CREATING A LEADING AFRICAN GOLD PRODUCER - Denver Gold Forum | September 15-18, 2019
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Denver Gold Forum | September 15-18, 2019
CREATING A LEADING
AFRICAN GOLD PRODUCER
NYSE AMERICAN: GSS | TSX: GSC 1
DISCLAIMER
SAFE HARBOUR: Some statements contained in this presentation are forward-looking statements or In this presentation, we use the terms "cash operating cost per ounce", "All-In Sustaining Cost per
forward-looking information (collectively, “forward-looking statements”) within the meaning of the ounce" and "AISC per ounce". These terms should be considered as Non-GAAP Financial Measures as
United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities defined in applicable Canadian and United States securities laws and should not be considered in
laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve isolation or as a substitute for measures of performance prepared in accordance with International
risks and uncertainties that could cause actual results to differ materially. Such statements include Financial Reporting Standards ("IFRS"). "Cash operating cost per ounce" for a period is equal to the
comments regarding: estimated gold production, cash operating costs, All-in Sustaining Costs and cost of sales excluding depreciation and amortization for the period less royalties, the cash
capital expenditures for 2019; the expansion potential at Wassa and Prestea; ongoing investment to component of metals inventory net realizable value adjustments and severance charges divided by
increase drill density, increase stope availability and expand development at Wassa; the sourcing of the number of ounces of gold sold (excluding pre-commercial production ounces) during the period.
ore at Prestea in H2 2019; an expected grade increase at Prestea in H2 2019; underground ,"All-In Sustaining Costs per ounce" commences with cash operating costs and then adds sustaining
productivity mining rate and throughput being expected to increase at Prestea in H2 2019; open pit capital expenditures, corporate general and administrative costs, mine site exploratory drilling and
production being expected to continue at a similar grade at Prestea during Q3 2019; completion of greenfield evaluation costs and environmental rehabilitation costs, divided by the number of ounces
the refurbishing of the underground railway at Prestea in Q3 2019 resulting in improved throughput; of gold sold (excluding pre-commercial production ounces) during the period. This measure seeks to
the installation of a new larger rock breaker at Prestea; the implementation of initiatives identified represent the total costs of producing gold from operations. These measures are not representative
by CSA Global at Prestea; the conversion of Inferred resource to Indicated resource at Wassa Deep in of all cash expenditures as they do not include income tax payments or interest costs. Changes in
H2 2019 and providing a Resource and Reserve update in early 2020; the timing of a decision on the numerous factors including, but not limited to, mining rates, milling rates, gold grade, gold recovery,
Father Brown deposit; a resource update and assessment of project viability for Father Brown in Q3 and the costs of labor, consumables and mine site general and administrative activities can cause
2019; the Company’s anticipated debt maturity schedule; and the exploration upside of the Wassa these measures to increase or decrease. We believe that these measures are the same or similar to
and Prestea Undergrounds. Factors that could cause actual results to differ materially include the measures of other gold mining companies but may not be comparable to similarly totaled
timing of and unexpected events at the Prestea and/or the Wassa processing plants; variations in ore measures in every instance. Please see our "Management's Discussion and Analysis of Financial
grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals Condition and Results of Operations for the three and six months ended June 30, 2019" for a
and permits; construction delays; the availability and cost of electrical power; timing and availability reconciliation of these Non-GAAP measures to the nearest IFRS measure.
of external financing on acceptable terms or at all; technical, permitting, mining or processing issues,
including difficulties in establishing the infrastructure for Wassa Underground or Prestea INFORMATION: The information contained in this presentation has been obtained by Golden Star
Underground, inconsistent power supplies, plant and/or equipment failures and an inability to from its own records and from other sources deemed reliable, however no representation or
obtain supplies and materials on reasonable terms (including pricing) or at all; changes in U.S. and warranty is made as to its accuracy or completeness. The technical information relating to Golden
Canadian securities markets; heavy rainfall and flooding of underground mines; and fluctuations in Star's material properties disclosed herein is based upon technical reports prepared and filed
gold price and input costs and general economic conditions. pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")
and other publicly available information regarding the Company, including the following: (i) "NI 43-
There can be no assurance that future developments affecting the Company will be those 101 Technical Report on a Feasibility Study of the Wassa Open Pit Mine and Underground Project in
anticipated by management. Please refer to the discussion of these and other factors in our Annual Ghana" effective December 31, 2014; and (ii) "NI 43- 101 Technical Report on Resources and
Information Form for the year ended December 31, 2018 filed and available at www.sedar.com. The Reserves, Golden Star Resources, Bogoso/ Prestea Gold Mine, Ghana" effective December 31, 2018.
forecasts contained in this presentation constitute management's current estimates, as of the date Additional information is included in Golden Star's Annual Information Form for the year ended
of this presentation, with respect to the matters covered therein. We expect that these estimates December 31, 2018 which is filed and available on www.sedar.com. Mineral Reserves were prepared
will change as new information is received and that actual results will vary from these estimates, under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the
possibly by material amounts. While we may elect to update these estimates at any time, we do not Company. Dr. Raffield is a "Qualified Person" as defined by NI 43- 101. The Qualified Person
undertake to update any estimate at any particular time or in response to any particular event. reviewing and validating the estimation of the Mineral Resources is Mitchel Wasel, Golden Star
Investors and others should not assume that any forecasts in this presentation represent Resources Vice President of Exploration.
management's estimate as of any date other than the date of this presentation.
CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated.
NYSE AMERICAN: GSS | TSX: GSC 2
GOLDEN STAR SNAPSHOT
AFRICA
2019
Strong Cash Balance
Production
$66.2 million 1
Guidance
190,000-205,000oz
2019 AISC 2 Mineral Reserves &
Guidance Resources
Prestea Wassa
$1,100-1,200/oz P&P 1.8 Moz Gold Mine Gold Mine
M&I 5.9 Moz
Inferred 7.2 Moz Father Brown ACCRA
Satellite Deposit
TAKORADI
1. As at June 30, 2019.
NYSE AMERICAN: GSS | TSX: GSC 2. See note on slide 2 regarding Non-GAAP Financial Measures. 3
MARKET INFORMATION
Analyst Coverage Key Institutional Shareholders Ownership Breakdown 1
▪ Beacon Securities La Mancha Holding 30%
▪ CIBC Capital Markets
CPMG Inc. (Condire) 7.5%
▪ Clarus Securities
▪ Desjardins Capital Markets Van Eck 5.2%
Retail/Other
▪ HC Wainwright & Co Franklin Templeton 4.1% 27%
▪ National Bank Financial Oppenheimer Funds 2.6% Institutional
▪ Numis Securities 43%
Renaissance Technology LLC 2.5%
▪ Scotiabank La Mancha
Invesco Advisers Inc. 2.4% 30%
Market Information 1
Victory Capital Management 1.6%
NYSE American / TSX / Konwave AG 1.6%
Markets
GSE
Tocqueville Asset Management 1.4% ▪ Strong support from the 30% strategic
NYSE: GSS
shareholder La Mancha, a proven and
Tickers TSX: GSC
GSE: GSR successful investor in the gold sector
▪ Recently requested (and was granted) ability
Shares in Issue 109,141,742
to increase their holding to 35%
Options 3,938,683
Share Price (NYSE) $3.08
Market
$336m
Capitalization
1. As at August 29, 2019 1. As at September 11, 2019
NYSE AMERICAN: GSS | TSX: GSC 4
AN UNDERGROUND MINING COMPANY, OPERATING IN GHANA
Wassa: Wassa Southern Extension: Father Brown: Across the Company:
▪ Golden Star’s Flagship ▪ 47% increase in reserves ▪ Drill data being analyzed ▪ A culture where safety is
Asset during 2019 to determine next steps never compromised
▪ Long life, low cost, ▪ Rapidly approaching 4,000 Wassa: ▪ Working hard to ensure
growing production tpd throughput ▪ 4 Drills running on the best team and people
Prestea: ▪ Mill capacity of ~8,000 tpd surface are in place
▪ Focus on near term Prestea ▪ 4 Drills running ▪ Setting clear goals to
operational ▪ High grade extension underground reach intermediate
improvements and drilling results producer status
longer term mine plan ▪ Opportunity to expand to
redesign additional levels
NYSE AMERICAN: GSS | TSX: GSC 5
WASSA MINE QUICK FACTS
Wassa Quick Facts (ON 100% BASIS)
Ownership 90% GSR (Wassa) Ltd., 10%
Ghana
M&I Mineral Resources 3.4 Moz
Inferred Mineral Resources 6.4 Moz
P&P Mineral Reserves 1.5 Moz
Processing Plant CIL (capacity 7,800 tpd)
Gold Recovery 95.7%
Mining Type Underground (Longhole)
Wassa is in south-western Ghana, approximately 40 km from the Ramp capacity 4,000 tpd
Prestea Gold Mine. Golden Star commenced production from the
surface operation at Wassa in 2005 and commercial production was Production 2017A 137 koz
achieved at Wassa Underground on January 1, 2017. In early 2018, 2018A 150 koz
Wassa transitioned into an underground-focused operation. 2019E 150-160 koz
Wassa Underground has exploration upside through extension drilling Cash Operating Cost(1) 2017A - $880
of B Shoot North, step out drilling on B Shoot South, step out drilling 2018A - $629
on the 242 Trend and the extension of the F Shoot. This work is 2019E - $600-$650
expected to increase the mine life of Wassa Underground in the short,
medium and long term.
NYSE AMERICAN: GSS | TSX: GSC 1. See note on slide 2 regarding Non-GAAP Financial Measures.
6
PRESTEA MINE QUICK FACTS
Prestea Quick Facts (ON 100% BASIS)
Ownership 90% GSR (Prestea/Bogoso) Ltd.,
10% Ghana
M&I Mineral Resources 2.6 Moz
Inferred Mineral Resources 701 koz
P&P Mineral Reserves 317 koz
Processing Plant CIL (capacity 4,000 tpd)
Gold Recovery 87.4%
Mining Type Underground (Alimak)
Prestea is in south-western Ghana, approximately 40 km from the Shaft capacity 1,500 tpd
Wassa Gold Mine. Previously, production was being delivered from
the Prestea Open Pits and the Prestea Underground Gold Mine. In the Production 2017A 130koz
second half of 2018, Prestea became an underground-focused 2018A 75koz
operation. 2019E 40-45koz
Prestea Underground has exploration upside through the extension Cash Operating Cost(1) 2017A $632
and definition of the West Reef ore body, with the objective of 2018A $1,292
increasing the supply of high grade ore to the processing plant in the
2019E $1,450-$1,650
near term. Other focuses of the exploration program include initial
testing of the Main Reef and South Gap areas, which have the
potential to add ore to the mine plan in the medium to long term.
NYSE AMERICAN: GSS | TSX: GSC 1. See note on slide 2 regarding Non-GAAP Financial Measures.
7
WASSA - FLAGSHIP ASSET
NYSE AMERICAN: GSS | TSX: GSC 8
WASSA: 80,000 OUNCES PRODUCED IN H1 2019 AT 3,500 TPD OF ORE MINED
Q2 2019 Results
42,910
▪ Underground material mined (ore + waste) increased over 38,097 37,562 37,356
the quarter
▪ Slightly lower underground ore mined in Q2 2019 compared
to previous quarter
▪ Ore mining rate affected by limited stope access in
June
▪ Lower than planned grades encountered during the quarter
in several stopes
Q3 2018 Q4 2018 Q1 2019 Q2 2019
3.6 3.8 4.3 Gold Production (ounces)
3.5
Q2 2019 Q1 2019 Q2 2018
4,203 4,335 4,255 4,289 Ore Mined UG kt 312,115 326,747 238,953
3,406 3,364 3,631 3,430
Grade Mined UG g/t 3.51 4.31 4.99
Ore Processed kt 364,901 366,790 375,932
Q3 2018 Q4 2018 Q1 2019 Q2 2019
Recovery % 95.9 95.6 96.1
UG Ore Mining rate (tpd) UG Ore + Waste Mining rate (tpd)
UG Gold Grade mined (g/t) Gold Produced oz 37,356 42,910 38,532
NYSE AMERICAN: GSS | TSX: GSC 9
WASSA: COSTS IMPACTED BY LOWER PRODUCTION
Costs 991
946
▪ Cash operating and costs(1) AISC(1)
per oz impacted by the lower
807
production during Q2 760
▪ Underground mining and processing costs per tonne stable 613 614
656
552
quarter over quarter
Outlook
▪ The grade and mining rate are expected to stay at similar levels for
the rest of the year
▪ Revised 2019 Guidance:
▪ Production: 150,000 to 160,000 ounces (from 170,000 to Q3 2018 Q4 2018 Q1 2019 Q2 2019
180,000 ounces) Cash Operating Costs (US$/oz) AISC (US$/oz)
▪ Cash operating costs(1): $600/oz to $650/oz (from $560/oz
to $600/oz)
▪ AISC(1): $880/oz to $940 per oz (original guidance not Q2 2019 Q1 2019 Q2 2018
disclosed)
UG Mining Cost $/t ore 40 37 38
Processing Cost $/t ore 22 21 22
G&A Cost $/t ore 10 10 12
Cash Operating Costs $/oz 655 552 610
1. See note on slide 2 regarding Non-GAAP Financial Measures. AISC $/oz 941 760 994
NYSE AMERICAN: GSS | TSX: GSC 10WASSA: INCREASING VOLUME
N S
Outlook
▪ Ongoing investment to increase drill density to
anticipate lower-grade stopes and sequence them
accordingly
▪ Target 12 months of definition drilling Mined out pits
available
▪ 26,000 m of definition drilling to be
completed in H2 2019
▪ Ongoing investment to increase stope availability
Paste plant construction to start in H2 2019
▪ Commissioning expected in H2 2020
▪ Capital cost: $23 million
▪ Operating cost: $5-7 per tonne
▪ Ongoing investment to expand development to get
to 5,000 tpd
▪ Strengthen mining fleet: purchase of In Grey, mined out stopes/pits and H1 2019 definition drilling
In Blue, stopes and development for H2 2019
loaders, jumbo, 60t trucks
1,100 m
Wassa long section
NYSE AMERICAN: GSS | TSX: GSC 11PRESTEA - OPERATIONAL REVIEW UNDERWAY
NYSE AMERICAN: GSS | TSX: GSC 12PRESTEA: MINING RATE STABLE, GRADE REMAINS THE FOCUS
Q2 2019 Production Results 19,016
▪ Open pit grade and throughput higher than previous quarter
▪ Improved grade reconciliation during the quarter
▪ Low strip ratio (1.4:1) 11,284
10,374
11,065
▪ Underground mining rate slightly lower than previous quarter
▪ Rock breaker upgrade in June impacted skipping for 15 days
▪ Adjusted underground mining rate of 489 tpd excluding rock
breaker downtime
▪ Underground grade lower than previous quarter
▪ Ore sourced from stopes with low grade Q3 2018 Q4 2018 Q1 2019 Q2 2019
▪ Ongoing high level of dilution Gold Production (ounces)
10.4
8.6
6.3
Q2 2019 Q1 2019 Q2 2018
4.1
Ore Mined
kt 195,455 83,385 76,920
(Open Pit and UG)
Ore Processed kt 211,873 134,332 373,599
489 4.1 UG 6.3 UG 13.6 UG
430 408 Grade Processed g/t
376
322
1.6 OP 1.3 OP 2.3 OP
Recovery % 83.2 87.4 88.0
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Gold Produced oz 11,066 10,374 22,677
UG Ore Mining rate (tpd) Adjusted UG Ore Mining rated (tpd)
UG Gold Grade mined (g/t)
NYSE AMERICAN: GSS | TSX: GSC 13PRESTEA: WASTE ZONES CONTINUED TO AFFECT THE GRADE MINED
Q2 2019 Production Results
▪ Q2 ore sourced from S2, S4, S6, S8 and S9 Waste zones identified with definition drilling
▪ Low grade in those stopes due to:
▪ Waste zones not identified beforehand due to
lack of definition drilling
▪ High dilution related to limited QAQC on long hole 21 Level
drilling and blasting and stope height
Outlook
▪ Definition drilling at 25x25 m spacing completed
between 21 and 24 level
▪ Introduced finger raising and shorter raises to
work around the waste zones
▪ Drilling has been deferred to 2020 to help with
cash burn
▪ Positive results observed from QAQC implemented on
long hole drilling and blasting from S9 and onwards
▪ Waste from 17L skipped separately from ore since May
to improve dilution 24 Level
▪ Looking at similar options for 24L
▪ For H2 2019, ore to be sourced from S9, S11, S12, S13, Prestea Alimak stopes with status as of June 30th, 2019
S14 and development ore
▪ Grade expected to improve
NYSE AMERICAN: GSS | TSX: GSC 14PRESTEA: COSTS IMPACTED BY UNDERGROUND GRADE AND VOLUME
Costs
▪ Costs impacted by low production grade and below target throughput 2,120 2,143
▪ Largely fixed cost at Prestea Underground 1,865
▪ Cost very sensitive to grade
1,867
Outlook 1,363 1,677
▪ Underground productivity, mining rate and throughput expected to increase for H2 1,463
2019, with rock breaker, railway and ventilation raise work completed 1,110
▪ Open pit production expected to continue at similar grade during Q3
▪ Revised 2019 Guidance:
▪ Production: 40,000 to 45,000 ounces (from 50,000 to 60,000)
▪ Cash operating costs (1): $1,450/oz to $1,650/oz (from $840/oz to $1,000/oz)
▪ AISC (1): $1,900/oz to $2,150/oz (original guidance not disclosed) Q3 2018 Q4 2018 Q1 2019 Q2 2019
▪ Focus on cost reductions to minimize cash outflows
Q2 2019 Q1 2019 Q2 2018 Cash Operating Costs (US$/oz) AISC (US$/oz)
$/t Projects
UG Mining Cost 191 191 276
ore ▪ 60% of the underground railway refurbished during the quarter
$/t ▪ 80% to be refurbished by end of Q3 2019
Processing Cost 30 36 22 ▪ Reliable railway will improve throughput
ore
▪ Underground rock breaker and tipping area upgraded
$/t ▪ Rock breaker responsible for significant downtime in Q1 2019
G&A Cost 22 14 10
ore ▪ Better availability observed since installation in early June
Cash Operating Costs $/oz 1,677 1,463 1,149 ▪ New larger rock breaker to be installed in coming month to
handle higher volume
AISC $/oz 2,143 1,865 1,293
1. See note on slide 2 regarding Non-GAAP Financial Measures.
NYSE AMERICAN: GSS | TSX: GSC 15PRESTEA: INDEPENDENT REVIEW OBSERVATIONS
OBSERVATIONS INITIAL RECOMMENDATIONS AND NEXT STEPS
Well established operation Aug 2019 – Feb 2020 - Prioritisation and implementation of low-cost quick win initiatives
▪ Resource model aligned with standard Industry ▪ Increase definition drilling to provide accurate information on reef location and grade distribution
Practice within the reef
▪ Processing plant well adapted to lower throughput ▪ More than 100 low-cost initiatives identified by CSA, including:
▪ Competent workforce ▪ Develop geotechnical block model
▪ Highly prospective land package ▪ Improve supervision, implement KPIs and management operating system
▪ Multiple upside options ▪ Purchase critical small equipment (e.g. forklift) for Alimak installation and supervision
Lower grade than planned: Excessive dilution & ore loss ▪ Run a workshop on site to prioritize and cost initiatives
▪ Insufficient geological and geotechnical data ▪ Initiatives to be implemented by the operational team supported by a dedicated project team
▪ Poor definition of reef position Oct 2019 – Implementation of long-term plan
▪ Inadequate alignment of Alimak raises to reef position
▪ Low QAQC on long hole drilling and blasting ▪ Establish whether existing or modified Alimak mining is appropriate
▪ Lack of geotechnical expertise ▪ Assess whereas to introduce a complementary mining method to bring additional flexibility (trade
off review)
Lower productivity than planned
▪ Revise production and cost targets
▪ Alimak raise length (150-160 m) contributing to
poor geotechnical conditions Feb 2020 - Improvements embedded and new plan starting to deliver
▪ Low equipment mechanical availability
▪ Lack of access to top level
NYSE AMERICAN: GSS | TSX: GSC 16EXPLORATION
NYSE AMERICAN: GSS | TSX: GSC 17WASSA DEEP: EXTENDING MINERALISATION by 200m
2,000 m
Q2 2019 Results
19400N
19350N
19200N
19000N
18900N
18700N
18500N
N Mined out pits S ▪ Four rigs on site, 27 holes and 23,271 m drilled in H1 2019
▪ High grade mineralization extended 200 m south of the known
mineralization
BSDD19-394D2 ▪ Deposit remains open to the south and at depth
22.7m @ 8.9 g/t
▪ Improved understanding of the orebody thanks to infill drilling
BS18DD394D1 ▪ Confirmed continuity of the deposit grade and thickness
13.9m @ 3.2 g/t ▪ Newly converted Indicated resources expected to
17.6m @ 34.1 g/t
15.7m @ 4.1 g/t increase mine life
BSDD19004
14.8m @ 2.6 g/t BSDD19-400M Outlook
19.5m @ 5.4 g/t
1,500 m
BSDD19-396D1
14.3m @ 6.2 g/t
▪ Focus on infill drilling to convert Inferred resource to Indicated
BSDD19-394D3 resource in H2 2019
BSDD19-396D2 15.9m @ 4.5 g/t
25.6m @ 4.1 g/t ▪ 1,500 m to 2,000 m drilling remaining for 2019
BSDD19-388D3 ▪ Potential to increase mine life
25.2m @ 3.3 g/t
▪ Resource and Reserve update early 2020
OPEN
4.3m @ 12.2 g/t
29m @5.5 g/t ▪ Further work on defining geological structures
6m @12.6 g/t
8.4m @ 6.5 g/t
BSDD19-388D3
32.5m @ 5.3 g/t
4.8m @ 5.7 g/t
OPEN BS18DD392D3
12.8m @ 2.1 g/t
All drill holes represent H1 2019 drilling
22.4m @ 2.5 g/t
7.7m @ 3.7 g/t
NYSE AMERICAN: GSS | TSX: GSC 18WASSA BROWNFIELD: HIGHLY PROSPECTIVE TARGETS ALONG THE TREND
CLOSE TO HAUL ROAD Wassa Plant
SAK & Ballyebo Prospects Capacity: 7,800 tpd
Current utilization: ~3,500 tpd
Existing GSR Haul Road
85 km long from Wassa to Father
SAK Brown
Wassa Main
Ballyebo
Chichiwelli
Indicated Resources: 52 koz
(850 kt at 1.9 g/t)
Benso
Indicated Resources: 112 koz (1,200 kt at 2.9 g/t)
Abada & Apotunso Prospects Under pit intercept 15.5 m at 6.2 g/t
Veining similar to Prestea
Historical intercepts including 8 m
at 5.48 g/t Father Brown
See next slides
NYSE AMERICAN: GSS | TSX: GSC 19FATHER BROWN COMPLEX: HIGH GRADE SHOOT EXTENDED by 200m
▪ Potential ore feed to utilize available capacity at Wassa
plant located 85km north of the Father Brown Complex
▪ Infrastructure available on site
▪ Two high grade underground structures identified,
Adoikrom and Father Brown
Q2 2019 Results
▪ Improved understanding of the orebody:
▪ ADK structure interpreted as being the primary gold
bearing fluid pathway
▪ Focus drilling on ADK
▪ ADK high grade shoot confirmed by recent drilling
▪ 200m extension identified, with a 8.1 m intersect
Tonnage grading 8.7 g/t, 825 m below surface
(kt) Grade (g/t) Gold (koz) ▪ Assay results received and will be released once resource
Father Brown Indicated 656 8.67 183 update and ENTECH independent evaluation is completed
▪ Decisions on further drilling anticipated to be made in 2020
Inferred 997 5.44 174 or sooner
Adoikrom Indicated 327 5.3 55 Outlook
Inferred 1,316 7.1 300 ▪ Next resource update expected early Q4 2019
Total Indicated 982 7.5 238 ▪ 28 holes drilled since the last resource update (Dec
2018)
Inferred 2,313 6.4 475 ▪ Project viability currently being assessed
▪ Results will drive future drilling decisions
NYSE AMERICAN: GSS | TSX: GSC 20PRESTEA – HIGH GRADE EXTENSION DRILLING RESULTS
▪ 25 x 25 m infill drilling completed on the North extension, further
indicated resources in this area are anticipated to be converted to
reserves
▪ Opens additional exploration targets
▪ Potential addition to the resources and reserves on 24L
NYSE AMERICAN: GSS | TSX: GSC 21CORPORATE RESPONSIBILITY
NYSE AMERICAN: GSS | TSX: GSC 22CORPORATE RESPONSIBILITY & HEALTH AND SAFETY
LEADING PRACTICE
LOCAL CONTENT
▪ Featured in UN Global Compact Canada Leading Practice
Guide Sustainable Development Goal (SDG) 1,3 & 81 ▪ Employees 30% host community and 98% Ghanaian
▪ Over 250 workforce safety champions ▪ Contractors 74% host community
▪ Oil palm plantation supports over 700 families
▪ Featured in UN Global Compact Canada Leading Practice PARTNERSHIP
Guide SDG 1 & 8 ▪ Community agreements in development for Wassa operations
▪ World Environment Day celebrations
LEADERSHIP & PERFORMANCE
▪ 93% of leaders completed leadership training WORLD GOLD COUNCIL
▪ 10 safety standards developed by workforce
▪ TRIFR of 1.19 in line with peer group ▪ Golden Star is a member of the World Gold Council (“WGC”)
▪ Near miss reporting 2.5 times better than 2017 ▪ 10 Responsible Gold Mining Principles (“RGMPs”) were recently
▪ Systems enhanced disclosed by the WGC which are aligned with the approach
▪ No reportable environmental incidents Golden Star carries out its business:
▪ 100% conformance to statutory monitoring and 1. Ethical conduct
regulatory guidelines 2. Understanding our impacts
3. Supply chain
MALARIA 4. Safety & Health
▪ Least cases in 7 years 5. Human rights & conflict
▪ Order of magnitude better than background 6. Labour rights
▪ Case rates just 0.35 per capita 7. Working with communities
8. Environmental stewardship
9. Biodiversity, land use & mine closure
10. Water, energy and climate change
NYSE AMERICAN: GSS | TSX: GSC 23
1. Details available on the Company website , or here http://www.gsr.com/responsibility/SDG/default.aspxWRAP-UP
▪ Proven focus on responsible mining recognized with several industry awards
in Ghana and internationally
▪ Two operating assets and significant landholding in highly prospective,
under explored proven Ashanti gold belt
▪ Wassa: underground deposit in excess of 5.6 Moz of Inferred and 1.7 Moz
of M&I Mineral Resources with estimated 2019 production of 150-160 Koz
with significant growth potential
▪ Prestea: high grade underground deposit with current operational review
underway to improve performance and return to free cash generation
▪ Optionality from other satellite deposits, including Father Brown, to utilize
latent installed processing capacity at both sites
▪ Long track record of operating successfully in Ghana, a well developed and
stable mining jurisdiction in West Africa with excellent relationships with
our stakeholders
▪ New COO with extensive underground mining expertise
NYSE AMERICAN: GSS | TSX: GSC 24
24THANK YOU – Q&A
CONTACT US
Tania Shaw, VP, Investor Relations &
Corporate Affairs
+1.416.583.3800
investor@gsr.com
NYSE American: GSS
TSX: GSC
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