2014 bo aml conference final

I N V E S T O R P R E S E N T A T I O N0 9 . 1 4

DISCLAIMER 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 involverisks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding: our production expectations for2014 and over the life of mine targets, including our production guidance for 2014; predictions regarding cash operating costs per ounce for 2014, 2015and over the life of mine target; estimated capital expenditures; budgeted capital calls for 2014; anticipated all-in sustaining costs for 2014, 2015 and overthe life of mine target; predictions regarding the impact of the development of new projects on cash operating costs; expected cash flow over theremainder of 2014 and the life of mine targets; timing of drilling, drilling results and concentration on infill drilling; the impact of cost cutting initiatives;improved access to ore in 2014; planned head grades and tonnes milled; life of mine for Wassa, Wassa underground and Bogoso; expectations regardinginvestments in processing capacity; use of the existing Wassa processing plant and Bogoso oxide and sulfide processing plants; timing of Wassa PreliminaryEconomic Assessment, resource models and engineering and mine scheduling; timing of Wassa underground construction; timing of Wassa underground tocommercial production; timing for completion of mining at Bogoso; estimated costs of development at Bogoso; timing of revised preliminary economicassessment at Prestea underground; timing of Prestea underground to commercial production; timing of updated mineral reserve and mineral resourceestimates at Wassa; reduction in unit costs at Wassa and Prestea underground; operational risk of mining in Ghana; and our expectations regardingexploration and development upside. 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 relativeamounts of refractory, non-refractory and transition ores; delay or failure to receive board or government approvals and permits; the availability and costof electrical power; timing and 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 futuredevelopments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our AnnualInformation Form for the year ended December 31, 2013. The forecasts contained in this presentation constitute management's current estimates, as ofthe date of this presentation, with respect to the matters covered thereby. We expect that these estimates will change as new information is received andthat 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 forecastsin this presentation 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” 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 plannedoperational results. We provide this measure to our investors to allow them to also monitor operational efficiencies of our mines. We calculate thesemeasures 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 numerousfactors including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumables and mine site general andadministrative activities can cause these measures to increase or decrease. We believe that these measures are the same or similar to the measures ofother gold mining companies, but may 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 Standards for Disclosure of MineralProperties (“NI 43-101”) and other publicly available information regarding the Company, including the following: (i) “NI 43-101 Technical Report onMineral Resources and Mineral Reserves Golden Star Resources Ltd, Wassa Gold Mine, Ghana Effective Date December 31, 2012”, prepared by SRKConsulting (UK) Limited and prepared under the supervision of Martin P. Raffield and S. Mitchel Wasel; (ii) Golden Star’s press release dated February 10,2014; and (iii) Golden Star’s Annual Report for 2013. Additional information is included in Golden Star’s Annual Information Form for the year endedDecember 31, 2013 which is filed on SEDAR. Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President TechnicalServices for the Company. Dr. Raffield is a "Qualified Person" as defined by Canada's National Instrument 43-101. The Qualified Person reviewing andvalidating 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 September 20142

— 15 year history in Ghana

— Three mines – Wassa, Bogoso and Prestea

— Located on Ashanti gold belt close to major gold producers

— 3.9 M oz. Reserves and further 2.4 M oz. of M & I Resources1

— Total processing capacity of 6.9 mtpa

— Historical production circa 300,000 oz. per annum

(1) Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to Company's press release dated 10 February 2014.

INTRODUCTION TO GOLDEN STAR


INTRODUCTION TO GHANA


— Attractive investment destination and top African mining jurisdiction

— Stable inclusive democracy

— S&P credit rating of B

— Second largest producer of gold in Africa

— Strong mining culture and trained personnel

— Golden Star well positioned in country

— Large property positions and excellent geological knowledge base

— Solid and longstanding relationships with the government and communities

— COO is former President of the Ghana Chamber of Mines

MANAGEMENT AND BOARD

Sam CoetzerPresident and CEO

Sam was appointed CEO in January 2013 after joining Golden Star in March 2011 as COO. Sam is a mining engineer and a member of the World Gold Council. He has over 26 years of international mining experience with Kinross, Xstrata, Xstrata Coal and Placer Dome.

André van NiekerkEVP and CFO

André joined Golden Star in 2006 and spent five years in Ghana as the head of finance and business operations, after which he transferred to the corporate office as Controller. André was appointed to the role of CFO in 2014. Prior to joining Golden Star, André spent six years with KPMG serving clients in the mining and oil and gas industries

Daniel OwireduEVP and COO

Daniel was appointed COO in January 2013, after joining Golden Star in September 2006 as VP, Ghana Operations. He has more than 20 years of experience in the mining sector in Ghana and West Africa. Most recently, Daniel was Deputy Chief Operating Officer for AngloGold Ashanti where he successfully managed the construction and operation of the Bibiani, Siguiri, and the Obuasi mines.

Tim BakerChairman

Tony JensenDirector

Chris ThompsonDirector

Craig NelsonDirector

Bill YeatesDirector

Rob DoyleDirector

Anu DhirDirector

(1) Includes US$55.1M of 5% Convertible Debentures at fair value(2) As accessed on September 3, 2014 from Bloomberg(3) As a group, beneficially owned, or controlled or directed, directly or indirectly as at June 30, 2014

Major Shareholders2

Heartland Advisors Inc. 12.1%

Sentry Select Capital Corp. 10.9%

Van Eck Associates Corp. 8.7%

Directors and Executive Officers3 2.8%

Sprott Inc 2.5%

BNP Paribas 1.7%

Share Price (Last close) (US$) (as of September 3, 2014) 48 cents

Shares Outstanding 259.1M

Market Capitalization (US$) 125M

Cash and Equivalents (US$) (June 30, 2014) 43M

Total Debt (US$) (June 30, 2014)1 103.5M

Enterprise Value (US$) 185.8M

Daily Average Volume TSX: 145K

NYSE MKT: 1.8M

STRONG SPONSORSHIP, GOOD LIQUIDITY


— Listed on NYSE AMEX, TSX and Ghana Stock Exchange

— Major cost reductions being achieved at existing operations

— Major new underground discovery at Wassa

— Significant high grade underground reserve at Prestea with extensive exploration upside

— Higher cost refractory operations to close in late 2015

— Capital expenditure of less than $100 million on these two low cost projects unlocks value

— Golden Star will transform to a low cost underground producer by 2017

STRATEGIC DIRECTION

Golden Star Resources May 20147

COSTS AND EXPENSES REDUCING

Cost of Sales Excluding Depreciation and

Amortization ($ M)

Mine Operating Expenses ($ M)


— Costs reducing despite recent lower production

— Development of new projects expected to reduce cash costs going forward

COSTS AND EXPENSES REDUCING

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

AISC: $1,349

AISC: $1,523

AISC:

$1,050-1,150

Cash Operating Costs Per Ounce1


— 2.0 M oz. of Mineral Reserves at 1.75 g/t Au1

— Twelve year life of mine

— One large open pit - Wassa Main

— Non-refractory plant with 2.7 mtpacapacity

— Easy access by road and on national power grid

— 2013 production of 186,000 oz.,2014E production of 115-125,000 oz.

— Closure of high grade, high cost satellite pit

— FY2014E cash costs $925-1,000/oz.


WASSA MINE


WASSA MINE

— Solid operational performance over last 18 months

— Plant consistently performing to rated capacity

— Operating cash costs and expenses reducing

— No major capital calls budgeted –2014 sustaining capex of $3.4 M

— Large unexplored concession

— World class asset

— Wassa Mineral Reserves increased 148% since 2011, despite reducing gold price

— Current mine plan is for open pit mining over 12 years

— Cash flows weighted to later years due to increasing grade at depth

— Opportunity to accelerate cash flows with underground mining the higher grade, deeper zones

— Internal study indicates capex of $40 – 50 million to develop

— Tonnes milled constant, head grade increases increasing production

and reducing operating cost per ounce

— Existing Wassa plant will process ore, minimal investment in processing capacity required

WASSA DEVELOPMENT


WASSA DEVELOPMENT

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

— Two year LOM in 2011, two year drilling campaign increased this by 10 years

— Subsequent infill and step drilling campaign commenced November 2013

— Significant grades and widths intercepted on step out holes - ore body is open down plunge

— 450 m south: 70 m grading 5.8 g/t Au

— 50 m south: 45.4 m with grading 8.3 g/t Au

— Infill drilling shows wide zones of significant grades between existing high grade drill intercepts

— Potential is not defined as is open in all directions

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

December 2011 July 2014


WASSA WAY FORWARD

— Infill drilling continues in Q3 2014

— Wassa underground PEA progressing well

— Recent drill results support block modelling and stope design for PEA

— Resource models nearing completion

— Detailed engineering and mine scheduling thereafter

— PEA complete Q3 2014, announcement imminent

— Step out drilling to continue, pending positive PEA

— Licensing in good order


— Start construction late 2014, potential first underground production 2016

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

— LOM potentially extends to 2025

-

200

400

600

800

1,000

1,200

1,400

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Costs$/Oz

Further ore sources –FB, Benso

AIC

WASSA WAY FORWARD

Gold

Pro

duction o

z.

COC


BOGOSO MINE

— 2.0 M oz. of Mineral Reserves at 3.17 g/t Au

— Mining in Bogoso North and Chujahpits only

— Two plants in operation

— 2.7 mtpa Biox plant

— 1.5 mtpa CIL plant

— 2014 production of 145-155,000 oz.

— FY2014E cash costs $1,100-1,200

— Tarred road to site and power supplied by national grid



BOGOSO MINE

— Mineral Reserves of 400,0001

ounces in operational pits

— Mining complete end 2015

— Major pushbacks recently completed, now cash flow positive

— Significant Mineral Reserves in high grade refractory deposits

— Processing with Biox requires Au @ $1,500 to be economic

— Strategic value in two processing plants

— Tailings retreatment

— Toll treatment

— Prestea Underground


PRESTEA UNDERGROUND

— Existing high grade underground mine, suspended in 2002

— Historical production of over 9M oz.

— 440,000 oz. Mineral Reserves1 with scope to grow with further drilling

— Non refractory free milling ore

— M & I Mineral Resource of 630,000 oz.1

— High grade ore body, 18 g/t Au in situ

— Ore to be processed at Bogoso plant

— Mine located 15 km’s from plant along dedicated haul road

— Full support from Government and community to develop



PRESTEA UNDERGROUND

— 2013 Feasibility Study demonstrated positive economics

— Lower capex, quicker production alternative evaluated in Q2 2014

— Shrinkage mining = less dilution

— Significantly lower capex

— Quicker to production

— Similar cash operating costs per ounce to Feasibility Study

— Progressing to PEA, expected to be complete Q4 2014


CATALYSTS FOR VALUE CREATION

Wassa Underground construction begins

PEA on underground mining at Wassa complete

Establish Wassa Main pit

Complete push back at Bogoso

Updated Mineral Resource estimate for Wassa

Q3 2014 Q4 2014Q2 2014 2015 2016

Operational cost savings achieved

Revised PEA for Prestea Underground

First production Prestea Underground

First production from Wassa Underground

* Development of projects dependent on positive study results and adequate access to finance


Investment Case

Established gold mining company with

15 years of production history in Ghana

3.9 M oz. in Mineral Reserves & a further

2.4 M oz. in Measured & Indicated

Mineral Resources

Successfully reduced overall operating

costs over last two years

Wassa and Prestea Underground

projects expected to reduce unit costs

further

Offers investors leveraged, un-hedged

exposure to the gold price

Low operational risk in a stable African

mining jurisdiction

Significant exploration & development

upside development


PROVEN AND PROBABLE RESERVES

Dec 31, 2013 Proven

Mineral Reserve

Dec 31, 2013 Probable

Mineral Reserve

Dec 31, 2013 Proven and Probable

Mineral Reserve

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main - - - 33,721 1.72 1,863 33,721 1.72 1,863

Father Brown - - - 694 4.31 96 694 4.31 96

Stockpiles 438 0.68 10 59 0.54 1 497 0.67 11

Subtotal Wassa 438 0.68 10 34,473 1.77 1,960 34,911 1.75 1,970

Bogoso 2,930 2.65 250 1,731 2.59 144 4,662 2.63 394

Dumasi 3,116 2.39 239 5,826 2.36 443 8,941 2.37 682

Mampon - - - 1,133 5.24 191 1,133 5.24 191

Prestea South 969 2.74 85 2,170 2.52 176 3,139 2.59 261

Prestea Underground - - - 1,434 9.61 443 1,434 9.61 443

Stockpiles 106 1.79 6 - - - 106 1.79 6

Subtotal Bogoso 7,122 3 581 12,294 4 1,397 19,415 3 1,977

Total 7,559 2.43 590 46,767 2.23 3,357 54,327 2.26 3,947

* Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in our Annual Report for the year ended December 31, 2013


MEASURED AND INDICATED MINERAL RESOURCES

Dec 31, 2013 Measured

Mineral Resources

Dec 31, 2013 Indicated

Mineral Resources

Dec 31, 2013 Measured and Indicated

Mineral Resources

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main 270 1.44 13 44,812 1.78 2,568 45,082 1.78 2,580

Wassa Underground - - - 2,446 3.67 289 2,446 3.67 289

Father Brown - - - 692 3.86 86 692 3.86 86

Father Brown Underground - - - 1,000 6.47 208 1,000 6.47 208

Wassa Other - - - 2,115 2.40 163 2,115 2.40 163

Subtotal Wassa 270 1.44 13 51,066 2.02 3,314 51,336 2.02 3,327

Bogoso 2,697 2.94 255 1,856 2.95 176 4,553 2.94 431

Dumasi 3,255 2.56 268 9,868 2.41 764 13,123 2.45 1,032

Mampon - - - 1,553 4.79 239 1,553 4.79 239

Prestea South 986 2.87 91 3,318 2.62 279 4,304 2.67 370

Prestea Underground - - - 1,356 14.50 632 1,356 14.50 632

Bogoso Other - - - 3,835 2.64 325 3,835 2.64 325

Subtotal Bogoso 6,938 2.75 614 21,786 3.45 2,415 28,724 3.28 3,029

Total 7,208 2.70 627 72,852 2.45 5,729 80,060 2.47 6,356



INFERRED MINERAL RESOURCES

Dec 31, 2013 Inferred Mineral Resources

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main 313 1.28 13

Wassa Underground 646 3.10 64

Father Brown 40 1.85 2

Father Brown Underground 881 6.35 180

Wassa Other 85 2.93 8

Subtotal Wassa 1,964 4.23 267

Bogoso 288 2.08 19

Dumasi - - -

Mampon 221 1.79 13

Prestea South 581 6.00 112

Prestea Underground 3,289 8.02 848

Bogoso Other 892 2.37 68

Subtotal Bogoso 5,024 6.46 1,044

Total 6,989 5.84 1,311



2014 bo aml conference final

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