Investor Presentation The Next Multi-Asset Mid-Tier Cape Town - PowerPoint PPT Presentation

Investor Presentation The Next Multi-Asset Mid-Tier Cape Town – February 2018 TSX:TGZ / OTCQX:TGCDF West African Gold Producer

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”, “intended to”, “objective 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, net present value, anticipated future cash flows, anticipated construction readiness activities for the Company’s Wahgnion gold project in Burkina Faso as well as the anticipated completion of construction of the Wahgnion project - including the first gold pour, the anticipated discovery of reserves at the Wahgnion project, and Teranga’s estimated full year financial and operating totals, as well as anticipated 2017 and 2018 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 Annual Information Form dated March 29, 2017, 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 5, 2018 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

Deep Value: A Re-Rating Opportunity (C$) Excludes potential value from: • Wahgnion infill drill program $7.54 • Golden Hill • Afema and Côte d’Ivoire assets NPV Per Share based on cash & $1.02 2P reserves $1.41 Cash balance as at December 31, 2017 $5.11 Wahgnion Project NPV 5% based on 2P $3.38 Sabodala NPV 5% based on 2P TGZ Current Share Price (closing price Jan 31, 2018) $1,300 Gold Price per Ounce Assumption 3

Potential for a Major Rate Reset EV/2P Reserves ($/oz) B2Gold 531.9 Teranga’s Share Price Roxgold 473.2 vs. Net Present Value* (NPV) (12) per Share Endeavour 348.1 Data Source: BMO GoldPages published January 29, 2018 Semafo 290.9 Golden Star 250.6 223% Alacer 98.8 Teranga 87.3 Perseus 66.8 C$7.78 Asanko 58.7 C$6.48 C$3.49 EV/2018E EBITDA Alacer 30 Share Price BMO NPV per Share Revalued Share Price Endeavour 6.8 (Spot) B2Gold 6.6 0.55x 1.2x Semafo 5.2 Current TGZ Average NPV Multiple Roxgold 4.4 NPV Trading for Medium Producers (12) Multiple (12) Golden Star 3.9 Perseus 3.9 Teranga 3.6 *Refer to Appendix – Non-IFRS Performance Measures 4 Refer to Appendix – Endnote (12) Asanko 3.5

Capital Structure and Recent Share Price Performance Capital Structure (at December 31, 2017 unless otherwise noted) Share Price Performance (TSX: TGZ) (Closing price on December 12, 2017 – January 31, 2018) Common shares outstanding 107.3M Stock options outstanding 4.5M TGZ-TSX GDXJ Fully diluted 111.8M Gold Price Number of shares owned by insiders 23.8M Market capitalization (January 31, 2018) C$363M/ US$295M 50% ASX Delisting Cash / net cash $88M / $73M Completed Compulsory Sale +40% Facility before markets open on 40% December 13 – stock price hit Top Shareholders % of O/S As at Dec 31, 2017 low of $2.30 (compared to $2.42 1 Tablo Corporation 21.5% 23,128,900 30% closing price on December 12) 2 Van Eck Associates Corporation 6.8% 7,272,264 3 Heartland Advisors 4.5% 4,800,000 20% 4 Ruffer LLP 4.3% 4,607,243 5 Oppenheimer Funds 3.5% 3,710,828 +11% 10% 6 Dimensional Fund Advisors 2.9% 3,068,425 +9% 7 Franklin Advisers 2.4% 2,582,200 0% 8 Fidelity Management & Research 1.6% 1,747,740 9 Universal-Investment Gesellschaft 1.6% 1,735,000 10 Colonial First State Global AM 1.6% 1,725,708 Source: IR Insight on January 31, 2018 5

Building The Next Multi-Asset Mid-Tier West African Gold Producer Senegal Sabodala Gold Mine Mali 1.4Moz production since IPO in late 2010 Niger Burkina Faso The Gambia Guinea- Wahgnion Development Project Bisseau Expect to close financing and commence construction in Q2 2018 Guinea Gourma Exploration JV Golden Hill Exploration JV Dianra 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 6 Refer to Appendix – Endnotes (1) and (2)

Garnering International Recognition for Corporate Social Responsibility United Nations Global Compact  Network Canada Sustainability Award Corporate Knights Future 40 Responsible  Corporate Leaders in Canada  Capital Finance International: Best ESG-Responsible Mining Management West Africa Award PDAC 2017 Environmental  & Social Responsibility Award 7

Checking Off the Boxes Production at Largest Gold Mine in Senegal • Achieved record production of 233,267 ounces in 2017 • Issued 2018 production guidance of 210,000 – 225,000 ounces (3) • Generating free cash flow from Sabodala* Development of Second Mine • Project debt financing expected to close in Q2 • Plant construction expected to commence in Q2 Extensive Exploration Program in 2018 • Golden Hill (Burkina Faso) • Guitry (Côte d’Ivoire) • Afema (Côte d’Ivoire) *Refer to Appendix – Non-IFRS Performance Measures 8 Refer to Appendix – Endnote (3)

Significantly Increasing Production and Improving Free Cash Flow Teranga Consolidated Production Profile (koz) (3),(4),(7) Opportunities to maintain 2020 – 2022 Sabodala + Wahgnion production and free cash flow through resource conversion & ~350Koz annual discoveries at Sabodala & production Wahgnion 350Koz ~$100M annual free cash flow* (11) ~$70M annual free cash flow* (5) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Sabodala Banfora *Refer to Appendix – Non-IFRS Performance Measures 9 Refer to Appendix – Endnotes (3), (4), (5), (7) and (11)

Robust Exploration Pipeline in Three Mining-Friendly Jurisdictions Production Sabodala Construction Wahgnion Niakafiri Main Niakafiri West Niakafiri SE Feasibility Study Maki Medina Afema 1 Goumbati West/Kobokoto Concept Study (Initial Resource) Marougou Main Ma Golouma North Peksou Nahiri Kafina Kinemba Mamasato Advanced Exploration Muddi Jackhammer Hill Bagu Sud Petite Colline Ouahiri Afema 2 Bassangoro Maleko Samavogo North Guitry Afema 3 Konatvogo Hillside Sangaredougou Advanced Exploration 2 Raul Fembefasso Dianra Djinta Kassengara Maragou South Weah Bongori Advanced Exploration 3 Tambiga Hill Korindougou Foutouri Tiassale Mahepleu Senegal Côte d’Ivoire Burkina Faso 10