BMO Metals & Mining Conference Building a Multi-Asset Mid-Tier - PowerPoint PPT Presentation

BMO Metals & Mining Conference Building a Multi-Asset Mid-Tier February 24-27, 2019 TSX:TGZ / OTCQX:TGCDF West African Gold Producer

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. 2

Building a Multi-Asset Mid-Tier Gold Producer in Mining-Friendly West Africa Sabodala Gold Senegal Operation Mali 2P Reserves: 2.7Moz (2) The Gambia Niger Wahgnion Gold Burkina Faso Gourma Guinea- Development Bissau Exploration 2P Reserves: 1.6Moz (1) Golden Hill Guinea Advanced Exploration Project Mineral Resource: (3) Miminvest Indicated: 415koz @ 2.02 g/t Au and Afema Inferred: 644koz @ 1.68 g/t Au Permits Dianra Sierra Benin Leone Ghana Côte d’Ivoire Togo Liberia Sangaredougou Guitry Afema Refer Endnotes (1), (2) and (3) in Appendix 3

Strong Organic Growth Pipeline Mid-Tier Producer with Sabodala Wahgnion Golden Hill Miminvest & Exploration Gold Mine Gold Mine Project Afema JVs & Resource Scale and (Côte d’Ivoire) Conversion (Senegal) (Burkina Faso) (Burkina Faso) Diversification 4 4

Leading with Our Social License  United Nations Global Compact Network Canada Sustainability Award  4X 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 W ORKING HARD WITH ALL OF OUR STAKEHOLDERS TO BE A PARTNER OF CHOICE 5

2018: A Year of Achievements Côte d’Ivoire Wahgnion Golden Hill Sabodala     Made significant Issued 7 exploration Made good progress Delivered third consecutive advancements on update press releases advancing Miminvest year of record production construction project – properties, particularly delivering 245,230 oz in  Acquired the remaining Wahngion continues to Guitry and Dianra 2018 interest in Golden Hill advance on time and on   Commenced technical Beat low end of per ounce budget  Entered into earn-in work at Afema cost guidance ranges on adjacent property  Increased gold reserves  to the north Generated over $50 million by 450,000 oz in free cash flow  Extended mine life to 13 years  Improved initial 5-year operating profile  Filed updated NI 43-101 Technical Report 6

Sabodala Senegal, West Africa 7

Sabodala: Largest Gold Producer in Senegal Diadiako Gora with Significant Resource Base & Long Mine Life 2.7Moz 4.4Moz 13-Year 2P Reserves (2) M&I Resources (2) Mine Life (4) Masato Mamasato Soukhoto Niakafiri Niakafiri East Kouroundi West Strong 5-Year Profile with Potential to Increase Mine Life Golouma Kerekounda Maki North Kourouloulou Medina Golouma Life of Mine 5 years 13 years Golouma South West Kobokoto Koulouqwinde Summary (4)(5)(6) (2018-2022) (2018-2030) Goumbati West Koutoniokollo Annual production 213koz 176koz Kinemba East All-in sustaining costs* $885/oz $893/oz Total free cash flow* $230M $556M Sabodala Gold Mine Senegal, West Africa Permitted mining license: 291 km 2 *Refer to Appendix – Non-IFRS Performance Measures 8 Refer Endnotes (2),(4),(5) and (6) in Appendix

2018 Production: 5% Year-over-year Increase and Third Consecutive Record Year Production +5% (koz Au) 1.66 Moz 245 233 217 214 212 207 …………………………………… .. 182 gold produced at Sabodala 131 since December 2010 17 2010 2011 2012 2013 2014 2015 2016 2017 2018 9

Improved Per Ounce Costs for 2018; Beat Cost Guidance 2018 2018 2017 2018 Guidance (Per Ounce) $950 – $1,025 Cost of sales $937 $961 $700 – $750 Total cash costs* $660 $721 $1,000 – $1,075 $1,006 $1,024 All-in sustaining costs* Non-cash inventory movements ($66) ($81) ($50) and amortized advanced royalty costs All-in sustaining costs (excluding non-cash $950 – $1,025 $940 $943 inventory movements and amortized advanced royalty costs)* 10 *Refer to Non-IFRS Performance Measures in Appendix

Track Record of Replacing Reserves at Sabodala Sabodala Proven and Probable Reserves (2) (Moz) Significant Opportunity for Growth at Sabodala • Sabodala village relocation provides 2.8 2.7 2.6 opportunity to drill out Niakafiri, the 2.6 largest deposit on the mine license, 1.7 1.6 and to increase remaining mine life 1.4 • Village relocation expected to be completed in 2020 2010 2011 2012 2013 2014 2015 2017 Graph includes years for which there was a reserve update 11 Refer to Endnote (2) in Appendix

Wahgnion Project Burkina Faso, West Africa 12

Wahgnion: On Track for First Pour by End of 2019 Wahgnion Development Project Burkina Faso, West Africa 1.6Moz 2.4Moz 13-Year Permitted mining license: 89 km 2 Samavogo 2P Reserves (1) M&I Resources (1) Mine Life (7) 25 km from plant Strong 5-Year Profile with Potential to Increase Mine Life Nogbele Initial LOM Fourkoura Life of Mine Summary (5)(7)(8) 5 years (13 years) 6 km from plant Annual production 132koz 114koz Stinger 15 km from plant All-in sustaining costs* $761/oz $904/oz Total free cash flow* $311M $479M Pre-production capital** ($240M) Proposed Pre-production operating costs ($28M) Processing Plant Net cash flow $211M 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 $240 million excludes $16 million in construction to proposed plant site readiness activities spent prior to major construction 13 Refer to Endnotes (1), (5), (7) and (8) in Appendix