prestea pea results

Q 4 2 0 1 4 P R E S T E A P E A R E S U L T S1 1 . 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: PEA operating metrics, includingestimated gold production, tonnes processed, grade and gold recoveries; estimated pre-tax and post-tax internal rate of return and net present value ofPrestea mine (including assumed discount rates) and sensitivities to gold price; the timing for first production from Prestea mine; the life of mine at Presteaand the ability to extend the life of mine; cash operating costs per ounce; all-in sustaining costs per ounce; the availability and quantum of funding toadvance the development of Prestea mine; mining methods and estimated recovery at Prestea mine; capital costs, including pre-production capital costs,for Prestea mine; potential modifications to the Bogoso processing plant; required investments in mine infrastructure; production and operating metrics;the timing for ramping up production at Prestea mine; group life of mine cash costs; estimates of indicated mineral resources, including tonnage, grade andcontained ounces of gold; and future work to be completed at Prestea mine. Factors that could cause actual results to differ materially include timing ofand unexpected events at the Bogoso processing plant; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts ofrefractory, non-refractory and transition ores; delay or failure to receive board or government approvals and permits; the availability and cost of electricalpower; timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues, including difficulties inestablishing the infrastructure for Prestea mine; changes in U.S. and Canadian securities markets; and fluctuations in gold price and input costs andgeneral economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. Pleaserefer to the discussion of these and other factors in our Annual Information Form for 2013. The forecasts contained in this presentation constitutemanagement’s current estimates, as of the date of this presentation, with respect to the matters covered thereby. We expect that these estimates willchange as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to updatethese estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors andothers should not assume that any forecasts in 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”. Theseterms should be considered as Non-GAAP Financial Measures as defined in applicable Canadian and United States securities laws and should not beconsidered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. “Cash operating cost per ounce” for a period isequal to the cost of sales excluding depreciation and amortization for the period less royalties and production taxes, minus the cash component of metalsinventory net realizable value adjustments divided by the number of ounces of gold sold during the period. “All-in sustaining costs per ounce” commenceswith cash operating costs and then adds sustaining capital expenditures, corporate general and administrative costs, mine site exploratory drilling andgreenfield evaluation costs and environmental rehabilitation costs. This measure seeks to represent the total costs of producing gold from operations Thesemeasures are not representative of all cash expenditures as they do not include income tax payments or interest costs. These measures are not necessarilyindicative of operating profit or cash flow from operations as would be determined under International Financial Reporting Standards. 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; (iii) Golden Star’s Annual Report for 2013; and (iv) Golden Star’s press release dated September 15, 2014. Additional information is included inGolden Star’s Annual Information Form for the year ended December 31, 2013 which is 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 defined by Canada'sNational Instrument 43-101. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden StarResources Vice President of Exploration.

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

Q4 2014 Prestea PEA Results2

MANAGEMENT PARTICIPANTS

Sam CoetzerPresident andChief Executive Officer

Martin RaffieldSenior Vice President,Technical Services

— Golden Star is transforming to a lower cost producer— Higher cost Bogoso refractory operation to close late 2015— Wassa underground development reduces Wassa’s costs per oz

dramatically— Tailings retreatment has delivered lower cost oz— Development of Prestea mine is next logical development

— PEA indicates Prestea can deliver ~70k oz/ year for 4.5 yearsat average cost of $370 per oz for $40 million investment

— Expenditure of ~$80 million on Wassa and Prestea unlockssignificant value for shareholders— Realization of corporate strategy to favour margin over production

EXECUTING ON STRATEGY

Group Life of Mine CoC expected to reduce below $700/ oz from 2016

1. See note on slide 2 regarding Non-GAAP Financial Measures2. LOM is from 2016 onwards and assumes Wassa construction proceeds as per technical report and Prestea construction commences early 2015


PRESTEA IS ENDOWED WITH SOLID INFRASTRUCTURE

— Located on Ashanti trend in townof Prestea, Western Ghana

— More than 16 surface and sixunderground shafts

— Two surface and two undergroundshafts operational today – Centraland Bondaye shafts

— 15 kms from Bogoso processingplant along dedicated haul road

— Existing, permitted andconstructed processing plants atBogoso

— Labour with undergroundexperience in local community

— Utilities including grid electricityavailable


PRESTEA HAS A LONG HISTORY OF PRODUCTION

— Prestea in operation as undergroundmine since 19th century

— 9 million oz of production from thelarger mineralized zone, Main Reef

— Acquired in 2002, placed on care andmaintenance— Refurbishment and dewatering

ongoing

— Exploration development and drilling2003-2013

— Identified and defined the West Reefmineralized zone

— 2013 Feasibility Study demonstratedpositive economics for mechanisedmining on the West Reef


PRESTEA GEOLOGY AND RESOURCES

— Prestea mineralized trend has strike length of over 9 km— Primary structure is Main Reef - north south trending, steeply

dipping, narrow, mineralized quartz vein— Multiple secondary vein structures are developed to the east and

west of the Main Reef— PEA is focused on the West Reef, high grade mineralized zone

— Indicated Resource of 0.8 Mt @ 18.5 g/t for 502k oz— Inferred Resource of 0.5 Mt @ 12.1 g/t for 185k oz—Non-refractory material—Expected recovery of 90% with high gravity gold recovery—Strike length 800 m, dip 70-85º west, 0.5-4.0 m wide—570m to 950 m depth (17 to 24 Level)


— West Reef last mined in 2000 above 17 level in the PEA target area—These stopes used shrinkage mining and are accessible today

— Feasibility Study published in mid-2013 for mechanized cut and fillmining method and a new access shaft system for the West Reef

— PEA supersedes the Feasibility Study—Shrinkage mining method—Low operating and capital cost—Higher NPV and enhanced IRR in a lower gold price environment

PRESTEA MINING METHOD


PEA targetPEA target

PRESTEA WEST REEF LOCATION


— Proposed shrinkage method,historically used at Prestea

— Access from current CentralShaft on 17 and 24 level

— Incline/decline system todevelop sublevels spaced at40 meters vertical

— Vent and orepass raises— Haulage on 24 level

PRESTEA MINING METHOD


Low risk brownfield project in established and tested mining area

PRESTEA DEVELOPMENT AND COSTS

— Year 1 focused on infrastructure upgrades— Development commences in year 2— 50% production rate achieved mid year 2— Full production rate of ~500 tpd achieved in year 3— 649k tonnes at 17.2 g/t for 359k oz contained

— Includes 17% mining dilution

26,800

84,10079,200 81,400

51,900

64

374 406 389

431

502 470 500484

501

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2 3 4 5 6Production Coc Aisc

Costs per tonne

Mining $133

Process/hauling $29

G&A $28

Total $190

Q4 2014 Prestea PEA ResultsQ4 2014 Prestea PEA Results11

PRESTEA CAPITAL COSTS

40

24.1

8.3 8.3 7.73.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

1 2 3 4 5 6

Development capex Sustaining capex

Capital Expenditure

Infrastructure rehab $30 M

Refurb & development $24 M

Sustaining capital $22 M

Development & stoping $7 M

Mining equipment $6 M

Owner costs $2 M

Closure $2 M

Total $94 M


— Preproduction capex estimated at $40 million all in year 1— Infrastructure includes hoist and shaft upgrades, electrical, ventilation,

dewatering and process plant modifications— Refurbishment and development overheads include power, labor and

maintenance during the construction period— Capital supports underground mining beyond the West Reef PEA target

PRESTEA UNDERGROUND ECONOMICS

— At Au $1,200, post-tax IRR of 72%— At Au $1,200, post-tax NPV5% of $121 million— LOM cash operating costs of $370/oz— LOM all-in sustaining costs of $518/oz

— The PEA demonstrates robust economics for Prestea— At Au $1,160, IRR is 68% and post tax NPV5% is $112 million— High grade nature of the deposit, combined with the low capex

requirements, makes the project viable at low gold prices

Gold Price NPV5% IRR

$ 1,000 75 50%

$ 1,100 98 62%

$ 1,200 121 72%

$ 1,300 144 82%

$ 1,400 167 92%


WAY FORWARD

— Development period of 12 – 18 months— Disciplined approach to funding, options being evaluated at

subsidiary and corporate level— Critical permits and licenses in place, updated Environmental

permit application ongoing— Enthusiastic local community and Government support for

mine— Prestea represents the third low cost ore source to be

identified and developed in the last 18 months


Golden Star will continue to assess and develop its existing assetsto lower our group cost profile and improve shareholder returns

CATALYSTS FOR VALUE CREATION

PEA onundergroundmining atWassacomplete

EstablishWassaMain pit

Completepush backat Bogoso

UpdatedMineralResourceestimate forWassa

Q3 2014 Q4 2014Q2 2014 2015 2016

Operationalcost savingsachieved

FirstproductionPrestea

Firstproductionfrom WassaUnderground

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

WassaFeasibilitycomplete

Wassadeclineconstructionbegins

RevisedPEA forPrestea

Presteadevelopmentcommences


Investment Case

Established gold mining company with15 years of production history in Ghana

Successfully reduced overall operatingcosts over last two years

Brownfield development projects todeliver low cost ounces through 2026

3.9M oz. in Mineral Reserves on thelargest land package on the AshantiGold belt

Low operational risk in a stable Africanmining jurisdiction

Significant exploration & developmentupside development

Offers investors leveraged, un-hedgedexposure to the gold price

PROVEN AND PROBABLE RESERVES

Dec 31, 2013Proven

Mineral Reserve

Dec 31, 2013Probable

Mineral Reserve

Dec 31, 2013Proven 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 RESOURCES1

Dec 31, 2013Measured

Mineral Resources

Dec 31, 2013Indicated

Mineral Resources

Dec 31, 2013Measured 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 Main2 - - - 25,582 1.41 1,160 25,582 1.41 1,160

Wassa Underground2 - - - 10,116 4.27 1,389 10,116 4.27 1,389

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 - - - 39,505 2.37 3,007 39,505 2.37 3,007

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 6,938 2.75 614 61,291 2.75 5,422 68,229 2.75 6,0361. Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in the Company’s Annual Report for the year ended December 31,

2013.2. All Mineral Resources for Wassa Main and Wassa Underground are as at September 15, 2014. Please refer to the to the relevant disclosure on Mineral Resource

Estimates contained in Company’s announcement of the same date.


INFERRED MINERAL RESOURCES1

Dec 31, 2013 Inferred Mineral Resources

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main2 237 1.56 12

Wassa Underground2 8,841 3.95 1,122

Father Brown 40 1.85 2

Father Brown Underground 881 6.35 180

Wassa Other 85 2.93 8Subtotal Wassa 10,084 4.08 1,324

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 5,271 6.25 1,060

Total 15,355 4.83 2,384

1. Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in the Company’s Annual Report for the year ended December 31,2013.

2. All Mineral Resources for Wassa Main and Wassa Underground are as at September 15, 2014. Please refer to the to the relevant disclosure on Mineral ResourceEstimates contained in Company’s announcement of the same date.


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