BMO Mining & Metals Conference

March 1, 2017The Next Multi-Jurisdictional West African Gold Producer

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 Amended and Restated Annual Information Form dated

November 15, 2016, 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 February 24, 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.

Forward-Looking Statements

2

Refer to Endnote (1) on the second last slide 3

CORNERSTONE INVESTOR

Very supportive of growth with

in-depth on-the-ground expertise

and relationships in West Africa

WORLD CLASS GOLD BELTS

Mining-friendly jurisdictions in

French West Africa

PRODUCING ASSET PROVIDES

FOUNDATION FOR GROWTH

Strong cash flow(1) from Sabodala

to fund exploration and growth

PROVEN & EXPERIENCED

LEADERSHIP TEAM

Team with extensive production,

development, exploration & M&A

expertise; award-winning CSR

LONG-TERM GROWTH

$12M-$15M drill program in three

countries & fast-tracking latest

development project

DOWNSIDE PROTECTION

Strong balance sheet, $95M cash

balance & cash flow(1) generation

Building the Next Multi-Jurisdictional West African Gold Producer

Source: CPM Gold Yearbook 20164

West Africa Supplied Half of Africa’s 2015 Gold Production

NORTH AMERICA

11.7Moz

CENTRAL AMERICA

6.1Moz

SOUTH AMERICA

14.2Moz

EUROPE

9.5Moz

ASIA

19.5Moz

OCEANIA

11.5Moz

AFRICA

17.1Moz

WEST AFRICA

8.6MozSenegal

Côte

d’Ivoire

Burkina

Faso

Exploration• Senegal

• Burkina Faso

• Côte d’Ivoire

Catalysts for 2017

Development• Complete positive Banfora gold project feasibility study

• Obtain Board approval to proceed with development

• Announce funding and commencement of construction

5

Production• 2017 Production Outlook: 205-225Koz(3)

• Generate free cash flow from Sabodala

Refer to Endnote (3) on the second last slide

6

2.6 Million Ounces in Proven & Probable Reserves

• 4.4 million ounces in measured and indicated resources

(inclusive of 2P reserves) at an average grade of 1.62g/t(2)

Solid Base Case Production Profile

• 13.5-year mine life with cash flow in every year but one

• +200Koz average annual production from 2012- 2024(3)

Mine License Reserve Development &

Extensive Multi-Drill Program

• Focused on Niakafiri deposit

• Advanced exploration prospects on the mine license

• Several targets on the regional land package

6

Exploration Prospects

Mineral Resources

Masato Style Bulk

Tonnage Gold Trend

Golouma Style High-

Grade Gold Trend

Mining Concession

Exploration Permits

Previous Mine License

Sabodala

Mill

Sabodala Mine License &

Regional Land Package (Senegal)

Refer to Endnote (2) on the second last slide

Mali

Niakafiri

Goumbati

West

Sabodala Provides Solid Platform For Near-Term Value Creation & Long-Term Growth

Fast-Tracking Completion of Banfora Feasibility Study

7

H2

2016

H1

2017H2

2017

H1

2018

H2

2018H1

2019

H2

2019

Commenced drilling

campaign to confirm

and increase

reserves

Expect to file

NI 43-101

technical report

Seek Board approval

and commence

construction

Anticipated

first gold pour

at Banfora

• Focused on resource definition, converting

reserves at Niakafiri, and continued

delineation of Goumbati West

• New target generation program will continue

• Planned 2017 exploration budget

– Sabodala Mine License $3-$4 million

– Regional $2 million

• Focused on Banfora Mine License,

Banfora Regional, Golden Hill & Gourma

• Planned 2017 exploration budget

– Banfora $3-$4 million

– Golden Hill $3 million

– Gourma $0.5 million

8

Exploring Highly Prospective Properties Across West Africa

• Follow-up soil sampling, hand-

pitting, Auger and RC drilling at the

Guitry property

• High-precision bulk leach

extractable gold survey is planned

• Planned 2017 exploration budget

– $0.5 million

2017 Exploration Budget $12-$15 Million Drill Results Throughout 2017

Operating Gold Mine/ Development Project

9

Protecting the Downside: Always a Priority

Long-Life Cash-Generating Production in Senegal

• Produced more than 1.2M ounces of gold since 2010

• 2.6Moz reserve base with mine life to 2029

• Life of mine cash flow of ~$175/oz

Strong Balance Sheet with Significant Net Cash

• $95M cash balance at December 31, 2016

• $30M revolving credit facility with $15M undrawn

Teranga Gold Cash Balance($M)

$44.4

$95.2

December 31, 2015 December, 31, 2016

114%

Enterprise Value/2016E EBITDA ($)

10

Potential Re-Rate With Achievement of Game-Changing Milestones in 2017

Teranga’s Share Price

vs. Net Present Value (NPV)(4) per Share

98%

Refer to Endnote (4) on the second last slide. Data Source: BMO GoldPages published February 21, 2017

C$0.98 C$1.21

C$1.94

Share Price BMO NPV per Share Revalued Share Price

0.8xCurrent TGZ NPV Trading

Multiple(4)

1.6xAverage NPV Multiple

for Medium Producers(1)

22

80

113

146

285

319

439

512

Perseus

Alacer

Teranga

Asanko

Endeavour

Semafo

Roxgold

B2Gold

Enterprise Value/2P Reserves ($/oz)

2.5x

6.1x

7.0x

10.0x

11.0x

15.6x

25.1x

Teranga

Semafo

Endeavour

Asanko

Alacer

B2Gold

Roxgold

Advantage

The

11

Prolific gold belts

Near-term catalysts for 2017

Producing asset to fund growth

Company-making project

Long-term growth prospects

Record-breaking operational performance

Proven and experienced leadership team

Strategic and supportive cornerstone investor

Downside protection with a strong balance sheet

Teranga

Uniquely Positioned

Teranga Gold Competent & Qualified Persons Statement

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The technical information contained in this document relating to the open pit mineral reserve estimates is based on, and fairly represents, information compiled by Mr. William

Paul Chawrun, P. Eng who is a member of the Professional Engineers Ontario, which is currently included as a "Recognized Overseas Professional Organization" in a list

promulgated by the ASX from time to time. Mr. Chawrun is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101.

However, he is a "Qualified Person" as defined in NI 43-101. Mr. Chawrun has sufficient experience which is relevant to the style of mineralization and type of deposit under

consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration

Results, Mineral Resources and Ore Reserves". Mr. Chawrun is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr.

Chawrun has consented to the inclusion in this Report of the matters based on his compiled information in the form and context in which it appears in this Report.

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, which is currently included as a "Recognized Overseas Professional

Organization" in a list promulgated by the ASX from time to time. Ms. Nakai-Lajoie is a full time employee of Teranga and is not "independent" within the meaning of National

Instrument 43-101. Ms. Nakai-Lajoie has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which

she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore

Reserves". Ms. Nakai-Lajoie is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Ms. Nakai-Lajoie has consented to the

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

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"). CIM definitions of the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated

mineral resource" and "inferred mineral resource", are substantially similar to the 2012 JORC Code corresponding definitions of the terms "ore reserve", "proved ore reserve",

"probable ore reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource", respectively. Estimates of mineral

resources and mineral reserves prepared in accordance with the 2012 JORC Code would not be materially different if prepared in accordance with the CIM definitions

applicable under NI 43-101. There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted into mineral reserves.

Endnotes

13

1) Cash flow is the Life of Mine net cash flow based on the Company’s most recent NI 43-101 Technical Report (“43-101 plan”) filed in March 2016, before income taxes, interest, debt

repayments, closure costs, dividends and working capital.

2) Teranga’s Sabodala Mineral Reserves and Mineral Resources estimates as at December 31, 2015 as per Company disclosure. For more information regarding Teranga Gold’s

Mineral Reserves and Resources and related notes, please refer to Teranga Gold’s December Quarter and Year-end 2015 Report accessible on the Teranga’s website at

www.terangagold.com.

3) This production profile is based on existing proven and probable reserves only from the Sabodala mining license as disclosed on the Company’s website at www.terangagold.com and

on SEDAR at www.sedar.com. The estimated ore reserves underpinning this production guidance have been prepared by a competent person in accordance with the requirements of

the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “2012 JORC Code”). Please refer to the Competent Persons Statement in

this presentation.

4) Net Present Value (“NPV”) per share is a Non-IFRS financial measure. NPV per share, average NPV multiple of medium producers, and Teranga’s share price is as per BMO

GoldPages published February 21, 2017. According to BMO GoldPages, NPV per share is calculated using the net present value of the life of mine cash flows based on the NI 43-101

plan, less cash flow of corporate costs, less net debt per share, using the model at SPOT commodity prices and exchange rates. The “Revalued Share Price” is calculated using the

NPV per share at SPOT times the NPV multiples as listed. The BMO NPV calculation assumes a US$1,238 SPOT gold price per ounce, 5% discount, 0.76 USD/CAD exchange rate.

For more information regarding Non-IFRS financial measures, please refer to Non-IFRS Performance Measures in the Company’s Management’s Discussion and Analysis for the

three and twelve months ended December 31, 2016 accessible on the Company’s website at www.terangagold.com.

TSX & ASX: TGZ

Trish Moran

Head of Investor Relations

T: +1.416.607.4507

E: investor@terangagold.com

W: terangagold.com

121 King Street West, Suite 2600

Toronto, ON M5H 3T9