TSX:TGZ / OTCQX:TGCDF

Building a Multi-Asset Mid-Tier

West African Gold Producer

Investor Presentation September 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

Ghana Benin

Niger

Sierra Leone

Liberia

Togo

Gourma Exploration

Guitry

Dianra

Sangaredougou

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

Afema

Golden Hill Advanced Exploration Project

Mineral Resource: (3)

Indicated: 415koz @ 2.02 g/t Au Inferred: 644koz @ 1.68 g/t Au

Sabodala Gold Operations

2P Reserves: 2.4Moz(2)

Miminvest & Afema Exploration Permits

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

Ouagadougou

Abidjan

Dakar

Wahgnion Gold Operations

2P Reserves: 1.6Moz(1)

4

Sabodala Gold Mine (Senegal)

Wahgnion Gold Mine (Burkina Faso)

Golden Hill Project (Burkina Faso)

Miminvest & Afema JVs (Côte d’Ivoire)

Exploration & Resource Conversion

Increasing Production, EBITDA, Earnings & Cash Flow

4

Annual production of 300-350koz Moving to feasibility

Strong Organic Growth Pipeline

1,4x 1,3x

1,2x 1,2x 1,2x

0[VALUE] 0[VALUE] 0[VALUE] 0[VALUE]

0[VALUE] 0[VALUE]

Re-rating Opportunity When Second Mine Achieves Commercial Production

5

Asset Diversification and Scale Lead to Higher Valuation Multiples

• Teranga still trading as a single asset producer due to construction/commissioning risk of Wahgnion

• Re-rating opportunity once Wahgnion achieves commercial production and closes the gap on mid-tier West African producers who average ~1.3x

• Typically assets that are part of a larger diversified asset portfolio benefit from higher valuations

(1) Broker estimate is the av erage broker estimates as per S&P Capital IQ (NAVPS of US$6.00/sh and CFPS (2019E) of US$0.74/sh)

Source: S&P Capital IQ as at September 4, 2019

Price/Consensus NAVPS West African Mid-tier Producers

West African Junior Producers

Average: ~1.3x

Average: ~0.8x

Liquidity

6

As at June 30, 2019

Cash & Cash Equivalents $41.4M

Wahgnion Debt Facility Total drawdown: $136.8M Remaining balance: $28.2M

Golden Hill Debt Facility Total drawdown: $24M Remaining balance: $11M

Equipment Facility

Total drawdown: $6.8M (Including $0.4M repayment)

Remaining balance: $5.3M

WGO project capital spend as at June 30, 2019

$207M

For a detailed table of CSR performancee indicators, view the latest Responsibility Report at www.terangagold.com

7

Leading With Our Social License

Participate in the Global Reporting Initiative, UN Global Compact, and Extractive Industries Transparency Initiative

Provide access to potable water

Support health programs and infrastructure

Establish sustainable income programs, particularly for women

Support agricultural intensification

Provide educational support

Hire, train and promote locals

Excellent safety record

Operate in accordance with international standards and best practices

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

8

Initial private placement

33%

Gryphon acquisition

8%

[CATEGORY NAME]

[PERCENTAGE]

On market purchases

34%

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

David Mimran is Head of Both Tablo And Miminvest As Well As a Director of Teranga

• President of the Mimran Group, a family conglomerate with a long history of successful operations in West Africa in the agri-foods industry

• Special advisor to the Government of the Republic of Côte d'Ivoire where he has led negotiations with the International Monetary Fund, World Bank, European Union, and Government of the Republic of France

Strong Cornerstone Investor With In-Depth Local Knowledge

• Long history of operating responsibly in West Africa

• Mimran Group was the largest private sector employer in both Senegal and Côte d’Ivoire until most recent

Committed to Teranga’s Long-Term Growth

• On November 2017, 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 – this was renewed in November 2018

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.

Sabodala Senegal, West Africa

9

10

Life of Mine Summary(5) 5 Years 2018-2022

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

East Niakafiri

West

Diadiako Gora

Sabodala Gold Mine (Open Pit) Senegal, West Africa Permitted 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

Sabodala

11

17

131

214 207 212 182

217 233 245

2010 2011 2012 2013 2014 2015 2016 2017 2018

+5%

Record Annual Production 3-Years Running (Koz Au)

Improved Costs; Tracking 2019 Cost 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)

12

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

1,7 1,6

2,8 2,6 2,6

2,7

2,4

2010 2011 2012 2013 2014 2015 2017 2018

Graph includes years for which there was a reserve update Refer 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 completion: 2020

Wahgnion Burkina Faso, West Africa

13

Wahgnion: Construction Complete

+5 million hours worked without a Lost Time Injury

Process plant successfully commissioned

First gold pour achieved in August

Commissioned two months ahead of the original schedule

Expected to come in below budget

Transitioned 70 local employees from construction to operational roles

Continued focus on social responsibility activities, such as housing and

livelihood restoration programs

14

Wahgnion: Teranga’s Recently Commissioned Gold Mine

15

Wahgnion Gold Mine (Open Pit) Burkina Faso, West Africa Permitted 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 Years 2020-2024

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

Kafina West

Raul Hillside

16

Significant Mid to Long-Term Upside Potential

Samavogo

Nogbele

Fourkoura Stinger

Bagu Sud

Korindougou

Ouahiri

Sud

Regional Exploration Includes ~12 Drill-Ready Targets

• Multi-year exploration and drilling program to commence in 2020-2021

• 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

Muddhi Petit Colline

Reserve Deposits

Exploration Targets

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

Golden Hill Burkina Faso, West Africa

17

Sources ¹ Press Release, SEMAFO (March 5, 2019) ² Press Release, Roxgold (July 11, 2019)

³ Annual Inf ormation Form, Endeav our Mining (March 26, 2019) ⁴ Press Release, Sarama Resources (September 4, 2019) ⁵ MD&A, Sarama Resources (August 27, 2019) 6 MD&A, Sarama Resources (August 27, 2019)

M&I Resources are inclusive of P&P Reserves

Mana & Siou M&I: 4.2Moz ¹

Houndé M&I: 3.1 Moz ³

Yaramoko M&I: 1.3Moz ²

Acacia JVs

South Houndé JV Inferred: 2.1Moz ⁴

Interpreted Geology

Andesite

Basalt

Basin

Batholith

Chert

Granitoid

Tarkwaian

Houndé Belt Burkina Faso, West Africa

Teranga’s Golden Hill Project

Mineral 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

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

• 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)

ThreeBee Project

M&I: 0.3Moz 6

Karankasso JV M&I: 0.7Moz ⁵

Golden Hill: Progressing Towards Feasibility Stage of Development

19

Geology

Tarkw aian 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

Jackhammer Hill

Peksou North

Peksou C-Zone

B-Zone A-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 technical and economic assessments and to progress the project towards the feasibility stage of development

27,000-Metre RC & DD Drilling & Exploration Program Planned for H2 2019

• 11 separate drill targets identified for inclusion in drilling evaluation program, including five 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 in H2 2019

Included in mineral resource estimate

Miminvest & Afema Exploration Opportunities Côte d’Ivoire, West Africa

20

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

21

Agbaou

Ity

Yaouré

Tongon

Côte d’Ivoire

Guitry Sangaredougou

Bonikro

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; JV formed June 2016)

• 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%; JV formed December 2017)

• 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

Côte d'Ivoire

35%

Burkina Faso

21%

Ghana 19%

Guinea 11%

Mali 10%

Other 4%

EARLY-STAGE EXPLORATION PROGRAMS WITH MORE WORK TO BE DONE

Sissingué

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

Tongon

Côte d’Ivoire

Sangaredougou

Operating Gold Mine/Development Project 22

Encouraging Early-Stage Results on Miminvest Permits

Guitry

Dianra

Afema

Sissingué

Agbaou

Ity

Yaouré

Bonikro

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

• Situated on two shear zones extending down from Ghana

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 Belt Ashanti Gold Belt

Winneba-Kibi Gold Belt

Côte d’Ivoire Ghana

Wrap-Up

24

• Ramp up to commercial production

• Achieve 2019 production (30,000 to 40,000 ounces(7)) & cost guidance

• 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 2020

25

• Undertake 27,000-metre drilling and exploration program in H2

• Advance engineering, environmental and social work to support a preliminary economic assessment and feasibility stage of development

• Validate and increase the Afema historical resource

• Continue exploring Miminvest properties

2019 Milestones & Goals Ahead

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

Appendix

27

Capital Structure and Top Shareholders

Source: Nasdaq IR Insight as at September 18, 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 Sept. 18, 2019) US$426M

Top 20 Shareholders % of o/s

Shares # of Shares

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

2 Ruffer LLP 5.6 6,006,193

3 Van Eck Associates Corporation 5.6 5,986,199

4 Dimensional Fund Advisors, L.P. 4.2 4,465,177

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

6 Konwave AG 1.9 2,039,500

7 Franklin Advisers, Inc. 1.6 1,664,553

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 O'Shaughnessy Asset Management 0.7 787,542

13 AMG Fondsverwaltung AG 0.7 750,000

14 azValor Asset Management 0.7 735,330

15 Mackenzie Financial 0.6 661,410

16 LSV Asset Management 0.5 505,450

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

18 Invesco Advisors 0.5 490,000

19 Gabelli Funds 0.4 450,000

20 Alan Hill (Chairman) 0.4 431,200

Total shares held by top 20 shareholders 52% 56,276,104

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

Effe

ctive

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

Gwennael Guillen

VP, Corporate Social Responsibility

25 years of experience in health, safety, environment and community relations, including 12 years on mining projects in South America and West Africa.

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 fair ly represents, information compiled by Mr. Stephen Ling, P. Eng w ho is a

member of the Professional Engineers Ontario. Mr. Ling is a full t ime employee of Teranga and is not " independent" w ithin the meaning of NI 43-101. Mr. Ling has suff icient experience w hich is relevant to the style of mineralisation and type of deposit under consideration and to the activity w hich he is undertaking to qualify as a "Qualif ied 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 w hich it appears in this document.

The technical information contained in this document relating to mineral resource estimates is based on, and fair ly represents, information compiled by Ms . Patt i 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" w ithin the meaning of NI 43-101. Ms. Nakai-Lajoie has suff icient experience w hich is relevant to

the style of mineralisation and type of deposit under consideration and to the activity w hich she is undertaking to qualify as a "Qualif ied 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 w hich 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”), w ho is a member of the Professional Engineers Ontario. Mr. Sepp is “independent” w ithin the meaning of NI 43-101. Mr. Sepp has suff icient experience w hich is relevant to the style of mineralisation and type of deposit

under cons ideration and to the activ ity he is undertaking to qualify as a “Qualif ied 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 w hich it appears in this document.

Teranga's exploration programs are being managed by Peter Mann, FAus IMM. Mr. Mann w as a full time employee of Teranga dur ing the per iod of this resource update and is not "independent" w ithin the meaning of NI 43-101.

Mr. Mann has suff icient experience w hich is relevant to the style of mineralisation and type of deposit under consideration and to the activity w hich he is undertaking to qualify as a “Qualif ied 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 verif ied and approved the

data disclosed in this release, including the sampling, analytical and test data under lying 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 f ire 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 w hich 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 t ime by the CIM ("CIM Standards"). There can be no assurance that those portions of mineral resources that are not mineral reserves w ill ultimately be converted into mineral reserves.

Teranga confirms that it is not aw are of any new information or data that mater ially 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 Measures The 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 v alue. This measure is helpful to governments and local communities in understanding the economics of gold mining. The “all-in sustaining costs” is an ex tension 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 inv estors use this information to ev aluate 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 w ith 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 w ith a standard dev eloped by The Gold Institute, w hich 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 ex tend the definition of total cash costs by adding corporate general and administrativ e costs, reclamation and remediation costs (including accretion and amortization), exploration and study costs (capital and ex pensed), 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 representativ e 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 ex pands 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 mov ements and amortized advanced roy alty costs w hich 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 prov ide 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-Nev ada 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 prov ide 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 comparativ e 2018 EBITDA has been restated to conform to the new presentation. EBITDA is intended to provide additional information to inv estors 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 believ es 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 ex penditures. 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 deriv ative 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 activ ities less sustaining capital expenditures. The Company believ es this to be a useful indicator of our ability generate cash for grow th initiativ es. 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 inv estors to measure the underly ing operating performance of the Company. Presenting these measures from period to period is ex pected 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 deriv ative instruments, accretion ex pense on long-term obligations, the impact of foreign ex change 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 w eighted 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

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1. Wahgnion’s Mineral Reserve and Mineral Resource estimates 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 31, 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 31, 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

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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.

TSX:TGZ / OTCQX:TGCDF

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