UK/USA - NIGER INVESTMENT FORUM 2012 – LONDON

JUNE 14, 2012

BUILDING SUSTAINABLE

VALUE IN NIGER

2

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 “believe”, “potential”, “guidance”, “increase”, “promote”, “continue”, “minimize”,

“protect”, “improving”, “committed”, “significant”, “underway”, and 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 produce 46,000 to 50,000 ounces in 2012

at the Samira Hill Mine, the ability to minimize the environmental impact of our activities, the ability to

materially comply with applicable standards and regulations, fluctuations 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 from time to time with Canadian

securities regulatory authorities. You can find further information with respect to these and other risks in

SEMAFO’s 2011 Annual MD&A as updated in the First Quarter 2012 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. These forward-looking statements are dated as of

June 14, 2012 and we disclaim any obligation to update or revise these forward-looking statements,

except as required by applicable law.

All amounts are in US dollars unless otherwise indicated.

FORWARD-LOOKING STATEMENTS

3 PROJECT LOCATIONS

‣ Three gold mines in operation

‣ Active exploration on 4,825 km2

of ground around our mine sites

‣ Workforce: more than 2,300

‣ Mining countries

‣ Extensive and unique CSR

programs

4 OUR SAVOIR-FAIRE

Guided by the strictest standards of corporate governance

uphold the mining codes and laws of our host countries

adhere to the Extractive Industries Transparency Initiative (EITI)

2011 Highlights

Became a signatory of the United Nations Global Compact

Listed its common shares on the NASDAQ OMX Stockholm Stock Exchange

2011 Awards

Named one of Canada’s Most Admired Corporate Cultures

Ranked among the Best Employers in Canada

CORPORATE STRUCTURE IN NIGER 5

SIGNIFICANT GOLD PROJECTS IN WEST AFRICA

Source: company filings

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SAMIRA HILL MINE, NIGER 7

‣ 2004: beginning of operations at the Samira Hill mine in Niger

‣ Located on the 50-kilometer gold belt commonly referred to as the Samira Horizon –

approximately 90 kilometers west of Niamey

‣ 2011 production of 46,700 oz

‣ 2012 production guidance of 46,000 – 50,000 oz

‣ Q1 2012 production at Samira Hill: 12,900 oz, an increase of 32% compared to the same

period in 2011

CONTRIBUTIONS TO THE NATIONAL ECONOMY

Local purchases in 2011: $48M

Local purchases since 2004: $237M

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Nigerian executive officers: national

director and financial director

Encourage learning and transfer of

knowledge amongst our national

employees

2011: signed a two-year agreement

with our unionized employees

HUMAN RESOURCES AND LABOUR PRACTICES 9

Our team in Niger: an unquestionable value

Create and maintain a safe work environment

Increase employee awareness through communication and training

2011: 900 awareness sessions led by health and safety trained supervisors

2011: provided medication to seven clinics and medical assistance to over 5,000 village

residents

Promote awareness programs:

Continuing our HIV/AIDS prevention awareness

1,000 villagers educated on cholera prevention

5,000 villagers educated on malaria and other diseases

HEALTH AND SAFETY: FUNDAMENTAL TO OUR CORPORATE CULTURE 10

MINIMIZE THE ENVIRONMENTAL IMPACT OF OUR ACTIVITIES 11

Protect the environment from the hazards associated with our operations

Conduct systematic monitoring and focus on improving water recycling and reuse

Comply with current regulations

Received inspection visit in 2011 from the Ministry of

Environment as part of an environmental audit:

no violations identified

Preparation of site rehabilitation

12 COMMUNITY INVOLVEMENT, HEART OF OUR SAVOIR-FAIRE

SEMAFO remains committed to making significant contributions

and to improving the quality of life in the communities in which we

operate.

We support Fondation SEMAFO‘s important initiatives in Niger

Education

Health

Revenue-generating projects

Community support

Material donation

13 EDUCATION AND HEALTH

Education

Construction of schools

(2011: 7 primary schools and a CEG in Boulkagou)

Donations of school supplies and furnishings

900 school books

5,000 kits of school supplies

Health

Donation of medical equipment and medicines

to health clinics

Construction of a maternity ward

14 REVENUE-GENERATING PROJECTS

Paprika Production Project

Beneficiaries

• 443 producers in Niger

• Primarily targets women

Create new jobs

Diversify and improve revenue streams

Strengthen the skills of supply chain participants

Support activities involved in processing and

marketing paprika

15 COMMUNITY SUPPORT

Electrification (Bossey Bangou)

Purchase of equipment and seeds for off-season crop

Establishment of libraries (Gotheye)

Purchase of grinding mills (Bossey Bangou) and motor pump (Tiawa)

Construction of 3 water wells and 2 sewing houses - underway

16 NIGER: THE OPPORTUNITY IS THERE