,812 ounces, (Q42013: 75,430 ounces) in line with expectations, revenues of $85.0 M (Q42013: $96.0 M)

• Cost of sales decreased to $84.3 M (Q4 2013: $88.5 M)

• Mine operating expenses decreased to $82.9 M (Q4 2013: $84.8 M)

• Consolidated cash balance at quarter end of $57.8 M, $10 M undrawn onEcobank loan facility

• Drilling at Wassa continues to yield significant results, PEA of undergroundmining at Wassa on track for Q3 2014

• Mining in Wassa Main achieving better than expected productivity withlower cost per tonne

• Refractory processing plant achieves record throughput, supportsincreased supply of ore going forward

5Golden Star Resources June 2014

Quarterly Production Performance

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$72.1$59.5 $56.5

$40.1

$48.6$58.7

$39.5

$44.9

$0

$20

$40

$60

$80

$100

$120

$140

Q2 2013 Q3 2013 Q4 2013 Q1 2014

Wassa Bogoso

5145 44

35

34 4431

31

0

10

20

30

40

50

60

70

80

90

100

Q2 2013 Q3 2013 Q4 2013 Q1 2014

Wassa Bogoso

Revenue ($ million) Production (k oz.)


• Sequential reductions in cost ofsales

• Lower mining contractorexpenses and haulage costs

• An increase in metal inventoryand lower royalty expense

Cost of Sales

$91.3

$88.5

$84.3

$75

$80

$85

$90

$95

$100

Q3 2013 Q4 2013 Q1 2014

Cost of Sales Excluding Depreciation andAmortization ($ million)


Costs per Ounce1

$1,044 $1,049 $950-1,000 $925

FY 2012 FY 2013 FY 2014 FY 2015

AISC:$1,318

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

AISC:$1,326

AISC:$1,150 -1,200


• Cash operating costs per ounce higher in Q1 2014• Transition into new Main pit at Wassa

• Reduction of feed from Father Brown

• Lower grade and recoveries Bogoso

Strategy: Deliver, Unlock, Sustain

Golden Star ‘s strategic focus is to reduce cash costs by increasing productionfrom non-refractory ore sources while preserving production upside in the eventof higher gold prices

Unlock SustainDeliver

Reduce operating expensesat existing mines

Achieve cost andproduction guidance

Relocate head office and re-organise executive team

Sustainably grow MineralReserves

Expand Mineral Resources

Identify new low cost oresources

Convert Resources toReserves

Leverage off existinginfrastructure

Bring new ore sources intoproduction - on time andbudget

Retain experienced board andcompetent management

Ensure positive cash flowthrough lower costproduction

Apply financial discipline tonew operations

Maintain healthy margin peroz through gold cycle

Preserve future growth withexisting development projects


Growth Opportunity Overview

• Current production of circa 300,000 oz pa at cash cost of $950 – 1,000per oz, 50:50 refractory and non-refractory production

• Opportunity to shift production to new lower cost ore sources - WassaUnderground and Prestea Underground

• Increase non-refractory production significantly at lower cost per ounce• Based on ongoing internal studies, estimated total capex for both

development projects of $70– 80 million• Financing from various sources being considered


• One large operational pit - Wassa Main

• Non-refractory plant with currentcapacity 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

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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



• Large pit now formed at Wassa• Larger trucks

• Productivity gains

• Mining $1,000 pit shell fromJanuary 2014

• From May 2014, entire oresource 500m from plant,reducing haulage costs

• Equipment transferred on leasearrangement from Bogoso toWassa

Wassa Main Development


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

Wassa Growth – from Dec 2011


• Two year LOM in 2011, two year drilling campaign increased this by 10 years• Subsequent 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• Significant further resource potential

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Wire Frame of Drilling


Resource pit shell,mostly in MineralReserves already

Current and futureIndicated Mineral

Resources

Future InferredMineral Resources

Growth Opportunity - Wassa

• Wassa Mineral Reserves have increased 148% since 2011 despite reducinggold price assumptions

• Current mine plan is to mine entire ore body with open pit mining overtwelve years• Cash flows weighted to later years due to increasing grade at depth

• Opportunity to accelerate cash flows by mining the higher grade, deeperportion of this ore body with underground mining methods

• Internal study indicates capex to develop underground mine of $40 – 50million

• Tonnes milled remains constant, head grade increases – increasingproduction and reducing operating cost per ounce

• Wassa has the ability to self fund development but at slow rate


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• Potentially start construction of decline ramp in Q3 14, potential first undergroundproduction Q4 15

• Underground ore blended with open pit ore to achieve anticipated head grade of >2 g/t

• Average expected LOM cash operating costs of $750 - 800 per oz, excludes 5% royalties

• Average expected LOM AIC of $925 - 975 per oz

• LOM potentially extends to 2025

Wassa Upside Profile

-

200

400

600

800

1,000

1,200

1,400

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Wassa Annual Gold Sold,AIC and COCOz Costs$/Oz

Further oresources –FB, Benso


Wassa Upside Profile

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• $1,300 gold price assumption

• Operations expected to generate positive cash flow during construction

• Net and cumulative cash flow impacted by construction capex and debtrepayment

• Financing required for accelerated development


Wassa cash flows based on accelerated underground development

EBITDA Net Cashflow Cumulative CF

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Wassa – Way Forward

• Current drill program completed and assaysto be received mid 2014

• PEA of underground mine at Wassa to bepublished Q3 2014

• Revised Mineral Resource estimate Q3 2014• Feasibility Study (based on revised Resource

estimates) to commence Q3 2014• 18 months to commercial production

thereafter• Financing options being considered, internal

financing possible


• Mining in Bogoso North and Chujah pits

• 2014 average head grade refractory ore of 2.6 g/tAu, compared to 1.79g/t Au in Q1 2014

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

• Sustaining capital of $8 million budgeted for 2014

• Heavy rainfall in Q2 14 impacting production

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Bogoso to Deliver Returns in Near Term

Ownership 90%

2013 gold production 144,999 oz.

Mineral Reserves(1) 1.98 M oz Au

P&P Reserve grade(1) 3.17 g/t Au

2013 cash operating costs/ oz. $1,361



Bogoso Push Backs Improving Ore Access

• Push backs substantially complete

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

20

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 atBogoso non-refractory plant

• Doubled pumping capacity in late2013

• Targeting 5,000 tpd in 2014

• Exceeding target on regular basis

• 4,964 ounces produced in Q1 2014,0.94 g/t Au at 41% recovery

• Simple operation and low capex oresource, opex of $8-10/tonne

• Mineral Resource and Reserveestimate on tailings expected in2014

21

Bogoso Tailings Deliver Low Cost Ounces


Growth Opportunity – Prestea Underground

• Bogoso owns the Prestea UndergroundMine, 18 g/t Au in situ grade

• Located in close proximity to Bogoso’snon-refractory plant• Currently processing tailings material

• Feasibility study completed in 2013 tousing mechanised methods• $90 million initial capex, $110 million LOM

capex• 50,000 – 80,000 oz over 6 year LOM, cash

operating costs $650 - 700/oz

• 4 years to production

• Hand held mining method currently beingconsidered – internal study underway• Lower capex• Quick to production



Prestea Underground Development

• Prestea Underground operated for over 100 years, infrastructure inreasonable state of repair

• Low construction risk• Shaft rehabilitation• Hoist upgrade• Ventilation• Electrical systems rehabilitation

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Bogoso Prestea – Way Forward

• Complete internal study on Prestea Underground non-mechanizedoption mid 2014

• Complete PEA for Prestea Underground in Q3 14• Complete mining of the Chujah and Bogoso North pits in Q3 15 and put

refractory plant on care and maintenance• Bring Prestea Underground into production• Continue processing of tailings through to at least 2022


Medium Term Outlook

2014

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


Investment Case


Strategic refocus on low cost non-refractory ounces

Costs are reducing through active management and will reduce further as aresult of strategy

Management team continue to demonstrate their capabilities and will deliveron guidance

The Company is adequately funded for current operations

Significant optionality exists to increase production from other ore sourcesif the gold price rises

Established infrastructure with three operating plants and all permittingrequirements fulfilled

APPENDICES

• Tim Baker, Chairman, former COO of Kinross Gold Corp., extensive experience inoperating mines and projects around the world

• Sam Coetzer, President and CEO, mining engineer with over 26 years ofinternational mining experience including Kinross, Xstrata, Xstrata Coal and PlacerDome

• Anu Dhir, lawyer with corporate affairs and legal experiences in the mining, oil and gasand technology sectors

• Rob Doyle, founder and former CEO of Medoro Resources with over 30 years ofexperience in international resource exploration, development and production

• Tony Jensen, President and CEO for Royal Gold Inc., over 25 years of mining industryexperience

• Craig Nelsen, exploration geologist with over 30 years of experience in the miningbusiness, Director Avanti Mining

• Chris Thompson, former CEO of Goldfields with 40 years of mining and fundmanagement experience, former Chairman of the World Gold Council

• Bill Yeates, audit partner for Hein & Associates and has 35 years of experienceworking with public companies

Focused team


Wassa Main Drill Hole Plan View

BSDD292A4.1m @17.6g/t

BSDD290B 18.5m@ 6.8g/t

BSDD22417.6m @

3.9g/tBSDD22518.4m @

4.6g/t

BSDD2415.9m @12.1g/t

BSDD24619.0m @ 10.2g/t

BSDD22029.0m @

7.5g/t

BSDD28527.9m @5.0g/t

BSDD24612.9m @10.7g/t

BSDD22742.9m @3.8g/t

BSDD21832.4m @

3.5g/t

BSDD26247.1 m @

7.2g/t

BSDD21275.6m @

1.7g/t

BSDD26416.9 @

5.5g/t

BSDD26062.8m @ 4.1g/t

BSDD25652.9m @

4.3g/t

BSDD22632.6m @

7.5g/t

[email protected]/t

BSDD2194.8m @27.4g/t

BSDD23311.2m @20.0g/t

BSDD239B22.2m @4.1g/t

BSDD21017.2m @

5.2g/tBSDD20910.2m @12.1g/t

242DD06831.7m @

7.3g/t

BSDD29317.5m @

4.9g/tBSDD295M 20.3m

@3.5g/t

BSDD29619.9m @

15.3g/tBSDD298A58.6m @ 4.0g/t

BSDD29938.2m @ 3.5g/t

242DD08011.7m @ 2.4g/t

Wassa Main Drill Hole Plan View

BSDD30119.2m

@11.35g/t

BSDD3023.39m @

5.99g/t

BSDD305M12.1m @ 6.53g/t

BSDD305D248.02m @

3.70g/t

BSDD305D117.11m @

2.35g/t

BSDD30710.96m @4.0g/t

BSDD308M23.09m @

9.66g/t BSDD308D113.60m @

5.99g/t

BSDD295M20.3m @ 3.5g/t

BSDD30629.93m @17.36g/t

BSDD3095.36m @2.28g/t

BSDD31019.07m @5.61g/t

BSDD3115.74m @2.40g/t

242DD08011.7m @2.4g/t

Step Out Drilling Extends Zones 450m South

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• Step out drilling has beensuccessful in extending themineralized corridor to thesouth, where it remains open

• An additional 200 m step outdrilling is warranted as zone isstill open


Step Out Drilling 19500 N To 19100 N


(1) Includes US$57.5M of 5% Convertible Debentures at fair value(2) As accessed on May 14, 2014 from Bloomberg(3) As a group, beneficially owned, or controlled or directed, directly or indirectly as at December 31, 2013

33

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%

Sprott Inc 1.6%

Acadian Asset Management 1.2%

Share Price (Last close) (US$) (as of June 13, 2014) 56 cents

Shares Outstanding 259.1M

Market Capitalization (US$) 146M

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

Total Debt (US$) (March 31,2013)1 112.9M

EnterpriseValue (US$) 200.9M

Daily Average VolumeTSX: 70K

NYSE MKT: 1.6M

Strong Sponsorship, Good Liquidity


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

34

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


Investor Relations

2014 investor presentation june v3