MOVING FORWARD WITH THE SIOU HIGH GRADE...

INVESTOR PRESENTATION

DECEMBER 2013

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FORFOWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks,

uncertainties and assumptions and accordingly, actual results and future events could differ materially from those

expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking

statements. Forward-looking statements include words or expressions such as “growth”, “estimated”, “simulation” ,

“guidance”, “strategy”, “pursue”, ”reduce”, “will”, “maintaining”, “anticipated”, “committed”, “create”, “prospective”,

“committed”, “evolve”, “become”, “pursuing”, “growth”, “opportunities” and other similar words or expressions. Factors

that could cause future results or events to differ materially from current expectations expressed or implied by the

forward-looking statements include the ability to commence mining and production activities at Siou in the second

quarter of 2014, Siou’s ability to boost production and lower all-in sustaining costs, the ability to produce 153,000 to

168,000 ounces at Mana at a total cash cost of $805 to $855 per ounce in 2013, the ability to bring Siou from discovery

to production in less than two years, the ability of our actual results to match our simulations over time, the ability to

maintain our expected life of mine, the ability to meet our development schedule for the Siou Sector, the ability to begin

pre-stripping Siou in Q1 2014, the ability to meet our 2013 estimated CAPEX, the ability of our strategy to increase

shareholder value, the ability to commence pre-stripping and road construction work at Siou in the coming months, the

ability to commence production from the Fofina deposit in 2015, the ability to execute on our strategic focus, fluctuation

in the price of currencies, gold or operating costs, 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 Canadian securities regulatory authorities.

You can find further information with respect to these and other risks in SEMAFO’s 2012 Annual MD&A, as updated in

SEMAFO’s 2013 First Quarter MD&A, 2013 Second Quarter MD&A and 2013 Third Quarter MD&A, and other filings

made with Canadian securities regulatory authorities and available at www.sedar.com. Documents are also available

on our website at www.semafo.com. These forward-looking statements are dated as of December 2, 2013 and we

disclaim any obligation to 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 Canadian Securities Administrators, are not recognized by the US Securities and Exchange Commission. There

is no certainty that Inferred Resources or Indicated Resources will be economically mineable.

In this presentation, all amounts are in US dollars unless otherwise indicated.

FORWARD-LOOKING STATEMENTS

M O V I N G F O R W A R D 2

http://www.sedar.com/





http://www.semafo.com/





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INVESTMENT SUMMARY

Operator of the high potential Mana mine, Burkina Faso

Large land package totalling 2,119 km2

Cumulative production since 2008: 1 million ounces

Mining and production activities at the high-grade Siou Sector are

scheduled to commence in the second quarter of 2014, boosting

production and lowering all-in sustaining costs

No debt, unhedged, healthy cash position


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STRATEGY: GENERATE FUTURE CASH FLOW

Cost control and optimization programs

Disciplined capital allocation

Strong operational performance

Disciplined exploration

Solid balance sheet

Quality ounces


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MANA: EXTENSIVE PROPERTY


Burkina Faso

≈260 km

Mana’s 2013 exploration budget: $22M focused on

the 20-km radius from the processing plant

Exploration permits: 2,119 km2

Mana

Mali

Ivory Coast Ghana

Togo Benin

Niger

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MANA • 2013 guidance: 153,000-168,000 oz at a total cash cost of $805-$855/oz

• Open-pit operation inaugurated in mid-2008


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909 770

2,160 1,985 1,8612,389

1,021 1,582

1,126

2,790 3,0172,446

508

909

2,678

2,082 1,8671,447

2008 2009 2010 2011 2012

55%

32%

10%

MANA: EXPLORATION SUCCESS MANA: EXPLORATION SUCCESS


RESERVES & RESOURCES (Moz) (As at December 31)

Reserves: 28% increase*

Grade: 20% increase*

Reserves estimated @ $1,300/oz

Resources estimated @ $1,600/oz

Reserves estimated @ $1,100/oz

Resources estimated @ $1,400/oz

June 30,

2013

2008 2009 2010 2011 2012

Inferred Resources

Measured & Indicated Resources

Proven & Probable Reserves * Compared to December 31, 2012

Note: All mineral resources are exclusive of mineral reserves

Fofina

2.8 Mt @ 2.68 g/t Au

Siou

4.8 Mt @ 4.94 g/t Au

Wona-Kona

18.8 Mt @ 2.19 g/t Au

RESERVES (P&P)

26.8 Mt @ 2.77g/t Au

2.4 Moz

1,324,500 oz

769,300 oz

237,700 oz

FOCUS ON

QUALITY OUNCES

2010: Fofina, Fobiri 2012: Siou 2011: Yaho Discoveries

0.9

1.0

0.5

0.8

1.6

0.9

2.2

1.1

2.7

2.0

2.8

2.1

1.9

3.0

1.9

2.4

2.4

1.4

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20-km radius from the plant

Mana processing plant

Siou Sector

Reserves:

4,842,900 mt @ 4.94 g/t Au

769,300 oz

Inferred Resources:

6,227,600 @ 3,97 g/t Au

795,300 oz

Fofina Zone

Reserves:

2,757,100 mt @ 2.68 g/t Au

237,700 oz

*As at June 30, 2013

MANA: PRIORITY FOR GROWTH – SIOU

Wona-Kona Zone

Reserves:

18,832,200 mt @ 2.19 g/t Au

1,324,500 oz



AS AT JUNE 30, 2013

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SEMAFO’S MOST IMPORTANT DISCOVERY

Reserves to a depth of ≈180 meters

Zone dips 45 to 60 degrees

Siou Sector thickness averages between 4 to 4.5 m

Open laterally and at depth

Located 15 km from Mana processing plant, within trucking distance

Minimally affected by variations in the price of gold

SIOU SECTOR

P&P reserves: 4.8 Mt @ 4.94 g/t Au (769,300 oz)

Inferred resources: 6.2 Mt @ 3.97 g/t Au (795,300 oz)

96% gold recovery (CIL)

SEMAFO’S MOST IMPORTANT DISCOVERY


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SIOU SECTOR

M O V I N G F O R W A R D 1 0

LONGITUDINAL SECTION VIEW LOOKING WEST

Surface

Surface

Siou Pit Shell (based on June 30, 2013 Reserves)

Siou Pit Shell (based on June 30, 2013 Reserves)

SIOU ZONE

ZONE 9

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SIOU SECTOR: RESERVES & RESOURCES


AS AT JUNE 30, 2013


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MANA: SIOU SECTOR – CROSS SECTION MANA: SIOU SECTOR – CROSS SECTION



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MANA: KOKOI


Taoudenni Sediments

Undifferentiated Sediments

Mineralized Zone

Wackes

Andesite

Mafic Volcanics

Tonalite/Granodiorite

Contact

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2013 2014 2015

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Completion of delineation drilling

Reserves/resources estimate

Permitting process

(EIA filed)

Road construction to

Mana processing plant (≈15 km)

Pre-stripping activities

Production

DEVELOPMENT SCHEDULE OF HIGH-GRADE SIOU SECTOR

Estimated time to bring Siou from discovery to production: less thant 2 years

DEVELOPMENT SCHEDULE OF HIGH-GRADE SIOU SECTOR


Completed

Scheduled

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MANA’S LIFE OF MINE PRODUCTION SIMULATION(1)

COMBINING WONA-KONA, SIOU AND FOFINA PITS


Year 1 Year 2 Year 3 Total LOM

1-10 years

Ore processed (Kt) 2,519 2,485 2,547 26,830

Head grade (g/t) 2.29 3.45 3.60 2.77

Recovery (%) 84 90 91 86

Total gold ounces recovered (K) 156 249 269 2,056

Total operating cost/tonne ($) 45 44 45 44

Total cash cost/ounce(2) ($) 778 490 476 621

Pre-stripping costs (M$) 23.5 24.6 12.9 156.0

Sustaining CAPEX (M$) 15 15 15 139.2

All-in-sustaining cost/ounce(3) ($) 1,025 649 580 765

(1) Excerpt from the National Intrument 43-101 technical report. (2) Total cash cost per ounce is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government

royalties per ounce sold.

(3) All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the total cash cost, plus sustainable capital expenditures

and pre-stripping costs per ounce.

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Year 1 Year 2 Year 3

Waste (Kt) 2,766 11,942 14,250

Pre-stripping waste (Kt) 2,925 9,416 3,411

Ore processed (Kt) 187 807 962

Head grade (g/t) 4.75 6.56 5.45

Gold recovery (%) 96 96 96

Gold recovered (oz) 27,429 163,457 161,774

Cash operating cost/tonne(2) ($) 46 47 56

Total cash cost/ounce(3) ($) 364 282 383

Pre-stripping cost (K$) 3,752 14,804 4,424

SIOU: MINE SIMULATION(1)


(1) Excerpt from the National Intrument 43-101 technical report. (2) Cash operating cost per tonne is a non-IFRS financial performance measure with no standard definition under IFRS and is

calculated using tonnes processed. (3) Total cash cost per ounce is a non-IFRS financial performance measure with no standard definition under IFRS and represents

the mining operation expenses and government royalties per ounce sold.

LOM strip ratio: 1:18.8 Use of local contractors for transportation of the ore to the Mana processing plant over ≈15 km.

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LIFE OF MINE SIMULATION(1)

(1) Excerpt from the National Intrument 43-101 technical report. (2) Production at Fofina expected to commence in year 3. (3) All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the total cash cost, plus sustainable capital expenditures and

pre-stripping costs per ounce. (4) Total cash cost per ounce is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government


COMBINING WONA-KONA, SIOU AND FOFINA PITS


All-in sustaining cost(3) ($/oz) Gold recovered: Wona-Kona, Siou and Fofina pits (oz)

Total cash cost(4) ($/oz)

$778

$490 $476

Year 1 Year 2 Year 3 Total LOM

Mana consolidated

1-10 years

$1,025

$649

$580

All-in sustaining cost/oz

Total cash cost/oz

$621

$765

All-in sustaining cost/oz

Total cash cost/oz

2.1Moz

Recovered

(2)

269Koz

Recovered 249Koz

Recovered

156Koz

Recovered

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OPERATING ON A SOLID FOUNDATION


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Mining Operations Q3 2013 9 months

2013

Ore mined (tonnes) 618,500 2,034,800

Ore processed (tonnes) 714,400 2,138,400

Head grade (g/t) 1.82 2.01

Recovery (%) 85 87

Gold ounces produced 38,700 122,900

Total cash cost per ounce sold(1) ($) 799 725

Cash operating cost per tonne processed(2) ($) 41 38

2013 production guidance: 153,000 – 168,000 oz

at a total cash cost(1) of $805 – $855 per ounce

2013 Estimated CAPEX (in millions of $)

Stripping Costs 49.5

Sustaining Capital – 2013

and 2012 Deferred 13.4

Growth Capital – 2013 and 2012 Deferred 20.3

TOTAL 83.2

MANA: MINING OPERATIONS


(1) Total cash cost per ounce is a non-IFRS financial performance measure with no standard definition under IFRS and

represents the mining operation expenses and government royalties per ounce sold.

(2) Cash operating cost per tonne is a non-IFRS financial performance measure with no standard definition under IFRS and is

calculated using tonnes processed.

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MANA MANA


(1) Total cash cost per ounce is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government


(2) Cash operating cost per tonne is a non-IFRS financial performance measure with no standard definition under IFRS and is calculated using tonnes processed.

(1)

(2)

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Continue to pursue successful cost control and optimization programs

Reduced our G&A – trimmed corporate office headcount by 19% since the beginning of 2013

Lowered cash operating cost per ounce produced by 4% in the first nine months of 2013 compared to the same period in 2012

No longer invest in non-core assets – both are for sale

Samira Hill operations have been placed in care and maintenance in August 2013

Kiniero Mine will be placed in care and maintenance in Q4 2013

Restrict funding to exploration projects with a focus on quality ounces

Focus on maintaining financial flexibility

Solid financial position – debt-free, cash of $83.6M (as at September 30, 2013)

Siou minimally affected by gold price variations

Receipt of authorization to begin development at Siou for anticipated production in Q2 2014

Siou capital expenditures halved to $12.5M from the $25.0M initial budget

SEMAFO’S STRATEGY


IN A WEAK GOLD PRICE ENVIRONMENT

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Committed to creating value by generating future cash flow

Disciplined exploration program focused on the 20-km radius from the Mana processing plant

Highly prospective Mana property – 2,119 km2

Solid balance sheet

$83.6M in cash (as at September 30, 2013)

Debt-free

Successful track record

Five consecutive years of achieving guidance

Estimated time to bring Siou from discovery to production: less than 2 years

Significant cost containment and optimization in 2013 YTD, and ongoing

IN SUMMARY


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Average Daily Trading Volume(1) 3.8M

Close C$2.75*

Market Cap C$0.7B*

Cash (As at September 30, 2013) $83.6M

No Debt

*As at November 28, 2013

O/S 274M SHARES

COMPANY PROFILE

(1) Three-month moving average as at November 25, 2013 – TSX (2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear

TSX, OMX: SMF

Geographic Distribution

of Shares (2)


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APPENDICES


> M O V I N G F O R W A R D 2 5

Excerp

t from

the N

atio

nal In

trum

ent 4

3-1

01 te

chnic

al re

port.

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All m

inera

l resourc

es a

re e

xclu

siv

e o

f min

era

l reserv

es.

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MANA: WONA-KONA SUPER PIT

Dimensions: 5 km x 0.5 km x 300 m deep

18.8 million tonnes @ 2.19 g/t Au (non-refractory)

MANA: WONA-KONA PIT


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RESULTS − CONTINUING OPERATIONS

(in thousands of $) Q3 2013 9 MONTHS 2013

Revenues – gold sales 49,488 175,847

Mining operating expenses1 27,130 79,134

Government royalties 2,355 8,781

Depreciation and other 19,605 47,212

Operating income 398 40,720

Impairment of investment in GoviEx − 19,600

Income tax expense (recovery) (1,152) 8,517

Net income from continuing operations2 1,660 7,798

- per share 0.01 0.03

Cash flow from operating activities from

continuing operations 15,575 61,365

- per share 0.06 0.22

(1) Excluding government royalties

(2) Attributable to equity shareholders


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SEMAFO remains committed to making significant contributions to improving the quality of

life in the communities in which we operate.

Fondation SEMAFO focuses primarily on

developing education, health and revenue-

generating programs and projects.

SEMAFO pledges to contribute up to 2% of

its net income to support Fondation

SEMAFO.

Together for a Better Society

A national radio campaign in Burkina

Faso aimed at raising awareness and

providing information to favor

development

RESPONSIBLE MINING – CSR


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www.semafo.com

CONTACT

Robert LaVallière

Vice-President, Investor Relations

Tel: +1 514.744.4408 ext. 3405

Cell: +1 514.240.2780

[email protected]


MOVING FORWARD WITH THE SIOU HIGH GRADE...

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