TSX:TGZ / OTCQX:TGCDF

Building a

Multi-Asset Mid-Tier

West African Gold Producer

Jefferies Industrials Conference

Investor Presentation

August 7, 2019

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

Senegal

Côte d’Ivoire

Burkina Faso

Mali

Guinea

Guinea-

Bissau

The Gambia

GhanaBenin

Niger

Sierra

Leone

Liberia

Togo

GourmaExploration

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: 2.4Moz(2)

Miminvest

and Afema

Permits

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

Ouagadougou

Abidjan

Dakar

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

Liquidity

5

As at June 30, 2019

Cash & Cash Equivalents$41.4M

Wahgnion Debt FacilityTotal drawdown: $136.8M

Remaining balance: $28.2M

Golden Hill Debt FacilityTotal drawdown: $24M

Remaining balance: $11M

Equipment FacilityTotal drawdown: $6.8M (incl. $0.4M repayment)

Remaining balance: $5.3M

WGO project capital spend

as at June 30, 2019

$207M

6

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

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

7

Initial private placement

33%

Gryphon acquisition

8%

Secondary public

offering25%

On market purchases

34%

Tablo Corporation Owns 23.8 Million Shares of Teranga at an Average Price of C$3.88

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.

SabodalaSenegal, West Africa

8

9

Life of Mine Summary(5) 5 Years2018-2022

Annual production(4) 213koz

All-in sustaining costs* $885/oz

Total free cash flow*(6) $230M

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 (Open Pit)

Senegal, West AfricaPermitted mining license: 291 km2

*Refer to Non-IFRS Performance Measures in the Appendix

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

2.4Moz

2P Reserves(2)

4.1Moz

M&I Resources(2)

11-Year

Mine Life(4)

Largest Gold Producer in Senegal

with Significant Resource Base & Long Mine Life

10

17

131

214 207 212182

217233 245

2010 2011 2012 2013 2014 2015 2016 2017 2018

+5%

Record Annual Production 3-Years Running(Koz Au)

Improved Costs; Tracking Guidance

*Refer to Non-IFRS Performance Measures in the Appendix

1.8Moz of Gold Produced at Sabodala Since IPO in December 2010

$/oz Au sold

H1

2018

H1

2019

2019

Consolidated

Guidance (Except for Cash Costs)

Cost of sales $909 $959 $1,050 - $1,125

Total cash costs* (Sabodala) $644 $651 $725 - $775

All-in sustaining costs* $920 $956 $1,000 - $1,100

Non-cash inventory movements

and amortized advanced royalty costs (53) ($119) ($100)

All-in sustaining costs (excluding non-

cash inventory movements and

amortized advanced royalty costs)*

$867 $837 $900- $1,000

Track Record of Replacing Reserves at Sabodala

Sabodala Proven and Probable Reserves(2)

(Moz)

11

Significant Opportunity for Growth at

Sabodala

• Advancing the Sabodala village relocation to drill

out Niakafiri, the largest deposit on the mine

license, and to increase remaining mine life

• World-class resettlement of ~600 homes

according to IFC Performance Standards and

international best practices

• Full government and community support

Resettlement expected to be completed in 2020

1.4

1.71.6

2.8

2.6 2.62.7

2.4

2010 2011 2012 2013 2014 2015 2017 2018

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

Significant Opportunity

for Growth at Sabodala

• Advancing the Sabodala village relocation to drill

out Niakafiri, the largest deposit on the mine

license, and to increase remaining mine life

• Resettlement of ~600 homes according to IFC

Performance Standards and international best

practices

• Expected date of completion: H1 2020

Wahgnion ProjectBurkina Faso, West Africa

12

Building Teranga’s Second Open-Pit Mine

13

Wahgnion Gold Mine (Open Pit)

Burkina Faso, West AfricaPermitted mining license: 89 km2

*Refer to Non-IFRS Performance Measures in the Appendix

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

readiness activities spent prior to major construction

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

Life of Mine Summary(5) Initial 5 Years2020-2024

Annual production(7) 132koz

All-in sustaining costs* $761/oz

Total free cash flow* $311M

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

14Reclaim Crusher Chute Overview, July 2019

Wahgnion: On Schedule & On Budget

5 million man hours worked without a Lost Time Injury

~91% of total commitment value spent to-date (excluding capitalized pre-operating costs)

Plant construction on schedule with virtually all facets complete

Commenced first phase of plant commissioning and operations handover late Q2

SAG and ball mill installation tests successfully complete

First two resettlement sites complete with successful relocation of families

MILL COMMISSIONING UNDERWAY WITH FIRST GOLD POUR EXPECTED IN Q3 2019

Kafina West

RaulHillside

15

Significant Mid to Long-Term Upside Potential

Samavogo

Nogbele

FourkouraStinger

Bagu Sud

Korindougou

Ouahiri

Sud

Regional Exploration Includes ~12 Drill-Ready Targets

• Targets have potential to become resources and are

within trucking distance of proposed plant site

• Konatvogo: 2,000-metre NW-trending anomaly

between Fourkoura and Nogbele deposits. Up to 21.6

g/t Au from altered shear-hosted quartz vein outcrops

• Bassongoro: 1,500-metre NNE-trending soil and auger

anomaly (up to 15g/t Au). Intersection of regional

Nianka and Fourkoura structures undrilled

Raul

Processing Plant

Kondandougoug

Konatvogo

Bazogo

Bassongoro

Samavogo North

MuddhiPetit Colline

Reserve Deposits

Exploration Targets

Wahgnion (Burkina Faso)Exploration licenses:+1,000 km2

Golden HillBurkina Faso, West Africa

16

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

South Houndé JV

M&I: 2.10 Moz ⁴

Interpreted Geology

Andesite

Basalt

Basin

Batholith

Chert

Granitoid

Tarkwaian

Houndé Belt Burkina Faso, West Africa

Teranga’s

Golden Hill ProjectMineral Resource: (3)

Indicated: 415koz @ 2.02 g/t Au

Inferred: 644koz @ 1.68 g/t Au

Early-Stage Initial Resource Provides Solid

Base From Which to Grow Golden Hill

17

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

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

Refer to Endnote to (3) in the Appendix

ACC

Holdings

Permits

Teranga/ACC

Holdings JV(Dossi Permit)

Three Bee

Project

M&I: 0.3 Moz 6

Karankasso JV

M&I: 0.80 Moz ⁵

18

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-ZoneA-Zone

Ma Far North

Ma South

Gogoba North

Sebe

Nahiri South

Intie

Copper

MA

IN S

HE

AR

ZO

NE

Rapidly Advancing Project

• Well advanced on the metallurgical test work to commence

work on technical and economic assessments and to move

the project into the feasibility stage of development

27,000-metre RC & DD Drilling

& Exploration Program Planned for H2

• 11 separate drill targets identified for inclusion in drilling

evaluation program, including 5 with no previous drilling

• Additional 15,000 metres of auger drilling and 10,000

metres of excavator trenching planned

• Focused on identifying additional structural trends that

could add resources

• Exploration budget of at least $5 million

19

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

Miminvest & Afema Exploration OpportunitiesCôte d’Ivoire, West Africa

20

Côte d'Ivoire35%

Burkina Faso21%

Ghana19%

Guinea11%

Mali10% Other

4%

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

21

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

(100% earning, 3% NSR)

• Guitry complex (includes Sangaredougou):

Highly prospective and potential district

• Dianra: Initial phase of exploration outlines

favourable follow-up targets

Afema Mine Joint Venture (51%, earning 70%)

• 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 metresEndeavour

Endeavour

Perseus

Randgold

Côte d’Ivoire

Sangaredougou

Operating Gold Mine/ Development Project

Newcrest

22

Encouraging Early-Stage Results on Miminvest Permits

Guitry

Dianra

Afema

Numerous Structures Identified by Airborne Geophysical Survey of Afema

• Completed high-definition

airborne magnetic and

radiometric survey of both the

mine license and regional permits

• High quality survey data outlines

numerous fault zones, cross-

structures, lithologic contacts and

areas of folded stratigraphy on

mince license

• Compelling imagery worthy of

extensive follow-up

Afema Geophysical Survey: Reduced-to-Pole Magnetic Intensity

23

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

Golden 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

Côte d’Ivoire Ghana

Wrap-Up

24

• Complete project on

time and within budget

• Achieve 2019

production (30,000 to

40,000 ounces(7)) &

cost guidance

• Achieve positive free

cash flow*

• Achieve 2019

production (215,000 to

230,000 ounces(4)) &

cost guidance

• Deliver strong free

cash flows* to support

growth initiatives

• Advance resettlement

and livelihood

restoration program

related to Niakafiri

deposit towards

completion in H1 2020

25

• Undertake 27,000-

metre drilling and

exploration program

in H2

• Advance engineering,

environmental and

social work to support

the preliminary

economic

assessment required

for a mine license

application in 2020

• Validate and increase

the Afema historical

resource

• Continue exploring

Miminvest properties

2019 Milestones & Goals Ahead

Refer to Endnotes (4) and (7) in the Appendix

*Refer to Non-IFRS Performance Measures in the Appendix

Appendix

27

Capital Structure and Recent Share Price Performance

Source: Nasdaq IR Insight as at July 30, 2019

Teranga Gold Capital Structure (as at June 30, 2019)

Common shares outstanding 107.6M

Stock options granted 6.4M

Warrants (Taurus debt facility) 3.6M

Fully diluted 117.6M

Number of shares owned by insiders 24.5M

Market capitalization (as at Aug 1, 2019) US$430M

Top 20 Shareholders% of o/s

Shares# of Shares

1 Tablo Corporation (David Mimran) 22.1 23,788,550

2 Van Eck Associates Corporation 5.6 5,986,199

3 Ruffer LLP 5.2 5,577,893

4 Dimensional Fund Advisors, L.P. 4.1 4,433,577

5 Heartland Advisors, Inc. 2.4 2,525,000

6 Konwave AG 1.9 2,039,500

7 Franklin Advisers, Inc. 1.5 1,634,553

8 Stabilitas GmbH 1.4 1,500,000

9 SSI Wealth Management 1.1 1,130,000

10 Earth Resource Investment Group 0.9 1,000,000

11 AgaNola AG 0.8 860,000

12 AMG Fondsverwaltung AG 0.7 800,000

13 O'Shaughnessy Asset Management 0.7 787,542

14 azValor Asset Management 0.7 736,271

15 Mackenzie Financial 0.6 680,843

16 LSV Asset Management 0.5 505,450

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

18 Alan Hill (Chairman) 0.4 431,200

19 BMO Asset Management 0.4 415,296

20 Gabelli Funds 0.4 400,000

Total shares held by top 20 shareholders 52% 55,731,874

8.4%

4.8%

Implied Net Smelter Royalty

OJVG Acquisition Financed by Franco-Nevada

Fixed gold deliveries transition to trailing 6% gold

stream once fixed deliveries completed in 2019*

• In connection with Teranga’s 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 at Sabodala

• 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

28

Executive Team

29

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

SVP & 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

SVP, General Counsel,

Corporate Affairs & People

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

Leily Omoumi, MBA

VP, Corporate Development

15+ years of experience in the mining

and financial services industries,

including buy-side and sell-side

analyst at two of the major Canadian

banks, and Hatch in a technical

capacity prior to moving into the

finance industry.

Chantal Da Silva, J.D., LL.L., BA

VP, Legal Affairs

15 years experience as a solicitor at international

law firms and as corporate counsel advising on

finance transactions, M&A and commercial matters

in natural resources and financial services in

Canada, Europe and West Africa, including Aon

PLC and Dentons Canada (formerly, Fraser Milner

Casgrain LLP)

Nancy Lee, MA

VP, Human Resources

20 years experience in human resources

with a focus on talent development across

industries in Canada, US and Asia,

including Director, Global Talent

Management at Manulife Financial

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

30

31

Refer to Endnotes (9), (10), (11), (12), (13),(14),

and (15) in the Appendix

Sabodala Wahgnion Consolidated(13)

Operating

Results

Total mined (‘000t) 37,000 – 39,500 8,000 – 10,000(14) -

Ore Mined (‘000t) 3,000 – 3,500 1,000 – 1,200(14) -

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(15) 1,050 – 1,125(15)

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

All-in sustaining costs(10)* $/oz sold 900 – 975 1,050 – 1,125(15) 1,000 – 1,100(15)

Non-cash inventory movements and

amortized advanced royalty costs(10)$/oz sold (75) (300)(15) ~ (100)(15)

All-in sustaining costs (excluding non-

cash inventory movements and

amortized advanced royalty costs)(10)*

$/oz sold 825 – 900 750 – 825(15) 900 – 1,000(15)

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

2019 Guidance (Year Ending December 31, 2019)

Qualified Persons Statement

32

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 2019 second quarter 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.

33

Non-IFRS Performance MeasuresThe Company provides some non-IFRS financial measures as supplementary information that management believes may be useful to investors to explain the Company’s financial results. Beginning in the second quarter of 2013, we adopted an “all-in sustaining costs” measure consistent with the guidance

issued by the World Gold Council (“WGC”) on June 27, 2013, of which Teranga became a member on November 27, 2018. The Company believes that the use of all-in sustaining costs is helpful to analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability

to generate free cash flow from current operations and its overall value. This measure is helpful to governments and local communities in understanding the economics of gold mining. The “all-in sustaining costs” is an extension of existing “cash cost” metrics and incorporate costs related to sustaining

production.

“Total cash cost 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. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain

investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure,

along with sales, is considered to be a key indicator of a Company’s ability to generate operating profits and cash flow from its mining operations. 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.

The WGC definition of all-in sustaining costs 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. All-in sustaining costs exclude income tax payments, interest costs, costs related to business acquisitions and items needed to normalize profits. Consequently, this measure is not representative of all

of the Company’s cash expenditures. In addition, the calculation of all-in sustaining costs and all- in costs 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 all-in sustaining costs by presenting an additional measure of “All-in sustaining costs (excluding 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.

“Total cash costs per ounce”, “all-in sustaining costs per ounce” and “all-in sustaining costs (excluding non-cash inventory movements and amortized advanced royalty costs)” are intended to provide additional information only 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. 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.

“Average realized price” is a non-IFRS financial measure. 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 is a non-IFRS financial measure, which excludes income tax and related expenses, finance costs (including accretion expense), interest income and depreciation and amortization from net (loss)/profit for the period. In 2019, Teranga amended the definition of EBITDA to exclude accretion expense

to improve comparability of this non-IFRS financial measure with its peers. The comparative 2018 EBITDA has been restated to conform to the new presentation. 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. Beginning second quarter 2019, the Company adopted adjusted EBITDA as a new non-IFRS financial measure. Management believes that adjusted 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, after adjusting for factors not reflective of the underlying performance of the Company. Adjusted 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. The Company calculates adjusted EBITDA as EBITDA adjusted to exclude unrealized and realized foreign exchange gains and losses, gains and losses on derivative instruments, non-cash fair value

changes, impairment provisions and reversals thereof, and other unusual or non-recurring items.

“Free cash flow” is a non-IFRS financial measure. The Company calculates free cash flow 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. Other companies may

calculate this measure differently.

"Adjusted net profit attributable to shareholders” and “adjusted basic earnings per share” are financial measures with no standard meaning under IFRS. 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 for the period 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, the

impact of foreign exchange movements on deferred taxes, non-cash fair value changes, impairment provisions and reversals thereof, and other unusual or non- recurring items.

“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

34

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 amended NI 43-101 compliant technical report for the Wahgnion Gold Operations dated July 31, 2019 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 December 30, 2018. For more information regarding Sabodala’s Mineral Reserves and Resources and related notes,

please refer to the amended and restated annual information form for the year ended December 31, 2018 dated July 31, 2019 available on the Company’s website at www.terangagold.com

and 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 at December 30, 2018. For more information regarding Sabodala’s Mineral

Reserves and Resources and related notes, please refer to the amended and restated annual information form for the year ended December 31, 2018 dated July 31, 2019 available on the

Company’s website at www.terangagold.com and 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 amended NI 43-101 compliant technical report for the Wahgnion Gold Operations dated July 31, 2019 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.

Endnotes

35

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

gold offtake payment agreement with Taurus Funds (“Offtake Agreement”) up to 1,075,000 ounces (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.Excludes capitalized deferred stripping costs, included in mine production costs.

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

12. 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. In the second quarter, we have increased the lower end of the range from $5 million to $10 million to reflect actual and expected spend. The higher end of the

range has not changed.

13. 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.

14. These figures have been updated in the second quarter to reflect initial estimates based on new plan for Wahgnion that is being developed.

15. These amounts may change depending on the point at which commercial production is reached at Wahgnion. Until such point, all pre-operating costs are capitalized and proceeds from gold

ounces sold are recorded as a reduction to the Wahgnion development asset.

Trish Moran

Vice President, Investor Relations &

Corporate Communications

77 King Street West, Suite 2110

Toronto, ON M5K 1A2

T: +1.416.607.4507

E: investor@terangagold.com

W: terangagold.com

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