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CORPORATE PRESENTATION ║September 2019
FORWARD-LOOKING STATEMENTS
2
• This presentation contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking.
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 “upside”, “5-year average”, “outlook”, “target”, “development”, “long-term”, “growth”,
“strategy”, “add-ons”, “goal”, “extend”, “timeline”, “future”, “priority”, “potential”, “focus”, “2019 program”, “LoM”, “plan”, “progressing” 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 (i) meet our 5-year consolidated average target of 400,000+ ounces per year at $700/oz AISC, (ii) meet our goal of having
2.5-3.0 M oz of resources at Bantou-Karankasso by end of 2020, (iii) release a PEA on Nabanga in Q3 2019, (iv) meet our 5-year consolidated production
& cost targets, including the targets for each of the Boungou mine and the Mana mine every year from 2019 to 2023, (v) generate $1.2B of operating cash
flow over the next 5 years at $1,300 gold price, (vi) meet our 2019 consolidated production outlook of 350,000 to 380,000 ounces of gold at an AISC of
$635 to $735, including the targets for each of the Boungou mine and the Mana mine, (vii) meet our 2019 CAPEX targets, (viii) deliver long-term
shareholder value, (ix) execute our growth strategy, (x) meet our Boungou 5-year production and costs average targets of 205,000 ounces at $539/oz
AISC, including the targets for each year from 2019 to 2023, (xi) meet our Mana 5-year production and costs of 200,000 ounces at $881/oz AISC, including
the targets for each year from 2019 to 2023, (xii) develop the Siou Underground on time and on budget, (xiii) start production at the Mana underground in
Q1 2020, (xiv) generate net cash in the future, (xv) add resources at Boungou by the end of 2020, (xvi) deliver the Boungou and Mana February 2018 LoM
Plans, respectively, 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 2018 Annual MD&A, as updated in our 2019 First 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
SEMAFO OVERVIEW – 400,000+ OZ PRODUCER AT ≈$700 AISC WITH UPSIDE
3
MANA BOUNGOU
BOUNGOU + MANA
DEVELOPMENT UPSIDE
o 2008 first gold pour
o Strong 5-year outlook
o Reserves of 1.5M oz at 3.0 g/t Au
o 2019 first full year of production
o Strong 5-year outlook
o Reserves of 1.4M oz at 3.9 g/t Au
o 2019-2023 target: 5-year average of
404,000 ounces at $708 AISC
o Reserves of 2.9M oz at 3.4 g/t Au
o Bantou (Bantou – Karankasso) resource goal of 2.5-3.0M oz by end of 2020
o Nabanga PEA: Q3 2019Korhogo –
Côte d’Ivoire
4
CORPORATE SNAPSHOT
Shares - Basic 334M
Shares – F.D. 335M
Share Price (Sep 4, 2019) C$ 4.98
Market Cap (C$1.33 / US$) US$ 1.25B
Cash (June 30, 2019) US$ 134M
Debt (June 30, 2019) US$ 90M
Enterprise Value US$ 1.21B
48%
34%
18%
10%90%
Institutional
Retail & Other
Shareholders
10 research analysts
TSX, OMX: SMF
135 213 213 216 221 200
230
226 201 186 180205
$673
$757$720
$730
$652$708
0
200
400
600
800
1 000
1 200
0
100
200
300
400
500
2019 2020 2021 2022 2023 Average2019-2023
Operating Cash Flow
(US$M)
5-Year Total
> $1.2B
MANA
BOUNGOU
Pro
du
cti
on
(000’s
oz)
AIS
C (
US
$/o
z)
$229 $238 $240 $229 $260
401402414
439
365
404
5-Year
Average
5-YEAR PRODUCTION & COST TARGETS
5
OVER $1.2B OF OPERATING CASH FLOW AT $1,300 GOLD PRICE
3% 3%
18%
28%
48%
2.9M ozProven & Probable
Reserves
3.0M ozMeasured & Indicated
Resources
2.1M ozInferred
Resources
Boungou
10.9 Mt @ 3.9 g/t Au
1,387,000 oz
RESERVES AND RESOURCES SUMMARY as at December 31, 2018
High-Quality Reserves Base
TOTAL RESERVES
26.9 Mt @ 3.4 g/t Au2,909,000 oz
6
Wona
11.0 Mt @ 2.3 g/t Au
807,000 oz
Siou U/G
3.0 Mt @ 5.3 g/t Au
516,000 oz
Siou O/P
914,000 t @ 3.4 g/t Au
101,000 oz
Others
98,000 oz
* All mineral resources are exclusive of mineral reserves.
2018
7
2019 OUTLOOK – STRONG 2019 DRIVEN BY FULL YEAR AT BOUNGOU
Gold production (‘000’s oz)
All-in sustaining cost ($/oz)
Capital Expenditure (included in AISC)
Sustaining (M$)
Stripping (M$)
Non-recurring Development Expenditure
(not included in AISC)
Siou underground development (M$)
Air strips & mill optimisations (M$)
Mining cost during Mana shutdown (M$)
Boungou Mana
220 - 240 130 - 140
470 - 510 950 - 1,020
4 10
21 35
25 45
- 41
6 2
- 22
6 65
Consolidated
350 - 380
685 - 735
14
56
70
41
8
22
71
● After 20+ years in business, only 334 million shares outstanding
● Per-share operating metrics all tracking positively
● Positive retained earnings on balance sheet
(no blow-ups or M&A write-downs)
● Use of debt is prudent and project-specific
(currently net cash)
● 100% exposure to rising gold price
(no streams, hedges, etc.)
● Management team continuity
● Production guidance met or exceeded in last 10 of 12 years
● Conservative management compensation with strong link to share price
FOCUS ON LONG-TERM SHAREHOLDER VALUE
8
INTERNAL
● Boungou LOM extension
● Mana LOM extension
● Bantou development
● Nabanga development
EXTERNAL
● Investing in small
exploration companies
● Staying on the lookout for
accretive add-ons
● Our financial discipline
● Our excellent health and safety track record
● A strong balance sheet and 100% exposure to price of gold
GROWTH STRATEGY
9
WHILE MAINTAINING
• Construction on time, on budget
• 5-year average production of
205,000 oz per year at $539 AISC
• 2019 exploration budget program
goal is to extend mine life
• Reserves of 1.4M oz at 3.9 g/t
• 2019 first full year
BOUNGOU OVERVIEW – OUR NEW FLAGSHIP MINE
10
BOUNGOU – OPERATING RESULTS
11
Q2 2019 Q1 2019 Q4 2018
Operating Data
Ore processed (tonnes) 282,700 308,700 276,800
Head grade (g/t) 7.19 6.50 6.34
Recovery (%) 96 96 94
Gold ounces produced 62,800 61,900 53,100
Total cash cost ($/ounce) 350 337 391
Cash operating cost ($/tonne) 61 53 56
All-in sustaining cost1 ($/ounce) 476 534 579
1 Total cash cost+ sustaining capital expenditures+ stripping cost per ounce
230 226 201 186 180 205
$490$449
$537
$616 $636
$539
0
200
400
600
800
1 000
0
50
100
150
200
250
300
2019 2020 2021 2022 2023 Average2019-2023
BOUNGOU TARGETS: 5-YEAR PRODUCTION AND COST
12
5- Year
Average
Pro
du
cti
on
(000’s
oz)
AIS
C (
$U
S/o
z)
• Reserves of 1.5M oz at 3.0 g/t Au
• February 2018 PFS for Mana provides updated mine plan
for Wona-Kona, Siou O/P and U/G
• First gold pour in 2008
• Plant upgraded and resources
extended over time
• 5-year average production target of 200,000 oz per year at $881 AISC
• Siou UG development started in Q3 2018
o Production of 2,000 tpd expected in Q1 2020
MANA OVERVIEW
13
LOCATION OF WALL FAILURE IN THE WONA PIT
Wona Pit
2.2 km Wona Pit Phase 3
800 m
Old Wona Pit
1,400 m
Failure
Work
Zone
Work
Zone
Ore +
Waste
Ore +
Waste
Reserve pit limit
14
EAST VIEW OF WONA PIT – PHASE 3
15
150 m
60 m
130 m
5,330
5,280
5,270
5,260
5,240
5,220
SIOU UNDERGROUND
16
UNDERGROUND DEVELOPMENT TIMELINE
17
Portal
Level
Stope
Decline
Pit
Return air exhaust
Fresh air intake
• 25m between levels
• Development dimensions:
ꟷ capitalized drive: 5.5m X 5.5m
ꟷ stope access & ore drive: 5.0m X 5.0m
ꟷ vertical ventilation raise: 4.0m X 4.0m
ꟷ vertical emergency egress raise: 1.2m X 1.2m
• Production stope dimensions:
ꟷ 25m height X 20m strike X zone thickness
Progress as at August 31, 2019 First production stope – Q1 2020
%Complete
100%
100%
100%
100%
100%
75%
100%
65%
10%
0%
0%
2018 2019 2020
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
18
UNDERGROUND DEVELOPMENT TIMELINE
NI 43-101 Technical report
Negotiate / Sign contract with U/G Contractor
Detailed engineering for development start-up
ESIA & mining permit*
Contractor mobilization on-site
Infrastructures
Portal preparation
U/G development
Surface & U/G definition & Grade control drilling
Long-hole stoping production start-up
Design capacity reached at 2,000 tpd
ON TIME, ON BUDGET: 5,100 METERS COMPLETED AT AUGUST 31, 2019
135 213 213 216 221 200
$985$1 084 $892
$828
$665
$881
0
200
400
600
800
1 000
1 200
1 400
0
50
100
150
200
250
2019 2020 2021 2022 2023 Average2019-2023
Pro
du
cti
on
(000’s
oz)
AIS
C (
$U
S/o
z)
5- Year
Average
MANA TARGETS: 5-YEAR PRODUCTION AND COST
19
$32 MILLION: 2019 CONSOLIDATED EXPLORATION BUDGET
• Add near-mine ounces
• $4M budget
• PEA in Q3 2019
• $2M budget
• $1M budget
• Develop resources
20
• Add near-mine ounces
• $9M budget
• $16M budget
Ouagadougou
Mana Mine
Nabanga
Bantou - Karankasso
Boungou Mine
● 56,000 meters of RC follow-up drilling on known near-surface zones above the deeper Boungou structure
● Testing anomalies identified from the ongoing auger program
● Goal to identify zones for follow-up in 2020 and add resources by the end of 2020
21
Tawori
0 2,5 5 km
BOUNGOU – H2 2019 EXPLORATION PLAN
Boungou open
pits
Near-mine
exploration area
H2 2019
22
BOUNGOU AREA COMPILATION
● Near-surface stacked structures
north of Boungou
● Potential for satellite deposits within
a few kilometers
● Compilation and target generation in
progress
A A’
23
MANA H2 2019 EXPLORATION PLAN
● 2,800 meters of drilling on Pompoï
in Q4 2019
● Located 5 km from Fofina, Fofina Sud is
showing good results in saprolite
ꟷ 2.75 g/t Au on 6 meters
ꟷ 1.40 g/t Au on 36 meters
ꟷ Up to 70 meters of saprolite in the area
● External compilation is underway
Pompoï
BANTOU – OUR TOP PRIORITY DEVELOPMENT PROJECT
24
Wona
Siou
Yaramoko
Houndé
Bantou Property
Mana Property
Bantou
Bantou Nord
Tankoro
Serakoro
Karangoso
Diosso
Kueredougou
Kien
50
km
Multiple Gold Zones
Felsic intrusives
Mafic volcanics
Sediments
Volcaniclastics and cherts
Sediments (Tarkwa-type)
Intermediate volcanics
● 8 mineralized zones to date
● Resource goal of 2.5-3.0M oz
by end of 2020
● New discovery at
Bantou Nord
● Diverse mineralization
styles and grades
● Following significant results,
the $3M Bantou budget has
been increased to $11M and
Karankasso’s budget has
increased from $2M to $5M
for a grand total of $16M
25
BANTOU H2 2019 EXPLORATION PLAN
Geophysical Map (I.P.)
Three drills at Bantou in H2 2019 in the following areas:
● Bantou
● Bantou Nord● Bantou Proximal and regional targets
26
BANTOU NORD
Gold grades are consistently disseminated
● 89% of assay results within the mineralized zone to date are above 0.50 g/t Au
● 99.7% of assay results within the intersections reported to date are below 10 g/t Au
A A’
27
18.7m @ 7.43 g/t
1.8m @ 2.77 g/t
5.0m @ 1.00 g/t 1.4m @ 9.72 g/t
8.7m @ 2.85 g/t
Holes completed Holes planned
BANTOU ZONE
280 2 4 km
Bantou
Bantou
Proximal
Bantou
Nord
Sikongo
Peni
Section Hole No. From (m) To (m) Length (m) Au (g/t)
407750E KRC19-0431 125 165* 40 0,96
407750E KRC19-0432 96 162* 66 1,78
407750E KRC19-0434 64 136 72 1,03
407750E KRC19-0436 3 161* 158 1,26
407750E KRC19-0437 5 114 109 1,41
407650E KRC19-0440 4 174 170 1,16
407650E KRC19-0441 23 88 65 1,28
Bantou Nord
Zone Hole No. From (m) To (m) Length (m) Au (g/t)
Chert DMP010 277,7 279 1,3 14,92
Chert DMP010 284,2 302,9 18,7 7,43
BIF DMP013 95,3 104 8,7 2,85
Chert DYDD020 176,6 178 1,4 9,72
Bantou Zone
Zone Hole No. From (m) To (m) Length (m) Au (g/t)
Bantou Prox KRC19-0454 27 32 5 2,32
Bantou Prox KRC19-0456 75 78 3 4,22
Bantou Prox KRC19-0458 46 48 2 8,47
Bantou Prox KRC19-0460 63 70 7 44,16
Peni KRC19-0388 25 28 3 2,53
Peni KRC19-0393 41 49 8 8,04
Peni KRC19-0393 111 121 10 1,59
Sikongo KRC19-0358 5 11 6 4,28
Sikongo KRC19-0359 149 150 1 5,37
Exploration
BANTOU ZONE
Bantou chert horizon
Mafic volcanics
Sediments
Volcaniclastics and cherts
Sediments (Tarkwa-type)
Intermediate volcanics
29
KARANKASSO
Bantou
Bantou
Nord
KarangossoDiosso
Kueredougou
Kien
Serakoro
Focus of H2 2019 program will be on
favorable 22 km of Karankasso trend
● Many untested anomalies throughout the property
H2 2019 EXPLORATION PROGRAM
NABANGA EXPLORATION PROGRAM
42% INCREASE IN RESOURCES TO 840,000 OZ AT 7.7 G/T AU
● Inferred resources: 3.4 Mt at 7.7 g/t Au for 840,000 oz
● 3,240 meters of DDH planned to test extensions
● PEA to be completed in Q3 2019 30
x No hedges
x No gold loans
x No gold streams
x No complicated financing
schemes or arrangements
x No off-balance sheet financing
x No unreported dilution
SEMAFO IS A SIMPLE STORY
CLEAN AND STRAIGHTFORWARD WITH UPSIDE
31
WHAT WE DO HAVE WHAT WE DON’T HAVE
✓ Strong 5-year outlook
✓ >$1.2B operating cash flow 2019-2023
at $1,300 Au
✓ Net cash now and in future
✓ Simple low cost debt that can be repaid
any time without penalty
✓ Conservative capital structure
✓ Bantou (Bantou-Karankasso) and
Nabanga upside
32
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