Corporate Presentation February 2018 1
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 “outlook”, “guidance”, “targets”, “forecast”, “on time, on budget”, “continues”, “payback”, “plan” 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 2019-2023 targets of 5-year average consolidated production of 413,000 oz at 5-year average $696 AISC, the ability to commission Boungou in Q3 2018, the ability to meet our 6-year consolidated targets in terms of production, cost and operating cash flow, the ability to meet our 2018 production guidance of between 235,000 and 265,000 ounces of gold at an all-in-sustaining cost of between $900 and $940 per ounce, the ability to meet our 6-year production and cost targets at each of Boungou and Mana, the ability to meet our 2018 general and administrative expense forecast of $16 million, the ability to construct Boungou on time and on budget, Mana’s ability to meet its 5-year production target of 209,000 oz per year, the ability to start the Siou UG development in Q3 2018, the ability to build the Siou underground on time and on budget, the ability of the Siou underground to provide a one year payback on development capital, the ability of our 2018 exploration program to meet its objectives, the accuracy of our assumptions, 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 2016 Annual MD&A, as updated in SEMAFO’s 2017 First Quarter MD&A, 2017 Second Quarter MD&A and 2017 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. 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. 2 In this presentation, all amounts are in US dollars unless otherwise indicated.
TABLE OF CONTENTS 1 Executive Summary 2 2018 Exploration Budget & Plan 4 3 4 Appendices 3
1 SEMAFO OVERVIEW 400,000+ oz Producer at <$700 AISC MANA BURKINA FASO 2008 First gold pour Strong 6-year outlook Boungou Mine Mana Mine 1.7M oz Reserves at 2.9 g/t Nabanga Bantou Korhogo MANA + BOUNGOU 2018 Set-up year BOUNGOU 2019-2023 Targets: 5-year Commissioning Q3 2018 average production 413,000 oz Strong 6-year outlook at 5-year average $696 AISC 1.5M oz Reserves at 4.1 g/t 3.2M oz Reserves at 3.4 g/t 4
1 CORPORATE SNAPSHOT Net Cash and Conservative Capital Structure Enterprise Value Shareholders Institutional Shares - Basic 325M 34% 90% Shares - F.D. 327M 18% 10% Share Price (Feb 20/18) C$ 3.30 48% Market Cap (1.25 US$/C$) US$ 858M Retail & Other Cash (Dec 31/17) US$ 222M Debt (Dec 31/17) US$ 120M Research Analyst Coverage Enterprise Value US$ 756M Net Cash (Dec 31/17) US$ 102M Boungou Capital Boungou Capital US$ 231M Incurred to Dec 31/17 US$ 159M Remaining US$ 72M 5
1 6-YEAR PRODUCTION & COST TARGETS Over $1.3B of Operating Cash Flow at $1,300 Gold Price 6-Year Operating Total Cash Flow $95 $250 $275 $244 $231 $259 >$1.3B (US$M) 500 1 200 5-Year Average 439 418 414 413 399 394 1 000 $920 400 800 $733 $721 $712 $696 $643 300 $643 250 Production (000’s oz) 600 AISC (US$/oz) BOUNGOU 226 201 186 180 204 226 65 200 400 MANA 100 192 213 213 213 214 209 185 200 0 0 2018 2019 2020 2021 2022 2023 Average 2019-2023 Guidance at midpoint 6
1 RESERVES AND RESOURCES SUMMARY High Quality Reserve Base 1.5M oz Others Inferred Siou O/P 122,000 oz Resources 1.6 Mt @ 3.6 g/t Au 181,000 oz 4% 6% Boungou 11.2 Mt @ 4.11 g/t Au 1,479,000 oz 3.1M oz Siou U/G Measured & Indicated 16% 3.0 Mt @ 5.3 g/t Au Resources 516,000 oz 46% TOTAL RESERVES 29.4 Mt @ 3.4 g/t Au 3,200,000 oz 3.2M oz Proven & Probable 28% Reserves Wona 12.3 Mt @ 2.3 g/t Au 902,000 oz 2017 7 * All mineral resources are exclusive of mineral reserves.
1 2018 GUIDANCE Boungou Consolidated Mana (Commercial) Gold production (‘000 oz) 235 – 265 175 - 195 60 - 70 All-in sustaining cost ($/oz) 900 - 940 1,020 – 1,070 545 - 570 Capital Expenditure (included in AISC) (in millions of $) Sustaining 13 10 3 Stripping 55 44 11 68 54 14 Development capital expenditures that are not included in the AISC for 2018 are $14.5 million out of the total of $51.7 million for Siou underground. The general and administrative expense for 2018 has been forecast at $16 million. 8
1 BOUNGOU OVERVIEW Construction began Q1 2017 Commissioning Q3 2018 Construction continues on time, on budget Boungou Capital $231M Incurred to Dec 31/2017 $159M Remaining $72M 1.5M oz reserves at 4.1g/t 2017 added 203,000 oz reserves that improved 5-year average production to 204,000 oz per year at $516 AISC 9
BOUNGOU ON TIME AND ON BUDGET 1 83% Complete at January 31, 2018 2017 2018 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 complete Earthworks 54% Accommodation Construction 100% Water Storage Facility & Dams 95% Tailing Storage Facility 72% Milling 85% Feed Preparation 86% Process Leaching & CIP Circuit 88% Plant 61% Gold Room Plant Services 64% Power Plant 83% Fuel Depot 81% Pre-Stripping 62% Mining Ore 0% 1 st Gold Pour 0% The water storage facility is already functional 10
1 BOUNGOU TARGETS 6-Year Production and Cost 300 1 000 250 800 5-Year Average 200 $626 $606 600 $557 $527 $516 150 $419 Production (000’s oz) $405 400 AISC (US$/oz) 100 200 50 226 226 201 186 180 204 65 0 0 2018 2019 2020 2021 2022 2023 Average 2019-2023 Guidance at midpoint 11
1 MANA OVERVIEW First gold pour 2008 Plant and resources upgraded and extended over time 1.7M oz reserves at 2.9 g/t Mana February 2018 PFS provides updated mine plan for Wona-Kona, Siou O/P and Siou U/G 2017 added 200,000 oz reserves that improved 5-year average production target to 209,000 oz per year at AISC $871 Siou UG development starts Q3 2018 12
1 SIOU UNDERGROUND OVERVIEW $51M Development Capital has < 1 year Payback Portal (5.5m x 5.5m) and ramp (14°slope) located Backfill for primary stopes are 4% cemented rockfill at the bottom of the Siou pit and secondary stopes are filled with only waste rock 2,000 tpd will require working 3-6 stopes Two types of long hole mining will be used 80% Transversal long hole mining for stopes wider than 10m per month depending on size and width of stopes 20% Longitudinal long hole mining for stopes smaller than 10m Portal Cut and Fill Stopes (1%) 200 m Ramp (5.5m x 5.5m) Levels (25m between levels) Long Hole Stopes (82%) 13 600 m
1 SIOU UNDERGROUND DEVELOPMENT TIMELINE 2018 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NI 43-101 technical report Negociate / sign contract with u/g contractor Detailed engineering ESIA & mining permit* Contractor mobilization on-site Infrastructures Portal preparation and u/g development Surface & u/g definition & grade control drilling Long-hole stoping production U/G production capacity reached at 2,000 tpd * Current exploration permit allows for u/g development start-up 14
1 MANA TARGETS 6-Year Production and Cost 250 1 400 5-Year Average 1 200 $1 079 200 $1 045 $906 1 000 $887 $871 $823 150 800 $660 Production (000’s oz) 600 AISC (US$/oz) 100 400 50 213 213 213 214 209 192 185 200 0 0 2018 2019 2020 2021 2022 2023 Average 2019-2023 Guidance at midpoint 15
1 CORPORATE SOCIAL RESPONSIBILITY (CSR) Maintaining Strong Social Licence Training – See Appendix for List of Local 12,000 HOURS Community Projects Per year of training to Burkinabe employees Local Community Support – National Workforce Over 93% of workforce are Burkinabè Development Program – Training Burkinabè employees for 16 management or trainer positions
1 STRONG SAFETY RECORD AND CULTURE While Maintaining Cost Discipline MANA BOUNGOU 341 days worked without lost-time injury 4.1 million man-hours worked without lost-time injury 17
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