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Swiss Mining Conference

March 22 - 23, 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 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
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 17, 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-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

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5Moz Burkina Faso ASIA Côte CENTRAL AMERICA d’Ivoire 19. West Africa: One of the World’s Fastest Growing Regions for Gold Production NORTH AMERICA WEST AFRICA 11.5Moz 6.2Moz 4 Source: CPM Gold Yearbook 2016 .6Moz EUROPE Senegal 9.1Moz OCEANIA SOUTH AMERICA 11.7Moz 8.5Moz 14.1Moz AFRICA 17.

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. scale and growth Semafo Roxgold B2Gold Semafo Endeavour MNG Gold  Completed joint venture in Côte d’Ivoire Centamin Golden Hill Gourma Operating Gold Mine/ Development Project Banfora Gold Project 5 . Burkina Faso West African Res.  providing opportunities for asset diversification.

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 • Côte d’Ivoire Refer to to Refer Endnote (2)(3) Endnote onon thethe second last second slide last slide 6 6 .

West Africa .Producing Asset Senegal.

62g/t(1) • +200Koz average annual production several targets on the regional land package from 2012.6 Million Ounces in 2P Reserves Solid Base Case Production Profile Reserve Development & Exploration • 4.2024(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) 000’s oz Au +200Koz average annual production from 2012.4 million ounces in measured and indicated • 13. Sabodala Provides Solid Platform For Value Creation & Long-Term Growth 2. (2) and (3) on the second last slide 8 .2024(2) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Refer to Endnotes (1).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.

West Africa 9 .Development Asset Burkina Faso.

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 10 .

Exploration Assets 11 .

5M 2017 Exploration Budget $12–$15 MILLION Senegal • Mine License $3M .5M Burkina Faso Senegal Côte d'lvoire 12 .$4M • Regional $2M Burkina Faso • Banfora $3M .$4M • Golden Hill $3M • Gourma $0.Exploring Highly Prospective Properties Across West Africa Côte d’Ivoire • $0.

Niakafiri West and Dinkokono • Considerable opportunity to upgrade existing resources and N IA K A FIR I SO U TH WEST reserves for mid-2017 N IA K A FIR I SO U TH EA ST MA K I MED IN A Niakafiri Deposit (Senegal) 0 250 500 Meters 13 .000 ounces in proven and N IA K A FIR I WEST probable reserves N IA K A FIR I MA IN Resumed Drill Program in Q4 2016 • Current phase of drill program consists of 115 proposed core holes totaling 12.000 ounces. Niakafiri Southeast.000 metres at Niakafiri Main. D IN K O K O N O Focused on Potential Resource Conversion & Expansion at Niakafiri Deposit on Mine License SO U K H O TO Niakafiri is the Most Prospective Target on the Mine License • Situated ~3km from the Sabodala mill • Current measured and indicated resources of approximately SA B O D A LA 600. inclusive of 314.

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 14 .Banfora: Completed Exploration Work Identifies Mineralisation Banfora Project Mine License (Burkina Faso) Fully Permitted Banfora Gold Project • Exploration licenses covering over 1. Samavogo.000km2 KONANDOUGOU • Considerable exploration upside No Negative Surprises • Drilling completed at Nogbele. Fourkoura.

63 Moz ¹ • 468km2 situated ~200km NE of Banfora gold project • On the Houndé belt in close proximity and along strike to other large deposits Houndé M&I: 2.10 Moz ⁴ ³ Endeavour Corporate Presentation (Feb 2017) Karankasso JV ⁴ Acacia Preliminary Results (Feb 2017) 15 Inf: 0. Golden Hill Joint Venture (Burkina Faso) Advancing Exploration at Golden Hill Siou Pit M&I: 0.89 Moz ¹ Mana Situated Near Other High-Grade.55 Moz ³ Prioritized 10 Prospects For More Advanced Work in 2017 Yaramoko • Previous exploration work defined high quality prospects M&I: 0. earning 80%) • Joint venture partner is Boss Resources (ASX:BOE) Teranga’s JV Golden Hill Project Sources ¹ Semafo Corporate Presentation (Mar 2017) South Houndé JV ² Roxgold Corporate Presentation (Feb 2017) Inf: 2.81 Moz ² • More advanced work. High-Value Properties M&I: 3. including substantial drilling.67 Moz ⁵ ⁵ Savary Corporate Presentation (Mar 2017) M&I Resources are inclusive of P&P Reserves . scheduled in Acacia JVs ⁴ the coming months Joint Venture (51%.

Optionality in Côte d’Ivoire Dianra Randgold Large Prospective Land Package Wholly-Owned by Teranga • 5 permits covering more than 1.800km2 in prolific Côte 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. Teranga’s Côte d’Ivoire cornerstone shareholder • Mimran family has a long history of operating successfully Perseus and responsibly in Africa as the largest private sector employer Endeavour Tiassale in both Senegal and Côte d’Ivoire Newcrest Endeavour Taurus Guitry Sangaredougou Operating Gold Mine/ Development Project 16 .

Protecting & Creating Shareholder Value 17 .

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 18 .

Pursuing Asset Diversification and Scale Sabodala Gold Mine Banfora Development Higher Diversification Resource Conversion + Scale Valuation & Multiple Exploration Success Strategic Acquisitions 19 .

2017 20 .69 Perseus 17 C$0.8x 1.5x Trading Multiple(4) Multiple for Medium Roxgold 5. Net Present Value (NPV)(4) per Share B2Gold 478 Roxgold 392 Semafo 254 106% Endeavour 240 Asanko 122 Teranga 91 Alacer 51 C$1.05 Enterprise Value/2017E EBITDA ($) B2Gold 28.6x Alacer 6.4x Share Price BMO NPV per Share Revalued Share Price Semafo 6. Potential Re-Rate With Achievement of Game-Changing Milestones in 2017 Enterprise Value/2P Reserves ($/oz) Teranga’s Share Price vs.8x 0.8x Endeavour 7.82 C$1. Data Source: BMO GoldPages published March 13.0x Producers(4) Teranga 3.0x Current TGZ NPV Average NPV Asanko 5.1x Refer to Endnote (4) on the second last slide.

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 21 .

Appendices 22 .

(6). (7) and (8) on second last slide 23 . (5).2017 Outlook Refer to Endnotes (2).

Open Pit and Underground Mineral Resources Summary(1) As at December 31.119 2.75 103 1.00 g/t Au.649 2.631 3.70 43 total 0. except for Gora at 0.68 124 11.045 3.14 52 315 5.549 5.755 4.45 3. High grade assays were capped at grades ranging Open Pit 770 0.450 per ounce.894 0. Measured Resources at Masato include stockpiles Open Pit 2.35 g/t Au. Sum of individual amounts may not equal due to Combined 25.67 1 from 1.51 15 Combined 4.13 497 8.590 1.64 1 10.13 497 6.742 1.85 182 cut-off grade of 2.98 140 4.14 52 59 4.222 0.861 1.800 2.590 1.984 2.45 1.66 100 which total 9.921 3.33 210 7.1 Mt at 1.88 18 3.24 947 29.439 0. The figures above are “Total” Mineral Resources and Open Pit 4.95 8 cut-off grade of 0.894 0.28 173 Kerekounda Underground 499 4.70 43 7.98 653 88 2.98 228 12. Measured Resources at Gora include stockpiles which Open Pit 1.79 150 22. Open pit transition and fresh rock Mineral Resources Open Pit 4.67 1 9.373 1..398 5.25 933 942 3.131 1.934 3.75 103 1.512 1.81 20 770 0..46 7 5.021 2.11 6 resources.15 1.890 1.000 oz.45 251 235 5.377 1.59 332 20.511 1.23 409 Total Underground 5.26 198 Others Underground 59 9.112 1. Open pit oxide Mineral Resources are estimated at a Open Pit 466 4.40 g/t Au.80 92 1.780 1. Refer to Endnote (1) on the second last slide 24 .388 1.79 150 23.12 438 2.934 3.65 191 460 3.512 1.48 g/t Gora Underground 315 5.333 1.98 228 12.28 173 1.12 438 2.33 210 7.64 281 53 4.28 829 2.55 68 1.000 oz.07 110 1.01 524 21.441 15. 2015 Inclusive of Reserves Measured Indicated Measured and Indicated Inferred Deposit Domain Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Notes for Mineral Resources Summary ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s) Open Pit 13.25 933 8.985 3.777 79.525 1.985 3.222 0.15 18 1. Underground Mineral Resources are estimated at a Masato Underground 1.98 653 6.083 6.516 85. Maki Medina Underground 109 2.15 18 59 9.09 87 are estimated at a cut-off grade of 0.909 1.097 1.15 926 54. Open pit shells were used to constrain open pit Combined 4.254 1.362 1.674 1.703 10.221 1.30 g/t Au for 6.60 53 Combined 13.19 102 for Gora at 0.59 2.81 20 30 0.23 100 1.55 68 1.5 g/t Au to 110 g/t Au.. CIM definitions were followed for Mineral Resources.01 146 177 1.15 926 60.84 738 4.488 1.79 g/t Au for 150.88 78 499 4.112 1.000 oz.649 2.98 140 162 0.30 93 199 1.864 5. Open Pit 25.011 1. Open Pit 1.30 93 2.163 2.9 Mt at 0..85 182 Open Pit 6. Mineral Resources are estimated using a gold price of Combined 1.472 1. Niakafiri SE Underground 73 2. Combined 5.55 107 6.60 6 16 2.71 10 85 2.96 5 include Mineral Reserves.16 844 28.81 20 770 0. Sabodala Underground 1.656 1.83 9 Au.134 4. Measured Resources at Sabodala include stockpiles Golouma Underground 2.22 83 2.09 280 854 3.909 1.38 534 12.54 7 Combined 2.81 3.2 Mt at 0.62 4. Combined 8.92 944 rounding.08 994 4.755 4.89 265 1.84 738 5.11 213 1.65 191 1. Combined 466 4. Combined 1. Open Pit 5.439 0.80 92 4.60 153 2.07 110 5.55 10 8.230 1.800 2.77 g/t Au for 229.81 3 which total 5.45 251 1.81 20 30 0.131 1.60 6 73 2.69 322 US$1.985 1.56 333 113 4.255 4.742 1.55 g/t Au.984 2.935 1.88 78 235 5.255 4. except Niakafiri Underground 184 2.01 146 4.011 1.134 4.71 10 109 2.221 1.09 280 2. Niakafiri SW Underground Combined 770 0.163 2.617 1.631 3.22 83 114 0.

09 0.42 g/t to 0.35 g/t to Golouma South 1.99 0.Sum of individual amounts may not equal due to rounding.06 0.07 0.06 0.61 41.38 12. 2015 Proven Probable Proven and Probable Deposits Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Sabodala 1.00 0.39 1.00 0.61 4.11 1.38 2.52 0.03 0.08 2.32 1.01 Subtotal SOMIGOL .90 1.01 0.10 0.06 5.26 Subtotal ML 5.79 0..37 0.29 38.78 0.44 0.17 1.44 0.09 0.17 0.16 3.57 0. .06 0.94 0.63 g/t Au for oxide and 0.57 1.45 g/t for oxide Niakafiri SE 1.96 44.13 0. Masato 21.27 3.95 1.96 59.11 1.23 0.39 0.04 1.3-2.18 Gora 0.47 4.20 3.05 1.12 1.CIM definitions were followed for Mineral Reserves. Golouma South 0.96 1.94 0.06 0.46 4.88 1.90 based on $1.39 Total Including Stockpile 21.92 0.23 0.27 0.79 3.96 0.00 0.71 0.29 35.95 0.23 1. 29.10 0.47 4.13 1.35 2.Mineral Reserve cut off grades for range from are 0.06 1.15 4.09 on a $1.Open Pit & Underground Mineral Reserves Summary(1) As At December 31.08 1.Underground reserves cut-off grades ranged from 2.23 1.12 0.55 g/t for fresh based on a $1.28 0.36 0. 2.47 1.04 and 0.52 0.10 3.37 0.32 1.25 program with the affected community members.95 1.23 29.41 1.35 required which will necessitate a negotiated resettlement Total 5.73 Golouma West 3.100/oz gold price Niakafiri SW 0.62 6.09 0.41 1.60 1.67 1.06 6.15 5.00 15.61 4.39 0.44 0.12 1.79 3.95 1.90 1.33 1.09 0.52 0.73 g/t Au for fresh based Kerekounda 0. Stockpiles 15.90 1.45 4.200/oz gold price Golouma West 1 0.29 6.34 1.62 6.08 1.10 7.07 1.79 0.28 0.00 .22 Notes for Mineral Reserves Summary Niakafiri Main 4.09 0.12 Golouma West 2 0.23 4.41 1.Mineral Reserve cut off grades for Sabodala 0.15 5.31 4.41 0.83 1.17 0.92 0.07 0.45 4.6 g/t Subtotal Open Pit 5.27 0.68 38.100/oz gold price Maki Medina 0.62 0.01 0.60 1.03 3.The Niakafiri Main deposit is adjacent to the Sabodala village Kerekounda 0.95 0. .96 0.10 and relocation of at least some portion of the village will be Subtotal Underground 0.01 0.59 2.73 21.92 1.74 0.20 2.39 0.27 3.63 Refer to Endnote (1) on the second last slide 25 .

3 3.63 4.0 4.31 0.5 4.06 0.0 1.4 16.19 0.3 8.5 24.76 Contained Oz Moz 0.5 4.5 3.17 0.30 0.229 0.02 0.4 0.4 7.10 production targets set out in the following table.9 Ore Mined Mt 2.70 0.12 Waste Mt 26.2 17.03 0.0 Notes: Ore Grade 1.0 3.22 0.1 0.200 0.2 21.4 4.55 5.13 0.4 1.9 2.2 6.01 0.5 0.06 0.38 1.09 0.4 2.2 0.5 0.00 5. Paul Chawrun.36 0.46 0.94 Oxide % 21% 27% 37% 25% 26% 31% 19% 28% 16% 29% 0% 17% 19% 18% 18% 18% Produced Oz Moz 2.67 0.0 have been prepared by Mr.5 10.225 0.52 4.33 0.5 7.84 0.4 0.09 1.06 1.1 proven and probable ore reserves from the Ore Grade g/t 4.2 16.5 1.05 1.2 12.3 36.5 2.21 0.9 0.09 0.66 0.6 6.7 a Competent Person.8 26.135 0.0 11.4 30.1 0.2 35.18 0.59 1.2 Ore Grade g/t 1.5 38.42 1.00 4.73 0.07 0.5 0.27 Waste Mt 110.76 0.05 0.3 0.5 4.21 0.4 27.25 0.22 0.4 0.8 19.51 1.0 5.6 13.36 5. in accordance with the Ore Grade g/t 1.02 Waste Mt 270.68 0.5 0.1 0.01 0.17 1.3 40.22 0.22 1.2 2.3 4.02 Waste Mt 32.2 0.3 0.1 0.Updated Life of Mine Schedule 2016 - LOM 2020 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Average Ore Mined Mt 3.2 16.7 0.5 4.66 Contained Oz Moz 0.6 3.0 0.5 11.0 Niakafiri SE to be mined lies outside of the Ore Mined Mt 9.202 0.15 7.9 0.7 39.8 5.8 39.66 0.06 0.35 1.7 12.09 1.52 4.95 4.3 1.17 Maki Medina Contained Oz Moz 0.2 Underground Ore Grade g/t 5.19 0.58 The estimated ore reserves underpinning the Sabodala Contained Oz Moz 0.43 0.02 0.1 0.173 0.3 6.1 39.82 0.66 0.3 1.8 27.68 0.8 18.2 Stockpile Ore Mt Balance 13.86 0.03 Waste Mt 18.3 Head Grade g/t 1.3 0.1 Movement Mt 314.7 39.73 0.1 Ore Grade g/t 2.56 1.6 14.73 2. Contained Oz Moz 0.79 g/t for 0.263 0.17 0.02 Ore Mined Mt 44.99 3.93 1.12 0.15 0.31 0.9 14.190 0.24 *The schedule summarizes Niakafiri from Golouma Contained Oz Moz 0.1 2.41 0.2 2015 Ore Mined Mt 0.7 11.2 21.02 0.01 0.139 0.85 1.5 4.8 0.36 5.74 1.14 0.19 0.20 1.0 1.10 Niakafiri not required.16 0.01 5.4 35.1 3.10 1.85 1.5 Sabodala Village area and assumes relocation is * Ore Grade g/t 1.4 0. Waste Mt 31.98 1.12 0.28 3.29 4.3 Mt at 0.4 4.35 0.44 1.063 26 .39 5.20 0.66 1.90 Gora Sabodala mining license as at December 31.33 4.4 0.2 0.22 0.27 0.0 5.1 Stockpile Grade g/t 0.128 0.9 4.1 2.9 35.104 0.1 10.76 Summary Contained Oz Moz 2.06 1.8 32.09 0.70 0.03 0.03 0.9 2.25 0.2 0.2 This production guidance is based on existing Ore Mined Mt 1. 2016 included Kerekounda 15.9 18.08 1.05 0. Contained Oz Moz 0.33 1.39 million contained Contained Oz Moz 0.5 4.78 4.4 0.215 0.2 3.66 0. who is Ore Mined Mt 21.7 3.207 0.7 0.74 0.4 0.1 15.4 4.02 1.4 9.07 0.05 0.82 0.1 10.00 “Niakafiri Main” and “Niakafiri SE”.4 4.4 0.27 Masato requirements of the 2012 JORC Code.6 8.03 0.4 4.1 0.99 1.7 36.55 5.376 0.6 ounces Ore Mined Mt 4.00 1.39 5.4 38.2 4.7 0.9 14.24 0.01 0.4 0.54 1.07 0.06 0.03 Waste Mt 2.63 1.109 0.06 0.9 8.04 0.00 0.91 3.2 5. The portion of Waste Mt 49.93 1.04 Ore Milled Mt 59.6 10.10 0.44 0.08 0. Contained Oz Moz 0.9 Ore Mined Mt 0.3 Ore Grade g/t 3.4 0.10 0.99 2.39 3.94 2.74 Stockpile balances at January 1.2 0.11 1.2 26.14 0.9 Ore Grade g/t 1.33 0.4 4.

200 1.100 1. debt.622 147 142 148 148 146 148 132 141 154 139 63 66 77 76 41 Royalties* USDM 145 13 13 16 12 12 11 8 10 14 16 6 7 8 8 4 Capex USDM 211 16 26 9 9 5 32 41 29 12 3 10 19 11 5 1 Corporate Admin USDM 130 14 16 14 14 14 12 10 10 10 6 6 6 5 4 4 All-in sustaining costs(6) USDM 2.072 1.200 1.200 1.200 1.103 843 621 812 897 748 671 788 Franco Nevada USDM 173 19 20 22 22 22 11 7 10 13 15 6 6 8 8 4 Franco Nevada $/oz 73 92 92 94 107 108 58 58 58 58 58 58 58 58 58 58 Cash Flow (4) before interest.200 Revenue USDM 2.200 1. dividends.829 244 237 274 242 240 228 154 208 271 316 125 131 162 167 75 Operating Costs USDM 1.200 1.108 189 196 187 183 177 203 190 191 190 163 85 98 101 94 50 All-in sustaining costs(6) $/oz 887 914 912 819 908 882 1.200 1. and working capital *Royalties include Government of Senegal Royalties on total production and the NSR royalty due to Axmin on Gora production 27 Refer to Endnotes (4).483 1.200 1.Life of Mine Cash Flows 2016-2020 Activity Unit LOM 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Average Production(8) Koz 2.200 1.181 1.200 1.380 207 215 229 202 200 190 128 173 225 263 104 109 135 139 63 Gold Price $/oz 1.200 1. taxes. closure USDM $549 $36 $21 $65 $37 $42 $13 ($44) $7 $68 $137 $34 $27 $53 $66 $22 costs.200 1. (6) and (8) on the second last slide .200 1.

4 12.1 29.0 2.0 2. . .1 4.0 1.9 3.2 2. . 2.8 2.8 2.3 0.4 0. .8 15.8 8.3 1.9 Combined Total (USDM) USDM 210.7 4.8 0. .0 .5 4.5 - Admin & Other Sustaining USDM 8.4 .2 8. .1 0. .9 2.0 0. . .4 23.8 0.3 2.9 11.5 0.3 0.3 - 0.0 1.9 2.5 7.8 18.2 11. 24. .1 0. .0 1.0 . .3 Community Relations USDM 25. .2 10.2 10.2 1.7 6. - Underground Mining USDM .8 0.9 25.3 0. . . .3 0.Life of Mine Capital Expenditures 2016-2020 Sustaining Capex Unit LOM 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 AVG Open Pit Mining USDM 29.7 9.0 6.5 0.9 2. - Processing USDM 18.8 1.4 0. . .9 28 .5 20. .5 0.1 2. . . .4 30. 7. . .5 7.8 - Capital Projects & Development OJVG & Gora Development USDM 4. .9 .3 0.8 1.4 8. .0 4. . .5 18. 24.0 7.4 4.5 18. .0 2.6 41.9 3. .5 0.0 15.8 8.3 0.6 8.9 11.0 0.1 4.9 0.0 2. .9 9.9 1. .7 .0 1. - Underground Equipment & USDM 102.4 4.5 0.0 3. .0 2.7 1.0 1. . .2 10. . . .1 1. .4 2.5 7.2 . - Total Projects and Development USDM 128.8 .9 Development Other Projects & Development USDM 21.5 9.5 4.6 2.0 1.7 4. .7 14. .3 0.2 8. .3 . - Total Sustaining Capex USDM 82.5 0.0 0.5 31.0 1. .9 3.

2015. . . .639 146 130 158 161 159 124 104 127 167 154 69 73 85 85 45 (6) Total Cash Costs USD/oz 690 706 602 691 798 792 655 810 730 741 587 660 668 629 607 711 Capex USDM 211 16 26 9 9 5 32 41 29 12 3 10 19 11 5 1 Capitalized Deferred Stripping USDM 129 13 26 6 . .09 9. .200. - Royalties(*) USDM 145 13 13 16 12 12 11 8 10 14 16 6 7 8 8 4 Total Cash Costs(6) USDM 1.483 1. .72 76.20 2. - Capitalized Reserve Development USDM .61 10.17 2.29 3.01 1. .24 2.43/litre.35 78.88 1. - Underground Mining USDM 155 .23 1. . .23 .10 *Royalties include Government of Senegal Royalties on total production and the NSR royalty due to Axmin on Gora production 29 Refer to Endnote (6) on the second last slide .25 2. .072 1. . . .12 3. . 7 22 26 20 7 13 24 25 12 Processing USDM 613 44 42 43 45 44 45 44 45 44 48 47 47 47 47 25 General & Admin USDM 144 14 14 14 14 14 14 14 13 13 8 8 6 5 4 4 Refining & Freight USDM 12 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 Byproduct Credits USDM (4) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) Total Operating Costs USDM 1.103 843 621 812 897 748 671 788 This production profile is based on existing proven and probable reserves only from the Sabodala mining license as at December 31. .43 1. .US$0.11 Processing USD/t milled 10.00 9.06 3.19 2.28 3.29 2. .US$0.93 10.108 189 196 187 183 177 203 190 191 190 163 85 98 101 94 50 All-In Sustaining Cash Costs(6) USD/oz 887 914 912 819 908 882 1.16 10. . .25 2.Life of Mine Operating Costs 2016-2020 Activity Unit LOM 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 AVG Open Pit Mining USD/t mined 2.56 3.$1.60 General & Admin.61 10. . .46 66. . .84 10. - Corporate Admin USDM 130 14 16 14 14 14 12 10 10 10 6 6 6 5 4 4 All-In Sustaining Cash Costs(6) USDM 2. .81 Mining USDM 702 88 86 91 89 87 89 66 61 71 62 .27 2. (35) (35) (25) (1) . . .76. . .33 10. . .15 3. .14 9.32 77.39 3.31 2.95 10.25 79.25 2.36 .US$1. - Underground Mining USD/t milled 72.30 74.02 10.83 10. .97 10. 35 35 25 1 . . .08 2.81 3. .622 147 142 148 148 146 148 132 141 154 139 63 66 77 76 41 Deferred Stripping Adjustment USDM (129) (13) (26) (6) .00 1. Light fuel oil . USD/t milled 2.60 10.47 3. . .63 10. Heavy fuel oil . Key assumptions: Gold spot price/ounce .94 73. . .72/litre.49 64. US/Euro exchange rate . .

"mineral resource". is a Member of the Association of Professional Geoscientists of Ontario. he is a "Qualified Person" as defined in NI 43-101. 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. which is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. and fairly represents. adopted by the CIM Council. "measured mineral resource". "mineral resource". 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. However. Chawrun is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101. 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. Mr. Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves. There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted into mineral reserves. 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.Competent & Qualified Persons Statement The technical information contained in this document relating to the open pit mineral reserve estimates is based on. Mr. and fairly represents. "probable mineral reserve". information compiled by Ms. Geo. "measured mineral resource". 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. Patti Nakai-Lajoie. Mineral Resources and Ore Reserves". Mr. Ms. CIM definitions of the terms "mineral reserve". 30 . "proved ore reserve". are substantially similar to the 2012 JORC Code corresponding definitions of the terms "ore reserve". Mr. respectively. "indicated mineral resource" and "inferred mineral resource". Nakai-Lajoie. Nakai-Lajoie is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Nakai-Lajoie is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101. "proven mineral reserve". 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. "probable ore reserve". as may be amended from time to time by the CIM ("CIM Standards"). P. "indicated mineral resource" and "inferred mineral resource". Chawrun is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. P. information compiled by Mr. William Paul Chawrun. Ms. Mineral Resources and Ore Reserves". which is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Ms. Eng who is a member of the Professional Engineers Ontario. The technical information contained in this document relating to mineral resource estimates is based on..

light fuel oil price $0. share based compensation and sustaining capital expenditures as defined by the World Gold Council.Endnotes 1) Teranga’s Sabodala Mineral Reserves and Mineral Resources estimates as at December 31. Makabingui and Mako projects.sedar. Please see the Non-IFRS Performance Measures section in Management’s Discussion & Analysis for the year ended December 31. 4) Net Present Value (“NPV”) per share is a Non-IFRS financial measure.com. 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. 6) Total cash costs per ounce sold. all-in sustaining costs per ounce. 2016 accessible on the Company’s website at www. 0. 2015 as per Company disclosure. and no unplanned delays in or interruption of scheduled production. 31 .com. With exploration work completed to date and the prior exploration success seen in the area Management believes there is a reasonable basis to anticipate future resource to reserve conversion. using the model at SPOT commodity prices and exchange rates.81/L.terangagold. Other important assumptions: any political events are not expected to impact operations. please refer to Teranga Gold’s December Quarter and Year-end 2015 Report accessible on the Teranga’s website at www. 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.74 USD/CAD exchange rate.46/L. All-in sustaining costs per ounce sold include total cash costs per ounce.500 ounces of gold production are to be sold to Franco-Nevada Corporation at 20% of the spot gold price. 5% discount. Golouma.204 SPOT gold price per ounce. The BMO NPV calculation assumes a US$1.com and on SEDAR at www. Mineral Resources and Ore Reserves (the “2012 JORC Code”). For more information regarding Teranga Gold’s Mineral Reserves and Resources and related notes. Euro:USD exchange rate of 1:1. along with the Company’s own Sabodala gold mine. less cash flow of corporate costs. According to BMO GoldPages. 2017. For more information regarding Non-IFRS financial measures. 2) This production profile is based on existing proven and probable reserves only from the Sabodala mining license as disclosed on the Company’s website at www.terangagold. All-in sustaining costs also include cash/(non-cash) inventory movements and non-cash amortization of advanced royalties. taxes. administration expenses. grades and recoveries will remain consistent with the life-of-mine plan to achieve the forecast gold production. 3) Over the past several years more than twelve million ounces of measured and indicated resources have been identified within the south eastern Senegal region. included in mine production costs.terangagold. The “Revalued Share Price” is calculated using the NPV per share at SPOT times the NPV multiples as listed.com.200 per ounce. heavy fuel oil price $0. and all-in sustaining costs (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs). Please refer to the Competent Persons Statement in this presentation.com. NPV per share. average NPV multiple of medium producers. 5) 22. 7) Excludes capitalized deferred stripping costs.terangagold. 8) This forecast financial information is based on the following material assumptions for 2017: gold price: $1. less net debt per share. supplies and gold shipments. and Teranga’s share price is as per BMO GoldPages published March 13. including movement of people.10. including the Massawa. 2016 available on the Company’s website at www. and earnings before interest. NPV per share is calculated using the net present value of the life of mine cash flows based on the NI 43-101 plan. depreciation and amortization (“EBITDA”) are non-IFRS financial measures and do not have standard meanings under IFRS.

416.com W: terangagold.4507 E: investor@terangagold.607. Trish Moran Head of Investor Relations T: +1. Suite 2600 Toronto. ON M5H 3T9 .com TSX & ASX: TGZ 121 King Street West.