2018 aug-7-8 - teranga presentation - vancouver marketing

1. TSX:TGZ / OTCQX:TGCDF
Investor Presentation
August 2018
Building a
Multi-Asset Mid-Tier
West African Gold Producer

2. Forward-Looking Statements
2
All information included in this presentation, including any information as to Teranga’s future financial or operating performance and other statements that express management’s
expectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of
applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing
information about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “indications”,
“potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “could”, “would”, “might”,
“will”, or are "likely" to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information.
Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action.
Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management as
of the date hereof, Teranga cannot be certain that actual results will be consistent with such forward-looking information. Such assumptions include, among others, the ability to
obtain any requisite governmental approvals, the accuracy of mineral reserve and mineral resource estimates, gold price, exchange rates, fuel and energy costs, future economic
conditions, anticipated future estimates of free cash flow, and courses of action. Teranga cautions you not to place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward-looking statements include, among others, the inherent risks involved in exploration and development of mineral properties,
including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other
factors, such as project execution delays, many of which are beyond the control of Teranga. For a more comprehensive discussion of the risks faced by Teranga, and which may
cause the actual financial results, performance or achievements of Teranga to be materially different from estimated future results, performance or achievements expressed or
implied by forward-looking information or forward-looking statements, please refer to Teranga’s latest Annual Information Form filed with Canadian securities regulatory authorities
at www.sedar.com or on Teranga’s website at www.terangagold.com. The risks described in the Annual Information Form (filed and viewable on www.sedar.com and on
Teranga’s website at www.terangagold.com) are hereby incorporated by reference herein. Teranga disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell
or a solicitation to buy or sell Teranga securities.
All references to Teranga include its subsidiaries unless the context requires otherwise. This presentation contains references to Teranga using the words “we”, “us”, “our” and
similar words and the reader is referred to using the words “you”, “your” and similar words. All dollar amounts stated are denominated in U.S. dollars unless specified otherwise.

3. Senegal
Côte d’Ivoire
Burkina Faso
Mali
Guinea
Guinea-
Bisseau
The Gambia
Ghana
Benin
Niger
Sierra
Leone
Liberia
Togo
Sabodala Gold Mine
• Long life mine
• More than 1.5Moz production
since late 2010
3
Wahgnion Development Project
• Secured financing and commenced
construction in Q2
• Resources updated in Q2
• Reserve update expected in Q3
Golden Hill Exploration JV
• Initial resource expected by end of 2018
• Fully funded to feasibility
Gourma
Exploration
JV
Guitry
Dianra
Mahepleu
Tiassale
Sangaredougou
Building a Multi-Asset Mid-Tier Gold Producer in Mining-Friendly West Africa
Teranga has nearly
4.0 million ounces of
gold reserves from
its Sabodala Gold Mine
and its Wahgnion
Development Project(1)(2)
Afema
Refer to Appendix – Endnotes (1) and (2)

4. 4
Deep Value
Gold Price per Ounce Assumption
Cash balance as at June 30, 2018
Wahgnion Project NPV5% based on 2P(1)
Sabodala NPV5% based on 2P(2)
$5.31
$1.47
$1.11
$1,300
$4.39
TGZ Current
Share Price
(closing price
August 1, 2018)
$7.89
NPV*
Per Share
based on cash &
2P reserves(1)(2)
Excludes potential value from:
• Wahgnion infill drill program
• Golden Hill
• Afema and Côte d’Ivoire assets
*Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnotes (1) and (2)
USD/CAD FX rate 0.77
Deep Value and Growth with Assets in Production, Development and Exploration
(C$)

5. 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
~$100M annual free cash flow* (5)(6)(11)
Significantly Increasing Production and Improving Free Cash Flow
5*Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnotes (3), (4), (5), (6), (7) and (11)
Teranga Consolidated Production Profile (koz)(3),(4),(7)
350Koz
~$70M annual free cash flow*(5)
2020 – 2022
Sabodala + Wahgnion
~350Koz annual
production
Opportunities to maintain
production and free cash flow
through resource conversion &
discoveries at Sabodala &
Wahgnion

6. 6
• Deliver projects on time
and on budget
• Trust-based relationship
with all stakeholders
• Safeguard reputation
• Ability to grow footprint
in West Africa
Leading With Our Strong Social License
Shareholder
Value
Risk
Management
Improve Local
Livelihoods
• Avoid community unrest
& conflict
• Avoid work stoppages
• Avoid legal action
• Avoid withdrawal of
operating licenses
• Local recruitment
• Local progression
& promotion
• Local procurement &
other capacity building

7. Sabodala
Senegal, West Africa
7

8. *Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnotes (2),(3),(5),(6) and (9) 8
Exploration Prospects
Mineral Resources
Masato Style Bulk
Tonnage Gold Trend
Golouma Style High-
Grade Gold Trend
Mining Concession
Exploration Permits
Previous Mine License
Sabodala
Mill
Sabodala Mine License &
Regional Land Package
Largest Gold Producer in Senegal:
Strong 5-Year Profile
Mali
Niakafiri
Goumbati
West
Life of Mine
Summary(2)(3)(5)(6)
5 years
(2018-2022)
13 years
(2018-2030)
Annual production 213koz 176koz
All-in sustaining costs* $885/oz $893/oz
Total free cash flow* $230M $556M
2.7Moz
2P Reserves(2)
4.4Moz
M&I Resources(9)
13-Year
Mine Life(3)

9. (8)
Proven and Probable Reserves(2) (Moz)
Replacing Reserves & Increasing Production and Cash Flow
1.7 1.6
2.8 2.6 2.6 2.7
2011 2012 2013 2014 2015 2017
Updated Sabodala Technical Report: Annual Average
Production of 176Koz at AISC* of Less Than $900/oz
Maki
Medina
9*Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnotes (2) and (6)
($40)
($20)
$0
$20
$40
$60
$80
2018 2019 2020 2021 2022
5-Year Cash Flow(6) Before Taxes and
Other ($1,250/oz)
June 2017 43-101 Dec 2015 43-101
--
50,000
100,000
150,000
200,000
250,000
2018 2019 2020 2021 2022
5-Year Production Profile (oz)
June 2017 43-101 Dec 2015 43-101

10. 57,557 65,381
Q2 2017 Q2 2018
Production
(oz Au)
Increasing FY2018 Production Guidance to at Least 230,000 Ounces
10
233,267
At least
230,000
FY2017 2018 Outlook
114,460
129,412
H1 2017 H1 2018
14%
Increase
13%
Increase
Increased
FY 2018 Production
Guidance to
at Least 230koz

11. Wahgnion Project
Burkina Faso, West Africa
11

12. 12
Solid Start to Teranga’s Second Mine – Wahgnion
Nogbele
Stinger
15km from plant
Samavogo
25km from plant
Fourkoura
6km from plant
Life of Mine Summary
Initial
5.5 years
LOM
(9 years)
Annual production(4)(5)(7) 131koz 119koz
All-in sustaining costs* $807/oz $843/oz
Total free cash flow* $302M $409M
Pre-production capital** ($232M)
Net cash flow $176M
*Refer to Appendix – Non-IFRS Performance Measures
**Pre-production capital costs of $232 million excludes $12 million in construction
readiness activities spent prior to major construction
Refer to Appendix – Endnotes (1), (4), (5), (7) and (10)
1.2Moz
2P
Reserves(1)
2.4Moz
M&I
Resources(10)
0.2Moz
Inferred
Resources(10)
Wahgnion Development Project
Permitted mining license: 89 km2
Exploration licenses:+1,000 km2
Four initial deposits at Wahgnion
(Nogbele, Samavogo, Fourkoura
& Stinger) located in close proximity
to proposed plant site
Proposed
Processing Plant

13. 13
Increased Wahgnion M&I Resources by 33% to 2.4 Million Ounces
Refer to Appendix – Endnotes (13), (14) and (15)
2017 Mineral Resources (13) (14)
Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources
Deposit
MTonnes
Grade
(Au g/t)
MOunces MTonnes
Grade
(Au g/t)
MOunces MTonnes
Grade
(Au g/t)
MOunces MTonnes
Grade
(Au g/t)
MOunces
Nogbele 1.17 1.47 0.06 17.92 1.43 0.82 19.08 1.43 0.88 9.11 1.18 0.34
Samavogo 0.00 0.00 0.00 6.62 2.05 0.44 6.62 2.05 0.44 3.75 1.92 0.23
Stinger 0.16 2.16 0.01 6.09 1.67 0.33 6.24 1.69 0.34 1.98 1.45 0.09
Fourkoura 0.36 1.57 0.02 3.02 1.60 0.16 3.38 1.60 0.17 0.98 1.33 0.04
Total Wahgnion 1.68 1.55 0.08 33.65 1.61 1.74 35.33 1.61 1.83 15.82 1.40 0.71
2018 Mineral Resources (13) (15)
Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources
Deposit
MTonnes
Grade
(Au g/t)
MOunces MTonnes
Grade
(Au g/t)
MOunces MTonnes
Grade
(Au g/t)
MOunces MTonnes
Grade
(Au g/t)
MOunces
Nogbele N/Nangolo 1.62 1.26 0.07 22.50 1.40 1.02 24.12 1.39 1.08 2.65 1.27 0.11
Samavogo 0.00 0.00 0.00 8.06 1.91 0.49 8.06 1.91 0.49 1.46 1.65 0.08
Stinger 0.16 2.15 0.01 8.30 1.56 0.42 8.46 1.58 0.43 0.57 1.56 0.03
Nogbele S 0.46 1.81 0.03 4.71 1.29 0.19 5.18 1.33 0.22 0.33 1.14 0.01
Fourkoura 0.59 1.63 0.03 4.10 1.42 0.19 4.69 1.45 0.22 0.24 1.53 0.01
Total 2.83 1.48 0.13 47.67 1.51 2.31 50.50 1.51 2.44 5.25 1.41 0.24
Notes: Totals may not equal due to rounding.
2018 Update
Converted
87% (617koz)
of Inferred
to M&I

14. Kafina West
Raul
Hillside
14
Significant Mid to Long-Term Upside Potential
Samavogo
Nogbele
Fourkoura
Stinger
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
Proposed Plant Site
Kondandougoug
Konatvogo
Bazogo
Bassongoro
Samavogo North
MuddhiPetit Colline
Reserve Deposits
Exploration Targets

15. Golden Hill
Burkina Faso
15

16. 16
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
Uniquely Positioned: High-Grade, Big Potential Siou Pit
M&I: 0.89 Moz ¹
Mana
M&I: 3.63 Moz ¹
Houndé
M&I: 2.55 Moz ³
Yaramoko
M&I: 0.81 Moz ²
Acacia JVs ⁴
Karankasso JV
Inf: 0.67 Moz ⁵
South Houndé JV
Inf: 2.10 Moz ⁴
Sarama Permits
Teranga’s
Golden Hill
JV
Situated in the Heart of the Houndé Belt (Burkina Faso)
• 468 km2 situated ~250 km NE of Wahgnion
• One of the most prospective gold belts in the world
• In close proximity and along strike to other deposits
One of the Most Exciting Exploration Projects
in West Africa
• Plan to release an initial resource for Golden Hill’s
most advanced prospects by end of 2018
• $25 million financing secured for the future advancement
of Golden Hill through to feasibility study
Joint Venture with Boss Resources (51%, earning 80%)
• Teranga, as the operator, can earn an 80% interest
in the JV upon delivery of a feasibility study and
the payment of AUD2.5 million
Interpreted Geology
Andesite
Basalt
Basin
Batholith
Chert
Granitoid
Tarkwaian

17. 17
For full details on Golden Hill, please visit www.terangagold.com
GEOLOGY
Tarkwaian Type Sediments
Volcano Sediments
Mixed Volcano Sediments & Volcanics
Basalt
Grantoid
Batholith
Ma North
Ma Main
Ma East
Jackhammer Hill
PeksouC-Zone
B-Zone
A-Zone
Nahiri
Q2 2018 Drilling Activity
Peksou
North
Nahiri
Plateau
Peksou 17 holes 2,156 metres
Jackhammer Hill 8 holes 1,318 metres
C-Zone 10 holes 1,086 metres
Ma North 8 holes 947 metres
Peksou North 4 holes 675 metres
Nahiri 4 holes 485 metres
Peksou Basin 3 holes 420 metres
B-Zone 3 holes 397 metres
A-Zone 1 hole 101 metres
TOTAL 58 holes 7,581 metres
Golden Hill
Burkina Faso, West Africa
Active and Aggressive Exploration Program

18. Jackhammer Hill
Peksou
C-Zone
Peksou North
Peksou Basin
Peksou
Intrusive
Complex
Similar to Structural Inter-Relationships
Observed at Ma Complex
• The Peksou intrusive complex displays lithologic
and structural commonality as well in a number
of our advanced prospects: Jackhammer Hill,
Peksou and C-Zone
• Two new drill discoveries at Peksou North and
Peksou Basin demonstrate that new exploration
opportunities within and adjacent to the Peksou
intrusive complex still exist and further evaluation
will be prioritized here
Peksou Intrusive Complex: Discovery Opportunity
Jackhammer Hill Diorite
Peksou Granodiorite
Basalt
In-situ RAB, auger
or trench anomaly
Drill Hole
18

19. 1919
Ma Prospect – Representative Drill Section
Excellent Grades Near Surface and to Depth at Ma Structural Complex
• Extensive structural complex consisting of numerous
mineralized structures in close proximity
• Mineralization remains open for all components of
Ma in all directions, including down-plunge of better
grade and width components:
– GHDD-047: 8 m @ 2.00 g/t gold, including 3 m
@ 4.23 g/t gold from 45 m downhole depth (DHD)
– GHDD-080: 6 m @ 5.79 g/t gold from 87 m DHD
and 17 m @ 3.45 g/t gold, including 6 m @ 6.32 g/t
gold from 122 m DHD
• Newest addition to the Ma area is Ma North,
with latest results confirming the presence of a third
mineralized breccia zone at the Ma Complex
Ma Structural Complex – Highlights

20. 2020
Jackhammer Hill – Highlights
High-Grade Central Core Area at Jackhammer Hill Prospect
Jackhammer Hill – Representative Drill Section
• Three phases of early-stage drilling have been
completed in multiple altered shear zones
demonstrating continuity and depth extent:
– GHDD-319: 11 m @ 1.89 g/t gold, including 2
m @ 6.83 g/t gold from 41 m DHD
– GHDD-320: 8 m @ 22.1 g/t gold, including 1 m
@ 125.6 g/t gold uncut grade from 115 m DHD
– GHDD-334: 3 m @ 29.5 g/t gold, including 1 m
@ 84.7 g/t gold from 138 m DHD

21. 2121
C-Zone – Highlights
Strong Gold Mineralization in Correlated Zones at C-Zone Prospect
C-Zone – Representative Drill Section
• Gold mineralization is localized in a discrete, mafic
volcanic hosted shear zone system displaying
alteration, veining and brecciation characteristics
similar to those observed at Ma prospect
• Three phases of drilling completed, with recent results
confirming the C-zone remains open to depth and
intersects with the southeastern portion of the Peksou
prospect:
– GHDD-308: 10 m @ 4.22 g/t gold, including 1 m
@ 10.27 g/t gold from 120 m DHD
– GHDD-312: 10 m @ 2.58 g/t gold, including 2 m
@ 7.41 g/t gold from 21 m DHD, and 6 m @
3.36 g/t gold, including 2 m @ 6.60 g/t gold from
89 m DHD

22. 2222
Peksou North / Basin – Highlights
New Near-Surface Discoveries at Peksou North and Peksou Basin
Peksou North – Representative Drill Section
• Favourable early-stage near-surface results from the
first few holes from a series of scout holes at two
separate locations:
– Peksou Basin (GHDD-349): 3 m @ 14.36 g/t
gold, including 1 m @ 32.2 g/t gold uncut grade
from 27 m DHD
– Peksou North (GHDD-346): 40 m @ 1.11 g/t gold
from 24 m DHD
• Further drilling is planned to follow-up on these initial
positive results

23. Côte d’Ivoire Exploration
Guitry & Afema
23

24. Guitry
• Completed the first-ever drilling program on the
property
– 68 shallow air-core sectional profile holes
– comprising 3,300 metres over the central
1 km extent of our current 7 km strike
length gold-in-soil geochem anomaly
• Results from this first pass, near-surface drilling
program, will help us determine where to focus
subsequent exploration within this large target
Endeavour
Endeavour
Perseus
Randgold
Côte d’Ivoire
Guitry
Tiassale
Mahepleu
Sangaredougou
Operating Gold Mine/ Development Project
Newcrest
Dianra
24
Afema
Exciting Opportunities in Côte d’Ivoire

25. Afema: Situated on Two Prolific Gold Belts Trending from Ghana
Ahafo
17 Moz
Newmont
3 Afema
Exploration
Permits
Afema
Mining Permit
Bibiani
7 Moz
Resolute
Chirano
5 Moz
Kinross
Edikan
6.6 Moz
Perseus
Bogoso/Prestea
18 Moz
Gold Star
Konogo
1.4 Moz
Signature Metals
Akyem
Newmont
Essase
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
25
Highly Prospective 1,400 km2 Land Package
• Large land package includes one mining
license and three exploration permits
• JV With Sodim Limited (51%, earning 70%)
GhanaCôte d’Ivoire
Côte d’Ivoire Represents Significant Portion
of West African Birimian Greenstone Belt
Other
4%
Mali
10%
Guinée
11%
Ghana
19%
Côte
d'ivoire
35%
Burkina
Faso
21%

26. 26
Favourably Situated Within Greenstone Belt
• Afema is situated within the southern extension
of the prolific Sefwi-Bibiana greenstone belt,
which hosts more than 35Moz of gold resources
within the Ghana portion alone
• Numerous, widely-distributed, historical gold
occurrences
• Five recognized regional shear structures with a
combined strike length of 144 km
H2 2018 Planned Exploration
• Drilling at the Afema mine license
• Property-wide airborne geophysics and stream
sediment (BLEG) programs
Afema Structural and Geological Compilation

27. Summary
27

28. Top 10 Shareholders
% of o/s
shares
Shareholdings Filed
as at August 1, 2018
1 Tablo Corporation 21.7% 23,322,400
2 Van Eck Associates Corporation 6.4% 6,855,022
3 Ruffer LLP 4.7% 5,076,743
4 Dimensional Fund Advisors, L.P. 3.4% 3,649,839
5 Heartland Advisors, Inc. 2.7% 2,900,000
6 Franklin Advisers, Inc. 2.6% 2,807,200
7 Connor, Clark & Lunn Inv Mgmt 2.0% 2,175,000
8 LSV Asset Management 2.0% 2,144,540
9 Konwave AG 1.9% 2,062,500
10 MMCAP Asset Management 1.6% 1,673,116
28
Share Price Performance (TSX: TGZ)
(Closing price on December 12, 2017 – August 1, 2018)
Capital Structure and Recent Share Price Performance
Source: IR Insight on August 1, 2018
-2%
+4%
TGZ-TSX
GDXJ
Gold Price
Capital Structure (at July 31, 2018 unless otherwise noted)
Common shares outstanding 107.6M
Stock options outstanding 9.6M
Fully diluted 113.0M
Number of shares owned by insiders 24.0M
Market capitalization (August 1, 2018) C$472M
Cash / Net cash (June 30, 2018) US$92M / US$22M
ASX Delisting
Completed Compulsory Sale Facility before
markets open on December 13 – stock price
hit low of C$2.30 (compared to C$2.42
closing price on December 12)
+81%

29. Unique Cornerstone Shareholder – Tablo Corporation – Currently Owns 22% of Teranga
29
Initial private
placement
34%
Gryphon
acquisition
8%
Secondary
public
offering
25%
On market
purchases
33%
Tablo Corporation Owns 23.3 Million Shares of
Teranga at an Average Price of $3.94David 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
David Mimran / Tablo Committed to Long-Term Growth of
Teranga
• Last November, Tablo announced its intention to add to its
holdings by acquiring up to 5% of Teranga’s issued and
outstanding common shares over the next twelve months
1/3 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

30. Regular exploration updates
Initial resource estimation by year end
Golden HillSabodalaFY 2018 gold production of at least 230koz
Continue to advance Niakafiri resettlement
2018 News Flow and Milestones
30
Update reserves in Q3
Update NI 43-101 technical report in Q3
Project updates from Guitry and Afema
Wahgnion Côte d’Ivoire

31. 31
Potential for Significant Share Price Appreciation
Teranga’s Share Price (C$)
vs. Net Present Value* (NPV)(12) per Share
115%
*Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnote (12)
$4.39
$5.55
$9.44
Share Price BMO NPV per Share
(Spot)
Revalued Share Price
0.8x
Current TGZ
NPV Trading
Multiple(12)
1.7x
Average NPV Multiple
for Medium
Producers(12)
Data Source: BMO GoldPages published July 30, 2018
EV/2P Reserves ($/oz)
17.6
6.9
6.6
6.0
4.5
3.7
2.9
2.9
Alacer
Perseus
Semafo
Endeavour
B2Gold
Teranga
Roxgold
Golden Star
EV/2018E EBITDA
339
325
238
206
201
105
85
40
Roxgold
B2Gold
Endeavour
Semafo
Golden Star
Alacer
Teranga
Perseus

32. Appendix

33. 2018 Outlook: Increased Production
33
Notes to 2018 Guidance
A. 22,500 ounces of gold production are to be sold to Franco-Nevada Corporation at
20% of the spot gold price.
B. Total cash cost per ounce sold is a non-IFRS financial measure and does not have
a standard meaning under IFRS.
C. 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
include total cash costs per ounce, administration expenses, share based
compensation and sustaining capital expenditures as defined by the World Gold
Council. All-in sustaining costs also include non-cash inventory movements and
non-cash amortization of advanced royalties.
D. 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.
E. Site development costs for 2018 include village resettlement costs for the Sabodala
village.
F. Excludes capitalized deferred stripping costs, included in mine production costs.
G. Early works expenditures for 2018 includes anticipated expenditures for the
construction of Wahgnion prior to initial drawdown under the Taurus Facility which
was executed in May 2018.
H. Wahgnion construction expenditures for 2018 include anticipated expenditures for
Wahgnion post completion of the Taurus Facility.
Other
This forecast financial information is based on the following material assumptions for the
remainder of 2018: gold price: $1,250 per ounce; light fuel oil price $0.87/L; heavy fuel
oil price $0.60/L; Euro:USD exchange rate of 1:1.17
Other important assumptions: any political events are not expected to impact
operations, including movement of people, supplies and gold shipments; grades and
recoveries will remain consistent with the life-of-mine plan to achieve the forecast gold
production; and no unplanned delays in or interruption of scheduled production.
2018 Guidance
Operating Results
Ore mined (‘000t) 2,000 – 2,500
Waste mined (‘000t) 35,000 – 37,000
Total mined (‘000t) 37,000 – 39,500
Grade mined (g/t) 2.50 – 3.00
Strip ratio waste/ore 16.5 – 18.5
Ore milled (‘000t) 4,200 – 4,400
Head grade (g/t) 1.70 – 1.90
Recovery rate % 90.0 – 91.5
Gold produced A
(oz) ~230,000
Cost of sales per ounce sold $/oz sold 950 – 1,025
Total cash cost per ounce sold B
$/oz sold 700 – 750
All-in sustaining costs C
$/oz sold 1,000 – 1,075
Non-cash inventory movements and amortized advanced royalty costs C
$/oz sold (50)
All-in sustaining costs (excluding non-cash inventory movements and
amortized advanced royalty costs) C $/oz sold 950 – 1,025
Mining ($/t mined) 2.25 – 2.50
Mining long haul ($/t hauled) 2.50 – 3.50
Milling ($/t milled) 11.00 – 12.50
General and Administration ($/t milled) 4.25 – 4.50
Mine Production Costs $ millions 162.0 – 172.0
Corporate Administration Expense $ millions 11.0 – 13.0
Regional Administration Costs $ millions ~2.0
Community Social Responsibility Expense $ millions 4.0 – 5.0
Exploration and Evaluation D
$ millions ~15.0
Sabodala Capital Expenditures
Mine site sustaining $ millions 10.0 – 15.0
Site development costs E
$ millions 10.0 – 15.0
Total Sabodala Capital Expenditures F
$ millions 20.0 – 30.0
Growth Capital Expenditures
Wahgnion early works G
$ millions ~30.0
Wahgnion construction H
$ millions 140.0 – 160.0
Total Growth Capital Expenditures $ millions 170.0 – 190.0

34. Qualified Persons Statement
34
The technical information contained in this document relating to the Sabodala 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 Sabodala 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.
The technical information contained in this document relating to the Wahgnion open pit mineral reserve estimates is based on, and fairly represents, information compiled by Mr. Glen Ehasoo, P. Eng., of RPA, who is a member of the Association
of Professional Engineers and Geoscientists of British Columbia. Mr. Ehasoo is "independent" within the meaning of NI 43-101. Mr. Ehasoo 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. Ehasoo 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 Wahgnion mineral resource estimates is based on, and fairly represents, information compiled by Mr. David Ross, P.Geo., of RPA, who is a Member of the Association of
Professional Geoscientists of Ontario. Mr. Ross is "independent" within the meaning of NI 43-101. Mr. Ross 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. Ross 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 is a full time employee of Teranga and is not "independent" within the meaning of NI 43-101. Mr. Mann has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a “Qualified Person” as under NI 43-101 Standards of Disclosure for Mineral Projects. The technical information contained in
this document relating to exploration results are based on, and fairly represents, information compiled by Mr. Mann. Mr. Mann has verified and approved the data disclosed in this release, including the sampling, analytical and test data
underlying the information. The samples are prepared at site and assayed in the SGS laboratory located at the site. Analysis for diamond drilling is sent for fire assay analysis at ALS Johannesburg, South Africa. Mr. Mann has consented to the
inclusion in this document of the matters based on his compiled information in the form and context in which it appears in this document.
Teranga's disclosure of mineral reserve and mineral resource information is governed by NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and
Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted
into mineral reserves.
Teranga confirms that it is not aware of any new information or data that materially affects the information included in the technical reports for the Sabodala Project (August 30, 2017) and the Wahgnion Project (October 20, 2017) pursuant
to National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the “Technical Reports”), or year end 2017 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.

35. 35
Non-IFRS Performance Measures
The Company has included non-IFRS measures in this document, including “total cash costs”, “total cash costs per ounce sold”, “all-in sustaining costs” (“AISC”), “AISC (excluding cash / (non-cash) inventory movements and
amortized advanced royalty costs)”, “AISC per ounce”, “AISC (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs) per ounce”, “average realized gold price”, “earnings before interest, taxes,
depreciation and amortization” (“EBITDA”), “free cash flow”, “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share”. These measures are intended to provide additional information only and do
not have any standardized 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.
“Total cash costs” figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold
producers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures
presented may not be comparable to other similarly titled measure of other companies. “Total cash costs per ounce sold” is a common financial performance measure in the gold mining industry but has no standard meaning
under IFRS. The Company reports total cash costs on a sales basis. The World Gold Council (“WGC”) definition of AISC seeks to extend the definition of total cash costs by adding corporate general and administrative costs,
reclamation and remediation costs (including accretion and amortization), exploration and study costs (capital and expensed), capitalized stripping costs and sustaining capital expenditures and represents the total costs of
producing gold from current operations. AISC excludes income tax payments, interest costs, costs related to business acquisitions and items needed to normalize earnings. Consequently, this measure is not representative of all
of the Company’s cash expenditures. In addition, the calculation of AISC does not include depreciation expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the
Company’s overall profitability. The Company also expands upon the WGC definition of AISC by presenting an additional measure of “AISC (excluding cash / (non-cash) inventory movements and amortized advanced royalty
costs)”. This measure excludes cash and non-cash inventory movements and amortized advanced royalty costs which management does not believe to be true cash costs and are not fully indicative of performance for the period.
For Sabodala and Wahgnion, life of mine total cash costs and AISC figures used in this presentation are before cash/non-cash inventory movements and exclude any allocation of corporate overheads. Consolidated total cash
costs and all-in sustaining cost figures add corporate overhead costs.
“Average realized price” is a financial measure with no standard meaning under IFRS. Management uses this measure to better understand the price realized in each reporting period for gold and silver sales. Average realized
price is calculated on revenue and ounces sold to all customers, except Franco-Nevada, as gold ounces sold to Franco-Nevada is recognized in revenue at 20 percent of the prevailing gold spot price on the date of delivery and
80 percent at $1,250 per ounce. The average realized price is intended to provide additional information only and does not have any standardized definition under IFRS; it should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.
“EBITDA” excludes income tax, finance costs (before accretion expense), interest income, depreciation and amortization, and non-cash impairment charges from net profits. EBITDA is intended to provide additional information to
investors and analysts and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believes
that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to: fund working capital needs, service debt obligations, and fund capital expenditures.
“Free cash flow” is calculated as net cash flow provided by operating activities less sustaining capital expenditures. The Company believes this to be a useful indicator of our ability generate cash for growth initiatives.
Starting in 2018, the Company adopted “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share” as new non-IFRS financial measures. These non-IFRS financial measures are used by
management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period is expected to help management and investors evaluate earnings trends more
readily in comparison with results from prior periods. The Company calculates “adjusted net profit attributable to shareholders” as net profit attributable to shareholders adjusted to exclude specific items that are significant, but not
reflective of the underlying operations of the Company, including: the impact of unrealized and realized foreign exchange gains and losses, gains and losses on derivative instruments, accretion expense on long-term obligations,
impairment provisions and reversals thereof, and other unusual or non-recurring items. During the second quarter of 2018, the Company also excluded the impact of foreign exchange movements on deferred taxes and other
non-cash fair value changes from adjusted net profit attributable to shareholders as management does not believe these factors to be reflective of the underlying performance of the Company.
For more information regarding these measures, please refer to the Company’s management’s discussion and analysis accessible on the Company’s website at www.terangagold.com.

36. Endnotes
36
1. Refers to proven and probable reserves of 1.2Moz for the Wahgnion project as per reserve estimate as of September 7, 2017 included in the Wahgnion technical report dated October 20, 2017 available on the
Company’s website at www.terangagold.com and SEDAR at www.sedar.com. Teranga expects to release an updated mineral reserve estimate and related NI 43-101 technical report for Wahgnion in the third
quarter of 2018.
2. Refers to proven and probable reserves of 2.7Moz for the Sabodala project as per reserve estimate as of June 30, 2017 included in the Sabodala NI 43-101 technical report dated August 30, 2017 available on
the Company’s website at www.terangagold.com and SEDAR at www.sedar.com.
3. This production target is based on proven and probable reserves only from Teranga’s Sabodala Project as at June 30, 2017. For more information regarding Teranga Gold’s Mineral Reserves and Resources and
related notes, please refer to the NI 43-101 compliant technical report for the Sabodala Project dated August 30, 2017 available on the Company’s website at www.terangagold.com and on SEDAR at
www.sedar.com.
4. This production target is based on proven and probable ore reserves only for Teranga’s Wahgnion Project as at September 7, 2017. For more information regarding the Wahgnion’s Mineral Reserves and
Resources and related notes, please refer to the NI 43-101 compliant technical report for the Wahgnion Project dated October 20, 2017 accessible on the Company’s website at www.terangagold.com and on
SEDAR at www.sedar.com.
5. LOM assumptions include: Gold Price $1,250 per ounce
Heavy Fuel Oil (HFO): Wahgnion - $0.59 per litre; Sabodala - $0.46 per litre
Light Fuel Oil (LFO): Wahgnion - $1.04 per litre ($0.88 per litre during construction period); Sabodala - $0.81 per litre
Euro to USD Exchange Rate: $1.10
6. This Sabodala free cash flow is an estimate that is based on the updated life of mine plan and reserve estimate for the Sabodala project, as set out in the Technical Report of Teranga for the Sabodala Project,
Senegal, West Africa, dated August 30, 2017 (the “Sabodala Technical Report”). See in particular Section 21 of the Sabodala Technical Report - Capital and Operating Costs.
7. See the NI 43-101 compliant technical report for the Wahgnion Project. This LOM production plan assumes that the Wahgnion Project plant construction will commence in Q1 2018. If the Wahgnion plant
construction commences in Q2 2018 instead, the LOM production plan is expected to shift by several months.
8. Other considerations (uses) is an estimate of potential other uses of the Company’s cash during the period, including, but not limited to, acquisition costs to acquire an interest in the Afema project, discretionary
exploration expenditures, financing costs and costs to secure the Taurus Facility. Actual amounts may total more or less than the aggregate amount specified.
9. Teranga’s Sabodala Mineral Reserves and Mineral Resources estimates as at June 30, 2017. For more information regarding Sabodala’s Mineral Reserves and Resources and related notes, please refer to the NI
43-101 compliant technical report for the Sabodala Project dated August 30, 2017 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.
10. Teranga’s Wahgnion Mineral Resources estimates as at May 31, 2018. For more information regarding Wahgnion’s Mineral Resources and related notes, please refer to the press release dated June 7, 2018
accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.
11. Free cash flow excludes Wahgnion financing and corporate-wide resource development and exploration expenditures. Please see table on slide 7 of the Company’s Investor & Analyst Workshop presentation
dated September 14, 2017, which was filed on www.sedar.com.
12. Net Present Value (“NPV”) per share is a Non-IFRS financial measure. NPV per share, average NPV multiple of medium producers, and Teranga’s share price is as per BMO GoldPages published July 30, 2018.
According to BMO GoldPages, NPV per share is calculated using the net present value of the life of mine cash flows based on the NI 43-101 plan, less cash flow of corporate costs, less net debt per share, using
the model at SPOT commodity prices and exchange rates. The “Revalued Share Price” is calculated using the NPV per share at SPOT times the NPV multiples as listed. The BMO NPV calculation assumes a
US$1,223 SPOT gold price per ounce, 5% discount, 0.77 USD/CAD exchange rate.

37. Endnotes (continued)
37
13. CIM definitions were followed for Mineral Resources. Mineral Resources are inclusive of Mineral Reserves and are constrained by resource pit shells. A minimum thickness of two metres was applied.
14. Notes for historical Wahgnion 2017 Mineral Resources Estimate: Open pit oxide Mineral Resources are estimated at cut-off grades ranging from 0.35 g/t Au to 0.45 g/t Au; open pit transition and fresh rock
Mineral Resources are estimated at cut-off grades ranging from 0.45 g/t Au to 0.55 g/t Au; high grade assays were capped at grades ranging from 2.5 g/t Au to 48.0 g/t Au; and, Mineral Resources are estimated
using a gold price of $1,450 per ounce.
15. Notes for Wahgnion 2018 Mineral Resources Estimate (effective May 31, 2018): Mineral Resources are reported at cut-off grades ranging from 0.320 g/t Au to 0.403 g/t Au in oxide, and at cut-off grades ranging
from 0.388 g/t Au to 0.541 g/t Au in transition and primary rock; high grade assays were capped at grades ranging from 5 to 48 g/t Au; and, Mineral Resources are estimated using a long-term gold price of
US$1,500 per ounce, adjusted to match existing industry standards.

38. Trish Moran
Head of Investor Relations
77 King Street West, Suite 2110
Toronto, ON M5K 2A1
T: +1.416.607.4507
E: investor@terangagold.com
W: terangagold.com
TSX:TGZ / OTCQX:TGCDF