creating a leading underground african gold producer

1NYSE AMERICAN: GSS | TSX: GSC

CREATING A LEADING UNDERGROUND AFRICAN

GOLD PRODUCERGold Forum Europe | April 9-11, 2019

2NYSE AMERICAN: GSS | TSX: GSC 2NYSE AMERICAN: GSS | TSX: GSC

SAFE HARBOUR: Some statements contained in this presentation are forward·-looking statements orforward-looking information (collectively, “forward-looking statements”) within the meaning of the UnitedStates Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Investorsare cautioned that forward-looking statements are inherently uncertain and involve risks and uncertaintiesthat could cause actual results to differ materially. Such statements include comments regarding:production, cash operating cost, All-in Sustaining Cost and capital expenditure guidance for 2019; ability oflong-term relationship with La Mancha to strengthen balance sheet, unlock organic growth pipeline, fasttrack exploration and expansion programs, focus on increasing production and cash margin per ounce,and participate in consolidation of African region through seizing external growth opportunities; expecteduse of funds from La Mancha strategic investment towards exploration and timing thereof; and expectedsubsequent decrease in cash operating cost per ounce and annual operating costs; expectation ofimproved efficiency and better integration from bringing Alimak training program in-house; increasedflexibility of mining sequence from installing of new Alimaks; increased recovery rate for undergroundmaterial following downsizing of processing plant and power consumption; increased Inferred MineralResources through drilling and timing of announcements regarding such increases; potential of WassaSouth to significantly increase production; achievement of targeted mining rate at Wassa Undergroundand Prestea Underground and timing thereof; and achievement of milestones in H2 2019 includingaccelerated exploration of Mineral Resource definition drilling at Wassa and Prestea, accelerated WassaUnderground development. Factors that could cause actual results to differ materially include timing ofand unexpected events at the Prestea and/or the Wassa processing plants; variations in ore grade, tonnesmined, crushed or milled; delay or failure to receive board or government approvals and permits;construction delays; the availability and cost of electrical power; timing and availability of externalfinancing on acceptable terms or at all; technical, permitting, mining or processing issues, includingdifficulties in establishing the infrastructure for Wassa Underground or Prestea Underground, inconsistentpower supplies, plant and/or equipment failures and an inability to obtain supplies and materials onreasonable terms (including pricing) or at all; changes in U.S. and Canadian securities markets; heavyrainfall and flooding of underground mines; and fluctuations in gold price and input costs and generaleconomic conditions.

Thee can be no assurance that future developments affecting the Company will be those anticipated bymanagement. Please refer to the discussion of these and other factors in our Annual Information Form forthe year ended December 31, 2017 filed and available at www.sedar.com. The forecasts contained in thispresentation constitute management's current estimates, as of the date of this presentation, with respectto the matters covered therein. We expect that these estimates will change as new information is receivedand 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 timeor in response to any particular event. Investors and others should not assume that any forecasts in thispresentation 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 perounce", "All-In Sustaining Cost per ounce" and "AISC per ounce". These terms should be considered asNon-GAAP Financial Measures as defined in applicable Canadian and United States securities laws andshould not be considered in isolation or as a substitute for measures of performance prepared inaccordance with International Financial Reporting Standards ("IFRS"). "Cash operating cost per ounce" fora period is equal to the cost of sales excluding depreciation and amortization for the period less royalties,the cash component of metals inventory net realizable value adjustments and severance charges dividedby the number of ounces of gold sold (excluding pre-commercial production ounces) during the period.,"All-In Sustaining Costs per ounce" commences with cash operating costs and then adds sustaining capitalexpenditures, corporate general and administrative costs, mine site exploratory drilling and greenfieldevaluation costs and environmental rehabilitation costs, divided by the number of ounces of gold sold(excluding pre-commercial production ounces) during the period. This measure seeks to represent thetotal costs of producing gold from operations. These measures are not representative of all cashexpenditures as they do not include income tax payments or interest costs. Changes in numerous factorsincluding, 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 ordecrease. We believe that these measures are the same or similar to the measures of other gold miningcompanies, but may not be comparable to similarly tit led measures in every instance. Please see our"Management's Discussion and Analysis of Financial Condit ion and Results of Operations for the threeand nine months ended December 31, 2018" for a reconciliation of these Non-GAAP measures to thenearest IFRS measure.

INFORMATION: The information contained in this presentation has been obtained by Golden Star from itsown records and from other sources deemed reliable, however no representation or warranty is made asto its accuracy or completeness. The technical information relating to Golden Star's material propertiesdisclosed herein is based upon technical reports prepared and filed pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and other publicly available informationregarding the Company, including the following: (i) "NI 43-101 Technical Report on a Feasibility Study ofthe Wassa Open Pit Mine and Underground Project in Ghana" effective December 31, 2014; and (ii) "NI43- 101 Technical Report on Resources and Reserves, Golden Star Resources, Bogoso/ Prestea Gold Mine,Ghana" effective December 31, 2017. Additional information is included in Golden Star's AnnualInformation Form for the year ended December 31, 2017 which is filed and available on www.sedar.com.Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice PresidentTechnical Services for the Company. Dr. Raffield is a "Qualified Person" as defined by NI 43- 101. TheQualified Person reviewing and validating the estimation of the Mineral Resources is Mitchel Wasel,Golden Star Resources Vice President of Exploration.

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

DISCLAIMER

2

3NYSE AMERICAN: GSS | TSX: GSC 3NYSE AMERICAN: GSS | TSX: GSC1. See note on slide 2 regarding Non-GAAP Financial Measures.2. As at December 30, 2018.

2019 Production

Guidance220,000-240,000oz

Strong Cash Balance

$96.5 million2

2019 AISC1

Guidance$875-955/oz

Prestea

Gold Mine

GOLDEN STAR SNAPSHOT

Wassa

Gold Mine

TAKORADI

ACCRA

AFRICA

2019 Capital

Expenditure

Guidance

$61.7 million

NYSE AMERICAN: GSS | TSX: GSC


Wassa: Golden Star’s Flagship

AssetPrestea: Establishing stable

production

A CANADIAN BASED, UNDERGROUND MINING COMPANY, OPERATING IN GHANA

Wassa Southern Extension: Mineral Reserve and

Resource update reported March 28, 2019 Reserves Increased by 47%

Rapidly approaching anticipated 4,000 tpd

Exploration focus is to reach nameplate mill capacity of ~8,000 with focus on “fill the mills”

Father Brown: 2 Drills currently running Drilling program being

increasedWassa: 7 Drills running on surface 4 Drills running undergroundPrestea: Drill results to be reported Q2

2019

CONSOLIDATED PRODUCTION

GUIDANCE FOR 2019:

220,000-240,000

Across the Company: A culture where safety is

never compromised Working hard to ensure

the best team and people are in place

Setting clear goals to reach intermediate producer status


MINERAL RESERVES AND MINERAL RESOURCES SUMMARY (December 31, 2018)

Tonnes

(‘000)

Grade

(g/t Au)

Gold

Content

(‘000)

Proven and Probable Mineral Reserves1 19,596 2.84 1,790

Measured and Indicated Mineral Resources1,2 66,814 2.77 5,952

Inferred Mineral Resources1 57,333 3.92 7,224

Proven and Probable Mineral Reserves increased by 6% to 1.8 million

ounces of gold after mined depletion

Measured and Indicated Mineral Resources stable at 5.9 million ounces

of gold

Inferred Mineral Resources increased by 12% to 7.2 million ounces of

gold

Wassa Underground Mineral Reserve increased by 47% after mined

depletion

Prestea Mineral Reserve decreased by 36% including mined depletion

RESERVE & RESOURCE UPDATE ANNOUNCEDRESERVES INCREASE BY 47% AT WASSA UNDERGROUND

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

5


WASSAGolden Star’s Flagship Asset


WASSA UNDERGROUND RESERVE GROWTH OF 47%

2017647 koz

2018949 koz

NYSE AMERICAN: GSS | TSX: GSC

47% Reserve increase from 2017 to 2018 after depletion

Commissioned Portal 3

Current infrastructure allows for increased production

Paste fill plant complete in Q1 2020

Continued strong performance

High productivity

Low cost operation


WASSA SOUTHERN EXTENSION CONCEPTUAL DESIGN

8

Reserve design949 koz(as at Dec. 31, 2018)

CONCEPTUAL DESIGN

Note: This design is strictly conceptual, and has no economic factors at this time. A PEA has not been completed, and a technical report has not been filed.

4 Drills to convert Inferred Oz to Measured & Indicated Oz

9NYSE AMERICAN: GSS | TSX: GSC 9

WASSA: CONTINUES TO IMPROVE

Wassa continues to surpass expectations, with additional capital being allocated to upgrade infrastructure and increase delineation and stope definition drilling

Wassa's production guidance has been increased by 17% from the 2018 achieved production of 149,697 ounces of gold to

170,000-180,000 ounces

Deep drilling has continued to show positive results, reserve increase of 47% announced March 28, 2019

Anticipated average rate of approximately 3,500 tpd in 2019 moving towards a target of 4,000 tpd in 2020, now utilizing Portal 3, allowing for ramp capacity increase to 5,000 tpd or more

A Preliminary Economic Assessment is expected in the second half of 2019 for the Southern Extension

3 Ramp Capacity Processing Plant CapacityTargeted Mining Rate


PRESTEAEstablishing Stable Production

11NYSE AMERICAN: GSS | TSX: GSC 11

PRESTEA: ESTABLISHING STABLE PRODUCTION

Located approximately 40km from Wassa

Produced 75,087 ounces in 2018, guidance set for 2019 of 50,000-60,000 ounces

Anticipated average mining rate of approximately 650 tpd

Process facility switchover completed in December 2018 which will significantly reduce costs

Business right-sizing by reducing the workforce and establishing a lower direct operating cost base completed in 2018

Review of underground mining method currently underway

Ventilation Borehole Under Construction

Shaft Capacity Processing Plant CapacityTargeted Mining Rate


EXPLORATION & EXPANSION


FATHER BROWN – INCREASE IN INFERRED MINERAL RESOURCES

Father Brown pits were mined by the Company from 2011

to 2015 producing approximately 300,000 ounces (2.2

million tonnes at 4.4 grams per tonne (“g/t”) of gold (“Au”)

in total)

Encouraging results at Father Brown with potential to

demonstrate significant organic growth for Golden Star

93% Increase in Inferred Mineral Resources at Father

Brown from 246,000 ounces at year end 2017, to 474,743

ounces at an average grade of 6.4 g/t

Updated Mineral Resource of 237,897 Indicated ounces at

Father Brown and Adoikrom Zones at an average grade of

7.5 g/t

In 2019, a drilling budget of $1.5 million will be allocated to

Inferred expansion drilling of 9,000 metres


FATHER BROWN/ADOIKROM MINERALIZED STRUCTURES

Deposit Area Resource Category Tonnes Grade (g/t Au) Ounces (‘000)

Father BrownIndicated 654,578 8.67 182,552Inferred 997,157 5.44 174,446

AdoikromIndicated 326,887 5.27 55,345Inferred 1,315,865 7.10 300,297

TOTALIndicated 981,465 7.5 237,897

Inferred 2,313,022 6.4 474,743


FATHER BROWN – DRILL HOLE COMPOSITES & BLOCK MODEL GRADES

N S

300m

Mined Out PIT

Indicated

DD Composite & BM Legend

DD Composite

Block Model Grades

Drilling focus Down plunge to North


ADOIKROM - DRILL HOLE COMPOSITES & BLOCK MODEL GRADES

Mined Out PIT

Indicated

300m

N S

DD Composite & BM Legend

Drilling focus Down plunge to South


LOOKING AHEAD


AssetGold Production

(ounces)

Cash

Operating

Cost1

($/ounce)

AISC1

($/ounce)

Sustaining

Capital

($ millions)

Development

Capital

($ millions)

Total Capital

Expenditures

($ millions)

Wassa Complex170,000-180,000

560-600 - 20.7 18.1 38.8

Prestea Complex 50,000-60,000 840-1,000 - 9.5 - 9.5

Exploration - - - - 13.4 13.4

Consolidated220,000-240,000

620-680 875-955 30.2 31.5 61.7

FY 2019 consolidated guidance for gold production of 220,000-240,000

ounces

Significant decrease in projected operating cost per ounce expected in

2019:

FY 2019 consolidated cash operating cost1 per ounce expected to

be $620-$680, which is ~20% lower than the mid-point of the

2018 guidance range ($810)

FY 2019 consolidated AISC1 per ounce expected to be $875-$955,

which is ~15% lower than the mid-point range of the 2018

guidance range ($1,075)

LOOKING FORWARD: FY 2019 GUIDANCE

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

18


UPCOMING MILESTONES

Drill results from Prestea, Q2 2019

Q1 Financial and Operational results May 2, 2019

AGM May 2, 2019

Wassa Preliminary Economic Assessment before year end, 2019

19


APPENDICES


PROGRESSION OF UNDERGROUND PRODUCTION

Creating a leading African gold producer

Focused on developing high-grade underground production profile

Transition from two open pit operations into two underground mines has now been achieved

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2016A 2017A 2018A 2019F

Historical and Projected Gold Production

Underground Production Open Pit Production

WASSA SUCCESS DEFINED AS:- Exploration success Wassa Underground- Achieves ~4,000 tpd- Exploration success at Father Brown- Father Brown mines at ~1,500 tpd

PRESTEA SUCCESS DEFINED AS:- Mining rate of 650 tpd achieved


BOARD OF DIRECTORS

Sam CoetzerDirector

Tim BakerChairman

Graham CrewDirector

Gil ClausenDirector

Anu DhirDirector

Craig NelsenDirector

Daniel OwireduDirector

Robert DoyleDirector

Mona QuarteyDirector

Andrew WrayDirector


EXPERIENCED MANAGEMENT AND TECHNICAL LEADERSHIP

André van NiekerkEVP & Chief Financial

Of f icer

Sam CoetzerPresident & Chief Execut ive

Of f icer

Martin RaffieldEVP, Chief Technical Of f icer

Daniel OwireduEVP & Chief Operat ing

Off icer

Tania ShawVP, Investor Relat ions &

Corporate Af fairs

Karen WalshVP, People &

Organizat ional Development

Robert VallisSVPresident , Corporate Development

Mitch WaselVP, Explorat ion

Philipa VarrisVP, Corporate

Responsibi l i ty


MARKET INFORMATION

Beacon Securities CIBC Capital Markets Clarus Securities Desjardins Capital Markets HC Wainwright & Co National Bank Financial Numis Securities Scotiabank

La Mancha Holding CPMG Inc. Van Eck Franklin Templeton Renaissance Technology LLC Oppenheimer Funds USAA Asset Management Konwave AG Baker Steel AgaNola AG U.S. Global Investors AMG Fondsverwaltung AG ASA Gold & Precious Metals Ltd.

1. As at April 5, 2019 2. Refers to TSX Listing 3. As at April 5, 2019

Market Information1Analyst Coverage Key Institutional Shareholders

MarketsNYSE American / TSX /

GSE

TickersNYSE: GSSTSX: GSCGSE: GSR

Shares in Issue3 108,824,359

Options3 3,991,111

Share Price1,2 $5.53

Market Capitalization1 $420m


MINERAL RESERVES AND MINERAL RESOURCES

Mineral Reserves

Dec 31, 2018 Dec 31, 2018 Dec 31, 2018 Dec 31, 2017

Proven Mineral Reserve Probable Mineral ReserveProven and Probable Mineral

ReserveProven and Probable Mineral Reserve

tonnes grade ounces tonnes grade ounces tonnes grade ounces tonnes grade ounces

(000) g/t Au (000) (000) g/t Au (000) (000) g/t Au (000) (000) g/t Au (000)

Wassa Open Pit - - - 9,920 1.57 500 9,920 1.57 500 12,254 1.30 512

Wassa Underground 834 4.55 122 6,647 3.87 827 7,481 3.95 949 4,899 4.11 647

Stockpiles 1,205 0.63 24 - - - 1,205 0.63 24 1,595 0.71 37

Subtotal Wassa 2,039 2.23 146 16,567 2.49 1,327 18,606 2.46 1,473 18,748 1.98 1,196

Mampon - - - - - - - - - 105 2.23 8

Prestea South - - - - - - - - - 103 1.80 6

Prestea Underground 37 9.07 11 789 12.04 305 826 11.91 316 1,165 12.35 463

Stockpiles 27 1.18 1 - - - 27 1.18 1 547 1.21 21

Subtotal Prestea 64 5.74 12 789 12.04 305 853 11.57 317 1,920 8.06 497

GSR Total 2,103 2.34 158 17,356 2.93 1,632 19,459 2.86 1,790 20,668 2.55 1,693

Notes to Mineral Reserve Estimate on Slide 26.


Notes to the Mineral Reserve Estimate on Slide 25:

1. The stated Mineral Reserves comply with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards – For Mineral Resources and Mineral Reserves”. Mineral Reserve estimates reflect the Company’s reasonable expectation that all necessary permits and approvals will be obtained and maintained. Mining dilution and mining recovery vary by deposit and have been applied in estimating the Mineral Reserves.

2. Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources. Mineral Reserve estimates include mining dilution at grades assumed to be zero.

3. The 2018 Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Executive Vice President and Chief Technical Officer for the Company. Dr. Raffield is a QP as defined by NI 43-101.

4. The Mineral Reserves at December 31, 2018 were estimated using a gold price assumption of $1,250 per ounce.5. The slope angles of all pit designs are based on geotechnical criteria as established by external consultants. The size and shape

of the pit designs are guided by consideration of the results from a pit optimization program.6. Cut-off grades have been estimated based on operating cost projections, mining dilution and recovery, royalty and stream

payment requirements and applicable metallurgical recovery.7. Marginal cut-off grade estimate for the Wassa open pit is 0.7 grams per tonne (“g/t”) of gold (“Au”).8. Break-even cut-off grade estimates for the underground mines are as follows: Wassa Underground 2.4 g/t Au; and the Prestea

Underground Gold Mine (“Prestea Underground”) 7.0 g/t Au.9. Prestea Underground Proven Mineral Reserve includes underground broken stocks.10. Numbers may not add due to rounding.11. Only non-refractory material is included in Mineral Reserves.


Tania Shaw, VP, Investor Relations & Corporate Affairs [email protected]

NYSE American: GSSTSX: GSC

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creating a leading underground african gold producer

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