Montreal, Quebec, May 28, 2020 /CNW/ - SEMAFO Inc. (TSX, OMX: SMF) ("SEMAFO") is pleased to announce that its shareholders have approved the previously announced Plan of Arrangement pursuant to which it will combine with Endeavour Mining Corporation (the "Arrangement"). Over 99.7% of the votes cast by SEMAFO shareholders were in favour of the Arrangement. SEMAFO will now proceed to the hearing before the Superior Court of Québec to obtain the Final Order in respect of the Arrangement on Friday, May 29, 2020. In addition, the parties have made certain non-material amendments to the plan of arrangement, a copy of which has been filed on SEDAR at www.sedar.com, which will be submitted to the court for approval.

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", "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 impact on the closing and timing of the Arrangement as a result of any review ordered by the Minister of Innovation, Science and Development pursuant to the Investment Canada Act; 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.

Semafo 0528 (https://mb.cision.com/Public/17699/3122664/8f785cb6567206a0.pdf)