wassa site visit | june 5, 2019 creating a leading...

1NYSE AMERICAN: GSS | TSX: GSC

Wassa Site Visit | June 5, 2019

CREATING A LEADING AFRICAN GOLD PRODUCER

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, 2018 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 Condition and Results of Operations for the threemonths ended March 31, 2019." for a reconciliation of these Non-GAAP measures to the nearest IFRSmeasure.

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, 2018. Additional information is included in Golden Star's AnnualInformation Form for the year ended December 31, 2018 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 3

WASSA AND HBB LOCATION MAPVentilation Borehole Under Construction

▪ The Wassa complex is located near the village of Akyempim in theWassa East District in the Western Region of Ghana

▪ 62Km north of the district capital, Daboase, 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

Prestea

Wassa

Benso

Hwini Butre

Mampon


WASSA MINE LOCALITY PLANVentilation Borehole Under Construction

Process Plant

Akyempim Village

419 Dump Phase-1

419 Dump Phase-2

Wassa Main Pit

TSF

WUG Portal

5NYSE AMERICAN: GSS | TSX: GSC 5NYSE AMERICAN: GSS | TSX: GSC 5

HSEC HIGHLIGHTSVentilation Borehole Under Construction

▪ Culture of Zero Harm

▪ Leaders in health and safety

performance in the industry

▪ Fatality elimination/prevention

▪ Employee engagement

▪ Leadership engagement and effective

communication

▪ Safety culture and behavioral training

▪ Develop working standards

▪ Emergency response & mine rescue

▪ House keeping

▪ Injury reduction

▪ Critical tasks analysis

▪ Improve incident / near miss / hazard

reporting

▪ Error traps assessment

▪ Improve quality of PSI meetings

▪ Safety interactions

▪ Quarterly durbars

▪ Leaders demonstrating appropriate

behaviors

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


LEADING INDICATORSQ1 2019 DATA

Actual Target

Training

Safety meetings 121 152

Hazard awareness training 14 28

Take ‘5’ training 15 28

PTO training 4 40

Safety, culture and behavioral based safety training 5 40

Risk Management

Take ‘5’ 22,345 20,968

Work place inspection 4,153 3,888

Planned Task Observation (PTO) 294 228

Job Hazard Analysis (JHA) 93 132

Alcohol and drug test conducted 2,886 1,732

Risk assessments 7 28

Inspections

Safety inspections 73 68

Environmental inspection 35 68

HOD’s walk the talk 39 64

Safety interactions 159 236

Safety audit with supervisors 38 36

Emergency Preparedness

Quarterly mock drills 2 1

Rescue callout practice 12 12

Building evacuation 2 3

Fire extinguisher training conducted 19 12

Near Miss / Hazard ReportingNear miss / hazard reporting 28 300

Hazard report submitted 19 204


GSWL 3 YEARS INJURY FREQUENCY RATE HISTORYVentilation Borehole Under Construction

2.01

1.43

0.78

3.52

1.75

2.6

0

0.5

1

1.5

2

2.5

3

3.5

4

2016 2017 2018

RA

TE

YEARS

TRIFR

AIFR

LAST LTI: JUNE 2017

TRIFR: 0.72 AIFR: 2.20

LTI FREE DAYS: 667


SAFETY ACHIEVEMENTS - 2018Ventilation Borehole Under Construction

HSEC AWARDS

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

Four-time National Mines Safety Competition winners

Overall Best Mine in Health and Safety

Two-time winners of The Best Improved Mine


Picture

9

WASSA GOLD MINE: OVERVIEWVentilation Borehole Under Construction

Reducing risk and fast-tracking cash flow

▪ 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

from mid 2020 against an average daily tonnage of 2,900 in 2018

▪ Major open pit (cut 3) push back deferred

99


Q1 2019 PERFORMANCE METRICS

▪ 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

▪ Decrease in Q1 2019 direct operating cost as compared to Q1 2018

▪ 7% increase in Q1 2019 development meters as compared to Q1 2018

21% increase in gold production in Q1 2019 compared to Q1 2018

12% decrease in cash operating cost per ounce in Q1 2019 compared to Q1 2018

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

Total Ore Processed kt 134 116 117 367

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


Q1 PERFORMANCE SUMMARYVentilation Borehole Under Construction

Underground

Tonnes Mined 382Kt

Ore Mined 326Kt @ 4.31g/t

Stockpile

Tonnes Mined 40Kt @ 0.64

Processing

Tonnes Milled 367Kt @ 3.91g/t

Recovery 95.6%

Gold Production

Underground 42Koz

Stockpile 806oz

Total Gold 42.8Koz

Gold Price $1304/oz

Operating Cash Flow $23.6M

Free Cash Flow $12.5M

Net Cash Flow $8.9M

Direct Operating Cost $528/oz

Cash Operating Cost1 $529/oz

All-In sustaining Cost1 $668/oz

All in Cash Cost $872/oz

Financial Overview

MillingMining

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


WASSA UNDERGROUND MINE GEOLOGY


REGIONAL GEOLOGY – ASHANTI BELT CROSS SECTIONVentilation Borehole Under Construction


MINE GEOLOGY

D3 D4 D5

▪ 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


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

1515


UNDERGROUND MINING AREAS

B-ShootPanel 3

B-ShootPanel 1

B-ShootPanel 2

F-SHOOT B-SHOOT


MINED & 2018 YEAR END RESERVE SHAPES

475mVertical

1.2km Strike

F-Shoot

B-ShootPanel 1 B-Shoot

Panel 2

B-Shoot Panel 3


UNDERGROUND GEOLOGY

695

720

745

670

770

795APPROXIMATEDIORITEBOUNDARY

BMU

645

620

Section looking North showing B-Shoot Panel 1 Geology

CMSs


2016 BUDGET USING LONG RANGE MODEL VERSUS SHORT RANGE MODELS

Stoping Level 2016 Budget Estimate using LR model- 10%

Dilution Added -Tonnes

2016 Budget Estimate using LR model – Diluted

Grade

2016 Budget Estimate – Oz Au

Short Range Model Estimate –

10% Dilution -Tonnes

Short Range Model Estimate –

Diluted Grade

Short Range Model Estimate -

Oz Au

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 62,3966451 347,223 5.07 56,599 373,079 4.70 56,375

6202 246,785 4.66 36,974 719,873 4.07 94,198Total 1,248,899 4.33 173,759 2,147,773 3.93 271,265

720

695

670

645

620

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%


StopesShort Range Model

Estimate (10% Dilution) –Tonnes

Short Range Model Estimate Diluted

Grade

Short Range Model Estimate - Oz Au

Mill Reconciled Tonnes

Mill Reconciled Grade

Mill Reconciled Oz

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

GEOLOGY STOPPING TONNES AND GRADE VERSUS THE MILL

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

For completed stopes:


DIAMOND DRILLING


WASSA UNDERGROUND – GROWING THE RESOURCE BASE

▪ 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

▪ Wassa system now defined >2Km along strike and

1.5Km down plunge

▪ 7 rigs currently drilling from surface

▪ Drill program 40% complete and ahead of schedule

with >28,500m remaining

▪ Current drilling focused on both inferred and indicated

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

19

55

0N

19

35

0N

19

00

0N

300 m

S1

87

00

N

15

00

m

18

50

0N

19

20

0N

2018 Mined stopes

B Shoot Infer to Ind resource conversion

drilling 50 x50 m ~22,000m

Inferred Expansion &

definition~6,500m

2016-17 Mined stopes

18

80

0N

19

45

0N

19

40

0N

18500N Step out

holes

N


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)

2323


DRILLING: COMPLETED OR ACTIVE DRILL PROGRAMS YTD

720 ProgramCompleted

645-620 HW Program Active

Panel 2 Program Active

620 N2-N3 North Program Active


DRILLING: STILL TO COME

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


UNDERGROUND OPERATION


MINING METHOD

▪ Method – Sub-level Open Stopping

▪ Level Intervals – 25m

▪ Approach –

▪ Transverse &

▪ Longitudinal


2019 BUDGET MINING SEQUENCE

545 Level(Final Decline Elevation for 2019)

570 Level(Final Stoping Level for 2019)

JAN-2019

FEB-2019

MAR-2019

APR-2019

MAY-2019

JUN-2019

JUL-2019

AUG-2019

SEP-2019

OCT-2019

NOV-2019

DEC-2019


MINING SEQUENCE – LOM (2024)

2019

2020

2021

2022

2023

2024

Intake raise Exhaust raise


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

GEOLOGY

30


ACHIEVING 5,000 TPD

Panel 4

Wassa Deeps

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


FUTURE DRILLING – PANEL 4. OPTION 11

Panel 4 Drilling

▪ Start drilling earlier

▪ Min 3,650m dev required

▪ Longest holes >300m

▪ Long time to drill each hole

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

▪ First stope extracted Nov 2022

▪ 76,600m of drilling – 1.3 years using 5 drills

Apr-

2022


FUTURE DRILLING – PANEL 4. OPTION 2

▪ Start later▪ Min 3,650m dev required

▪ Holes <220m

▪ Faster stope definition

▪ Development must be in place by April2022 at the latest to allow drilling to start

▪ First stope extracted Nov 2022

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

Apr-2022


SUSTAINING 4000 TPD - RAMPING UP TO 5000 TPD

▪ 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

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

Development Strategy


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


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


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

Emulsion Loader

1

0

2

1

1

1

0

0


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.


PASTE BACKFILL

Underground distribution system

Process plant

Tailings transfer pipeline

Paste backfill plantN

Pit complex

Plan of surface infrastructure


PASTE BACKFILL – CONT’D

Fill types

▪ Rockfill

• Cemented or uncemented

• Considered in PEA, operational constraints

• Placement rates moderate

• No drainage water

▪ Hydraulic Fill

• Cemented or uncemented

• 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

• Quicker cycle time

Primary purposes of backfill

▪ Void filling (i.e. overhand cut & fill)

▪ Pillar recovery

• Increase ore recovery

• Usually cement added for vertical face stability

Major Contract

▪ Scope of work

▪ Engineering of paste backfill plant, underground distribution

▪ Supply of paste backfill plant

▪ Currently under tender evaluation

▪ Award expected in June

Project Timeline

▪ Paste system operational H2, 2020


PASTE BACKFILL – CONT’D

Paste production

Paste mixing

Underground

distribution system

Flushing system

Tailings dewatering

Tailings transfer

Thickening

Filtration

Cake handling

Binder addition

Delivery & storage

Metering


MAJOR PROJECTS

▪ Underground workshop

▪ Water management

▪ Electrical upgrade

42


PROCESS PLANT SCHEMATIC


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%

4444


TAILINGS CONSTRUCTION PLAN


Exploration Update June 2019

UNDERGROUND OPERATION


▪ 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

WASSA HISTORY PRE-GOLDEN STAR RESOURCES


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


WASSA 2018 YE RESERVES & RESOURCES

Mineral Resources are inclusive of Mineral Reserves

tonnes

(000)grade

ounces

(000)

tonnes

(000)grade

ounces

(000)

tonnes

(000)grade

ounces

(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

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

WA

SSA

Min

e

PitIndicated Inferred

Dec 31, 2018 Meas

Resource

Measured

Dec 31, 2018 Ind

Resource

Dec 31, 2018 Inferred

Resource


WASSA CONTROLS ON HIGH GRADE GOLD MINERALIZATION

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

▪ Dating has shown it is the oldest deposit in the AshantiBelt

▪ Initial gold mineralization has been affected by two majorfolding events which controls the current geometry of orebodies

▪ Gold remobilized during D3 and possibly D4


N SWASSA DRILLING UPDATE 2019 YTD

▪ 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


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


Wassa 2018 -19 Significant results WASSA 2018 – 2019 SIGNIFICANT RESULTS


Infill Conversion drilling adds significantly to Reserves INFILL CONVERSION DRILLING ADDS SIGNIFICANTLY TO RESERVES


Other Targets – 242 OTHER TARGETS - 242


WASSA EXPLORATION POTENTIAL ALONG STRIKE

▪ Geophysical and geochemical anomalies delineate the Wassa mineralized trend 5,400m south of the last stepout deep drilling fence (18500 N)

▪ 200m step out fences along this trend have been planned for 2019 and will continue to test the down plungeextensions of mineralization south

▪ Additional HG targets require follow up along the SAK – Ballyebo Trend


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 plantalong 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 pitproduction of 1.18 Mt at 5.2 g/t


HWINI BUTRE-BENSO GEOLOGY▪ Father Brown - Adoikrom Deposits are hosted with in

the Mpohor 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 discreteshear/fault zones

▪ Gold occurs with quartz veining, Pyrite and intensesilica and K spar alteration

▪ Free gold is commonly seen along FBZ structure


2018 – 2019 DRILLING – FATHER BROWN AND ADOIKROM


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


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

Note: All Widths are estimated True width


▪ 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

FATHER BROWN – NEXT STEPS


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


ENVIRONMENT & COMMUNITY


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

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ENVIRONMENT AND COMMUNITY

▪ MONITORING

▪ COMPLIANCE

▪ RECLAMATION


GOLDEN STAR SKILLS TRAINING AND EMPLOYABLE PROGRAMME

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


AKYEMPIM WATER PROJECT

Treatment Plant Overhead Tank


CONTINUOUS IMPROVEMENT CULTURE

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

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

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

72NYSE AMERICAN: GSS | TSX: GSC72

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

NYSE American: GSSTSX: GSC

CONTACT US

wassa site visit | june 5, 2019 creating a leading...

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