1

PRODUCING AND EXPLORING DENVER GOLD FORUM SEPTEMBER 2011

2

CAUTIONARY STATEMENT This presentation contains forward looking information, within the meaning of applicable Canadian securities legislation, and forward looking statements, within the meaning of applicable United States securities legislation, which reflects management’s expectations regarding Teranga Gold Corporation’s (“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”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify such forward looking information. Although the forward looking information contained in this presentation reflect management’s 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. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in the forward looking information, including those listed in the “Risk Factors” section of the prospectus of Teranga, dated November 11, 2010 (the “Prospectus”). These factors should be considered carefully and prospective investors should not place undue reliance on the forward looking information. Forward looking information necessarily involves significant known and unknown risks, assumptions and uncertainties that may cause Teranga’s actual results, performance, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward looking information. Although Teranga has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward looking information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that the forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on such forward looking information. Teranga expressly disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities law. Forward looking information and other information contained herein concerning mineral exploration and management’s general expectations concerning the mineral exploration industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While management is not aware of any misstatements regarding any industry data presented herein, mineral exploration involves risks and uncertainties and industry data is subject to change based on various factors. In addition, please note that statements relating to “reserves” or “resources” are deemed to be forward looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably mined in the future.

3

CAPITALIZATION SUMMARY

Ticker symbol: TGZ: TSX/ASX

Shares outstanding(1): 245.6 million

Stock options outstanding: 14.4 million

Share price (as at September 12, 2011): C$2.28

Market capitalization: C$560 million

Cash position(2)(3): US$65.9 million

Debt position(2)(4): US$20.1 million

Net cash position(2): US$45.8 million

(1) As part of the demerger Mineral Deposits Ltd. retained 40 million TGZ shares and received C$50 million from the IPO proceeds. (2) As at June 30, 2011 (3) Includes short-term investments and restricted cash (4) US$23.6 MM drawn under the mining fleet finance lease facility with Societe Generale.

FOCUSED ON GROWTH

FOCUSED ON:

GROWING RESERVES

GROWING PRODUCTION

FINANCIAL STRENGTH

4

ASSETS Large exploration land package in Senegal, W.A.

• 1,488km2 virtually unexplored land surrounding operating mill

• An emerging world class gold district Operating mine / mill

• Proven performance • Only gold mining operation in the country

Strong balance sheet

• Able to self-fund exploration & development Experienced management team

• Proven track record

5

Sabodala is the only large scale gold mine in Senegal

Senegal • Mining Code passed in 2003 • Successful democracy • Stable political environment • Population of ~13.7M • Mining friendly regime • Government holds 10% free-carried

interest in Sabodala and 3% royalty • Tax-free holiday that ends May 2015 • Rated # 1 in Africa and #5 in the

World in the World Bank’s “Doing Business” Report

SABODALA GOLD (SENEGAL)

6

First gold pour in March 2009 • Approx. cost of $330M

Mill expansion from 2 MM tpa to ~4 MM tpa underway

• Est. 140,000 oz Au production 2011 expanding to >200,000 oz Au

• Expected to be completed early 2012 at a cost of $56 MM

Well developed infrastructure

• Located 650 km east of the capital Dakar and 96 km north of the town Kedougou – paved road within 56 km of mine site

• 30 MW heavy fuel oil power plant located on site (36 MW with mill expansion)

SABODALA GOLD (OPERATIONS)

7

Addressing Investor concerns on IPO • Short mine life

Increased reserves and provided reserve guidance

Committed to take Gora from exploration into development

Ramped up exploration program Expect more discoveries on the

Regional Land Package • High cash costs

Increased production and lowered cash cost guidance for 2011 and 2012

Redesigned pit • Hedge book

Delivery has been accelerated

FOCUSED ON ADDING RESERVES

HIGHLIGHTS

8

FOCUSED ON GROWING RESERVES 1.5Moz currently to …

• Objective: 10-15+ year mine life • Growth through exploration – extensive exploration program

on 1,455km2 Regional Land Package of virtually unexplored prolific land

• Growth through regional opportunities – primary focus Senegal

FOCUSED ON GROWING PRODUCTION 140,000oz currently to …

• Leveraging off our existing mill – land package all truckable • Doubling mill capacity – could increase further

FOCUSED ON FINANCIAL STRENGTH Maintaining strong balance sheet to self-fund exploration…

• Eliminating hedge book – quickly but prudently • Margin expansion (eliminate hedge and lower costs) • Significant free cash flow to self-fund exploration strategy • Manageable capex requirements

GROWTH STRATEGY

9

FOCUSED ON GROWING PRODUCTION Calendar Year 2011

• Est. production 140,000 oz at $750 - $775/oz

• CapEx $75M (primarily for mill expansion, mobile equipment and capitalized Mine License exploration)

Calendar Year 2012

• Est. production 220,000 oz at $575-$625/oz

• CapEx ~ $25M (primarily for exploration)(1)

Calendar Year 2013

• Targeting 300,000 oz at $600 - $700/oz

(1) Excludes capital cost to develop regional deposits.

Assumes increased production from regional exploration success

0

50

100

150

200

250

300

350

400

450

500

2011 2012 2013 2014

Production Profile (‘000 ozs)

Production Exploration Success

10

FOCUSED ON FINANCIAL STRENGTH Maintain strong balance sheet to self-fund exploration and development

• IPO recapitalization of balance sheet – net cash position US$45.8M(2)

• Eliminating hedge book – quickly but prudently – YE 2011~ 150,00oz at ~ $829/oz(3)

• Margin expansion + increased production profile = significant free cash flow to self-fund exploration and development strategy

• Manageable capex requirements

(1) Assumes $1500/oz gold price and cash cost of $600/oz (2) As at June 30, 2011 (3) Non-Deferred Hedge Schedule Appendix page 39

200

300

400

500

600

700

800

900

1000

2011 2012 2013 2014

Cash Margin – Expansion ($/oz) (1)

Rate of margin expansion is a function of increasing production through regional exploration success

11

12

FOCUSED ON GROWING RESERVES

1,51 (@1.47 g/t)

2,254 (@1.33 g/t)

774 (@1.06 g/t)

0

300

600

900

1,200

1,500

1,800

2,100

2,400

Proven and Probable Measured andIndicated(1)(2)(3)

Inferred(1)(2)

Gold Reserves and Resources(1)

(1) See Appendix page 38 (2) M+I resources are inclusive of reserves (3) As at June 30, 2010, see Sabodala Technical Report

Kedougou-Kenieba Inlier – A Birimian Greenstone Belt

13

Exploration Program (Calendar 2011) 1. Mine License Exploration: $8 MM (~60,000m) (YTD 30,000m)* 5 Drill Rigs 2. Regional Exploration: $25 MM (~80-90,000) (YTD 50,000m)* 12 Drill Rigs TOTAL: +$33 MM (140-150,000m) (+180,000m RAB) 17 drill rigs

* Majority of assays are pending

FOCUSED ON GROWING RESERVES

14

GORA

35 km radius

1. MINE LICENSE EXPLORATION 2. REGIONAL EXPLORATION

Budget: $25M 1,455km2 Budget: $8M

33km2

15

1. SABODALA MINE LICENSE EXPLORATION • $8 MM exploration program is underway

on the Sabodala Mine License • 10 targets identified for follow up • Potential to expand proven and probable

reserves from 1.5 Moz gold to 2 to 3 Moz gold over the next 12 to 24 months increasing the mine life to ~ 10 to 15 years

16

“THE CORRIDOR” Continuation of the main Sabodala

structural trend to the north

SAMBAYA HILL Confluence of Niakafiri Shear Zone

with Main Flat from Sabodala and Masato Shear

MASATO EXTENSION Continuation of Masato deposit

NIAKAFIRI, NIAKAFIRI WEST & SOUKHOTO

Down-dip extension of Niakafiri, strike extension of Niakafiri West

and Soukhoto

1. SABODALA MINE LICENSE EXPLORATION

17

SABODALA MINE LICENSE EXPLORATION – “THE CORRIDOR”

Sabodala Structural Trend (“The Corridor”) • Northerly trending extension of Sabodala pit • Mineralization traced more than 200m north

of the existing pit along trend • Open to north and west • Drilling intersected wide widths of alteration similar

to Sabodala and Niakafiri • Drilling 20m centres • Plan is to conduct 10,800 metres of RC and Diamond

drilling to test target at depth and along strike • Expect resources defined to be converted

to reserves in 2011

Mylonite Shear Zone Ayoub’s

Thrust

Sabodala Pit

18

Sabodala Pit

Masato Extensions

Sambaya Hill

Masato Down Dip

SABODALA MINE LICENSE EXPLORATION – MASATO / SAMBAYA HILL TARGET

MASATO / SAMBAYA HILL • Masato structural trend (1.6 Moz on Oromin JV)

strikes across onto our mine license • Plan to conduct 5,000 metres of RC and Diamond

drilling to define structural trend and test structure at depth

• Initially being tested over a 500 metre strike length, 20 drill holes totaling 6,150 metres of drilling

• First drill hole SMRC055 • 11m of 1.08 g/t from 234m down hole • 20m of 3.53 g/t from 267m down hole • Will be extended with core as part of

program • Multiple mineralized zones have been identified

with high grade intervals apparent from aqua regia assays conducted on site

• Expect to define new resources in calendar 2011 • Sambaya Hill – Trend defined by an IP and

geochemical anomaly

19

GORA

35 km radius

1. MINE LICENSE EXPLORATION 2. REGIONAL EXPLORATION

Budget: $25M 1,455km2 Budget: $8M

33km2

20

2. REGIONAL EXPLORATION

• From 2007 – 2009, no significant drilling was done on the 1,455 km2 Regional Land Package due to cash constraints

• There are 27 drill targets identified to drill by end of year; drilling program ($25M) currently underway

• 50,000m of DD and RC and 98,000m of RAB drilling completed June 30, 2011

• 12 drill rigs are currently on the Regional Land Package (2 more rigs are expected in Sept.)

• All targets in trucking distance of the existing mill

21

“THE DONUT”

GORA

TOUROKHOTO

TOUMBOUMBA

1. REGIONAL EXPLORATION

22

GORA – HIGH-GRADE QUARTZ VEIN SYSTEM • Most advanced target: moving from exploration to

development • Inferred resource of 106,000 oz @ 6 g/t Au • 22 km from Sabodala mill • 800m strike length auriferous quartz vein,

outcropping • Deposit open in all directions • 4 active drill rigs (3 DD, 1 RC/DD) • Induced polarization (“IP”) survey has been

completed over the Gora deposit and has identified gold anomalies along strike and parallel to Gora – follow-up testing required

• Now understood to be a stacked vein system (vs. single-vein)

• Vein 1 extended (currently 8.8 g/t Au) • Vein 2 now more continuous (3.0 g/t Au) • Vein 3 now important mineralized body • Vein 5 discovered just below Vein 1

• Excellent potential for bulk style mineralization

23

GORA – HIGH-GRADE QUARTZ VEIN SYSTEM 1. Drilling completed to date – 144 RC and DD holes,

24,705m • Current phase of 25,000m to test to vertical depth of

130m 2. Step-out program commenced

• Minimum 2,400m DD • 9 hole program expanded to 11, 8 holes completed

and confirmed presence of mineralized structure in all 8

• True widths of up to 12 metres • All assays pending but confirmed presence of

mineralized structure 3. Exploration of immediate North and South –

6,200m program • RC program, late July to Sept (depending on

rig availability and performance) 4. Further 10,000m of RC, 5,000m DD

• Test strike extent of Gora mineralized trend and nearby parallel IP anomalies

• Commencement of program likely early October (depending on rig availability)

24

Selected latest results include:

JUNE 13, 2011 - PRESS RELEASE JULY 11, 2011 - PRESS RELEASE RECENT RESULTS

5m@33.7 g/t from 111m (Vein 1) 2m@20.6 g/t from 88m 1m@9.5 g/t from 23m

2m@61.3 g/t from 126 m (Vein 1) 2m@27.3 g/t from 108m 1m@3.6 g/t from 79m

3m@26.7 g/t from 154 m (Vein 1) 2m@20.7 g/t from 79m 1m@5.8 g/t from 28m

3m@47.7 g/t from 164 m (Vein 5) 4m@23.2 g/t from 132m

1m@33.0 g/t from 156m (Vein 4) 3m@24.1 g/t from 155m

4m@10.7 g/t from 145m (Vein 2) 4m@34.1 g/t from 155m

1m@51.8 g/t from 112m (Vein 2)

9m@3.2 g/t from 87m (Vein 1)

• Ongoing exploration, permitting, and feasibility • Expect to bring resource to reserve by end of calendar 2011 with the

goal of processing high-grade ore as soon as late 2012

25

TOUMBOUMBA – NEWEST TARGET • Latest discovery, potential to become second

regional deposit through the mill • Located 10 km NW from Sabodala mill • Alteration hosted mostly in granite (laterite

cover) • RAB drilling program commenced in April

• Expanded to encompass entire structural domain

• To date, 1,113 holes, 47,584m on a 100 x 50m grid

• Significant widths of ore mineralization were encountered in western portion of anomaly, RAB holes grading >0.5 g/t

• Targets identified by RAB program are the subject of the current RC program

• To date, 47 RC holes, 8,748m completed • Continues to return wide auriferous zones

• Oxide mineralization of up to 50m in depth • At minimum, potential for heap leaching

• Production could be fast tracked without displacing material from Sabodala mill

• Deeper drilled required

26

TOUMBOUMBA – NEWEST TARGET

JUNE 13, 2011 - PRESS RELEASE EARLY RAB RESULTS

JULY 11, 2011 - PRESS RELEASE RAB RESULTS

RECENT RESULTS RAB RESULTS

3m@6.13 g/t, including 1m@15.44 g/t 2m@6.65 g/t from 16m 4m@3.31 g/t from 26m

3m@11.99 g/t, including 1m@25.2 g/t 4m@6.06 g/t from 8m 2m@2.79 g/t from 20m

6m@18.85 g/t, including 4m@27.7 g/t 2m@32.87 g/t from 38m

2m@3.57 g/t from 12m

3m@6.34 g/t from 30m

JUNE 13, 2011 - PRESS RELEASE EARLY RC RESULTS

JULY 11, 2011 - PRESS RELEASE RC RESULTS

10m@2.35 g/t, including 2m@9.69 g/t 6m@1.91 g/t from 17m including 1m@8.07 g/t

8m@5.45 g/t, including 2m@17.75 g/t 3m@17.15 g/t from 39m including 1m@50 g/t

6m@2.68 g/t from 56m including 1m@8.79 g/t

3m@11.85 g/t from 36m including 1m@30.5 g/t

27

TOUMBOUMBA – NEWEST TARGET

RECENT RESULTS – AQUA REGIA

11m@5.18g/t from 37m including 1m@37.6g/t and 4m@6.23g/t from 52m including 1m@21.8g/t from SNWRC016

6m@1.24g/t f rom 125m from SNWRC017

4m@4.46g/t f rom 21m from SNWRC023

11m@1.29g/t f rom 52m from SNWRC027

3m@4.24g/t f rom 180m from SNWRC029

28

DIEGOUN NORTH – “THE DONUT” • 7km x 4 Km complex of gold anomalism • Contrasting rock types, porphyries, granites,

dolerite & sediments • Rock samples to 80 g/t Au • RAB drilling has defined gold mineralization in bedrock

• 19,000m RAB drill program completed at Cinnamon, 663 holes

• 143 holes returned auriferous intersections above 0.5 g/t

• First pass RC program at Jam and Honey; 51 holes completed for just under 8,800m (40 holes anomalous levels of gold > 0.5 g/t)

• Recognition of a well-developed, auriferous north-east trending structure

Sabodala Ore Body

29

• >5Km long, up to 1Km wide gold anomaly defined by termite sampling

• Parallels NE trending shears of the MTZ • 3 Moz Massawa deposit hosted on MTZ about

25Km south • >240 ppb Au contours coincide with areas where MTZ

shears are intersected by later NE fault structures • Rock sampling returned up to 10 g/t Au from

sparse outcrop • Wide zones of sheared sediments and

quartz-feldspar porphyries observed • Quartz tourmaline veining observed • 23,416m RAB drill program completed with a

total 1,006 holes • Identified eight coherent zones of gold anomalism • Early scout DD completed in Q1 identified significant

structural zones which host auriferous alteration zones

• Targets up to 700m in strike length • Follow up geophysical, RC and DD testing required

TOUROKHOTO

Sabodala Ore Body

30

GOUNDAMEKHO – EXTENSIVE SURFACE GOLD WORKINGS ON STRUCTURES

• 35 RC holes for 4,200m completed • Multiple gold bearing structures

warrant follow-up drilling

Gold from trenches

75g nugget from artisan workings

31

EXPLORATION TEAM / ON SITE ASSAY LAB

Mapping Trenches at Dembala Berola

Niang, Database and GIS Management

Structural Mapping

Part of team at Exploration Office

Field Work Sounkounkou

Geochem Sampling Team at Makana

Mapping at Makana

On Site Assay Lab

RC Drilling at Bransan

32

FOCUSED ON GROWTH Kedougou-Kenieba Inlier – A Birimian Greenstone Belt An emerging world class gold district.

33

CORPORATE SOCIAL RESPONSIBILITY CSR is fundamental to our business strategy. We are committed to making a positive difference in the communities in which we live and work. Our aim is to share the benefits of mining with our employees and the community and contribute to economic and social development.

34

CORPORATE SOCIAL RESPONSIBILITY

• Teranga financed the construction of Khossanto College

• In partnership with the regional hydraulic department, providing financial and project

management support to the upgrade water supply – resulting in a positive impact on health and sanitation

• The Company-funded Sabodala Village Clinic – treating 1,378 cases of Malaria (which untreated can lead to mortality); 7,235 patients were treated at the Clinic, representing a $30,000 investment in community health

• The Sabodala Mine provides direct contract employment and skill development to over 1,100 persons, with an additional 120 persons benefiting from casual employment each month. A further 3,600 persons are estimated to be indirectly employed through the provision of goods and services to the mine through our partners and suppliers

• Teranga is committed to the professional development of its local workforce through continuous training and skill development

35

SUMMARY – FOCUSED ON GROWTH

1. Experienced Management Team 2. Largest land position in Senegal 3. Only mill in Senegal 4. Planned mill expansion 5. Extensive exploration program

– ~17 drill rigs 6. Strong Balance sheet

– increasing free cash flow with margin expansion

36

PRODUCING AND EXPLORING SEPTEMBER 2011

37

APPENDICES Competent Persons Statement The scientific and technical information contained in this release relating to exploration activities within the mining license is based on information compiled by Mr. Bruce Van Brunt, who is a Fellow with The Australasian Institute of Mining and Metallurgy and is also a registered professional geologist in the State of Washington, USA. He is qualified as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and as defined in NI43- 101. Mr. Van Brunt has consented to the inclusion of this information in the form and context in which it appears in this release. Mr. Van Brunt is a full-time employee of Teranga and not independent of Teranga within the meaning of NI43-101. The scientific and technical information contained in this release relating to the regional exploration is based on information compiled by Mr. Martin Pawlitschek, who is a member of the Australian Institute of Geoscientists. Mr. Pawlitschek is qualified as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and as a Qualified Person as defined in NI43-101. Mr. Pawlitschek has consented to the inclusion of this information in the form and context in which it appears in this release. Mr. Pawlitschek is a full-time employee of Teranga and not independent of Teranga within the meaning of NI43-101.

38

SABODALA GOLD PROJECT: RESERVES & RESOURCES

Ore (000 tonnes)

Grade (g/t Au)

Contained Gold (000 oz Au)

Proven & Probable Sabodala 24,350 1.57 1,231 Niakafiri 7,623 1.15 281

Total 31,973 1.47 1,512

Measured & Indicated Sabodala 41,892 1.39 1,869 Niakafiri 10,741 1.12 386

Total 52,633 1.33 2,254(1)

Inferred Resources Sabodala 7,310 1.22 287 Niakafiri 7,248 .88 205 Niakafiri West 7,144 .82 188 Soukhoto 566 1.32 24 Gora(2) 387 5.6 70

Total 22,655 1.06 774(1)

(1) See the Sabodala Technical Report ; #’s as at June 30, 2010 (2) Gora inferred resource updated to 543,000 tonnes at 6.08 g/t containing 106,000 ozs. Please see May 2, 2011 Press Release for further information.

39

NON-DEFERRED HEDGE SCHEDULE

Delivery Date Price US$/oz Ounces

17-Nov-2011 846.00 18,500

17-Feb-2012 846.00 28,000

17-May-2012 846.00 28,000

15-Aug-2012 846.00 27,500

21-Nov-2012 832.92 25,000

20-Feb-2013 832.92 25,000

17-May-2013 790.66 25,000

21-Aug-2013 791.50 16,000

Total 193,000

40

MANAGEMENT & BOARD Alan R. Hill Executive Chairman & CEO

• Mining engineer with over 20 years experience globally in project evaluations, acquisitions and mine development as Executive VP of Barrick Gold

• Currently a Director of Gold Fields • Former President and CEO of Gabriel Resources (2005 – 2009) and non-Executive Chairman of Alamos Gold

(2004 – 2007)

Richard S. Young President & CFO

• Over 10 years experience in mining finance, development, corporate development, and investor relations with Barrick Gold

• Former VP and CFO of Gabriel Resources (2005 – 2010)

Christopher R. Lattanzi Director

• Mining engineer with over 20 years experience in property valuation, scoping, feasibility studies and project monitoring on a global basis

• Currently a Director of Argonaut Gold and Spanish Mountain Gold • Founding member and former president of Micon International (1988 – 2005)

Oliver Lennox-King Director

• Over 30 years experience in the mineral resource industry with a wide range of experience in financing, research and marketing

• Non-Executive Chairman of Fronteer Gold and director of CGX Energy • Instrumental in the formation of Southern Cross Resources (1997), former President of

Tiomin Resources (1992 – 1997) • MDL Director not standing for re-election

Alan R. Thomas Director

• Director/Trustee and CFO of Labrador Iron Ore Royalty • Former Director of Gabriel Resources (2006 – 2010), CFO of ShawCor (2000 – 2006), and CFO of Noranda

(1987 – 1998)

Frank Wheatley Director

• Over 25 years experience as a director and senior officer of, and legal counsel to, a number of Canadian public mining companies and has extensive legal and business experience in the mineral industry, particularly in the areas of public financing, project debt financing, permitting of large scale mining projects, and strategic mergers and acquisitions in the international minerals industry

• Currently the Executive Director, Corporate Affairs and Strategy of Talison Lithium Limited • Currently a director of Lithic Resources Ltd. and Portal Resources Ltd. • Former Vice-President and General Counsel of Gabriel Resources Ltd. (2000 - 2009) • Former Vice President, Legal Affairs of Eldorado Gold Corporation