MAKINGTHE GRADE

Investor

Presentation

December 2015

MAKING THE GRADE

This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks,

uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or

implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking

statements include words or expressions such as “on track”, “guidance”, “expect”, “target”, “will”, “committed”, “evolve”, “become”,

“pursuing”, “growth”, “opportunities” and other similar words or expressions. Factors that could cause future results or events to

differ materially from current expectations expressed or implied by the forward-looking statements include the ability to complete

the Natougou feasibility study early in the second quarter of 2016 within the $12.5 million budget, the ability to achieve the mid-

range of our 2015 production guidance of between 245,000 and 275,000 ounces, the ability to achieve our 2015 total cash cost

guidance of between $485 and $505 per ounce and our all-in sustaining cost guidance of between $630 and $650 per ounce, the

ability to execute on our strategic focus, fluctuation in the price of currencies, gold or operating costs, mining industry risks,

uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to

maintain or renew licenses and permits) and other risks described in SEMAFO’s documents filed with Canadian securities

regulatory authorities. You can find further information with respect to these and other risks in SEMAFO’s 2014 Annual MD&A, as

updated in SEMAFO’s 2015 First Quarter MD&A, Second Quarter MD&A and Third Quarter MD&A and other filings made with

Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at

www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by

applicable law.

All mineral resources are exclusive of mineral reserves.

In this presentation, all amounts are in US dollars unless otherwise indicated.

FORWARD-LOOKING STATEMENTS

2

MAKING THE GRADE3

SEMAFO HAS….

A DISCIPLINED GROWTH STRATEGY

A TRACK RECORD OF OPERATING SUCCESSIN WEST AFRICA

HIGH-GRADE OPEN-PIT DEPOSITS

FINANCIAL STRENGTH

LARGE EXPLORATION PACKAGE

A STRONG CSR PROGRAM

3

MAKING THE GRADE

Mana Mine

Capital

SEMAFO property

Other mines

Electric line

Bantou

Natougou

Nabanga

Niger

Côte d’Ivoire

Ghana

Togo

Benin

OVERVIEW

5

Commissioned three mines in West Africa over 20 years

Owner-operator of Mana Mine in Burkina Faso

6,820 km2 in Burkina Faso over three prospective belts

780 km2 in Côte d’Ivoire

EssakaneInata

Youga

Bissa

Taparko

MANA

BURKINA FASO

BANFORA GOLD BELT PERMITS

Côte d’Ivoire

Korhogo

4

MAKING THE GRADE

172,7158,6

234,3

750777

649

495

1 221 1 242

805

640

0

200

400

600

800

1000

1200

1400

0

50

100

150

200

250

300

2012 2013 2014 Guidance 2015

Production '000 ounces Total Cash Cost ($/oz)

All-in Sustaining Cost ($/oz)

5

OPERATING SUCCESS

Increasing production and declining costs

Built and expanded Mana on time

and on budget

Reserves at Mana more than

doubled since inauguration of the

mine in 2008

Total cash and all-in sustaining

costs benefit from a full year of

production from the Siou and

Fofina deposits in 2015

On track to meeting production guidance

for eighth consecutive year

0

1

2

3

Dec. 31, 2007 Dec. 31, 2014

Mana Reserves Net of Depletion: +150%

Reserves in M. oz Au

275

245

‘00

0 o

z

US$

/oz

9 months

MAKING THE GRADE

PRODUCTION AT MANA TO INCREASE BY UP TO 11% IN 2015

Q3 20159 months

2015

REVISED

GUIDANCE

November 2015

INITIAL

GUIDANCE

January 2015

Ore processed (t) 618,300 1,756,500 2,500,000 2,500,000

Head grade (g/t) 3,67 3.81 3.60 3.60

Recovery (%) 92 92 90 90

Total gold ounces produced (K) 67 198 245–275 245-275

Total cash cost/ounce sold1($) 485 494 485-505 575-605

All-in sustaining cost2 ($) 616 621 630-650 715-750

1 Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government

royalties per ounce sold.2 All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the total cash cost, plus sustainable capital expenditures

and stripping costs per ounce

• All-in sustaining costs for the 9-month period of 2015 decreased by 26% year over year

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MAKING THE GRADE

As a result of our cost control focus, G&A expenses have been trending downward for the past three years:

ESTIMATED CAPEX (in millions of $) 2015 Guidance(1)

Sustaining Capital 15.0

Stripping Costs 18.0

Sustaining Capital - 2014 Deferred 4.0

Total 37.0

STREAMLINED OPERATIONS

24% relative to 2014

(1) 2015 Guidance

$M

10

12

14

16

18

20

22

24

2012 2013 2014 2015

G&A Expense in $M

7

(E)

Exploration: $18.0MNatougou Feasibility Study: $12.5M

MAKING THE GRADE

LOW ALL-IN SUSTAINING COST RELATIVE TO OUR PEERS

Source: BMO CAPITAL MARKETS as at November 16, 2015• Total Cash Costs (Co-Product): The Gold Institute definition of Total Cash Cost is cash operating costs plus royalties and production taxes.

For averages, total cash costs are weighted to the number of ounces produced in each respective year.• AIC (All-In-Cost): All-In-Sustaining-Cost plus development capital

8

$1 466

$1 334

$1 041

$1 148

$1 237

$1 066

$965$932

$1 077

$780

$1 090

$665

$850$728

$608$692

$770

$634

$476 $490

$0

$200

$400

$600

$800

$1 000

$1 200

$1 400

$1 600

GSC BTO PRU ACA ELD GOLD EDV TGZ ASR SMF

All-in Sustaining Costs Production and Cash Cost - By-Product2015 2015

MAKING THE GRADE

MANA’S RESERVES (AS AT DECEMBER 31, 2014)

Wona-Kona:13,275,500 Mt @ 2.27 g/t Au970,100 oz

Fofina:2,443,200 Mt @ 2.62 g/t Au205,700 oz

Siou:6,972,200 Mt @ 4.37 g/t Au980,000 oz

ManaProcessing Plant

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MAKING THE GRADE

TARGETED EXPLORATION WITHIN TRUCKING DISTANCE OF MANA

25 km from the mine

$11 million exploration budget

established for Mana project in 2015

H2 2015 exploration will concentrate

exclusively within trucking distance of

the mine

~30,000 meters of RC drill program to

be completed in H2 2015

MAKING THE GRADE

Natougou

NabangaBanfora (15 permits)

Grassroots projects Advanced projects Production

Wona/KonaFofina

Siou

Maoula

Bantousector

Massala

Mana Est (Siou sector)

Natougou Explo

Korhogo permits (CDI)

Yaho

GROWTH PIPELINE

Nabanga Explo

Acquisition of Orbis Gold Q1 2015 for $155M

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MAKING THE GRADE

2008 2009 2010 2011 2012 2013 2014

0,9 0,8

2,22,0 1,9

2,3 2,2

1,0

1,6

1,1

2,8 3,02,4

3,8

0,5

0,9

2,7

2,1 1,9

1,4

2,2

44%

43%

9%

* Includes Orbis acquisition

- Resources at Tapoa Permit Group (Natougou deposit) estimate at $1,300/oz. NI 43-101 report, March 2015

- Resources at Yactibo Permit Group (Nabanga deposit) were reported above a 5.0 g/t Au cut-off grade.

NI 43-101 report, June 2015

Inferred ResourcesMeasured and Indicated ResourcesProven and Probable Reserves

GROWTH IN MINERAL RESERVES AND RESOURCES

Fofina

2.4Mt @ 2.62 g/t Au

205,700 oz

Wona-Kona

13.3Mt @ 2.27 g/t Au

970,100 oz

Siou

7.0Mt @ 4.37 g/t Au

980,000 oz

*

- Mana Reserves estimate using price of $1,100 /oz.

- Mana Resources estimate at $1,400/oz

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MAKING THE GRADE

0

1

2

3

4

5

6

SEMAFO’S QUALITY OPEN-PIT ASSETSNATOUGOU MINERAL RESOURCES

(1)

Category Tonnes Grade Ounces

Indicated 5.8 Mt 5.87 g/t Au 1.1 Moz

Inferred 3.9 Mt 3.49 g/t Au 0.4 Moz

SIOU – MINERAL RESERVES

Total reserves 7.0 Mt 4.37 g/t Au 1.0 Moz

(1) Mineral Resources reported above an 0.77 g/t Au cut-off grade. NI 43-101 report, March 2015(2) Source: Brokers and company reports.

Grade of West African Open Pit Gold Deposits (2)

Gold Deposits

Natougou Indicated

Siou Reserves

Projects

Natougou Inferred

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Mines

MAKING THE GRADE

FEASIBILITY STUDY UPDATE AT NATOUGOU – November 12, 2015

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• Process: 90% completed

This includes the plant and site layout, equipment

specification, RFQs (Request for Quotes)

• Remaining work items: test work on tailings and

CAPEX/OPEX estimates

• Environmental study: 40% completed (September 30, 2015)

75% completed (November 12, 2015)

• Results from 56,000 meters of drilling for the feasibility study

are in line with expectations

• Positive metallurgical test work met expectations

o Fresh rock - gold recovery rate of over 92%

o Oxidized - gold recovery rate of over 96%

70% complete – on track for completion in early Q2 2016

$9.9M of $12.5M total budget disbursed

MAKING THE GRADE15

MAKING THE GRADE

NATOUGOU DEPOSIT – GROWTH POTENTIAL

Results from Phase I of proximal exploration returned values of up to 10.29 g/t Au

over 10 meters at depths between 8-130 meters

Target area measures about 200 meters wide, is open towards the west and northwest

TPA010310m @10.82g/t Au

TPA040610m @10.29g/t Au

TPA03563m @12.89g/t Au

TPA04013m @17.04g/t Au

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MAKING THE GRADE

THE BOUNGOU SHEAR ZONE DRILLING CAMPAIGN

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MAKING THE GRADE

REGIONAL EXPLORATION PROGRAM : $1.3M – H2 2015

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MAKING THE GRADE

NABANGA: A SECOND HIGH GRADE DEPOSIT

Nabanga –Inferred Mineral Resource(1)

Cut-off Grade Tonnes Grade Ounces

5.0 g/t Au 1.84 Mt 10.0 g/t Au 590,000 oz

(1) Inferred Mineral Resource figures at a 5.0 g/t Au cut-off grade. NI 43-101 report, June 2015.

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MAKING THE GRADE

BANFORA: A 30-KILOMETER ANOMALY TREND

Portfolio of 10 farm-in and 5

acquired permits covering

1,600 km²

Auger drilling revealed a major NE-

trending 30-km anomaly called the

Mouro Trend

2015 RC drilling found some good

intersections that lack continuity

Project on hold pending decision

on 2016 exploration budget

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MAKING THE GRADE

Côte d’IvoireHighly mineralised greenstone belts

Korhogo ProjectAlong strike from Tongon Mine - priority targets

EXPLORATION UPSIDE: ACQUIRED PERMITS IN CÔTE D’IVOIRE

Korhogo Permit /Application

Korhogo East Application

Korhogo West Permit

Target Corridor

Fapoha South (Randgold)

Fapoha North (Randgold)

Gold Mine Gold DepositsTarget Corridor

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MAKING THE GRADE

FINANCIAL FLEXIBILITY

Cash at September 30, 2015 - $138M

• Excluding $17.5M received in early October which

represents the September 30 gold shipment

Long-term debt (LIBOR +6.5%) of $90M

Debt-Equity Ratio at September 30, 2015 – 15%

Generated $108M ($0.37 per share) of cash flow

from operating activities for the 9-month period

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MAKING THE GRADE

SHORT-TERM PRIORITIES

Disciplined exploration within trucking distance of the Mana Mine

and Natougou deposit

Deliver our production guidance for an eighth consecutive year

Complete the feasibility study at Natougou

Ongoing cost optimisation programs

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MAKING THE GRADE

> SEMAFO Foundation -six years of activities bolster our ability to establish strong relations with communities

> National Workforce Development Program –training of promising national employees for management or trainer posts

> Strong Safety Record –accident frequency rate of 1.88 per 200,000 hours worked as of September 30, 2015

SOCIAL INVESTMENT -AT THE HEARTOF OUR VALUE

CREATION > Training – 10,000 hours of training were dispensed in 2014, of which 75% benefited our Burkinabèemployees

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MAKING THE GRADE

IN SUMMARYTrack Record of Operating Success in West Africa• Achieved production guidance for seven consecutive years

• Production of 198,400 ounces for 2015 YTD (↑15% YOY)

• Total cash cost of $494 per ounce for 2015 YTD (↓26% YOY)

• All-in sustaining cost of $621 per ounce for 2015 YTD (↓26% YOY)

• Successfully commissioned three mines in West Africa

Disciplined Growth Strategy• Targeted exploration in vicinity of Mana Mine and Natougou deposit

• Feasibility study for Natougou deposit in line for completion

in early Q2 2016

• Initiated exploration in Côte d’Ivoire on a strong geological trend

• High-grade open-pit assets

Financial Strength• $138M in cash (as at September 30, 2015)

• $17.5M in gold receivables from September 30 gold shipment

• Long-term debt of $90M

• Generating free cash flow

Strong CSR Program• 2009 pledge to commit up to 2% of net profit to support

SEMAFO Foundation community activities

• Accident frequency rate of 1.88 per 200,000 hours worked

(September 30, 2015)

• 294 days without lost time injury

• Well-established National Workforce Development Program25

MAKING THE GRADE

Average Daily Trading Volume(1) 2.1M

Coverage 16 analysts*

Close C$3.49*

Market Cap C$1.03B*

Solid balance sheet

*As at December 9, 2015

O/S 294M SHARES

SMF: HIGH LIQUIDITY AND BROAD COVERAGE

(1) Three-month moving average as at December 9, 2015 – TSX(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear

TSX, OMX: SMF

Geographic Distribution of Shares (2)

TOP 5 SHAREHOLDERS

1. Van Eck

2. Prudential (including M&G & Vanguard)

3. Tocqueville

4. Royal Bank of Canada

5. Fiera Capital

ADMINISTRATORS

Jean Lamarre

Chair of the Board

John LeBoutillier

Lead Director

Terence F. Bowles

Benoit Desormeaux

President and Chief Executive Officer

Flore Konan

Gilles Masson

Lawrence McBrearty

Tertius Zongo

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90%Institutional

Retail 9%USA43%

Canada40%

Europe17%