TSX:TGZ / OTCQX:TGCDF

Building a

Multi-Asset Mid-Tier

West African Gold Producer

BMO Metals & Mining ConferenceFebruary 24-27, 2019

Forward-Looking Statements

2

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.

Senegal

Côte d’Ivoire

Burkina Faso

Mali

Guinea

Guinea-

Bissau

The Gambia

GhanaBenin

Niger

Sierra

Leone

Liberia

Togo

3

Gourma

Exploration

Guitry

Dianra

Sangaredougou

Building a Multi-Asset Mid-Tier Gold Producer in Mining-Friendly West Africa

Afema

Golden Hill

Advanced Exploration ProjectMineral Resource: (3)

Indicated: 415koz @ 2.02 g/t Au

Inferred: 644koz @ 1.68 g/t Au

Wahgnion Gold

Development2P Reserves: 1.6Moz(1)

Sabodala Gold

Operation2P Reserves: 2.7Moz(2)

Miminvest

and Afema

Permits

Refer Endnotes (1), (2) and (3) in Appendix

4

SabodalaGold Mine(Senegal)

WahgnionGold Mine(Burkina Faso)

Golden HillProject(Burkina Faso)

Miminvest &Afema JVs(Côte d’Ivoire)

Exploration & Resource Conversion

Mid-Tier Producer with Scale and Diversification

Strong Organic Growth Pipeline

4

5

Leading with Our Social License

Prospectors & Developers Association of Canada

2017 Environmental & Social Responsibility Award

United Nations Global Compact

Network Canada Sustainability Award

4X Winner of Corporate Knights Future 40

Responsible Corporate Leaders in Canada

Capital Finance International: Best ESG

Responsible Mining Management West Africa

WORKING HARD WITH ALL OF OUR STAKEHOLDERS TO BE A PARTNER OF CHOICE

2018: A Year of Achievements

6

Wahgnion Golden Hill Côte d’Ivoire Sabodala

Made significant advancements on construction project –Wahngion continues to advance on time and on budget

Increased gold reserves by 450,000 oz

Extended mine life to 13 years

Improved initial 5-year operating profile

Filed updated NI 43-101 Technical Report

Issued 7 exploration update press releases

Acquired the remaining interest in Golden Hill

Entered into earn-in on adjacent property to the north

Made good progress advancing Miminvestproperties, particularly Guitry and Dianra

Commenced technical work at Afema

Delivered third consecutive year of record production delivering 245,230 oz in 2018

Beat low end of per ounce cost guidance ranges

Generated over $50 million in free cash flow

SabodalaSenegal, West Africa

7

8

Life of Mine

Summary(4)(5)(6)

5 years

(2018-2022)

13 years

(2018-2030)

Annual production 213koz 176koz

All-in sustaining costs* $885/oz $893/oz

Total free cash flow* $230M $556M

Strong 5-Year Profile with Potential to Increase Mine Life

Masato

Mamasato

Kouroundi

Kerekounda

Kourouloulou

Golouma South

Koulouqwinde

Koutoniokollo

Kinemba East

Kobokoto

Goumbati

West

Maki

Medina Golouma

West

Golouma

North

Soukhoto Niakafiri

EastNiakafiri

West

Diadiako Gora

Sabodala Gold Mine

Senegal, West AfricaPermitted mining license: 291 km2

*Refer to Appendix – Non-IFRS Performance Measures

Refer Endnotes (2),(4),(5) and (6) in Appendix

2.7Moz

2P Reserves(2)

4.4Moz

M&I Resources(2)

13-Year

Mine Life(4)

Sabodala: Largest Gold Producer in Senegal

with Significant Resource Base & Long Mine Life

2018 Production: 5% Year-over-year Increase and Third Consecutive Record Year

9

Production (koz Au)

17

131

214 207 212182

217233 245

2010 2011 2012 2013 2014 2015 2016 2017 2018

+5%

1.66Moz

……………………………………..

gold produced at Sabodala

since December 2010

10

(Per Ounce)

2018 2017 2018 Guidance

Cost of sales $937 $961 $950 – $1,025

Total cash costs* $660 $721 $700 – $750

All-in sustaining costs* $1,006 $1,024 $1,000 – $1,075

Non-cash inventory movements

and amortized advanced royalty costs ($66) ($81) ($50)

All-in sustaining costs (excluding non-cash

inventory movements and amortized

advanced royalty costs)*

$940 $943 $950 – $1,025

2018

Improved Per Ounce Costs for 2018; Beat Cost Guidance

*Refer to Non-IFRS Performance Measures in Appendix

Track Record of Replacing Reserves at Sabodala

Sabodala Proven and Probable Reserves(2) (Moz)

11

Significant Opportunity for

Growth at Sabodala

• Sabodala village relocation provides

opportunity to drill out Niakafiri, the

largest deposit on the mine license,

and to increase remaining mine life

• Village relocation expected to be

completed in 2020

1.41.7 1.6

2.8

2.6 2.6

2.7

2010 2011 2012 2013 2014 2015 2017

Graph includes years for which there was a reserve updateRefer to Endnote (2) in Appendix

Wahgnion ProjectBurkina Faso, West Africa

12

Wahgnion: On Track for First Pour by End of 2019

13

Nogbele

Stinger15 km from plant

Samavogo25 km from plant

Fourkoura6 km from plant

Wahgnion Development Project

Burkina Faso, West AfricaPermitted mining license: 89 km2

Four initial deposits at Wahgnion

(Nogbele, Samavogo, Fourkoura

& Stinger) located in close proximity

to proposed plant site

Proposed

Processing Plant

*Refer to Appendix – Non-IFRS Performance Measures

**Pre-production capital costs of $240 million excludes $16 million in construction

readiness activities spent prior to major construction

Refer to Endnotes (1), (5), (7) and (8) in Appendix

Life of Mine Summary(5)(7)(8)

Initial

5 years

LOM

(13 years)

Annual production 132koz 114koz

All-in sustaining costs* $761/oz $904/oz

Total free cash flow* $311M $479M

Pre-production capital** ($240M)

Pre-production operating costs ($28M)

Net cash flow $211M

13-Year

Mine Life(7)

1.6Moz

2P Reserves(1)

2.4Moz

M&I Resources(1)

Strong 5-Year Profile with Potential to Increase Mine Life

14

Wahgnion: Shifting Focus to Operations Readiness

Process Plant – Classification Structure, February 2019

Approaching Final Phases of

Construction & Commissioning

2.8M+ hours worked without a Lost Time Injury

Engineering and drafting complete

Civil, structural and mechanical drawings issued

Steel fabrication complete and delivered to site, 25% erected

75% of equipment delivered, including SAG and ball mill shells

Main camp area and essential services now finished

95% of concrete poured

Construction of the tailings storage facility is near completion

Resettlement of multiple families complete

15

Wahgnion Construction: Next Steps

Process Plant – CIL Tanks, February 2019

Focused on First Gold Pour in Q4 2019

• Prepare the commissioning schedule for plant production ramp-up

to nameplate capacity following mechanical completion

• Revise 2019 mine plan to feed more ore than planned in technical

report to support potential for an earlier than planned

commissioning

• Ongoing construction of the first two resettlement sites

(94 households) and community infrastructure

Golden HillBurkina Faso, West Africa

16

17

Rapidly Advancing Project

• $25 million financing secured for the future

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

• Entered into joint venture with ACC Resources relating

to property situated to the north of Golden Hill

Golden Hill: Potentially Teranga’s Third Mine

Geology

Tarkwaian Type Sediments

Volcano Sediments

Mixed Volcano Sediments & Volcanics

Basalt

Grantoid

Batholith

Ma North

Golden Hill

(Burkina Faso, West Africa)Exploration licenses:468 km2

Ma Main

Ma East

Nahiri

Gogoba West

Nahiri Plateau

Jack Hammer Hill

Peksou North

PeksouC-Zone

B-Zone

A-Zone 17

Sources

¹ Capital IQ (December 2017)

² Capital IQ (November 2017)

³ Capital IQ (December 2017)

⁴ Capital IQ (February 2016)

⁵ Capital IQ (October 2017)6 Capital IQ (February 2009)

M&I Resources are inclusive of P&P Reserves

Siou Pit

M&I: 0.89 Moz ¹

Mana

M&I: 6.27 Moz ¹

Houndé

M&I: 2.53 Moz ³

Yaramoko

M&I: 1.45 Moz ²

Acacia JVs ⁴

Karankasso JV

M&I: 0.80 Moz ⁵

South Houndé JV

M&I: 2.10 Moz ⁴

Sarama Permits

M&I: 0.43 Moz 6

Interpreted Geology

Andesite

Basalt

Basin

Batholith

Chert

Granitoid

Tarkwaian

Houndé Belt Burkina Faso, West Africa

ACC

Holdings

Permits

Teranga’s

Golden Hill ProjectMineral Resource: 1.06 Moz

Early-Stage Initial Resource Provides Solid

Base From Which to Grow Golden Hill

18

415,000 oz

at 2.02 g/t(3)

Indicated

644,000 oz

at 1.68 g/t(3)

Inferred

Highlights of Initial Resource

Excellent along trend and to-depth continuity of

gold mineralization at all prospects drilled

Provides solid base from which to grow Golden Hill

Reaffirms interpretations that each prospect offers

substantial upside for size expansion

Subsequent drilling will prioritize increasing

resources and advancing the project into the

feasibility stage

For full details on Golden Hill, please visit www.terangagold.com

Refer to Endnote to (3) in the Appendix

19

553569

581598

612

644657 669

680 689707

1.91 1.87 1.84 1.80 1.771.68 1.65 1.63 1.61 1.60 1.56

0.00

0.50

1.00

1.50

2.00

2.50

400

450

500

550

600

650

700

750

Gra

ms p

er

To

nn

eA

u

00

0's

Ou

nce

s A

u

Gold Price per Ounce (USD)

Contained Metal Grade

Gold Price Sensitivity: Golden Hill Inferred Resources

Mineral Resources are estimated using

a long-term gold price of $1,450 per

ounce.(15)

Refer to Endnote (15) in the Appendix

20

Many Opportunities to Enhance Initial Mineral Resource

Ma Structural Complex

• Further drilling at Ma North, especially the eastern end where multiple

mineralized and brecciated structures exist

• Drill down plunge of the multiple plunges orientations at Ma Main

• Explore for western extension

Peksou/C-Zone

• Drill along trend to the east-northeast beyond intersection of two trends

• Drill down plunge of the widest and best grade portions of C-Zone

• Explore a potential off-set extension

Jackhammer Hill

• Reinterpretation of the geologic model taking into account the regional

setting and northwest oriented cross structures

A-Zone, B-Zone, Nahiri

• Drill along trend and up-dip/down-dip of A-Zone (B-Zone is limited)

• Re-interpret Nahiri in relation to the New Gogoba West discovery

(located within the same strong northwest trending regional structure)

New Targets

• Continue prospecting, soil sampling, mechanical trenching,

auger drilling programs to identify favorable structural targets

• Initial drilling at the new discovery, Gogoba West

• Initiate field evaluation in preparation for early-stage drilling at

the 5-6 targets on the adjacent ACC Resources property that

appear very similar to Golden Hill prospects

• Initiate exploration programs further afield of the current

prospects within the identical geologic and structural setting

within Golden Hill

Additional Next Steps

• Review historic drilling that was excluded from the initial

resource estimate due to missing QA/QC data – to be

addressed

prior to future estimations by incorporating the historic data or

re-drilling

Ma Structural Complex

21

Initial Resource Highlights

Various components of the Ma Structural Complex offer

several opportunities for additional resource focused

exploration

Ma North: Now a High-Priority Drill Target Area

Latest drilling expanded mineralization considerably to

the east where multiple brecciated shear zones have

been intersected

Ma Main: Most Extensively Drilled Prospect To-date

Considerable potential to be evaluated down plunge of

the wider and higher-grade mineralization, along 2 km

strike extent targeting pit depth extension

Peksou / C-Zone

22

Plan View

Peksou

C-Zone

452,000E

1,227,000N

1,228,000N Isometric View Looking NE

Isometric View

Looking NE

Highlights of Initial Resource

• Highest grade component from initial resource

estimation with an inferred resource of 263,000

ounces grading 2.13 g/t gold

• Gold zones at C-Zone and Peksou remain open,

both along trend to depth, along defined plunge

orientations – all worthy of follow-up exploration

drilling evaluation

• Further exploration upside exists in the area in and

around the intersection of the Peksou and C-Zone

mineralized trends as well as along trend further to

the east-northeast beyond this structural intersection

Miminvest & Afema Exploration OpportunitiesCôte d’Ivoire, West Africa

23

Côte d'Ivoire35%

Burkina Faso21%

Ghana19%

Guinea11%

Mali10% Other

4%

Côte d’Ivoire: Future Value Resides with Miminvest and Afema Opportunities

24

Endeavour

Endeavour

Perseus

Randgold

Côte d’Ivoire

Guitry Sangaredougou

Newcrest

Dianra

Afema

Côte d’Ivoire represents more

than one-third of the West African

Birimian Greenstone Belt

Operating Gold Mine/ Development Project

Miminvest Exploration Properties

• Guitry complex (includes Sangaredougou):

Highly prospective and potential district

• Dianra: Initial phase of exploration outlines

favourable follow-up targets

Afema Mine Joint Venture

• Two well mineralized greenstone belts underlie

mine license and regional land package

• Five major shear structures crossing the

regional land package with a combined strike

length exceeding 140 km

3

Miminvest Permits

4

Afema Permits

High Priority Guitry District (including Sangaredougou)

• First-ever drilling program at Guitry consisted of a 68-hole,

3,320 metre air-core drilling program

• This program included a series of shallow, widely spaced,

multi-hole drill profiles designed to evaluate the central

1,000-metre strike extent within an extensive gold-in-soil

geochemical anomaly covering a 3 x 7 km area

• The most favourable results were:

– 24 metres grading 2.02 g/t Au (GUAC008)

– 20 metres grading 6.37 g/t Au (GUAC018)

– 4 metres grading 5.80 g/t Au (GUAC015)

– an additional +10 holes intersected 1.0-1.5 g/t over

lengths up to 10 metres

• Results are currently being compiled and assessed

towards designing a follow-up exploration program

consisting of ground geophysics, mechanical trenching

and further drilling

Endeavour

Endeavour

Perseus

Randgold

Côte d’Ivoire

Sangaredougou

Operating Gold Mine/ Development Project

Newcrest

25

Guitry Complex: On Extension of Houndé Belt

Guitry

Afema: Located on Prolific Gold Belts Trending from Ghana

Ahafo

17 Moz

Newmont

3 Afema

Exploration

Permits

Afema

Mining Permit

Bibiani

7 Moz

Resolute

Chirano

5 Moz

Kinross

Edikan

6.6 Moz

Perseus

Bogoso/Prestea

18 Moz

Gold Star

Konogo

1.4 Moz

Signature Metals

Akyem

Newmont

Esaase

5.19 Moz

Obotan

5.5 Moz

Asanko

Obuasi 41 Moz

Anglo Gold Ashanti

Kubi 0.9 Moz

Asaute Gold Corporation

Damang 7.1 Moz

Goldfields

Tarkwa 24 Moz

Iduapriem

8.2 Moz

AngloGold Ashanti

Kumasi

Cape Coast

Sefwi-Bibiani

Gold Belt Asankrangwa

Gold BeltAshanti

Gold Belt

Winneba-Kibi

Gold Belt

26

Côte d’Ivoire

High Profile Target Located at the

Confluence of Two Major Gold Belts

• Geological potential for large discoveries

• 2018 exploration program included:

– drilling at the Afema mine license

– property-wide airborne geophysics and

stream sediment (BLEG) programs

• Drilling to continue in 2019

Afema Joint Venture (51%, earning 70%)

• Teranga can earn a 70% interest in the Afema

mining license and exploration permits

• Joint venture partner is Sodim Limited, a

private company

• Teranga will fund and manage

Ghana

Wrap-Up

27

Unique Cornerstone Shareholder – Tablo Corporation – Currently Owns ~22% of Teranga

28

Initial private placement

34%

Gryphon acquisition

8%

Secondary public

offering25%

On market purchases

33%

Tablo Corporation Owns 23.5 Million Shares of Teranga at an Average Price of C$3.93

David Mimran, Director of Teranga, Controls Tablo Corporation

• Mr. Mimran is CEO of Grands Moulins d’Abidjan and Grands

Moulins de Dakar, one of the largest producers of flour and agri-

food in West Africa

• He is Special Advisor to the government of the Republic of Cote

d'Ivoire where he has led negotiations with the International

Monetary Fund, the World Bank, the European Union, and the

Government of the Republic of France

Strong Cornerstone Investor with In-Depth Local Knowledge

• Long history of operating responsibly in Africa

• Mimran Group is the largest private sector employer in both

Senegal and Côte d’Ivoire

Committed to Teranga’s Long-Term Growth

• Last November, Tablo announced its intention to add to its

holdings by acquiring up to 5% of Teranga’s issued and

outstanding common shares in the open market

One-third of Tablo’s shares were purchased through exercise of

anti-dilution right relating to acquisition of Gryphon Minerals in

October 2016 and November 2016 secondary offering.

Initial private placement was made in October 2015.

29

SabodalaGold Mine(Senegal)

WahgnionGold Mine(Burkina Faso)

Golden HillProject(Burkina Faso)

Miminvest &Afema JVs(Côte d’Ivoire)

Exploration & Resource Conversion

Mid-Tier Producer with Scale and Diversification

Strong Organic Growth Pipeline

29

Appendix

2019 Guidance (Year Ended December 31, 2019)

31Refer to Endnotes (9), (10), (11), (12), (13) and (14) in the Appendix

Sabodala Wahgnion Consolidated 14

Operating

Results

Total mined (‘000t) 37,000 – 39,500 6,800 – 7,200 -

Ore Mined (‘000t) 3,000 – 3,500 500 – 650 -

Grade mined (g/t) 1.50 – 2.00 1.80 – 2.00 -

Strip ratio waste/ore 9.5 – 12.0 - -

Ore milled (‘000t) 4,100 – 4,300 500 – 650 -

Head grade (g/t) 1.80 – 2.00 1.80 – 2.00 -

Recovery rate % 89.0 – 91.0 ~90.0 -

Gold produced 9 (oz) 215,000 – 230,000 30,000 – 40,000 245,000 – 270,000

Cost of sales per ounce sold $/oz sold 1,050 – 1,125 1,175 – 1,250 1,050 – 1,125

Total cash costs per ounce sold * $/oz sold 725 – 775 - -

All-in sustaining costs 10* $/oz sold 900 – 975 1,050 – 1,125 1,000 – 1,100

Non-cash inventory movements and

amortized advanced royalty costs 10$/oz sold (75) (300) ~ (100)

All-in sustaining costs (excluding non-

cash inventory movements and

amortized advanced royalty costs) 10

$/oz sold 825 – 900 750 – 825 900 – 1,000

Mine Production Costs $ millions 165 – 180 - -

Capital

Expenditures

Sustaining Capital 11 $ millions 10 – 15 - -

Resettlement Capital $ millions 15 – 20 - -

Wahgnion Construction $ millions - 115 – 120 -

Wahgnion Pre-Operating Costs $ millions - ~30 -

Corporate and

Other

Corporate Administration Expense $ millions - - 13.0 – 14.0

Share-Based Compensation Expense 12 $ millions - - 3.5 – 4.5

Regional Administration Costs $ millions - - 2.0 – 3.0

Community Social Responsibility $ millions - - 4 – 5

Exploration and Evaluation 13 $ millions - - 5 – 15

*Refer to Non-IFRS Performance Measures in the Appendix

Top 20 Shareholders% of o/s

shares

# of shares(as at

Feb. 21, 2019)

1 Tablo Corporation 21.8 23,477,250

2 Van Eck Associates Corporation 5.6 5,986,199

3 Ruffer LLP 4.7 5,051,693

4 Dimensional Fund Advisors, L.P. 3.9 4,137,199

5 Heartland Advisors, Inc. 2.8 3,000,000

6 Konwave AG 2.0 2,128,000

7 Stabilitas GmbH 1.4 1,500,000

8 Franklin Advisers, Inc. 1.3 1,404,553

9 BMO Asset Management Inc. 1.0 1,027,350

10 Earth Resource Investment Group 0.9 1,000,000

11 Fidelity Management & Research Company 0.9 975,814

12 AgaNola AG 0.8 860,000

13 O'Shaughnessy Asset Management, LLC 0.7 787,542

14 U.S. Global Investors, Inc. 0.7 696,300

15 MD Financial Management Inc. 0.6 667,700

16 Mackenzie Financial Corporation 0.6 657,706

17 LSV Asset Management 0.5 505,450

18 azValor Asset Management SGIIC, SAU 0.5 502,986

19 Ethenea Independent Investors S.A. 0.5 500,000

20 Hill (Alan Richard) 0.4 431,200

Total shares held by top 20 shareholders 51% 55,296,942

32

Capital Structure and Recent Share Price Performance

Source: IR Insight

Teranga Gold Capital Structure (as at Feb. 21, 2019)

Common shares outstanding 107.6M

Stock options granted 5.4M

Warrants (Taurus debt facility) 2.0M

Fully diluted 115.0M

Number of shares owned by insiders 24.2M

Market capitalization US$358M

Golden Hill: Initial Mineral Resource

33

Notes for Mineral Resource Estimate (effective November 30, 2018)

1 . CIM (2014) definitions were followed for Mineral Resources.

2 . Mineral Resources are reported at cut-off grades ranging from 0.333 g/t Au to 0.437 g/t Au in oxide,

0.381 g/t Au to 0.497 g/t Au in transition, and 0.425 g/t Au to 0.553 g/t Au in primary rock.

3 . The effective date for all deposits is November 30, 2018.

4 . High grade assays were capped at grades ranging from 15 g/t Au to 25 g/t Au.

5. Mineral Resources are estimated using a long-term gold price of US$1,450 per ounce.

6. A minimum thickness of two metres was applied.

7 . Mineral Resources are constrained by preliminary pit shells.

8. Totals may not add due to rounding.

Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources

Tonnage

(000 t)

Grade

(g/t Au)

Contained

Metal

(000 oz Au)

Tonnage

(000 t)

Grade

(g/t Au)

Contained

Metal

(000 oz Au)

Tonnage

(000 t)

Grade

(g/t Au)

Contained

Metal

(000 oz Au)

Tonnage

(000 t)

Grade

(g/t Au)

Contained

Metal

(000 oz Au)

Ma 0 0.00 0 5,789 2.03 378 5,789 2.03 378 4,082 1.71 225

Jackhammer Hill 0 0.00 0 610 1.87 37 610 1.87 37 692 1.50 33

Peksou/C-Zone 0 0.00 0 0 0.00 0 0 0.00 0 3,839 2.13 263

Nahiri 0 0.00 0 0 0.00 0 0 0.00 0 1,659 0.85 45

A and B-Zones 0 0.00 0 0 0.00 0 0 0.00 0 1,675 1.45 78

Total Golden Hill 0 0.00 0 6,399 2.02 415 6,399 2.02 415 11,947 1.68 644

8.4%

4.8%

Implied Net Smelter Royalty

OJVG Acquisition Financed by Franco-Nevada

• In connection with Teranga’s transformational

acquisition of Oromin Joint Venture Group in 2014,

Franco-Nevada invested $135 million in exchange for

a fixed and floating stream on Teranga’s future

production

• Fixed gold deliveries of 22,500 ounces per year from

2014 to 2019 with trailing 6% gold stream once fixed

deliveries completed in 2019*

• Franco-Nevada to pay 20% of spot gold price per

ounce delivered (6% stream is equivalent to a 4.8%

NSR royalty)

• Streaming agreement covers Teranga’s current mine

license and land package

Effective Cost of Franco-Nevada Stream on

All-in Sustaining Costs per Ounce(based on $1,200/ounce gold price)

$100

$58

2016E Post 2019

Eff

ective

Co

st

34

Executive Team

35

Richard Young, CPA

President & CEO

25+ years experience in gold mining

including 13 years at Barrick Gold including

finance and corporate development

Paul Chawrun, P.Eng, MBA

Chief Operating Officer

25+ years experience in mining including

serving as Director, Technical Services

at Detour Gold

Navin Dyal, CPA

Chief Financial Officer

13 years experience in mining including 7

years at Barrick Gold as Head of Finance

in copper business unit

David Savarie, LL.B

General Counsel & Corporate Secretary

11 years of Corporate Counsel experience

in mining including his role as Deputy

General Counsel and Corporate Secretary

of Gabriel Resources

Aziz Sy, P.Eng, M.Sc., MBA

General Manager, SGO

17+ years experience in managing gold

exploration projects, including his work as

Vice President Senegal Operations for the

Oromin Joint Venture Group until its

acquisition in 2014 by Teranga Gold

David Mallo, B.Sc. Geology

VP, Exploration

35+ years of mineral exploration in project

evaluation and program management, playing

an integral role in acquisition, discovery, and

exploration of world-class deposits including

Eskay Creek and Cobre Panama

Alan Hill, M.Eng

Chairman

35+ years experience in

mining including 20 years at

Barrick Gold in project

evaluation and development

Christopher Lattanzi, B.Eng

Director

30 years experience in mining

property valuation, scoping, feasibility

studies and project monitoring on a

global basis. Founder of Micon

International

Richard Young, CPA

President & CEO

25+ years experience in gold

mining including 13 years at

Barrick Gold in finance and

corporate development

Jendayi Frazer, Ph.D.

Director

17 years experience in key roles

supporting initiatives and policies

to build Africa’s equity and commodity

markets. First woman U.S. Ambassador

to South Africa

William Biggar, MA, CPA

Director

25+ years experience in senior

executive positions in investment,

mining and real estate including

Barrick Gold and Merrill Lynch

Edward Goldenberg, MA, BCl

Director

Distinguished career in policy including

10 years as Senior Policy Advisor to the

Prime Minister of Canada and the Prime

Minister's Chief of Staff in 2003. Honourary

Doctorate of Laws from McGill University

David Mimran

Director & Teranga’s Largest Shareholder

CEO of Grands Moulins d’Abidjan and

Grands Moulins de Dakar, among the

largest producers of agri-food in West

Africa. Special Advisor to the Government

of the Republic of Côte d'Ivoire

Alan Thomas, CPA

Director

30+ years mining and energy

industry experience in senior

financial and director roles including

6 years as VP and CFO of ShawCor

and 11 years as CFO of Noranda

Frank Wheatley, LL.B

Director

28 years mining industry experience as

director, senior officer and legal counsel.

Extensive experience in public financing,

project debt financing, permitting of large-

scale mining projects and strategic M&A

Board of Directors

36

Qualified Persons Statement

37

The technical information contained in this document relating to the Sabodala and Wahgnion open pit mineral reserve estimates is based on, and fairly represents, information compiled by Mr. Stephen Ling, P. Eng who is a member of the

Professional Engineers Ontario. Mr. Ling is a full time employee of Teranga and is not "independent" within the meaning of NI 43-101. Mr. Ling has sufficient experience which is relevant to the style of mineralisation and type of deposit under

consideration and to the activity which he is undertaking to qualify as a "Qualified Person" under NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Ling has consented to the inclusion in this document of the matters based on his

compiled information in the form and context in which it appears in this document.

The technical information contained in this document relating to mineral resource estimates is based on, and fairly represents, information compiled by Ms. Patti Nakai-Lajoie. Ms. Nakai-Lajoie, P. Geo., is a Member of the Association of

Professional Geoscientists of Ontario. Ms. Nakai-Lajoie is a full time employee of Teranga and is not "independent" within the meaning of NI 43-101. Ms. Nakai-Lajoie has sufficient experience which is relevant to the style of mineralisation and

type of deposit under consideration and to the activity which she is undertaking to qualify as a "Qualified Person" under NI 43-101 Standards of Disclosure for Mineral Projects. Ms. Nakai-Lajoie has consented to the inclusion in this document of

the matters based on her compiled information in the form and context in which it appears in this document.

The technical information contained in this document relating to the Sabodala underground ore reserves estimates is based on, and fairly represents, information compiled by Jeff Sepp, P. Eng., of Roscoe Postle Associates Inc. (“RPA”), who is

a member of the Professional Engineers Ontario. Mr. Sepp is “independent” within the meaning of NI 43-101. Mr. Sepp has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the

activity he is undertaking to qualify as a “Qualified Person” under NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Sepp has consented to the inclusion in this document of the matters based on his compiled information in the form

and context in which it appears in this document.

Teranga's exploration programs are being managed by Peter Mann, FAusIMM. Mr. Mann was a full time employee of Teranga during the period of this resource update and is not "independent" within the meaning of NI 43-101. Mr. Mann has

sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a “Qualified Person” as under NI 43-101 Standards of Disclosure for Mineral

Projects. The technical information contained in this document relating to exploration results are based on, and fairly represents, information compiled by Mr. Mann. Mr. Mann has verified and approved the data disclosed in this release,

including the sampling, analytical and test data underlying the information. The samples are prepared at site and assayed in the SGS laboratory located at the site. Analysis for diamond drilling is sent for fire assay analysis at ALS

Johannesburg, South Africa. Mr. Mann has consented to the inclusion in this document of the matters based on his compiled information in the form and context in which it appears in this document.

Teranga's disclosure of mineral reserve and mineral resource information is governed by NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and

Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted

into mineral reserves.

Teranga confirms that it is not aware of any new information or data that materially affects the information included in the technical reports for the Sabodala Project (August 30, 2017) and the Wahgnion Project (October 20, 2017) pursuant

to National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the “Technical Reports”), or year end results, market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical

parameters underpinning the estimates in the relevant market announcements concerning the Technical Reports continue to apply and have not materially changed.

38

Non-IFRS Performance MeasuresThe Company has included non-IFRS measures in this document, including “total cash costs”, “total cash costs per ounce sold”, “all-in sustaining costs” (“AISC”), “AISC (excluding cash / (non-cash) inventory movements and

amortized advanced royalty costs)”, “AISC per ounce”, “AISC (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs) per ounce”, “earnings before interest, taxes, depreciation and amortization”

(“EBITDA”), “free cash flow”, “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share”. These measures are intended to provide additional information only and do not have any standardized

meaning under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from

operations as determined under IFRS. Other companies may calculate these measures differently.

“Total cash costs” figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold

producers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures

presented may not be comparable to other similarly titled measure of other companies. “Total cash costs per ounce sold” is a common financial performance measure in the gold mining industry but has no standard meaning

under IFRS. The Company reports total cash costs on a sales basis. The World Gold Council (“WGC”) definition of AISC seeks to extend the definition of total cash costs by adding corporate general and administrative costs,

reclamation and remediation costs (including accretion and amortization), exploration and study costs (capital and expensed), capitalized stripping costs and sustaining capital expenditures and represents the total costs of

producing gold from current operations. AISC excludes income tax payments, interest costs, costs related to business acquisitions and items needed to normalize earnings. Consequently, this measure is not representative of all

of the Company’s cash expenditures. In addition, the calculation of AISC does not include depreciation expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the

Company’s overall profitability. The Company also expands upon the WGC definition of AISC by presenting an additional measure of “AISC (excluding cash / (non-cash) inventory movements and amortized advanced royalty

costs)”. This measure excludes cash and non-cash inventory movements and amortized advanced royalty costs which management does not believe to be true cash costs and are not fully indicative of performance for the period.

For Sabodala and Wahgnion, life of mine total cash costs and AISC figures used in this presentation are before cash/non-cash inventory movements and exclude any allocation of corporate overheads. Consolidated total cash

costs and all-in sustaining cost figures add corporate overhead costs.

“Average realized price” is a financial measure with no standard meaning under IFRS. Management uses this measure to better understand the price realized in each reporting period for gold and silver sales. Average realized

price is calculated on revenue and ounces sold to all customers, except Franco-Nevada, as gold ounces sold to Franco-Nevada is recognized in revenue at 20 percent of the prevailing gold spot price on the date of delivery and

80 percent at $1,250 per ounce. The average realized price is intended to provide additional information only and does not have any standardized definition under IFRS; it should not be considered in isolation or as a substitute

for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.

“EBITDA” excludes income tax, finance costs (before accretion expense), interest income, and depreciation and amortization from net profits. EBITDA is intended to provide additional information to investors and analysts and do

not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes that EBITDA is a valuable

indicator of our ability to generate liquidity by producing operating cash flow to: fund working capital needs, service debt obligations, and fund capital expenditures.

“Free cash flow” is calculated as net cash flow provided by operating activities less sustaining capital expenditures. The Company believes this to be a useful indicator of our ability generate cash for growth initiatives.

Starting in 2018, the Company adopted “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share” as new non-IFRS financial measures. These non-IFRS financial measures are used by

management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period is expected to help management and investors evaluate earnings trends more

readily in comparison with results from prior periods. The Company calculates “adjusted net profit attributable to shareholders” as net (loss)/profit attributable to shareholders adjusted to exclude specific items that are significant,

but not reflective of the underlying operations of the Company, including: the impact of unrealized and realized foreign exchange gains and losses, gains and losses on derivative instruments, accretion expense on long-term

obligations, impairment provisions and reversals thereof, and other unusual or non-recurring items. Commencing the second quarter 2018, the Company also excluded the impact of foreign exchange movements on deferred

taxes and other non-cash fair value changes from adjusted net profit attributable to shareholders as management does not believe these factors to be reflective of the underlying performance of the Company. “Adjusted basic

earnings per share” is calculated using the weighted average number of shares outstanding under the basic method of earnings per share as determined under IFRS

For more information and the reconciliation of these measures, please refer to the Company’s latest management’s discussion and analysis accessible on the Company’s website at www.terangagold.com.

Endnotes

39

1. Wahgnion’s Mineral Reserve and Mineral Resource estimates as per as at May 31, 2018. For more information regarding Wahgnion’s Mineral Reserves and Resources and related notes, please refer to the NI 43-101 compliant technical report

for the Wahgnion Gold Operations dated October 31, 2018 available on the Company’s website at www.terangagold.com and SEDAR at www.sedar.com.

2. Sabodala’s Mineral Reserve and Mineral Resource estimates as at June 30, 2017. For more information regarding Sabodala’s Mineral Reserves and Resources and related notes, please refer to the NI 43-101 compliant technical report for the

Sabodala Project dated August 30, 2017 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.

3. Golden Hill’s Mineral Resource estimate as at November 30, 2018. For more information regarding Golden Hill’s Mineral Resource and related notes, please refer to the press release dated February 21, 2019 available on the Company’s

website at www.terangagold.com and SEDAR at www.sedar.com.

4. This production target is based on proven and probable reserves only from Teranga’s Sabodala Project as of June 30, 2017. For more information regarding Teranga Gold’s Mineral Reserves and Resources and related notes, please refer to

the NI 43-101 compliant technical report for the Sabodala Project dated August 30, 2017 available on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.

5. LOM assumptions include: Gold Price $1,250 per ounce

Heavy Fuel Oil (HFO): Wahgnion - $0.59 per litre; Sabodala - $0.46 per litre

Light Fuel Oil (LFO): Wahgnion - $1.04 per litre ($0.88 per litre during construction period); Sabodala - $0.81 per litre

Euro to USD Exchange Rate: $1.10.

6. This Sabodala free cash flow is an estimate that is based on the updated life of mine plan and reserve estimate for the Sabodala project, as set out in the Technical Report of Teranga for the Sabodala Project, Senegal, West Africa, dated

August 30, 2017 (the “Sabodala Technical Report”). See in particular Section 21 of the Sabodala Technical Report - Capital and Operating Costs.

7. This production target is based on proven and probable ore reserves only for Teranga’s Wahgnion Project as at May 31, 2018. For more information regarding the Wahgnion’s Mineral Reserves and Resources and related notes, please refer to

the NI 43-101 compliant technical report for the Wahgnion Gold Operations dated October 31, 2018 available on the Company’s website at www.terangagold.com and SEDAR at www.sedar.com.

8. Net cash flow excludes Wahgnion financing, resource development and exploration expenditures.

9. 22,500 ounces of Sabodala gold production are to be sold to Franco-Nevada Corporation (“Franco-Nevada”) at 20% of the spot gold price. All Wahgnion gold production is subject to a gold offtake payment agreement with Taurus Funds

(“Offtake Agreement”) (see Financial Instruments section for more details).

10. All-in sustaining costs per ounce is a non-IFRS financial measure and does not have a standard meaning under IFRS. All-in sustaining costs per ounce sold calculated at the mine site level includes only total cash costs per ounce and

sustaining capital expenditures. All-in sustaining costs for Sabodala includes sustaining capital expenditures but excludes growth capital related to the Sabodala village resettlement. Corporate administration and share-based compensation

expense are presented separately in this table and are not allocated to the mine site level costs. All-in sustaining costs presented on a consolidated basis includes corporate administration and share-based compensation expense. All-in

sustaining costs also includes non-cash inventory movements and non-cash amortization of advanced royalties.

11. Excludes capitalized deferred stripping costs, included in mine production costs.

12. Share-based compensation expense assumes a constant share price of C$4.00 per Teranga share.

13. Exploration and evaluation costs includes both expensed exploration, primarily attributable to exploration work on exploration permits, and capitalized reserve development, which is work performed on mine licenses.

14. This forecast financial information is based on the following material assumptions for the remainder of 2019: gold price: $1,250 per ounce; Brent Crude Oil: $62 per barrel; Euro:USD exchange rate of 1:1.15. Other important assumptions: any

political events are not expected to impact operations, including movement of people, supplies and gold shipments; grades and recoveries is expected to remain consistent with the life-of-mine plan to achieve the forecast gold production; and

no unplanned delays in or interruption of scheduled production.

15. These numbers were reported from Whittle pit shells that were run at different gold prices at the corresponding cut-off grades.

TSX:TGZ / OTCQX:TGCDF

Trish Moran

Head of Investor Relations

77 King Street West, Suite 2110

Toronto, ON M5K 2A1

T: +1.416.607.4507

E: investor@terangagold.com

W: terangagold.com