Vancouver Resource Investment Conference TSX:TGZ / OTCQX:TGCDF - PowerPoint PPT Presentation

Vancouver Resource Investment Conference TSX:TGZ / OTCQX:TGCDF January 2018

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”, “intended to”, “objective 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, net present value, anticipated future cash flows, anticipated construction readiness activities for the Company’s Wahgnion gold project in Burkina Faso as well as the anticipated completion of construction of the Wahgnion project - including the first gold pour, the anticipated discovery of reserves at the Wahgnion project, and Teranga’s estimated full year financial and operating totals, as well as anticipated 2017 and 2018 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 January 17, 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. 2

Capital Structure and Recent Share Price Performance Capital Structure (at December 31, 2017 unless otherwise noted) TGZ Share Price Performance Common shares outstanding 107.3M (October 1, 2017 – January 18, 2018) Stock options outstanding 4.5M TGZ-TSX Fully diluted 111.8M GDXJ Gold Price Number of shares owned by insiders 23.8M Market capitalization (January 18, 2018) C$380M/ US$305M +26% 27% Cash $88.0M 22% 17% Top Shareholders % of O/S As at Dec 31, 2017 12% 1 Tablo Corporation 21.5% 23,128,900 7% 2 Van Eck Associates Corporation 6.8% 7,272,264 +3% 3 Heartland Advisors 4.2% 4,500,000 2% +2% 4 Ruffer LLP 3.7% 4,007,243 -3% 5 Oppenheimer Funds 3.1% 3,360,828 -8% 6 Dimensional Fund Advisors 2.5% 2,668,425 -13% 7 Franklin Advisers 2.2% 2,382,200 -18% 8 Fidelity Management & Research 1.6% 1,747,740 9 Universal-Investment Gesellschaft 1.6% 1,735,000 10 Colonial First State Global AM 1.6% 1,725,708 3 Source: IR Insight on January 19, 2018

Deep Value (C$) Excludes potential value from: • Wahgnion infill drill program $7.54 • Golden Hill NPV* Per Share $1.02 based on cash & 2P reserves (1)(2) $1.41 Cash balance as at December 31, 2017 $5.11 Wahgnion Project NPV 5% based on 2P (1) $3.48 Sabodala NPV 5% based on 2P (2) TGZ Current Share Price (closing price Jan 15, 2018) $1,300 Gold Price per Ounce Assumption *Refer to Non-IFRS Performance Measures on slide 34 Refer to Endnotes (1) and (2) on slide 35 4

Potential for a Major Rate Reset EV/2P Reserves ($/oz) Roxgold 566 Teranga’s Share Price B2Gold 517 vs. Net Present Value* (NPV) (12) per Share Endeavour 338 Semafo 276 Golden Star 268 222% Alacer 91 Teranga 84 Asanko 54 Perseus 50 C$7.73 EV/2018E EBITDA C$5.15 C$3.48 Alacer 30.0 Endeavour 8.2 Share Price BMO NPV per Share Revalued Share Price 0.7x 1.5x Semafo 7.6 Current TGZ Average NPV Multiple B2Gold 6.4 NPV Trading for Medium Producers (12) Roxgold 5.5 Multiple (12) Golden Star 5.4 Data Source: BMO GoldPages published January 15, 2018 Asanko 2.2 5 *Refer to Non-IFRS Performance Measures on slide 34 Teranga 2.1 Refer to Endnote (12) on slide 35

Pursuing Asset Diversification and Scale Sabodala Gold Mine Wahgnion Development Higher Diversification Valuation Resource Conversion + Scale & Multiple Exploration Success Strategic Acquisitions 6

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- Bisseau Wahgnion Development Project (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 Côte d’Ivoire gold reserves from Togo Mahepleu its Sabodala Gold Mine Tiassale and its Wahgnion Liberia Development Project (1)(2) Afema Guitry Sangaredougou 7 Refer to Endnotes (1) and (2) on slide 35

Checking Off the Boxes Production at Largest Gold Mine in Senegal • Achieved record production of 233,267 ounces in 2017 • 2018 production guidance range of 210,000 – 225,000 ounces (3) • Generating free cash flow from Sabodala* Development of Second Mine • Project debt financing expected to close in Q2 • Plant construction expected to commence in Q2 Aggressive Exploration Program in 2018 • Golden Hill (Burkina Faso) • Guitry (Côte d’Ivoire) • Afema (Côte d’Ivoire) *Refer to Non-IFRS Performance Measures on slide 34 8 Refer to Endnote (3) on slide 35

Significantly Increasing Production and Improving Free Cash Flow Teranga Consolidated Production Profile (koz) (3),(4),(7) Opportunities to improve 2020 – 2022 reserves, production and free Sabodala + Wahgnion cash flow through resource ~350Koz annual production conversion & discoveries 350Koz ~$100M annual free cash flow* (11) ~$70M annual free cash flow* (5) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Sabodala Banfora *Refer to Non-IFRS Performance Measures on slide 33 9 Refer to Endnotes (3), (4), (5), (7) and (11) on slide 35

Robust Exploration Pipeline in Three Mining-Friendly Jurisdictions Golouma S* Gora Production Sabodala Golouma W* Kerekounda Masato Construction Stinger Niakafiri Main Samavogo Nogbele Niakafiri West Niakafiri SE Fourkoura Feasibility Study Niakafiri SW MakiMedina Korouloulou Afema 1 Goumbati West/Kobokoto Concept Study (Initial Resource) Marougou Main Ma Golouma North* Kobokoto Peksou Nahiri Kafina Kinemba Mamasato Sekoto Jackhammer Hill Muddi Advanced Exploration Bagu Sud Kouroundi Petite Colline Koutouniokolla Ouahiri Diadiako Afema 2 Bassangoro Bransan East A,B,C Maleko Samavogo North Guitry Afema 3 Kou louqwinde Konatvogo Leocounda Hillside Sangaredougou Advanced Exploration 2 Jam Raul Cinnamon Fembefasso Dianra Djinta Khayrosita Honey Kassengara Maragou South Weah Diagoun Bongori Tambiga Hill Advanced Exploration 3 Korindougou Foutouri Tiassale Mahepleu Senegal Côte d’Ivoire Burkina Faso 10