TSX: SMF

MANA MINE

KORHOGO

Côte d’Ivoire

115 km

Niger

Benin

Togo

Ghana

SEMAFO PROPERTYELECTRIC LINE

Ouagadougou (Capital)

Mana

BURKINA FASO

BANTOU

≈260 km

NABANGA

NATOUGOU

‘000 oz $ oz

158,6

234,3255,9

240,2

205$ 777

$ 649

$ 495$ 548

$ 700

$1 242

$ 805

$ 648$ 720

$ 940

$ 0

$ 200

$ 400

$ 600

$ 800

$1 000

$1 200

$1 400

0

50

100

150

200

250

300

350

400

2013 2014 2015 2016 2017 Guidance

Mana Production '000 ounces Total cash cost ($/oz) All-in sustaining cost ($/oz)

190

SEMAFO SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposit of Siou, and is targeting production start-up of the Boungou Mine in the second half of 2018. SEMAFO’s strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.

INVESTOR INFORMATION Price

C$3.06

Market Capitalisation

C$1.0B

Shares Outstanding

324.8M

52-Week High / Low

C$7.46/ $2.68

Ave. Daily Volume

4.7M

EXTENSIVE LAND PACKAGE

MANA PRODUCTION AND COST PROFILE

2017 Guidance

Production (000s oz) 190-205

Total cash cost (per oz)1 685-715

All-in sustaining cost (per oz)2 920-960

1 Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government 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 sustainable capital expenditures and stripping costs per ounce.

PRODUCTION AND COST PROFILEWHY INVEST?

$255M IN CASH AS OF MARCH 31, 2017

CONSTRUCTION OF NATOUGOU UNDERWAY: FIRST GOLD POUR EXPECTED IN H2 2018

EXPLORATION UPSIDE: NATOUGOU UNDEREXPLORED (773 km2)

STRONG SOCIAL LICENCE

UNEARTHING THE FUTURE

Updated on May 10, 2017

NATOUGOU FEASIBILITY STUDY HIGHLIGHTS

•Project economics at $1,100/oz:•After-tax NPV 5%: $262 million•After-tax IRR: 48%•Payback period: 1.5 years

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%• Production of some 1.2 million ounces over a

projected LOM in excess of 7 years• 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

• CAPEX: $231 million2017 STRATEGYNATOUGOU - BOUNGOU MINE• Achieve first concrete pour for the

processing plant in Q2 • Convert inferred resources on

the West Flank Zone into indicated category

• Evaluate potential for an underground operation

• Initial exploration budget of $15 million with the aim of increasing reserves and resources

MANA MINE• Deliver our production and cost

guidance• Test underground potential at Siou• Initial exploration budget of $5 million

within trucking distance of the mine

2016 2017 2018Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

11

CONSTRUCTION OF THE BOUNGOU MINE

SCHEDULE MILESTONES

Unearthing the future

Mining Permit Award

Detailed Engineering

Earthworks

Construction Accommodation

Water Storage Facility & Dams

Tailing Storage Facility

Milling & Feed Preparation

Leaching & CIP Circuit

Gold Room

Plant Services

Power Plant

Fuel Depot

Pre-Stripping

Mining Ore

1st Gold Pour

Process Plant

BOUNGOU MINE

Forward-looking Statement:“This fact sheet 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 “growth”, “strategy”, “under “targeted”, “guidance”, “projected”, “payback”, “schedule”, “milestones”, “initial”, “creating”, “objective”, “expand”, “continue”, “next steps”, “evaluate”, “potential”, “prospective”, “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 start production at boungou (Natougou) in H2 2018, the ability to meet our 2017 guidance of between 190,000 and 205,000 ounces of gold at a total cash cost of between $685 and $715 per ounce and all-in sustaining cost of between $920 and $960 per ounce, the ability to achieve the highlights of Natougou’s feasibility study in terms of (i) after-tax NPV and IRR, (ii) payback period, (iii) average annual production, total cash cost and AISC, (iv) projected LOM, LOM total cash cost (TCC) and all-in sustaining cost (AISC), the ability to meet Natougou’s construction milestones, the ability to meet Boungou’s (Natougou) initial production schedule, ore feed, grade, gold recovery, TCC and AISC, the ability to expand reserves and resources, the ability to drill up the inferred resources into the indicated category in H1 2017, the ability to evaluate the potential for an underground operation, the ability to execute on our 2017 priorities, the accuracy of our assumptions, fluctuation in the price of currencies, gold prices and 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, 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.All mineral resources are exclusive of mineral reserves.All amounts are in US dollars unless otherwise indicated.

For more information, contact:

SEMAFO

Tel. local & overseas: +1 (514) 744-4408 Toll-Free: 1 (888) 744-4408

www.semafo.com

Robert LaVallière, Bs. Sc. Geology, MBA

Vice-President, Corporate Affairs & Investor Relations Tel.: +1 (514) 744-4408, Ext. 3405 Robert.Lavalliere@semafo.com

Ruth Hanna

Analyst, Investor Relations Tel.: +1 (514) 744-4408, Ext. 3400 Ruth.Hanna@semafo.com