CORPORATE PRESENTATION ║September 2019

FORWARD-LOOKING STATEMENTS

2

• This presentation contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking.

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 “upside”, “5-year average”, “outlook”, “target”, “development”, “long-term”, “growth”,

“strategy”, “add-ons”, “goal”, “extend”, “timeline”, “future”, “priority”, “potential”, “focus”, “2019 program”, “LoM”, “plan”, “progressing” 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 (i) meet our 5-year consolidated average target of 400,000+ ounces per year at $700/oz AISC, (ii) meet our goal of having

2.5-3.0 M oz of resources at Bantou-Karankasso by end of 2020, (iii) release a PEA on Nabanga in Q3 2019, (iv) meet our 5-year consolidated production

& cost targets, including the targets for each of the Boungou mine and the Mana mine every year from 2019 to 2023, (v) generate $1.2B of operating cash

flow over the next 5 years at $1,300 gold price, (vi) meet our 2019 consolidated production outlook of 350,000 to 380,000 ounces of gold at an AISC of

$635 to $735, including the targets for each of the Boungou mine and the Mana mine, (vii) meet our 2019 CAPEX targets, (viii) deliver long-term

shareholder value, (ix) execute our growth strategy, (x) meet our Boungou 5-year production and costs average targets of 205,000 ounces at $539/oz

AISC, including the targets for each year from 2019 to 2023, (xi) meet our Mana 5-year production and costs of 200,000 ounces at $881/oz AISC, including

the targets for each year from 2019 to 2023, (xii) develop the Siou Underground on time and on budget, (xiii) start production at the Mana underground in

Q1 2020, (xiv) generate net cash in the future, (xv) add resources at Boungou by the end of 2020, (xvi) deliver the Boungou and Mana February 2018 LoM

Plans, respectively, the accuracy of our assumptions, 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 2018 Annual MD&A, as updated in our 2019 First and 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.

• We also advise you that the terms “Inferred Resources” and “Indicated Resources”, although recognized and required by the Canadian Securities

Administrators, are not recognized by the US Securities and Exchange Commission. There is no certainty that Inferred Resources or Indicated Resources

will be economically mineable.

• All mineral resources are exclusive of mineral reserves.

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

SEMAFO OVERVIEW – 400,000+ OZ PRODUCER AT ≈$700 AISC WITH UPSIDE

3

MANA BOUNGOU

BOUNGOU + MANA

DEVELOPMENT UPSIDE

o 2008 first gold pour

o Strong 5-year outlook

o Reserves of 1.5M oz at 3.0 g/t Au

o 2019 first full year of production

o Strong 5-year outlook

o Reserves of 1.4M oz at 3.9 g/t Au

o 2019-2023 target: 5-year average of

404,000 ounces at $708 AISC

o Reserves of 2.9M oz at 3.4 g/t Au

o Bantou (Bantou – Karankasso) resource goal of 2.5-3.0M oz by end of 2020

o Nabanga PEA: Q3 2019Korhogo –

Côte d’Ivoire

4

CORPORATE SNAPSHOT

Shares - Basic 334M

Shares – F.D. 335M

Share Price (Sep 4, 2019) C$ 4.98

Market Cap (C$1.33 / US$) US$ 1.25B

Cash (June 30, 2019) US$ 134M

Debt (June 30, 2019) US$ 90M

Enterprise Value US$ 1.21B

48%

34%

18%

10%90%

Institutional

Retail & Other

Shareholders

10 research analysts

TSX, OMX: SMF

135 213 213 216 221 200

230

226 201 186 180205

$673

$757$720

$730

$652$708

0

200

400

600

800

1 000

1 200

0

100

200

300

400

500

2019 2020 2021 2022 2023 Average2019-2023

Operating Cash Flow

(US$M)

5-Year Total

> $1.2B

MANA

BOUNGOU

Pro

du

cti

on

(000’s

oz)

AIS

C (

US

$/o

z)

$229 $238 $240 $229 $260

401402414

439

365

404

5-Year

Average

5-YEAR PRODUCTION & COST TARGETS

5

OVER $1.2B OF OPERATING CASH FLOW AT $1,300 GOLD PRICE

3% 3%

18%

28%

48%

2.9M ozProven & Probable

Reserves

3.0M ozMeasured & Indicated

Resources

2.1M ozInferred

Resources

Boungou

10.9 Mt @ 3.9 g/t Au

1,387,000 oz

RESERVES AND RESOURCES SUMMARY as at December 31, 2018

High-Quality Reserves Base

TOTAL RESERVES

26.9 Mt @ 3.4 g/t Au2,909,000 oz

6

Wona

11.0 Mt @ 2.3 g/t Au

807,000 oz

Siou U/G

3.0 Mt @ 5.3 g/t Au

516,000 oz

Siou O/P

914,000 t @ 3.4 g/t Au

101,000 oz

Others

98,000 oz

* All mineral resources are exclusive of mineral reserves.

2018

7

2019 OUTLOOK – STRONG 2019 DRIVEN BY FULL YEAR AT BOUNGOU

Gold production (‘000’s oz)

All-in sustaining cost ($/oz)

Capital Expenditure (included in AISC)

Sustaining (M$)

Stripping (M$)

Non-recurring Development Expenditure

(not included in AISC)

Siou underground development (M$)

Air strips & mill optimisations (M$)

Mining cost during Mana shutdown (M$)

Boungou Mana

220 - 240 130 - 140

470 - 510 950 - 1,020

4 10

21 35

25 45

- 41

6 2

- 22

6 65

Consolidated

350 - 380

685 - 735

14

56

70

41

8

22

71

● After 20+ years in business, only 334 million shares outstanding

● Per-share operating metrics all tracking positively

● Positive retained earnings on balance sheet

(no blow-ups or M&A write-downs)

● Use of debt is prudent and project-specific

(currently net cash)

● 100% exposure to rising gold price

(no streams, hedges, etc.)

● Management team continuity

● Production guidance met or exceeded in last 10 of 12 years

● Conservative management compensation with strong link to share price

FOCUS ON LONG-TERM SHAREHOLDER VALUE

8

INTERNAL

● Boungou LOM extension

● Mana LOM extension

● Bantou development

● Nabanga development

EXTERNAL

● Investing in small

exploration companies

● Staying on the lookout for

accretive add-ons

● Our financial discipline

● Our excellent health and safety track record

● A strong balance sheet and 100% exposure to price of gold

GROWTH STRATEGY

9

WHILE MAINTAINING

• Construction on time, on budget

• 5-year average production of

205,000 oz per year at $539 AISC

• 2019 exploration budget program

goal is to extend mine life

• Reserves of 1.4M oz at 3.9 g/t

• 2019 first full year

BOUNGOU OVERVIEW – OUR NEW FLAGSHIP MINE

10

BOUNGOU – OPERATING RESULTS

11

Q2 2019 Q1 2019 Q4 2018

Operating Data

Ore processed (tonnes) 282,700 308,700 276,800

Head grade (g/t) 7.19 6.50 6.34

Recovery (%) 96 96 94

Gold ounces produced 62,800 61,900 53,100

Total cash cost ($/ounce) 350 337 391

Cash operating cost ($/tonne) 61 53 56

All-in sustaining cost1 ($/ounce) 476 534 579

1 Total cash cost+ sustaining capital expenditures+ stripping cost per ounce

230 226 201 186 180 205

$490$449

$537

$616 $636

$539

0

200

400

600

800

1 000

0

50

100

150

200

250

300

2019 2020 2021 2022 2023 Average2019-2023

BOUNGOU TARGETS: 5-YEAR PRODUCTION AND COST

12

5- Year

Average

Pro

du

cti

on

(000’s

oz)

AIS

C (

$U

S/o

z)

• Reserves of 1.5M oz at 3.0 g/t Au

• February 2018 PFS for Mana provides updated mine plan

for Wona-Kona, Siou O/P and U/G

• First gold pour in 2008

• Plant upgraded and resources

extended over time

• 5-year average production target of 200,000 oz per year at $881 AISC

• Siou UG development started in Q3 2018

o Production of 2,000 tpd expected in Q1 2020

MANA OVERVIEW

13

LOCATION OF WALL FAILURE IN THE WONA PIT

Wona Pit

2.2 km Wona Pit Phase 3

800 m

Old Wona Pit

1,400 m

Failure

Work

Zone

Work

Zone

Ore +

Waste

Ore +

Waste

Reserve pit limit

14

EAST VIEW OF WONA PIT – PHASE 3

15

150 m

60 m

130 m

5,330

5,280

5,270

5,260

5,240

5,220

SIOU UNDERGROUND

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UNDERGROUND DEVELOPMENT TIMELINE

17

Portal

Level

Stope

Decline

Pit

Return air exhaust

Fresh air intake

• 25m between levels

• Development dimensions:

ꟷ capitalized drive: 5.5m X 5.5m

ꟷ stope access & ore drive: 5.0m X 5.0m

ꟷ vertical ventilation raise: 4.0m X 4.0m

ꟷ vertical emergency egress raise: 1.2m X 1.2m

• Production stope dimensions:

ꟷ 25m height X 20m strike X zone thickness

Progress as at August 31, 2019 First production stope – Q1 2020

%Complete

100%

100%

100%

100%

100%

75%

100%

65%

10%

0%

0%

2018 2019 2020

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

18

UNDERGROUND DEVELOPMENT TIMELINE

NI 43-101 Technical report

Negotiate / Sign contract with U/G Contractor

Detailed engineering for development start-up

ESIA & mining permit*

Contractor mobilization on-site

Infrastructures

Portal preparation

U/G development

Surface & U/G definition & Grade control drilling

Long-hole stoping production start-up

Design capacity reached at 2,000 tpd

ON TIME, ON BUDGET: 5,100 METERS COMPLETED AT AUGUST 31, 2019

135 213 213 216 221 200

$985$1 084 $892

$828

$665

$881

0

200

400

600

800

1 000

1 200

1 400

0

50

100

150

200

250

2019 2020 2021 2022 2023 Average2019-2023

Pro

du

cti

on

(000’s

oz)

AIS

C (

$U

S/o

z)

5- Year

Average

MANA TARGETS: 5-YEAR PRODUCTION AND COST

19

$32 MILLION: 2019 CONSOLIDATED EXPLORATION BUDGET

• Add near-mine ounces

• $4M budget

• PEA in Q3 2019

• $2M budget

• $1M budget

• Develop resources

20

• Add near-mine ounces

• $9M budget

• $16M budget

Ouagadougou

Mana Mine

Nabanga

Bantou - Karankasso

Boungou Mine

● 56,000 meters of RC follow-up drilling on known near-surface zones above the deeper Boungou structure

● Testing anomalies identified from the ongoing auger program

● Goal to identify zones for follow-up in 2020 and add resources by the end of 2020

21

Tawori

0 2,5 5 km

BOUNGOU – H2 2019 EXPLORATION PLAN

Boungou open

pits

Near-mine

exploration area

H2 2019

22

BOUNGOU AREA COMPILATION

● Near-surface stacked structures

north of Boungou

● Potential for satellite deposits within

a few kilometers

● Compilation and target generation in

progress

A A’

23

MANA H2 2019 EXPLORATION PLAN

● 2,800 meters of drilling on Pompoï

in Q4 2019

● Located 5 km from Fofina, Fofina Sud is

showing good results in saprolite

ꟷ 2.75 g/t Au on 6 meters

ꟷ 1.40 g/t Au on 36 meters

ꟷ Up to 70 meters of saprolite in the area

● External compilation is underway

Pompoï

BANTOU – OUR TOP PRIORITY DEVELOPMENT PROJECT

24

Wona

Siou

Yaramoko

Houndé

Bantou Property

Mana Property

Bantou

Bantou Nord

Tankoro

Serakoro

Karangoso

Diosso

Kueredougou

Kien

50

km

Multiple Gold Zones

Felsic intrusives

Mafic volcanics

Sediments

Volcaniclastics and cherts

Sediments (Tarkwa-type)

Intermediate volcanics

● 8 mineralized zones to date

● Resource goal of 2.5-3.0M oz

by end of 2020

● New discovery at

Bantou Nord

● Diverse mineralization

styles and grades

● Following significant results,

the $3M Bantou budget has

been increased to $11M and

Karankasso’s budget has

increased from $2M to $5M

for a grand total of $16M

25

BANTOU H2 2019 EXPLORATION PLAN

Geophysical Map (I.P.)

Three drills at Bantou in H2 2019 in the following areas:

● Bantou

● Bantou Nord● Bantou Proximal and regional targets

26

BANTOU NORD

Gold grades are consistently disseminated

● 89% of assay results within the mineralized zone to date are above 0.50 g/t Au

● 99.7% of assay results within the intersections reported to date are below 10 g/t Au

A A’

27

18.7m @ 7.43 g/t

1.8m @ 2.77 g/t

5.0m @ 1.00 g/t 1.4m @ 9.72 g/t

8.7m @ 2.85 g/t

Holes completed Holes planned

BANTOU ZONE

280 2 4 km

Bantou

Bantou

Proximal

Bantou

Nord

Sikongo

Peni

Section Hole No. From (m) To (m) Length (m) Au (g/t)

407750E KRC19-0431 125 165* 40 0,96

407750E KRC19-0432 96 162* 66 1,78

407750E KRC19-0434 64 136 72 1,03

407750E KRC19-0436 3 161* 158 1,26

407750E KRC19-0437 5 114 109 1,41

407650E KRC19-0440 4 174 170 1,16

407650E KRC19-0441 23 88 65 1,28

Bantou Nord

Zone Hole No. From (m) To (m) Length (m) Au (g/t)

Chert DMP010 277,7 279 1,3 14,92

Chert DMP010 284,2 302,9 18,7 7,43

BIF DMP013 95,3 104 8,7 2,85

Chert DYDD020 176,6 178 1,4 9,72

Bantou Zone

Zone Hole No. From (m) To (m) Length (m) Au (g/t)

Bantou Prox KRC19-0454 27 32 5 2,32

Bantou Prox KRC19-0456 75 78 3 4,22

Bantou Prox KRC19-0458 46 48 2 8,47

Bantou Prox KRC19-0460 63 70 7 44,16

Peni KRC19-0388 25 28 3 2,53

Peni KRC19-0393 41 49 8 8,04

Peni KRC19-0393 111 121 10 1,59

Sikongo KRC19-0358 5 11 6 4,28

Sikongo KRC19-0359 149 150 1 5,37

Exploration

BANTOU ZONE

Bantou chert horizon

Mafic volcanics

Sediments

Volcaniclastics and cherts

Sediments (Tarkwa-type)

Intermediate volcanics

29

KARANKASSO

Bantou

Bantou

Nord

KarangossoDiosso

Kueredougou

Kien

Serakoro

Focus of H2 2019 program will be on

favorable 22 km of Karankasso trend

● Many untested anomalies throughout the property

H2 2019 EXPLORATION PROGRAM

NABANGA EXPLORATION PROGRAM

42% INCREASE IN RESOURCES TO 840,000 OZ AT 7.7 G/T AU

● Inferred resources: 3.4 Mt at 7.7 g/t Au for 840,000 oz

● 3,240 meters of DDH planned to test extensions

● PEA to be completed in Q3 2019 30

x No hedges

x No gold loans

x No gold streams

x No complicated financing

schemes or arrangements

x No off-balance sheet financing

x No unreported dilution

SEMAFO IS A SIMPLE STORY

CLEAN AND STRAIGHTFORWARD WITH UPSIDE

31

WHAT WE DO HAVE WHAT WE DON’T HAVE

✓ Strong 5-year outlook

✓ >$1.2B operating cash flow 2019-2023

at $1,300 Au

✓ Net cash now and in future

✓ Simple low cost debt that can be repaid

any time without penalty

✓ Conservative capital structure

✓ Bantou (Bantou-Karankasso) and

Nabanga upside

32

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