121 Conference New York

The Next Multi-Jurisdictional West African Gold Producer June 6-7, 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
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 May 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 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
 Extensive Opportunities for Growth

Senegal
Sabodala Gold Mine
Mali
Status: Producing
Reserves: 2.6Moz(2) Niger
The Gambia
M&I: 4.4Moz(2) Burkina Faso
Guinea-
Bisseau Banfora Project
Status: Feasibility
Guinea Gourma
Exploration JV
Golden Hill
Exploration JV
Dianra

Sierra
Benin
Leone Ghana
Cte dIvoire Togo
Mahepleu
Tiassale
Liberia

Guitry

Sangaredougou 5
Refer to Endnote (2) on the second last slide
Significant Catalysts for 2017

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

Development
Complete Banfora project feasibility study
Obtain board approval to proceed
Announce funding and construction

Exploration
Senegal
Burkina Faso
Cte dIvoire

Refer to Endnotes (3) and (4) on the second last slide 6

 Sabodala Provides Solid Platform For Value Creation & Long-Term Growth
2.6 Million Oz in 2P Reserves(2) Base Case Production Profile Reserve Development & Exploration
4.4 million ounces in measured and 13.5-year mine life with cash flow in Focused on resource conversion at Niakafiri
indicated resources (inclusive of 2P every year but one deposit
reserves) at an average grade of +200Koz average annual production Advanced exploration prospects on mine license
1.62g/t(2) from 2012- 2024(3) and several targets on the regional land package

Opportunity to grow
production by increasing
2017 Outlook material movement and Opportunity to increase
205K-225Koz(3) resource conversion at production through
Niakafiri deposit on the resource conversion and
mine license(5) new discoveries(5)
000s oz Au

+200Koz average annual production from 2012-2024(3)

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

Refer to Endnotes (2), (3) and (5) on the second last slide 7
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 feasibility study approval and
campaign to & technical commence
confirm & report construction
increase mid-year
reserves

8
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
9
 Niakafiri Deposit (Senegal)
D IN K O K O N O

Niakafiri Deposit is the Most Prospective Target

SO U K H O TO

on Senegal Mine License & is <5km from the Mill

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 SA B O D A LA

N IA K A FIR I
2.99 g/t Au over 33 metres including 4.23 g/t Au over 17 metres in MDD17-277 WEST

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 N IA K A FIR I
MA IN

Mine License (Senegal)

Phase 2 Follow-up Commenced
Two drills currently active and focused on extending the
N IA K A FIR I
mineralisation along trend and to depth SO U TH WEST

N IA K A FIR I
SO U TH EA ST
Sabodala
Current Niakafiri Reserve/Resource Base Mill

Measured and indicated resources of ~600,000 ounces, and over Niakafiri

MA K I MED IN A
200,000 ounces of inferred, inclusive of 314,000 ounces in proven
and probable reserves as at December 31, 2015(2)

Refer to Endnote (2) on the second last slide 10

 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
On the Hound belt in close proximity and along strike to other large deposits Hound
M&I: 2.55 Moz Yaramoko
M&I: 0.81 Moz

Exploring Drill-Ready Targets

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

Acacia JVs
Joint Venture (51%, earning 80%)
Joint venture partner is Boss Resources (ASX:BOE)

Sarama
Permits

Sources
Semafo Corporate Presentation (Mar 2017)
Roxgold Corporate Presentation (Feb 2017)
Endeavour Corporate Presentation (Feb 2017) Karankasso JV South Hound JV
Acacia Preliminary Results (Feb 2017) Inf: 0.67 Moz Inf: 2.10 Moz
Savary Corporate Presentation (Mar 2017) 11
Golden Hill: Two New Discoveries
Ma Primary and Secondary Structures
Ma
12 of the 13 core holes drilled intersected gold mineralization

Positive grade and width intervals were returned along the entire
1,300-metre strike extent of the primary Ma structure, as well as a
parallel structure and cross structures

Multi-drill follow-up program planned for Q2 2017 to extend both

along trend and to depth of encouraging results, and to initiate in-fill
sectional drilling along the entire structure

Nahiri
Never previously drilled; no artisanal activity

RC program was encouraging with positive geological reports

related to the core drilling undertaken

Assay Results Pending From Two Additional Prospects

A complete table of results for all 13 drill holes is available in the April 25th
Golden Hill press release available on the Companys website 12
 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 425
Roxgold 346
Endeavour 232
178% Golden Star 192
Semafo 163
Asanko 102
Teranga 89
C$9.04 Perseus 23

C$6.03
C$3.25 Enterprise Value/2017E EBITDA ($)
B2Gold 15.6x
Alacer 6.8x
Share Price BMO NPV per Share Revalued Share Price Endeavour 6.4x
Semafo 5.7x
0.5x 1.5x Golden Star 5.7x
Current TGZ NPV Average NPV Asanko 4.8x
Trading Multiple(6) Multiple for Medium
Roxgold 4.8x
Producers(6)
Teranga 2.5x

Refer to Endnote (6) on the second last slide Data Source: BMO GoldPages published May 29, 2017 13
 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