NYSE MKT: GSS

Price: 2.79 Volume: 387,287 Change: +0.08 % Change: +2.95% August 21, 2019

Gold

Price: 1,503.59 Volume: Change: -4.53 % Change: -0.3% August 21, 2019

Management Team

Andrew Wray
, Chief Executive Officer

Mr. Wray was appointed President and Chief Executive Officer of the Company, effective May 1, 2019 and a Director of the Company October 2, 2018. Previously, Mr. Wray was the Chief Executive Officer of the La Mancha Group, one of the largest direct investors in the gold mining sector. Prior to that, he was Chief Financial Officer of Acacia Mining Plc, a UK listed company and one of the largest African gold producers. He also has significant experience advising companies in capital-raising activities and other strategic objectives in a range of sectors, including mining, from his time in the Corporate Finance team at JP Morgan Cazenove. He is a fluent Spanish speaker and spent several years at the Kuwait Investment Office in London dealing with its portfolio of investments in Spain. He holds an Honours Degree from University College London as well as postgraduate studies in Finance and Investment from South Bank University Business School.

Daniel Owiredu
, President

Mr. Owiredu was appointed Executive Vice President Operations of the Company effective January 1, 2013. He was subsequently appointed to the board in November 2014. Mr. Owiredu has more than 30 years’ experience in the mining sector in Ghana and West Africa. Mr. Owiredu previously served the Company as Senior Vice President Ghana Operations since May 10, 2012. Prior to that, he was Vice President Ghana Operations since September 2006. Prior to joining the Company, Mr. Owiredu served as Deputy Chief Operating Officer Africa for AngloGold Ashanti Ltd. following the amalgamation of AngloGold Ltd. and Ashanti Goldfields Co. Ltd. Mr. Owiredu’s prior experience includes successfully managing the construction and operation of the Bibiani mine for Ashanti. He also managed the Siguiri mine in Guinea and the Obuasi mine in Ghana for Ashanti.

Graham Crew
, Chief Operating Officer

Mr. Crew has over 25 years of operational, technical and corporate experience in the mining industry. A mining engineer by background, he is General Manager Mining for Barminco Limited, a global underground mining services provider, and he previously held the position of General Manager of the Bulyanhulu mine for Acacia Mining. Prior to that, he was the Operations Manager for La Mancha’s Australian operations for five years and he has held a number of other technical positions for mining companies in various geographies. He has a strong track record of transforming operations through development of vision and strategy and disciplined implementation and he has experience of construction projects, due diligence, project evaluation and project financing. Mr. Crew holds a Bachelor’s degree in Mining Engineering from West Australian School of Mines and is a Fellow of the AusIMM.

André van Niekerk
, Executive Vice President and Chief Financial Officer

P. André van Niekerk joined Golden Star in 2006. Mr. van Niekerk spent close to five years in Ghana as the head of finance and business operations, after which he was transferred to the corporate office to assume the role of Vice President - Controller. In April of 2014 Mr. van Niekerk was appointed to the role of Executive Vice President & Chief Financial Officer . While based in Ghana, Mr. van Niekerk was Vice Chairman of the Ghanaian Chamber of Mines Energy Committee and a member of the Chamber of Mines Finance Committee. Prior to joining Golden Star, Mr. van Niekerk spent six years with KPMG serving clients in the mining and oil and gas industries. Mr. van Niekerk has been the Executive Vice President and Chief Financial Officer for Golden Star for more than four years.

Martin Raffield
, Executive Vice President, Chief Technical Officer

Martin Raffield was appointed Executive Vice President, Chief Technical Officer in January 2019. He joined Golden Star in August 2011 and previously held the role of Senior Vice President, Project Development and Technical Services. Prior to this, from June 2007, he was Principal Consultant and Practice Leader for SRK Consulting in Denver. Martin started his career in 1992 in South Africa working in geotechnical engineering at a number of deep level gold mines for JCI. In 2000, he relocated to Canada with Placer Dome and held the positions of Chief Engineer and Mine Superintendent at their Campbell Mine. Martin moved to Breakwater Resources in 2006 and held the position of Manager of Mining until moving to SRK in 2007. Martin holds a Ph.D. in geotechnical engineering from the University of Wales and is a Professional Engineer registered in Ontario, Canada.

Tania Shaw
, Vice President, Investor Relations and Corporate Affairs

Tania Shaw joined Golden Star in January 2019. Tania has been in Investor Relations in the Gold sector for the last 14 years. She was previously Vice President of Investor Relations for Oceanus Resources, and prior to that held roles of increasing responsibility with Detour Gold, Primero Mining and Roxgold. Ms. Shaw has her CPIR designation (Certified Professional Investor Relations) and is a member in good standing of CIRI.

Robert Vallis
, Senior Vice President, Corporate Development

Robert Vallis joined Golden Star in February 2019 as Senior Vice President, Corporate Development. Previously, Mr. Vallis was Vice President, Business Development with Yamana Gold following over eight years with the firm in Business Development. Prior to this, he held multiple positions over a 13-year period with Barrick Gold in Corporate Development, Continuous Improvement, and Mine Operations principally at its Global Headquarters and Canadian Operations. Robert holds an MBA from Rotman School of Management, a B.Eng. in Mining/Petroleum from Dalhousie University, and is a registered Professional Engineer in Ontario, Canada.

Philipa Varris
, Vice President, Corporate Responsibility

Philipa Varris was appointed Vice President, Corporate Responsibility in January 2015. Prior to that she served as Group Corporate Responsibility Manager since February 2011. Ms. Varris has held leadership positions in environment, health, safety and community management in the mining sector for over 20 years, primarily in Ghana, Australia and Papua New Guinea. Philipa has been awarded a Centenary Medal by the Prime Minister of Australia for her involvement in community consultation activities. She holds a Master in Science (Natural Resources), Honours and Bachelor degrees in Environment and is a Chartered Environmental Professional with the Australasian Institute of Mining and Metallurgy.

Karen Walsh
, Vice President, People and Organizational Development

Ms. Walsh has served as Vice President People and Organizational Development since July 2012. Prior to joining the Company, Ms. Walsh did consulting work for six years in the mining industry from September 2007 to July 2012. Prior to that, Ms. Walsh was Vice President, Human Resources for Placer Dome Inc. from 2005 to August 2006. Ms. Walsh has over 25 years of experience in the mining industry with a broad range of human resources expertise including recruiting, succession planning, cultural change initiatives, HR process optimization, project development feasibility studies, global leadership development and performance management.

Mitch Wasel
, Vice President, Exploration

Mr. Wasel has served as Vice President Exploration since September 2007, prior to which he served the Company as Regional Exploration Manager for West Africa from March 2004. Mr. Wasel served as the Company’s Exploration Manager - Ghana from 2000 to March 2004. Mr. Wasel has acted in various other roles with the Company since 1993 when he commenced his service with the Company as an exploration geologist, where he worked in the Company’s regional exploration program in Suriname and later with the Gross Rosebel project, ultimately as Project Manager. Prior to joining the Company, he worked with several companies in northern Canada in both exploration and mine geology.

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Please note the information presented is given as at the date and the time of its original release. Changes in such historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-GAAP Information

Golden Star also uses certain non-International Financial Reporting Standards (“IFRS”) financial measures as defined in applicable Canadian and United States securities laws ("non-GAAP measures"), including the terms “cash operating cost per ounce”, “all-in sustaining costs”, “cash generated from operations before working capital changes”, “adjusted net (loss)/income attributable to Golden Star shareholders and “adjusted net (loss)/income per share attributable to Golden Star shareholders”. Golden Star believes that these measures are similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. In addition, changes in numerous factors including, but not limited to, Golden Star’s share price, risk free interest rates, gold prices, mining rates, milling rates, ore grade, gold recovery, costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease.

Golden Star believes these measures are useful non-GAAP operating measures and supplement the IFRS disclosures made by the Company. These non-GAAP measures are not representative of all of Golden Star's cash expenditures and there are material limitations associated with the use of such non-GAAP measures. Since these non-GAAP measures do not incorporate all non-cash expense and income items, changes in working capital and non-operating cash costs, they are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

The non-GAAP information is not prepared in accordance with IFRS and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed in isolation or as a substitute for, or superior to, other data prepared in accordance with IFRS. For an explanation of the Non-GAAP financial measures used by the Company, please refer to the heading “Non-GAAP Financial Measures” in the Company’s Management Discussion and Analysis of Financial Condition and Results of Operations for the Three Months ended March 31, 2014 and the Company’s Management Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended December 31, 2013, available at www.sedar.com.

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