TD Securities Mining Conference Multi-Asset Mid-Tier January 16-17, - PowerPoint PPT Presentation

Building a TD Securities Mining Conference Multi-Asset Mid-Tier January 16-17, 2019 TSX:TGZ / OTCQX:TGCDF Toronto West African Gold Producer

Richard Young President & CEO 2

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. 3

Building a Multi-Asset Mid-Tier Gold Producer in Mining-Friendly West Africa Sabodala Gold Senegal Operation Mali 2P Reserves: 2.7Moz (2) The Gambia Niger Wahgnion Gold Burkina Faso Gourma Guinea- Development Bissau Exploration 2P Reserves: 1.6Moz (1) Guinea Golden Hill Advanced Miminvest Exploration Project and Afema Permits Dianra Sierra Benin Leone Ghana Côte d’Ivoire Togo Liberia Sangaredougou Guitry Afema Refer to Appendix – Endnotes (1) and (2) 4

Strong Organic Growth Pipeline Mid-Tier Producer with Sabodala Wahgnion Golden Hill Miminvest & Exploration Gold Mine Gold Project Project Afema JVs & Resource Scale and Conversion (Senegal) (Burkina Faso) (Burkina Faso) (Côte d’Ivoire) Diversification 5 5

Sabodala: Largest Gold Producer in Senegal Diadiako Gora with Large Resource Base & Long Mine Life 4.4Moz 2.7Moz 13-Year M&I Resources (2) 2P Reserves (2) Mine Life (3) Masato Mamasato Soukhoto Niakafiri Niakafiri East Kouroundi West Strong 5-Year Profile with Potential to Increase Mine Life Golouma Kerekounda Maki North Kourouloulou Medina Golouma Life of Mine 5 Years 13 Years Golouma South West Kobokoto Koulouqwinde Summary (2)(3)(5)(6) (2018-2022) (2018-2030) Goumbati West Koutoniokollo Annual production 213koz 176koz Kinemba East All-in sustaining costs* $885/oz $893/oz Total free cash flow* $230M $556M Sabodala Gold Mine Senegal, West Africa Permitted mining license: 291 km 2 *Refer to Appendix – Non-IFRS Performance Measures 6 Refer to Appendix – Endnotes (2),(3),(5) and (6)

2018 Production: 5% Year-over-year Increase and Third Consecutive Record Year Production +5% (koz Au) 1.66 Moz 245 233 217 214 212 207 …………………………………….. 182 gold produced at Sabodala 131 since December 2010 17 2010 2011 2012 2013 2014 2015 2016 2017 2018 7

Track Record of Replacing Reserves at Sabodala Sabodala Proven and Probable Reserves (2) (Moz) Significant Opportunity for Growth at Sabodala • Sabodala village relocation provides 2.8 2.7 2.6 opportunity to drill out Niakafiri, the 2.6 largest deposit on the mine license, 1.7 1.6 and to increase remaining mine life 1.4 • Village relocation expected to be completed in 2020 2010 2011 2012 2013 2014 2015 2017 Graph includes years for which there was a reserve update 8 Refer to Appendix – Endnote (2)

Wahgnion: Fully Funded and on Track for First Pour by End of 2019 Wahgnion Development Project Burkina Faso, West Africa 1.6Moz 2.4Moz 13-Year Permitted mining license: 89 km 2 Samavogo 2P Reserves (1) M&I Resources (1) Mine Life (4) 25 km from plant Strong 5-Year Profile with Potential to Increase Mine Life Nogbele Initial LOM Fourkoura Life of Mine Summary (4)(5)(7) 5 years (13 years) 6 km from plant Annual production 132koz 114koz Stinger 15 km from plant All-in sustaining costs* $761/oz $904/oz Total free cash flow* $311M $479M Pre-production capital** ($240M) Proposed Pre-production operating costs ($28M) Processing Plant Net cash flow $211M Four initial deposits at Wahgnion (Nogbele, Samavogo, Fourkoura *Refer to Appendix – Non-IFRS Performance Measures & Stinger) located in close proximity **Pre-production capital costs of $240 million excludes $16 million in construction to proposed plant site readiness activities spent prior to major construction 9 Refer to Appendix – Endnotes (1), (4), (5) and (7)

Update: Primary Crusher Construction Wahgnion Gold Operations, Burkina Faso, January 2019 10

Houndé Belt Burkina Faso, West Africa Yaramoko Golden Hill: Advanced Exploration Project Siou Pit M&I: 0.81 Moz ² M&I: 0.89 Moz ¹ Situated in the Heart of the Houndé Belt Mana M&I: 3.63 Moz ¹ Houndé 70,000 M&I: 2.55 Moz ³ 100% 9 ACC Holdings Metres Drilled Teranga Ownership Prospects Permits Since 2018 Teranga’s Golden Hill Project Prospects Drilled in 2018 # of Holes Ma Main 87 Interpreted Geology Acacia JVs ⁴ Ma North 82 Andesite Jackhammer Hill 68 Basalt Basin C-Zone 54 Batholith Peksou 32 Chert Sarama Permits Karankasso JV Pecks North 11 Granitoid Inf: 0.67 Moz ⁵ A-Zone 11 Tarkwaian B-Zone 6 Sources ¹ Semafo Corporate Presentation (Mar 2017) Nahiri 4 South Houndé JV ² Roxgold Corporate Presentation (Feb 2017) ³ Endeavour Corporate Presentation (Feb 2017) Inf: 2.10 Moz ⁴ TOTAL 355 ⁴ Acacia Preliminary Results (Feb 2017) ⁵ Savary Corporate Presentation (Mar 2017) M&I Resources are inclusive of P&P Reserves 11

Golden Hill (Burkina Faso, West Africa) Potentially Teranga’s Third Mine Exploration licenses:468 km 2 Ma North Rapidly Advancing Project Ma Main • On track to release an initial resource estimate in Ma East January 2019 based on available drilling results at Golden Hill’s most advanced prospects Nahiri Plateau • $25 million financing secured for the future Nahiri advancement of Golden Hill through to feasibility study • Teranga owns 100% of Golden Hill following acquisition of remaining interest from joint venture partner in October 2018 Jackhammer Hill • Entered into ACC joint venture relating to property situated to the north of Golden Hill Peksou Geology North Tarkwaian Type Sediments Peksou C-Zone Volcano Sediments Mixed Volcano Sediments & Volcanics A-Zone Basalt B-Zone Grantoid Batholith 12