BMO Mining & Metals Conference The Next Multi-Jurisdictional - PowerPoint PPT Presentation

BMO Mining & Metals Conference The Next Multi-Jurisdictional West African Gold Producer March 1, 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 February 24, 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

Building the Next Multi-Jurisdictional West African Gold Producer WORLD CLASS GOLD BELTS Mining-friendly jurisdictions in French West Africa CORNERSTONE INVESTOR PRODUCING ASSET PROVIDES Very supportive of growth with FOUNDATION FOR GROWTH Strong cash flow (1) from Sabodala in-depth on-the-ground expertise and relationships in West Africa to fund exploration and growth PROVEN & EXPERIENCED LONG-TERM GROWTH LEADERSHIP TEAM $12M-$15M drill program in three Team with extensive production, countries & fast-tracking latest development, exploration & M&A development project expertise; award-winning CSR DOWNSIDE PROTECTION Strong balance sheet, $95M cash balance & cash flow (1) generation 3 Refer to Endnote (1) on the second last slide

West Africa Supplied Half of Africa’s 2015 Gold Production NORTH AMERICA WEST AFRICA 11.7Moz 8.6Moz EUROPE 9.5Moz Senegal Burkina Faso Côte d’Ivoire CENTRAL AMERICA ASIA 6.1Moz 19.5Moz AFRICA 17.1Moz SOUTH AMERICA OCEANIA 14.2Moz 11.5Moz 4 Source: CPM Gold Yearbook 2016

Catalysts for 2017 Production  • 2017 Production Outlook: 205-225Koz (3) • 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 Endnote (3) on the second last slide 5

Sabodala Provides Solid Platform For Near-Term Value Creation & Long-Term Growth 2.6 Million Ounces in Proven & Probable Reserves Mali • 4.4 million ounces in measured and indicated resources (inclusive of 2P reserves) at an average grade of 1.62g/t (2) Solid Base Case Production Profile • 13.5-year mine life with cash flow in every year but one • +200Koz average annual production from 2012- 2024 (3) Mine License Reserve Development & Extensive Multi-Drill Program Sabodala Mine License & Regional Land Package (Senegal) • Focused on Niakafiri deposit Sabodala • Advanced exploration prospects on the mine license Mill Exploration Prospects • Several targets on the regional land package Mineral Resources Niakafiri Masato Style Bulk Tonnage Gold Trend Golouma Style High- Grade Gold Trend Goumbati West Mining Concession Exploration Permits Previous Mine License 6 6 Refer to Endnote (2) on the second last slide

Fast-Tracking Completion of Banfora Feasibility Study H2 H1 H2 H1 H2 H1 H2 2018 2018 2019 2017 2016 2019 2017 Commenced drilling Expect to file Seek Board approval Anticipated campaign to confirm NI 43-101 and commence first gold pour and increase technical report construction at Banfora reserves 7

Exploring Highly Prospective Properties Across West Africa 2017 Exploration Budget $12-$15 Million Drill Results Throughout 2017 • • Focused on Banfora Mine License, Focused on resource definition, converting • Follow-up soil sampling, hand- Banfora Regional, Golden Hill & Gourma reserves at Niakafiri, and continued pitting, Auger and RC drilling at the delineation of Goumbati West Guitry property • Planned 2017 exploration budget – Banfora $3-$4 million • New target generation program will continue • High-precision bulk leach – Golden Hill $3 million extractable gold survey is planned • Planned 2017 exploration budget – Gourma $0.5 million – Sabodala Mine License $3-$4 million • Planned 2017 exploration budget – Regional $2 million – $0.5 million 8 Operating Gold Mine/ Development Project

Protecting the Downside: Always a Priority Teranga Gold Cash Balance Long-Life Cash-Generating Production in Senegal ($M) • Produced more than 1.2M ounces of gold since 2010 • 2.6Moz reserve base with mine life to 2029 114% • Life of mine cash flow of ~$175/oz Strong Balance Sheet with Significant Net Cash • $95M cash balance at December 31, 2016 $95.2 • $30M revolving credit facility with $15M undrawn $44.4 December 31, 2015 December, 31, 2016 9

Potential Re-Rate With Achievement of Game-Changing Milestones in 2017 Enterprise Value/2P Reserves ($/oz) Teranga’s Share Price vs. Net Present Value (NPV) (4) per Share B2Gold 512 Roxgold 439 Semafo 319 Endeavour 285 98% Asanko 146 Teranga 113 Alacer 80 Perseus 22 C$1.94 Enterprise Value/2016E EBITDA ($) C$1.21 C$0.98 Roxgold 25.1x B2Gold 15.6x Share Price BMO NPV per Share Revalued Share Price Alacer 11.0x 1.6x 0.8x Average NPV Multiple Current TGZ Asanko 10.0x for Medium Producers (1) NPV Trading Endeavour 7.0x Multiple (4) Semafo 6.1x 10 Teranga Refer to Endnote (4) on the second last slide. Data Source: BMO GoldPages published February 21, 2017 2.5x

Uniquely Positioned Prolific gold belts Record-breaking operational performance Near-term catalysts for 2017 Proven and experienced leadership team Producing asset to fund growth Strategic and supportive cornerstone investor Company-making project Downside protection with a strong balance sheet Long-term growth prospects The Teranga Advantage 11