Swiss Mining Conference Building The Next Multi-Asset Mid-Tier - PowerPoint PPT Presentation

Swiss Mining Conference Building The Next Multi-Asset Mid-Tier March 21-22, 2018 TSX:TGZ / OTCQX:TGCDF West African Gold Producer

Sepanta Dorri Vice President, Corporate & Stakeholder Development 2

Forward-Looking Statements This document 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's future growth opportunities, results of operations, performance (both operational and financial) and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as “plans”, “expects”, “does not expect”, “scheduled”, “trends”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish” 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 include, without limitation, all disclosure regarding possible events, conditions or results of operations, future economic conditions and anticipated courses of action. Although the forward-looking statements contained in this document 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 30, 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 document 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 is as of March 20, 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. 3

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 4 Refer to Appendix – Endnotes (1) and (2)

FY2017 Highlights      Achieved record Increased Announced More positive Entered into joint production of Sabodala reserves positive feasibility drill results venture on Afema 233,267 oz by 400,000 oz for Wahgnion from Golden Hill land pcakage in of gold and filed Project including Côte d’lvoire updated reserves of 1.2 NI 43-101 (2) million oz (1) Refer to Appendix – Endnotes (1) and (2) 5 5

“ Our resettlement has really improved our lives ” 6 6

Creating Long-Term Sustainable Value for Our Stakeholders Through Responsible Mining Shareholder Value Improve Local Livelihoods Risk Management • Deliver projects on time and on budget • Avoid community unrest & conflict • Local recruitment • Trust-based relationship with all • Avoid work stoppages • Local progression & promotion stakeholders • Avoid legal action • Local procurement &other capacity • Safeguard reputation • Avoid withdrawal of operating licenses building • Ability to grow footprint in West Africa 7

Sharing the Benefits of Responsible Mining 10,000 Trees produced for rehabilitation in 2016 300 Bags of seeds collected for forestry rehabilitation 928 Women working in 10 market gardens producing 350 tons of vegetables since inception $1.7M Sustainable investments in 2016 as determined by the communities 725 Farmers supported in 2016 $139M Local procurement in 2016 93% National employees out of 1,258 site employees in 2016 170 Progressions and promotions of national employees in 2016 +11,000 People benefiting from malaria spray program in 2016 8

Garnering International Awards & Recognition  United Nations Global Compact Network Canada Sustainability Award  Three Time Winner of Corporate Knights Future 40 Responsible Corporate Leaders in Canada  Capital Finance International: Best ESG Responsible Mining Management West Africa  Prospectors & Developers Association of Canada 2017 Environmental & Social Responsibility Award 9

Managing Two World-Class Resettlements: Sabodala and Wahgnion • Resettlements led by ERM Group, experienced global sustainability consultants • The resettlements comply with the IFC Performance Standards and reflect international best practice in resettlement and livelihood • Members of the affected communities participate in all areas of decision making • Our mission is to leave the communities better off than before we arrived Resettlement of Communities • Household and farmland surveys • Community negotiations on physical resettlement • Permitting and urban planning • Financial compensation for land, crops, trees, inconvenience, annexes • Resettlement site construction • Livelihood restoration • Monitoring and evaluation and continued support 10

Sabodala Senegal, West Africa 11

Largest Gold Mine in Mining-Friendly Senegal Mali 2.7 Million Ounces in Proven & Probable Reserves 4.4 million ounces in measured and indicated resources (9) • 13-year mine life (9) • • Focused on resource definition and resource conversion at Niakafiri to expand reserves and extend mine life 5 years 13 years Life of Mine Summary (2) (2018-2022) (2018-2030) Annual production 213koz 176koz Sabodala Mine License & All-in sustaining costs $885/oz $893/oz Regional Land Package (Senegal) Total free cash flow $230M $556M Sabodala Mill Exploration Prospects Mineral Resources Niakafiri Masato Style Bulk Tonnage Gold Trend Golouma Style High- Grade Gold Trend Goumbati West Mining Concession Exploration Permits Previous Mine License 12 Refer to Appendix – Endnotes (2) and (9)

Replacing Reserves & Increasing Production and Cash Flow 5-Year Production Profile (oz) Proven and Probable Reserves (2) (Moz) Maki 250,000 Medina 200,000 150,000 100,000 50,000 (8) 2.7 2.6 -- 2.6 2.8 2018 2019 2020 2021 2022 1.6 1.7 June 2017 43-101 Dec 2015 43-101 5-Year Cash Flow (6) Before Taxes and Other ($1,250/oz) $80 $60 2011 2012 2013 2014 2015 2017 $40 $20 Updated Sabodala Technical Report: Annual Average $0 ($20) Production of 176Koz at AISC* of Less Than $900/oz ($40) 2018 2019 2020 2021 2022 June 2017 43-101 Dec 2015 43-101 *Refer to Appendix – Non-IFRS Performance Measures 13 Refer to Appendix – Endnotes (2) and (6)

Wahgnion Project Burkina Faso, West Africa 14