SEMAFO Inc. SEMAFO Burkina Faso S.A. MANA PROPERTY, BURKINA FASO NI 43-101 TECHNICAL REPORT DISCLOSING THE RESULTS OF THE SIOU UNDERGROUND PREFEASIBILITY STUDY Effective Date of the Mineral Reserve Estimate, 31 December, 2017 Effective Date of this Technical Report, 31 December, 2017 Report By Richard Gowans, P.Eng. Christopher Jacobs, CEng, MIMMM Charley Murahwi, P.Geo. Eur. Ing. Bruce Pilcher Jane Spooner, P.Geo. 900 – 390 BAY STREET, TORONTO ONTARIO, CANADA M5H 2Y2 Telephone +1 416 362 5135 Fax +1 416 362 5763 Page Table of Contents 1.0 SUMMARY ................................................................................................................... 1 1.1 INTRODUCTION ...................................................................................................... 1 1.1.1 Terms of Reference ............................................................................................. 1 1.2 PROPERTY DESCRIPTION AND LOCATION ...................................................... 2 1.2.1 Access, Infrastructure and Climate ..................................................................... 2 1.2.2 History................................................................................................................. 2 1.3 GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT TYPE .......................................................................................................................... 2 1.4 EXPLORATION ........................................................................................................ 3 1.5 DRILLING .................................................................................................................. 3 1.6 SAMPLE PREPARATION, ANALYSES AND SECURITY ................................... 3 1.6.1 Quality Assurance and Quality Control .............................................................. 4 1.6.2 Bulk Density ....................................................................................................... 4 1.6.3 Conclusions ......................................................................................................... 4 1.7 DATA VERIFICATION ............................................................................................ 4 1.8 MINERAL PROCESSING AND METALLURGICAL TESTING .......................... 4 1.8.1 Metallurgical Testwork Programs....................................................................... 4 1.8.2 Tailings Characterization .................................................................................... 5 1.9 MINERAL RESOURCE ESTIMATES ..................................................................... 5 1.10 MINERAL RESERVE ESTIMATES ........................................................................ 6 1.11 MINING METHODS ................................................................................................. 7 1.11.1 Open Pit Mining .................................................................................................. 7 1.11.2 Underground Mining at Siou .............................................................................. 8 1.12 RECOVERY METHODS........................................................................................... 9 1.13 PROJECT INFRASTRUCTURE ............................................................................... 9 1.13.1 Power Supply ...................................................................................................... 9 1.13.2 Sewage, Waste Water and Solid Waste Management ........................................ 9 1.13.3 Accommodation ................................................................................................ 10 1.13.4 Mine and Plant Facilities .................................................................................. 10 1.13.5 Water Supply .................................................................................................... 10 1.13.6 Tailings Storage Facility ................................................................................... 10 1.14 MARKET STUDIES AND CONTRACTS .............................................................. 11 1.15 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT ......................................................................................... 11 1.15.1 Acid Rock Drainage .......................................................................................... 12 1.15.2 Waste Rock Storage .......................................................................................... 12 1.15.3 Closure, Decommissioning and Reclamation ................................................... 12 1.16 CAPITAL AND OPERATING COSTS ................................................................... 12 1.16.1 Mana Open Pits ................................................................................................. 12 1.16.2 Siou Underground Project Capital Cost Estimate ............................................. 13 1.16.3 Siou Underground Project Mine Operating Costs ............................................ 14 1.16.4 Siou Underground Project Processing and General and Administration Costs ........................................................................................ 14 i Page 1.17 ECONOMIC ANALYSIS ........................................................................................ 14 1.17.1 Discounted Cash Flow Evaluation .................................................................... 15 1.17.2 Conclusion ........................................................................................................ 15 1.18 RECOMMENDATIONS .......................................................................................... 15 2.0 INTRODUCTION....................................................................................................... 17 2.1 TERMS OF REFERENCE ....................................................................................... 17 2.1.1 Prefeasibility Study ........................................................................................... 17 2.1.2 Previous Technical Reports .............................................................................. 18 2.1.3 Relationship with SEMAFO ............................................................................. 18 2.2 QUALIFIED PERSONS, SITE VISITS, AND AREAS OF RESPONSIBILITY .................................................................................................. 19 2.3 UNITS AND ABBREVIATIONS ............................................................................ 19 3.0 RELIANCE ON OTHER EXPERTS........................................................................ 23 3.1 MINERAL TENURE AND SURFACE RIGHTS ................................................... 23 3.2 ENVIRONMENTAL LIABILITIES AND SOCIAL AND COMMUNITY IMPACTS ....................................................................................... 23 3.3 TAXATION AND ROYALTIES ............................................................................. 23 3.4 OTHER INFORMATION ........................................................................................ 23 4.0 PROPERTY DESCRIPTION AND LOCATION ................................................... 24 4.1 PROPERTY DESCRIPTION AND LOCATION .................................................... 24 4.1.1 Mineral Tenure.................................................................................................. 25 4.1.2 Wona-Nyafé Exploitation Permit ..................................................................... 27 4.2 ENVIRONMENTAL, PERMITTING AND OTHER ISSUES ............................... 27 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ...................................................... 28 5.1 ACCESS AND INFRASTRUCTURE ..................................................................... 28 5.2 LOCAL RESOURCES ............................................................................................. 29 5.3 PHYSIOGRAPHY .................................................................................................... 29 5.4 CLIMATE ................................................................................................................. 29 6.0 HISTORY .................................................................................................................... 31 7.0 GEOLOGICAL SETTING AND MINERALIZATION ......................................... 33 7.1 REGIONAL GEOLOGICAL SETTING .................................................................. 33 7.2 LOCAL GEOLOGY ................................................................................................. 34 7.3 MINERALIZATION ................................................................................................ 36 7.3.1 Wona-Kona ....................................................................................................... 37 7.3.2 Nyafé and Filon 67............................................................................................ 38 7.3.3 Fofina ................................................................................................................ 39 7.3.4 Yaho .................................................................................................................. 40 7.3.5 Siou ................................................................................................................... 40 ii Page 8.0 DEPOSIT TYPES ....................................................................................................... 42