denver gold forum | september 15-18, 2019 creating a...

1NYSE AMERICAN: GSS | TSX: GSC

CREATING A LEADING AFRICAN GOLD PRODUCER

Denver Gold Forum | September 15-18, 2019

2NYSE AMERICAN: GSS | TSX: GSC 2NYSE AMERICAN: GSS | TSX: GSC

SAFE HARBOUR: Some statements contained in this presentation are forward-looking statements orforward-looking information (collectively, “forward-looking statements”) within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 and applicable Canadian securitieslaws. Investors are cautioned that forward-looking statements are inherently uncertain and involverisks and uncertainties that could cause actual results to differ materially. Such statements includecomments regarding: estimated gold production, cash operating costs, All-in Sustaining Costs andcapital expenditures for 2019; the expansion potential at Wassa and Prestea; ongoing investment toincrease drill density, increase stope availability and expand development at Wassa; the sourcing ofore at Prestea in H2 2019; an expected grade increase at Prestea in H2 2019; undergroundproductivity mining rate and throughput being expected to increase at Prestea in H2 2019; open pitproduction being expected to continue at a similar grade at Prestea during Q3 2019; completion ofthe refurbishing of the underground railway at Prestea in Q3 2019 resulting in improved throughput;the installation of a new larger rock breaker at Prestea; the implementation of initiatives identifiedby CSA Global at Prestea; the conversion of Inferred resource to Indicated resource at Wassa Deep inH2 2019 and providing a Resource and Reserve update in early 2020; the timing of a decision on theFather Brown deposit; a resource update and assessment of project viability for Father Brown in Q32019; the Company’s anticipated debt maturity schedule; and the exploration upside of the Wassaand Prestea Undergrounds. Factors that could cause actual results to differ materially includetiming of and unexpected events at the Prestea and/or the Wassa processing plants; variations in oregrade, 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 availabilityof external financing on acceptable terms or at all; technical, permitting, mining or processing issues,including difficulties in establishing the infrastructure for Wassa Underground or PresteaUnderground, inconsistent power supplies, plant and/or equipment failures and an inability toobtain supplies and materials on reasonable terms (including pricing) or at all; changes in U.S. andCanadian securities markets; heavy rainfall and flooding of underground mines; and fluctuations ingold price and input costs and general economic conditions.

There can be no assurance that future developments affecting the Company will be thoseanticipated by management. Please refer to the discussion of these and other factors in our AnnualInformation Form for the year ended December 31, 2018 filed and available at www.sedar.com. Theforecasts contained in this presentation constitute management's current estimates, as of the dateof this presentation, with respect to the matters covered therein. We expect that these estimateswill 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 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 this presentation representmanagement's estimate as of any date other than the date of this presentation.

In this presentation, we use the terms "cash operating cost per ounce", "All-In Sustaining Cost perounce" and "AISC per ounce". These terms should be considered as Non-GAAP Financial Measures asdefined in applicable Canadian and United States securities laws and should not be considered inisolation or as a substitute for measures of performance prepared in accordance with InternationalFinancial Reporting Standards ("IFRS"). "Cash operating cost per ounce" for a period is equal to thecost of sales excluding depreciation and amortization for the period less royalties, the cashcomponent of metals inventory net realizable value adjustments and severance charges divided bythe number of ounces of gold sold (excluding pre-commercial production ounces) during the period.,"All-In Sustaining Costs per ounce" commences with cash operating costs and then adds sustainingcapital expenditures, corporate general and administrative costs, mine site exploratory drilling andgreenfield evaluation costs and environmental rehabilitation costs, divided by the number of ouncesof gold sold (excluding pre-commercial production ounces) during the period. This measure seeks torepresent the total costs of producing gold from operations. These measures are not representativeof all cash expenditures as they do not include income tax payments or interest costs. Changes innumerous 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 causethese measures to increase or decrease. We believe that these measures are the same or similar tothe measures of other gold mining companies but may not be comparable to similarly totaledmeasures in every instance. Please see our "Management's Discussion and Analysis of FinancialCondition and Results of Operations for the three and six months ended June 30, 2019" for areconciliation of these Non-GAAP measures to the nearest IFRS measure.

INFORMATION: The information contained in this presentation has been obtained by Golden Starfrom its own records and from other sources deemed reliable, however no representation orwarranty is made as to its accuracy or completeness. The technical information relating to GoldenStar's material properties disclosed herein is based upon technical reports prepared and filedpursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")and other publicly available information regarding the Company, including the following: (i) "NI 43-101 Technical Report on a Feasibility Study of the Wassa Open Pit Mine and Underground Project inGhana" effective December 31, 2014; and (ii) "NI 43- 101 Technical Report on Resources andReserves, Golden Star Resources, Bogoso/ Prestea Gold Mine, Ghana" effective December 31, 2018.Additional information is included in Golden Star's Annual Information Form for the year endedDecember 31, 2018 which is filed and available on www.sedar.com. Mineral Reserves were preparedunder the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for theCompany. Dr. Raffield is a "Qualified Person" as defined by NI 43- 101. The Qualified Personreviewing and validating the estimation of the Mineral Resources is Mitchel Wasel, Golden StarResources Vice President of Exploration.

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

DISCLAIMER

22

http://www.sedar.com/

http://www.sedar.com/


GOLDEN STAR SNAPSHOT

TAKORADI

ACCRA

AFRICA

Prestea Gold Mine

WassaGold Mine

Father Brown Satellite Deposit

1. As at June 30, 2019.2. See note on slide 2 regarding Non-GAAP Financial Measures.

2019 Production Guidance

190,000-205,000oz

Strong Cash Balance$66.2 million1

2019 AISC2

Guidance$1,100-1,200/oz

Mineral Reserves & Resources

P&P 1.8 MozM&I 5.9 Moz

Inferred 7.2 Moz


MARKET INFORMATION

▪ Beacon Securities▪ CIBC Capital Markets▪ Clarus Securities▪ Desjardins Capital Markets▪ HC Wainwright & Co▪ National Bank Financial▪ Numis Securities▪ Scotiabank

1. As at August 29, 2019

Analyst Coverage Key Institutional Shareholders

La Mancha Holding 30%

CPMG Inc. (Condire) 7.5%

Van Eck 5.2%

Franklin Templeton 4.1%

Oppenheimer Funds 2.6%

Renaissance Technology LLC 2.5%

Invesco Advisers Inc. 2.4%

Victory Capital Management 1.6%

Konwave AG 1.6%

Tocqueville Asset Management 1.4% ▪ Strong support from the 30% strategic shareholder La Mancha, a proven and successful investor in the gold sector

▪ Recently requested (and was granted) ability to increase their holding to 35%

Institutional43%

La Mancha30%

Retail/Other27%

Market Information1

MarketsNYSE American / TSX /

GSE

TickersNYSE: GSSTSX: GSCGSE: GSR

Shares in Issue 109,141,742

Options 3,938,683

Share Price (NYSE) $3.08

Market Capitalization

$336m

Ownership Breakdown1

1. As at September 11, 2019


Wassa: ▪ Golden Star’s Flagship

Asset▪ Long life, low cost,

growing production Prestea:▪ Focus on near term

operational improvements and longer term mine plan redesign

AN UNDERGROUND MINING COMPANY, OPERATING IN GHANA

Wassa Southern Extension:▪ 47% increase in reserves

during 2019▪ Rapidly approaching 4,000

tpd throughput▪ Mill capacity of ~8,000 tpdPrestea▪ High grade extension

drilling results▪ Opportunity to expand to

additional levels

Father Brown: ▪ Drill data being analyzed

to determine next stepsWassa: ▪ 4 Drills running on

surface▪ 4 Drills running

underground

Across the Company: ▪ A culture where safety is

never compromised▪ Working hard to ensure

the best team and people are in place

▪ Setting clear goals to reach intermediate producer status


WASSA MINE QUICK FACTS

Wassa Quick Facts (ON 100% BASIS)

Ownership 90% GSR (Wassa) Ltd., 10% Ghana

M&I Mineral Resources 3.4 Moz

Inferred Mineral Resources 6.4 Moz

P&P Mineral Reserves 1.5 Moz

Processing Plant CIL (capacity 7,800 tpd)

Gold Recovery 95.7%

Mining Type Underground (Longhole)Ramp capacity 4,000 tpd

Production 2017A 137 koz2018A 150 koz2019E 150-160 koz

Cash Operating Cost(1) 2017A - $8802018A - $6292019E - $600-$650

Wassa is in south-western Ghana, approximately 40 km from thePrestea Gold Mine. Golden Star commenced production from thesurface operation at Wassa in 2005 and commercial production wasachieved at Wassa Underground on January 1, 2017. In early 2018,Wassa transitioned into an underground-focused operation.

Wassa Underground has exploration upside through extension drillingof B Shoot North, step out drilling on B Shoot South, step out drillingon the 242 Trend and the extension of the F Shoot. This work isexpected to increase the mine life of Wassa Underground in the short,medium and long term.

1. See note on slide 2 regarding Non-GAAP Financial Measures.


PRESTEA MINE QUICK FACTS

Prestea Quick Facts (ON 100% BASIS)

Ownership 90% GSR (Prestea/Bogoso) Ltd., 10% Ghana

M&I Mineral Resources 2.6 Moz

Inferred Mineral Resources 701 koz

P&P Mineral Reserves 317 koz

Processing Plant CIL (capacity 4,000 tpd)

Gold Recovery 87.4%

Mining Type Underground (Alimak)Shaft capacity 1,500 tpd

Production 2017A 130koz2018A 75koz2019E 40-45koz

Cash Operating Cost(1) 2017A $6322018A $1,2922019E $1,450-$1,650


Prestea is in south-western Ghana, approximately 40 km from theWassa Gold Mine. Previously, production was being delivered fromthe Prestea Open Pits and the Prestea Underground Gold Mine. In thesecond half of 2018, Prestea became an underground-focusedoperation.

Prestea Underground has exploration upside through the extensionand definition of the West Reef ore body, with the objective ofincreasing the supply of high grade ore to the processing plant in thenear term. Other focuses of the exploration program include initialtesting of the Main Reef and South Gap areas, which have thepotential to add ore to the mine plan in the medium to long term.


WASSA - FLAGSHIP ASSET


WASSA: 80,000 OUNCES PRODUCED IN H1 2019 AT 3,500 TPD OF ORE MINED

Q2 2019 Q1 2019 Q2 2018

Ore Mined UG kt 312,115 326,747 238,953

Grade Mined UG g/t 3.51 4.31 4.99

Ore Processed kt 364,901 366,790 375,932

Recovery % 95.9 95.6 96.1

Gold Produced oz 37,356 42,910 38,532

Q2 2019 Results

▪ Underground material mined (ore + waste) increased overthe quarter

▪ Slightly lower underground ore mined in Q2 2019 comparedto previous quarter▪ Ore mining rate affected by limited stope access in

June▪ Lower than planned grades encountered during the quarter

in several stopes

3,406 3,364 3,631 3,430 4,203 4,335 4,255 4,289

3.6 3.8 4.3 3.5

Q3 2018 Q4 2018 Q1 2019 Q2 2019

UG Ore Mining rate (tpd) UG Ore + Waste Mining rate (tpd)

UG Gold Grade mined (g/t)

38,097 37,562

42,910

37,356

Q3 2018 Q4 2018 Q1 2019 Q2 2019

Gold Production (ounces)


WASSA: COSTS IMPACTED BY LOWER PRODUCTION

Costs

▪ Cash operating costs(1) and AISC(1) per oz impacted by the lowerproduction during Q2

▪ Underground mining and processing costs per tonne stablequarter over quarter

Outlook

▪ The grade and mining rate are expected to stay at similar levels forthe rest of the year

▪ Revised 2019 Guidance:▪ Production: 150,000 to 160,000 ounces (from 170,000 to

180,000 ounces)▪ Cash operating costs(1): $600/oz to $650/oz (from $560/oz

to $600/oz)▪ AISC(1): $880/oz to $940 per oz (original guidance not

disclosed)Q2 2019 Q1 2019 Q2 2018

UG Mining Cost $/t ore 40 37 38

Processing Cost $/t ore 22 21 22

G&A Cost $/t ore 10 10 12

Cash Operating Costs $/oz 655 552 610

AISC $/oz 941 760 994

613 614 552

656

807

946

760

991

Q3 2018 Q4 2018 Q1 2019 Q2 2019

Cash Operating Costs (US$/oz) AISC (US$/oz)



WASSA: INCREASING VOLUME

Mined out pits

In Grey, mined out stopes/pits and H1 2019 definition drillingIn Blue, stopes and development for H2 2019

SN

1,100 m

Outlook

▪ Ongoing investment to increase drill density toanticipate lower-grade stopes and sequence themaccordingly▪ Target 12 months of definition drilling

available▪ 26,000 m of definition drilling to be

completed in H2 2019

▪ Ongoing investment to increase stope availabilityPaste plant construction to start in H2 2019▪ Commissioning expected in H2 2020▪ Capital cost: $23 million▪ Operating cost: $5-7 per tonne

▪ Ongoing investment to expand development to getto 5,000 tpd▪ Strengthen mining fleet: purchase of

loaders, jumbo, 60t trucks

Wassa long section


PRESTEA - OPERATIONAL REVIEW UNDERWAY


PRESTEA: MINING RATE STABLE, GRADE REMAINS THE FOCUS

Q2 2019 Q1 2019 Q2 2018

Ore Mined (Open Pit and UG)

kt 195,455 83,385 76,920

Ore Processed kt 211,873 134,332 373,599

Grade Processed g/t4.1 UG1.6 OP

6.3 UG1.3 OP

13.6 UG2.3 OP

Recovery % 83.2 87.4 88.0

Gold Produced oz 11,066 10,374 22,677

Q2 2019 Production Results

▪ Open pit grade and throughput higher than previous quarter▪ Improved grade reconciliation during the quarter▪ Low strip ratio (1.4:1)

▪ Underground mining rate slightly lower than previous quarter▪ Rock breaker upgrade in June impacted skipping for 15 days▪ Adjusted underground mining rate of 489 tpd excluding rock

breaker downtime▪ Underground grade lower than previous quarter

▪ Ore sourced from stopes with low grade▪ Ongoing high level of dilution

19,016

11,284 10,374

11,065

Q3 2018 Q4 2018 Q1 2019 Q2 2019

Gold Production (ounces)

376 322

430 408 489

10.4 8.6

6.3 4.1

Q3 2018 Q4 2018 Q1 2019 Q2 2019

UG Ore Mining rate (tpd) Adjusted UG Ore Mining rated (tpd)UG Gold Grade mined (g/t)


PRESTEA: WASTE ZONES CONTINUED TO AFFECT THE GRADE MINEDQ2 2019 Production Results

▪ Q2 ore sourced from S2, S4, S6, S8 and S9▪ Low grade in those stopes due to:

▪ Waste zones not identified beforehand due tolack of definition drilling

▪ High dilution related to limited QAQC on long holedrilling and blasting and stope height

Outlook

▪ Definition drilling at 25x25 m spacing completedbetween 21 and 24 level▪ Introduced finger raising and shorter raises to

work around the waste zones▪ Drilling has been deferred to 2020 to help with

cash burn▪ Positive results observed from QAQC implemented on

long hole drilling and blasting from S9 and onwards▪ Waste from 17L skipped separately from ore since May

to improve dilution▪ Looking at similar options for 24L

▪ For H2 2019, ore to be sourced from S9, S11, S12, S13,S14 and development ore▪ Grade expected to improve

Prestea Alimak stopes with status as of June 30th, 2019

Waste zones identified with definition drilling

24 Level

21 Level


PRESTEA: COSTS IMPACTED BY UNDERGROUND GRADE AND VOLUME

Q2 2019 Q1 2019 Q2 2018

UG Mining Cost$/t ore

191 191 276

Processing Cost$/t ore

30 36 22

G&A Cost $/t ore

22 14 10

Cash Operating Costs $/oz 1,677 1,463 1,149

AISC $/oz 2,143 1,865 1,293

Costs

▪ Costs impacted by low production grade and below target throughput▪ Largely fixed cost at Prestea Underground▪ Cost very sensitive to grade

Outlook

▪ Underground productivity, mining rate and throughput expected to increase for H22019, with rock breaker, railway and ventilation raise work completed

▪ Open pit production expected to continue at similar grade during Q3▪ Revised 2019 Guidance:

▪ Production: 40,000 to 45,000 ounces (from 50,000 to 60,000)▪ Cash operating costs (1): $1,450/oz to $1,650/oz (from $840/oz to $1,000/oz)▪ AISC (1): $1,900/oz to $2,150/oz (original guidance not disclosed)

▪ Focus on cost reductions to minimize cash outflows

Projects

▪ 60% of the underground railway refurbished during the quarter▪ 80% to be refurbished by end of Q3 2019▪ Reliable railway will improve throughput

▪ Underground rock breaker and tipping area upgraded▪ Rock breaker responsible for significant downtime in Q1 2019▪ Better availability observed since installation in early June▪ New larger rock breaker to be installed in coming month to

handle higher volume

1,110

1,867

1,463

1,677 1,363

2,120

1,865

2,143

Q3 2018 Q4 2018 Q1 2019 Q2 2019

Cash Operating Costs (US$/oz) AISC (US$/oz)



PRESTEA: INDEPENDENT REVIEW OBSERVATIONS

Well established operation

▪ Resource model aligned with standard IndustryPractice

▪ Processing plant well adapted to lower throughput▪ Competent workforce▪ Highly prospective land package▪ Multiple upside options

Lower grade than planned: Excessive dilution & ore loss▪ Insufficient geological and geotechnical data▪ Poor definition of reef position▪ Inadequate alignment of Alimak raises to reef position▪ Low QAQC on long hole drilling and blasting▪ Lack of geotechnical expertise

Lower productivity than planned▪ Alimak raise length (150-160 m) contributing to

poor geotechnical conditions▪ Low equipment mechanical availability▪ Lack of access to top level

OBSERVATIONS

Aug 2019 – Feb 2020 - Prioritisation and implementation of low-cost quick win initiatives

▪ Increase definition drilling to provide accurate information on reef location and grade distributionwithin the reef

▪ More than 100 low-cost initiatives identified by CSA, including:▪ Develop geotechnical block model▪ Improve supervision, implement KPIs and management operating system▪ Purchase critical small equipment (e.g. forklift) for Alimak installation and supervision

▪ Run a workshop on site to prioritize and cost initiatives▪ Initiatives to be implemented by the operational team supported by a dedicated project team

Oct 2019 – Implementation of long-term plan

▪ Establish whether existing or modified Alimak mining is appropriate▪ Assess whereas to introduce a complementary mining method to bring additional flexibility (trade

off review)▪ Revise production and cost targets

Feb 2020 - Improvements embedded and new plan starting to deliver

INITIAL RECOMMENDATIONS AND NEXT STEPS


EXPLORATION


WASSA DEEP: EXTENDING MINERALISATION by 200m

Q2 2019 Results

▪ Four rigs on site, 27 holes and 23,271 m drilled in H1 2019▪ High grade mineralization extended 200 m south of the known

mineralization▪ Deposit remains open to the south and at depth

▪ Improved understanding of the orebody thanks to infill drilling▪ Confirmed continuity of the deposit grade and thickness▪ Newly converted Indicated resources expected to

increase mine life

Outlook

▪ Focus on infill drilling to convert Inferred resource to Indicatedresource in H2 2019▪ 1,500 m to 2,000 m drilling remaining for 2019▪ Potential to increase mine life

▪ Resource and Reserve update early 2020▪ Further work on defining geological structures

OP

EN

OPEN

Mined out pits

1,5

00

m

2,000 m

SN

All drill holes represent H1 2019 drilling

18

50

0N

18

70

0N

18

90

0N

19

00

0N

19

20

0N

19

35

0N

19

40

0N

BS18DD394D113.9m @ 3.2 g/t

17.6m @ 34.1 g/t15.7m @ 4.1 g/t

BSDD19-400M19.5m @ 5.4 g/t

BS18DD392D312.8m @ 2.1 g/t22.4m @ 2.5 g/t7.7m @ 3.7 g/t

BSDD19-394D315.9m @ 4.5 g/t

BSDD19-388D325.2m @ 3.3 g/t4.3m @ 12.2 g/t

29m @5.5 g/t6m @12.6 g/t

8.4m @ 6.5 g/t

BSDD19-388D332.5m @ 5.3 g/t4.8m @ 5.7 g/t

BSDD19-394D222.7m @ 8.9 g/t

BSDD1900414.8m @ 2.6 g/t

BSDD19-396D114.3m @ 6.2 g/t

BSDD19-396D225.6m @ 4.1 g/t


SAK & Ballyebo Prospects

WASSA BROWNFIELD: HIGHLY PROSPECTIVE TARGETS ALONG THE TREND CLOSE TO HAUL ROAD

Wassa PlantCapacity: 7,800 tpdCurrent utilization: ~3,500 tpd

Existing GSR Haul Road85 km long from Wassa to Father Brown

ChichiwelliIndicated Resources: 52 koz(850 kt at 1.9 g/t)

BensoIndicated Resources: 112 koz (1,200 kt at 2.9 g/t)Under pit intercept 15.5 m at 6.2 g/t

Father BrownSee next slides

Abada & Apotunso ProspectsVeining similar to Prestea Historical intercepts including 8 m at 5.48 g/t

Wassa Main

SAK

Ballyebo


FATHER BROWN COMPLEX: HIGH GRADE SHOOT EXTENDED by 200m

Q2 2019 Results

▪ Improved understanding of the orebody:▪ ADK structure interpreted as being the primary gold

bearing fluid pathway▪ Focus drilling on ADK

▪ ADK high grade shoot confirmed by recent drilling▪ 200m extension identified, with a 8.1 m intersect

grading 8.7 g/t, 825 m below surface▪ Assay results received and will be released once resource

update and ENTECH independent evaluation is completed▪ Decisions on further drilling anticipated to be made in 2020

or sooner

Outlook

▪ Next resource update expected early Q4 2019▪ 28 holes drilled since the last resource update (Dec

2018)▪ Project viability currently being assessed

▪ Results will drive future drilling decisions

Tonnage (kt) Grade (g/t) Gold (koz)

Father Brown Indicated 656 8.67 183

Inferred 997 5.44 174

Adoikrom Indicated 327 5.3 55

Inferred 1,316 7.1 300

Total Indicated 982 7.5 238

Inferred 2,313 6.4 475

▪ Potential ore feed to utilize available capacity at Wassaplant located 85km north of the Father Brown Complex

▪ Infrastructure available on site

▪ Two high grade underground structures identified, Adoikrom and Father Brown


PRESTEA – HIGH GRADE EXTENSION DRILLING RESULTS

▪ 25 x 25 m infill drilling completed on the North extension, furtherindicated resources in this area are anticipated to be converted toreserves

▪ Opens additional exploration targets▪ Potential addition to the resources and reserves on 24L


CORPORATE RESPONSIBILITY


CORPORATE RESPONSIBILITY & HEALTH AND SAFETYLEADING PRACTICE

▪ Featured in UN Global Compact Canada Leading Practice Guide Sustainable Development Goal (SDG) 1,3 & 81

▪ Over 250 workforce safety champions▪ Oil palm plantation supports over 700 families▪ Featured in UN Global Compact Canada Leading Practice

Guide SDG 1 & 8

LEADERSHIP & PERFORMANCE

▪ 93% of leaders completed leadership training▪ 10 safety standards developed by workforce▪ TRIFR of 1.19 in line with peer group▪ Near miss reporting 2.5 times better than 2017▪ Systems enhanced▪ No reportable environmental incidents▪ 100% conformance to statutory monitoring and

regulatory guidelines

MALARIA

▪ Least cases in 7 years▪ Order of magnitude better than background▪ Case rates just 0.35 per capita

PARTNERSHIP

▪ Community agreements in development for Wassa operations▪ World Environment Day celebrations

LOCAL CONTENT

▪ Employees 30% host community and 98% Ghanaian▪ Contractors 74% host community

1. Details available on the Company website , or here http://www.gsr.com/responsibility/SDG/default.aspx

WORLD GOLD COUNCIL

▪ Golden Star is a member of the World Gold Council (“WGC”)▪ 10 Responsible Gold Mining Principles (“RGMPs”) were recently

disclosed by the WGC which are aligned with the approach Golden Star carries out its business:

1. Ethical conduct2. Understanding our impacts3. Supply chain4. Safety & Health5. Human rights & conflict6. Labour rights7. Working with communities8. Environmental stewardship9. Biodiversity, land use & mine closure10. Water, energy and climate change

http://www.gsr.com/responsibility/SDG/default.aspx


WRAP-UP▪ Proven focus on responsible mining recognized with several industry awards

in Ghana and internationally

▪ Two operating assets and significant landholding in highly prospective, under explored proven Ashanti gold belt

▪ Wassa: underground deposit in excess of 5.6 Moz of Inferred and 1.7 Mozof M&I Mineral Resources with estimated 2019 production of 150-160 Kozwith significant growth potential

▪ Prestea: high grade underground deposit with current operational review underway to improve performance and return to free cash generation

▪ Optionality from other satellite deposits, including Father Brown, to utilize latent installed processing capacity at both sites

▪ Long track record of operating successfully in Ghana, a well developed and stable mining jurisdiction in West Africa with excellent relationships with our stakeholders

▪ New COO with extensive underground mining expertise

24


THANK YOU – Q&A

Tania Shaw, VP, Investor Relations & Corporate Affairs [email protected]

NYSE American: GSSTSX: GSC

CONTACT US

denver gold forum | september 15-18, 2019 creating a...

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