Building a 121 Mining Event - London May 20-21, 2019 Multi-Asset - PowerPoint PPT Presentation

Building a 121 Mining Event - London May 20-21, 2019 Multi-Asset Mid-Tier 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 the 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

Solid Operating Performance Underlies Strong Financial Results in 2018 Revenue Gross Profit ($ millions) ($ millions) 7% 18% Increase Increase $312.6 $291.7 $82.1 $69.6 2017 2018 2017 2018 EBITDA* Net Cash Provided by Operating Activities 17% ($ millions) ($ millions) Increase 29% Increase $111.9 $95.3 $92.1 $71.4 *Refer to Appendix – Non-IFRS Performance Measures 2017 2018 5 2017 2018

2019 Has All The Makings of Another Good Year • Record quarterly • On budget and well • Completed Afema gold production of on schedule • Released early- economic 71,946 ounces • On track for stage initial mineral evaluation for • Per ounce cost commissioning in resource estimate government metrics improved Q3 and ramp-up of • Ongoing studies to • Conducted YoY production in Q4 advance towards airborne magnetic • On track to achieve • Completed first of feasibility stage and radiometrics 2019 production & two resettlement survey cost guidance areas 6

Sabodala Senegal, West Africa 7

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 Golouma South West Kobokoto Koulouqwinde Goumbati Life of Mine Summary (4)(5)(6) 5 Years (2018-2022) West Koutoniokollo Kinemba East Annual production 213koz All-in sustaining costs* $885/oz Total free cash flow* $230M 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 the Appendix

1.7Moz of Gold Produced at Sabodala Since IPO in December 2010 Record Annual Production 3-Years Running Improved Costs; Beat Guidance (Koz Au) 2017 2018 2018 Guidance +5% (Per Ounce) $950 – $1,025 $961 $937 Cost of sales $700 – $750 $721 $660 Total cash costs* $1,000 – $1,075 All-in sustaining costs* $1,024 $1,006 Non-cash inventory ($81) ($66) ($50) 245 movements and amortized 233 217 214 212 207 advanced royalty costs 182 All-in sustaining costs 131 (excluding non-cash inventory $950 – $1,025 $943 $940 movements and amortized 17 advanced royalty costs)* 2010 2011 2012 2013 2014 2015 2016 2017 2018 GENERATED ~$50 MILLION IN NET CASH FLOW IN 2018 9 *Refer to Appendix – Non-IFRS Performance Measures

Track Record of Replacing Reserves at Sabodala Sabodala Proven and Probable Reserves (2) (Moz) Significant Opportunity for Growth at Sabodala • Sabodala village relocation provides opportunity to drill out Niakafiri, the largest deposit on the mine license, and to increase remaining mine life 2.7 2.8 • 2.6 Village relocation expected to be completed in 2.6 2020 1.7 1.6 • 1.4 World-class resettlement of ~600 homes according to IFC Performance Standards and international best practices 2010 2011 2012 2013 2014 2015 2017 Graph includes years for which there was a reserve update 10 Refer to Endnote (2) in the Appendix

Wahgnion Project Burkina Faso, West Africa 11

Building Teranga’s Second Gold Mine Wahgnion Development Project Burkina Faso, West Africa Permitted mining license: 89 km 2 1.6Moz 2.4Moz 13-Year 2P Reserves (1) M&I Resources (1) Mine Life (7) Strong 5-Year Profile with Potential to Increase Mine Life Initial5 Years Life of Mine Summary (5) 2020-2024 Annual production (7) 132koz All-in sustaining costs* $761/oz Total free cash flow* $311M *Refer to Appendix – Non-IFRS Performance Measures **Pre-production capital costs of $240 million excludes $16 million in construction readiness activities spent prior to major construction 12 Refer to Endnotes (1), (5), and (7) in the Appendix

Significant Mid to Long-Term Upside Potential Kondandougoug Wahgnion (Burkina Faso) Exploration licenses:+1,000 km 2 Regional Exploration Includes ~12 Drill-Ready Targets Bagu Sud • Samavogo North Targets have potential to become resources and are within trucking distance of proposed plant site Korindougou • Konatvogo: 2,000-metre NW-trending anomaly Samavogo between Fourkoura and Nogbele deposits. Up to 21.6 g/t Au from altered shear-hosted quartz vein outcrops Kafina West Bazogo • Bassongoro: 1,500-metre NNE-trending soil and Ouahiri auger anomaly (up to 15g/t Au). Intersection of regional Nianka and Fourkoura structures undrilled Bassongoro Nogbele Raul Raul Hillside Konatvogo Stinger Fourkoura Muddhi Petit Colline Sud Processing Plant Reserve Deposits 13 Exploration Targets