European Gold Forum

April 4 - 6, 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 March 30, 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 the Next 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

NORTH AMERICA WEST AFRICA

11.7Moz 8.6Moz EUROPE

Senegal
9.5Moz
Burkina
Faso

ASIA
Cte

CENTRAL AMERICA
dIvoire
19.5Moz
6.1Moz
AFRICA
17.1Moz
OCEANIA
SOUTH AMERICA 11.5Moz
14.2Moz

4
Source: CPM Gold Yearbook 2016
Accomplishments in 2016
Assets Acquired in 2016 Through Gryphon Minerals

Record production and unit costs

Avocet
Iamgold

Nordgold
Optimized and implemented Endeavour

measures to de-risk Sabodala Nordgold

Orezone

Completed acquisition of Gryphon, Burkina Faso West African Res.

providing opportunities for asset

diversification, scale and growth
Semafo
Roxgold
B2Gold Semafo

Endeavour MNG Gold

Completed joint venture in

Cte dIvoire Centamin
Golden Hill Gourma

Operating Gold Mine/ Development Project

Banfora Gold
Project 5
 Increased Opportunities for Growth & Enhanced Optionality

Senegal
Sabodala Gold Mine
Mali
Status: Producing
Reserves: 2.6Moz(1) Niger
The Gambia
M&I: 4.4Moz(1) Burkina Faso
Guinea- Banfora Project
Bisseau
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 (1) on the second last slide

Sangaredougou 6
Catalysts for 2017

Production
2017 production outlook: 205-225Koz(2)
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 to
Refer Endnote (2)(3)
Endnote onon
thethe
second last
second slide
last slide
6
7
Producing Asset
Senegal, West Africa
 Sabodala Provides Solid Platform For Value Creation & Long-Term Growth
2.6 Million Ounces in 2P Reserves Solid Base Case Production Profile Reserve Development & Exploration
4.4 million ounces in measured and indicated 13.5-year mine life with cash flow in Focused on resource conversion at Niakafiri deposit
resources (inclusive of 2P reserves) at an every year but one Advanced exploration prospects on mine license and
average grade of 1.62g/t(1)
+200Koz average annual production several targets on the regional land package
from 2012- 2024(2)

Opportunity to grow Opportunity to increase

production by increasing production through
2017 Outlook
material movement and resource resource conversion and
205K-225Koz
conversion at Niakafiri deposit on new discoveries(3)
the mine license(3)
000s oz Au

+200Koz average annual production from 2012- 2024(2)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Refer to Endnotes (1), (2) and (3) on the second last slide 9
Development Asset
Burkina Faso, West Africa

10
 Fast-Tracking Completion of Banfora Feasibility Study

H1
2019
H2 H1 H2 Anticipated first
2016 2017 2017 2018 gold pour at Banfora

Commenced Complete Seek board Construction

drilling campaign feasibility study approval and
to confirm and and file commence
increase reserves technical report construction

11
 Exploration Assets
Burkina Faso, Cte dIvoire & Senegal

12
Exploring Highly Prospective Properties Across West Africa

Senegal
2017 Exploration Budget Mine License $3M - $4M
Regional $2M

$12$15 Burkina Faso

Banfora $3M - $4M
Golden Hill $3M
MILLION Gourma $0.5M

Cte dIvoire
$0.5M

Burkina Faso Senegal Cte d'lvoire

13
 Niakafiri Deposit (Senegal)
D I NKOKONO

Potential Resource Conversion/Expansion at

Niakafiri Deposit on Senegal Mine License SOUKHOTO

Niakafiri is the Most Prospective Target on the Mine

Situated ~5km and within trucking distance from the mill
Measured and indicated resources of ~600,000 ounces, SA B OD A L A

inclusive of 314,000 ounces in proven and probable reserves NI A KA F I R I

WEST

2017 Drill Program at Niakafiri Deposit Consists of 115 NI A KA F I R I

MA I N
Proposed Core Holes Totaling 12,000 Metres
The results of 60 holes have been received to date Mine License (Senegal)
Considerable opportunity to upgrade existing resources and
reserves for mid-2017
NI A KA F I R I
SOUTHWES T

NI A KA F I R I
SOUTHEA ST

MA KI MED I NA

0 250 500 Meters

14
 Niakafiri Main NNE Section 440N
Positive Drill Results Extend Mineralisation
Along Strike and at Depth
Recent drilling results support extending resources/reserves along
strike and at depth providing potential for re-optimization of the life
of mine

Positive drilling success in the Niakafiri Main zone, include the

following highlight intervals, representing some of the widest
mineralised intervals encountered at the Niakafiri deposit 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
Niakafiri Main NNE Section 560N
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

15
Banfora: Completed Exploration Work Identifies Mineralisation
Banfora Project Mine License (Burkina Faso)
Fully Permitted Banfora Gold Project
Exploration licenses covering over 1,000km2
KONANDOUGOU
Considerable exploration upside

No Negative Surprises
Drilling completed at Nogbele, Fourkoura, Samavogo,
and Stinger deposits
BAGU SUD
Comprehensive drilling to continue in 2017 /WEAH

Multiple Targets Within Trucking Distance to KAFINA WEST BAZOGO

Proposed Banfora Mill
11 additional priority targets are OUAHIRI Proposed BASSONOGRO
Plant
being explored
Executing multi-year exploration program
HILLSIDE

MUDDI

SUD 16
 Siou Pit
Advancing Exploration at Golden Hill M&I: 0.89 Moz

Mana
M&I: 3.63 Moz

Situated Near Other High-Grade, High-Value Properties

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

Prioritized 10 Prospects For More Advanced Work in 2017

Previous exploration work defined high quality prospects Terangas JV
More advanced work, including substantial drilling, scheduled in Golden Hill Project

the coming months

Acacia JVs

Joint Venture (51%, earning 80%)

Joint venture partner is Boss Resources (ASX:BOE)
Sarama
Permits

Golden Hill Joint Venture

(Burkina Faso)
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) 17
Savary Corporate Presentation (Mar 2017)
M&I Resources are inclusive of P&P Reserves
Optionality in Cte dIvoire Dianra

Randgold
Large Prospective Land Package Wholly-Owned by Teranga
5 permits covering more than 1,800km2 in prolific Cte d'Ivoire
100% wholly-owned by Teranga with 3% net smelter royalty
to Miminvest
Guitry an early-stage discovery
Mahepleu
Strong Partner With In-Depth Local Knowledge
Miminvest is controlled by David Mimran, Terangas
Cte dIvoire
cornerstone shareholder (19.2%)
Perseus
Mimran family has a long history of operating successfully
and responsibly in Africa as the largest private sector employer Endeavour Tiassale
in both Senegal and Cte dIvoire Newcrest

Endeavour
Taurus

Guitry

Sangaredougou
Operating Gold Mine/ Development Project
18
Protecting & Creating
Shareholder Value

19
Protecting the Downside is Always a Priority

LONG-LIFE STRONG $95M

Cash Generating Balance Sheet in Cash as at
Production Asset in December 31, 2016
Senegal

20
Pursuing Asset Diversification and Scale

Sabodala Gold Mine

Banfora Development
Higher
Diversification
Resource Conversion
+ Scale
Valuation
& Multiple
Exploration Success

Strategic Acquisitions
21
 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 476
Roxgold 411
Semafo 265

107% Endeavour
Golden Star 201
245

Asanko 123
Teranga 94
Alacer 68
Perseus
C$1.72 26

C$1.23 Enterprise Value/2017E EBITDA ($)

C$0.83 B2Gold 30.0x
Golden Star 7.5x
Share Price BMO NPV per Share Revalued Share Price Endeavour 7.5x
Semafo 7.0x
0.7x 1.4x Alacer 6.8x
Current TGZ NPV Average NPV Asanko 6.0x
Trading Multiple(4) Multiple for Medium
Roxgold 5.3x
Producers(4)
Teranga 3.1x

Refer to Endnote (4) on the second last slide. Data Source: BMO GoldPages published March 27, 2017 22
Positioned for a Breakthrough in 2017

Record 2016 production & unit costs Producing asset to fund growth

Significant catalysts for 2017

The Development asset underway

Exploring world-class gold belts

Teranga Strong balance sheet

Diversification and scale

Advantage Strategic cornerstone investor

Long-term growth prospects Award-winning CSR

23
 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