SEMAFO

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September 20, 2016 at 2:30 PM (MDT)|Broadmoor Hotel & Resort

Benoit Desormeaux

President & CEO

Benoit Desormeaux, CPA, CAPresident and Chief Executive Officer
Mr. Desormeaux became President and Chief Executive Officer on August 8, 2012. Mr. Desormeaux had been our Executive Vice-President and Chief Operating Officer since 2004, and previously held the positions, successively, of Corporate Controller as well as Chief Financial Officer. Prior to joining SEMAFO in 1997, he was in the employ of Deloitte LLP involved principally in corporate audits in the manufacturing sector. Mr. Desormeaux is a Chartered Professional Accountant, a member of Ordre des Comptables Professionnels Agréés du Québec and holds a bachelor’s degree in business administration (BBA) from HEC Montréal.

SAFE HARBOR STATEMENT

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 “target”, “guidance”, “feasibility”, “initial”, “timetable”, “will”, “objective”, “promising”, “potential”, “priorities” 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 achieve a first gold pour at Natougou in H2 2018, the ability to meet our 2016 production guidance of between 225,000 and 245,000 ounces, the ability to achieve our 2016 total cash cost guidance of between $535 and $565 per ounce and our all-in sustaining cost guidance of between $720 and $760 per ounce, the ability to meet the annual average production targets at Natougou within the anticipated total cash costs and all-in sustaining costs, the ability to achieve the projected LOM, the ability to meet the targeted permitting process, initial capital expenditures, construction start-up, the ability to expand Natougou reserves and resources, the ability to meet the various objectives in terms of tonnes of ore to the milling facility, head-grade and gold recovery at the Natougou 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 an after-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 produce 100,000 ounces of gold at Natougou in 2018 and 226,000 in 2019 respectively, the ability to produce 200,000 ounces at Mana in 2018 and 2019, the accuracy of our assumptions, 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 2015 Annual MD&A, as updated in SEMAFO’s 2016 First Quarter and Second 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.

We also advise you that the terms “Inferred Resources” and “Indicated Resources”, although recognized and required by the Canadian Securities Administrators, are not recognized by the US Securities and Exchange Commission. There is no certainty that Inferred Resources or Indicated 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.

NOTICE

The Denver Gold Group does not make any express or implied condition, representation, warranty or other term as to the accuracy, validity, reliability, timeliness or completeness of any information or materials in general or in connection with any particular use or purpose presented at the Gold Forum. Denver Gold Group cannot accept responsibility for sourcing variances, mistakes, errors or omissions or for any action taken in reliance thereon. Use of this data is governed by Denver Gold Group's Terms of Use.

The Denver Gold Group does not represent or endorse the accuracy or reliability of any third party advice, opinion, statement, information or materials received during the Gold Forum.

INVESTMENT ADVICE - NO OFFER OR RECOMMENDATION

The Gold Forum and the information and materials presented at the Gold Forum do not, and shall not be construed as, making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of any regulated gold related products or any other regulated products, securities or investments, including, without limitation, any advice to the effect that any gold related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor. A decision to invest in any regulated gold related products or any other regulated products, securities or investments should not be made in reliance on any of the information or materials presented or obtained during the Gold Forum. Before making any investment decision, prospective investors should seek advice from their financial, legal, tax and accounting advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.