Building a August 1, 2019 Multi-Asset Mid-Tier TSX:TGZ / - PowerPoint PPT Presentation

Q2 & H1 2019 Highlights Building a August 1, 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

Richard Young President & CEO

Growth Pipeline Moving to feasibility Annual production of 300-350koz Increasing Production, Miminvest & Sabodala Wahgnion Golden Hill Exploration EBITDA, Gold Mine Gold Mine Project Afema JVs & Resource Earnings (Côte d’Ivoire) Conversion (Senegal) (Burkina Faso) (Burkina Faso) & Cash Flow 4 4

Paul Chawrun Chief Operating Officer

Tracking FY2019 Guidance for Sabodala With Record H1 Production Production (oz Au) 215,000 – 230, 000 ounces Au 65,381 63,436 135,382 129,412 Q2 2018 Q2 2019 H1 2018 H1 2019 FY2019 Sabodala Guidance 6

Solid Operational Quarter Gora (completed) Sabodala Gold Mine Mining Senegal, West Africa  Moved 7 million tonnes of material Mine License: 291 km 2  Material movement negatively affected by performance of production drill fleet  Tonnes mined to return to budgeted rate for Sabodala Phase 4 H2 2019 Milling Niakafiri  Processed more than one million tonnes – a Kerekounda 7% increase Golouma West  Gold recovery rate of 91% Plant …. Haul Road  Head grade of 2.01 g/t Au, a 7% decrease Mineral Resources versus Q2 2018 due to mining the high-grade Golouma Style High Gora deposit Grade Gold Trend Masato Style Bulk Tonnage Gold Trend Mining Concession Exploration Permit 7

Positive Grade Reconciliation to Reserves Continues Grade Mined Q2 FY Actual Guidance 1.50 g/t – 2.00 g/t 2019 2.77 g/t 8

Unit Costs For FY 2019 Expected to be Within or Below Guidance Ranges Mining Costs ($/t mined) Total Cash Costs* ($/oz Au) Milling Costs ($/t milled) 2019 Guidance: $2.50 - $2.75 2019 Guidance: $725 - $775 2019 Guidance: $12 - $13 8% Increase 12% 12% Decrease $679 Increase $629 $13.02 $11.47 $3.18 $2.83 Q2 2018 Q2 2019 1% Q2 2018 Q2 2019 Q2 2018 Q2 2019 Increase 6% 2% Decrease Increase $651 $644 $12.25 $11.50 $2.86 $2.81 H1 2018 H1 2019 H1 2018 H1 2019 H1 2018 H1 2019 9 *Refer to Appendix – Non-IFRS Performance Measures

Commissioning Underway at Wahgnion: Project On Schedule & On Budget  5 million hours worked without a lost time injury  ~91% of total commitment value spent to-date (excluding capitalized pre-operating costs)  Plant construction on schedule with virtually all facets complete  Commenced first phase of plant commissioning and operations handover late Q2  SAG and ball mill installation tests successfully complete  First two resettlement sites complete with successful relocation of families MILL COMMISSIONING AND EVENTUAL FIRST POUR EXPECTED IN Q3 2019 Reclaim Crusher Chute Overview, July 2019 10

Golden Hill Golden Hill: Moving Towards a PEA Burkina Faso, West Africa Exploration licenses:468 km 2 Q2 Highlights  Field activities included prospecting, geological structural mapping and grid-based soil sampling (4,500 samples), with the goal of identifying new exploration targets worthy of second stage evaluation  Auger drilling (235 holes for 880 m), excavator trenching (8 trenches for 630 m), and limited core drilling (25 short holes for 1,671 m) program completed late Q2  Magnetic and radio magnetic airborne geophysical survey completed with encouraging data imagery worthy of follow-up evaluation Extensive 27,000-metre RC & DD Drilling Program Planned for H2  11 separate drill targets identified for inclusion in this drilling evaluation program, including 5 with no previous drilling  Additional 15,000 metres of auger drilling and Geology 10,000 metres of excavator trenching planned Tarkwaian Type Sediments  Focused on identifying additional structural trends Volcano Sediments that could add resources Mixed Volcano Sediments & Volcanics Basalt  H2 2019 budget of at least $5 million Grantoid 11 Batholith For full details on Golden Hill, please visit www.terangagold.com

Navin Dyal Chief Financial Officer

Ounces Sold Drive Lower Revenue in Q2 and Higher Revenue in H1 2% Revenue Increase ($ millions) 3% Decrease $175.7 $172.3 $86.1 $83.6 Q2 2018 Q2 2019 H1 2018 H1 2019 Three months ended June 30 Six months ended June 30 2019 2018 % Change Per ounce 2019 2018 % Change $1,302 $1,301 0% Average realized gold price* $1,305 $1,313 (1%) $1,309 $1,306 0% Average spot gold price $1,307 $1,318 (1%) $1,270 $1,250 2% Low $1,270 $1,250 2% $1,431 $1,351 6% High $1,431 $1,355 6% 13 *Refer to Appendix – Non-IFRS Performance Measures

Per Ounce Costs Well on Track to Meet Full Year Guidance Q2 H1 2019 Consolidated 2019 2018 2019 2018 Guidance $/oz Au \ sold ( Except for Cash Costs) $1,016 $906 $959 $909 $1,050 - $1,125 Cost of sales $679 $629 $651 $644 $725 - $775 Total cash costs* (Sabodala only) $939 $883 $956 $920 $1,000 - $1,100 All-in sustaining costs* Non-cash inventory movements ($68) ($37) ($119) (53) ($100) and amortized advanced royalty costs All-in sustaining costs (excluding non-cash $870 $847 $837 $867 $900 - $1,000 inventory movements and amortized advanced royalty costs)* 14 *Refer to Appendix – Non-IFRS Performance Measures