Scotiabank conference dec 2016 lr final

1. THE GRADE
MAKING
Scotiabank Mining
Conference 2016, Toronto
December 6, 2016

2. 2
FORWARD-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 “target”, “guidance”, “feasibility”, “initial”, “timetable”, “will”, “objective”, “promising”, “potential”, “priorities” 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 achieve a first gold pour at Natougou in H2 2018, the ability to meet the annual production
targets from 2016 to 2019, the ability to meet our 2016 production guidance of between 225,000 and 245,000 ounces, the ability to
achieve our 2016 total cash cost guidance of between $535 and $565 per ounce and our all-in sustaining cost guidance of between $720
and $760 per ounce, the ability to meet the annual average production targets at Natougou within the anticipated total cash costs and all-in
sustaining costs, the ability to achieve the projected LOM, the ability to meet the targeted permitting process, initial capital expenditures,
construction start-up, the ability to expand Natougou reserves and resources, the ability to meet the various objectives in terms of tonnes of
ore to the milling facility, head-grade and gold recovery at the Natougou plant, the ability to generate an after-tax internal rate of return (IRR) of
48% with a payback period of 1.5 years and to generate an after-tax NPV of $262 million, the ability to produce between 225,000 and
245,000 ounces of gold at Mana in 2017, the ability to produce 100,000 ounces of gold at Natougou in 2018 and 226,000 in 2019
respectively, the ability to produce 200,000 ounces at Mana in 2018 and 2019, the ability to increase the annual mining capacity at hand to
40 million tonnes for the next three years, the ability to better understand the style of mineralization at the hangingwall zone at Natougou, the
ability to bring the west flank mineralized zone at Natougou into the inferred resource category by year-end, the ability to convert these
inferred resources into the indicated category by end of first half of 2017, the ability to evaluate the potential for an underground operation,
the accuracy of our assumptions, 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 2015 Annual MD&A, as updated in
SEMAFO’s 2016 First Quarter, Second Quarter and Third Quarter MD&A, and other filings made with Canadian securities regulatory authorities
and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation
to update or revise these forward-looking statements, except as required by applicable law.
All mineral resources are exclusive of mineral reserves.
In this presentation, all amounts are in US dollars unless otherwise indicated.

3. 3
SEMAFO HAS….
 STRONG IN-HOUSE
TECHNICAL TEAM
 TRACK RECORD OF
OPERATING SUCCESS
IN WEST AFRICA
 HIGH-GRADE OPEN-PIT
DEPOSITS
 FINANCIAL STRENGTH
 LARGE EXPLORATION
PACKAGE
 RESPECTED CSR
PROGRAMS
 DISCIPLINED GROWTH
STRATEGY

4. 4
7,000km2
in Burkina Faso
over three prospective belts
MANAMine
in Burkina Faso
20years
Commissioned
3 mines in West Africa
over
LONG-STANDING PRESENCE IN WEST AFRICA
NATOUGOUFeasibility Study Completed
Targeted Production H2 2018
BurkinaFaso
Mana
BANFORA GOLD BELT
PERMITS
Ouagadougou
(Capital)
Inata
Essakane
Bissa
Taparko
Youga
SEMAFO property
Other mines
Electric line
Korhogo
Natougou
Nabanga
Bantou

5. 55
172.7
158.6
234.3
255.9
750
777
649
493
550
1,221
1,242
801
645
740
0
200
400
600
800
1000
1200
1400
0
50
100
150
200
250
300
2012 2013 2014 2015 Guidance 2016
Production '000 ounces Total Cash Cost ($/oz) All-in Sustaining Cost ($/oz)
OPERATING SUCCESS
Met its production guidance for the eighth consecutive year
245
225
$/oz
‘000oz

6. 6
2008 2009 2010 2011 2012 2013 2014 2015
0.9 0.8
2.2 2.0 1.9
2.3 2.2
3.3
1.0
1.6
1.1
2.8 3.0 2.4 2.8
2.9
0.5
0.9
2.7
2.1 1.9
1.4
1.2
2.1
Discoveries
- Reserves estimate using a gold price of $1,100/oz
- Resources estimate using a gold price of $1,400/oz
EXPLORATION AND ACQUISITION SUCCESS
Fofina
1.2 Mt @ 2.72 g/t Au
104,000 oz
Siou
6.5 Mt @ 4.16 g/t Au
874,000 oz
Wona
12.6 Mt @ 2.30 g/t Au
935,000 oz
2010 2011 2012 2015
FOFINA
FOBIRI YAHO SIOU
ACQUISITION
ORBIS GOLD
Natougou
9.6 Mt @ 4.15 g/t Au
1,276,000 oz
40%
30%
27%
3%
Reserves 50 % YoY
Inferred Resources
Measured and Indicated Resources
Proven and Probable Reserves
* All mineral resources are exclusive of mineral reserves.

7. 77
MANA STRONG PRODUCTION AND LOW COST PROFILE
6
FIRST 9 MONTHS-2016 GUIDANCE 2016 2015
Ore processed (t) 2,039,100 2,500,000 2,399,100
Head grade (g/t) 3,01 3.25 3.63
Recovery (%) 94 91 91
Total gold ounces produced (K) 185 225-245 256
Total cash cost/ounce sold1($) 542 535-565 493
All-in sustaining cost/ounce2 ($) 730 720-760 645
1 Total cash cost 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 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 stripping costs per ounce sold.

8. 8
Sales  $231M
Operating Income  $55M
Adjusted Net Income
Per share
 $40M
 $0.13
Margin per ounce sold  $531
Cash Flow from operating activities
Per share
 $112M
 $0.36
Cash (Sept. 30)  $282M
Long-term debt (Sept. 30)  $60M
FINANCIAL HIGHLIGHTS FOR FIRST 9 MONTHS OF 2016

9. NATOUGOU: OUR NEW QUALITY ASSET

10. 10
POSITIVE FEASIBILITY STUDY HIGHLIGHTS
During the first three years,
• Average annual production of more than 226,000 ounces
• Average total cash cost of $283/oz and AISC of $374/oz
• Average head grade 5.72 g/t at a gold recovery rate of 93.8%
Projected LOM total cash cost of $408/oz and all-in sustaining
cost of $518/oz
Maiden open pit mineral reserves of 9.6 million tonnes at a
grade of 4.15 g/t Au for 1,276,000 ounces of gold
Initial CAPEX: $219 million, project fully financed
First gold pour
H2 2018
Project economics at $1,100/oz:
• After-tax NPV 5%: $262 million
• After-tax IRR: 48%
• Payback period: 1.5 years

11. 11
NATOUGOU– INITIAL PRODUCTION
YEAR 1 YEAR 2 YEAR 3
Feed ore (t) 1,256,000 1,343,200 1,343,200
Grade (g/t) 5.93 5.59 5.65
Gold recovery (%) 93.9 93.7 93.7
Ounces (oz) 224,918 226,100 228,502
TCC ($/oz) 319 304 227
AISC ($/oz) 380 406 337
STRONG FREE CASH FLOW

12. 12
2016 2017 2018
NATOUGOU TIMETABLE
2026
Construction & Pre-stripping
17
12
 Lycopodium selected for the
EPCM contract
 Filing of the Environmental
Social Impact Assessment (ESIA)
 Detailed design and engineering
50% complete
 Procurement
 Suppliers selected for
earthworks and contract
mining
 Issues of purchase orders for
comminution equipment and
seven other packages
 Award of contracts for the
resettlement action plan
follow-up
Permitting process
& Detailed engineering
Commissioning, ramp-up,
first gold pour and production

13. 13
0
50
100
150
200
250
300
350
400
450
2013 2014 2015 2016 Guidance 2017 2018 2019
Mana
Natougou
GROWTH PROFILE
‘000ounces
245
225
Target3
1 See press release of January 20, 2016.
2 Contingent on receipt of permits and construction start-up by year-end 2016; for more details, refer to press release of February 25, 2016 or the
NI 43-101technical report for Natougou, which is filed on www.sedar.com and available on www.semafo.com.
3 Assumption: Mineral reserves were estimated using a gold price of $1,100 per ounce
1, 3
2

14. 14
VALUE CREATION THROUGH
EXPLORATION
Budget expanded to $18 million

15. 15
 TARGETED EXPLORATION WITHIN TRUCKING DISTANCE FROM THE PLANT
25 km
from the mill
Mana Mine
Wona
Siou
Fofina
FobiriYaho
BN2
KOKOÏ
MAOULA
YAMA
MONTAGNE
BLANCHE
H1 2016 H2 2016
16,000 meters of RC drilling
for Yama reserves and
exploration in the area
17,000 meters
of RC drilling
8,000 meters of RC drilling
and 32,000 meters of auger
drilling on various targets
28,000 meters
of auger drilling
 $6.5 MILLION EXPLORATION BUDGET IN 2016

16. 16
NATOUGOU: AN UNDEREXPLORED PROPERTY
Prior to the acquisition, Natougou had seen little
near-pit or regional exploration
In 2015, focus on in-fill drilling for the feasibility study
Regional and proximal exploration only commenced
late 2015
773 km2 of exploration ground
Objective is to expand
reserves and resources
to continue creating value

17. 17
 28,000 meters of RC drilling - Ongoing
 6,000 meters of DDH drilling - Ongoing
 62,000 meters of auger drilling - Completed
 Airborne geophysical survey - Completed
Natougou
PROXIMAL AND REGIONAL EXPLORATION PROGRAM : $9M IN 2016

18. 18
PROXIMAL DRILL RESULTS Q2 2016

19. 19
Next steps
– To bring the West Flank Zone into the inferred resources category by year-end 2016
– To convert the inferred resources into the indicated category by end of first half of 2017
– To evaluate the potential for an underground operation

20. 20
BOUNGOU SHEAR ZONE A-A’

21. 21
BOUNGOU SHEAR ZONE B-B’

22. 22
NATOUGOU –AUGER DRILLING ON SOUTH ZONE

23. 2323
NABANGA: A HIGH-GRADE ASSET
Nabanga –Inferred Mineral Resources
(1)
Cut-off Grade Tonnes Grade Ounces
5.0 g/t Au 1.84 Mt 10.0 g/t Au 590,000 oz
(1) Inferred Mineral Resources figures at a 5.0 g/t Au cut-off grade. NI 43-101 report, June 2015
.

24. 24
EXPLORATION UPSIDE: ACQUIRED PERMITS IN CÔTE D’IVOIRE
Randgold sector Ouobolo
Randgold sector Fanlokolo
Randgold sector Sireme
Randgold: Environment Tongon
Recent soil sampling results
SEMAFO’s Korhogo West and East permits

25. 25
FINANCIAL FLEXIBILITY
 Cash at September 30, 2016 - $282M
 Long-term debt (LIBOR +4.75%) of $60M
 Additional $60M can be drawn down by June 30, 2017
for Natougou construction
 Generated $112M of cash flow from operating
activities in 9 months of 2016

26. 26
26
2016 PRIORITIES
NATOUGOU
 Completing the permitting process and starting construction by year-end
 Continuing exploration with the aim of increasing reserves, resources and value
MANA
 Delivering our production guidance for a ninth consecutive year
 Exploring within trucking distance of the mine
 Resuming stripping at Wona North
OTHERS
 Exploring Nabanga
 Remaining on the lookout for opportunities
 Maintaining our cost reduction efforts

27. 27
National Workforce Development Program -
Training of promising national employees for
management or trainer posts
SEMAFO Foundation -
Six years of activities generated revenues of C$4.5M
to the benefit of communities
Training – 6,200 hours of training
were dispensed in 2015, of which 64%
benefited our Burkinabe employees
Strong Safety Record -
Accident frequency rate of 1.99 per 200,000
hours worked as of November 30, 2016

28. 28
IN SUMMARY
 Track Record of Operating Success in West Africa
• Achieved production guidance for eight consecutive years
• Production of 185,100 ounces for the first 9 months of 2016
• Total cash cost of $542 per ounce for the first 9 months of 2016
• All-in sustaining cost of $730 per ounce for the first 9 months of 2016
• Successfully commissioned three mines in West Africa
28
 Disciplined Growth Strategy
• Targeted exploration in vicinity of Mana Mine and Natougou deposit
• Natougou deposit in line for construction start in Q4 2016
• Initiated exploration in Côte d’Ivoire on a strong geological trend
• High-grade open-pit assets
 Strong CSR Program
• 2009 pledge to commit up to 2% of net profit to support SEMAFO
Foundation community activities
• Accident frequency rate of 1.99 per 200,000 hours worked (Nov. 30, 2016)
• 272 days without lost time injury since March 11, 2016 (Nov. 30, 2016)
• Well-established National Workforce Development Program
•
 Financial Strength
• $282M in cash (as at September 30, 2016)
• Long-term debt of $60M
• Additional $60M can be drawn down by June 30, 2017 for Natougou construction
• Generating free cash flow
28

29. 29
SMF: INVESTOR INFORMATION
TSX, OMX: SMF
Average Daily
Trading Volume(1)  3.3M
Coverage  15 analysts
Close  C$4.09
Market Cap  C$1.3B
*As at November 30, 2016
USA
39%
Canada
42%
Europe
18%
Others
1%
29
O/S 324.8M SHARES Geographic Distribution
of Shares (2)
DIRECTORS
Jean Lamarre
Chair of the Board
John LeBoutillier
Lead Director
Terence F. Bowles
Benoit Desormeaux
President and Chief Executive Officer
Flore Konan
Gilles Masson
Lawrence McBrearty
Tertius Zongo
Institutional
89%
Retail
11%
(1) Three-month moving average as at November 30, 2016 – TSX
(2) Estimated - CDS (Canadian Clearing and Depository Services), Computershare, Euroclear

30. 30
APPENDICES

31. 31
NATOUGOU PROVISIONAL SITE LAYOUT
Reference: NI 43-101 report, March 2015
NATOUGOU SITE

32. 32
MINERAL RESERVES AND RESOURCES
PROPERTY Mana1,2,4,5,6 Tapoa1,2,4,5,6
(Natougou Project)
Yactibo1,3,4,5,7
(Nabanga Project)
Total
MINERAL RESERVES
Proven
Tonnes 12,655,000 1,583,000 14,238,000
Grade (g/t Au) 3.15 6.46 3.52
Ounces 1,281,400 329,000 1,610,400
Probable
Tonnes 8,325,000 7,984,000 16,309,000
Grade (g/t Au) 2.64 3.69 3.16
Ounces 707,600 947,000 1,654,600
TOTAL MINERAL RESERVES
Tonnes 20,980,000 9,567,000 30,547,000
Grade (g/t Au) 2.95 4.15 3.32
Ounces 1,989,000 1,276,000 3,265,000
MINERAL RESOURCES (exclusive of reserves)
Measured
Tonnes 8,751,000 77,000 8,828,000
Grade (g/t Au) 1.67 1.84 1.67
Ounces 470,800 5,000 475,800
Indicated
Tonnes 33,526,000 2,564,000 36,090,000
Grade (g/t Au) 2.13 2.44 2.15
Ounces 2,293,100 201,000 2,494,100
TOTAL M&I
Tonnes 42,277,000 2,641,000 44,918,000
Grade (g/t Au) 2.03 2.42 2.06
Ounces 2,763,900 206,000 2,969,900
Inferred
Tonnes 13,041,000 2,683,000 1,840,000 17,564,000
Grade (g/t Au) 2.82 3.99 10.00 3.75
Ounces 1,184,200 345,000 590,000 2,119,200
1 The Corporation indirectly owns a 100% interest in all of its
permits, except for the permits held by SEMAFO
Burkina Faso S.A. in which the Government of Burkina Faso
holds a 10% interest.
2 Mineral reserves and resources at Mana and at Tapoa
(Natougou project) were estimated using a gold price of
$1,100 and $1,400 per ounce, respectively.
3 Mineral resources at Yactibo Permit Group (Nabanga project)
were reported above a 5.0 g/t Au cut-off grade.
4 Rounding of numbers of tonnes and ounces may present
slight differences in the figures.
5 All mineral resources reported are exclusive of mineral
reserves.
6 As of December 31, 2015.
7 As of June 30, 2015.

33. 33
MINERAL RESERVE AND RESOURCES (cont’d)
33
DEPOSITS
DECEMBER 31, 2015
PROVEN RESERVES PROBABLE RESERVES TOTAL RESERVES
Tonnage
Grade
(g/t Au) Ounces4 Tonnage
Grade
(g/t Au) Ounces4 Tonnage
Grade
(g/t Au) Ounces4
WONA-KONA 6,107,000 2.35 460,700 6,558,000 2.25 474,400 12,665,000 2.30 935,100
NYAFÉ 263,000 5.85 49,400 4,000 5.02 700 267,000 5.84 50,100
FOFINA 1,146,000 2.74 100,800 39,000 2.30 2,900 1,185,000 2.72 103,700
SIOU 4,800,000 4.17 644,000 1,724,000 4.14 229,600 6,524,000 4.16 873,600
ROMPAD 339,000 2.43 26,500 — — — 339,000 2.43 26,500
TOTAL MANA 12,655,000 3.15 1,281,400 8,325,000 2.64 707,600 20,980,000 2.95 1,989,000
DEPOSITS
DECEMBER 31, 2015
MEASURED INDICATED TOTAL RESOURCES
Tonnage
Grade
(g/t Au) Ounces4
Tonnage
Grade
(g/t Au) Ounces4
Tonnage
Grade
(g/t Au) Ounces4
WONA-KONA 1,427,000 1.95 89,500 20,962,000 2.55 1,715,300 22,389,000 2.51 1,804,800
NYAFÉ 300,000 5.60 54,100 230,000 5.84 43,100 530,000 5.70 97,200
FOFINA 1,061,000 2.99 102,000 425,000 3.87 52,800 1,486,000 3.24 154,800
YAHO 4,654,000 1.05 157,200 9,895,000 0.99 316,200 14,549,000 1.01 473,400
FILON 67 26,000 2.72 2,300 9,000 3.59 1,000 35,000 2.93 3,300
FOBIRI 469,000 1.80 27,100 114,000 1.52 5,600 583,000 1.74 32,700
SIOU 814,000 1.47 38,600 1,891,000 2.62 159,100 2,705,000 2.27 197,700
TOTAL MANA 8,751,000 1.67 470,800 33,526,000 2.13 2,293,100 42,277,000 2.03 2,763,900
DEPOSITS
DECEMBER 31, 2015
INFERRED
Tonnage Grade (g/t Au) Ounces4
WONA-KONA 3,010,000 2.91 281,600
NYAFÉ 151,000 5.86 28,400
FOFINA 162,000 4.33 22,600
YAHO 471,000 1.45 22,000
FILON 67 6,000 6.32 1,100
FOBIRI 578,000 1.39 25,800
MAOULA 2,628,000 1.62 137,100
SIOU 6,035,000 3.43 665,600
TOTAL MANA 13,041,000 2.82 1,184,200
1 The Corporation indirectly owns a 100% interest in all of its permits, except for the permits
held by SEMAFO Burkina Faso S.A. in which the Government of Burkina Faso holds a
10% interest.
2 Mineral reserves and resources were estimated using a gold price of $1,100 and
$1,400 per ounce, respectively.
3 All mineral resources reported are exclusive of mineral reserves.
4 Rounding of numbers of tonnes and ounces may present slight differences in the figures.

34. 34
MANA’S RESERVES (AS AT DECEMBER 31, 2015)
Wona:
12,665,000 t @ 2.30 g/t Au
935,100 oz
Fofina:
1,185,000 t @ 2.72 g/t Au
103,700 oz
Siou:
6,524,000 t @ 4.16 g/t Au
873,600 oz
Mana
Processing Plant

36. 36
SEMAFOInc.
100Alexis-Nihonblvd.
7thfloor,St-Laurent(Quebec)
CanadaH4M2P3
www.semafo.com