THE GRADEMAKING
Denver Gold ForumSeptember 18 - 21, 2016Colorado Springs, CO
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FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties andassumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. Youare hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressionssuch as “target”, “guidance”, “feasibility”, “initial”, “timetable”, “will”, “objective”, “promising”, “potential”, “priorities” and other similar wordsor expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by theforward-looking statements include the ability to achieve a first gold pour at Natougou in H2 2018, the ability to meet our 2016 productionguidance of between 225,000 and 245,000 ounces, the ability to achieve our 2016 total cash cost guidance of between $535 and $565 perounce and our all-in sustaining cost guidance of between $720 and $760 per ounce, the ability to meet the annual average productiontargets at Natougou within the anticipated total cash costs and all-in sustaining costs, the ability to achieve the projected LOM, the ability tomeet the targeted permitting process, initial capital expenditures, construction start-up, the ability to expand Natougou reserves andresources, the ability to meet the various objectives in terms of tonnes of ore to the milling facility, head-grade and gold recovery at theNatougou plant, the ability to generate an after-tax internal rate of return (IRR) of 48% with a payback period of 1.5 years and to generate anafter-tax NPV of $262 million, the ability to produce between 225,000 and 245,000 ounces of gold at Mana in 2017, the ability to produce100,000 ounces of gold at Natougou in 2018 and 226,000 in 2019 respectively, the ability to produce 200,000 ounces at Mana in 2018 and2019, the accuracy of our assumptions, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold or operatingcosts, 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 Canadiansecurities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO’s 2015 Annual MD&A, asupdated in SEMAFO’s 2016 First Quarter and Second Quarter MD&A, and other filings made with Canadian securities regulatory authoritiesand available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligationto update or revise these forward-looking statements, except as required by applicable law.
We also advise you that the terms “Inferred Resources” and “Indicated Resources”, although recognized and required by the CanadianSecurities Administrators, are not recognized by the US Securities and Exchange Commission. There is no certainty that Inferred Resources orIndicated Resources will be economically mineable.All mineral resources are exclusive of mineral reserves.In this presentation, all amounts are in US dollars unless otherwise indicated.
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SEMAFO HAS….
� STRONG IN-HOUSE TECHNICAL TEAM
� TRACK RECORD OF OPERATING SUCCESSIN WEST AFRICA
� HIGH-GRADE OPEN-PIT DEPOSITS
� FINANCIAL STRENGTH
� LARGE EXPLORATION PACKAGE
� RESPECTED CSR PROGRAMS
� DISCIPLINED GROWTH STRATEGY
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7,000km2in Burkina Faso
over three prospective belts
MANAMinein Burkina Faso
20yearsCommissioned
3 mines in West Africaover
LONG-STANDING PRESENCE IN WEST AFRICA
NATOUGOUFeasibility Study Completed
Targeted Production H2 2018
Burkina Faso
Mana
BANFORA GOLD BELTPERMITS
Ouagadougou(Capital)
Inata
Essakane
Bissa
Taparko
Youga
SEMAFO propertyOther minesElectric line
Korhogo
Natougou
Nabanga
Bantou
55
172.7158.6
234.3
255.9
750777
649
493550
1,221 1,242
801
645
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
245
225
$ / o
z
‘000
oz
6
2008 2009 2010 2011 2012 2013 2014 2015
0.9 0.8
2.2 2.0 1.9 2.3 2.2
3.31.0 1.6
1.1
2.8 3.0 2.4 2.8
2.9
0.5
0.9
2.7
2.1 1.91.4 1.2
2.1
Discoveries
- Reserves estimate using a gold price of $1,100/oz - Resources estimate using a gold price of $1,400/oz
EXPLORATION AND ACQUISITION SUCCESS
Fofina1.2 Mt @ 2.72 g/t Au104,000 oz
Siou6.5 Mt @ 4.16 g/t Au874,000 oz
Wona12.6 Mt @ 2.30 g/t Au935,000 oz
2010 2011 2012 2015
FOFINA FOBIRI YAHO SIOU
ACQUISITION ORBIS GOLD
Natougou9.6 Mt @ 4.15 g/t Au1,276,000 oz
40%
30%
27%
3%
Reserves 50 % YoY
Inferred ResourcesMeasured and Indicated ResourcesProven and Probable Reserves
* All mineral resources are exclusive of mineral reserves.
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MANA STRONG PRODUCTION AND LOW COST PROFILE
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H1 2016 GUIDANCE 2016 2015
Ore processed (t) 1,287,400 2,500,000 2,399,600
Head grade (g/t) 3.18 3.25 3.63
Recovery (%) 93 91 91
Total gold ounces produced (K) 123 225-245 256
Total cash cost/ounce sold1($) 526 535-565 493
All-in sustaining cost/ounce2 ($) 719 720-760 645
1 Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses andgovernment 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 sustainablecapital expenditures and stripping costs per ounce.
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LOW ALL-IN SUSTAINING COST RELATIVE TO INDUSTRY PEERS: 2016
$1 1
95
$1 1
05
$1 0
88
$1 0
79
$1 0
67
$1 0
29
$959
$955
$953
$950
$922
$920
$898
$897
$889
$840
$827
$795
$0
$200
$400
$600
$800
$1 000
$1 200
$1 400
P
RIC
IMG
AG
I
KG
C
GG
AU
Y
DG
C
ELD
AEM
NG
D
TMM
NE
M
CG
ABX
SM
F
BTO
GU
Y
Sustaining
Other
G&A
Exploration
Operating
SMFSource: TD Securities as at September 2, 2016
AISC - All-in Sustaining-Cost: Total cash cost plus SG&A/oz plus exploration/oz plus sustaining capital/oz
NATOUGOU: OUR NEW QUALITY ASSET
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POSITIVE FEASIBILITY STUDY HIGHLIGHTS
~During the first three years, • Average annual production of more than 226,000 ounces • Average total cash cost of $283/oz and AISC of $374/oz• Average head grade 5.72 g/t at a gold recovery rate of 93.8%
~Projected LOM total cash cost of $408/oz and all-in sustaining cost of $518/oz
~Maiden open pit mineral reserves of 9.6 million tonnes at a grade of 4.15 g/t Au for 1,276,000 ounces of gold
~Initial CAPEX: $219 million, project fully financed
First gold pour H2 2018
~Project economics at $1,100/oz:• After-tax NPV 5%: $262 million• After-tax IRR: 48%• Payback period: 1.5 years
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NATOUGOU– INITIAL PRODUCTION
YEAR 1 YEAR 2 YEAR 3
Feed ore (t) 1,256,000 1,343,200 1,343,200
Grade (g/t) 5.93 5.59 5.65
Gold recovery (%) 93.9 93.7 93.7
Ounces (oz) 224,918 226,100 228,502
TCC ($/oz) 319 304 227
AISC ($/oz) 380 406 337
STRONG FREE CASH FLOW
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2016 2017 2018
NATOUGOU TIMETABLE
2026
Construction & Pre-stripping
1712
5 Lycopodium selected for theEPCM contract
5 Filing of the EnvironmentalSocial Impact Assessment (ESIA)
5 Detailed design and engineering 20% complete
5 Procurement of long-lead items secured for site delivery in H2 2017
5 Issue of requests for power plant and fuel depot
5 Selection of mining contractors in progress
Permitting process& Detailed engineering
Commissioning, ramp-up,first gold pour and production
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0
50
100
150
200
250
300
350
400
450
2013 2014 2015 2016 Guidance 2017 2018 2019
Mana
Natougou
GROWTH PROFILE‘0
00 o
unce
s
245
225
Target3
1 See press release of January 20, 2016.2 Contingent on receipt of permits and construction start-up by year-end 2016; for more details, refer to press release of February 25, 2016 or the NI 43-101
technical report for Natougou, which is filed on www.sedar.com and available on www.semafo.com.3 Assumption: Mineral reserves were estimated using a gold price of $1,100 per ounce
1, 3
2
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VALUE CREATION THROUGH EXPLORATION
Budget expanded to $18 million
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~ TARGETED EXPLORATION WITHIN TRUCKING DISTANCE FROM THE PLANT
25 km from the mill
Mana Mine
Wona
Siou
Fofina
FobiriYaho
BN2
KOKOÏ
MAOULAYAMA
MONTAGNE BLANCHE
H1 2016 H2 2016
16,000 meters of RC drillingfor Yama reserves and exploration in the area
17,000 metersof RC drilling
8,000 meters of RC drillingand 32,000 meters of augerdrilling on various targets
28,000 metersof auger drilling
~ $6.5 MILLION EXPLORATION BUDGET IN 2016
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NATOUGOU: AN UNDEREXPLORED PROPERTY
Prior to the acquisition, Natougou had seen little near-pit or regional explorationIn 2015, focus on in-fill drilling for the feasibility study Regional and proximal exploration only commenced late 2015773 km2 of exploration ground
Objective is to expand reserves and resources
to continue creating value
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� 28,000 meters of RC drilling - Ongoing
� 6,000 meters of DDH drilling - Ongoing
� 62,000 meters of auger drilling - Completed
� Airborne geophysical survey - Completed
Natougou
PROXIMAL AND REGIONAL EXPLORATION PROGRAM : $9M IN 2016
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PROXIMAL DRILL RESULTS Q2 2016
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NATOUGOU –AUGER DRILLING ON SOUTH ZONE
2020
NABANGA: A HIGH-GRADE ASSET
Nabanga –Inferred Mineral Resources(1)
Cut-off Grade Tonnes Grade Ounces5.0 g/t Au 1.84 Mt 10.0 g/t Au 590,000 oz
(1) Inferred Mineral Resources figures at a 5.0 g/t Au cut-off grade. NI 43-101 report, June 2015.
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EXPLORATION UPSIDE: ACQUIRED PERMITS IN CÔTE D’IVOIRE
Randgold sector Ouobolo
Randgold sector Fanlokolo
Randgold sector Sireme
Randgold: Environment Tongon
Recent soil sampling results
SEMAFO’s Korhogo West and East permits
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FINANCIAL FLEXIBILITY
~ Cash at June 30, 2016 - $254M
~ Long-term debt (LIBOR +4.75%) of $60M
~ Additional $60M can be drawn down by June 30, 2017
for Natougou construction~ Generated $73M of cash flow from operating activities
in H1 2016
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2016 PRIORITIESNATOUGOU� Completing detailed engineering in Q4
� Completing the permitting process and starting construction by year-end
� Continuing exploration with the aim of increasing reserves, resources and value
MANA� Delivering our production guidance for a ninth consecutive year
� Exploring within trucking distance of the mine
� Resuming stripping at Wona North
OTHERS� Exploring Nabanga
� Remaining on the lookout for opportunities
� Maintaining our cost reduction efforts
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National Workforce Development Program -Training of promising national employees for management or trainer posts
SEMAFO Foundation -Six years of activities generated revenues of C$4.5Mto the benefit of communities
Training – 6,200 hours of trainingwere dispensed in 2015, of which 64%benefited our Burkinabe employees
Strong Safety Record -Accident frequency rate of 2.32 per 200,000 hours worked as of June 30, 2016
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IN SUMMARY~ Track Record of Operating Success in West Africa
• Achieved production guidance for eight consecutive years• Production of 122,600 ounces in H1 2016• Total cash cost of $526 per ounce in H1 2016• All-in sustaining cost of $719 per ounce in H1 2016• Successfully commissioned three mines in West Africa
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~ Disciplined Growth Strategy• Targeted exploration in vicinity of Mana Mine and Natougou deposit• Natougou deposit in line for construction start in Q4 2016• Initiated exploration in Côte d’Ivoire on a strong geological trend• High-grade open-pit assets
~ Strong CSR Program• 2009 pledge to commit up to 2% of net profit to support SEMAFO
Foundation community activities• Accident frequency rate of 2.32 per 200,000 hours worked (June 30, 2016)
206 days without lost time injury since March 11, 2016• Well-established National Workforce Development Program
•
~ Financial Strength• $254M in cash (as at June 30, 2016) • Long-term debt of $60M• Additional $60M can be drawn down by June 30, 2017 for Natougou construction• Generating free cash flow
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SMF: INVESTOR INFORMATION
TSX, OMX: SMF
Average Daily Trading Volume(1) ` 2.8M
Coverage ` 15 analysts
Close ` C$6.50
Market Cap ` C$2.06B
*As at September 6, 2016
USA39%
Canada42%
Europe18%
Others1%
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O/S 324.8M SHARES Geographic Distribution of Shares (2)
DIRECTORS
Jean LamarreChair of the BoardJohn LeBoutillierLead DirectorTerence F. BowlesBenoit DesormeauxPresident and Chief Executive OfficerFlore KonanGilles Masson Lawrence McBrearty Tertius Zongo
Institutional89%
Retail11%
(1) Three-month moving average as at September 6, 2016 – TSX(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear
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APPENDICES
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NATOUGOU PROVISIONAL SITE LAYOUT
Reference: NI 43-101 report, March 2015
NATOUGOU SITE
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MINERAL RESERVES AND RESOURCESPROPERTY Mana1,2,4,5,6 Tapoa1,2,4,5,6
(Natougou Project) Yactibo1,3,4,5,7
(Nabanga Project) Total
MINERAL RESERVES Proven Tonnes 12,655,000 1,583,000 14,238,000 Grade (g/t Au) 3.15 6.46 3.52 Ounces 1,281,400 329,000 1,610,400 Probable Tonnes 8,325,000 7,984,000 16,309,000 Grade (g/t Au) 2.64 3.69 3.16 Ounces 707,600 947,000 1,654,600 TOTAL MINERAL RESERVES Tonnes 20,980,000 9,567,000 30,547,000 Grade (g/t Au) 2.95 4.15 3.32 Ounces 1,989,000 1,276,000 3,265,000
MINERAL RESOURCES (exclusive of reserves) Measured Tonnes 8,751,000 77,000 8,828,000 Grade (g/t Au) 1.67 1.84 1.67 Ounces 470,800 5,000 475,800 Indicated Tonnes 33,526,000 2,564,000 36,090,000 Grade (g/t Au) 2.13 2.44 2.15 Ounces 2,293,100 201,000 2,494,100 TOTAL M&I Tonnes 42,277,000 2,641,000 44,918,000 Grade (g/t Au) 2.03 2.42 2.06 Ounces 2,763,900 206,000 2,969,900 Inferred Tonnes 13,041,000 2,683,000 1,840,000 17,564,000 Grade (g/t Au) 2.82 3.99 10.00 3.75 Ounces 1,184,200 345,000 590,000 2,119,200
1 The Corporation indirectly owns a 100% interest in all of itspermits, except for the permits held by SEMAFOBurkina Faso S.A. in which the Government of Burkina Fasoholds a 10% interest.
2 Mineral reserves and resources at Mana and at Tapoa(Natougou project) were estimated using a gold price of$1,100 and $1,400 per ounce, respectively.
3 Mineral resources at Yactibo Permit Group (Nabanga project)were reported above a 5.0 g/t Au cut-off grade.
4 Rounding of numbers of tonnes and ounces may presentslight differences in the figures.
5 All mineral resources reported are exclusive of mineralreserves.
6 As of December 31, 2015.7 As of June 30, 2015.
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MINERAL RESERVE AND RESOURCES (cont’d)
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DEPOSITS
DECEMBER 31, 2015
PROVEN RESERVES PROBABLE RESERVES TOTAL RESERVES
Tonnage Grade
(g/t Au) Ounces4 Tonnage Grade
(g/t Au) Ounces4 Tonnage Grade
(g/t Au) Ounces4
WONA-KONA 6,107,000 2.35 460,700 6,558,000 2.25 474,400 12,665,000 2.30 935,100 NYAFÉ 263,000 5.85 49,400 4,000 5.02 700 267,000 5.84 50,100 FOFINA 1,146,000 2.74 100,800 39,000 2.30 2,900 1,185,000 2.72 103,700 SIOU 4,800,000 4.17 644,000 1,724,000 4.14 229,600 6,524,000 4.16 873,600 ROMPAD 339,000 2.43 26,500 — — — 339,000 2.43 26,500
TOTAL MANA 12,655,000
3.15 1,281,400 8,325,000 2.64 707,600 20,980,000
2.95 1,989,000
DEPOSITS
DECEMBER 31, 2015
MEASURED INDICATED TOTAL RESOURCES
Tonnage Grade
(g/t Au) Ounces4 Tonnage Grade
(g/t Au) Ounces4 Tonnage Grade
(g/t Au) Ounces4
WONA-KONA 1,427,000 1.95 89,500 20,962,000 2.55 1,715,300 22,389,000 2.51 1,804,800 NYAFÉ 300,000 5.60 54,100 230,000 5.84 43,100 530,000 5.70 97,200 FOFINA 1,061,000 2.99 102,000 425,000 3.87 52,800 1,486,000 3.24 154,800 YAHO 4,654,000 1.05 157,200 9,895,000 0.99 316,200 14,549,000 1.01 473,400 FILON 67 26,000 2.72 2,300 9,000 3.59 1,000 35,000 2.93 3,300 FOBIRI 469,000 1.80 27,100 114,000 1.52 5,600 583,000 1.74 32,700 SIOU 814,000 1.47 38,600 1,891,000 2.62 159,100 2,705,000 2.27 197,700
TOTAL MANA 8,751,000
1.67
470,800
33,526,000
2.13
2,293,100
42,277,000
2.03
2,763,900
DEPOSITS
DECEMBER 31, 2015
INFERRED
Tonnage Grade (g/t Au) Ounces4
WONA-KONA 3,010,000 2.91 281,600 NYAFÉ 151,000 5.86 28,400 FOFINA 162,000 4.33 22,600 YAHO 471,000 1.45 22,000 FILON 67 6,000 6.32 1,100 FOBIRI 578,000 1.39 25,800 MAOULA 2,628,000 1.62 137,100 SIOU 6,035,000 3.43 665,600
TOTAL MANA 13,041,000 2.82 1,184,200
1 The Corporation indirectly owns a 100% interest in all of its permits, except for the permits held by SEMAFO Burkina Faso S.A. in which the Government of Burkina Faso holds a10% interest.
2 Mineral reserves and resources were estimated using a gold price of $1,100 and$1,400 per ounce, respectively.
3 All mineral resources reported are exclusive of mineral reserves.4 Rounding of numbers of tonnes and ounces may present slight differences in the figures.
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MANA’S RESERVES (AS AT DECEMBER 31, 2015)
Wona:12,665,000 t @ 2.30 g/t Au935,100 oz
Fofina:1,185,000 t @ 2.72 g/t Au103,700 oz
Siou:6,524,000 t @ 4.16 g/t Au873,600 oz
ManaProcessing Plant