Wassa Site Visit | June 5, 2019 CREATING A LEADING AFRICAN

NYSE AMERICAN: GSS | TSX: GSC GOLD PRODUCER1 DISCLAIMER

SAFE HARBOUR: Some statements contained in this presentation are forward·-looking statements or NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms "cash operating cost per forward-looking information (collectively, “forward-looking statements”) within the meaning of the United ounce", "All-In Sustaining Cost per ounce" and "AISC per ounce". These terms should be considered as States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Investors Non-GAAP Financial Measures as defined in applicable Canadian and United States securities laws and are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties should not be considered in isolation or as a substitute for measures of performance prepared in that could cause actual results to differ materially. Such statements include comments regarding: accordance with International Financial Reporting Standards ("IFRS"). "Cash operating cost per ounce" for production, cash operating cost, All-in Sustaining Cost and capital expenditure guidance for 2019; ability of a period is equal to the cost of sales excluding depreciation and amortization for the period less royalties, long-term relationship with La Mancha to strengthen balance sheet, unlock organic growth pipeline, fast the cash component of metals inventory net realizable value adjustments and severance charges divided track exploration and expansion programs, focus on increasing production and cash margin per ounce, by the number of ounces of gold sold (excluding pre-commercial production ounces) during the period. and participate in consolidation of African region through seizing external growth opportunities; expected ,"All-In Sustaining Costs per ounce" commences with cash operating costs and then adds sustaining capital use of funds from La Mancha strategic investment towards exploration and timing thereof; and expected expenditures, corporate general and administrative costs, mine site exploratory drilling and greenfield subsequent decrease in cash operating cost per ounce and annual operating costs; expectation of evaluation costs and environmental rehabilitation costs, divided by the number of ounces of gold sold improved efficiency and better integration from bringing Alimak training program in-house; increased (excluding pre-commercial production ounces) during the period. This measure seeks to represent the flexibility of mining sequence from installing of new Alimaks; increased recovery rate for underground total costs of producing gold from operations. These measures are not representative of all cash material following downsizing of processing plant and power consumption; increased Inferred Mineral expenditures as they do not include income tax payments or interest costs. Changes in numerous factors Resources through drilling and timing of announcements regarding such increases; potential of Wassa including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor, South to significantly increase production; achievement of targeted mining rate at Wassa Underground consumables and mine site general and administrative activities can cause these measures to increase or and Prestea Underground and timing thereof; and achievement of milestones in H2 2019 including decrease. We believe that these measures are the same or similar to the measures of other gold mining accelerated exploration of Mineral Resource definition drilling at Wassa and Prestea, accelerated Wassa companies, but may not be comparable to similarly tit led measures in every instance. Please see our Underground development. Factors that could cause actual results to differ materially include timing of "Management's Discussion and Analysis of Financial Condition and Results of Operations for the three and unexpected events at the Prestea and/or the Wassa processing plants; variations in ore grade, tonnes months ended March 31, 2019." for a reconciliation of these Non-GAAP measures to the nearest IFRS mined, crushed or milled; delay or failure to receive board or government approvals and permits; measure. construction delays; the availability and cost of electrical power; timing and availability of external financing on acceptable terms or at all; technical, permitting, mining or processing issues, including INFORMATION: The information contained in this presentation has been obtained by Golden Star from its difficulties in establishing the infrastructure for Wassa Underground or Prestea Underground, inconsistent own records and from other sources deemed reliable, however no representation or warranty is made as power supplies, plant and/or equipment failures and an inability to obtain supplies and materials on to its accuracy or completeness. The technical information relating to Golden Star's material properties reasonable terms (including pricing) or at all; changes in U.S. and Canadian securities markets; heavy disclosed herein is based upon technical reports prepared and filed pursuant to National Instrument 43- rainfall and flooding of underground mines; and fluctuations in gold price and input costs and general 101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and other publicly available information economic conditions. regarding the Company, including the following: (i) "NI 43-101 Technical Report on a Feasibility Study of the Wassa Open Pit Mine and Underground Project in " effective December 31, 2014; and (ii) "NI Thee can be no assurance that future developments affecting the Company will be those anticipated by 43- 101 Technical Report on Resources and Reserves, Golden Star Resources, / Prestea Gold Mine, management. Please refer to the discussion of these and other factors in our Annual Information Form for Ghana" effective December 31, 2018. Additional information is included in Golden Star's Annual the year ended December 31, 2018 filed and available at www.sedar.com. The forecasts contained in this Information Form for the year ended December 31, 2018 which is filed and available on www.sedar.com. presentation constitute management's current estimates, as of the date of this presentation, with respect Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President to the matters covered therein. We expect that these estimates will change as new information is received Technical Services for the Company. Dr. Raffield is a "Qualified Person" as defined by NI 43- 101. The and that actual results will vary from these estimates, possibly by material amounts. While we may elect Qualified Person reviewing and validating the estimation of the Mineral Resources is Mitchel Wasel, to update these estimates at any time, we do not undertake to update any estimate at any particular time Golden Star Resources Vice President of Exploration. 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. CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated.

NYSE AMERICAN: GSS | TSX: GSC 2 Ventilation Borehole Under Construction WASSA AND HBB LOCATION MAP

▪ The Wassa complex is located near the village of Akyempim in the Wassa East District in the of Ghana Mampon ▪ 62Km north of the district capital, , and 40Km east of Bogoso

▪ 80Km north of Cape Coast and 150Km west of the capital Accra

▪ The Wassa/Hwini Butre and Benso concessions (~490Km2)

Bogoso Wassa

Prestea

Benso

Hwini Butre

NYSE AMERICAN: GSS | TSX: GSC 3 Ventilation Borehole Under Construction WASSA MINE LOCALITY PLAN

TSF Process Plant

Akyempim Village WUG Portal

Wassa Main Pit

419 Dump Phase-1 419 Dump Phase-2

NYSE AMERICAN: GSS | TSX: GSC 4 Ventilation Borehole Under Construction HSEC HIGHLIGHTS

Committed to “Duty of Care” We provide a safe working environment, train our people, and supply the needed tools and equipment for every employee to work safely

STRATEGIC OBJECTIVES DRIVERS FOCUS ▪ Culture of Zero Harm ▪ Fatality elimination/prevention ▪ Injury reduction ▪ Leaders in health and safety ▪ Employee engagement ▪ Critical tasks analysis performance in the industry ▪ Leadership engagement and effective ▪ Improve incident / near miss / hazard communication reporting ▪ Safety culture and behavioral training ▪ Error traps assessment ▪ Develop working standards ▪ Improve quality of PSI meetings ▪ Emergency response & mine rescue ▪ Safety interactions ▪ House keeping ▪ Quarterly durbars ▪ Leaders demonstrating appropriate behaviors

NYSE AMERICAN: GSS | TSX: GSC 5 LEADING INDICATORS Q1 2019 DATA Actual Target Safety meetings 121 152 Hazard awareness training 14 28 Training Take ‘5’ training 15 28 PTO training 4 40 Safety, culture and behavioral based safety training 5 40

Take ‘5’ 22,345 20,968 Work place inspection 4,153 3,888 Planned Task Observation (PTO) 294 228 Risk Management Job Hazard Analysis (JHA) 93 132 Alcohol and drug test conducted 2,886 1,732 Risk assessments 7 28

Safety inspections 73 68 Environmental inspection 35 68 Inspections HOD’s walk the talk 39 64 Safety interactions 159 236 Safety audit with supervisors 38 36

Quarterly mock drills 2 1 Rescue callout practice 12 12 Emergency Preparedness Building evacuation 2 3 Fire extinguisher training conducted 19 12

Near miss / hazard reporting 28 300 Near Miss / Hazard Reporting Hazard report submitted 19 204

NYSE AMERICAN: GSS | TSX: GSC 6 Ventilation Borehole Under Construction GSWL 3 YEARS INJURY FREQUENCY RATE HISTORY

4 LAST LTI: JUNE 2017 TRIFR: 0.72 AIFR: 2.20 3.5 3.52 LTI FREE DAYS: 667

3

2.6 2.5

RATE 2 TRIFR 2.01 1.75 AIFR 1.5 1.43

1

0.78 0.5

0 2016 2017 2018 YEARS

NYSE AMERICAN: GSS | TSX: GSC 7 Ventilation Borehole Under Construction SAFETY ACHIEVEMENTS - 2018

HSEC AWARDS Wassa has received several awards in competitions in the field of Health and Safety

Four-time National Mines Safety Overall Best Mine in Health and Two-time winners of The Best Competition winners Safety Improved Mine

NYSE AMERICAN: GSS | TSX: GSC 8 Ventilation Borehole Under Construction WASSA GOLD MINE: OVERVIEW

▪ Open pit and underground mine - GSR commenced pit production in 2005 and underground in Q1 2017

▪ 2.7Mtpa carbon-in-leach plant - conventional processing method with robust recovery rate of 94%

▪ The Mine transitioned into an underground only operation in 2018 thereby focusing on high margin underground ounces

▪ Targeting 3,400 tonnes per day (“tpd”) in 2019,ramping up to 4,000 tpd Picture from mid 2020 against an average daily tonnage of 2,900 in 2018

▪ Major open pit (cut 3) push back deferred

Reducing risk and fast-tracking cash flow

NYSE AMERICAN: GSS | TSX: GSC 9 Q1 2019 PERFORMANCE METRICS

Unit Jan Feb Mar Q1 2019

Total Tonnes Mined kt 147 115 121 383 Total Ore Mined kt 128 95 104 327 Total Ore Grade Mined g/t 4.29 4.59 4.09 4.31

Mining rate t/d 4,130 3,392 3,346 3,631 12% decrease in cash operating Total Ore Processed kt 134 116 117 367 cost per ounce in Q1 2019 compared to Q1 2018 Grade Processed g/t 4.06 3.96 3.70 3.91 Gold Recovery % 94 96 96 96 Gold Sales oz 15,125 14,737 13,050 42,912 Direct Operating Cost $/oz 527 484 579 528 Development Meters m 658 494 592 1,745

▪ Actual mining rates of 3,631 tpd was higher than expected target of 3,295 tpd for Q1 2019

▪ Increase in underground Q1 2019 gold production as compared to Q1 2018 21% increase in gold production ▪ Decrease in Q1 2019 direct operating cost as compared to Q1 2018 in Q1 2019 compared to Q1 2018 ▪ 7% increase in Q1 2019 development meters as compared to Q1 2018

NYSE AMERICAN: GSS | TSX: GSC 10 Ventilation Borehole Under Construction Q1 PERFORMANCE SUMMARY

Mining Milling

Underground Processing Tonnes Milled 367Kt @ 3.91g/t Tonnes Mined 382Kt Recovery 95.6%

Ore Mined 326Kt @ 4.31g/t Gold Production Stockpile Underground 42Koz Stockpile 806oz Tonnes Mined 40Kt @ 0.64 Total Gold 42.8Koz

Financial Overview

Gold Price $1304/oz Direct Operating Cost $528/oz

Operating Cash Flow $23.6M Cash Operating Cost1 $529/oz

Free Cash Flow $12.5M All-In sustaining Cost1 $668/oz

Net Cash Flow $8.9M All in Cash Cost $872/oz

Notes: 1. See "Non-GAAP Financial Measures".

NYSE AMERICAN: GSS | TSX: GSC 11 WASSA UNDERGROUND MINE GEOLOGY NYSE AMERICAN: GSS | TSX: GSC 12 Ventilation Borehole Under Construction REGIONAL GEOLOGY – ASHANTI BELT CROSS SECTION

NYSE AMERICAN: GSS | TSX: GSC 13 MINE GEOLOGY

▪ Three geo units – phyllite in the FW, diorite in the HW; BMU in between. Contact between all units discontinuous

▪ S1 foliation and BMU unit provides indictor to ore location

▪ Highly deformed – five stages of deformation recognized locally. D3 and D5 dominant in the mine

D3 D4 D5

NYSE AMERICAN: GSS | TSX: GSC 14 MINE ZONATION

▪ Currently, the mine consists of six zones:

▪ F-Shoot ▪ B-Shoot Panel 1 ▪ B-Shoot Panel 2 ▪ B-Shoot Panel 3 ▪ B-Shoot Panel 4 ▪ B-Shoot Panel 6

▪ Strike length of 1.2km, vertical extent of 475m

NYSE AMERICAN: GSS | TSX: GSC 15 UNDERGROUND MINING AREAS

F-SHOOT B-SHOOT

B-Shoot B-Shoot B-Shoot Panel 1 Panel 2 Panel 3

NYSE AMERICAN: GSS | TSX: GSC 16 MINED & 2018 YEAR END RESERVE SHAPES

F-Shoot

B-Shoot Panel 3

475m Vertical

B-Shoot Panel 1 B-Shoot Panel 2

1.2km Strike

NYSE AMERICAN: GSS | TSX: GSC 17 UNDERGROUND GEOLOGY

APPROXIMATE CMSs 795 DIORITE BOUNDARY 770

BMU 745

720

695

670

645

620

Section looking North showing B-Shoot Panel 1 Geology

NYSE AMERICAN: GSS | TSX: GSC 18 2016 BUDGET USING LONG RANGE MODEL VERSUS SHORT RANGE MODELS

720 695

670

645

620

Stoping Level 2016 Budget Estimate 2016 Budget 2016 Budget Short Range Short Range Short Range using LR model- 10% Estimate using LR Estimate – Oz Au Model Estimate – Model Estimate – Model Estimate - Dilution Added - model – Diluted 10% Dilution - Diluted Grade Oz Au Tonnes Grade Tonnes

720 29,939 3.79 3,648 291,185 3.44 32,189 695 167,467 3.78 20,352 255,190 3.18 26,106 670 457,485 3.82 56,186 508,446 3.82 62,396 6451 347,223 5.07 56,599 373,079 4.70 56,375 6202 246,785 4.66 36,974 719,873 4.07 94,198 Total 1,248,899 4.33 173,759 2,147,773 3.93 271,265 Pillars not included. 1 Includes 2018 YE 645 HW in-situ reserves, diluted 10%. 2 includes 2018 YE 620 HW in-situ reserves, diluted by 10%

NYSE AMERICAN: GSS | TSX: GSC 19 GEOLOGY STOPPING TONNES AND GRADE VERSUS THE MILL

For completed stopes:

Short Range Model Short Range Model Short Range Model Mill Reconciled Mill Reconciled Mill Reconciled Stopes Estimate (10% Dilution) – Estimate Diluted Estimate - Oz Au Tonnes Grade Oz Tonnes Grade 720 Level 184,549 3.47 20,567 196,814 3.98 25,186

695 Level 255,190 3.18 26,106 226,272 3.81 27,742

670 Level 379,891 3.93 48,054 361,997 4.27 49,696

645 Level 209,443 5.39 36,328 229,217 5.73 42,249

Total 1,029,073 3.96 131,055 1,014,300 4.44 144,873

Muck sample based tonnes estimated at 972,290 tonnes at 4.59 grams per tonne (“g/t“) for 143,284 oz.

NYSE AMERICAN: GSS | TSX: GSC 20 DIAMOND DRILLING

NYSE AMERICAN: GSS | TSX: GSC 21

WASSA UNDERGROUND – GROWING THE RESOURCE BASE

19550N 19450N 19400N

N 19350N S

19200N

19000N 18500N

18700N 18800N

▪ Measured and Indicated Mineral Resources: ▪ 12.5Mt @ 4.28 g/t Au for 1.72Moz ▪ Inferred Mineral Resources: ▪ 50.6Mt @ 3.65 g/t Au for 5.95Moz 2016-17 ▪ Wassa system now defined >2Km along strike and Mined stopes 1.5Km down plunge 2018 Mined ▪ 7 rigs currently drilling from surface stopes

▪ Drill program 40% complete and ahead of schedule B Shoot Infer to Ind with >28,500m remaining m 1500 resource conversion drilling 50 x50 m ▪ Current drilling focused on both inferred and indicated ~22,000m mineral resource conversion as well as extension of inferred resources to the south ▪ Drilling on sections 18500N and 18700N shows mineralization remains open to the south ▪ Results being incorporated into the resource model Inferred Expansion & definition ~6,500m

300 m 18500N Step out holes NYSE AMERICAN: GSS | TSX: GSC 22 DIAMOND DRILLING: CURRENT STATUS

▪ 1x GSR drill

▪ 5x Contractor drills

▪ Drilling inside Panel 1 on 12.5m strike x 10m down-dip spacing

▪ Drilling inside Panel 2 on 15m strike x 15m down-dip spacing

▪ Total drilling budget for 2019 of $5.4M (drill + assay)

NYSE AMERICAN: GSS | TSX: GSC 23 DRILLING: COMPLETED OR ACTIVE DRILL PROGRAMS YTD

620 N2-N3 North Program Panel 2 Program Active Active

720 Program Completed

645-620 HW Program Active

NYSE AMERICAN: GSS | TSX: GSC 24 DRILLING: STILL TO COME

2Mt of potential mineralization yet to test – 24,000m of drilling

NYSE AMERICAN: GSS | TSX: GSC 25 UNDERGROUND OPERATION NYSE AMERICAN: GSS | TSX: GSC 26 MINING METHOD

▪ Method – Sub-level Open Stopping ▪ Level Intervals – 25m ▪ Approach – ▪ Transverse & ▪ Longitudinal

NYSE AMERICAN: GSS | TSX: GSC 27 2019 BUDGET MINING SEQUENCE

JAN-2019 FEB-2019 MAR-2019 APR-2019 MAY-2019 JUN-2019 JUL-2019 AUG-2019 SEP-2019 OCT-2019 NOV-2019 DEC-2019

570 Level (Final Stoping Level for 2019) 545 Level (Final Decline Elevation for 2019)

NYSE AMERICAN: GSS | TSX: GSC 28 MINING SEQUENCE – LOM (2024)

Intake raise Exhaust raise

2019 2020 2021 2022 2023 2024

NYSE AMERICAN: GSS | TSX: GSC 29 GEOLOGY

SUSTAINING 4,000 TPD

▪ Require 1.46Mt of measured resource

▪ To get 1.46Mt → Need to test at least 2.2Mt of mineralization

▪ Current Panel 2 program to test 2Mt of mineralization between now and YE

▪ Drill testing to continue inside Panel 1

NYSE AMERICAN: GSS | TSX: GSC 30 ACHIEVING 5,000 TPD

Panel 4

To produce at 5,000 tpd consistently geology needs to define:

▪ 1,825,000 tonnes in reserve (12 months of feed)

▪ At 1,825,000 tonnes per year, the drill platforms for Panel 4 must be completed by April 2022

▪ Drilling of Panel 4 to be brought forward in the mining schedule Wassa Deeps

NYSE AMERICAN: GSS | TSX: GSC 31 FUTURE DRILLING – PANEL 4. OPTION 11

Panel 4 Drilling

2022

- Apr

▪ Start drilling earlier ▪ Development must be in place by April 2022 at the latest to allow drilling to start ▪ Min 3,650m dev required

▪ Longest holes >300m ▪ First stope extracted Nov 2022

▪ Long time to drill each hole ▪ 76,600m of drilling – 1.3 years using 5 drills

NYSE AMERICAN: GSS | TSX: GSC 32 FUTURE DRILLING – PANEL 4. OPTION 2

Apr-2022

▪ Development must be in place by April 2022 at the latest to allow drilling to start

▪ First stope extracted Nov 2022

▪ 52,000m of drilling – 0.8 years using 5 drills

▪ Holes <220m ▪ Start later ▪ Faster stope definition ▪ Min 3,650m dev required

NYSE AMERICAN: GSS | TSX: GSC 33 SUSTAINING 4000 TPD - RAMPING UP TO 5000 TPD

Development Strategy

Decline (Capital) Development

Description Unit Quantity Period

• Main Decline m 2 per day

• South Vent Decline m 2 per day

• 570 Decline m 3 per day

• 645 DD Decline m 2 per day

▪ 18m per day required for level development to open up stopes ▪ 9m per day required for capital development making a total of 27m per day

NYSE AMERICAN: GSS | TSX: GSC 34 VENTILATION PLAN

▪ There are three main primary ventilation sources (Main Decline, Portal 3 and Ventilation Decline) ▪ There are 4x132kW exhaust fans installed at Portal 2 delivering 220m³/s Airflow @ 2.1kPa ▪ Booster fans are installed where necessary on levels to assist the improvement of Airflow to specific areas of concern

4x132kW Exhaust Fans at Portal 2 670 Level 1x90kW booster fan

NYSE AMERICAN: GSS | TSX: GSC 35 VENTILATION PLAN CONT’D

There are two raise bores currently completed for this phase (Exhaust and Fresh Air raises):

▪ 2x280kW fans are to be installed on 695 level in Q2 2019 with a system duty of 160m³/s ▪ Currently, bulkheads are being built on 695 level to seal off the accesses into the open stopes ▪ The second phase of upgrade will start with the raise bore development in later 2021 and the expected average air flow will be 450m³/s after Q1 2022 with the inception of the far south raises

Exhaust Raise Bore – Awaiting fan installation UG Fresh Air Raise – Completed in March as scheduled

NYSE AMERICAN: GSS | TSX: GSC 36 EQUIPMENT

Equipment Type Current Fleet Required On Order To be Purchased Trucks (40 tonne) 6 6 0

Trucks (60 tonne ) 0 3 3

Loaders 4 6 1 1

Jumbos 2 4 1 1

Longhole Drill Rigs 2 3 1 0

IT 2 3 1

Normet Charmec 1 1 0 Anfo Charging Unit 0 1 1 Grader 1 2 1 0

Emulsion Loader 0 1 1 0

NYSE AMERICAN: GSS | TSX: GSC 37 FUTURE OF WASSA

1. Design is strictly conceptual in nature, and no preliminary, bankable, or economic studies have occurred at the time of the drafting of this presentation.

NYSE AMERICAN: GSS | TSX: GSC 38 PASTE BACKFILL

Plan of surface infrastructure Underground distribution system

Process plant

Tailings transfer pipeline

Pit complex

Paste backfill N plant

NYSE AMERICAN: GSS | TSX: GSC 39 PASTE BACKFILL – CONT’D

Primary purposes of backfill Fill types ▪ Void filling (i.e. overhand cut & fill) ▪ Rockfill Major Contract ▪ Scope of work ▪ Pillar recovery • Cemented or uncemented • Increase ore recovery ▪ Engineering of paste backfill • Considered in PEA, operational constraints plant, underground distribution • Usually cement added for vertical • Placement rates moderate ▪ Supply of paste backfill plant face stability • No drainage water ▪ Currently under tender evaluation ▪ Hydraulic Fill ▪ Award expected in June • Cemented or uncemented Project Timeline ▪ Paste system operational H2, 2020 • Classified tailings for coarse fraction, slimes separated (TSF) • Density <60%, large water volumes underground • Cement ratios high ▪ Paste Fill • Utilizes full tailings stream • Fines important - retains water aiding rheology • Density 75%, low water bleed • Higher comparable strength for less binder NYSE AMERICAN: GSS | TSX: GSC • Quicker cycle time 40 PASTE BACKFILL – CONT’D

Tailings dewatering Binder addition Paste production

Tailings transfer Delivery & storage Paste mixing

Thickening Metering Underground distribution system Filtration Flushing system Cake handling

NYSE AMERICAN: GSS | TSX: GSC 41 MAJOR PROJECTS

▪ Underground workshop

▪ Water management

▪ Electrical upgrade

NYSE AMERICAN: GSS | TSX: GSC 42 PROCESS PLANT SCHEMATIC

NYSE AMERICAN: GSS | TSX: GSC 43 PROCESSING ASSUMPTIONS

▪ One mill at optimum throughput up to 4,000 tpd

▪ Throughput - flexibility with a stand-by milling unit

▪ Improved ore blend management

▪ Improved recovery with increased residence time at CIL from 94% to 95%

NYSE AMERICAN: GSS | TSX: GSC 44 TAILINGS CONSTRUCTION PLAN

NYSE AMERICAN: GSS | TSX: GSC 45 Exploration Update June 2019

UNDERGROUND OPERATION NYSE AMERICAN: GSS | TSX: GSC 46 WASSA HISTORY PRE-GOLDEN STAR RESOURCES

▪ Local small scale and colonial mining activity from the beginning of the 20th century ▪ 1988 - Small scale mining operation with a gravity gold recovery circuit ▪ 1993 - Satellite Goldfields Limited (“SGL”) was formed between Wassa MRL, Glencar and Moydow ▪ 1994 to 1997 - A total of 58,709m of RC and DD ▪ 1997 - P&P Reserve 17.6Mt at 1.7 g/t Au, for a total of 932 Koz ▪ Construction initiated in Sept 1998 developed as a 3 Mt per annum open pit heap leach operation. The first material from the pit was mined in October 1998 ▪ 2001 - the creditors decided to sell the project and mining ceased at the end of October 2001

NYSE AMERICAN: GSS | TSX: GSC 47 WASSA MINING HISTORY – GOLDEN STAR RESOURCES

▪ GSR acquired Wassa Mine in 2002, a further exploration program was undertaken ▪ July 2003 a feasibility study was completed which demonstrated the economic viability of open pit mining and processing through a conventional CIL circuit ▪ 15, June 2011 WUG discovery hole drill BSDD90 21.2m grading 15.8 g/t ▪ Deep drilling program testing UG potential 2011 to 2014 ▪ Wassa UG PEA completed, October 2014 followed by Wassa feasibility completed Q2 2015 ▪ First F shoot stope blasted on July 10, 2016, commercial production declared January 1, 2017 ▪ GSR has produced ~2 Mozs from Wassa from 2005 to Q1 2019

NYSE AMERICAN: GSS | TSX: GSC 48 WASSA 2018 YE RESERVES & RESOURCES

Dec 31, 2018 Meas Dec 31, 2018 Ind Dec 31, 2018 Inferred Resource Resource Resource

Measured Indicated Inferred Pit tonnes ounces tonnes ounces tonnes ounces grade grade grade (000) (000) (000) (000) (000) (000) Wassa Main Free Milling - - - 28,042 1.39 1,254 23 0.74 1 Wassa UG Free Milling 593 5.66 108 11,914 4.21 1,613 50,661 3.65 5,945 Adoikrom UG Free Milling - - - 327 5.27 55 1,316 7.10 300 Father B UG Free Milling - - - 655 8.67 183 997 5.44 174 Benso Free Milling - - - 1,221 2.87 113 46 3.84 6

Chichiwelli Free Milling - - - 847 1.86 51 43 2.27 3 WASSA Mine WASSA HBB other Free Milling - - - 240 1.54 12 292 1.80 17 TOTAL Free Milling 593 5.66 108 43,246 2.36 3,281 53,379 3.76 6,446

Mineral Resources are inclusive of Mineral Reserves

NYSE AMERICAN: GSS | TSX: GSC 49 WASSA CONTROLS ON HIGH GRADE GOLD MINERALIZATION

▪ The Wassa Gold deposit is hosted in highly altered and deformed Birimian meta sedimentary and volcanic rocks

▪ Dating has shown it is the oldest deposit in the Ashanti Belt

▪ Initial gold mineralization has been affected by two major folding events which controls the current geometry of ore bodies

▪ Gold remobilized during D3 and possibly D4

NYSE AMERICAN: GSS | TSX: GSC 50 WASSA DRILLING UPDATE 2019 YTD N S

▪ 8 surface rigs turning

▪ Surface holes 23,025m drilled YTD

▪ Underground holes 17,847m

▪ Drilling focusing on both inferred – indicated conversion as well as deep inferred definition and expansion

▪ Additional inferred to indicated conversion drilling needed to close off economic mineralization – up and down dip & HW/FW zones

NYSE AMERICAN: GSS | TSX: GSC 51 WASSA 2019 BUDGETED DRILLING REMAINING

▪ A total of ~25,500m of drilling remaining

▪ ~20,000m to convert B shoot inferred to indicated resource

▪ ~5,500m to complete mother and limited daughter holes for deeper drilling to expand and define inferred material at depth

▪ Inferred to indicated conversion drilling has added ounces with last program

NYSE AMERICAN: GSS | TSX: GSC 52 WASSA 2018Wassa – 2019 2018 - 19SIGNIFICANT Significant results RESULTS

NYSE AMERICAN: GSS | TSX: GSC 53 INFILLInfill Conversion CONVERSION drilling adds significantly DRILLING to Reserves ADDS SIGNIFICANTLY TO RESERVES

NYSE AMERICAN: GSS | TSX: GSC 54 OTHER TARGETSOther Targets - 242 – 242

NYSE AMERICAN: GSS | TSX: GSC 55 WASSA EXPLORATION POTENTIAL ALONG STRIKE

▪ Geophysical and geochemical anomalies delineate the Wassa mineralized trend 5,400m south of the last step out deep drilling fence (18500 N) ▪ 200m step out fences along this trend have been planned for 2019 and will continue to test the down plunge extensions of mineralization south ▪ Additional HG targets require follow up along the SAK – Ballyebo Trend

NYSE AMERICAN: GSS | TSX: GSC 56 HWINI BUTRE-BENSO RESOURCES & LOCATION

2018 Year End Mineral Resource ▪ Chichiwelli -Ind:[email protected] g/t 2018 Year End Mineral Resource ▪ – Benso -Ind:[email protected] g/t

▪ Father Brown - Adoikrom pits located 85Km from Wassa plant along existing haul road, Active Mining lease ▪ Adoikrom 2011 GSR open pit production of 380 Kt at 3.6 g/t ▪ Father Brown mined from Aug 2011 to Feb 2015 – open pit production of 1.18 Mt at 5.2 g/t

NYSE AMERICAN: GSS | TSX: GSC 57 HWINI BUTRE-BENSO GEOLOGY ▪ Father Brown - Adoikrom Deposits are hosted with in the Intrusive complex ▪ Mpohor Intrusive complex is composed of Gabbros, Grano-diorites and diorites ▪ Gold mineralization is late in comparison with Wassa ▪ Gold mineralization is associated with discrete shear/fault zones ▪ Gold occurs with quartz veining, Pyrite and intense silica and K spar alteration ▪ Free gold is commonly seen along FBZ structure

NYSE AMERICAN: GSS | TSX: GSC 58 2018 – 2019 DRILLING – FATHER BROWN AND ADOIKROM

NYSE AMERICAN: GSS | TSX: GSC 59 ADK – 2019 DRILLING INTERCEPTS & RESOURCE UPDATE

▪ Indicated - 327k tonnes @ 5.3 g/t for 55,354 oz

▪ Inferred – 1,316k tonnes @ 7.1 g/t for 300,297 oz

NYSE AMERICAN: GSS | TSX: GSC 60 FBZ – 2019 DRILLING INTERCEPTS & RESOURCE UPDATE

▪ Indicated - 655k tonnes @ 8.7 g/t for 182,552 oz

▪ Inferred – 997k tonnes @ 5.4 g/t for 174,446 oz

NYSE AMERICAN: GSS | TSX: GSC Note: All Widths are estimated True width 61 FATHER BROWN – NEXT STEPS

▪ 2019 Drilling continues to focus on testing HG shoots on both targets, dominantly ADK zone over Q1-Q2 ▪ Two holes remaining in 2019 program ▪ Drilling to be paused after these holes and resource models updated ▪ Lithological & structural assessment of drilling to be done to determine if wider higher grades are associated with particular rock types/structures ▪ Updated Resource model will be handed over to Mine Planners to further assess viability of project to determine if further drilling is justified Q3 2019

NYSE AMERICAN: GSS | TSX: GSC 62 WASSA HBB ADDITIONAL TARGETS

▪ Numerous other targets requiring drilling follow up ▪ 165Km of IP conducted in 2010 with drilling targets requiring testing ▪ HBB reviewed but consulting geologist Dr. Rael Lipson ▪ 25 high priority targets identified

NYSE AMERICAN: GSS | TSX: GSC 63 ENVIRONMENT & COMMUNITY NYSE AMERICAN: GSS | TSX: GSC 64 ENVIRONMENT AND COMMUNITY

Community

▪ Sustain Excellent relationship with nearby communities, mutually co-operative and supportive ▪ Singing of MOU : Draft Foundation Fund, and Employment agreements submitted for review. Moderator to submit the draft Relationship agreement next week for review and draft agreements to be validated by mid June and MOU signed thereafter ▪ The Old Subri community center commissioned and handed over to the community ▪ Wassa received Board approval to adopt Akyempim Basic School ‘B’ and run it as a model School in collaboration with the Wassa East District Educational Directorate

Environment ▪ No reportable incidents ▪ Compliance with statutory inspections ▪ Ongoing Rehab – Activities ▪ Continue with the closure activities for TSF 1 with establishment of Oil Palm plantation (GSOPP).57 hectares has been cultivated and the remaining 40 hectares is planned to be cultivated ▪ Establishment of Aquaculture as part of closure planning at the C-Zone pit lake at Benso

NYSE AMERICAN: GSS | TSX: GSC 4765 ENVIRONMENT AND COMMUNITY

▪ MONITORING ▪ COMPLIANCE ▪ RECLAMATION

NYSE AMERICAN: GSS | TSX: GSC 66 GOLDEN STAR SKILLS TRAINING AND EMPLOYABLE PROGRAMME

Beads, breading making, masonry, carpentry and mobile phone repairs at Akyempim and Togbekrom

NYSE AMERICAN: GSS | TSX: GSC 67 AKYEMPIM WATER PROJECT

Treatment Plant Overhead Tank

NYSE AMERICAN: GSS | TSX: GSC 68 CONTINUOUS IMPROVEMENT CULTURE

▪ Employees are engaged to generate improvement ideas to reduce waste in daily activities and immediate work areas to improve safety, save costs and improve productivity

▪ A total of 40 Green Belts and Focus group members across the business. Teams solve process and business problems through Kaizen projects using the Practical Problem Solving (PPS) tool

▪ The 5S Clean tool has been adopted as the standard housekeeping methodology at GSR and standard checklist are being developed to standardize housekeeping at working areas across the business

NYSE AMERICAN: GSS | TSX: GSC 69 NYSE AMERICAN: GSS | TSX: GSC 70 NYSE AMERICAN: GSS | TSX: GSC 71 NYSE AMERICAN: GSS | TSX: GSC 72 72 CONTACT US Tania Shaw, VP, Investor Relations & Corporate Affairs +1.416.583.3800 [email protected]

NYSE American: GSS TSX: GSC

NYSE AMERICAN: GSS | TSX: GSC 73