THE GRADEMAKING

Toronto

January 26-27, 2016

2

FORWARD-LOOKING STATEMENTS

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 “guidance”, “outlook”, “preliminary”, “final adjustment”, “initial”, “assumptions”, “should”, “will”, “expected”,

“estimated”, “anticipates”, “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 meet our production guidance of between 225,000 and 245,000 ounces of gold at a total cash cost of

between $535 and $565 per ounce and all-in sustaining cost of between $720 and $760 per ounce, the ability to incur $44.3 million of

capital expenditures at Mana, the ability to invest $11 million in our initial exploration program in 2016, the accuracy of our various

assumptions, the ability of the Mana mill to process approximately 2.5 million tonnes at an average grade of 3.25 g/t Au with an average

gold recovery rate of 91%, the ability to keep our general and administrative expenditures at $13.5 million, the ability to finalize the Natougou

feasibility study toward the end of the first quarter of 2016, 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, 2015 Second Quarter MD&A and 2015 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.

3

SEMAFO HAS….

A TRACK RECORD OF

OPERATING SUCCESS

IN WEST AFRICA

HIGH-GRADE OPEN-PIT

DEPOSITS

FINANCIAL STRENGTH

LARGE EXPLORATION

PACKAGE

A STRONG CSR

PROGRAM

A DISCIPLINED

GROWTH STRATEGY

4

STRONG PRESENCE IN WEST AFRICA

6,820km2

in Burkina Faso

over three prospective belts

780km2

in Côte d’Ivoire

MANA Minein Burkina Faso

Owner-operator of

20years

Commissioned

3 mines in West Africa

over

Burkina Faso

Mana

BANFORA

GOLD BELT

PERMITS

Ouagadougou(Capital)

Inata Essakane

Bissa

Taparko

Youga

SEMAFO property

Other mines

Electric line

Korhogo

Natougou

Nabanga

Bantou

4

55

172,7158,6

234,3

255,9

750777

649

495

550

1 221 1 242

805

648

740

0

200

400

600

800

1000

1200

1400

0

50

100

150

200

250

300

2012 2013 2014 2015 Guidance 2016

Production '000 ounces Total Cash Cost ($/oz) All-in Sustaining Cost ($/oz)

OPERATING SUCCESS

Met its production guidance

for the eighth consecutive

year

0

1

2

3

Dec. 31, 2007 Dec. 31, 2014

Mana Reserves Net of Depletion: +140%

Reserves in Moz Au

245

225

‘00

0 o

z

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 benefited from a full year

of production from the Siou and

Fofina deposits in 2015

66

STRONG PRODUCTION PROFILE, LOW COSTS

6

GUIDANCE

2016

Full year

2015³

Full year

2014

Q4 2015³ Q4 2014

Ore processed (t) 2,500,000 2,399,100 2,754,000 642,600 638,200

Head grade (g/t) 3.25 3.63 2.90 3.13 3.30

Recovery (%) 91 91 91 89 85

Total gold ounces

produced (K)225-245 255.9 234.3 57.5 61.8

Total cash cost/ounce

sold1($)535-565 495 649 495 596

All-in sustaining cost2 ($) 720-760 648 805 730 700

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.

³ 2015 numbers are preliminary and are subject to final adjustment.

77

10

12

14

16

18

20

22

24

2012 2013 2014 2015 2016

G&A Expense in $M

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

ESTIMATED CAPEX (in millions of $) 2016 Guidance

Sustaining Capital 12.1

Stripping Costs 28.4

Sustaining Capital - 2015 Deferred 3.8

Total 44.3

STREAMLINED OPERATIONS

(E) 2016 Guidance

$M

(E)

Initial exploration budget: $11M

Natougou feasibility study: $12.5M,$11M of which was spent in 2015

88

LOW ALL-IN SUSTAINING COST RELATIVE TO OUR PEERS: 2016

Source: TD Securities as at January 21, 2016

* Revised for SEMAFO Guidance of January 20, 2016

$0

$200

$400

$600

$800

$1 000

$1 200

$1 400

IMG AGI TMM KGC AUY P ABX GG BTO AEM CG DGC NEM LSG NGD ELD SMF*

Operating Exploration G&A Other Sustaining

$ /

oz

99

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

Wona-Kona:

13,275,500 Mt @ 2.27 g/t

Au

970,100 oz

Fofina:

2,443,200 Mt @ 2.62 g/t

Au

205,700 oz

Siou:

6,972,200 Mt @ 4.37 g/t

Au

980,000 oz

Mana

Processing Plant

1010

TARGETED EXPLORATION WITHIN TRUCKING DISTANCE OF MANA - 2016

25 km

from the mine

$4.5 million exploration budget

established for Mana project in

2016

Exploration will concentrate on

areas within trucking distance of

the mine

~27,000-meter RC drill program,

mainly on 3 sectors south of Mana

27,000-meter auger drill programMana Mine

Wona

Siou

Fofina

Fobiri

Yaho

RC drilling

4,600 m

RC drilling

6,900 m

RC drilling

12,500 m

1111

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.

12

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

Mines

THE GRADEMAKING

13

FEASIBILITY STUDY UPDATE AT NATOUGOU – January 2016

• Process: 90% complete

This includes the plant and site layout, equipment specification,

RFQs (Request for Quotes)

• Remaining work items: mine plan, CAPEX/OPEX estimates and

financial model

• Environmental study: 80% complete (January 2016)

• 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%

90% complete –delivery anticipated in Q1 2016

$11M of $12.5M total budget disbursed

THE GRADEMAKING

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NATOUGOU PRELIMINARY SITE PLAN

15

REGIONAL EXPLORATION PROGRAM : $1.3M – H2 2015PROXIMAL AND REGIONAL EXPLORATION PROGRAM : $6M IN 2016

Airborne geophysical surveying - 2015

20,000 meters of RC drilling

6,000 meters of core drilling –

continuity of footwall & sector SW

60,000 meters of auger drilling

2016

16

BOUNGOU SHEAR ZONE DRILLING CAMPAIGN

2016 Core Drilling:

6,000 meters in the

footwall and south

sector of Natougou

17

NATOUGOU DEPOSIT – GROWTH POTENTIALResults 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

1818

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.

19

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 Deposits

Target Corridor

THE GRADEMAKING

20

FINANCIAL FLEXIBILITY

Cash at December 31, 2015 - $167M

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 of 2015

THE GRADEMAKING

Complete the feasibility study at Natougou

Disciplined exploration within trucking distance

of the Mana Mine and Natougou deposit

Deliver our production guidance for a ninth consecutive year

Ongoing cost optimisation programs

21

SHORT-TERM PRIORITIES

22

National Workforce

Development Program -

Training of promising national

employees for management

or trainer posts

SEMAFO Foundation -

Six years of activities bolster

our ability to establish strong

relations with communitiesTraining – 10,000 hours of training

were dispensed in 2015, of which 75%

benefited our Burkinabe employees

Strong Safety Record -

Accident frequency rate of

1.88 per 200,000 hours worked

as of December 31, 2015

23

IN SUMMARY

Track Record of Operating Success in West Africa– Achieved production guidance for eight consecutive years

– Production of 255,900 ounces for 2015 (↑ 9% YOY)

– Total cash cost of $495/oz for 2015 (↓24% YOY)

– All-in sustaining cost of $648/oz for 2015 YTD (↓20% YOY)

– Successfully commissioned three mines in West Africa

Disciplined Growth Strategy– Feasibility study for Natougou deposit in line for completion

at end of Q1 2016

– Targeted exploration in vicinity of Mana Mine and Natougou deposit

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

– High-grade open-pit assets

Financial Strength– $167M in cash (as at December 31, 2015)

– 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 (December 31, 2015)

– Well-established National Workforce Development Program

23

24

SMF: HIGH LIQUIDITY AND BROAD COVERAGE

TSX, OMX: SMF

Average Daily

Trading Volume(1) 1.9M

Coverage 16 analysts*

Close C$3.50*

Market Cap C$1.0B*

Solid balance sheet

*As at January 20, 2016

(1) Three-month moving average as at January 20 ,2016 – TSX(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear

90%

InstitutionalRetail

10%USA

43%

Canada

40%

Europe

17%

24

O/S 294M SHARESGeographic Distribution

of Shares (2)

TOP 5 SHAREHOLDERS

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

1. Van Eck

2. Prudential (including M&G & Vanguard)

3. Royal Bank of Canada

4. Tocqueville

5. Fiera Capital

THE GRADEMAKING

25

APPENDICES

THE GRADEMAKING

26

MINERAL RESERVE AND RESOURCES

THE GRADEMAKING

27

NATOUGOU STRUCTURES

Sub-parallel hangingwall structures not

included in resource estimate