BMO Mining & Metals Conference

The Next Multi-Jurisdictional West African Gold Producer March 1, 2017

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 Amended and Restated Annual Information Form dated
November 15, 2016, 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 February 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.

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Building the Next Multi-Jurisdictional West African Gold Producer

WORLD CLASS GOLD BELTS

Mining-friendly jurisdictions in
French West Africa

CORNERSTONE INVESTOR PRODUCING ASSET PROVIDES

Very supportive of growth with FOUNDATION FOR GROWTH
in-depth on-the-ground expertise Strong cash flow(1) from Sabodala
and relationships in West Africa to fund exploration and growth

PROVEN & EXPERIENCED

LEADERSHIP TEAM LONG-TERM GROWTH
Team with extensive production, $12M-$15M drill program in three
development, exploration & M&A countries & fast-tracking latest
expertise; award-winning CSR development project

DOWNSIDE PROTECTION
Strong balance sheet, $95M cash
balance & cash flow(1) generation

Refer to Endnote (1) on the second last slide 3

 West Africa Supplied Half of Africas 2015 Gold Production

NORTH AMERICA WEST AFRICA

11.7Moz 8.6Moz EUROPE
Senegal 9.5Moz
Burkina
Faso

Cte
dIvoire
CENTRAL AMERICA ASIA
6.1Moz 19.5Moz

AFRICA
17.1Moz
SOUTH AMERICA OCEANIA
14.2Moz 11.5Moz

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Source: CPM Gold Yearbook 2016
Catalysts for 2017

Production
2017 Production Outlook: 205-225Koz(3)
Generate free cash flow from Sabodala

Development
Complete positive Banfora gold project feasibility study
Obtain Board approval to proceed with development
Announce funding and commencement of construction

Exploration
Senegal
Burkina Faso
Cte dIvoire

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

Sabodala Provides Solid Platform For
Near-Term Value Creation & Long-Term Growth
2.6 Million Ounces in Proven & Probable Reserves Mali
4.4 million ounces in measured and indicated resources
(inclusive of 2P reserves) at an average grade of 1.62g/t(2)

Solid Base Case Production Profile

13.5-year mine life with cash flow in every year but one
+200Koz average annual production from 2012- 2024(3)

Mine License Reserve Development &

Extensive Multi-Drill Program Sabodala Mine License &
Focused on Niakafiri deposit Regional Land Package (Senegal)
Sabodala
Advanced exploration prospects on the mine license Mill Exploration Prospects
Several targets on the regional land package Mineral Resources
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 6
 Fast-Tracking Completion of Banfora Feasibility Study

H2 H1 H2 H1 H2 H1 H2
2016 2017 2017 2018 2018 2019 2019

Commenced drilling Expect to file Seek Board approval Anticipated

campaign to confirm NI 43-101 and commence first gold pour
and increase technical report construction at Banfora
reserves

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 Exploring Highly Prospective Properties Across West Africa
2017 Exploration Budget $12-$15 Million
Focused on Banfora Mine License,
Banfora Regional, Golden Hill & Gourma
Planned 2017 exploration budget
Banfora $3-$4 million
Golden Hill $3 million
Gourma $0.5 million
Operating Gold Mine/ Development Project
Drill Results Throughout 2017
Focused on resource definition, converting
reserves at Niakafiri, and continued
delineation of Goumbati West
New target generation program will continue
Planned 2017 exploration budget
Sabodala Mine License $3-$4 million
Regional $2 million
Follow-up soil sampling, hand-
pitting, Auger and RC drilling at the
Guitry property
High-precision bulk leach
extractable gold survey is planned
Planned 2017 exploration budget
$0.5 million
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Protecting the Downside: Always a Priority

Long-Life Cash-Generating Production in Senegal Teranga Gold Cash Balance

($M)
Produced more than 1.2M ounces of gold since 2010
2.6Moz reserve base with mine life to 2029
Life of mine cash flow of ~$175/oz 114%
Strong Balance Sheet with Significant Net Cash
$95M cash balance at December 31, 2016
$30M revolving credit facility with $15M undrawn $95.2

$44.4

December 31, 2015 December, 31, 2016

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 Potential Re-Rate With Achievement of Game-Changing Milestones in 2017
Enterprise Value/2P Reserves ($/oz)
Terangas Share Price
vs. Net Present Value (NPV)(4) per Share B2Gold 512

Roxgold 439

Semafo 319

Endeavour 285

98% Asanko 146

Teranga 113

Alacer 80

Perseus 22
C$1.94
Enterprise Value/2016E EBITDA ($)
C$0.98 C$1.21
Roxgold 25.1x

B2Gold 15.6x
Share Price BMO NPV per Share Revalued Share Price
Alacer 11.0x
0.8x 1.6x
Current TGZ Average NPV Multiple Asanko 10.0x
NPV Trading for Medium Producers(1)
Endeavour 7.0x
Multiple(4)
Semafo 6.1x

Teranga
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Refer to Endnote (4) on the second last slide. Data Source: BMO GoldPages published February 21, 2017 2.5x
Uniquely Positioned

Prolific gold belts Record-breaking operational performance

Near-term catalysts for 2017 Proven and experienced leadership team
Producing asset to fund growth Strategic and supportive cornerstone investor
Company-making project Downside protection with a strong balance sheet
Long-term growth prospects

The

Teranga Advantage
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Teranga Gold 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. William
Paul Chawrun, 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. Chawrun 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. Chawrun has sufficient experience which is relevant to the style of mineralization 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". Mr. Chawrun is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr.
Chawrun has consented to the inclusion in this Report of the matters based on his compiled information in the form and context in which it appears in this Report.

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 mineralization 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 "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves". 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 Report of the matters based on her compiled information in the form and context in which it appears in this Report.

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 2012 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 2012 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.

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Endnotes
1) Cash flow is the Life of Mine net cash flow based on the Companys most recent NI 43-101 Technical Report (43-101 plan) filed in March 2016, before income taxes, interest, debt
repayments, closure costs, dividends and working capital.
2) Terangas Sabodala Mineral Reserves and Mineral Resources estimates as at December 31, 2015 as per Company disclosure. For more information regarding Teranga Golds
Mineral Reserves and Resources and related notes, please refer to Teranga Golds December Quarter and Year-end 2015 Report 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) 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 February 21, 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$1,238 SPOT gold price per ounce, 5% discount, 0.76 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 accessible on the Companys website at www.terangagold.com.

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 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