January 28, 2022

Chifeng Jilong Gold’s Acquisition of Golden Star Resources

Goodmans LLP acted for Chifeng Jilong Gold Mining Co. Ltd. (SHSE: 600988) ("Chifeng") in connection with its acquisition of all of the issued and outstanding common shares of Golden Star Resources Ltd. (NYSE American: GSS) (TSX: GSC) (GSE: GSR) ("Golden Star" or the "Company"), for US$3.91 in cash (equivalent to approximately C$4.85 as of October 31, 2021) per share, which equated to a total Transaction value of approximately US$470 million on a fully-diluted, in-the-money basis.

Chifeng is an international gold mining company listed on the Shanghai Stock Exchange with a market capitalization of approximately US$3.7 billion. It 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.

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