European Gold ForumApril 4 - 6, 2017

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 March 30, 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

3

Building the Next Multi-Asset Mid-Tier West African Gold Producer

FULLY

PERMITTED

DEVELOPMENT

ASSET IN

BURKINA FASO

PRODUCING

ASSET

IN SENEGAL

PROVIDES

FOUNDATION

FOR GROWTH

EXPLORATION

OPPORTUNITIES

ON WORLD-CLASS

GOLD BELTS

STRONG

BALANCE SHEET

& SUPPORTIVE

CORNERSTONE

INVESTORSTRONG

SOCIAL LICENSE

& AWARD-WINNING

CSR

PROVEN &

EXPERIENCED

LEADERSHIP

TEAM

Source: CPM Gold Yearbook 20164

West Africa: One of the World’s Fastest Growing Regions for Gold Production

NORTH AMERICA

11.7Moz

Senegal

Côte

d’Ivoire

Burkina

Faso

CENTRAL AMERICA

6.1Moz

SOUTH AMERICA

14.2Moz

EUROPE

9.5Moz

AFRICA

17.1Moz

ASIA

19.5Moz

OCEANIA

11.5Moz

WEST AFRICA

8.6Moz

5

Banfora Gold

Project

Golden Hill Gourma

Burkina Faso

Centamin

Semafo

Nordgold

Avocet

Iamgold

Nordgold

Roxgold

Endeavour

Endeavour

Orezone

West African Res.

B2Gold

MNG Gold

Semafo

Operating Gold Mine/ Development Project

Completed acquisition of Gryphon,

providing opportunities for asset

diversification, scale and growth

Optimized and implemented

measures to de-risk Sabodala

Record production and unit costs

Accomplishments in 2016

Completed joint venture in

Côte d’Ivoire

Assets Acquired in 2016 Through Gryphon Minerals

Senegal

Côte d’Ivoire

Burkina Faso

Mali

Guinea

Guinea-

Bisseau

The Gambia

GhanaBenin

Niger

Sierra

Leone

Liberia

Togo

Sabodala Gold Mine

Status: Producing

Reserves: 2.6Moz(1)

M&I: 4.4Moz(1)

6

Banfora Project

Status: Feasibility

Golden Hill

Exploration JV

Gourma

Exploration JV

Refer to Endnote (1) on the second last slide

Guitry

Dianra

Mahepleu

Tiassale

Sangaredougou

Increased Opportunities for Growth & Enhanced Optionality

Exploration• Senegal

• Burkina Faso

• Côte d’Ivoire

Development• Complete positive Banfora gold project feasibility study

• Obtain board approval to proceed with development

• Announce funding and commencement of construction

7

Production• 2017 production outlook: 205-225Koz(2)

• Generate free cash flow from Sabodala

Refer to Endnote (3) on the second last slide

Catalysts for 2017

6Refer to Endnote (2) on the second last slide

Producing AssetSenegal, West Africa

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

99Refer to Endnotes (1), (2) and (3) on the second last slide

2.6 Million Ounces in 2P Reserves

• 4.4 million ounces in measured and indicated

resources (inclusive of 2P reserves) at an

average grade of 1.62g/t(1)

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(2)

Reserve Development & Exploration

• Focused on resource conversion at Niakafiri deposit

• Advanced exploration prospects on mine license and

several targets on the regional land package

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

000’s

oz

Au

Opportunity to grow

production by increasing

material movement and resource

conversion at Niakafiri deposit on

the mine license(3)

Opportunity to increase

production through

resource conversion and

new discoveries(3)

+200Koz average annual production from 2012- 2024(2)

2017 Outlook

205K-225Koz

Development AssetBurkina Faso, West Africa

10

Fast-Tracking Completion of Banfora Feasibility Study

Complete

feasibility study

and file

technical report

Seek board

approval and

commence

construction

Commenced

drilling campaign

to confirm and

increase reserves

H22016

H12017

H22017

H12019

Anticipated first

gold pour at Banfora

Construction

2018

11

Exploration AssetsBurkina Faso, Côte d’Ivoire & Senegal

12

Exploring Highly Prospective Properties Across West Africa

13

2017 Exploration Budget

Burkina Faso Senegal Côte d'lvoire

$12–$15 MILLION

Burkina Faso

• Banfora $3M - $4M

• Golden Hill $3M

• Gourma $0.5M

Senegal

• Mine License $3M - $4M

• Regional $2M

Côte d’Ivoire

• $0.5M

14

Potential Resource Conversion/Expansion at

Niakafiri Deposit on Senegal Mine License

0 250 500 Meters

Niakafiri Deposit (Senegal)DINKOKONO

SOUKHOTO

NIAKAFIRI

WEST

NIAKAFIRI

SOUTHWEST

NIAKAFIRI

MAIN

NIAKAFIRI

SOUTHEAST

MAKI MEDINA

SABODALA

Mine License (Senegal)

Niakafiri is the Most Prospective Target on the Mine

• Situated ~5km and within trucking distance from the mill

• Measured and indicated resources of ~600,000 ounces,

inclusive of 314,000 ounces in proven and probable reserves

2017 Drill Program at Niakafiri Deposit Consists of 115

Proposed Core Holes Totaling 12,000 Metres

• The results of 60 holes have been received to date

• Considerable opportunity to upgrade existing resources and

reserves for mid-2017

15

Recent drilling results support extending resources/reserves along

strike and at depth providing potential for re-optimization of the life

of mine

Positive drilling success in the Niakafiri Main zone, include the

following highlight intervals, representing some of the widest

mineralised intervals encountered at the Niakafiri deposit to date:

• 4.18 g/t Au over 23 metres including 6.52 g/t Au over 12 metres in MDD17-279

• 2.99 g/t Au over 33 metres including 4.23 g/t Au over 17 metres in MDD17-277

• 2.41 g/t Au over 29 metres including 6.51 g/t Au over 6 metres in MDD17-281

• 3.19 g/t Au over 21 metres at the end-of-hole in MDD17-284

Positive Drill Results Extend Mineralisation

Along Strike and at Depth

Niakafiri Main NNE Section 560N

Niakafiri Main NNE Section 440N

16

Banfora Project Mine License (Burkina Faso)

BAGU SUD

/WEAH

KAFINA WEST

OUAHIRI

KONANDOUGOU

BAZOGO

BASSONOGRO

HILLSIDE

MUDDI

SUD

Proposed

Plant

Banfora: Completed Exploration Work Identifies Mineralisation

Fully Permitted Banfora Gold Project

• Exploration licenses covering over 1,000km2

• Considerable exploration upside

No Negative Surprises

• Drilling completed at Nogbele, Fourkoura, Samavogo,

and Stinger deposits

• Comprehensive drilling to continue in 2017

Multiple Targets Within Trucking Distance to

Proposed Banfora Mill

• 11 additional priority targets are

being explored

• Executing multi-year exploration program

17

Golden Hill Joint Venture

(Burkina Faso)

Advancing Exploration at Golden Hill

Situated Near Other High-Grade, High-Value Properties

• 468km2 situated ~200km NE of Banfora gold project

• On the Houndé belt in close proximity and along strike to other

large deposits

Prioritized 10 Prospects For More Advanced Work in 2017

• Previous exploration work defined high quality prospects

• More advanced work, including substantial drilling, scheduled in

the coming months

Joint Venture (51%, earning 80%)

• Joint venture partner is Boss Resources (ASX:BOE)

Sources

¹ Semafo Corporate Presentation (Mar 2017)

² Roxgold Corporate Presentation (Feb 2017)

³ Endeavour Corporate Presentation (Feb 2017)

⁴ Acacia Preliminary Results (Feb 2017)

⁵ Savary Corporate Presentation (Mar 2017)M&I Resources are inclusive of P&P Reserves

Siou Pit

M&I: 0.89 Moz ¹

Yaramoko

M&I: 0.81 Moz ²

Houndé

M&I: 2.55 Moz ³

Mana

M&I: 3.63 Moz ¹

Teranga’s JV

Golden Hill Project

Karankasso JV

Inf: 0.67 Moz ⁵

Sarama

Permits

South Houndé JV

Inf: 2.10 Moz ⁴

Acacia JVs ⁴

Optionality in Côte d’Ivoire

18

Large Prospective Land Package Wholly-Owned by Teranga

• 5 permits covering more than 1,800km2 in prolific Côte d'Ivoire

• 100% wholly-owned by Teranga with 3% net smelter royalty

to Miminvest

• Guitry – an early-stage discovery

Strong Partner With In-Depth Local Knowledge

• Miminvest is controlled by David Mimran, Teranga’s

cornerstone shareholder (19.2%)

• Mimran family has a long history of operating successfully

and responsibly in Africa as the largest private sector employer

in both Senegal and Côte d’Ivoire

Endeavour

Endeavour

Taurus

Perseus

Randgold

Côte d’Ivoire

Dianra

Guitry

Tiassale

Mahepleu

Sangaredougou

Operating Gold Mine/ Development Project

Newcrest

Protecting & Creating Shareholder Value

19

Protecting the Downside is Always a Priority

Cash Generating

Production Asset in

Senegal

LONG-LIFEBalance Sheet

STRONGin Cash as at

December 31, 2016

$95M

20

21

Pursuing Asset Diversification and Scale

Diversification

+ Scale

Sabodala Gold Mine

Banfora Development

Resource Conversion

Exploration Success

Strategic Acquisitions

Higher

Valuation

& Multiple

3.1x

5.3x

6.0x

6.8x

7.0x

7.5x

7.5x

30.0x

Teranga

Roxgold

Asanko

Alacer

Semafo

Endeavour

Golden Star

B2Gold

26

68

94

123

201

245

265

411

476

Perseus

Alacer

Teranga

Asanko

Golden Star

Endeavour

Semafo

Roxgold

B2Gold

C$0.83C$1.23

C$1.72

Share Price BMO NPV per Share Revalued Share Price

Enterprise Value/2017E EBITDA ($)

22

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

Teranga’s Share Price vs. Net Present Value (NPV)(4) per Share

107%

Refer to Endnote (4) on the second last slide. Data Source: BMO GoldPages published March 27, 2017

1.4xAverage NPV

Multiple for Medium Producers(4)

Enterprise Value/2P Reserves ($/oz)

0.7xCurrent TGZ NPV Trading Multiple(4)

Record 2016 production & unit costs Producing asset to fund growth

Significant catalysts for 2017 Development asset underway

Exploring world-class gold belts Strong balance sheet

Diversification and scale Strategic cornerstone investor

Long-term growth prospects Award-winning CSR

23

Positioned for a Breakthrough in 2017

The

Teranga

Advantage

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