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The Next Multi-Jurisdictional West African Gold Producer

Forward-Looking Statements
This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (forward-looking statements), which
reflects managements expectations regarding Teranga Gold Corporations (Teranga or the Company) future growth, results of operations (including, without limitation, future
production and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development of new deposits and the
success of exploration activities) and opportunities. Wherever possible, words such as plans, expects, does not expect, budget, scheduled, trends, indications,
potential, estimates, predicts, forecasts, focused on, anticipate or does not anticipate, believe, intend, ability to and similar expressions or statements that certain
actions, events or results may, could, would, might, will, or are likely to be taken, occur or be achieved, have been used to identify such forward looking information.
Specific forward-looking statements in this presentation include the commencement of expected drill programs, anticipated future cash flows, anticipated construction readiness
activities for the Companys Banfora gold project in Burkina Faso as well as the anticipated completion of construction of the Banfora project - including the first gold pour, the
anticipated discovery of reserves at the Banfora project, the timing of completion of a Feasibility Study for the Banfora project, and Terangas estimated full year financial and
operating totals, as well as anticipated 2017 operating results. Although the forward-looking information contained in this presentation reflect managements current beliefs based
upon information currently available to management and based upon what management believes to be reasonable assumptions, Teranga cannot be certain that actual results will
be consistent with such forward looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its
experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These
assumptions include, among other things, the ability to obtain any requisite governmental approvals, the accuracy of mineral reserve and mineral resource estimates, gold price,
exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Teranga cautions you not to place undue
reliance upon any such forward-looking statements

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties,
including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other
factors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully described in Terangas
Annual Information Form dated March 29, 2017, and in other filings of Teranga with securities and regulatory authorities which are available at www.sedar.com. Teranga does not
undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this
report should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities.

This presentation is as of July 24, 2017. All references to Teranga include its subsidiaries unless the context requires otherwise. This presentation contains references to Teranga
using the words we, us, our and similar words and the reader is referred to using the words you, your and similar words. All dollar amounts stated are denominated in U.S.
dollars unless specified otherwise.

2
Building a Profitable Multi-Asset Mid-Tier West African Gold Producer

STRONG
EXPLORATION BALANCE SHEET
FULLY
PERMITTED OPPORTUNITIES & SUPPORTIVE
DEVELOPMENT ON WORLD-CLASS CORNERSTONE STRONG
ASSET IN GOLD BELTS INVESTOR SOCIAL LICENSE
BURKINA FASO & AWARD-WINNING
CSR

PRODUCING
ASSET
IN SENEGAL PROVEN &
PROVIDES EXPERIENCED
FOUNDATION LEADERSHIP
FOR GROWTH TEAM

3
West Africa: One of the Worlds Fastest Growing Regions for Gold Production

TRANSITIONAL
ECONOMIES(1)
WEST AFRICA
NORTH AMERICA 6.8Moz
12.0Moz 8.2Moz
EUROPE

Senegal 8.7Moz
Burkina
Faso

ASIA
Cte

CENTRAL AMERICA
dIvoire
20.4Moz
5.7Moz
AFRICA
17.4Moz
OCEANIA
SOUTH AMERICA 11.7Moz
14.8Moz

Source: 2016 gold production from CPM Gold Yearbook 2017 4


Refer to Endnote (1) on the second last slide
Accomplishments in 2017 Multiple Assets in One of the Worlds Most Attractive Gold Frontiers

Record Q2 production 114,460 ounces YTD


Avocet
Iamgold

Sabodala reserves increase by 400Koz to 2.7Moz Endeavour


Nordgold
Nordgold

Orezone

Commences construction readiness


activities at Banfora gold project Semafo
Burkina Faso West African Res.
B2Gold Semafo
Roxgold

Two discoveries at high-grade Golden Hill Endeavour MNG Gold


followed by successful phase 2 drilling
Golden Hill Gourma

Winner of 2017 PDAC Environmental


& Social Responsibility Award
Centamin
Operating Gold Mine/ Development Project
Banfora Gold
Project
5
Extensive Opportunities for Growth With Assets at Production, Feasibility and Exploration Stages

Senegal
Sabodala Gold Mine
Mali
Status: Producing
Reserves: 2.7Moz(2) Niger
The Gambia
M&I: 4.4Moz(2) Burkina Faso
Guinea-
Bisseau Banfora Project
Status: Feasibility
Guinea
Gourma
Exploration JV
Golden Hill
Dianra Exploration JV

Sierra
Benin
Leone Ghana
Cte dIvoire Togo
Mahepleu
Tiassale
Liberia

Guitry

Refer to Endnote (2) on the second last slide


Sangaredougou 6
Significant Catalysts for 2017

Production
On track to achieve 2017 production outlook: 205,000 225,000 ounces(3)
Generate free cash flow(4) from Sabodala

Development
Complete Banfora project feasibility study results expected in August
Obtain board approval to proceed
Announce construction decision

Exploration
Burkina Faso
Senegal
Cte dIvoire

Refer to Endnotes (3) and (4) on the second last slide


Producing Asset
Senegal, West Africa
Updating Sabodala Reserves to 2.7 Moz Improves 5-Year Production & Cash Flow
Opportunity to increase production through
+200Koz average resource conversion and new discoveries
2017 Outlook
annual production Targeting +200Koz average
205K - 225Koz(3)
from 2017 - 2022(3) annual production from 2023- 2027(5)
(open pit production with deferral of underground by +two years)
000s oz Au

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Refer to Endnotes (5)

Refer to Endnote (3) and (5) on the second last slide


9
Significant Potential on Large Land Package

2.7 Million Ounces in Proven & Probable Reserves Mali


4.4 million ounces in measured and indicated resources
(inclusive of proven and probable reserves) at an
average grade of 1.59 g/t(2)

Mine License Reserve Development


Focused on resource definition and converting resources
at Niakafiri
Continued delineation of Goumbati West
Sabodala Mine License &
Regional Land Package Regional Land Package (Senegal)
Property-wide bulk leach extractable gold (BLEG) Sabodala
Mill Exploration Prospects
sampling program completed to identify new exploration
Mineral Resources
targets Niakafiri
Masato Style Bulk
Tonnage Gold Trend
Golouma Style High-
Goumbati Grade Gold Trend
West
Mining Concession
Exploration Permits
Previous Mine License
Refer to Endnote (2) on the second last slide 10
Garnering International Recognition for Corporate Social Responsibility

United Nations Global Compact


Network Canada Sustainability Award

Corporate Knights Future 40 Responsible


Corporate Leaders in Canada

Capital Finance International: Best ESG-Responsible


Mining Management West Africa Award

PDAC 2017 Environmental


& Social Responsibility Award

11
Development Asset
Burkina Faso, West Africa

12
Fast-Tracking Completion of Banfora Feasibility Study

2019
H2 July August Anticipated first
2016 2017 2017 2018 gold pour at Banfora

Commenced Board approves Complete Major


drilling $10 million feasibility study construction
campaign to investment for & approve
confirm & further construction
increase advancement of
reserves construction
readiness
activities
13
Exploration Assets
Burkina Faso, Senegal & Cte dIvoire

14
Exploring Highly Prospective Properties Across West Africa
Burkina Faso
Banfora $4M
Senegal Golden Hill $4M
2017 Exploration Budget Mine License $4M Gourma $0.5M
Regional $2M
Senegal

$15*

MILLION
Cte dIvoire
$0.5M

Burkina Faso Senegal Cte d'lvoire


Operating Gold Mine/ Development Project
15
*Based on recent positive drill results, this figure is expected to increase.
M&I Resources are inclusive of P&P Reserves

Siou Pit
M&I: 0.89 Moz
Uniquely Positioned at Golden Hill Mana
M&I: 3.63 Moz

Situated Near Other High-Grade, High-Value Properties


468km2 situated ~200km NE of Banfora gold project
Hound
On the Hound belt in close proximity and along strike to other large M&I: 2.55 Moz Yaramoko
M&I: 0.81 Moz
deposits

Exploring Drill-Ready Targets Terangas JV


Golden Hill Project
Previous exploration work defined high quality prospects
More advanced work, including substantial drilling, reported week of July 24, Acacia JVs
and continuing in Q3

Joint Venture (51%, earning 80%)


Sarama
Joint venture partner is Boss Resources (ASX:BOE) Permits
Teranga has an earn-in agreement with Boss pursuant to which Teranga, as
the operator, can earn an 80% interest in the JV upon delivery of a feasibility
study and the payment of AUD2.5 million.
Sources
Semafo Corporate Presentation (Mar 2017)
Karankasso JV South Hound JV
Roxgold Corporate Presentation (Feb 2017)
Inf: 0.67 Moz Inf: 2.10 Moz
Endeavour Corporate Presentation (Feb 2017)
Acacia Preliminary Results (Feb 2017)
Golden Hill Joint Venture 16
Savary Corporate Presentation (Mar 2017) (Burkina Faso)
Golden Hill Property Location Map
New Discoveries and Drill Targets
New Discoveries: Ma and Nahiri
Two new discoveries reported April 25, 2017
Favourable intersections reported (highlights of core drill results on
following slide)

New Drill Targets: Peksou and Jackhammer Hill


Peksou Consists of a broadly altered structural zone that crosses both
mafic volcanics and granitic intrusive units displaying favorable grades and
widths in both host units -- core drilling evaluation will resume in Q4 on this
high priority prospect
Jackhammer Hill Never before drilled, robust gold-in-soil and auger
geochemical anomaly measuring in excess of 2 kilometres of strike extent --
two core holes drilled to obtain structural orientation and geological
information; additional drilling planned for August

Initial drill results from both new targets are available on the Companys website. 17
Ma: Initial Phase 2 Continues to Yield Positive Results

Ma Drill Plan
30 core drill holes were completed during initial Phase 2 drill
evaluation

Phase 2 drill program continues to intersect favorable intersections


over the minimum 1,300-metre strike extent drilled to date. Initial
highlights include:

9 m @ 4.04 g/t Au including 3 m @ 9.44 g/t Au (GHDD-040)


8 m @ 2.04 g/t Au including 3 m @ 4.02 g/t Au (GHDD-052)
11 m @ 1.80 g/t Au including 3 m @ 2.79 g/t Au (GHDD-033)
13 m @ 1.30 g/t Au including 7 m @ 1.95 g/t Au (GHDD-031)
4 m @ 3.38 g/t Au (GHDD-038)
Drill program (minimum 7,500 metres) is scheduled to re-start at
Ma prospect in early August

A complete table of results for all 30 core drill holes is available on the Companys
website.
18
Nahiri Results Provides Enhanced Geological Interpretations

Nahiri Drill Plan


Seven core holes were completed to both confirm earlier reverse
circulation drill results and provide better geological and structural
orientation information at this new discovery
Favourable core drilling intersections including:

34 m @ 6.08 g/t Au including 14 m @ 12.38 g/t Au (GHDD-


026)
10 m @ 1.89 g/t Au including 2 m @ 5.18 g/t Au (GHDD-021)
8 m @ 2.09 g/t Au including 1 m @ 12.14 g/t Au (GHDD-025)

19
A complete table of results for all seven core drill holes is available on the Companys website.
Niakafiri Deposit (Senegal)

Potential Resource Conversion/Expansion


at Niakafiri on Senegal Mine License

A Very Prospective Target on the Mine License


Situated ~5km from the mill

Majority of added reserves in June 30, 2017 update came from


Niakafiri

Measured and indicated resources of ~850,000 ounces, and Mine License


over 200,000 ounces of inferred, inclusive of 590,000 ounces (Senegal)
in proven and probable reserves as at June 30, 2017(2)

Advanced Drill Program


Over 16,000 metres have been drilled year to date
Sabodala
Mill
Ongoing drill program is expected to run concurrently with the
Sabodala Village relocation Niakafiri

Refer to Endnote (2) on the second last slide 20


Niakafiri Main NNE Section 440N
Positive Drill Results at Niakafiri Extend
Mineralisation Along Strike and at Depth

Some of the Widest and Highest Grade Mineralised Intervals


Encountered to Date
4.18 g/t Au over 23 metres including 6.52 g/t Au over 12 metres in MDD17-279
2.99 g/t Au over 33 metres including 4.23 g/t Au over 17 metres in MDD17-277
2.41 g/t Au over 29 metres including 6.51 g/t Au over 6 metres in MDD17-281
3.19 g/t Au over 21 metres at the end-of-hole in MDD17-284

Niakafiri Main NNE Section 560N


Phase 2 Follow-up Commenced
Two drills currently active and focused on extending the mineralisation along
trend and to depth

21
Banfora Mine License Activities
Banfora Project Mine License (Burkina Faso)
Initial Evaluation Drilling on Targets
Kafina West
KONANDOUGOU
Initial RC drill results display broad anomalous, near-
surface oxide mineralization
Recently completed follow-up diamond drill program to
evaluate structural control
BAGU SUD KORINDOUGOU
Hillside /WEAH
SAMAVOGO
Five core holes returned favourable visuals along 350-metre
KAFINA BAZOGO
strike length within the ~1,000-metre geochemical trend WEST

Further core drilling planned for Q4 OUAHIRI Proposed BASSONOGRO


Plant
Raul
Approximately 100 RAB drill holes were completed at the RAUL
HILLSIDE STINGER
NOGBELE
Raul prospect to test a ~1,500 metres long combined gold-
in-soil and auger geochem anomaly
FOURKOURA
Results pending, with follow up core drilling planned based
on results SUD

22
Early-Stage Exploration at Gourma
Gourma (Burkina Faso)

Initial Field Program Commenced


Gourma
Burkina Faso

Included prospecting, mapping and auger Golden Hill

Banfora
drilling

Ten prospects prioritized for more


advanced work in 2017

Based on positive auger results, an initial


core drilling evaluation began late in Q2
resulting in eight holes at three prospects
thus far

A follow-up evaluation is planned for the


Q4 once the rainy season has concluded

23
Optionality in Cte dIvoire Dianra

Randgold

Guitry Exploration Program a Priority


Five greenfield exploration tenements totaling 1,838 km2

Positive preliminary results at the Guitry prospect have


made it a priority for additional exploration work in 2017
Mahepleu
Hand-pitting program centered on the strongest portions Cte dIvoire
of the previously discovered 3 by 6 kilometre gold-in-soil
geochemical anomaly Perseus

Initial drilling evaluation to be undertaken in Q4 Endeavour


Newcrest
Tiassale
Endeavour
Taurus

Sangaredougou
Guitry

Operating Gold Mine/ Development Project


24
Appendices

25
Potential Re-Rate With Achievement of Game-Changing Milestones in 2017
Enterprise Value/2P Reserves ($/oz)
Terangas Share Price vs. Net Present Value (NPV)(6) per Share
B2Gold 460
Roxgold 329
Endeavour 264
109% Golden Star 190
Semafo 180
Teranga 101
Asanko 80
C$7.14 Perseus 25

C$3.42 C$4.20
Enterprise Value/2017E EBITDA ($)
B2Gold 15.8x
Endeavour 6.9x
Share Price BMO NPV per Share Revalued Share Price
Semafo 5.8x
Golden Star 5.1x
0.8x 1.7x Roxgold 4.3x
Current TGZ NPV Average NPV
Trading Multiple(6) Multiple for Medium Asanko 4.0x
Producers(6) Teranga 2.9x

26
Refer to Endnote (6) on the second last slide. Data Source: BMO GoldPages published July 17, 2017
Capital Structure & Shareholders
Capital Structure Post-Consolidation Geographic Breakdown of TGZ Shareholders
(as at June 30, 2017)
Basic common shares outstanding (May 30, 2017) 107,343,902
Stock options outstanding 4,480,023
Fully diluted 111,823,925
Number of shares owned by insiders 21,978,006
Market capitalization (June 30, 2017) C$368M/ US$293M Unidentified United
36% Kingdom
Cash (as at June 30, 2017) $80.3M 5%
Europe
Australia
27%
2%
Top 5 Shareholders (June 30, 2017) % O/S Position North America
Tablo Corporation 19.8% 21,273,500 30%

Van Eck Associates Corporation (GDXJ) 5.0% 5,417,764

Heartland Advisors, Inc. 2.8% 3,000,000

Oppenheimer Funds, Inc. 2.3% 2,467,795

Ruffer LLP. 2.3% 2,415,244

27
OJVG Acquisition Financed by Franco-Nevada
Effective Cost of Franco-Nevada Stream on
All-in Sustaining Costs per Ounce
In connection with Terangas transformational (based on $1,200/ounce gold price)
acquisition of Oromin Joint Venture Group in 2014, 8.4%
Franco-Nevada invested $135 million in exchange for
a fixed and floating stream on Terangas future
production
Fixed gold deliveries of 22,500 ounces per year from
2014 to 2019 with trailing 6% gold stream once fixed 4.8%
deliveries completed in 2019*

Effective Cost
Franco-Nevada to pay 20% of spot gold price per
ounce delivered (6% stream is equivalent to a 4.8% $100
NSR royalty)
Streaming agreement covers Terangas current mine $58
license and land package

2016E Post 2019

Implied Net Smelter Royalty

28
Year Ended December 31
2017 Outlook 2016
Guidance
2016
Actual
2017
Guidance(10)
Operating Results
Ore mined (000t) 2,000 2,500 2,132 2,000 2,500
Waste mined (000t) 34,500 36,000 33,512 35,000 37,000
Total mined (000t) 36,500 38,500 35,644 37,000 39,500
Grade mined (g/t) 2.75 3.25 2.66 2.50 3.00
Strip ratio waste/ore 13.00 15.00 15.7 15.5 17.5
Ore milled (000t) 3,700 3,900 4,025 4,000 4,300
Head grade (g/t) 1.80 2.00 1.81 1.70 1.90
Recovery rate % 90.0 91.0 92.6 90.0 91.5
Gold produced (7) (oz) 200,000 215,000 216,735 205,000 225,000 (3)
Cost of sales per ounce sold $/oz sold Not applicable 834 950 1,025
Total cash cost per ounce sold (8) $/oz sold 600 - 650 622 725 775
All-in sustaining costs (8) $/oz sold 900 975 929 1,000 1,075
Cash / (non-cash) inventory movements and amortized
$/oz sold Not Applicable 42 (100)
advanced royalty costs (8)
All-in sustaining costs (excluding cash / (non-cash) inventory
$/oz sold Not Applicable 971 900 975
movements and amortized advanced royalty costs) (8)

Mining ($/t mined) 2.20 2.40 2.33 2.25 2.50


Mining long haul ($/t hauled) 4.00 4.50 3.41 2.50 3.50
Milling ($/t milled) 11.00 12.00 10.70 11.00 12.00
General and Administration ($/t milled) 4.25 4.50 4.46 4.25 4.50
Mine Production Costs $ millions 145.0 155.0 148.6 155.0 165.0
Corporate Administration Expense $ millions 8.0 9.0 9.0 10.0 11.0
Regional Administration Costs $ millions 2.0 2.1 3.0
Community Social Responsibility Expense $ millions 3.0 3.5 3.6 3.5 4.0
Exploration & Evaluation (Expensed) $ millions 5.0 4.8 6.0 7.0
Sustaining Capital Expenditures
Mine site sustaining $ millions 8.0 10.0 7.4 10.0 15.0
Capitalized reserve development $ millions 7.0 7.1 3.0 4.0
Site development costs $ millions 17.0 20.0 18.5 2.0
Total Sustaining Capital Expenditures (9) $ millions 32.0 37.0 33.0 15.0 21.0
Growth Capital Expenditures (Banfora)
Feasibility study $ millions Not Applicable 0.3 3.0
Capitalized reserve development $ millions Not Applicable 0.3 3.0 4.0
Construction readiness $ millions Not Applicable 1.0 17.0 20.0
Total Growth Capital Expenditures $ millions Not Applicable 1.6 23.0 27.0 Refer to Endnotes (3), (7), (8), (9) and (10) on second last slide 29
Open Pit and Underground Mineral Resources Summary(2)
As at June 30, 2017 Inclusive of Reserves

Measured Indicated Measured and Indicated Inferred Notes for Mineral Resources Estimates
1. CIM definitions were followed for Mineral Resources.
Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au 2. Open pit oxide Mineral Resources are estimated at a
Deposit Domain
(g/t (g/t cut-off grade of 0.35 g/t Au, except for Gora and
('000s) ('000s) ('000s) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)
Au) Au) Marougou at 0.48 g/t Au.
3. Open pit transition and fresh rock Mineral Resources
Open Pit 11,725 1.17 442 6,488 1.59 332 18,213 1.32 774 2,525 1.23 100
are estimated at a cut-off grade of 0.40 g/t Au, except
Sabodala Underground 1,631 3.65 191 1,631 3.65 191 460 3.60 53 for Gora and Marougou at 0.55 g/t Au.
Combined 11,725 1.17 442 8,119 2.01 524 19,844 1.51 965 2,985 1.60 153 4. Underground Mineral Resources are estimated at a
Open Pit 4,163 0.68 92 22,212 1.16 829 26,375 1.09 921 cut-off grade of 2.00 g/t Au.
5. Measured Resources at Sabodala include stockpiles
Masato Underground 1,163 2.75 103 1,163 2.75 103 1,984 2.85 182 which total 7.2 Mt at 0.75 g/t Au for 174,000 oz.
Combined 4,163 0.68 92 23,375 1.24 932 27,537 1.16 1,024 1,984 2.85 182 6. Measured Resources at Masato include stockpiles
Open Pit 439 2.47 35 471 8.67 131 911 5.68 166 35 5.60 6 which total 4.2 Mt at 0.68 g/t Au for 92,000 oz.
7. Measured Resources at Gora include stockpiles
Gora Underground 315 5.14 52 315 5.14 52 59 4.83 9 which total 0.4 Mt at 1.28 g/t Au for 15,000 oz.
Combined 439 2.47 35 786 7.26 183 1,226 5.54 218 95 5.12 16 8. Measured Resources at Golouma include stockpiles
Open Pit 40 1.38 2 5,857 2.85 536 5,897 2.84 538 84 2.49 7 which total 0.04 Mt at 1.38 g/t Au for 2,000 oz.
9. Measured Resources at Kerekounda include
Golouma Underground 2,134 4.09 280 2,134 4.09 280 854 3.66 100
stockpiles which total 0.03 Mt at 3.30 g/t Au for 3,000
Combined 40 1.38 2 7,991 3.18 816 8,031 3.17 818 939 3.55 107 oz.
Open Pit 30 3.30 3 1,153 4.45 165 1,184 4.42 168 5 1.12 0 10. High grade assays were capped at grades ranging
Kerekounda Underground 499 4.88 78 499 4.88 78 235 5.70 43 from 1.5 g/t Au to 110 g/t Au.
11. The figures above are "Total" Mineral Resources
Combined 30 3.30 3 1,653 4.58 243 1,683 4.56 247 239 5.61 43 and include Mineral Reserves.
Open Pit 4,776 1.37 210 14,140 1.14 516 18,916 1.19 726 4,515 0.93 135 12. Open pit shells were used to constrain open pit
Niakafiri East Underground 224 2.72 20 224 2.72 20 514 2.70 45 resources.
13. Mineral Resources are estimated using a gold price
Combined 4,776 1.37 210 14,364 1.16 536 19,140 1.21 746 5,030 1.11 180 of US$1,450 per ounce.
Open Pit 3,061 1.02 100 3,061 1.02 100 673 0.86 19 14. Sum of individual amounts may not equal due to
Niakafiri
Underground 74 2.67 6 74 2.67 6 71 2.84 6 rounding.
West
Combined 3,135 1.06 107 3,135 1.06 107 744 1.05 25

Table continues on next slide

Refer to Endnote (2) on the second last slide 30


(Continued) Open Pit and Underground Mineral Resources Summary(2)
As at June 30, 2017 Inclusive of Reserves

Measured Indicated Measured and Indicated Inferred Notes for Mineral Resources Estimates
1. CIM definitions were followed for Mineral Resources.
Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au
Deposit Domain 2. Open pit oxide Mineral Resources are estimated at a
(g/t (g/t cut-off grade of 0.35 g/t Au, except for Gora and
('000s) ('000s) ('000s) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)
Au) Au) Marougou at 0.48 g/t Au.
Open Pit 2,112 1.22 83 2,112 1.22 83 114 0.81 3 3. Open pit transition and fresh rock Mineral Resources
are estimated at a cut-off grade of 0.40 g/t Au, except
Maki Medina Underground 109 2.71 10 109 2.71 10 85 2.54 7 for Gora and Marougou at 0.55 g/t Au.
Combined 2,221 1.30 93 2,221 1.30 93 199 1.55 10 4. Underground Mineral Resources are estimated at a
Goumbati Open Pit 2,678 1.35 116 2,678 1.35 116 498 0.81 13 cut-off grade of 2.00 g/t Au.
5. Measured Resources at Sabodala include stockpiles
West - Underground 131 3.25 14 131 3.25 14 79 2.90 7 which total 7.2 Mt at 0.75 g/t Au for 174,000 oz.
Kobokoto Combined 2,809 1.44 130 2,809 1.44 130 577 1.09 20 6. Measured Resources at Masato include stockpiles
Open Pit 170 1.32 7 170 1.32 7 295 1.42 14 which total 4.2 Mt at 0.68 g/t Au for 92,000 oz.
Golouma 7. Measured Resources at Gora include stockpiles
Underground 14 2.64 1 14 2.64 1 19 2.93 2
North which total 0.4 Mt at 1.28 g/t Au for 15,000 oz.
Combined 184 1.42 8 184 1.42 8 314 1.51 15 8. Measured Resources at Golouma include stockpiles
Open Pit 178 1.27 7 which total 0.04 Mt at 1.38 g/t Au for 2,000 oz.
Diadiako Underground 663 2.89 61 9. Measured Resources at Kerekounda include
stockpiles which total 0.03 Mt at 3.30 g/t Au for 3,000
Combined 841 2.54 69 oz.
Open Pit 24 1.06 1 24 1.06 1 91 0.95 3 10. High grade assays were capped at grades ranging
Kinemba Underground 56 2.52 5 from 1.5 g/t Au to 110 g/t Au.
11. The figures above are "Total" Mineral Resources
Combined 24 1.06 1 24 1.06 1 147 1.55 7 and include Mineral Reserves.
Open Pit 230 1.42 11 12. Open pit shells were used to constrain open pit
Koulouqwinde Underground 60 2.67 5 resources.
13. Mineral Resources are estimated using a gold price
Combined 290 1.68 16
of US$1,450 per ounce.
Open Pit 96 11.51 36 96 11.51 36 22 6.71 5 14. Sum of individual amounts may not equal due to
Kourouloulou Underground 59 9.15 18 59 9.15 18 86 13.58 38 rounding.
Combined 156 10.61 53 156 10.61 53 108 12.18 42

Table continues on next slide

Refer to Endnote (2) on the second last slide 31


(Continued) Open Pit and Underground Mineral Resources Summary(2)
As at June 30, 2017 Inclusive of Reserves

Measured Indicated Measured and Indicated Inferred Notes for Mineral Resources Estimates
1. CIM definitions were followed for Mineral Resources.
Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au 2. Open pit oxide Mineral Resources are estimated at a
Deposit Domain
(g/t (g/t cut-off grade of 0.35 g/t Au, except for Gora and
('000s) ('000s) ('000s) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)
Au) Au) Marougou at 0.48 g/t Au.
3. Open pit transition and fresh rock Mineral Resources
Open Pit 67 0.93 2 67 0.93 2 42 0.74 1
are estimated at a cut-off grade of 0.40 g/t Au, except
Kouroundi Underground for Gora and Marougou at 0.55 g/t Au.
Combined 67 0.93 2 67 0.93 2 42 0.74 1 4. Underground Mineral Resources are estimated at a
Open Pit 85 1.58 4 cut-off grade of 2.00 g/t Au.
5. Measured Resources at Sabodala include stockpiles
Koutouniokolla Underground 22 2.54 2 which total 7.2 Mt at 0.75 g/t Au for 174,000 oz.
Combined 108 1.78 6 6. Measured Resources at Masato include stockpiles
Open Pit 560 1.45 26 560 1.45 26 305 1.25 12 which total 4.2 Mt at 0.68 g/t Au for 92,000 oz.
7. Measured Resources at Gora include stockpiles
Mamasato Underground 42 2.32 3 which total 0.4 Mt at 1.28 g/t Au for 15,000 oz.
Combined 560 1.45 26 560 1.45 26 347 1.38 15 8. Measured Resources at Golouma include stockpiles
Open Pit 1,198 1.41 54 which total 0.04 Mt at 1.38 g/t Au for 2,000 oz.
9. Measured Resources at Kerekounda include
Marougou Underground
stockpiles which total 0.03 Mt at 3.30 g/t Au for 3,000
Combined 1,198 1.41 54 oz.
Open Pit 485 0.89 14 10. High grade assays were capped at grades ranging
Sekoto Underground 25 2.11 2 from 1.5 g/t Au to 110 g/t Au.
11. The figures above are "Total" Mineral Resources
Combined 510 0.95 16 and include Mineral Reserves.
Open Pit 550 1.46 26 12. Open pit shells were used to constrain open pit
Soukhoto Underground resources.
13. Mineral Resources are estimated using a gold price
Combined 550 1.46 26 of US$1,450 per ounce.
Open Pit 21,174 1.15 783 59,091 1.52 2,882 80,264 1.42 3,665 11,933 1.13 434 14. Sum of individual amounts may not equal due to
Total Underground 6,354 3.78 773 6,354 3.78 773 5,315 3.34 570 rounding.
Combined 21,174 1.15 783 65,444 1.74 3,655 86,618 1.59 4,438 17,247 1.81 1,004

Refer to Endnote (2) on the second last slide 31


Open Pit & Underground Mineral Reserves Summary(2)
As At June 30, 2017
Proven Probable Proven and Probable Notes for Mineral Reserves Estimates
Deposits Tonnes Grade Tonnes Grade Au Tonnes Grade Au
Au (Moz) 1. CIM definitions were followed for Mineral Reserves.
(Mt) (g/t) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
2. Mineral Reserve cut-off grades range from 0.38 g/t to
Masato 18.62 1.10 0.66 18.62 1.10 0.66 0.57 g/t Au for oxide and 0.44 g/t to 0.63 g/t Au for fresh
rock based on a $1,200/oz gold price.
Niakafiri East 4.61 1.32 0.20 9.92 1.10 0.35 14.53 1.17 0.55 3. Underground Mineral Reserve cut-off grades range from
Golouma West 4.11 1.91 0.25 4.11 1.91 0.25 2.3 g/t to 2.6 g/t Au based on a $1,200/oz gold price.
4. Mineral Reserves account for mining dilution and mining
Sabodala 2.04 1.56 0.10 3.18 1.33 0.14 5.22 1.42 0.24 ore loss.
Gora 0.82 5.25 0.14 0.82 5.25 0.14 5. Proven Mineral Reserves are based on Measured
Mineral Resources only.
Kerekounda 0.53 4.71 0.08 0.53 4.71 0.08 6. Probable Mineral Reserves are based on Indicated
Mineral Resources only.
Goumbati West and Kobokoto 1.42 1.31 0.06 1.42 1.31 0.06 7. Sum of individual amounts may not equal due to
Maki Medina 0.98 1.12 0.04 0.98 1.12 0.04 rounding.
8. The Niakafiri East and West deposits are adjacent to the
Niakafiri West 1.20 1.06 0.04 1.20 1.06 0.04 Sabodala village and relocation of at least some portion
Golouma South 0.24 3.23 0.02 0.24 3.23 0.02 of the village will be required which will necessitate a
negotiated resettlement program with the affected
Subtotal Open Pit 6.65 1.39 0.30 41.02 1.35 1.78 47.66 1.35 2.07 community members.
Stockpiles 11.80 0.75 0.28 11.80 0.75 0.28

Total Open Pit with Stockpiles (OP) 18.45 0.98 0.58 41.02 1.35 1.78 59.47 1.23 2.36
Golouma West 1 0.62 6.07 0.12 0.62 6.07 0.12
Kerekounda 0.61 4.95 0.10 0.61 4.95 0.10
Golouma West 2 0.45 4.39 0.06 0.45 4.39 0.06
Golouma South 0.47 4.28 0.06 0.47 4.28 0.06

Subtotal Underground (UG) 2.15 5.01 0.35 2.15 5.01 0.35

TOTAL OPEN PIT & UNDERGROUND 18.45 0.98 0.58 43.17 1.53 2.12 61.62 1.37 2.70
Refer to Endnote (2) on the second last slide 33
Competent & Qualified Persons Statement
The technical information contained in this document relating to the open pit mineral reserve estimates is based on, and fairly represents, information compiled by Mr. Stephen Ling, P. Eng who is a member of the Professional Engineers Ontario, which
is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Mr. Ling is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101.
However, he is a "Qualified Person" as defined in NI 43-101. Mr. Ling has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Ling is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure
for Mineral Projects. Mr. Ling has consented to the inclusion in this document of the matters based on his compiled information in the form and context in which it appears in this document.

The technical information contained in this document relating to mineral resource estimates is based on, and fairly represents, information compiled by Ms. Patti Nakai-Lajoie. Ms. Nakai-Lajoie, P. Geo., is a Member of the Association of Professional
Geoscientists of Ontario, which is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Ms. Nakai-Lajoie is a full time employee of Teranga and is not "independent" within the
meaning of National Instrument 43-101. Ms. Nakai-Lajoie has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the JORC Code. Ms. Nakai-Lajoie is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Ms. Nakai-Lajoie has consented to the inclusion in this document of the matters
based on her compiled information in the form and context in which it appears in this document.

The technical information contained in this document relating to the underground ore reserves estimates is based on, and fairly represents, information compiled by Jeff Sepp, P. Eng who is a member of the Professional Engineers Ontario, which is
currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Mr. Sepp is independent of Teranga and is a "Qualified Person" as defined in NI 43-101 and a "competent person" as
defined in the 2012 Edition of the JORC Code. Mr. Sepp has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the JORC Code. Mr. Sepp has consented to the inclusion in this document of the matters based on his compiled information in the form and context in which it appears in this document.

Teranga's exploration programs are being managed by Peter Mann, FAusIMM. Mr. Mann is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101. Mr. Mann has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr. Mann is a "Qualified Person" under
National Instrument 43-101 Standards of Disclosure for Mineral Projects. The technical information contained in this presentation relating exploration results are based on, and fairly represents, information compiled by Mr. Mann. Mr. Mann has verified
and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The RC samples are prepared at site and assayed in the SGS laboratory located at the site. Analysis for diamond drilling is
sent for fire assay analysis at ALS Johannesburg, South Africa. Mr. Mann has consented to the inclusion in this presentation of the matters based on his compiled information in the form and context in which it appears herein.

Teranga's disclosure of mineral reserve and mineral resource information is governed by NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). CIM definitions of the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral
resource", "indicated mineral resource" and "inferred mineral resource", are substantially similar to the JORC Code corresponding definitions of the terms "ore reserve", "proved ore reserve", "probable ore reserve", "mineral resource", "measured
mineral resource", "indicated mineral resource" and "inferred mineral resource", respectively. Estimates of mineral resources and mineral reserves prepared in accordance with the JORC Code would not be materially different if prepared in accordance
with the CIM definitions applicable under NI 43-101. There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted into mineral reserves. See the Appendix in the Teranga press release
dated July 24, 2017 found on www.SEDAR.com for the JORC Code explanations relating to the results in this press release.

34
Endnotes
1) According to the CPM Gold Yearbook 2017, Transitional Economies include: Vietnam, North Korea, Soviet Union, Russia, Uzbekistan, Kazakhstan, Armenia, Azerbaijan, Kyrgyzstan, Georgia, Tajikistan, and Cuba.
2) Terangas Sabodala Mineral Reserves and Mineral Resources estimates as at June 30, 2017 as per Company disclosure. For more information regarding Teranga Golds Mineral Reserves and Resources and
related notes, please refer to the press release title, Teranga Gold Increases Sabodala's Reserve Base to 2.7 Million Ounces: Adds More Than 400,000 Ounces of Gold and Improves Five-Year Production and
Cash Flow Profile dated July 19, 2017 accessible on the Terangas website at www.terangagold.com.
3) This production profile is based on existing proven and probable reserves only from the Sabodala mining license as disclosed on the Companys website at www.terangagold.com and on SEDAR at
www.sedar.com. The estimated ore reserves underpinning this production guidance have been prepared by a competent person in accordance with the requirements of the 2012 Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves (the 2012 JORC Code). Please refer to the Competent Persons Statement in this presentation.
4) Free cash flow is a non-IFRS financial measure and does not have a standard meaning under IFRS. The Company calculates free cash flow as net cash flow provided by operating activities less sustaining
capital expenditures. The Company believes this to be a useful indicator of our ability generate cash for growth initiatives. Other companies may calculate this measure differently. Please see the Non-IFRS
Performance Measures section in Managements Discussion & Analysis for the three and twelve months ended December 31, 2016 available on the Companys website at www.terangagold.com.
5) This production target of 200,000 ounces per year for an additional 5-year period beyond 2022, is based on proven and probable ore reserves of 2.7 million ounces and the anticipated conversion of approximately
500,000 ounces of measured and indicated resources at an average grade of approximately 1.5 grams per tonne.
6) Net Present Value (NPV) per share is a Non-IFRS financial measure. NPV per share, average NPV multiple of medium producers, and Terangas share price is as per BMO GoldPages published July 17, 2017.
According to BMO GoldPages, NPV per share is calculated using the net present value of the life of mine cash flows based on the NI 43-101 plan, less cash flow of corporate costs, less net debt per share, using
the model at SPOT commodity prices and exchange rates. The Revalued Share Price is calculated using the NPV per share at SPOT times the NPV multiples as listed. The BMO NPV calculation assumes a
US$1,229 SPOT gold price per ounce, 5% discount, 0.79 USD/CAD exchange rate. For more information regarding Non-IFRS financial measures, please refer to Non-IFRS Performance Measures in the
Companys Managements Discussion and Analysis for the three and twelve months ended December 31, 2016 available on the Companys website at www.terangagold.com.
7) 22,500 ounces of gold production are to be sold to Franco-Nevada Corporation at 20% of the spot gold price.
8) Total cash costs per ounce sold, all-in sustaining costs per ounce, and all-in sustaining costs (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs), and earnings before
interest, taxes, depreciation and amortization (EBITDA) are non-IFRS financial measures and do not have standard meanings under IFRS. Please see the Non-IFRS Performance Measures section in
Managements Discussion & Analysis for the year ended December 31, 2016 available on the Companys website at www.terangagold.com. All-in sustaining costs per ounce sold include total cash costs per
ounce, administration expenses, share based compensation and sustaining capital expenditures as defined by the World Gold Council. All-in sustaining costs also include cash/(non-cash) inventory movements
and non-cash amortization of advanced royalties.
9) This forecast financial information is based on the following material assumptions for 2017: gold price: $1,200 per ounce; light fuel oil price $0.81/L; heavy fuel oil price $0.46/L; Euro:USD exchange rate of 1:1.10.
Other important assumptions: any political events are not expected to impact operations, including movement of people, supplies and gold shipments; grades and recoveries will remain consistent with the life-of-
mine plan to achieve the forecast gold production; and no unplanned delays in or interruption of scheduled production.

35
Trish Moran
Head of Investor Relations

T: +1.416.607.4507
E: investor@terangagold.com
W: terangagold.com
TSX & ASX: TGZ
121 King Street West, Suite 2600
Toronto, ON M5H 3T9