Q2 2014 Financial Results

F I N A N C I A L R E S U L T S 0 7 . 1 4

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DISCLAIMER AND OTHER MATTERS

SAFE HARBOR: Some statements contained in this presentation are forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995 and applicable Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risksand uncertainties that could cause actual results to differ materially. Such statements include comments regarding: our production expectations for 2014including our production guidance; predictions regarding cash operating costs per ounce for 2014, 2015 and over the life of mine target; estimated capitalexpenditures for 2014 [and 2015]; anticipated all-in sustaining costs for 2014, 2015 and over the life of mine target; expected cash flow over the remainder of2014; timing of drilling, drilling results and concentration on infill drilling; the impact of cost cutting initiatives; improved access to ore in 2014; planned headgrades; ability to generate cash; timing for completion of a feasibility study at Wassa underground; timing of Wassa Preliminary Economic Assessment,resource models and engineering and mine scheduling; timing of Wassa Underground construction; timing of Wassa underground to commercial production;timing of revised preliminary economic assessment at Prestea Underground; timing of Prestea Underground to commercial production; timing of updatedmineral reserve and mineral resource estimates at Wassa; and our 2014 and 2015 outlook and objectives for the remainder of 2014 and 2015. Factors thatcould cause actual results to differ materially include timing of and unexpected events at the Bogoso oxide and sulfide processing plants and/or at the Wassaprocessing plant; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; delayor failure to receive board or government approvals and permits; the availability and cost of electrical power; timing and availability of external financing onacceptable terms; technical, permitting, mining or processing issues; changes in U.S. and Canadian securities markets; and fluctuations in gold price and inputcosts and general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management.Please refer to the discussion of these and other factors in our Annual Information Form for the year ended December 31, 2013. The forecasts contained in thispresentation constitute management's current estimates, as of the date of this presentation, with respect to the matters covered thereby. We expect that theseestimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may electto update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors andothers should not assume that any forecasts in this presentation represent management's estimate as of any date other than the date of this presentation.

NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms "cash operating cost per ounce” and “all-in sustaining cost per ounce”, “cost pertonne mined” and “cost per tonne milled”. These measures should be considered as Non-GAAP Financial Measures as defined in applicable securities lawsand should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. We use cash operating cost perounce as a key operating indicator. We monitor these measures monthly, comparing each month's values to prior period's values to detect trends that mayindicate increases or decreases in operating efficiencies. This measure is also compared against budget to alert management to trends that may cause actualresults to deviate from planned operational results. We provide this measure to our investors to allow them to also monitor operational efficiencies of our mines.We calculate these measures for both individual operating units and on a consolidated basis. There are material limitations associated with the use of suchnon-GAAP Financial Measures. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.Changes in numerous factors including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumables and minesite general and administrative activities can cause these measures to increase or decrease. We believe that these measures are the same or similar to themeasures of other gold mining companies, but may not be comparable to similarly titled measures in every instance.

INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemedreliable, however no representation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star’s materialproperties disclosed herein is based upon technical reports prepared and filed pursuant to National Instrument 43-101 Standards for Disclosure of MineralProperties (“NI 43-101”) and other publicly available information regarding the Company, including the following: (i) “NI 43-101 Technical Report on MineralResources and Mineral Reserves Golden Star Resources Ltd, Wassa Gold Mine, Ghana Effective Date December 31, 2012”, prepared by SRK Consulting(UK) Limited and prepared under the supervision of Martin P. Raffield and S. Mitchel Wasel; and (iii) Golden Star’s Annual Report for 2013. Additionalinformation is included in Golden Star’s Annual Information Form for the year ended December 31, 2013 which is filed on SEDAR. Mineral Reserves wereprepared under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a "Qualified Person" asdefined by Canada's National Instrument 43-101. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel,Golden Star Resources Vice President of Exploration.

CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated.

Q2 2014 Financial Results Presentation 2

MANAGEMENT PARTICIPANTS

Daniel OwireduExecutive Vice President and Chief Operating Officer

Sam CoetzerPresident and Chief Executive Officer

André van NiekerkExecutive Vice President and Chief Financial Officer

Martin RaffieldSenior Vice President, Technical Services

Q2 2014 OPERATIONAL REVIEW

4 Q2 2014 Financial Results Presentation

MINING DEVELOPMENT OPTIMISATION

61,721 ounces

produced and sold Q2’14

Wassa development

DRILLINGdelivers strong results70 m @ 5.8 g/t Au45 m @ 8.3 g/t Au

Internal study on

LOW CAPEX option for Prestea Underground

RAINFALLheavy over period, hampered access and mining

PEA on WASSAUNDERGROUNDnearing completion

Study yields

+’ve OUTCOME

Bogoso push backs

COMPLETE Announcement due end

Q3’14Progressing to PEAin Q3’14

Q2 2014 FINANCIAL OVERVIEW

Golden Star Resources Q2 2014 Financial Results Presentation 5

LOWER REVENUERevenue decreased quarter over quarter to $80 M with fewer ounces of gold sold

EVEN LOWER COSTSCost of sales reduced 7% to $78 M

Mine operating expenses reduced 11% to $74 M

COC per ounce marginally reduced to $1,201

REDUCED LOSS Adjusted net loss reduced 38% quarter over quarter to $8 M

COST AND EXPENSES REDUCING

Cost of Sales Excluding Depreciation and

Amortization ($ M)

Golden Star Resources Q2 2014 Financial Results Presentation 6

Mine Operating Expenses ($ M)

— Cash operating costs per ounce consistent from Q1 to Q2 2014

— Significant achievement of operational efficiencies at Wassa

— Strip ratio lower at both operations

— Focus on margin growth, development of new projects expected to reduce cash costs going forward

CASH OPERATING COSTS PER OUNCE1

(1) See note on slide 2 regarding Non-GAAP Financial Measures


AISC: $1,349

AISC: $1,523

AISC:

$1,050-1,150

2014 GUIDANCE REVISION

8 Golden Star Resources Q2 2014 Financial Results Presentation

ORIGINAL REVISED

Production oz. 295-320,000 260-280,000

Cash Operating Costs $ per oz. 950-1,000 1,000-1,100

Capital Expenditure $ M’s 50 36

WASSA OPERATIONAL PERFORMANCE

Q2 2014 Q1 2014

Ore mined kt 723 649 More ore available in Wassa Main pit

Waste mined kt 2,812 4,440Wassa Main pit established in Q1’14

Completion of mining of Father Brown in Q2’14

Ore processed kt 661 704 In line with rated capacity for fresh rock

Grade processed

g/t 1.48 1.62 Completion of mining at Father Brown

Recovery % 92.8 92.7

Gold sales oz. 29,446 34,838


Wassa production forecast for 2014 revised to 115-125,000 ounces

WASSA FINANCIAL PERFORMANCE

Cash operating cost per oz1— Increased costs per ounce

anticipated with head grade reducing

— Mine operating expenses reduced to $29 M (Q1 2014: $34 M)

— Operational efficiencies

— Reduced strip

— Full year cash operating costs expected to be $925-1,000/oz.

— Reduction in costs per ounce from 2015 as grade increases with depth

(1) See note on slide 2 regarding Non-GAAP Financial Measures


BOGOSO OPERATIONAL PERFORMANCE


Q2 2014 Q1 2014

Ore mined refractory kt 531 627 Limited pit access

Waste mined kt 3,408 4,924 Push backs complete

Refractory ore processed kt 610 708 Ore availability

Refractory grade g/t 2.10 1.79 Accessed some high grade material

Gold recovery – refractory % 68.5 66.7

Non-refractory ore processed kt 331 404 Rain hampered hydraulic mining

Non-refractory grade g/t 0.82 0.94 Deeper benches have lower grade

Gold recovery - non-refractory % 32.5 41.0 Deeper benches with differing metallurgy

Gold sold refractory oz. 28,620 26,010

Gold sold non-refractory oz. 3,655 4,964

Bogoso production forecast for 2014 revised to 145-155,000 ouncesSlow start to Q3 with power interruptions

BOGOSO FINANCIAL PERFORMANCE

Cash operating cost per oz1

— Mine operating expenses reduced to $45 M (Q1 2014: $49 M)

— Higher grade processed reduced costs per ounce

— Achievement of cost saving targets set in 2013

— Full year cash operating costs per ounce of $1,100 – 1,200 expected

— Cash operating costs per ounce expected to decrease over remainder of 2014 and 2015

— Capex reduced from $31.0 M to $18.0 M

(1) See note on slide 2 regarding non-GAAP financial measures


BALANCE SHEET

— Cash on hand at period end of $43.4 M

— Accounts payable reduced with deferral of creditor payments

— Negative working capital at quarter end

— Revenue and cash flow expected to improve in H2 2014

— Full year capex reduced from $50 M to $36 M

— Further capital expenditure for 2014 of $18 M budgeted, reduced from $31 M originally budgeted

— Ecobank loan facility of $10.0 M remaining


WASSA DEVELOPMENT


Wassa Main Grade Thickness Contour (g\t)*m

— 12 holes, totaling 6,615 meters drilled Q2 2014

— Results confirmed and extended zones of high grade mineralization on step out hole

— 450 m south: 70 m grading 5.8 g/t Au

— 50 m south: 45.4 m with grading 8.3 g/t Au

— Infill drilling continues to confirm continuity, grade and thickness

Wassa Main Grade Thickness Contour (g\t)*m

December 2011 July 2014

WASSA GROWTH

— Results support block modelling and stope design for PEA

— Infill drilling continues in Q3 2014

— Wassa underground PEA progressing well

— Resource models nearing completion

— Detailed engineering and mine scheduling thereafter

— PEA complete Q3 2014

— Step out drilling to continue, pending positive PEA


PRESTEA UNDERGROUND


— High grade ore body, 19 g/t Au in situ

— Feasibility Study completed in 2013 demonstrated positive economics

— Lower capex, quicker production alternative evaluated

— Internal study completed in Q2 2014

— Handheld mining = less dilution

— Significantly lower capex

— Quicker to production

— Similar cash operating costs per ounce to Feasibility Study

— Progressing to PEA, expected to be complete Q4 2014

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CATALYSTS FOR VALUE CREATION

Q2 2014 Financial Results Presentation

Wassa Underground construction begins

PEA on underground mining at Wassa complete

Establish Wassa Main pit

Complete push back at Bogoso

Updated Mineral Resource estimate for Wassa

Q3 2014 Q4 2014Q2 2014 2015 2016

Operational cost savings achieved

Revised PEA for Prestea Underground

First production Prestea Underground

First production from Wassa Underground

* Development of projects dependent on positive study results and adequate access to finance

Investment Case

Established gold mining company with

15 years of production history in Ghana

3.9 M oz. in Mineral Reserves & a further

2.4 M oz. in Measured & Indicated

Mineral Resources

Successfully reduced overall operating

costs over last two years

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Current pipeline of development

projects expected to reduce unit costs

further

Offers investors leveraged, un-hedged

exposure to the gold price

Low operational risk in a stable African

mining jurisdiction

Significant exploration & development

upside development

PROVEN AND PROBABLE RESERVES


Dec 31, 2013 Proven

Mineral Reserve

Dec 31, 2013 Probable

Mineral Reserve

Dec 31, 2013 Proven and Probable

Mineral Reserve

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main - - - 33,721 1.72 1,863 33,721 1.72 1,863

Father Brown - - - 694 4.31 96 694 4.31 96

Stockpiles 438 0.68 10 59 0.54 1 497 0.67 11

Subtotal Wassa 438 0.68 10 34,473 1.77 1,960 34,911 1.75 1,970

Bogoso 2,930 2.65 250 1,731 2.59 144 4,662 2.63 394

Dumasi 3,116 2.39 239 5,826 2.36 443 8,941 2.37 682

Mampon - - - 1,133 5.24 191 1,133 5.24 191

Prestea South 969 2.74 85 2,170 2.52 176 3,139 2.59 261

Prestea Underground - - - 1,434 9.61 443 1,434 9.61 443

Stockpiles 106 1.79 6 - - - 106 1.79 6

Subtotal Bogoso 7,122 3 581 12,294 4 1,397 19,415 3 1,977

Total 7,559 2.43 590 46,767 2.23 3,357 54,327 2.26 3,947

* Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in our Annual Report for the year ended December 31, 2013

MEASURED AND INDICATED MINERAL RESOURCES


Dec 31, 2013 Measured

Mineral Resources

Dec 31, 2013 Indicated

Mineral Resources

Dec 31, 2013 Measured and Indicated

Mineral Resources

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main 270 1.44 13 44,812 1.78 2,568 45,082 1.78 2,580

Wassa Underground - - - 2,446 3.67 289 2,446 3.67 289

Father Brown - - - 692 3.86 86 692 3.86 86

Father Brown Underground - - - 1,000 6.47 208 1,000 6.47 208

Wassa Other - - - 2,115 2.40 163 2,115 2.40 163

Subtotal Wassa 270 1.44 13 51,066 2.02 3,314 51,336 2.02 3,327

Bogoso 2,697 2.94 255 1,856 2.95 176 4,553 2.94 431

Dumasi 3,255 2.56 268 9,868 2.41 764 13,123 2.45 1,032

Mampon - - - 1,553 4.79 239 1,553 4.79 239

Prestea South 986 2.87 91 3,318 2.62 279 4,304 2.67 370

Prestea Underground - - - 1,356 14.50 632 1,356 14.50 632

Bogoso Other - - - 3,835 2.64 325 3,835 2.64 325

Subtotal Bogoso 6,938 2.75 614 21,786 3.45 2,415 28,724 3.28 3,029

Total 7,208 2.70 627 72,852 2.45 5,729 80,060 2.47 6,356


INFERRED MINERAL RESOURCES


Dec 31, 2013 Inferred Mineral Resources

tonnes(000)

gradeg/t Au

ounces(000)

Wassa Main 313 1.28 13

Wassa Underground 646 3.10 64

Father Brown 40 1.85 2

Father Brown Underground 881 6.35 180

Wassa Other 85 2.93 8

Subtotal Wassa 1,964 4.23 267

Bogoso 288 2.08 19

Dumasi - - -

Mampon 221 1.79 13

Prestea South 581 6.00 112

Prestea Underground 3,289 8.02 848

Bogoso Other 892 2.37 68

Subtotal Bogoso 5,024 6.46 1,044

Total 6,989 5.84 1,311


Investor Relations

Q2 2014 Financial Results