John Tumazos Very Independent Research Metals and Natural Resources - PowerPoint PPT Presentation

John Tumazos Very Independent Research Metals and Natural Resources Conference August 3-4, 2017 The Next Multi-Asset Mid-Tier West African Gold Company

Navin Dyal Chief Financial Officer

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 August 3, 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. 3

Building a Profitable Multi-Asset Mid-Tier West African Gold Company 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 d’Ivoire 20.4Moz 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

Extensive Opportunities for Growth With Production, Feasibility & Exploration Assets Senegal Sabodala Gold Mine Mali Status: Producing Reserves: 2.7Moz (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 6 Refer to Endnote (2) on the second last slide

Producing Asset Senegal, West Africa

Updating Sabodala Reserves to 2.7Moz Improves 5-Year Production & Cash Flow 2017 Outlook + 200Koz average annual production 205K - 225Koz (3) from 2017 - 2022 (3) 000’s oz Au 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Refer to Endnotes (5) 8 Refer to Endnote (3) on the second last slide

Significant Potential on Large Land Package 2.7 Million Ounces in Proven & Probable Reserves Mali • 4.4 million ounces in measured and indicated resources (inclusive of proven and probable reserves) at an average grade of 1.59 g/t (2) Mine License Reserve Development • Focused on resource definition and converting resources at Niakafiri • Continued delineation of Goumbati West Sabodala Mine License & Regional Land Package Regional Land Package (Senegal) • Sabodala Property-wide bulk leach extractable gold (BLEG) Mill Exploration Prospects sampling program completed to identify new exploration Mineral Resources targets Niakafiri Masato Style Bulk Tonnage Gold Trend Golouma Style High- Grade Gold Trend Goumbati West Mining Concession Exploration Permits Previous Mine License 9 Refer to Endnote (2) on the second last slide

Development Asset Burkina Faso, West Africa 10

Nearing Completion of Banfora Feasibility Study 2019 Anticipated first H2 July August 2018 2016 2017 2017 gold pour at Banfora Commenced Board approves Complete Major drilling additional $10M feasibility study construction campaign to to further & confirm & advance seek board increase construction approval of reserves readiness construction and activities financing plan 11

Exploration Assets Burkina Faso, Senegal & Côte d’Ivoire 12

Increase in 2017 Exploration Budget Driven by Positive Drill Results Burkina Faso Senegal • Banfora $6M • Mine License $6M Updated 2017 Exploration Budget • Golden Hill $6M • Regional $1M • Gourma $0.5M Senegal $ 20 MILLION Côte d’Ivoire • $0.5M Burkina Faso Senegal Côte d'lvoire Operating Gold Mine/ Development Project 13

Niakafiri Deposit (Senegal) Expanding Reserves on Senegal Mine License Majority of Added Reserves in June 30, 2017 Update Came From Niakafiri Deposit Area • Located ~5 kilometres from the Sabodala mill • Measured and indicated resources of ~850,000 ounces, and 205,000 ounces of inferred, inclusive of 590,000 ounces in proven and probable reserves as at June 30, 2017 (1) • Remains a very prospective target on the mine license Ongoing Advanced Drill Program • Remains a highly prospective priority area • Drill program is expected to run concurrently with the Sabodala village relocation Sabodala Mill Niakafiri 14 14 Refer to Endnote (1) on the second last slide

Permitted Mine License at Banfora in Burkina Faso Banfora Project Mine License (Burkina Faso) Four Deposits Included in Feasibility Study • Stinger, Samavogo, Fourkoura and Nogbele Resource Infill Drilling • Designed to convert inferred resources to reserves at all four deposits • Program expected to run to end of 2017 Other Regional Prospects Evaluated in Q2 • Other targets include Petit Colline, Raul, Hillside & Konatvogo • Kafina West remains one of most highly rated regional prospects 15

Golden Hill Property Location Map Golden Hill Discoveries and Drill Targets: Located 5km Within a Central Point Two New Discoveries • Ma and Nahiri: two new discoveries reported April 25, 2017 • Reported positive Phase 2 follow-up drill results July 24, 2017 Two New Drill Targets* • Peksou and Jackhammer Hill: initial drill results are encouraging *Initial drill results from both new targets are available on the Company’s website in 16 press release dated July 24, 2017