Q4 & FY2019 Highlights Building a February 21, 2020 TSX:TGZ / - PowerPoint PPT Presentation

Q4 & FY2019 Highlights Building a February 21, 2020 TSX:TGZ / OTCQX:TGCDF Low-Cost Mid-Tier West African Gold Producer

Forward-Looking Statements All information included in this presentation, including any information as to the future financial or operating performance and other statements of Teranga Gold Corporation (“ Teranga ”) 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, courses of action, the anticipated impact of combining the two assets, including anticipated synergies, and the potential for the combined Sabodala-Massawa complex to become a top tier gold asset. Teranga cautions you not to place undue reliance upon any such forward-looking statements. The economic analysis presented in the Massawa Technical Report was prepared by Barrick in respect of its feasibility study for a standalone development plan and proposed mining operation at Massawa. Readers are advised that the economic outcomes disclosed by Barrick are presented in order to provide the reader with context regarding the Massawa project as proposed to be developed by Barrick. However, readers are cautioned that as Teranga proposes to process the Massawa deposits at its existing Sabodala Project, the economic analysis presented in the Massawa Technical Report should not be considered as representing the economic outcome stemming from an integrated Sabodala-Massawa mining complex. 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. This presentation is dated as of February 21, 2020. 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 ARE DENOMINATED IN U.S. DOLLARS UNLESS SPECIFIED OTHERWISE 2

Richard Young President & Chief Executive Officer

2019 : A Year of Significant Achievements Wahgnion Sabodala ✓ Declared commercial production effective November 1, 2019 ✓ Produced 241,276 oz, exceeding guidance ✓ Produced 47,492 oz of gold since first pour at the end of ✓ Met the low-end of guidance for per ounce sold cost metrics August, exceeding guidance ✓ Announced acquisition of neighbouring high-grade Massawa ✓ First two resettlement sites complete with ongoing livelihood Gold Project from Barrick to create a top tier gold complex restoration programs Côte d’Ivoire Golden Hill ✓ Issued early-stage initial mineral resource estimate of 6.4 Mt at 2.02 g/t Au for 415,000 oz of indicated resources and 11.95 Mt at ✓ Good progress advancing Miminvest properties, particularly 1.68 g/t Au for 644,000 oz of inferred resources (1) Guitry and Dianra ✓ Initiated 27,000-metre drilling exploration program to increase ✓ At Afema, completed an economic evaluation of a small resource base scale oxide project and progressed further technical ✓ Initial studies and engineering work started to support a mine evaluation work license application 4 Refer to Endnote (1) in the Appendix

Paul Chawrun Chief Operating Officer

Record Q4 and Full-Year Production with Two Operating Mines Production (2) Fourth Consecutive Year of (koz Au) ✓ Record Production ✓ Exceeding Guidance High-end of Guidance: 270 koz 18% Increase 54% 91,41 Increase 289 1 245 233 217 59,44 214 212 207 182 2 131 17 Q4 2018 Q4 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 6 Refer to Endnote (2) in the Appendix

Sabodala: Another Year of Solid Performance Gora (completed) Exceeded Production Guidance of 215koz-230koz • Produced 54,539 oz in Q4 and 241,276 oz for the year, which was 5% above the high-end of guidance Mining • Mined 33.9 Mt, or 9% less YoY, due to lower than expected drill Sabodala Sabodala Phase 4 fleet performance and mechanical availability Gold Mine Senegal, West Africa • Total of 2.9 Mt of ore mined, or 51% more YoY, due to the Mine License: 291 km 2 prioritization of higher grade, lower strip mining areas • Ongoing positive reconciliation to reserves Kerekounda Maki Plant …. Medina Milling Haul Road Golouma Mineral Resources West • Increased ore milled to 4.2 Mt due to greater plant availability Golouma Style High Grade Gold Trend • Average processed grade of 1.98 g/t Au which was close to the Masato Style Bulk Tonnage Gold Trend high-end of guidance Mining Concession Exploration Permit • Good recovery rates consistent at ~90% Mining Activity in Q4 7

Senegal Map 1. Massawa Acquisition: Preliminary Integration Work Underway View Mali Integration Work • Sabodala’s technical and operating teams are Sabodala +4Mtpa working on an optimized integration plan CIL Plant • Pre-feasibility study for the combined mine plan in progress and expected H2 2020 30km FROM THE PLANT • Confirmatory metallurgical test-work to optimize the Bambaraya blending of oxide ore at the plant has begun Delya • Initial detailed drilling program scheduled to begin Massawa March 2020 Tina Gold Project Sofia Near-term Targets Massawa (CZ & NZ) • Initiate mining at Sofia H2 2020 • Be in a position to process oxide ore from the Massawa pit by mid-2021 Senegal, West Africa Sabodala Mine (920km 2 ) & Massawa Project (~600km 2 ) 8 Map not drawn to scale.

Unit Costs at Sabodala in Line or Beat Guidance All-in Sustaining Costs* (4) ($/oz Au sold) Milling Costs ($/t milled) Mining Costs ($/t mined) (excluding cash/(non-cash) inventory movements and amortized 2019 Guidance: $12 - $13 advanced royalty costs 2019 Guidance: $2.50 - $2.75 2019 Guidance: $825 - $900 12% Increase 7% 21% Increase Decrease $940 $13.36 $842 $10.59 $2.44 $2.27 Q4 2018 Q4 2019 Q4 2018 Q4 2019 Q4 2018 Q4 2019 1% Decrease 14% 7% Decrease Increase $822 $807 $12.95 $11.19 $2.74 $2.57 2018 2019 2018 2019 2018 2019 *Refer to Appendix – Non-IFRS Performance Measures 9 Refer to Endnote (4) in the Appendix