Q2 2017 Financial & Operating Results

Friday, July 28, 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, intended to, objective 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 July 28, 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
Agenda

Paul Chawrun, Chief Operating Officer

Dave Mallo, VP Exploration

Richard Young, President & Chief Executive Officer

Q&A

3
Paul Chawrun
Chief Operating Officer
Q2 Operating Highlights

Record Q2 production of 57,557 ounces

Gold production continues to reconcile positively to reserve estimates

Gold recovery in 92% range

Plant throughput rates of >1 million tonnes

Generated $22 million dollars in cash flow from operations

(before changes in working capital)

5
Tracking to 2017 Production Guidance

Record Q2 Production YTD Production vs. Guidance

(oz Au) (oz Au) 225,000
Upper End of Guidance

205,000
Lower End of Guidance

57,557 114,460
52,540
49,661 49,392
45,495
39,857

32,480

Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 YTD 2017 FY 2017 Guidance

6
 Tracking to 2017 Cost Guidance
All-in Sustaining Costs Mining Costs
(excluding cash/non-cash inventory movements ($/t mined)
and amortized advanced royalty costs) per ounce(4)

$2.25 $2.28

Q2 2016 Q2 2017

Milling Costs
$931 $933 ($/t milled)

$11.57
$10.46
Q2 2016 Q2 2017

Q2 2016 Q2 2017

7
Refer to Endnote (4) on the second last slide
Whats in Store at Sabodala in Q3 2017? Sabodala Mine License &
Regional Land Package (Senegal)

Preparations for Rainy Season Implemented in Q2 Mali

Mine has prepared necessary dewatering systems
Plant has limited the oxide blend component of ore
feed and adjusted the materials handling circuit

Gora
Q3 Mining Activities at Sabodala
Completion of mining at the Golouma South pit
Continuing to advance mining at Kerekounda
Phase 3 of high-grade Gora pit
Preproduction stripping at Golouma West pit with Mill
production expected to commence August 2017 Exploration Prospects
Mineral Resources
Masato Style Bulk
Kerekounda Tonnage Gold Trend
Golouma Style High-
Golouma Grade Gold Trend
Mining Concession
Exploration Permits
Previous Mine License
8
Nearing Completion of Banfora Feasibility Study

2019
H2 July August Anticipated first
2016 2017 2017 2018 gold pour at Banfora

Commenced Board approves Complete Major

drilling additional $10M feasibility study construction
campaign to to further &
confirm & advance seek board
increase construction approval of
reserves readiness construction and
activities financing plan

9
 David Mallo
Vice President, Exploration

10
Increase in Exploration Budget from $15M to $20M Driven by Positive Drill Results
Burkina Faso
Senegal Banfora $6M
Mine License $6M Golden Hill $6M
Updated 2017 Exploration Budget Regional $1M Gourma $0.5M
Senegal

$20

MILLION
Cte dIvoire
$0.5M

Burkina Faso Senegal Cte d'lvoire Operating Gold Mine/ Development Project
11
 Niakafiri Deposit (Senegal)
Increased Reserves on Senegal Mine License

Majority of Added Reserves in June 30, 2017 Update Came From Niakafiri
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

Elsewhere on Mine License & Land Package

Sabodala
Property-wide bulk leach extractable gold (BLEG) Mill

sampling program completed to identify new exploration Niakafiri

targets that may be covered by laterite and deep

alluvial cover

12
Refer to Endnote (1) on the second last slide
Banfora Mine License
Banfora Project Mine License (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

13
 Golden Hill Property Location Map
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

Initial drill results from both new targets are available on the Companys website in press release
July 24, 2017.
14
Ma Prospect: Initial Phase 2 Continues to Yield Positive Results

Ma Prospect Drill Plan

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)

8 m @ 2.04 g/t Au including 3 m @ 4.02 g/t Au (GHDD-052)
11 m @ 1.80 g/t Au including 3 m @ 2.79 g/t Au (GHDD-033)
13 m @ 1.30 g/t Au including 7 m @ 1.95 g/t Au (GHDD-031)
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

A complete table of results for all 30 core drill holes is available on the Companys website 15
in press release dated July 24, 2017.
Ma Prospect: GHDD033-DD015 Cross-Section

16
Ma Prospect: GHDD011-041 Cross-Section

17
Ma Prospect: GHDD011-046 Cross-Section

18
 Nahiri Results Provides Enhanced Geological Interpretations

Nahiri Prospect Drill Plan

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)
10 m @ 1.89 g/t Au including 2 m @ 5.18 g/t Au (GHDD-021)
8 m @ 2.09 g/t Au including 1 m @ 12.14 g/t Au (GHDD-025)

A complete table of results for all seven core drill holes is available on the Companys website 19
in press release dated July 24, 2017.
Peksou and Jackhammer Hill Better Than Anticipated Results

Peksou Peksou Prospect Drill Plan

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

A complete table of results for all seven core drill holes is available on the Companys website 20
in press release dated July 24, 2017.
Peksou Prospect: GHDD003 Cross-Section

21
Peksou Prospect: GHDD004 Cross-Section

22
Early-Stage Exploration at Gourma
Gourma (Burkina Faso)

Initial Field Program Commenced

Gourma
Burkina Faso

Included prospecting, mapping and auger Golden Hill

Banfora
drilling to better define mineralizing
structures with greatest potential

Based on positive auger results, an initial

core drilling evaluation began late in Q2
resulting in eight holes at three prospects
thus far

A follow-up evaluation is planned for Q4

once the rainy season has concluded

23
Optionality in Cte dIvoire Dianra

Randgold

Guitry Exploration Program a Priority

Five greenfield exploration tenements totaling 1,838 km2

Positive preliminary results at the Guitry prospect have

made it a priority for additional exploration work in 2017
Mahepleu
Hand-pitting program centered on the strongest portions Cte dIvoire
of the previously discovered 3 by 6 kilometre gold-in-soil
geochemical anomaly 6 to 9 g/t Perseus

Program will reinitiate in Q4 after the rainy season Endeavour

Newcrest
Tiassale
Endeavour
Taurus

Sangaredougou
Guitry

Operating Gold Mine/ Development Project

24
Richard Young
President & CEO
Q2 Achievements Support Key Catalysts on the Horizon

Operations On track to meet production and cost guidance

2017 production outlook:
205,000 225,000 gold ounces (2) for the year and are generating solid cash flow,
EBITDA and earnings
Generate free cash flow from Sabodala

Exploration
Two new discoveries in April and positive drill
Senegal
Burkina Faso results reported in July
Cte dIvoire

Development Board approved additional $10M to further

Complete Banfora project feasibility study;
results expected to be released in August
Obtain board approval to proceed
Announce funding and construction
advance construction readiness activities, and
feasibility study on track to be completed in
August
26
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

27
Q&A
Appendix
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. 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.
30
 Open Pit and Underground Mineral Resources Summary(1)
As at June 30, 2017 Inclusive of Reserves

Measured Indicated Measured and Indicated Inferred

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Notes for Mineral Resources Estimates
Deposit Domain 1. CIM definitions were followed for Mineral Resources.
(g/t (g/t
('000s) ('000s) ('000s) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s) 2. Open pit oxide Mineral Resources are estimated at a
Au) Au) cut-off grade of 0.35 g/t Au, except for Gora and
Open Pit 11,725 1.17 442 6,488 1.59 332 18,213 1.32 774 2,525 1.23 100 Marougou at 0.48 g/t Au.
Sabodala Underground 1,631 3.65 191 1,631 3.65 191 460 3.60 53 3. Open pit transition and fresh rock Mineral Resources
are estimated at a cut-off grade of 0.40 g/t Au, except
Combined 11,725 1.17 442 8,119 2.01 524 19,844 1.51 965 2,985 1.60 153
for Gora and Marougou at 0.55 g/t Au.
Open Pit 4,163 0.68 92 22,212 1.16 829 26,375 1.09 921 4. Underground Mineral Resources are estimated at a
Masato Underground 1,163 2.75 103 1,163 2.75 103 1,984 2.85 182 cut-off grade of 2.00 g/t Au.
Combined 4,163 0.68 92 23,375 1.24 932 27,537 1.16 1,024 1,984 2.85 182 5. Measured Resources at Sabodala include stockpiles
which total 7.2 Mt at 0.75 g/t Au for 174,000 oz.
Open Pit 439 2.47 35 471 8.67 131 911 5.68 166 35 5.60 6 6. Measured Resources at Masato include stockpiles
Gora Underground 315 5.14 52 315 5.14 52 59 4.83 9 which total 4.2 Mt at 0.68 g/t Au for 92,000 oz.
Combined 439 2.47 35 786 7.26 183 1,226 5.54 218 95 5.12 16 7. Measured Resources at Gora include stockpiles
which total 0.4 Mt at 1.28 g/t Au for 15,000 oz.
Open Pit 40 1.38 2 5,857 2.85 536 5,897 2.84 538 84 2.49 7 8. Measured Resources at Golouma include stockpiles
Golouma Underground 2,134 4.09 280 2,134 4.09 280 854 3.66 100 which total 0.04 Mt at 1.38 g/t Au for 2,000 oz.
Combined 40 1.38 2 7,991 3.18 816 8,031 3.17 818 939 3.55 107 9. Measured Resources at Kerekounda include
stockpiles which total 0.03 Mt at 3.30 g/t Au for 3,000
Open Pit 30 3.30 3 1,153 4.45 165 1,184 4.42 168 5 1.12 0
oz.
Kerekounda Underground 499 4.88 78 499 4.88 78 235 5.70 43 10. High grade assays were capped at grades ranging
Combined 30 3.30 3 1,653 4.58 243 1,683 4.56 247 239 5.61 43 from 1.5 g/t Au to 110 g/t Au.
Open Pit 4,776 1.37 210 14,140 1.14 516 18,916 1.19 726 4,515 0.93 135 11. The figures above are "Total" Mineral Resources
and include Mineral Reserves.
Niakafiri East Underground 224 2.72 20 224 2.72 20 514 2.70 45 12. Open pit shells were used to constrain open pit
Combined 4,776 1.37 210 14,364 1.16 536 19,140 1.21 746 5,030 1.11 180 resources.
Open Pit 3,061 1.02 100 3,061 1.02 100 673 0.86 19 13. Mineral Resources are estimated using a gold price
Niakafiri of US$1,450 per ounce.
Underground 74 2.67 6 74 2.67 6 71 2.84 6 14. Sum of individual amounts may not equal due to
West
Combined 3,135 1.06 107 3,135 1.06 107 744 1.05 25 rounding.

Table continues on next slide

Refer to Endnote (1) on the second last slide 31

 (Continued) Open Pit and Underground Mineral Resources Summary(1)
As at June 30, 2017 Inclusive of Reserves

Measured Indicated Measured and Indicated Inferred

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au
Deposit Domain Notes for Mineral Resources Estimates
(g/t (g/t
('000s) ('000s) ('000s) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s) 1. CIM definitions were followed for Mineral Resources.
Au) Au) 2. Open pit oxide Mineral Resources are estimated at a
Open Pit 2,112 1.22 83 2,112 1.22 83 114 0.81 3 cut-off grade of 0.35 g/t Au, except for Gora and
Maki Medina Underground 109 2.71 10 109 2.71 10 85 2.54 7 Marougou at 0.48 g/t Au.
3. Open pit transition and fresh rock Mineral Resources
Combined 2,221 1.30 93 2,221 1.30 93 199 1.55 10
are estimated at a cut-off grade of 0.40 g/t Au, except
Goumbati Open Pit 2,678 1.35 116 2,678 1.35 116 498 0.81 13 for Gora and Marougou at 0.55 g/t Au.
West - Underground 131 3.25 14 131 3.25 14 79 2.90 7 4. Underground Mineral Resources are estimated at a
cut-off grade of 2.00 g/t Au.
Kobokoto Combined 2,809 1.44 130 2,809 1.44 130 577 1.09 20
5. Measured Resources at Sabodala include stockpiles
Open Pit 170 1.32 7 170 1.32 7 295 1.42 14 which total 7.2 Mt at 0.75 g/t Au for 174,000 oz.
Golouma
Underground 14 2.64 1 14 2.64 1 19 2.93 2 6. Measured Resources at Masato include stockpiles
North which total 4.2 Mt at 0.68 g/t Au for 92,000 oz.
Combined 184 1.42 8 184 1.42 8 314 1.51 15
7. Measured Resources at Gora include stockpiles
Open Pit 178 1.27 7 which total 0.4 Mt at 1.28 g/t Au for 15,000 oz.
Diadiako Underground 663 2.89 61 8. Measured Resources at Golouma include stockpiles
Combined 841 2.54 69 which total 0.04 Mt at 1.38 g/t Au for 2,000 oz.
9. Measured Resources at Kerekounda include
Open Pit 24 1.06 1 24 1.06 1 91 0.95 3
stockpiles which total 0.03 Mt at 3.30 g/t Au for 3,000
Kinemba Underground 56 2.52 5 oz.
Combined 24 1.06 1 24 1.06 1 147 1.55 7 10. High grade assays were capped at grades ranging
from 1.5 g/t Au to 110 g/t Au.
Open Pit 230 1.42 11
11. The figures above are "Total" Mineral Resources
Koulouqwinde Underground 60 2.67 5 and include Mineral Reserves.
Combined 290 1.68 16 12. Open pit shells were used to constrain open pit
Open Pit 96 11.51 36 96 11.51 36 22 6.71 5 resources.
13. Mineral Resources are estimated using a gold price
Kourouloulou Underground 59 9.15 18 59 9.15 18 86 13.58 38 of US$1,450 per ounce.
Combined 156 10.61 53 156 10.61 53 108 12.18 42 14. Sum of individual amounts may not equal due to
rounding.
Table continues on next slide

Refer to Endnote (1) on the second last slide 32

 (Continued) Open Pit and Underground Mineral Resources Summary(1)
As at June 30, 2017 Inclusive of Reserves

Measured Indicated Measured and Indicated Inferred

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au
Deposit Domain Notes for Mineral Resources Estimates
(g/t (g/t 1. CIM definitions were followed for Mineral Resources.
('000s) ('000s) ('000s) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)
Au) Au) 2. Open pit oxide Mineral Resources are estimated at a
Open Pit 67 0.93 2 67 0.93 2 42 0.74 1 cut-off grade of 0.35 g/t Au, except for Gora and
Marougou at 0.48 g/t Au.
Kouroundi Underground 3. Open pit transition and fresh rock Mineral Resources
Combined 67 0.93 2 67 0.93 2 42 0.74 1 are estimated at a cut-off grade of 0.40 g/t Au, except
Open Pit 85 1.58 4 for Gora and Marougou at 0.55 g/t Au.
4. Underground Mineral Resources are estimated at a cut-
Koutouniokolla Underground 22 2.54 2
off grade of 2.00 g/t Au.
Combined 108 1.78 6 5. Measured Resources at Sabodala include stockpiles
Open Pit 560 1.45 26 560 1.45 26 305 1.25 12 which total 7.2 Mt at 0.75 g/t Au for 174,000 oz.
6. Measured Resources at Masato include stockpiles
Mamasato Underground 42 2.32 3
which total 4.2 Mt at 0.68 g/t Au for 92,000 oz.
Combined 560 1.45 26 560 1.45 26 347 1.38 15 7. Measured Resources at Gora include stockpiles which
Open Pit 1,198 1.41 54 total 0.4 Mt at 1.28 g/t Au for 15,000 oz.
Marougou Underground 8. Measured Resources at Golouma include stockpiles
which total 0.04 Mt at 1.38 g/t Au for 2,000 oz.
Combined 1,198 1.41 54 9. Measured Resources at Kerekounda include stockpiles
Open Pit 485 0.89 14 which total 0.03 Mt at 3.30 g/t Au for 3,000 oz.
Sekoto Underground 25 2.11 2 10. High grade assays were capped at grades ranging
from 1.5 g/t Au to 110 g/t Au.
Combined 510 0.95 16
11. The figures above are "Total" Mineral Resources and
Open Pit 550 1.46 26 include Mineral Reserves.
Soukhoto Underground 12. Open pit shells were used to constrain open pit
resources.
Combined 550 1.46 26
13. Mineral Resources are estimated using a gold price of
Open Pit 21,174 1.15 783 59,091 1.52 2,882 80,264 1.42 3,665 11,933 1.13 434 US$1,450 per ounce.
Total Underground 6,354 3.78 773 6,354 3.78 773 5,315 3.34 570 14. Sum of individual amounts may not equal due to
Combined 21,174 1.15 783 65,444 1.74 3,655 86,618 1.59 4,438 17,247 1.81 1,004 rounding.

Refer to Endnote (1) on the second last slide 33

Open Pit & Underground Mineral Reserves Summary(1)
As At June 30, 2017
Proven Probable Proven and Probable Notes for Mineral Reserves Estimates
Deposits Tonnes Grade Tonnes Grade Au Tonnes Grade Au
Au (Moz) 1. CIM definitions were followed for Mineral Reserves.
(Mt) (g/t) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
2. Mineral Reserve cut-off grades range from 0.38 g/t to
Masato 18.62 1.10 0.66 18.62 1.10 0.66 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.
Niakafiri East 4.61 1.32 0.20 9.92 1.10 0.35 14.53 1.17 0.55 3. Underground Mineral Reserve cut-off grades range from
Golouma West 4.11 1.91 0.25 4.11 1.91 0.25 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
Sabodala 2.04 1.56 0.10 3.18 1.33 0.14 5.22 1.42 0.24 ore loss.
Gora 0.82 5.25 0.14 0.82 5.25 0.14 5. Proven Mineral Reserves are based on Measured
Mineral Resources only.
Kerekounda 0.53 4.71 0.08 0.53 4.71 0.08 6. Probable Mineral Reserves are based on Indicated
Mineral Resources only.
Goumbati West and Kobokoto 1.42 1.31 0.06 1.42 1.31 0.06 7. Sum of individual amounts may not equal due to
Maki Medina 0.98 1.12 0.04 0.98 1.12 0.04 rounding.
8. The Niakafiri East and West deposits are adjacent to the
Niakafiri West 1.20 1.06 0.04 1.20 1.06 0.04 Sabodala village and relocation of at least some portion
Golouma South 0.24 3.23 0.02 0.24 3.23 0.02 of the village will be required which will necessitate a
negotiated resettlement program with the affected
Subtotal Open Pit 6.65 1.39 0.30 41.02 1.35 1.78 47.66 1.35 2.07 community members.
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
Refer to Endnote (1) on the second last slide 34
Endnotes

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

2) This production target is based on proven and probable reserves only from the Sabodala project as at June 30, 2017 as disclosed on the Companys website at
www.terangagold.com and on SEDAR at www.sedar.com. The estimated ore reserves underpinning this production target have been prepared by a competent person or
persons (see Competent Persons Statements in the Companys Managements Discussion & Analysis for the three and six months ended June 30, 2017 available on the
Companys website at www.terangagold.com).

3) 22,500 ounces of gold production are to be sold to Franco-Nevada Corporation at 20% of the spot gold price.

4) Total cash costs per ounce, earnings before interest, taxes, depreciation and amortization (EBITDA), and average realized gold price are non-IFRS financial measures and
do not have standard meanings under IFRS. All-in sustaining costs (excluding non-cash inventory movements and amortized advanced royalty costs) per ounce is a non-
IFRS financial measure. The comparable IFRS measure is cost of sales per ounce, which for 2017, is expected in the range of $950 - $1,025 per ounce. Please see the Non-
IFRS Performance Measures section in Managements Discussion & Analysis for the three and six months ended June 30, 2017 available on the Companys website at
www.terangagold.com.

35
 Trish Moran
Head of Investor Relations

T: +1.416.607.4507
E: investor@terangagold.com
TSX & ASX: TGZ W: terangagold.com

121 King Street West, Suite 2600

Toronto, ON M5H 3T9