NYSE MKT: GSS

Price: 0.67 Volume: 1,415,400 Change: +0.00 % Change: +0% June 23, 2017

Gold

Price: 1,241.29 Volume: Change: -10.08 % Change: -0.81% June 26, 2017

Who We Are

Golden Star is an established West African gold mining company. We have two producing mines in Ghana and we are transforming into a high grade, low cost, non-refractory gold producer.

Golden Star is listed on the NYSE MKT stock exchange (ticker: GSS), the Toronto Stock Exchange (ticker: GSC) and the Ghana Stock Exchange (ticker: GSR).

The investment case for Golden Star is as follows:

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Established, mid-tier gold producer

Golden Star has a 17 year history of producing gold in Ghana. We have two producing mines, Wassa and Prestea, in the south-west of the country, and in 2017 we are on track to produce 255-280,000 ounces of gold at a cash operating cost of $780-860/oz. Ghana is a stable jurisdiction with a century-long history of mining and good existing infrastructure

Production is expanding and costs are reducing

Between 2016 and 2019 Golden Star’s production is expected to increase by 60% and its cash operating costs are expected to decrease by 29%. The key drivers for these changes are Golden Star’s two high grade development projects, Wassa Underground and Prestea Underground. Wassa Underground achieved commercial production in January 2017 and Prestea Underground is expected to follow it into commercial production in Q3 2017.

Strong exploration upside potential

Golden Star has significant potential to expand its Mineral Reserves and the lives of its operations through converting its Mineral Resources to Reserves. There is also substantial potential to expand our Mineral Reserves outside of the current resource area. Golden Star’s mineral concession areas cover approximately 85km of the 250km Ashanti Gold Belt. We have the largest land package of any company operating in Ghana, including the major gold producers.

Experienced management team

Golden Star has an experienced management team with a track record of discovery and project delivery. Sam Coetzer, our President and Chief Executive Officer, is a mining engineer by background with over 26 years’ experience. He previously worked for Kinross, Xstrata Nickel, Xstrata Coal and Placer Dome at open pit and underground mining operations.

Undervalued compared to peer group

Golden Star has significant potential for share price growth as despite our strong performance since the start of 2016, we remain undervalued compared to our peer group on a number of metrics. We intend to continue to increase our share price by developing a reputation for delivery.

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Neither Golden Star Resources Ltd. nor its affiliates, subsidiaries, officers, directors or agents (collectively, “Golden Star” or the “Company”) have any control over (a) the External Site or any linked websites accessible through any External Site, or (b) any data or other content contained, or accessible, therein or in or through any such linked websites. The link to the External Site is provided for convenience purposes only. The information and other content on the External Site is not meant to modify, qualify, supplement or amend information disclosed by or on behalf of the Company under corporate, securities or other legislation in any jurisdiction, and should not be used to make investment decisions involving the Company’s securities.

By clicking “Accept” below you acknowledge and agree that neither Golden Star nor the third party provider of the External Site, Virtua Research, Inc. (“Virtua”), is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data contained in or accessible on or through, or the technical operation of the External Site. Golden Star and Virtua are not liable to you for, and take no responsibility for, third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably forever waive, and release Golden Star from, any and all rights and claims against Golden Star and Virtua and further acknowledge and agree that in no event shall Golden Star or Virtua, its officers, employees, directors and agents be liable for any (i) direct or indirect, consequential, incidental, special, compensatory, punitive or other damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to this disclaimer or the External Site or any linked websites.

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if Golden Star and Virtua are advised of the possibility of the loss, damage, claim or liability. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s).

If in any jurisdiction, any part of this disclaimer is determined to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent necessary to comply with such determination and the remaining disclaimer shall otherwise remain in full force and effect.

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.