THE GRADEMAKING

Denver Gold ForumSeptember 18 - 21, 2016Colorado Springs, CO

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FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties andassumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. Youare hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressionssuch as “target”, “guidance”, “feasibility”, “initial”, “timetable”, “will”, “objective”, “promising”, “potential”, “priorities” and other similar wordsor expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by theforward-looking statements include the ability to achieve a first gold pour at Natougou in H2 2018, the ability to meet our 2016 productionguidance of between 225,000 and 245,000 ounces, the ability to achieve our 2016 total cash cost guidance of between $535 and $565 perounce and our all-in sustaining cost guidance of between $720 and $760 per ounce, the ability to meet the annual average productiontargets at Natougou within the anticipated total cash costs and all-in sustaining costs, the ability to achieve the projected LOM, the ability tomeet the targeted permitting process, initial capital expenditures, construction start-up, the ability to expand Natougou reserves andresources, the ability to meet the various objectives in terms of tonnes of ore to the milling facility, head-grade and gold recovery at theNatougou plant, the ability to generate an after-tax internal rate of return (IRR) of 48% with a payback period of 1.5 years and to generate anafter-tax NPV of $262 million, the ability to produce between 225,000 and 245,000 ounces of gold at Mana in 2017, the ability to produce100,000 ounces of gold at Natougou in 2018 and 226,000 in 2019 respectively, the ability to produce 200,000 ounces at Mana in 2018 and2019, the accuracy of our assumptions, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold or operatingcosts, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa(including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO’s documents filed with Canadiansecurities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO’s 2015 Annual MD&A, asupdated in SEMAFO’s 2016 First Quarter and Second Quarter MD&A, and other filings made with Canadian securities regulatory authoritiesand available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligationto update or revise these forward-looking statements, except as required by applicable law.

We also advise you that the terms “Inferred Resources” and “Indicated Resources”, although recognized and required by the CanadianSecurities Administrators, are not recognized by the US Securities and Exchange Commission. There is no certainty that Inferred Resources orIndicated Resources will be economically mineable.All mineral resources are exclusive of mineral reserves.In this presentation, all amounts are in US dollars unless otherwise indicated.

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SEMAFO HAS….

� STRONG IN-HOUSE TECHNICAL TEAM

� TRACK RECORD OF OPERATING SUCCESSIN WEST AFRICA

� HIGH-GRADE OPEN-PIT DEPOSITS

� FINANCIAL STRENGTH

� LARGE EXPLORATION PACKAGE

� RESPECTED CSR PROGRAMS

� DISCIPLINED GROWTH STRATEGY

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7,000km2in Burkina Faso

over three prospective belts

MANAMinein Burkina Faso

20yearsCommissioned

3 mines in West Africaover

LONG-STANDING PRESENCE IN WEST AFRICA

NATOUGOUFeasibility Study Completed

Targeted Production H2 2018

Burkina Faso

Mana

BANFORA GOLD BELTPERMITS

Ouagadougou(Capital)

Inata

Essakane

Bissa

Taparko

Youga

SEMAFO propertyOther minesElectric line

Korhogo

Natougou

Nabanga

Bantou

55

172.7158.6

234.3

255.9

750777

649

493550

1,221 1,242

801

645

740

0

200

400

600

800

1000

1200

1400

0

50

100

150

200

250

300

2012 2013 2014 2015 Guidance 2016

Production '000 ounces Total Cash Cost ($/oz) All-in Sustaining Cost ($/oz)

OPERATING SUCCESS

Met its production guidance for the eighth consecutive year

245

225

$ / o

z

‘000

oz

6

2008 2009 2010 2011 2012 2013 2014 2015

0.9 0.8

2.2 2.0 1.9 2.3 2.2

3.31.0 1.6

1.1

2.8 3.0 2.4 2.8

2.9

0.5

0.9

2.7

2.1 1.91.4 1.2

2.1

Discoveries

- Reserves estimate using a gold price of $1,100/oz - Resources estimate using a gold price of $1,400/oz

EXPLORATION AND ACQUISITION SUCCESS

Fofina1.2 Mt @ 2.72 g/t Au104,000 oz

Siou6.5 Mt @ 4.16 g/t Au874,000 oz

Wona12.6 Mt @ 2.30 g/t Au935,000 oz

2010 2011 2012 2015

FOFINA FOBIRI YAHO SIOU

ACQUISITION ORBIS GOLD

Natougou9.6 Mt @ 4.15 g/t Au1,276,000 oz

40%

30%

27%

3%

Reserves 50 % YoY

Inferred ResourcesMeasured and Indicated ResourcesProven and Probable Reserves

* All mineral resources are exclusive of mineral reserves.

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MANA STRONG PRODUCTION AND LOW COST PROFILE

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H1 2016 GUIDANCE 2016 2015

Ore processed (t) 1,287,400 2,500,000 2,399,600

Head grade (g/t) 3.18 3.25 3.63

Recovery (%) 93 91 91

Total gold ounces produced (K) 123 225-245 256

Total cash cost/ounce sold1($) 526 535-565 493

All-in sustaining cost/ounce2 ($) 719 720-760 645

1 Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses andgovernment royalties per ounce sold.

2 All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the total cash cost, plus sustainablecapital expenditures and stripping costs per ounce.

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LOW ALL-IN SUSTAINING COST RELATIVE TO INDUSTRY PEERS: 2016

$1 1

95

$1 1

05

$1 0

88

$1 0

79

$1 0

67

$1 0

29

$959

$955

$953

$950

$922

$920

$898

$897

$889

$840

$827

$795

$0

$200

$400

$600

$800

$1 000

$1 200

$1 400

P

RIC

IMG

AG

I

KG

C

GG

AU

Y

DG

C

ELD

AEM

NG

D

TMM

NE

M

CG

ABX

SM

F

BTO

GU

Y

Sustaining

Other

G&A

Exploration

Operating

SMFSource: TD Securities as at September 2, 2016

AISC - All-in Sustaining-Cost: Total cash cost plus SG&A/oz plus exploration/oz plus sustaining capital/oz

NATOUGOU: OUR NEW QUALITY ASSET

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POSITIVE FEASIBILITY STUDY HIGHLIGHTS

~During the first three years, • Average annual production of more than 226,000 ounces • Average total cash cost of $283/oz and AISC of $374/oz• Average head grade 5.72 g/t at a gold recovery rate of 93.8%

~Projected LOM total cash cost of $408/oz and all-in sustaining cost of $518/oz

~Maiden open pit mineral reserves of 9.6 million tonnes at a grade of 4.15 g/t Au for 1,276,000 ounces of gold

~Initial CAPEX: $219 million, project fully financed

First gold pour H2 2018

~Project economics at $1,100/oz:• After-tax NPV 5%: $262 million• After-tax IRR: 48%• Payback period: 1.5 years

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NATOUGOU– INITIAL PRODUCTION

YEAR 1 YEAR 2 YEAR 3

Feed ore (t) 1,256,000 1,343,200 1,343,200

Grade (g/t) 5.93 5.59 5.65

Gold recovery (%) 93.9 93.7 93.7

Ounces (oz) 224,918 226,100 228,502

TCC ($/oz) 319 304 227

AISC ($/oz) 380 406 337

STRONG FREE CASH FLOW

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2016 2017 2018

NATOUGOU TIMETABLE

2026

Construction & Pre-stripping

1712

5 Lycopodium selected for theEPCM contract

5 Filing of the EnvironmentalSocial Impact Assessment (ESIA)

5 Detailed design and engineering 20% complete

5 Procurement of long-lead items secured for site delivery in H2 2017

5 Issue of requests for power plant and fuel depot

5 Selection of mining contractors in progress

Permitting process& Detailed engineering

Commissioning, ramp-up,first gold pour and production

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0

50

100

150

200

250

300

350

400

450

2013 2014 2015 2016 Guidance 2017 2018 2019

Mana

Natougou

GROWTH PROFILE‘0

00 o

unce

s

245

225

Target3

1 See press release of January 20, 2016.2 Contingent on receipt of permits and construction start-up by year-end 2016; for more details, refer to press release of February 25, 2016 or the NI 43-101

technical report for Natougou, which is filed on www.sedar.com and available on www.semafo.com.3 Assumption: Mineral reserves were estimated using a gold price of $1,100 per ounce

1, 3

2

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VALUE CREATION THROUGH EXPLORATION

Budget expanded to $18 million

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~ TARGETED EXPLORATION WITHIN TRUCKING DISTANCE FROM THE PLANT

25 km from the mill

Mana Mine

Wona

Siou

Fofina

FobiriYaho

BN2

KOKOÏ

MAOULAYAMA

MONTAGNE BLANCHE

H1 2016 H2 2016

16,000 meters of RC drillingfor Yama reserves and exploration in the area

17,000 metersof RC drilling

8,000 meters of RC drillingand 32,000 meters of augerdrilling on various targets

28,000 metersof auger drilling

~ $6.5 MILLION EXPLORATION BUDGET IN 2016

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NATOUGOU: AN UNDEREXPLORED PROPERTY

Prior to the acquisition, Natougou had seen little near-pit or regional explorationIn 2015, focus on in-fill drilling for the feasibility study Regional and proximal exploration only commenced late 2015773 km2 of exploration ground

Objective is to expand reserves and resources

to continue creating value

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� 28,000 meters of RC drilling - Ongoing

� 6,000 meters of DDH drilling - Ongoing

� 62,000 meters of auger drilling - Completed

� Airborne geophysical survey - Completed

Natougou

PROXIMAL AND REGIONAL EXPLORATION PROGRAM : $9M IN 2016

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PROXIMAL DRILL RESULTS Q2 2016

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NATOUGOU –AUGER DRILLING ON SOUTH ZONE

2020

NABANGA: A HIGH-GRADE ASSET

Nabanga –Inferred Mineral Resources(1)

Cut-off Grade Tonnes Grade Ounces5.0 g/t Au 1.84 Mt 10.0 g/t Au 590,000 oz

(1) Inferred Mineral Resources figures at a 5.0 g/t Au cut-off grade. NI 43-101 report, June 2015.

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EXPLORATION UPSIDE: ACQUIRED PERMITS IN CÔTE D’IVOIRE

Randgold sector Ouobolo

Randgold sector Fanlokolo

Randgold sector Sireme

Randgold: Environment Tongon

Recent soil sampling results

SEMAFO’s Korhogo West and East permits

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FINANCIAL FLEXIBILITY

~ Cash at June 30, 2016 - $254M

~ Long-term debt (LIBOR +4.75%) of $60M

~ Additional $60M can be drawn down by June 30, 2017

for Natougou construction~ Generated $73M of cash flow from operating activities

in H1 2016

2323

2016 PRIORITIESNATOUGOU� Completing detailed engineering in Q4

� Completing the permitting process and starting construction by year-end

� Continuing exploration with the aim of increasing reserves, resources and value

MANA� Delivering our production guidance for a ninth consecutive year

� Exploring within trucking distance of the mine

� Resuming stripping at Wona North

OTHERS� Exploring Nabanga

� Remaining on the lookout for opportunities

� Maintaining our cost reduction efforts

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National Workforce Development Program -Training of promising national employees for management or trainer posts

SEMAFO Foundation -Six years of activities generated revenues of C$4.5Mto the benefit of communities

Training – 6,200 hours of trainingwere dispensed in 2015, of which 64%benefited our Burkinabe employees

Strong Safety Record -Accident frequency rate of 2.32 per 200,000 hours worked as of June 30, 2016

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IN SUMMARY~ Track Record of Operating Success in West Africa

• Achieved production guidance for eight consecutive years• Production of 122,600 ounces in H1 2016• Total cash cost of $526 per ounce in H1 2016• All-in sustaining cost of $719 per ounce in H1 2016• Successfully commissioned three mines in West Africa

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~ Disciplined Growth Strategy• Targeted exploration in vicinity of Mana Mine and Natougou deposit• Natougou deposit in line for construction start in Q4 2016• Initiated exploration in Côte d’Ivoire on a strong geological trend• High-grade open-pit assets

~ Strong CSR Program• 2009 pledge to commit up to 2% of net profit to support SEMAFO

Foundation community activities• Accident frequency rate of 2.32 per 200,000 hours worked (June 30, 2016)

206 days without lost time injury since March 11, 2016• Well-established National Workforce Development Program

•

~ Financial Strength• $254M in cash (as at June 30, 2016) • Long-term debt of $60M• Additional $60M can be drawn down by June 30, 2017 for Natougou construction• Generating free cash flow

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SMF: INVESTOR INFORMATION

TSX, OMX: SMF

Average Daily Trading Volume(1) ` 2.8M

Coverage ` 15 analysts

Close ` C$6.50

Market Cap ` C$2.06B

*As at September 6, 2016

USA39%

Canada42%

Europe18%

Others1%

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O/S 324.8M SHARES Geographic Distribution of Shares (2)

DIRECTORS

Jean LamarreChair of the BoardJohn LeBoutillierLead DirectorTerence F. BowlesBenoit DesormeauxPresident and Chief Executive OfficerFlore KonanGilles Masson Lawrence McBrearty Tertius Zongo

Institutional89%

Retail11%

(1) Three-month moving average as at September 6, 2016 – TSX(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear

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APPENDICES

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NATOUGOU PROVISIONAL SITE LAYOUT

Reference: NI 43-101 report, March 2015

NATOUGOU SITE

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MINERAL RESERVES AND RESOURCESPROPERTY Mana1,2,4,5,6 Tapoa1,2,4,5,6

(Natougou Project) Yactibo1,3,4,5,7

(Nabanga Project) Total

MINERAL RESERVES Proven Tonnes 12,655,000 1,583,000 14,238,000 Grade (g/t Au) 3.15 6.46 3.52 Ounces 1,281,400 329,000 1,610,400 Probable Tonnes 8,325,000 7,984,000 16,309,000 Grade (g/t Au) 2.64 3.69 3.16 Ounces 707,600 947,000 1,654,600 TOTAL MINERAL RESERVES Tonnes 20,980,000 9,567,000 30,547,000 Grade (g/t Au) 2.95 4.15 3.32 Ounces 1,989,000 1,276,000 3,265,000

MINERAL RESOURCES (exclusive of reserves) Measured Tonnes 8,751,000 77,000 8,828,000 Grade (g/t Au) 1.67 1.84 1.67 Ounces 470,800 5,000 475,800 Indicated Tonnes 33,526,000 2,564,000 36,090,000 Grade (g/t Au) 2.13 2.44 2.15 Ounces 2,293,100 201,000 2,494,100 TOTAL M&I Tonnes 42,277,000 2,641,000 44,918,000 Grade (g/t Au) 2.03 2.42 2.06 Ounces 2,763,900 206,000 2,969,900 Inferred Tonnes 13,041,000 2,683,000 1,840,000 17,564,000 Grade (g/t Au) 2.82 3.99 10.00 3.75 Ounces 1,184,200 345,000 590,000 2,119,200

1 The Corporation indirectly owns a 100% interest in all of itspermits, except for the permits held by SEMAFOBurkina Faso S.A. in which the Government of Burkina Fasoholds a 10% interest.

2 Mineral reserves and resources at Mana and at Tapoa(Natougou project) were estimated using a gold price of$1,100 and $1,400 per ounce, respectively.

3 Mineral resources at Yactibo Permit Group (Nabanga project)were reported above a 5.0 g/t Au cut-off grade.

4 Rounding of numbers of tonnes and ounces may presentslight differences in the figures.

5 All mineral resources reported are exclusive of mineralreserves.

6 As of December 31, 2015.7 As of June 30, 2015.

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MINERAL RESERVE AND RESOURCES (cont’d)

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DEPOSITS

DECEMBER 31, 2015

PROVEN RESERVES PROBABLE RESERVES TOTAL RESERVES

Tonnage Grade

(g/t Au) Ounces4 Tonnage Grade

(g/t Au) Ounces4 Tonnage Grade

(g/t Au) Ounces4

WONA-KONA 6,107,000 2.35 460,700 6,558,000 2.25 474,400 12,665,000 2.30 935,100 NYAFÉ 263,000 5.85 49,400 4,000 5.02 700 267,000 5.84 50,100 FOFINA 1,146,000 2.74 100,800 39,000 2.30 2,900 1,185,000 2.72 103,700 SIOU 4,800,000 4.17 644,000 1,724,000 4.14 229,600 6,524,000 4.16 873,600 ROMPAD 339,000 2.43 26,500 — — — 339,000 2.43 26,500

TOTAL MANA 12,655,000

3.15 1,281,400 8,325,000 2.64 707,600 20,980,000

2.95 1,989,000

DEPOSITS

DECEMBER 31, 2015

MEASURED INDICATED TOTAL RESOURCES

Tonnage Grade

(g/t Au) Ounces4 Tonnage Grade

(g/t Au) Ounces4 Tonnage Grade

(g/t Au) Ounces4

WONA-KONA 1,427,000 1.95 89,500 20,962,000 2.55 1,715,300 22,389,000 2.51 1,804,800 NYAFÉ 300,000 5.60 54,100 230,000 5.84 43,100 530,000 5.70 97,200 FOFINA 1,061,000 2.99 102,000 425,000 3.87 52,800 1,486,000 3.24 154,800 YAHO 4,654,000 1.05 157,200 9,895,000 0.99 316,200 14,549,000 1.01 473,400 FILON 67 26,000 2.72 2,300 9,000 3.59 1,000 35,000 2.93 3,300 FOBIRI 469,000 1.80 27,100 114,000 1.52 5,600 583,000 1.74 32,700 SIOU 814,000 1.47 38,600 1,891,000 2.62 159,100 2,705,000 2.27 197,700

TOTAL MANA 8,751,000

1.67

470,800

33,526,000

2.13

2,293,100

42,277,000

2.03

2,763,900

DEPOSITS

DECEMBER 31, 2015

INFERRED

Tonnage Grade (g/t Au) Ounces4

WONA-KONA 3,010,000 2.91 281,600 NYAFÉ 151,000 5.86 28,400 FOFINA 162,000 4.33 22,600 YAHO 471,000 1.45 22,000 FILON 67 6,000 6.32 1,100 FOBIRI 578,000 1.39 25,800 MAOULA 2,628,000 1.62 137,100 SIOU 6,035,000 3.43 665,600

TOTAL MANA 13,041,000 2.82 1,184,200

1 The Corporation indirectly owns a 100% interest in all of its permits, except for the permits held by SEMAFO Burkina Faso S.A. in which the Government of Burkina Faso holds a10% interest.

2 Mineral reserves and resources were estimated using a gold price of $1,100 and$1,400 per ounce, respectively.

3 All mineral resources reported are exclusive of mineral reserves.4 Rounding of numbers of tonnes and ounces may present slight differences in the figures.

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MANA’S RESERVES (AS AT DECEMBER 31, 2015)

Wona:12,665,000 t @ 2.30 g/t Au935,100 oz

Fofina:1,185,000 t @ 2.72 g/t Au103,700 oz

Siou:6,524,000 t @ 4.16 g/t Au873,600 oz

ManaProcessing Plant