Closing of Business Combination Between SEMAFO and Endeavour Mining

MONTREAL, July 1, 2020 /CNW Telbec/ - SEMAFO Inc. (TSX: SMF) (OMX: SMF) ("SEMAFO") is pleased to announce the successful completion of the previously announced plan of arrangement (the "Arrangement") involving SEMAFO and Endeavour Mining Corporation ("Endeavour") effective July 1, 2020. The SEMAFO shares will be delisted from the Nasdaq Stockholm and from the Toronto Stock Exchange. Further details regarding the Arrangement can be found in the joint management information circular of Endeavour and SEMAFO dated April 28, 2020 available on SEDAR under SEMAFO's profile at www.sedar.com.

About SEMAFO
SEMAFO is a Canadian-based intermediate gold producer with over twenty years' experience building and operating mines in West Africa. The Corporation operates two mines, the Boungou and Mana Mines in Burkina Faso. SEMAFO is committed to building value through responsible mining of its quality assets and leveraging its development pipeline.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking. 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 "expected", "anticipated", "will" 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 complete the Arrangement on the terms and timing proposed; the ability to manage the COVID-19 virus; delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits); the security of our operations; 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 2019 Annual MD&A as updated in the 2020 First Quarter MD&A and other filings made with Canadian securities regulatory authorities, including the joint circular relating to the Arrangement, which are available on SEDAR at www.sedar.com or the SEMAFO website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

SOURCE SEMAFO

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