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121 Conference – New York

The Next Multi-Jurisdictional West African Gold Producer June 6-7, 2017

the anticipated discovery of reserves at the Banfora project. gold price. 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. “expects”. and courses of action. or are “likely” to be taken. “trends”. and in other filings of Teranga with securities and regulatory authorities which are available at www.S. events or results “may”. “could”. opinions and analysis made by management in light of its experience. performance (both operational and financial) and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities. results of operations (including. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell Teranga “your” and similar words. Wherever possible. “does not expect”. All references to Teranga include its subsidiaries unless the context requires otherwise. “potential”. as well as other risks and uncertainties which are more fully described in Teranga’s Annual Information Form dated March 29. including government approvals and permitting. “focused on”. occur or be achieved. exchange rates. “our” and similar words and the reader is referred to using the words “you”. estimates. the ability to obtain any requisite governmental approvals.including the first gold pour. projections. “forecasts”. “budget”. Teranga cannot be certain that actual results will be consistent with such forward looking information. words such as “plans”. “indications”. This presentation contains references to Teranga using the words “we”. the accuracy of mineral reserve and mineral resource estimates. “estimates”. 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 . dollars unless specified otherwise. All dollar amounts stated are denominated in U. and Teranga’s estimated full year financial and operating totals. These assumptions include. “would”. “will”. future production and capital expenditures). without limitation.Forward-Looking Statements This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). “ability to” and similar expressions or statements that certain actions. current conditions and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. “us”. “anticipate” or “does not anticipate”. as well as anticipated 2017 operating results. such as project execution delays.sedar. anticipated future estimates of free cash flow. future economic conditions. Specific forward-looking statements in this presentation include the commencement of expected drill programs. “intend”. beliefs and opinions change. changes in economic conditions. This presentation is as of May 30. 2 . “scheduled”. anticipated future cash flows. Such forward-looking statements are based upon assumptions. Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans. 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. “predicts”. changes in mine plans and other factors. many of which are beyond the control of Teranga. the timing of completion of a Feasibility Study for the Banfora project. fuel and energy costs. “might”. “believe”. which reflects management’s expectations regarding Teranga Gold Corporation’s (“Teranga” or the “Company”) future growth. have been used to identify such forward looking information. 2017. 2017. among other things. changes in the worldwide price of gold and other key inputs. among others: the inherent risks involved in exploration and development of mineral properties.


4Moz 5. West Africa: One of the World’s Fastest Growing Regions for Gold Production TRANSITIONAL ECONOMIES(1) WEST AFRICA NORTH AMERICA 6.2Moz EUROPE Senegal 8.4Moz OCEANIA SOUTH AMERICA 11.8Moz Source: 2016 gold production from CPM Gold Yearbook 2017 4 Refer to Endnote (1) on the second last slide .0Moz 8.7Moz Burkina Faso ASIA Côte CENTRAL AMERICA d’Ivoire 20.7Moz AFRICA 17.7Moz 14.8Moz 12.

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 Côte d’Ivoire Togo Mahepleu Tiassale Liberia Guitry Sangaredougou 5 Refer to Endnote (2) on the second last slide . Extensive Opportunities for Growth Senegal Sabodala Gold Mine Mali Status: Producing Reserves: 2.

Significant Catalysts for 2017 Production • 2017 production outlook: 205.000 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 • Côte d’Ivoire Refer to Endnotes (3) and (4) on the second last slide 6 .000 – 225.

4 million ounces in measured and • 13.6 Million Oz in 2P Reserves(2) Base Case Production Profile Reserve Development & Exploration • 4.62g/t(2) from 2012. Sabodala Provides Solid Platform For Value Creation & Long-Term Growth 2. (3) and (5) on the second last slide 7 .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 1.2024(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) 000’s 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).

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 Burkina Faso Senegal Côte d'lvoire Operating Gold Mine/ Development Project 9 .5M • Regional $2M Senegal $15 MILLION Côte d’Ivoire • $0.

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. 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 • 4.41 g/t Au over 29 metres including 6.18 g/t Au over 23 metres including 6. inclusive of 314.000 ounces of inferred.000 ounces in proven and probable reserves as at December 31.000 ounces.52 g/t Au over 12 metres in MDD17-279 SA B O D A LA N IA K A FIR I • 2.23 g/t Au over 17 metres in MDD17-277 WEST • 2. 2015(2) Refer to Endnote (2) on the second last slide 10 .99 g/t Au over 33 metres including 4. and over Niakafiri MA K I MED IN A 200.

M&I Resources are inclusive of P&P Reserves Siou Pit M&I: 0.63 Moz ¹ Situated Near Other High-Grade. earning 80%) • Joint venture partner is Boss Resources (ASX:BOE) Sarama Permits Sources ¹ Semafo Corporate Presentation (Mar 2017) ² Roxgold Corporate Presentation (Feb 2017) ³ Endeavour Corporate Presentation (Feb 2017) Karankasso JV South Houndé JV ⁴ Acacia Preliminary Results (Feb 2017) Inf: 0.10 Moz ⁴ ⁵ Savary Corporate Presentation (Mar 2017) 11 .81 Moz ² Exploring Drill-Ready Targets • Previous exploration work defined high quality prospects • More advanced work. High-Value Properties • 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: 2.67 Moz ⁵ Inf: 2.55 Moz ³ Yaramoko M&I: 0. including substantial drilling.89 Moz ¹ Uniquely Positioned at Golden Hill Mana M&I: 3. scheduled in the coming Teranga’s JV Golden Hill Project months Acacia JVs ⁴ Joint Venture (51%.

300-metre strike extent of the primary Ma structure. and to initiate in-fill sectional drilling along the entire structure Nahiri • Never previously drilled. 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. 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 Company’s website 12 .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.

6x Alacer 6. 2017 13 .7x 0.03 C$3.8x Producers(6) Teranga 2.25 Enterprise Value/2017E EBITDA ($) B2Gold 15.5x 1.7x Current TGZ NPV Average NPV Asanko 4. Potential Re-Rate With Achievement of Game-Changing Milestones in 2017 Enterprise Value/2P Reserves ($/oz) Teranga’s Share Price vs.8x Trading Multiple(6) Multiple for Medium Roxgold 4.04 Perseus 23 C$6.5x Golden Star 5.8x Share Price BMO NPV per Share Revalued Share Price Endeavour 6.4x Semafo 5.5x Refer to Endnote (6) on the second last slide Data Source: BMO GoldPages published May 29. 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.

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