121 London Building a Multi-Asset Mid-Tier May 17-18, 2018 - PowerPoint PPT Presentation

121 London Building a Multi-Asset Mid-Tier May 17-18, 2018 TSX:TGZ / OTCQX:TGCDF West African Gold Producer

Richard Young President & Chief Executive Officer 2

Forward-Looking Statements All information included in this presentation, including any information as to Teranga’s future financial or operating performance and other statements that express management’s expectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are "likely" to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action. Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management as of the date hereof, Teranga cannot be certain that actual results will be consistent with such forward-looking information. Such assumptions include, among others, 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. For a more comprehensive discussion of the risks faced by Teranga, and which may cause the actual financial results, performance or achievements of Teranga to be materially different from estimated future results, performance or achievements expressed or implied by forward-looking information or forward-looking statements, please refer to Teranga’s latest Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com or on Teranga’s website at www.terangagold.com. The risks described in the Annual Information Form (filed and viewable on www.sedar.com and on Teranga’s website at www.terangagold.com) are hereby incorporated by reference herein. Teranga disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities. 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. 3

Deep Value Based on Cash and 2P Reserves (C$) $7.42 Excludes potential value from: NPV* Per Share • Wahgnion infill drill program based on cash & • Golden Hill 2P reserves (1)(2) • Afema and Côte d’Ivoire assets $0.72 Cash balance as at March 31, 2018 $1.45 Wahgnion Project NPV 5% based on 2P (1) $5.25 $5.37 Sabodala NPV 5% based on 2P (2) TGZ Current Share Price (closing price May 10, 2018) $1,300 Gold Price per Ounce Assumption *Refer to Appendix – Non-IFRS Performance Measures Refer to Appendix – Endnotes (1) and (2) 4 USD/CAD FX rate 0.79

Building a Multi-Asset Mid-Tier Gold Producer in Mining-Friendly West Africa Senegal Sabodala Gold Mine Mali • Long-life mine • More than 1.4Moz production Niger Burkina Faso since late 2010 The Gambia Guinea- Wahgnion Development Project Bisseau • Expect to close financing and commence construction in Q2 2018 • Reserve update expected by mid-year Guinea Gourma Exploration Golden Hill Exploration JV JV • Initial resource expected in 2018 Dianra • Fully funded to feasibility Teranga has nearly Sierra Benin 4.0 million ounces of Leone Ghana gold reserves from Côte d’Ivoire Togo Mahepleu its Sabodala Gold Mine and its Wahgnion Tiassale Liberia Development Project (1)(2) Afema Guitry Sangaredougou 5 Refer to Appendix – Endnotes (1) and (2)

FY2017 Highlights     Achieved record Announced positive Positive drill results Entered into joint production of feasibility for from Golden Hill venture on Afema 233,267 oz Wahgnion Project land package in of gold including reserves Côte d’lvoire of 1.2Moz (1) Refer to Appendix – Endnote (1) 6

Leading With Our Social License  United Nations Global Compact Network Canada Sustainability Award  3X Winner of Corporate Knights Future 40 Responsible Corporate Leaders in Canada  Capital Finance International: Best ESG Responsible Mining Management West Africa  Prospectors & Developers Association of Canada 2017 Environmental & Social Responsibility Award 7

Sabodala Senegal, West Africa 8

Largest Gold Producer in Senegal: Continuing to Replace Reserves, Strong 5-Year Profile Mali 2.7Moz 4.4Moz 13-Year 2P Reserves (2) M&I Resources (9) Mine Life (9) Life of Mine 5 years 13 years Summary (2)(5)(6) (2018-2022) (2018-2030) Sabodala Mine License & Annual production 213koz 176koz Regional Land Package Sabodala All-in sustaining costs* $885/oz $893/oz Mill Exploration Prospects Total free cash flow* $230M $556M Mineral Resources Niakafiri Masato Style Bulk Tonnage Gold Trend Golouma Style High- Grade Gold Trend Goumbati West Mining Concession Exploration Permits Previous Mine License *Refer to Appendix – Non-IFRS Performance Measures 9 Refer to Appendix – Endnotes (2),(5),(6) and (9)

Wahgnion Project Burkina Faso, West Africa 10

Solid Start to Teranga’s Second Mine – Wahgnion Wahgnion Development Project Permitted mining license: 89 km 2 Exploration licenses:+1,000 km 2 1.2Moz 1.8Moz 0.7Moz Samavogo 25km from plant 2P M&I Inferred Reserves (1) Resources (10) Resources (10) Nogbele Initial LOM Fourkoura 6km from plant Life of Mine Summary 5.5 years (9 years) Annual production (4)(5) 131koz 119koz Stinger 15km from plant All-in Sustaining Costs* $807/oz $843/oz Total free cash flow* $302M $409M Pre-production capital** ($232M) Proposed Net cash flow $176M Processing Plant Four initial deposits at Wahgnion (Nogbele, Samavogo, Fourkoura *Refer to Appendix – Non-IFRS Performance Measures & Stinger) located in close proximity **Pre-production capital costs of $232 million excludes $12 million in construction readiness activities to proposed plant site spent prior to major construction 11 Refer to Appendix – Endnotes (1), (4), (5) and (10)

Proposed Plant Site Reserve Deposits Significant Upside Potential at Wahgnion Exploration Targets Kondandougoug Near-Term Upside: Mid-2018 Reserve Update • 73,000-metre infill drill program targeted inferred resources located near to the current reserve pits • Objective is to increase drill hole density within the Bagu Sud Samavogo North existing inferred resources Korindougou • Targeting to convert 25%-50% of inferred resources Samavogo Mid to Long-Term Upside: ~12 Drill-Ready Targets • Targets have potential to become resources and are Kafina West Bazogo within trucking distance of proposed plant site Ouahiri • Konatvogo: 2,000-metre NW-trending anomaly Bassongoro between Fourkoura and Nogbele deposits. Up to Nogbele 21.6 g/t Au from altered shear-hosted quartz vein Raul Raul Hillside outcrops Konatvogo Stinger Fourkoura • Bassongoro: 1,500-metre NNE-trending soil and Muddhi Petit Colline auger anomaly (up to 15g/t Au). Intersection of Sud regional Nianka and Fourkoura structures undrilled 12

Golden Hill Burkina Faso 13