Golden Star Resources

Canaccord Genuity Acts as Exclusive Financial Advisor to Golden Star Resources on its pending US$470 Million Sale to Chifeng Jilong Gold

Canaccord Genuity is pleased to announce that on November 1, 2021, its client, Golden Star Resources Ltd. (“Golden Star” or the “Company”) (NYSE American: GSS) (TSX: GSC) (GSE: GSR) announced that they entered into a definitive agreement whereby Chifeng Jilong Gold Mining Co., Ltd. (“Chifeng”) (SHSE: 600988) will acquire Golden Star for approximately US$470 million in cash (the “Transaction”). Canaccord Genuity acted as exclusive financial advisor to Golden Star and provided the Golden Star board of directors with a fairness opinion.

Under the terms of the definitive agreement, Golden Star shareholders will receive US$3.91 in cash, which represents a 24.1% premium over the closing price of the Golden Star shares on the NYSE American as at October 29, 2021 and a 37.2% premium based on the volume‐weighted average price of the Golden Star shares on the NYSE American over the 20 trading days ending October 29, 2021.

Golden Star is an established gold mining company that owns and operates the Wassa underground mine in the Western Region of Ghana, West Africa. Golden Star is focused on delivering strong margins and free cash flow from the Wassa mine. As the winner of the Prospectors & Developers Association of Canada 2018 Environmental and Social Responsibility Award, Golden Star remains committed to leaving a positive and sustainable legacy in its areas of operation.

Chifeng is an international gold mining company listed on the Shanghai Stock Exchange with a market capitalization of US$4.3 billion. Chifeng operates five mining assets, including the world-class Sepon gold mine in Laos. In 2018, Chifeng acquired Sepon before undertaking significant capital expenditures to redevelop the gold processing facility in order to double its future gold production.

The Canaccord Genuity team included Tom Jakubowski, Eric Zou, Raj Khatri, Mark Silvestre, Matt Reimer, Daniel Wang, Alex Liu, Thomas Tran, Tony Huang and Aidan Foote from Investment Banking.