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The Next Multi-Asset Mid-Tier West African Gold Company

John Tumazos Very Independent Research

Metals and Natural Resources Conference

August 3-4, 2017

Navin DyalChief Financial Officer

Forward-Looking Statements

3

This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), 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”, “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 Company’s 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 Teranga’s estimated full year financial and

operating totals, as well as anticipated 2017 operating results. 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. 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 Teranga’s

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 August 3, 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.

4

Building a Profitable Multi-Asset Mid-Tier West African Gold Company

FULLY

PERMITTED

DEVELOPMENT

ASSET IN

BURKINA FASO

PRODUCING

ASSET

IN SENEGAL

PROVIDES

FOUNDATION

FOR GROWTH

EXPLORATION

OPPORTUNITIES

ON WORLD-CLASS

GOLD BELTS

STRONG

BALANCE SHEET

& SUPPORTIVE

CORNERSTONE

INVESTORSTRONG

SOCIAL LICENSE

& AWARD-WINNING

CSR

PROVEN &

EXPERIENCED

LEADERSHIP

TEAM

Source: 2016 gold production from CPM Gold Yearbook 2017

Refer to Endnote (1) on the second last slide5

West Africa: One of the World’s Fastest Growing Regions for Gold Production

NORTH AMERICA

12.0Moz

Senegal

Côte

d’Ivoire

Burkina

Faso

CENTRAL AMERICA

5.7Moz

SOUTH AMERICA

14.8Moz

EUROPE

8.7Moz

AFRICA

17.4Moz

ASIA

20.4Moz

OCEANIA

11.7Moz

WEST AFRICA

8.2Moz

TRANSITIONALECONOMIES(1)

6.8Moz

Senegal

Côte d’Ivoire

Burkina Faso

Mali

Guinea

Guinea-

Bisseau

The Gambia

GhanaBenin

Niger

Sierra

Leone

Liberia

Togo

Sabodala Gold Mine

Status: Producing

Reserves: 2.7Moz(2)

M&I: 4.4Moz(2)

6

Banfora Project

Status: Feasibility

Golden Hill

Exploration JV

Gourma

Exploration JV

Refer to Endnote (2) on the second last slide

Guitry

Dianra

Mahepleu

Tiassale

Sangaredougou

Extensive Opportunities for Growth With Production, Feasibility & Exploration Assets

Producing AssetSenegal, West Africa

+200Koz average annual production

from 2017 - 2022(3)

Updating Sabodala Reserves to 2.7Moz Improves 5-Year Production & Cash Flow

88

Refer to Endnotes (5)

00

0’s

oz

Au

2017 Outlook

205K - 225Koz(3)


2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

9

Exploration Prospects

Mineral Resources

Masato Style Bulk

Tonnage Gold Trend

Golouma Style High-

Grade Gold Trend

Mining Concession

Exploration Permits

Previous Mine License

Sabodala

Mill

Sabodala Mine License &

Regional Land Package (Senegal)

2.7 Million Ounces in Proven & Probable Reserves

• 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

Regional Land Package

• Property-wide bulk leach extractable gold (BLEG)

sampling program completed to identify new exploration

targets

Significant Potential on Large Land Package


Mali

Niakafiri

Goumbati

West

Development AssetBurkina Faso, West Africa

10

Complete

feasibility study

&

seek board

approval of

construction and

financing plan

Commenced

drilling

campaign to

confirm &

increase

reserves

H22016

July2017

August2017

2019Anticipated first

gold pour at Banfora

Major

construction

2018

11

Nearing Completion of Banfora Feasibility Study

Board approves

additional $10M

to further

advance

construction

readiness

activities

Exploration AssetsBurkina Faso, Senegal

& Côte d’Ivoire

12

Increase in 2017 Exploration Budget Driven by Positive Drill Results

13Burkina Faso Senegal Côte d'lvoire

$20 MILLION

Updated 2017 Exploration Budget

Senegal

Burkina Faso

• Banfora $6M

• Golden Hill $6M

• Gourma $0.5M

Côte d’Ivoire

• $0.5M

Senegal

• Mine License $6M

• Regional $1M

Operating Gold Mine/ Development Project

Expanding Reserves on Senegal Mine License

14

Majority of Added Reserves in June 30, 2017 Update Came

From Niakafiri Deposit Area

• Located ~5 kilometres from the Sabodala mill

• Measured and indicated resources of ~850,000 ounces, and

205,000 ounces of inferred, inclusive of 590,000 ounces in

proven and probable reserves as at June 30, 2017(1)

• Remains a very prospective target on the mine license

Ongoing Advanced Drill Program

• Remains a highly prospective priority area

• Drill program is expected to run concurrently with the

Sabodala village relocation

14

Niakafiri

Sabodala

Mill

Niakafiri Deposit (Senegal)


15

Permitted Mine License at Banfora in Burkina Faso

Four Deposits Included in Feasibility Study

• Stinger, Samavogo, Fourkoura and Nogbele

Resource Infill Drilling

• Designed to convert inferred resources

to reserves at all four deposits

• Program expected to run to end of 2017

Other Regional Prospects Evaluated in Q2

• Other targets include Petit Colline, Raul, Hillside & Konatvogo

• Kafina West remains one of most highly rated regional

prospects

Banfora Project Mine License (Burkina Faso)

16

Golden Hill Discoveries and Drill Targets:

Located 5km Within a Central Point

Two New Discoveries

• Ma and Nahiri: two new discoveries reported April 25, 2017

• Reported positive Phase 2 follow-up drill results July 24, 2017

Two New Drill Targets*

• Peksou and Jackhammer Hill: initial drill results are encouraging

Golden Hill Property Location Map

*Initial drill results from both new targets are available on the Company’s website in

press release dated July 24, 2017

*A complete table of results for all 30 core drill holes is available

on the Company’s website in press release dated July 24, 2017

Ma Prospect Drill Plan

17

• 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)




– 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

Ma Prospect: Initial Phase 2 Continues to Yield Positive Results

*A complete table of results for all seven core drill holes is available

on the Company’s website in press release dated July 24, 2017

Nahiri Drill Plan

18

• 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)



Nahiri Results Provides Enhanced Geological Interpretations

*A complete table of results for Peksou and Jackhammer Hill is available

on the Company’s website in press release dated July 24, 2017 19

Peksou

• Drill evaluation to resume in Q4 to define along trend

extensions of this high-grade mineralized system

• 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 is planned to coincide with the continuation of

current Phase 2 drill program at Ma scheduled early August

Peksou and Jackhammer Hill Better Than Anticipated Results*

Peksou Prospect Drill Plan

Exploration• Burkina Faso

• Senegal

• Côte d’Ivoire

Development• Complete Banfora project feasibility study – results expected in August

• Obtain board approval to proceed with financing plan

• Announce construction decision

Production• On track to achieve 2017 production outlook: 205,000 – 225,000 ounces(3)

• Generate free cash flow(4) from Sabodala

Significant Catalysts for 2017: Checking Off the Boxes

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

Aug

2017

21

Q&A

21

Appendices

22

2.7x

3.5x

4.9x

5.2x

6.3x

7.1x

Teranga

Asanko

Roxgold

Golden Star

Semafo

Endeavour

28

67

73

196

195

275

359

Perseus

Asanko

Teranga

Semafo

Golden Star

Endeavour

Roxgold

C$3.26

C$5.49C$8.23

Share Price BMO NPV per Share Revalued Share Price

Enterprise Value/2017E EBITDA ($)

Potential Re-Rate With Achievement of Game-Changing Milestones in 2017

Teranga’s Share Price vs. Net Present Value (NPV)(6) per Share

152%

Refer to Endnote (5) on the second last slide. Data Source: BMO GoldPages published July 31, 2017

1.5xAverage NPV

Multiple for Medium Producers(6)

Enterprise Value/2P Reserves ($/oz)

0.6xCurrent TGZ NPV Trading Multiple(6)

28

Capital Structure & Shareholders

24

Geographic Breakdown of TGZ Shareholders(as at June 30, 2017)

Capital Structure Post-Consolidation

Basic common shares outstanding (June 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

Cash (as at June 30, 2017) $80.3M

Top 5 Shareholders (June 30, 2017) % O/S Position

Tablo Corporation 19.8% 21,273,500

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

North America30%

Europe27%

Unidentified36%

United Kingdom

5%

Australia2%

8.4%

4.8%

Implied Net Smelter Royalty

OJVG Acquisition Financed by Franco-Nevada

• In connection with Teranga’s transformational

acquisition of Oromin Joint Venture Group in 2014,

Franco-Nevada invested $135 million in exchange for

a fixed and floating stream on Teranga’s future

production

• Fixed gold deliveries of 22,500 ounces per year from

2014 to 2019 with trailing 6% gold stream once fixed

deliveries completed in 2019*

• Franco-Nevada to pay 20% of spot gold price per

ounce delivered (6% stream is equivalent to a 4.8%

NSR royalty)

• Streaming agreement covers Teranga’s current mine

license and land package

Effective Cost of Franco-Nevada Stream on

All-in Sustaining Costs per Ounce(based on $1,200/ounce gold price)

$100

$58

2016E Post 2019

Eff

ective

Co

st

25

Open Pit and Underground Mineral Resources Summary(2)

As at June 30, 2017 Inclusive of Reserves

26

Deposit Domain

Measured Indicated Measured and Indicated Inferred

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

('000s)(g/t

Au)('000s) ('000s)

(g/t

Au)('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)

Sabodala

Open Pit 11,725 1.17 442 6,488 1.59 332 18,213 1.32 774 2,525 1.23 100

Underground 1,631 3.65 191 1,631 3.65 191 460 3.60 53

Combined 11,725 1.17 442 8,119 2.01 524 19,844 1.51 965 2,985 1.60 153

Masato

Open Pit 4,163 0.68 92 22,212 1.16 829 26,375 1.09 921

Underground 1,163 2.75 103 1,163 2.75 103 1,984 2.85 182

Combined 4,163 0.68 92 23,375 1.24 932 27,537 1.16 1,024 1,984 2.85 182

Gora

Open Pit 439 2.47 35 471 8.67 131 911 5.68 166 35 5.60 6

Underground 315 5.14 52 315 5.14 52 59 4.83 9

Combined 439 2.47 35 786 7.26 183 1,226 5.54 218 95 5.12 16

Golouma

Open Pit 40 1.38 2 5,857 2.85 536 5,897 2.84 538 84 2.49 7

Underground 2,134 4.09 280 2,134 4.09 280 854 3.66 100

Combined 40 1.38 2 7,991 3.18 816 8,031 3.17 818 939 3.55 107

Kerekounda

Open Pit 30 3.30 3 1,153 4.45 165 1,184 4.42 168 5 1.12 0

Underground 499 4.88 78 499 4.88 78 235 5.70 43

Combined 30 3.30 3 1,653 4.58 243 1,683 4.56 247 239 5.61 43

Niakafiri East

Open Pit 4,776 1.37 210 14,140 1.14 516 18,916 1.19 726 4,515 0.93 135

Underground 224 2.72 20 224 2.72 20 514 2.70 45

Combined 4,776 1.37 210 14,364 1.16 536 19,140 1.21 746 5,030 1.11 180

Niakafiri

West

Open Pit 3,061 1.02 100 3,061 1.02 100 673 0.86 19

Underground 74 2.67 6 74 2.67 6 71 2.84 6

Combined 3,135 1.06 107 3,135 1.06 107 744 1.05 25

Table continues on next slide…


Notes for Mineral Resources Estimates

1. CIM definitions were followed for Mineral Resources.

2. Open pit oxide Mineral Resources are estimated at a

cut-off grade of 0.35 g/t Au, except for Gora and

Marougou at 0.48 g/t Au.

3. Open pit transition and fresh rock Mineral Resources

are estimated at a cut-off grade of 0.40 g/t Au, except

for Gora and Marougou at 0.55 g/t Au.

4. Underground Mineral Resources are estimated at a

cut-off grade of 2.00 g/t Au.

5. Measured Resources at Sabodala include stockpiles

which total 7.2 Mt at 0.75 g/t Au for 174,000 oz.

6. Measured Resources at Masato include stockpiles


7. Measured Resources at Gora include stockpiles


8. Measured Resources at Golouma include stockpiles


9. Measured Resources at Kerekounda include

stockpiles which total 0.03 Mt at 3.30 g/t Au for 3,000

oz.

10. High grade assays were capped at grades ranging

from 1.5 g/t Au to 110 g/t Au.

11. The figures above are "Total" Mineral Resources

and include Mineral Reserves.

12. Open pit shells were used to constrain open pit

resources.

13. Mineral Resources are estimated using a gold price

of US$1,450 per ounce.

14. Sum of individual amounts may not equal due to

rounding.

(Continued) Open Pit and Underground Mineral Resources Summary(2)


27

Deposit Domain



('000s)(g/t

Au)('000s) ('000s)

(g/t


Maki Medina

Open Pit 2,112 1.22 83 2,112 1.22 83 114 0.81 3

Underground 109 2.71 10 109 2.71 10 85 2.54 7

Combined 2,221 1.30 93 2,221 1.30 93 199 1.55 10

Goumbati

West -

Kobokoto

Open Pit 2,678 1.35 116 2,678 1.35 116 498 0.81 13

Underground 131 3.25 14 131 3.25 14 79 2.90 7

Combined 2,809 1.44 130 2,809 1.44 130 577 1.09 20

Golouma

North

Open Pit 170 1.32 7 170 1.32 7 295 1.42 14

Underground 14 2.64 1 14 2.64 1 19 2.93 2

Combined 184 1.42 8 184 1.42 8 314 1.51 15

Diadiako

Open Pit 178 1.27 7

Underground 663 2.89 61

Combined 841 2.54 69

Kinemba

Open Pit 24 1.06 1 24 1.06 1 91 0.95 3


Combined 24 1.06 1 24 1.06 1 147 1.55 7

Koulouqwinde

Open Pit 230 1.42 11



Kourouloulou

Open Pit 96 11.51 36 96 11.51 36 22 6.71 5

Underground 59 9.15 18 59 9.15 18 86 13.58 38

Combined 156 10.61 53 156 10.61 53 108 12.18 42

Table continues on next slide…






















oz.






resources.




rounding.

(Continued) Open Pit and Underground Mineral Resources Summary(2)



Deposit Domain



('000s)(g/t

Au)('000s) ('000s)

(g/t


Kouroundi

Open Pit 67 0.93 2 67 0.93 2 42 0.74 1

Underground

Combined 67 0.93 2 67 0.93 2 42 0.74 1

Koutouniokolla

Open Pit 85 1.58 4


Combined 108 1.78 6

Mamasato

Open Pit 560 1.45 26 560 1.45 26 305 1.25 12


Combined 560 1.45 26 560 1.45 26 347 1.38 15

Marougou

Open Pit 1,198 1.41 54

Underground

Combined 1,198 1.41 54

Sekoto

Open Pit 485 0.89 14



Soukhoto

Open Pit 550 1.46 26

Underground


Total

Open Pit 21,174 1.15 783 59,091 1.52 2,882 80,264 1.42 3,665 11,933 1.13 434

Underground 6,354 3.78 773 6,354 3.78 773 5,315 3.34 570

Combined 21,174 1.15 783 65,444 1.74 3,655 86,618 1.59 4,438 17,247 1.81 1,004

34





















oz.






resources.




rounding.

Open Pit & Underground Mineral Reserves Summary(2)

As At June 30, 2017

Notes for Mineral Reserves Estimates

1. CIM definitions were followed for Mineral Reserves.

2. Mineral Reserve cut-off grades range from 0.38 g/t to

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.

3. Underground Mineral Reserve cut-off grades range from

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

ore loss.

5. Proven Mineral Reserves are based on Measured

Mineral Resources only.

6. Probable Mineral Reserves are based on Indicated

Mineral Resources only.


rounding.

8. The Niakafiri East and West deposits are adjacent to the

Sabodala village and relocation of at least some portion

of the village will be required which will necessitate a

negotiated resettlement program with the affected

community members.

29Refer to Endnote (2) on the second last slide

Deposits

Proven Probable Proven and Probable

Tonnes

(Mt)

Grade

(g/t)Au (Moz)

Tonnes

(Mt)

Grade

(g/t)

Au

(Moz)

Tonnes

(Mt)

Grade

(g/t)

Au

(Moz)

Masato 18.62 1.10 0.66 18.62 1.10 0.66

Niakafiri East 4.61 1.32 0.20 9.92 1.10 0.35 14.53 1.17 0.55

Golouma West 4.11 1.91 0.25 4.11 1.91 0.25

Sabodala 2.04 1.56 0.10 3.18 1.33 0.14 5.22 1.42 0.24

Gora 0.82 5.25 0.14 0.82 5.25 0.14

Kerekounda 0.53 4.71 0.08 0.53 4.71 0.08

Goumbati West and Kobokoto 1.42 1.31 0.06 1.42 1.31 0.06

Maki Medina 0.98 1.12 0.04 0.98 1.12 0.04

Niakafiri West 1.20 1.06 0.04 1.20 1.06 0.04

Golouma South 0.24 3.23 0.02 0.24 3.23 0.02

Subtotal Open Pit 6.65 1.39 0.30 41.02 1.35 1.78 47.66 1.35 2.07

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

Competent & Qualified Persons Statement

30

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.

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) Teranga’s Sabodala Mineral Reserves and Mineral Resources estimates as at June 30, 2017 as per Company disclosure. For more information regarding Teranga Gold’s 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 Teranga’s website at www.terangagold.com.

3) This production target is based on existing proven and probable reserves only from the Sabodala mining license as at June 30, 2017 as disclosed on the Company’s 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 or persons 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 Management’s Discussion & Analysis for the three months ended June 30, 2017 available on the Company’s website at www.terangagold.com.

5) Net Present Value (“NPV”) per share is a Non-IFRS financial measure. NPV per share, average NPV multiple of medium producers, and Teranga’s share price is as per BMO GoldPages published July 31, 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$1,270 SPOT gold price per ounce, 5% discount, 0.80 USD/CAD exchange rate. For more information regarding Non-IFRS financial measures, please refer to Non-IFRS Performance Measures in the

Company’s Management’s Discussion and Analysis for the three and twelve months ended December 31, 2016 available on the Company’s website at www.terangagold.com.

31

TSX & ASX: TGZ

Trish Moran

Head of Investor Relations

T: +1.416.607.4507

E: [email protected]

W: terangagold.com

121 King Street West, Suite 2600

Toronto, ON M5H 3T9

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