Expanding Production And Reducing Costs

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Expanding Production and Reducing Costs

DisclaimerSAFE HARBOUR: Some statements contained in this presentation are forward-looking statements or forward-looking information (collectively, “forward-looking statements”) within themeaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Investors are cautioned that forward-looking statements areinherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding: the expansion of production andreduction of costs at Golden Star’s projects; the exploration upside of the Company’s projects and ability of the Company to increase mine lives and Mineral Resources and MineralReserves; the ability of the Company to transform into a high grade, low cost gold producer; the impact of Wassa Underground and Prestea Underground on the Company’s productionprofile, cost profile, cash operating cost per ounce and AISC per ounce; the timing for commercial production at Prestea Underground; the timing for mining first transverse stopes at BShoot of Wassa Underground; the achievement of full production rate at Wassa Underground; the achievement of 2017 production; production, cash operating cost and capital expenditureguidance for 2017; ore grade, production and capital expenditures at Mampon; blasting of the first stope and commencing commercial production at Prestea Underground; the ability toexpand Mineral Reserves and extend the life of mine at Prestea Underground and Wassa Underground through exploration; the ability to convert Mineral Resources into Mineral Reserves;the timing for incurring 2017 capital expenditures; and the potential for growth of Golden Star’s share price. Factors that could cause actual results to differ materially include timing of andunexpected events at the Prestea and/or the Wassa processing plants; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvalsand permits; construction delays; the availability and cost of electrical power; timing and availability of external financing on acceptable terms or at all; technical, permitting, mining orprocessing issues, including difficulties in establishing the infrastructure for Wassa Underground or Prestea Underground, inconsistent power supplies, plant and/or equipment failures andan inability to obtain supplies and materials on reasonable terms (including pricing) or at all; changes in U.S. and Canadian securities markets; heavy rainfall and flooding of undergroundmines; 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 anticipatedby management. Please refer to the discussion of these and other factors in our Annual Information Form for the year ended December 31, 2016 filed on SEDAR at www.sedar.com. Theforecasts contained in this presentation constitute management's current estimates, as of the date of this presentation, with respect to the matters covered thereby. We expect that theseestimates will change as 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 atany time, we do not 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 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”, “All-In Sustaining Cost per ounce”, “AISC per ounce”, “Adjusted NetIncome”, “Adjusted Net Income/Share”, “Cash operating margin per ounce” and “Cash Flow from operations before working capital changes”. These terms should be considered as NonGAAP Financial Measures as defined in applicable Canadian and United States securities laws and should not be considered in isolation or as a substitute for measures of performanceprepared in accordance with International Financial Reporting Standards (“IFRS”). “Cash operating cost per ounce” for a period is equal to the cost of sales excluding depreciation andamortization for the period less royalties, the cash component of metals inventory net realizable value adjustments and severance charges divided by the number of ounces of gold soldduring the period. “All-in sustaining costs per ounce” commences with cash operating costs and then adds sustaining capital expenditures, corporate general and administrative costs, minesite exploratory drilling and greenfield evaluation costs and environmental rehabilitation costs, divided by the number of ounces of gold sold during the period. This measure seeks torepresent the total costs of producing gold from operations. These measures are not representative of all cash expenditures as they do not include income tax payments or interest costs.In order to indicate to stakeholders the Company's earnings excluding the non-cash (gain)/loss on the fair value of debentures, non-cash impairment charges and severance charges, theCompany calculates “Adjusted Net Income” and “Adjusted Net Income per share” to supplement the condensed interim consolidated financial statements. “Cash operating margin perounce” is calculated as gold price minus cash operating cost per ounce. “Cash flow from operations before working capital changes” is calculated by subtracting the "Changes in workingcapital" from "Net cash provided by operating activities" as found in the statements of cash flows. These measures are not necessarily indicative of operating profit or cash flow fromoperations as would be determined under IFRS. 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 similar to themeasures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. Please see our “Management’s Discussion and Analysis of FinancialCondition and Results of Operations for the three months ended March 31, 2017” for a reconciliation of these Non-GAAP measures to the nearest IFRS measure.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 upon technicalreports prepared and filed pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and other publicly available information regarding theCompany, including the following: (i) “NI 43-101 Technical Report on a Feasibility Study of the Wassa Open Pit Mine and Underground Project in Ghana” effective December 31, 2014; (ii)“NI 43-101 Technical Report on Resources and Reserves, Golden Star Resources Ltd., Bogoso Prestea Gold Mine, Ghana” effective December 31, 2013, and (iii) “NI 43-101 TechnicalReport on a Feasibility Study of the Prestea Underground gold project in Ghana” effective November 5, 2015. Additional information is included in Golden Star's Annual Information Formfor the year ended December 31, 2015 which is filed on SEDAR. Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services forthe Company. Dr. Raffield is a "Qualified Person" as defined by NI 43-101. The Qualified Person 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.2NYSE: GSSTSX: GSC

Management ParticipantsSam CoetzerPresident andChief Executive OfficerMartin RaffieldSVP, Project Development &Technical Services3NYSE: GSSTSX: GSCAndré van NiekerkEVP and Chief FinancialOfficerKatharine SuttonVP, Investor Relations &Corporate AffairsDaniel OwireduEVP and Chief OperatingOfficer

Why Invest In Golden Star?West African-focused,mid-tier gold producerwith two producing minesin GhanaHigh grade developmentasset, PresteaUnderground (13.93g/tMineral Reserves)Experienced managementteam with a track recordof discovery and projectdeliveryStrong exploration upsidepotential - focused onincreasing the mine livesof current operationsUndervalued compared topeer group and withrobust liquidity throughNYSE MKT listingTransforming into a high grade, non-refractory, low cost gold producer4NYSE: GSSTSX: GSC

Record Quarterly ProductionStrongest quarterly performance since cessation of refractory operationQuarterly Gold ProductionQ4 2015 to Q1 201770,00060,000 Gold production of 57,795oz in Q1 2017 Ore from three production sources –significant reduction in risk profile Q1 2017 gold production by asset: Wassa Main Pit: 19,867oz Wassa Underground: 11,482oz Prestea Open Pits: 26,446oz Third consecutive record quarterproduction for Prestea Open Pits Wassa Underground’s mining ratesaccelerated strongly during Q1 2017 –46% increase in production compared toQ4 2016 Impact of higher grade ore from WassaUnderground starting to be realizedOunces50,00040,00030,00020,00010,000of0Q4 15Q1 16Prestea Open Pits5NYSE: GSSTSX: GSCQ2 16Q3 16Wassa Main PitQ4 16Q1 17Wassa Underground

Cash Operating Costs Expected to Continue to ReduceCost structure expected to reduce in H2 2017 as high grade underground minescontinue to ramp up Cash operating cost1 of 798/oz andAISC1 of 977/oz 11% increase in cash operating cost1compared to Q1 2016 Due to higher mining costs atWassa while both underground andopen pit operations in transition Partiallyoffsetbystrongperformance at Prestea Open Pits Cash operating cost1 and AISC1 are inline with costs in Q4 2016, as expected,and are anticipated to reduce in H22017 Q2 2017 production, cash operatingcost1 and AISC1 per ounce are expectedto be in line with Q1 2017Cash Operating Cost Per Ounce1 976 872 79820156NYSE: GSSTSX: GSC1.2016Q1 17See note on slide 2 regarding Non-GAAP Financial Measures

2017 Exploration Strategy LegendMining license areaExploration license areaCare and maintenance – no longer mined7NYSE: GSSTSX: GSCThree key objectives of the 2017 explorationstrategy:oTo increase supply of high grade,underground ore to the processingplants in the near termoTo increase the lives of both operationsin the medium termoTo identify the potential of Golden Star’s1,156km2 concession area First phase of programcomprise 48,000misexpectedto Further drilling may be conducted subject tothe results received 171% increase to 2017 exploration budgetto 6.5 million for the first phase of drilling Drilling is underway on initial targets:Prestea Underground, Prestea Open Pits,Mampon/Aboronye deposits and Wassa 242Trend

Q1 2017OPERATIONALREVIEWWassa Gold MinePrestea Gold Mine8

Q1 2017: Wassa Operational ResultsWassaQ1 2017Q1 2016Ore Minedkt516610Waste Minedkt1,9632,406Ore Processedkt657641Grade Processed– Main Pitg/t1.271.64Grade Processed– Undergroundg/t2.47-Recovery%93.194.1Gold Production– Main Pitoz19,86731,273Gold Production- Undergroundoz11,482-Gold Salesoz31,53130,887942706Cash Op.Cost1 /oz Slightincreaseinproductioncompared to Q1 2016 (76oz) 2 sources of ore - 63% ofproduction from Wassa Main Pit and37% from Wassa Underground Wassa is in transitory phase whereneither open pit nor underground isperforming optimally – expected toimprove as year progresses Higher underground mining costswhile mining the moderate grade FShoot – underground costs nolonger capitalized 1.0m severance expenses paid asopen pit operation is streamlinedWassa 2017 Guidance:85,000-95,000oz from Wassa Main Pit and 60,000-65,000oz from Wassa UndergroundCash operating cost1 of 830-915/oz9NYSE: GSSTSX: GSC1.See note on slide 2 regarding Non-GAAP Financial Measures

Wassa Underground: Mining of B Shoot Commenced Commercial productionachieved on January 1,2017 First longitudinal stopesof B Shoot mined in lateQ1 2017 Firstlarger,highergrade,transverseBShoot stopes expectedto be mined in Q3 2017 Targeting mining rate of1,400 tpd in 2017 –nameplate rate of 2,200tpd expected to beachieved in 2018Production expected to increase in Q3 2017 when transverse stoping of B Shootbegins10NYSE: GSSTSX: GSC

Wassa Underground: 2017 ExplorationThreekeyfocusesUnderground:atWassaNSB Shoot North extension drilling Expected to comprise 3,000mObjective: To test the potential toincrease near-term productionB Shoot South Step Out Fences Expected to comprise 10,000mObjective: To ascertain if the BShoot is continuous to the SouthB Shoot Northextension drillingSN242 Trend Step Out Drilling Expected to comprise 4,000mObjective: To increase Wassa’sInferred resourcesDrilling at 242 Trend has commencedand other targets expected tocommence during Q2 201711NYSE: GSSTSX: GSCB Shoot Southstep out fences

Q1 2017: Prestea Operational ResultsPresteaOre MinedktQ1 2017Q1 2016341383Waste Minedkt5831,145Ore Processedkt389362Grade Processedg/t2.312.21Recovery%88.984.4Gold Productionoz26,44621,944Gold Salesoz26,61321,782628742Cash OperatingCost1 /oz Third consecutive quarter of recordproduction 21%increaseinproductioncompared to Q1 2016 due to: 7% higher throughput5% higher grade processed5% higher recovery rate 15% decrease in cash operatingcost per ounce1 Production from Prestea operationsexpected to increase in H2 2017 asPrestea Underground commencescommercial productionPrestea 2017 Guidance:65,000-70,000oz from Prestea Open Pits and 45,000-50,000oz from Prestea UndergroundCash operating cost1 of 715-780/oz12NYSE: GSSTSX: GSC1.See note on slide 2 regarding Non-GAAP Financial Measures

Mampon: Strong Near-Term Cash FlowMining commenced in late Q1 2017 Mampon is an oxide deposit 65km to the north of the CIL processing plant Mineral Reserves of 45,000oz of gold (301Kt at 4.64g/t) All permits received by end of 2016 including mining lease, environmental permit andforestry permit High grade ore from Mampon is being blended with ore from Prestea Open Pits toenhance GSR’s cash flow in Q2 and Q3 2017MamponGHANA13NYSE: GSSTSX: GSC

Prestea Underground: Project Update Rehabilitation works commenced Long lead time equipment ordered Underground mining contractor appointed (Manroc Developments, Inc.) Installation of new electrical and water supply services completed Track improved on 24 Level for high-speed haulage Mobilization of underground mining contractor to site and first Alimaks arrived Rock winder upgrade completed and commissioned Pre-development of the Mineral Resource and West Reef intersected by mining teamFirst stope blasted - expected in Q2 2017Achieving commercial production – expected in Q3 2017March 2016 Update to Feasibility Study14Gold productionper annumCash operatingcost per ounce1AISC per ounce1Mineral Reservehead grade90,000oz 468 61513.9g/tNYSE: GSSTSX: GSC1.See note on slide 2 regarding Non-GAAP Financial Measures

Prestea Underground: Development of First StopeFirst Alimak in its nest at Prestea Underground15 Development of first stope at Prestea Underground commenced in March 2017, as planned, with124 metres of first raise blasted by May 2, 2017 Second Alimak nest completed and blasting of second raise expected to commence in mid-May2017 However total development advance behind schedule due to issues relating to short terminfrastructure bottlenecks and relatively inexperienced workforce – measures being put in place torectify these issuesNYSE: GSSTSX: GSC

Prestea Underground: 2017 Exploration16 Three key focuses for 2017 exploration program at Prestea Underground Primarily focused on the extension and definition of the West Reef – objective is to increasehigh grade ore to processing plant in near term Other focuses include initial testing of the Main Reef and the South Gap area to add ore into themine plan in the medium to long termNYSE: GSSTSX: GSC


Q1 2017: Financial HighlightsRevenueGold Sales18Q1 2017Q1 2016 '00068,54561,067oz58,14452,669Average Realized GoldPrice /oz1,1791,159Net Income ’0001702,051Net Income per share /share0.000.01Adjusted Net Income1 ’0003,4118,538Adjusted Net Income1 /share0.010.03Cash Flow fromOperations beforeworking cap. changes1 '00017,72510,767Cash Flow fromOperations beforeworking cap. changes1 /share0.0512% increase in revenue comparedto Q1 2016 due to higher productionat Prestea, 2% higher realized goldpriceandcommencementofcommercial production at WassaUnderground Mine operating margin1 of 8.7m –39% decrease compared to Q1 2016due to higher cost of sales andhigher depreciation & amortizationexpenses 0.2m net income due to a mineoperating loss at Wassa, partiallyoffset by higher mine operatingmargin at Prestea Open Pits & a fairvalue gain on financial instruments Capex of 16.7m with 10.3mattributabletodevelopmentofPrestea Underground 36.5m of cash at end of Q1 2016 –remain fully funded for capitalprogram and 2017 debt repayments0.04Capital Expenditures '00016,70315,914Cash & Cash Equivs. '00036,45514,561NYSE: GSS 1. See note on slide 2 regarding Non-GAAP Financial MeasuresTSX: GSC

Balance Sheet Transformed 15m bought deal in April 2016 65m private placement in August 2016 of 7.0% convertible senior notes, due 2021 Repaid high interest Ecobank II loan and brought new institutional investors onto registerC 34.5m (US 26.2m) bought deal in February 2017 Significantly reduced 2017 debt repayments and aligned future debt repayments more closelyto forecast cash flow 34.5m underwritten public offering in August 2016 Reduced Accounts PayableEnsures that GSR is fully funded and maintains a strong financial position as it finishesdevelopment of Prestea Underground and repays its 2017 debt obligations 25m financing facility with Ecobank in March 2017 Prudent measure as GSR continues to growDebt Maturity Schedule ( m)1Equipment Financing LoansFinance Leases7% Convertible Debentures5% Convertible DebenturesRoyal Gold LoanOther Long Term Liabilities (VRA)52321513--201719NYSE: GSSTSX: GSC20181. Principal only, exclusive of interest201920202021


2017 GuidanceOn track to achieve 2017 guidance on all announced metrics2017 Production Guidance By AssetAll-In Sustaining Cost Per Ounce1 1,318Prestea Open Pits265-70,000oz 1,326 1,252Wassa Main Pit85-95,000oz 1,149 1,093 9701,070 8509004Prestea Underground345-50,000ozWassa Underground60-65,000oz2012A21 80085042013A2014A2015A2016A2017E2018E2019E 2017 gold production guidance of 255,000-280,000oz 2017 cash operating cost1 per ounce guidance of 780-860/oz 2017 AISC per ounce1 guidance of 970-1,070/oz – expected to decrease further ashigh grade, underground mines continue to ramp up 2017 capital expenditures guidance of 63mNYSE: GSSTSX: GSC1.2.3.4.See note on slide 2 regarding Non-GAAP Financial MeasuresPrestea Open Pits production guidance includes the forecast production from the Mampon depositProduction guidance for Prestea Underground includes 7,000-7,500oz of pre-commercial productionNumbers are derived from the Wassa and Prestea technical reports available at www.gsr.com

UPCOMING MILESTONES IN 2O17 Achieve2017commercial production at Wassa Underground – January 1,longitudinal stoping of higher grade B Shoot zone of Wassa CommenceUnderground – Q1 2017 Commence mining of Mampon deposit – Q1 2017Blasting of first stope at Prestea Underground – expected Q2 2017Achieve commercial production at Prestea Underground – expected Q32017Commence transverse stoping of B Shoot at Wassa Underground –expected Q3 2017

Contact UsKatharine Sutton, Investor Relations 1 416 538 [email protected] MKT: GSSTSX: GSC

Appendices: Market InformationOne Year Share Price Graph (GSS)1,2Market Information1Xxx% share priceincrease in 1 yearOne year SP graphMarketsNYSE MKT /TSX / GSETickersNYSE: GSSTSX: GSCGSE: GSRShares in IssueOptionsShare Price2Analyst Coverage 24BMO Capital MarketsCIBC Capital MarketsClarus SecuritiesCredit SuisseNational Bank FinancialScotia BankNYSE: GSSTSX: GSC1.2.3.As at May 2, 2017Refers to NYSE MKT listingAs at Mar 31, 2017376,165,95216,769,212 0.70Market Capitalization 263mCash3 36.5mDebt 112mKey Institutional Shareholders Van EckFranklin TempletonOppenheimer FundsSentry InvestmentsEarth ResourcesGold 2000AGF ManagementUSAA Asset ManagementDaily Volumes Traded (3Month Average)22.2m shares

A Responsible Corporate Citizen#gsr17#gsr171 47m in salaries paid todate 5.7m in sustainableagribusiness to date 3.4m in developmentfund projects to date 36.7m paid in Government payments in 201625NYSE: GSSTSX: GSC

Mineral Reserves and ResourcesMineral Reserves1,2,3Tonnes ('000)Grade (Au g/t)Content 131,879Total Proven & Probable19,4563.051,910Tonnes ('000)Grade (Au g/t)Content (Koz)Proven ReservesProbable ReservesMineral Resources1,2,3Measured & Indicated Mineral 993319,3054.883,034TotalInferred Mineral ResourcesTotal1.2.3.26For Wassa’s Mineral Reserves and Resources please refer to ‘NI 43-101 Technical Report on a Feasibility Study of the Wassa Open Pit and UndergroundProject in Ghana’, dated December 31, 2014, which is filed on SEDAR and at www.gsr.comFor Prestea’s Mineral Reserves and Resources please refer to ‘NI 43-101 Technical Report on a Feasibility Study of the Prestea Underground GoldProject in Ghana’, dated November 3, 2015, which is filed on SEDAR and at www.gsr.comAll numbers exclude refractory ore.NYSE: GSSTSX: GSC

Legend Mining license area Exploration license area Care and maintenance –no longer mined 7 2017 Exploration Strategy NYSE: GSS TSX: GSC Three key objectives of the 2017 exploration strategy: o To increase supply of high grade, underground ore to the processing plants in the near term o To