1st Quarter 2012 ResultsMay 10, 2012

1st Quarter 2012 ResultsMay 10, 2012

Tom MairPresident and CEO

Legal and Other MattersLegal and Other Matters

SAFE HARBOR: The statements contained in this presentation are both historical and forward-looking in nature. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such forward-looking statements include statements as to our 2012 production and operating cash cost estimates, capital expenditure estimates, planned exploration spending and activities, anticipated grades and recoveries and production at all of our mines, reserve and resource projections and production projections, and the availability of cash. The forward-looking statements involve risks and uncertainties and other factors that could cause actual results to differ materially including those relating to exploration; the establishment of reserves; the recovery of any reserves; future gold production and production costs; future permitting dates for additional sources of ore; realization of synergies and other benefits and the timing of such realization; timing of and unexpected events during construction, expansion and start-up of certain Golden Star projects; 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 timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues; fluctuations in gold price and costs which may be more difficult, time-consuming or costly than expected. Please refer to a discussion of some of these and other risk factors in Golden Star’s Form 10‑K and other Securities and Exchange Commission filings. The forecasts 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 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 particular event. Investors and others should not assume that any forecasts in this presentation represent management’s estimate as of any date other than the date of this presentation.

INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemed reliable, however no representation 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 previously filed technical reports prepared and filed pursuant to National Instrument 43-101.

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

CAUTIONARY NOTE TO US INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES: This presentation uses the terms “Measured,” “Indicated” and “Inferred” Resources. United States investors are advised that while such terms are recognized and required by Canadian regulators, the SEC does not recognize them. “Inferred Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under certain non U.S. rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into reserves. United States Investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

AgendaAgenda

Financial and operational highlights

Operating and development activities

Exploration updateDevelopment projects2012 Goals and GuidanceConcluding remarks

2012 First Quarter Highlights2012 First Quarter Highlights

Gold sales of 77,725 oz, up 10% over Q4 11Average realized gold price of $1,686/oz, up 21% YOYRevenues of $131.0M, up 12% YOYCash operating costs of $1,118/oz, up 14% YOYCash flow from operations of $17.2M vs. ($5.9M) YOYNet income of $9.1M, up 54% YOYDiluted EPS $0.035 vs. $0.023 YOYRiverstone transaction: $22.4M gain on sale of assetsCash balance of $103.8M at March 31, 2011

Bogoso/Prestea Production SummaryBogoso/Prestea Production Summary

Q1 gold sales of 41,242 oz, up 16% from 35,475 oz in Q4 11 and up 35% from 30,576 oz in Q1 11

Cash operating costs of $1,222/oz in Q1, up from $1,166/oz in Q4 11 but down from $1,370/oz in Q1 11• Sulfide gold sold: 34,338 oz @ CoC $1,188/oz

• Oxide gold sold: 6,904 oz @ CoC $1,390/oz

Mining flexibility exists - costs can be managedFocused on improving plant

reliability

Bogoso Oxide Plant Restarted in JanuaryBogoso Oxide Plant Restarted in January

First gold pour in February 2012Majority of Q1 mill feed was stockpiled materialPampe ore delivery started in March

• Bench slip in Q1 increased stripping ratio, impacts mining sequence

• Continued reliance on stockpiled material in Q2

Wassa/HBB Production SummaryWassa/HBB Production Summary

Q1 gold sales: 36,483 oz, up from 35,336 oz in Q411CoC: $999/oz, down from $1,012/oz in Q411Metallurgical recovery of 93.9%, down from 95.2% YOYPreparation for wet weather crushing nearly completeOngoing drilling of high grade, wide width zone below

the Wassa pits

Exploration UpdateExploration Update

Exploration budget of approximately $10M in 2012Wassa/HBB

• Delineating higher grade shoots beneath Wassa pits• Targeting underground resources at Father Brown and

Adoikrom

Bogoso/Prestea• RAB drilling on Opon East deposit

Cote d’Ivoire• Deep auger drilling, results pending

Brazil• Regional soil and stream sediment sampling on Iriri JV with

Votorantim Metals

Key Developments – Prestea UndergroundKey Developments – Prestea Underground

Prestea Underground PEA completed• Full feasibility study and Phase I underground mining restart later in 2012

• Outlined potentially mineable resource of 1.84 million tonnes grading 7.8 g/t including mining recovery and dilution

• Develop a decline from surface to 30 level and raise-bored hoisting shaft

• 1,200 tpd mechanized mining utilizing AVOCA method

Key Developments - West ReefKey Developments - West Reef

Mining Concept:• 97,000 lower cost ounces of gold per year at full operation

• Estimated capital cost of $115M

• Post tax NPV(5%) at $1,500 gold of $107M with 21% IRR

750m

Key Developments – Wassa PitsKey Developments – Wassa Pits

Recent drilling between and below Wassa pits has identified significant intercepts

Further positive drilling results may suggest a “super pit” scenario

This, in turn, may drive expansion of the Wassa mill

242DD02916.0m @

6.6g/t

BSDD08218.0m @4.6g/t

BSDD087 15.6m @ 3.0g/t

SEDD026 43.5m @ 2.2g/t

SERC1925.4m @ 1.3g/t

BSDD09021.2m @ 15.8g/t incl.

1.5m @128g/t

20039N

SEDD03520.9m @

1.9g/t

SEDD03322.1m @ 1.4g/t

SEDD03718.1m @ 3.2g/t

BSDD091B18m @ 4.6g/t

SEDD03936.3m @ 5.4g/t

BSDD10413m @ 6.9g/t

BSDD1034m @ 3.6g/t

SEDD02543.4m @ 1.7g/t

SEDD04322.5m @

3.1g/t

Wassa Pits Plan View Wassa Pits Plan View

19875NSE

BS

242 MSN

BSDD11318.4m @ 32g/t incl.

0.7m @ 213g/t

BSDD11621m @ 4.1g/t

2012 Goals2012 Goals

Increase production, revenue, cash flow and net income

Re-evaluation of all mining plans and equipment needs

Complete construction and commission the Bogoso tailings retreatment project

Continue to advance the permits/development of Prestea South

Advance the re-development of Prestea UndergroundAggressive cost cutting initiatives throughout the

company

2012 Guidance2012 Guidance

Concluding RemarksConcluding Remarks

Q1 was a solid operating quarterOperational improvements

ongoingOn track for achieving 2012

guidanceWater treatment plant

commissioning expected in Q2Exciting projects in the pipeline

• Wassa pits expansion

• Prestea Underground

• Dumasi

• Prestea South