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GOLDEN STAR RESOURCES LTD. Annual Information Form For the Year Ended December 31, 2018 DATED: March 29, 2019 TABLE OF CONTENTS About Information in This Annual Information Form ............................................................................................................. 3 Cautionary Note Regarding Forward-Looking Information ................................................................................................... 3 Cautionary Note Regarding Mineral Reserves and Mineral Resources ..................................................................................... 6 Cautionary Note to U.S. Investors .............................................................................................................................................. 6 Currency Presentation and Exchange Rate Information .......................................................................................................... 7 Corporate Structure ..................................................................................................................................................................... 7 Note on Share References ............................................................................................................................................................ 8 General Development of the Business ......................................................................................................................................... 8 Overview of Golden Star ............................................................................................................................................................ 8 Three Year History ..................................................................................................................................................................... 9 2016 ........................................................................................................................................................................................ 9 2017 ...................................................................................................................................................................................... 10 2018 ...................................................................................................................................................................................... 10 Description of the Business ......................................................................................................................................................... 11 Gold Sales and Production ........................................................................................................................................................11 Gold Price History .....................................................................................................................................................................11 Business Strategy and Development ........................................................................................................................................ 12 Customers ............................................................................................................................................................................. 12 Employees ............................................................................................................................................................................ 13 Competition .......................................................................................................................................................................... 13 Seasonality ........................................................................................................................................................................... 13 Mining in Ghana ......................................................................................................................................................................... 13 Operations in Ghana ................................................................................................................................................................. 13 Ghanaian Ownership and Special Rights ................................................................................................................................. 14 Oversight of Foreign Operating Entities .................................................................................................................................. 16 Ghanaian Royalty ..................................................................................................................................................................... 17 Ghanaian Corporate Tax ........................................................................................................................................................... 17 Environmental and other Laws and Regulations ...................................................................................................................... 17 Corporate Social Responsibility ............................................................................................................................................... 19 Description of the Properties ..................................................................................................................................................... 21 Map of Operations and Properties ............................................................................................................................................ 21 Golden Star Material Properties ............................................................................................................................................... 21 Technical Reports ................................................................................................................................................................. 21 Wassa Gold Mine ................................................................................................................................................................. 22 Bogoso/Prestea Gold Mine ................................................................................................................................................... 31 Consolidated Mineral Reserve and Mineral Resource Estimations .......................................................................................... 48 Consolidated Mineral Reserves ............................................................................................................................................ 48 Consolidated Measured and Indicated Mineral Resources ................................................................................................... 49 Consolidated Inferred Mineral Resources ............................................................................................................................ 50 Risk Factors ................................................................................................................................................................................ 51 General Risks ....................................................................................................................................................................... 51 Governmental and Regulatory Risks .................................................................................................................................... 61 Market Risks ........................................................................................................................................................................ 65 Dividend Policy and Payment.................................................................................................................................................... 69 Legal Proceedings and Regulatory Actions .............................................................................................................................. 69 Capital Structure ........................................................................................................................................................................ 69 Market for Golden Star Securities ............................................................................................................................................ 72 Directors and Officers ................................................................................................................................................................ 73 Directors ................................................................................................................................................................................... 73 Executive Officers .................................................................................................................................................................... 77 Cease Trade Orders, Bankruptcies, Penalties or Sanctions ...................................................................................................... 78 Conflict Of Interest ................................................................................................................................................................... 79 Internal Controls ......................................................................................................................................................................
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