INVESTOR PRESENTATION 0 6 . 1 5

1 DISCLAIMER AND OTHER MATTERS SAFE HARBOR: Some statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding: timing and cash operating costs over the life of mine; the Company being fully financed for development at a reduced cost of capital; the rise in total costs, and improved efficiencies that reduce unit and per ounce costs; Wassa grade forecasts over the remainder 2015; refractory costs reducing over the next three quarters; the easing of load shedding and the reduction in Wassa diesel power costs; the impact of a decreased strip ratio and maintenance on Bogoso costs for the remainder of 2015; the improvement in the Company’s cost profile once the underground mines are in production; the benefits of the stream and loan transaction; Golden Star transforming to a non-refractory miner with a declining cash cost profile; the timing for the development of and production from the underground mines and the payback period; and plans for deeper drilling at Wassa. Factors that could cause actual results to differ materially include timing of and unexpected events at the Bogoso oxide and sulfide processing plants and/or at the Wassa processing plant; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; delay or failure to receive board or government approvals and permits; construction delays; the availability and cost of electrical power; timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues, including difficulties in establishing the infrastructure for Wassa Underground; changes in U.S. and Canadian securities markets; and fluctuations in gold price and input costs 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. Additional factors, if applicable, will be included in our Annual Information Form for the year ended December 31, 2014, which will be filed on SEDAR at www.sedar.com. The forecasts contained in this presentation constitute management's current estimates, as of the date of this presentation, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to 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 and others 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" or “CoC per ounce” and "all-in sustaining cost per ounce“ or “AISC per ounce”. These terms should be considered as Non-GAAP Financial Measures as defined in applicable Canadian and United States securities laws and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. "Cash operating cost per ounce" for a period is equal to the cost of sales excluding depreciation and amortization for the period less royalties and production taxes, minus the cash component of metals inventory net realizable value adjustments and severance charges divided by the number of ounces of gold sold during the period. "All-in sustaining costs per ounce" commences with cash operating costs and then adds sustaining capital expenditures, corporate general and administrative costs, mine site exploratory drilling and greenfield evaluation costs and environmental rehabilitation costs. This measure seeks to represent the total costs of producing gold from operations. These measures are not representative of all cash expenditures as they do not include income tax payments or interest costs. These measures are not necessarily indicative of operating profit or cash flow from operations as would be determined under International Financial Reporting Standards. Changes in numerous factors including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease. We believe that these measures are the same or similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. In order to indicate to stakeholders the company's earnings excluding the non-cash (gain)/loss on the fair value of debentures, non-cash impairment charges and severance charges, the Company calculates adjusted net loss attributable to Golden Star shareholders" and "adjusted net loss per share attributable to Golden Star shareholders" to supplement the condensed interim consolidated financial statements. INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemed reliable, however no representation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star's material properties disclosed herein is based upon technical reports prepared and filed pursuant to National Instrument 43-101 Standards for Disclosure of Mineral Properties ("NI 43-101") and other publicly available information regarding the Company, including the following: (i) “NI 43-101 Technical Report on a Preliminary Economic Assessment of the Wassa Open Pit Mine and Underground Project in ” effective October 30, 2014 prepared by SRK Consulting (UK) Limited; (ii) “NI 43-101 Technical Report on Resources and Reserves, Golden Star Resources Ltd., Bogoso Gold Mine, Ghana” effective December 31, 2013 prepared by SRK Consulting (UK) Limited, and (iii) “NI 43-101 Technical Report on Preliminary Economic Assessment of Shrinkage Mining of the West Reef Resource, Prestea Underground Mine, Ghana”. Additional information is included in Golden Star's Annual Information Form for the year ended December 31, 2013 which is filed on SEDAR. Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a "Qualified Person" as defined 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.

2 Investor Presentation June 2015 MANAGEMENT AND BOARD

Sam Coetzer, President and CEO Tim Baker, Chairman Appointed CEO in 2013 after joining in Appointed Chairman in January 2013. Tim 2011 as COO. Sam is a mining engineer recently served as the COO of Kinross. He and member of the World Gold Council. is a geologist with over 30 years of global He has 27 years of international project development and operational experience with Kinross, Xstrata, Xstrata experience in Chile, Tanzania, US, Coal and Placer Dome. Venezuela, Kenya and Liberia. Tony Jensen, Director André van Niekerk, EVP and CFO Tony has 25 years of mining experience and André joined in 2006 and spent 5 years in is CEO of Royal Gold. Prior to joining Royal Ghana as head of finance and business Gold, he was the Mine GM of Cortez and operations, whereafter he was appointed spent 18 years with Placer Dome. Tony has Group Controller. He was appointed CFO in extensive experience in the US and Chile 2014. Prior to joining Golden Star, André where he held several senior management spent 6 years with KPMG positions. Daniel Owiredu, EVP and COO Anu Dhir, Director Daniel was appointed COO in 2013, after Anu is the MD of Miniqs, a private group joining Golden Star in 2006 as VP, Ghana that develops resource projects. She is a Operations. He has 20 years of experience Director of Atlatsa Resources, Frontier in West African mining. Most recently, he Rare Earths and Energulf Resources. Prior was Deputy COO for AngloGold where he to founding Miniqs, Anu was VP Corporate managed construction and operation of the Development and Company Secretary at , Siguiri and mines. Katanga. Craig Nelson, Director Craig is a geologist with 30 years of mining Bill Yeates, Director experience. He was Founder, CEO of Avanti Bill is one of the founding partners of Hein Mining. Formerly, Craig was EVP Exploration & Assoc where he served on the ExCo and of Gold Fields; Founder, CEO and Chairman was their National Director of Auditing and of the Metallica Resources and held Accounting. Bill has 40 years of auditing numerous strategic positions at Lac experience with public companies in Minerals. extractive industries. Rob Doyle, Director Rob has 30 years of mining experience. Recently, he was Founder and CEO of Medoro Resources. Prior to this, he served as CFO of Pacific Stratus Energy, Coalcorp Mining and Bolivar Gold Corp. Currently, Rob serves as a Director of Mandalay Resources and Detour Gold GOLDEN STAR OPERATIONS IN GHANA

4 Investor Presentation June 2015 INVESTING IN PROFITABLE GROWTH

— Established producing gold miner with wealth of in-country experience — Extensive infrastructure provides significant operational leverage — Brownfield low-risk development projects set to transform group production profile — On track to deliver ounces at cash operating cost of $750 per ounce over LOM — Expected to be fully financed for development at reduced cost of capital

5 Investor Presentation June 2015 DELIVERING ON STRATEGY

STRATEGY ACTION

150,000 oz of Bogoso production to be replaced with 75,000 high margin Prestea oz’s

Favour operating margin over total ounces 2014 Mineral Reserves reduced to 1.9M oz with produced removal of the high cost refractory ounces

2014 High grade non-refractory Inferred Mineral Resources increased by 1.2M oz

IRR on development projects in excess of 70% achieved through operational leverage Leverage off existing infrastructure Capex per ounce for both projects in lowest quartile for West Africa

Reduce costs at operations through behavioural Lower level of mine operating expenses change and productivity enhancements maintained for three quarters

Investment in development drilling extended Wassa’s LOM and increased grade

Decision taken not to continue refractory Disciplined focus on return on capital operations

Two year process secured financing at lowest cost of capital

6 Investor Presentation June 2015 Q1 2015 OPERATIONAL PERFORMANCE

MINING DEVELOPMENT OPTIMISATION

New high pressure Focus on STARTER PRE- pump INCREASES PIT at Wassa CONSTRUCTION tailings work at Wassa progressed THROUGHPUT

BOGOSO NORTH Prestea underground Bogoso Pit mined out REHABILITATION HEAD COUNT continues REDUCED by 15% over last 12 months Prestea surface LIMITED operations INTERRUPTIONS PERMITTING from load shedding and PROGRESSED power issues

7 Investor Presentation June 2015 Q1 2015 FINANCIAL PERFORMANCE

REVENUE LOWER Revenue was $77M, with 63,245 ounces at an average realised gold price of $1,210 per ounce

COSTS FLAT Total mine operating expenses were reduced quarter over quarter to $69M Cash operating costs (COC) per ounce1 were $1,061

NEGATIVE EARNINGS Adjusted net loss to shareholders of $9M

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

8 Investor Presentation June 2015 2015 YTD WASSA PROJECT UPDATE

— Mineral Reserve and Resource estimates updated — Mineral Reserves declined as low grade ore excluded, grade increased to 2.04 g/t — M&I Mineral Resources increased to 3.5M oz at higher grade of 2.21 g/t Au — Dramatic increase in Inferred Mineral Resources to 1.4M oz at 3.79 g/t Au — Q1 2015 Feasibility Study results announced

— IRR of 83%, NPV5% $176M — Pre-production capex of $39M confirmed — First production expected mid 2016, commercial production mid 2016, LOM extends to 2024 — LOM cash operating costs of $780 per oz, AiSC of $938 per oz — Senior management team hired and on site — Equipment, including underground mining fleet, either in transit or on site — Platform for exploration decline complete — Construction to start July 2015, open pit mining not impacted — $7.3M of $28M budget for 2015 spent to date

9 Investor Presentation June 2015 2015 YTD PRESTEA PROJECT UPDATE

— Underground mine with adjacent surface deposits — Detailed engineering and estimation work for Feasibility Study progressed, results expected July 2015 — Q1 2015 capex of $2.4M on rehabilitation of main underground mining levels — Development plans being accelerated – capex for 2015 revised up to $29 million — Permitting a surface pits progressing well, production expected by end 2015 — Bogoso non-refractory plant will process tailings supplemented by oxide ores from surface pits

10 Investor Presentation June 2015 TIMELINE TO DELIVERY

Construction First stopes First Commercial of exploration reached production production decline from Wassa achieved commences underground underground WASSA stopes

July 2015 Q3’15 Q2’16 Q3’16

July 2015 Q3’15 Q3’15 Q4’15 Q4’16

PRESTEA* First Preparation Underground First production Feasibility of surface Shaft production from study pits rehabilitation from surface underground completed commences commences pits stopes

* Development of projects dependent on positive study results

11 Investor Presentation June 2015 TRANSFORMATIONAL GOLD STREAM AND LOAN AGREEMENT

— Aggregate proceeds from Royal Gold and subsidiary of $150M — Gold stream of $130M: —207,500 ounces delivered at cash price of 20% of spot —3% of production at 30% of spot in tail stream, with option to repurchase 50% of this — Four year $20M secured term loan note, interest rate linked to gold price —At Au $1,200 rate is 7.5% —Rate shall not exceed 11.5% —No early prepayment penalty — Existing $38M Ecobank I loan retired immediately — Royal Gold to take security against mining assets

12 Investor Presentation June 2015 STRONG RATIONALE FOR TRANSACTION

— Secures financing for development of Wassa and Prestea on reasonable terms — Significant improvement in cost profile expected once underground mines in production — Transition to non-refractory producer, in-line with Company’s stated strategy — Low capital intensity projects, short timeline to production and good free cash flow — Brownfield projects benefit from existing infrastructure and lower execution risk — Unlocks further exploration upside at both assets — Establishes a strong partnership with Royal Gold, validates Wassa and Prestea’s potential

13 Investor Presentation June 2015 FINANCING STRUCTURE FIT FOR PURPOSE

• $55M of $130M stream proceeds available in up-front capital RGI Loan $20M Ecobank • $20M loan and portion of stream Debt proceeds used to repay $38M $38M Ecobank I loan

• Five additional payments of $15M Prestea $40M provided every 3 mo, beginning

September 2015 RGLD Stream • Financing expected to fully fund $130M Wassa development of Wassa and Prestea $39M Underground projects

Working Cap and • Incremental stream proceeds of General Purposes $33M for working capital and $33M general corporate purposes Sources of Funds Uses of Funds

14 Investor Presentation June 2015 MINE PRODUCTION PROFILES 250,000 WASSA

200,000 218,000 200,000

176,000 171,000 150,000 169,000 175,000

120,000 100,000 114,000 114,000

50,000

11,000 - 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

100,000 PRESTEA*

91,000 75,000

75,000 50,000 60,000 73,000

25,000 19,000 4,000 0

2016 2017 2018 2019 2020 2021 * Development of projects dependent on positive study results

15 Investor Presentation June 2015 NEW MINES DELIVER IMPROVED COST PROFILE

$1,300 CoC per Oz. AiSC per Oz.

$1,100

$900

$700

$500 2014 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E

— Golden Star is transforming to a non-refractory miner with a declining cash cost profile — Largest land package on Ashanti Goldbelt provides potential for new ore sources to add near and long term production and further reduce costs

Note: See note on slide 2 regarding Non-GAAP Financial Measures,. Cash operating costs exclude royalties, AISC includes cash operating costs rehabilitation and sustaining capital and royalties on the assumption of $1,200 Au

16 Investor Presentation June 2015 ATTRACTIVE COST POSITION, LOW INITIAL CAPITAL

$500

Bubble size represents LOM avg. annual Au production $400 Yaoure (100 koz shown)

Fekola $300

Bombore Natougou

$200

Kalana Bouly Obotan (Phase 1) $100 Yaramoko Sissingue Banfora Enchi Karma RemainingDevelopment Capex (US$mm) Prestea UG Wassa UG Prestea UG + Wassa UG -- $400 $500 $600 $700 $800 $900 LOM Average Annual Cash Costs (US$/oz Au)

— In production at both operations by end of 2016 — Payback on both operations of less than 3.5 years

1. For ease of comparison, all Golden Star average annual cash costs are reflected above inclusive of royalties

17 Investor Presentation June 2015 FUNDING ALLOWS FOR FURTHER EXPLORATION AT WASSA

— Geophysical and geochemical anomalies indicated that mineralized trend continues 6 km south of the last step out fence — Deeper drilling will be conducted south of the known high grade mineralization

18 Investor Presentation June 2015 Investment Case

Largest land package on the Ashanti Gold belt

Established gold mining company with Low political risk in a stable African 15 years of production history in Ghana mining jurisdiction

Successfully reduced overall operating Significant exploration & development costs over last two years upside

Fully funded projects to deliver low cost Offers investors leveraged, un-hedged ounces through 2026 exposure to the gold price