February/March 2017

A SCARCE ASSET IN A TRUE MINING DISTRICT

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This presentation of Guyana Goldfields Inc. (the "Company") containsstatements that constitute "forward-looking statements." Such forward-lookingstatements involve known and unknown risks, uncertainties and other factorsthat may cause our actual results, performance or achievements, ordevelopments in our industry, to differ materially from the anticipated results,performance or achievements expressed or implied by such forward-lookingstatements. Forward looking statements are statements that are not historicalfacts and are generally, but not always, identified by the words "expects,""aims," "plans," "anticipates," "believes," "intends," "estimates," "projects,""potential" and similar expressions, or that events or conditions "will," "would,""may," "could" or "should" occur. Information inferred from the interpretation ofdrilling results and information concerning mineral resource and mineral reserveestimates may also be deemed to be forward looking statements, as suchinformation constitutes a prediction of what might be found to be present whenand if a project is actually developed. Forward-looking statements this documentinclude statements regarding: the Company's expectations regarding drillingand exploration activities on properties in which the Company has an interest;and the Company's statements regarding estimates of reserves and resourceson properties in which the Company has an interest.

There can be no assurance that such statements will prove to be accurate.Actual results and future events could differ materially from those anticipated insuch statements, and readers are cautioned not to place undue reliance onthese forward-looking statements that speak only as of their respective dates.Important factors that could cause actual results to differ materially from theCompany's expectations include among others, risks related to fluctuations inmineral prices; uncertainties related to raising sufficient financing to fundplanned work in a timely manner and on acceptable terms; changes in plannedwork resulting from weather, logistical, technical or other factors; the possibilitythat results of work will not fulfill expectations and realize the perceived potentialof the Company's properties; uncertainties involved in the estimation ofresources and reserves; the possibility that required permits may not beobtained on a timely manner or at all; the possibility that capital and operatingcosts may be higher than currently estimated and may preclude commercialdevelopment or render operations uneconomic; the possibility that the estimatedrecovery rates may not be achieved; risk of accidents, equipment breakdownsand labour disputes or

other unanticipated difficulties or interruptions; the possibility of cost overrun orunanticipated expenses in the work program; the risk of environmentalcontamination or damage resulting from the Company's operations; risksassociated with title to mineral properties; and other risks and uncertaintiesdiscussed appear elsewhere in the Company's documents filed from time totime with the Toronto Stock Exchange and Canadian securities regulators.

These statements are based on a number of assumptions, includingassumptions regarding general market conditions, the availability of financing forproposed transactions and programs on reasonable terms, the cost ofexploration and development and the ability of outside service providers todeliver services in a satisfactory and timely manner. Forward-looking statementsare based on the beliefs, estimates and opinions of the Company'smanagement on the date the statements are made. Except as expresslyrequired by applicable securities laws, the Corporation undertakes no obligationto update these forward-looking statements in the event that management'sbeliefs, estimates or opinions, or other factors, should change.

This presentation uses the terms "Inferred Resource", "Indicated Resource",“Measured Resource” and "Mineral Resource". The Company advises readersthat although these terms are recognized and required by Canadian securitiesregulations (under National Instrument 43-101 "Standards of Disclosure forMineral Projects"), the US Securities and Exchange Commission does notrecognize these terms. Readers are cautioned not to assume that any part or allof the mineral deposits in these categories will ever be converted into reserves.In addition, "Inferred Resources" have a great amount of uncertainty as to theirexistence, and economic and legal feasibility. It cannot be assumed that anypart of an Indicated or Inferred Mineral Resource will ever be upgraded to ahigher category. Under Canadian rules, estimates of Inferred Mineral Resourcesmay not form the basis of feasibility or pre-feasibility studies, or economicstudies except for a Preliminary Assessment as defined and permitted underNational Instrument 43-101. Readers are cautioned not to assume that part orall of an Inferred Resource exists, or is economically or legally mineable. TheMineral Resources stated in this presentation are not Mineral Reserves and, inthe absence of a current feasibility study, do not demonstrate economic viability.The determination of Mineral Reserves can be affected by various factorsincluding environmental, permitting, legal, title, taxation, socio-political, andmarketing issues.

FORWARD LOOKING STATEMENT

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Cash position of US$73M vs. debt of US$78M as at Dec 31, 2016

+20% annual production growth 2017 to 2018 via mill expansion from 5,600 – 8,000 tpdOrganic Growth

High grade +200 average koz/yr Au producer with +15 years reserve life with upside Simple metallurgy and mine plan, positive grade reconciliation to date Exceptional free cash flow generation

A Scarce Asset

No by-products Minimal currency exposure Oil price hedged for the near term up to 2019

100% Pure Gold Exposure

+200,000 acre land package in highly prospective & underexplored greenstone belt Targeting open pit exploration targets within a 30km radius from Aurora Mill

District Potential

Strong Balance Sheet

INVESTMENT HIGHLIGHTS

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Proven and Probable Reserves Grade – Precious Metals Only (g/t Au equivalent)

Source: Company filings and BMO Capital MarketsNote: Includes precious metals, converted to AuEq grade using LT pricing of US$1,250/oz Au and US$18.00/oz Ag when not converted by the company.

(1)

(2)

(3)

WHAT STANDS US APART? Aurora is a High Grade Gold Mine

3.4   2.9   

2.7   2.3    2.2   

1.7    1.5    1.3    1.3    1.2    1.0    1.0   0.8    0.7    0.7    0.6   

0.4   

Median: 1.3 g/t

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2016 HIGHLIGHTS: An Impressive Year

Q1 2016 Q2 2016 Q3 2016 Q4 2016 20162016 Guidance (ounces) 140,000 - 160,000Gold Sold (ounces) 40,500 36,600 33,300 45,500 156,000Gold Produced (ounces) 41,300 32,000 34,400 43,800 151,600

Average Realized Gold Price US$/ounce 1,196 1,269 1,334 1,204 1,245

Gross Revenue (US$ mlns) 48.5 46.4 44.4 54.8 194.2

Ore mined (tonnes) 553,600 623,400 642,200 688,000 2,507,200Waste mined (tonnes) 1,409,300 1,076,700 1,315,100 1,899,800 5,700,900Total Mined (tonnes) 1,962,900 1,700,100 1,957,300 2,587,800 8,208,000Strip ratio (waste:ore) 2.5 1.7 2.0 2.8 2.3Tonnes mined per day 21,600 18,700 21,300 28,100 22,400

Ore processed (tonnes) 462,600 427,700 491,200 507,500 1,889,000Tonnes processed per day 5,100 4,700 5,300 5,500 5,200Head grade g/t Au 3.07 2.61 2.42 2.94 2.74Recovery (%) 89.2 91.1 88.7 90.6 90.2

Cash costs per ounce – before royalty¹ ($/ounce) 525 524 499 446 496AISC¹ ($/ounce) 767 729 796 678 738Cost of sales (prod, royalty and dep) ($/ounce) 767 842 811 750 789

Achieved upwardly revised production guidance in first year of commercial production !

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1. This is a non-GAAP measure. Refer to non-GAAP Performance Measures section in the latest MD&A.

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2017 Guidance: Ramping up to 200koz/yr Producer

• Due to mine sequencing gold production is expected to be slightly higher in thesecond half of the year relative to the first half.

• Due to the timing of sustaining capital expenditures, AISC¹ are expected to behigher in the first half of the year relative to the second half.

2017 Guidance (@ $1,200/oz)

Gold production (000’s ounces) 160 - 180Cost of sales (production costs, royalty and depreciation) ($ per ounce) $800 - $850

Cash cost¹, excluding royalty ($ per ounce) $500 - $550

All-in sustaining1 (“AISC”) ($ per ounce) $775 - $825

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FEASIBILITY STUDY LOM HIGHLIGHTS: February 2017

Gold Price (base case) US $1,200/ozTotal Gold Production (Recovered Gold) 3.3 Moz

15 Year Mine LifeOP 2017-2024

UG 2024 – 2031

Average Annual Production (LOM) 220,000 oz Au

Average Gold Grade (mill head) 3.02 g/t Au

Mill Throughput 2017 + 1Q18 5,600 tpd

2Q18 onwards 8,000 tpd

Gold Recovery

2017 91.3%

2018 (post Phase 1) 92.5%

2H19 onwards (post Phase 2) 94.0%

Strip Ratio (waste to ore) 8.4:1

LOM Cash Costs (with royalty) $612/oz

LOM AISC $747/oz

Expansion Capital Cost

Mill Phase 1 (2017 + 1Q18) $21 M

Mill Phase 2 (2018 + 1H19) $27 M

Mine Fleet (2018) $24 M

Underground Development Cost (Year 2022 – 2024) $129 M

Pre-Tax NPV (5% Discount Rate) $1,054 M

After-Tax NPV (5% Discount Rate) $850 MSource: February 2017 NI-43 101 Technical Report

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FEASIBILITY HIGHLIGHTS: LOM Operating Costs

LOM Operating Costs Units January 2017

OP Mining US$/t $2.11

UG Mining (RK) US$/t $25.72

Processing cost per tonne US$/t $14.87

G&A cost per tonne US$/t $8.77

Cash Cost US$/oz $516

Cash Cost w/ Royalty US$/oz $612

All‐In Sustaining Cash Cost US$/oz $747

Source: February 2017 NI-43 101 Technical Report

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Mill Expansion: Phased Approach Internally Funded

Mill Expansion Phase 1: Debottlenecking of the back end of the circuit Will allow processing of a saprolite/hard rock blend at a rate of

8,000 tpd with improved recoveries of ~1% Expected completion by end of the first quarter of 2018 at a capital cost

of $21M

Mill Expansion Phase 2: Addition of a ball mill resulting in increased recoveries of a further 1%-2% Will allow the processing of 8,000 tpd hard rock Expected completion by mid-2019 at a capital cost of $27M

Mineral reserves increased to 3.5 Moz, up 15% from the previous reserve estimate at $1,200/oz Au, more than offsetting depletion from 15 months of operations!

Both phases are fully permitted and are expected to be funded internally

Source: February 2017 NI-43 101 Technical Report

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1

2

4

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Grade

 (g/t Au)

Mined

 Ton

nes (Kt)

Open Pit Rock Ore Processed

Open Pit Saprolite Ore Processed

Rory's Knoll

Mad Kiss

Aleck Hill

Mill Feed Grade

10

LOM: Mined Tonnes (Kt)

Source: February 2017 NI-43 101 Technical Report

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400

450

500

550

600

650

700

750

800

850

0

50

100

150

200

250

300

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Ope

ratin

g cash cost (inclroyalty

)

Recovered Oun

ces 

Open Pit

Underground

Operating Cash Costs(incl. royalty)

11

LOM: Recovered Ounces

Source: February 2017 NI-43 101 Technical Report

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SITE LAYOUT: Aurora Gold Mine

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RORY’S KNOLL: Open Pit

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ALECK HILL: Pit progress

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AURORA GOLD MINE: Long view section

Source: SRK, 2017

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ORGANIC GROWTH POTENTIAL: Further Infill Drilling Targeted

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Expected completion by end of Q1 2018 Phase 1Mill Expansion

Expected completion by mid-2019 Phase 2Mill Expansion

UPCOMING CATALYSTS

Multiple brownfield and greenfield targetsExploration

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GUIANA SHIELD: Known Gold Region

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CUYUNI BASIN: A TRUE MINING DISTRICT: Looking for Mine #2

• 1 Operating Aurora Gold Mine

• 1 Sulphur Rose secondary resource

• Multiple near-mine saprolite targets

• 1,200 square km land package

• Long history of artisanal mining

• Highly prospective greenstone belt

Looking for Mine #2

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BROWNFIELDS EXPLORATION: Gold Creek, Marupa & Iroma

Brownfields Exploration

• Near Mine Saprolite Targets:

• Gold Creek

• Gold Creek Laterite Target

• Aurora shear intersecting lateriteridges. Anomalous gold in creeks

• Marupa West:

• Anomalous soils on intrusive target

• Iroma:

• Largest geochem anomaly

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SULPHUR ROSE: A Mine In the Making

• 23 km from Aurora Mine in a straight line

• Multiple I.P survey targets identified

• Follow-up drilling to be completed after I.P

Sulphur Rose

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GREENFIELDS EXPLORATION: Wynamu

• Quartz vein stockwork

• Previous access with helicopter support

• Newly constructed road now available allowing for cost effective access

• Soil sampling program in progress

• Drill ready

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APPENDIX

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Symbol: TSX: GUY

Total Shares Outstanding 171,383,469

Options 8,014,844Warrants 0

52 week: Hi/Lo C$10.35 / C$4.03

Market Cap (at C$ 7.50) C$1,293 million

Cash Balance (Dec 31, 2016) US$73 million

Debt  (Dec 31, 2016) US$78 million

Top 10 Shareholders Shares %

Van Eck 27.4M 16.0%

The Baupost Group 20.6M 12.0%

Franklin Resources (Templeton) 8.6M 5.0%

Rafferty Asset Management 8.3M 4.9%

Patrick Sheridan Jr. (Founder) 6.0M 3.5%

Fiera Capital 5.0M 2.9%

Sun Valley Gold 4.9M 2.9%

Fidelity Investments 4.5M 2.6%

Manulife 3.4M 2.0%

Oppenheimer 3.2M 1.8%

CORPORATE SNAPSHOT

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Guyana is the only English speaking country in South America

British common law and secure tenure - part of the Commonwealth

Democratically elected government under parliamentary system

Long history of significant gold production:

Gold was the largest export of the country

Royalty:

5%: Gold price $1,000/oz or less

8%: Gold price $1,000/oz +

Corporate income tax:

27.5% with no withholding tax on interest payments

MINING FRIENDLY JURISDICTION & GOVERNMENT

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Road Access to Aurora

LOGISTICS & INFRASTRUCTURE

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Focus on health and safety of our employees, the well-being of our community and the protection of the natural environment

Hiring in the region, giving priority to local communities: 96% are Guyanese nationals Scholarship and job/skills training

Supporting local communities Local sourcing of goods and services Business opportunities Participation in municipal development Sustainable development initiatives in community

CSR AND SUSTAINABLE DEVELOPMENT

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Gold Price $1,200/oz Quantity (kt) Grade (g/t) Contained Gold (koz)Proven ReservesO/P Saprolite 336 1.60 17O/P Rock 4,864 2.99 467Total Proven 5,200 2.90 485Probable ReservesO/P Saprolite 2,934 1.91 180O/P Rock 12,128 3.02 1,179U/G Rock 16,519 3.19 1,694Total Probable 31,580 3.01 3,053Total P & P Reserves 36,781 2.99 3,538

Gold Price $1,300/oz Quantity (kt) Grade (g/t) Contained Gold (koz)Measured & Indicated ResourcesO/P 29,670 2.62 2,440U/G 30,060 3.91 3,780Total M&I Resources 59,730 3.25 6,250Inferred ResourceO/P 4,770 1.57 230U/G 11,810 4.12 1,570Total Inferred Resource 16,580 3.79 1,790

MINERAL RESERVES & RESOURCES

Source: February 2017 NI-43-101 Technical Report

Source: February 2017 NI-43-101 Technical Report

1.Mineral Reserves are based on a gold price ofUS$1,200 per ounce, 8% royalty and anaverage metallurgical recovery of 96.0% forsaprolite and 94.0% for fresh rock material.2.Open pit saprolite and rock reserves arereported at a cut-off grade of 0.44 g/t Au and0.42 g/t Au for vein and upper saprolitematerial respectively. Open pit rock reservesare reported at a cut-off grade of 0.76 g/t Auand 0.64 g/t Au for vein and Rory’s Knoll rockmaterial respectively.3.Underground fresh rock reserves are reportedat a cut-off grade of 1.5 g/t Au.4.Mineral Reserves are contained withinMineral Resources.5.SRK is not aware of mining, metallurgical,infrastructure, permitting, or other factors thatcould materially affect the mineral reserveestimates.

1. Mineral resources are inclusive of mineralreserves. Mineral resources are not mineralreserves and do not have demonstrated economicviability. All figures have been rounded to reflectthe relative accuracy of the estimates.2.Open pit mineral resources are reported at acut-off grade of 0.30 g/t for Saprolite and 0.40g/t for Fresh rock respectively, and undergroundmineral resources are reported at a cut-off gradeof 1.8 g/t. Cut-off grades are based on a price ofUS$1,300 per ounce of gold and a goldrecoveries of 97 percent for saprolite and 94.5percent for fresh material.3.Mineral resources have been adjusted using the2016 EOY topography, to account for open pitmining to date, and include ore stockpileinventories as of EOY 2016.

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Feasibility Study: Comparison

Study Apr-12 Feasibility Jan-13 Feasibility Jan-16 Feasibility Jan-17 Feasibility

Mine plan 7500tpd, UG - RK/AH/MK

4800tpd->9700tpd, UG - RK only

5000tpd, UG - RK only

5000tpd->8000tpd,UG - RK/AH/MK

Au price $1,200/oz $1,300/oz $1,000/oz $1,200/ozMt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz

Reserves - OP 18.6 2.99 1.79 13.7 2.55 1.12 17.5 2.77 1.57 19.6 2.87 1.81Reserves - UG 26.6 3.28 2.81 25.9 2.84 2.36 14.9 3.13 1.50 16.5 3.19 1.69

Reserves - Total 45.2 3.16 4.60 39.52 2.74 3.48 32.4 2.95 3.07 36.1 3.02 3.50

Reserves - RK OP 11.8 2.88 1.10 5.4 2.65 0.45 10.8 2.81 0.97 12.2 2.98 1.17Reserves - RK UG 23.7 3.21 2.45 25.85 2.84 2.36 14.9 3.13 1.50 14.8 3.02 1.44Reserves - Satellites UG 2.9 3.89 0.36 - - - - - - 1.7 4.68 0.26

NPV (5%) $438 $800 $568 mln($790mln @ $1200/oz)

$850 mln ($1,007 mln @ $1300/oz)

Development capex $524 $205Mine life 22 yrs 17 yrs 16 yrs 15 yrs

OP Mining $2.07 $2.42 $2.45 $2.11UG Mining (RK) $37.57 $19.28 $29.83 $25.72Processing $15.34 $13.78 $12.95 $14.87G&A $/t $4.72 $3.83 $8.30 $8.77

Diesel/Fuel $0.63/L $0.89/L $0.70/L $0.55/LPower cost $0.17/kWh $0.228/kWh $0.138/kWh

RK - strip ratio 9.1 4.7 5.1 8.4RK - pit bottom 270m 150m 220m 320mRK - UG bottom 1300m 1020m 820m 820m

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Geological Description Rory's Knoll mineralization: disseminated pyrite and gold mineralization associated with intense silica-fuchsite-

sericite-carbonate alteration in tonalite intrusive probably emplaced at the hinge of the folded volcanic rock and metasediments.

Mad Kiss mineralization: disseminated pyrite and gold mineralization associated with intense silica-fuchsite-sericite-carbonate alteration in a quartz feldspar porphyry dyke.

Aleck Hill mineralization: mesothermal gold veins hosted in the shear zones of metavolcanic and metasedimentary rocks; occurs in a zone of pyrite-rich quartz-carbonate veins in volcanic rocks that are enclosed in an alteration envelope which reportedly includes silica-sericite and calcite cement filling fractures.

GEOLOGY

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BOARD & SENIOR OFFICERS

Alan FerryLead Director

Geologist that has been Involved in the investment industry for over 28 years as a mining analyst and a mining corporate finance specialist.

Patrick Sheridan Jr.Founder, Executive Chairman and Director

Over 25 years of experience in the mining industry Has actively explored in Guyana since 1996 and is the founder of Guyana Goldfields and lead the

discovery of the Aurora and Sulphur Rose deposits

Scott A. CaldwellPresident & CEO and Director

Mining engineer with 35+ years experience building and operating gold and base metal mines worldwide Former President, CEO and Director of Allied Nevada Gold Corp. from 2006 - 2013

Michael RichingsDirector

40+ years of development and operational experience in the resource sector. Mr. Richings is currently the Chairman of the Board for Vista Gold, where he also served as CEO from 2007 to 2012

Rene MarionDirector

25+ years of diversified management and senior technical experience with resource industry expertise in operations, mineral exploration, and mine development, along with a successful history of corporate development.

Wendy KeiDirector

Chartered Professional Accountant and previously served as CFO of Dominion Diamond Corporation (formerly Harry Winston).

Jean-Pierre ChauvinDirector

40+ years of combined experience in mining operations and construction management.

David BeattyDirector

25+ years of financial capital markets and resource management experience.

Daniel NooneDirector and VP, Exploration

Over 25 years of experience of international mineral exploration and development Former VP of Peru for Aquiline Resources

Paul J. MurphyExecutive VP, Finance & CFO

Over 40 years of financial experience and former Head of PricewaterhouseCoopers LLP Western’s World Mining Practice

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Scientific and Technical InformationThe qualified person for the mineral resource and reserve estimates and other scientific and technical information herein are as follows:The compilation of the technical report in support of the 2017 feasibility study was completed by Tim Carew, PGeo, Robert McCarthy,PEng, and Christopher Elliott, FAusImm. By virtue of their education, membership to a recognized professional association and relevantwork experience, Tim Carew, Robert McCarthy and Christopher Elliott are independent Qualified Persons as defined by NationalInstrument 43-101. Tim Carew, Robert McCarthy and Christopher Elliott have reviewed, approved and verified the technical content withinthis presentation. The qualified person for the other scientific and technical information in this presentation, is Daniel Noone, BApSci(Geo), MBA, and has approved the contents of this presentation.

Technical and scientific information contained herein, including the mineral resource and reserve estimates relating to the Aurora GoldProject is derived from the ““Independent Technical Report Updated Feasibility Study, Aurora Gold Mine Project, Republic of Guyana”dated February 2, 2017 (the “Technical Report”). We have filed the Technical Report under our profile at www.sedar.com. For details ofthe data verification procedures employed by the QPs and the key assumptions, parameters and methods used to estimate the mineralresource and mineral reserve estimates, please see the Technical Report. For information about known legal, political, environmental, orother risks that could materially affect the potential development of the mineral resources or mineral reserves, please see the TechnicalReport.

Securities LawsThis presentation does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where suchwould be prohibited. This presentation is not an offer to sell, or a solicitation of an offer to purchase, any securities in the United States.The securities referred to in this presentation will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold inthe United States except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933 and applicablestate securities laws.

The information contained in this presentation does not and is not intended to constitute a "valuation," "formal valuation," "appraisal,""prior valuation," or a "report, statement or opinion of an expert" for purposes of any securities legislation in Canada or otherwise.

CurrencyUnless otherwise indicated, all dollar values herein are in United States dollars.

SCIENTIFIC, TECHNICAL AND SECURITIES INFORMATION

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Jacqueline WagenaarVP, IR & Corporate Communications

Tel: (416) 628 5936 x.5295Email: jwagenaar@guygold.com