2013 financial results

2013 YEAR END

FINANCIAL RESULTSFebruary 2014

Legal and Other Matters

SAFE HARBOR: Some statements contained in this presentation are forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995 and applicable Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risksand uncertainties that could cause actual results to differ materially. Such statements include comments regarding: our production expectations for 2014 and2015 including our production guidance; the impact of cost cutting initiatives; grade, recovery rates and timelines for production from our tailings reclaim facilityand 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; duration of mining at Father Brown pit; strip ratios after pushbacks; average planned head grades for refractory ore; sustaining capital budgeted for 2014; ability to generate cash; timing for moving equipment fromBogoso to Wassa; the life of mine at Bogoso; pumping capacity at the Bogoso tailings facility; timing of Mineral Resource and Mineral Reserve estimates forthe Bogoso tailings facility and at Wassa; timing of drilling and recovery of assays; timing for completion of a feasibility study at Wassa underground; timing tocommercial production at Wassa underground; plans to pursue a low cost production strategy focused on non-refractory ore sources; updated mineral reserveand mineral resource estimates at Wassa; capital expenditures; and our 2014 and 2015 outlook and objectives for the remainder of 2014 and 2015 and ourmedium term objectives. Factors that could cause actual results to differ materially include timing of and unexpected events at the Bogoso oxide and sulfideprocessing 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; timingand availability of external financing 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 and general economic conditions. There can be no assurance that future developments affecting the Companywill be those anticipated by management. Please refer to the discussion of these and other factors in our Annual Report on Form 10-K for 2012. The forecastscontained in this presentation constitute management's current estimates, as of the date of this presentation, with respect to the matters covered thereby. Weexpect that these estimates 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 at any time, we do not undertake to update any estimate at any particular time or in response to any particularevent. Investors and others should not assume that any forecasts in this presentation represent management's estimate as of any date other than the date ofthis presentation.

NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms "cash operating cost per ounce“ and “all-in sustaining cost per ounce”. Thesemeasures should be considered as Non-GAAP Financial Measures as defined in applicable securities laws and should not be considered in isolation or as asubstitute for measures of performance prepared in accordance with GAAP. We use cash operating cost per ounce as a key operating indicator. We monitorthese measures monthly, comparing each month's values to prior period's values to detect trends that may indicate increases or decreases in operatingefficiencies. This measure is also compared against budget to alert management to trends that may cause actual results to deviate from planned operationalresults. We provide this measure to our investors to allow them to also monitor operational efficiencies of our mines. We calculate these measures for bothindividual operating units and on a consolidated basis. There are material limitations associated with the use of such non-GAAP financial measures. Thesemeasures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Changes in numerous factors including, butnot limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumables and mine site general and administrative activities cancause these measures to increase or decrease. We believe that these measures are the same or similar to the measures of other gold mining companies, butmay 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 deemedreliable, however no representation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star’s materialproperties disclosed herein is based upon technical reports prepared and filed pursuant to National Instrument 43-101 (“NI 43-101”) and other publicly availableinformation regarding the Company, including the following: (i) “NI 43-101 Technical Report on Mineral Resources and Mineral Reserves Golden StarResources Ltd, Wassa Gold Mine, Ghana Effective Date December 31, 2012”, prepared by SRK Consulting (UK) Limited; (ii) “NI 43-101 Preliminary EconomicAssessment, Mechanized Mining of the West Reef Resource, Prestea Underground Mine, Prestea, Ghana”, dated May 3, 2012 and prepared under thesupervision of Martin P. Raffield and S. Mitchel Wasel; and (iii) Golden Star’s Annual Report of Form 10-K for 2012. Additional information will be included inGolden Star’s Annual Information From for the year ended December 31, 2013 which will be filed on SEDAR. Mineral Reserves were prepared under thesupervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a "Qualified Person" as definedby Canada's National Instrument 43-101. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, GoldenStar Resources Vice President of Exploration.

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

Golden Star Resources 2013 Year End Financial Results Presentation 2

Management Participants

Daniel OwireduExecutive Vice President Operations

Sam CoetzerPresident and Chief Executive Officer

Jeff SwinogaExecutive Vice President and Chief Financial Officer

3Golden Star Resources 2013 Year End Financial Results Presentation

Financial Results Presentation

4

Review of Financial Performance

Review of Operational Performance

Strategy and Way Forward

Golden Star Resources 2013 Year End Financial Results Presentation

Operational Highlights

• Achieved production guidance for 2013

• 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 G&A while moving head office to Toronto


Financial Highlights

• Achieved cash cost guidance for 2013

• Reduced capex significantly whilst maintaining sound operations

and development project pipeline

• Raised debt finance with $50 million Ecobank loan

• Achieved $45 million of savings in operations

• Secured Company’s future by increasing financial flexibility


• Located in stable jurisdiction with

long mining history

• Two producing mines – Bogoso

and Wassa

• 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

• Three processing plants – 7 mtpa

• 2013 production 331,000 oz.

• 2014 guidance 295 – 320,000 oz.

7

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.


FINANCIAL REVIEW

8

Production Performance

9

$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)

• $45 million of operating

expense savings announced

in June 2013

• Successfully achieved savings

in 2013

• Savings on contractors

and consumables

• Savings sustainable in 2014

10

Mine Operating Expenses


$35.9 $34.7 $35.7 $39.2

$54.4$46.6 $46.9

$45.6

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Q1 2013 Q2 2013 Q3 2013 Q4 2013

Wassa Bogoso

Mine operating expenses ($ million)

Costs per Ounce1

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

FY 2012 FY 2013 FY 2014

AISC:

$1,318

11

(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

Wassa Cash Costs

Cash operating cost per oz1

$890

$805

$900-950

$-

$200

$400

$600

$800

$1,000

$1,200

2012 2013 2014

• 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


2.09 g/t Au 2.29 g/t Au 1.7 g/t Au


Bogoso Cash Costs

Cash operating cost per oz1

$1,186

$1,361

$1,000-1050

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

2012 2013 2014

• Cash costs increased in 2013

with lower grade and reduced

access to ore during push

backs

• Total 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



Net Income and Operating Cash Flow

$42.1

$117.0

-$21.5

$30.2

-$40

-$20

$0

$20

$40

$60

$80

$100

$120

$140

Adjusted netincome/loss

Cash flow

2012 2013

• Corporate G&A reduced 11%,

despite one time relocation

costs

• Adjusted net loss attributable to

shareholders for the year of

$21.5 million

• Adjusted EPS of -8 cents per

share

• Operating cash flow of $30.2

million


Mill

ion

s

(1) Net income attributable to Golden Star shareholders

(2) Cash flow from operations before working capital changes

1 2

Bogoso sustaining capex, $21.7

Wassa development capex, $15.9

Wassa sustaining capex, $17.7

Bogoso development capex, $47.4

Capital Expenditure 2013


Total Capex $102.7 million

• Wassa development capex includes $12.4 million of Resource drilling

• Bogoso development capex includes $28.5 million of betterment

stripping

Capital Expenditure Budget 2014

16

Bogoso Sustaining Capex, $8.0M

Bogoso Development

Capex, $23.0M(1)

Wassa Sustaining Capex, $13.0M

Wassa Development

Capex , $6.0M

(1) Development capital expenditure forecast for Bogoso is inclusive of US$12 million of development expenditures for Prestea Underground Mine.


Total $50.0 million

Financial Summary

• Balance sheet cleaned up, lower future D&A

• Reduced capital expenditure in response to lower gold price environment

• Capex requirements for 2014 significantly reduced from 2013

• Cash on hand at year end of $65.6 million

• Ecobank loan facility of $20 million remaining

• Equipment financing of $22 million available


OPERATIONAL REVIEW

18

• 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


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 Highlights

Ounces produced

• Q4 2013 ore mined increased 3% to

558,000 tonnes

• Q4 2013 ore processed increased

5% to 711,000 tonnes

• Q4 2013 grade declined 10% to

2.02 g/t Au from 2.24 g/t Au in Q3

2013

• Cash costs in Q4 2013 of $881 per

ounce

• Planned maintenance expenditure

on earthmoving fleet in Q4 2013


45,866

50,774

44,830 44,337

35,000

37,000

39,000

41,000

43,000

45,000

47,000

49,000

51,000

Q1 2013 Q2 2013 Q3 2013 Q4 2013

• 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


• 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 planned head grade for

refractory ore of 2.6 g/t Au

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

• Sustaining capital of $8 million budgeted for

2014

22

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 Operational Highlights

Ounces produced

• Q4 2013 cash cost: $1,391 per

ounce

• Refractory ore mined consistent

with prior quarter at 540,000

tonnes in Q4 2013

• Refractory ore processed declined

9% to 563,000 tonnes in Q4 2013

• Grade declined 39% to 1.59 g/t Au

from 2.62g/t Au in Q3 2013

• Q4 2013 non-refractory ounces

produced increased 61% to 7,121

23


35,495 34,316

44,095

31,093

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Q1 2013 Q2 2013 Q3 2013 Q4 2013


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

24

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

• Q3 2013 production of 4,434

ounces, Q4 2013 production of

4,715 ounces

• 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

25

Bogoso Tailings Deliver Low Cost

Ounces


Operational Summary

• Operating costs savings sustainable

• New Wassa pit now in operation and yielding efficiencies

• Push backs substantially complete at Bogoso

• Successfully commenced and ramping up tailings retreatment project

• Streamlined in country management teams to reduce overheads

• Retained optionality in all development projects


REVIEW OF

STRATEGIC GROWTH

Company Strategy


• 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

Wassa Growth


• Mineral Reserves increased 34% to 2.0 million oz; 10% more tonnes

at 22% higher average grade of 1.75 g/t Au

• New drilling campaign commenced November 2013

• 20,000m of infill drilling to further define grades and continuity

• Step out drilling 250m drill to the south of known ore body to determine

extension of mineralization

• 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

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

Wassa Growth

End 2011 End 2013


31

Wassa – Way Forward


• Wassa processing capacity

adequate for deeper ore

• PEA of underground mine at Wassa

commenced

• Drilling to be completed and assays

received by mid 2014

• Revised Mineral Resource estimate

for Wassa Q3 2014

• Feasibility Study (based on revised

Resource estimates) commenced

Q3 2014

• Further 18 months to commercial

production at underground mine

thereafter

OUTLOOK

32

Medium term Mining Plan

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


Investment Case

34

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

ounces

Costs are reducing through active management and will reduce

further as a result of strategy

New management team have demonstrated their capabilities and will

continue to deliver on guidance

The Company is adequately funded to achieve its near term

objectives

Significant optionality exists to increase production from other ore

sources if the gold price rises

Historic investment in infrastructure allows for lower capital

expenditure in 2014

Development of Wassa is central to this strategy


APPENDICES

35

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

(2) As accessed on February 18, 2014 from Bloomberg

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

36

Major Shareholders2

Heartland Advisors Inc. 12.11%

Sentry Select Capital Corp. 11.53%

Van Eck Associates Corp. 7.8%

Directors and Executive Officers3 2.8%

DE Shaw & Co 1.8%

Acadian Asset Management 1.2%

Share Price (Last close) (US$) (as of Feb 18, 2014) 81 cents

Shares Outstanding 259.1M

Fully Diluted Shares Outstanding 27.6M

Market Capitalization (US$) 209.8M

Cash and Equivalents (US$) (December 31 2013) 65.6M

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

Enterprise Value (US$) 238.5M

6 Month Daily Average Volume TSX: 165K

NYSE MKT: 2.29M

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

37

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


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

2013 YEAR END

FINANCIAL RESULTSFebruary 2014

2013 financial results

Investor Relations

cash timing

measures of performance

titled measures

nongaap financial measures

cash costs

wassa underground timing

wassa timing of drilling

terms cash operating