London 121 Conference The Next Multi-Jurisdictional West African - PowerPoint PPT Presentation

London – 121 Conference The Next Multi-Jurisdictional West African Gold Producer May 10-11, 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 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 May 5, 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

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) (6) per Share 417 B2Gold Roxgold 354 Endeavour 223 199% Golden Star 180 Semafo 174 Asanko 119 Teranga 70 Alacer 38 Perseus 24 C$1.98 C$1.41 Enterprise Value/2017E EBITDA ($) C$0.66 B2Gold 21.1x Semafo 6.4x Share Price BMO NPV per Share Revalued Share Price Endeavour 6.2x Golden Star 5.8x 0.5x 1.4x Asanko 5.6x Current TGZ NPV Average NPV Alacer 5.1x Trading Multiple (6) Multiple for Medium Roxgold 4.8x Producers (6) Teranga 2.2x Refer to Endnote (6) on the second last slide. Data Source: BMO GoldPages published May 1, 2017 3

Building a Profitable Multi-Asset Mid-Tier West African Gold Producer STRONG EXPLORATION BALANCE SHEET FULLY & SUPPORTIVE OPPORTUNITIES PERMITTED CORNERSTONE ON WORLD-CLASS STRONG DEVELOPMENT INVESTOR GOLD BELTS SOCIAL LICENSE ASSET IN & AWARD-WINNING BURKINA FASO CSR PRODUCING ASSET PROVEN & IN SENEGAL EXPERIENCED PROVIDES LEADERSHIP FOUNDATION TEAM FOR GROWTH 4

West Africa: One of the World’s Fastest Growing Regions for Gold Production TRANSITIONAL ECONOMIES (1) WEST AFRICA 6.8Moz NORTH AMERICA 8.2Moz 12.0Moz EUROPE 8.7Moz Senegal Burkina Faso ASIA Côte 20.4Moz d’Ivoire CENTRAL AMERICA 5.7Moz AFRICA 17.4Moz OCEANIA 11.7Moz SOUTH AMERICA 14.8Moz 5 Source: 2016 gold production from CPM Gold Yearbook 2017 Refer to Endnote (1) on the second last slide

Accomplishments in 2016 Assets Acquired in 2016 Through Gryphon Minerals  Record production and unit costs Iamgold Avocet  Nordgold Optimized and implemented Endeavour measures to de-risk Sabodala Nordgold Orezone Burkina Faso Completed acquisition of Gryphon, West African Res.  Semafo providing opportunities for asset B2Gold Semafo Roxgold diversification, scale and growth Endeavour MNG Gold  Completed joint venture in Gourma Golden Hill Côte d’Ivoire Centamin Operating Gold Mine/ Development Project Banfora Gold 6 Project

Extensive Opportunities for Growth Senegal Sabodala Gold Mine Mali Status: Producing Reserves: 2.6Moz (2) Niger Burkina Faso The Gambia M&I: 4.4Moz (2) Guinea- Banfora Project Bisseau Status: Feasibility Guinea Gourma Exploration JV Golden Hill Exploration JV Dianra Sierra Benin Leone Ghana Côte d’Ivoire Togo Mahepleu Tiassale Liberia Guitry Sangaredougou 7 Refer to Endnote (2) on the second last slide

Significant Catalysts for 2017 Production • 2017 production outlook: 205,000 – 225,000 ounces (3) • Generate free cash flow (4) from Sabodala Development • Complete Banfora project feasibility study • Obtain board approval to proceed • Announce funding and construction Exploration • Senegal • Burkina Faso • Côte d’Ivoire 8 Refer to Endnotes (3) and (4) on the second last slide

Producing Asset Senegal, West Africa

Sabodala Provides Solid Platform For Value Creation & Long-Term Growth Opportunity to grow production by increasing 2017 Outlook Opportunity to increase material movement and 205K-225Koz (3) production through resource conversion at resource conversion and Niakafiri deposit on the new discoveries (5) mine license (5) +200Koz average annual production from 2012- 2024 (3) 000’s oz Au 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 10 10 Refer to Endnotes (3) and (5) on the second last slide

Significant Potential on Large Land Package 2.6 Million Ounces in Proven & Probable Reserves Mali • 13.5-year mine life • 4.4 million ounces in measured and indicated resources (inclusive of proven and probable reserves) at an average grade of 1.62g/t (2) Mine License Reserve Development • Focused on resource definition and converting resources at Niakafiri • Continued delineation of the recently discovered Sabodala Mine License & Goumbati West Regional Land Package (Senegal) Sabodala Mill Exploration Prospects Extensive Multi-Drill Program Mineral Resources • Advanced exploration prospects on the mine license Niakafiri Masato Style Bulk • Several targets on the regional land package Tonnage Gold Trend Golouma Style High- Grade Gold Trend Goumbati West Mining Concession Exploration Permits Previous Mine License 11 Refer to Endnote (2) on the second last slide

Garnering International Recognition for CSR 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 12

Development Asset Burkina Faso, West Africa 13

Fast-Tracking Completion of Banfora Feasibility Study H1 2019 Anticipated first H2 H1 H2 2018 2016 2017 2017 gold pour at Banfora Commenced Complete Seek board Construction drilling feasibility study approval and campaign to & technical commence confirm & report construction increase mid-year reserves 14

Exploration Assets Burkina Faso, Côte d’Ivoire & Senegal 15