2018 january 1x1 investor presentation vancouver-final

1. Vancouver Resource Investment Conference
January 2018TSX:TGZ / OTCQX:TGCDF

2. Forward-Looking Statements
2
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”, “intended to”, “objective 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, net present value, anticipated future cash
flows, anticipated construction readiness activities for the Company’s Wahgnion gold project in Burkina Faso as well as the anticipated completion of construction of the Wahgnion
project - including the first gold pour, the anticipated discovery of reserves at the Wahgnion project, and Teranga’s estimated full year financial and operating totals, as well as
anticipated 2017 and 2018 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
Annual Information Form dated March 29, 2017, 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 January 17, 2018 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. 3
TGZ Share Price Performance
(October 1, 2017 – January 18, 2018)
Capital Structure and Recent Share Price Performance
Source: IR Insight on January 19, 2018
-18%
-13%
-8%
-3%
2%
7%
12%
17%
22%
27%
TGZ-TSX
GDXJ
Gold Price
Capital Structure (at December 31, 2017 unless otherwise noted)
Common shares outstanding 107.3M
Stock options outstanding 4.5M
Fully diluted 111.8M
Number of shares owned by insiders 23.8M
Market capitalization (January 18, 2018) C$380M/ US$305M
Cash $88.0M
Top Shareholders % of O/S As at Dec 31, 2017
1 Tablo Corporation 21.5% 23,128,900
2 Van Eck Associates Corporation 6.8% 7,272,264
3 Heartland Advisors 4.2% 4,500,000
4 Ruffer LLP 3.7% 4,007,243
5 Oppenheimer Funds 3.1% 3,360,828
6 Dimensional Fund Advisors 2.5% 2,668,425
7 Franklin Advisers 2.2% 2,382,200
8 Fidelity Management & Research 1.6% 1,747,740
9 Universal-Investment Gesellschaft 1.6% 1,735,000
10 Colonial First State Global AM 1.6% 1,725,708
+26%
+2%
+3%

4. $5.11
$1.41
$1.02
$1,300
4
Deep Value
(C$)
Gold Price per Ounce Assumption
Cash balance as at December 31, 2017
Wahgnion Project NPV5% based on 2P(1)
Sabodala NPV5% based on 2P(2)$3.48
TGZ Current
Share Price
(closing price
Jan 15, 2018)
$7.54
NPV*
Per Share
based on cash &
2P reserves(1)(2)
Excludes potential value from:
• Wahgnion infill drill program
• Golden Hill
*Refer to Non-IFRS Performance Measures on slide 34
Refer to Endnotes (1) and (2) on slide 35

5. EV/2018E EBITDA
Potential for a Major Rate Reset
5
Teranga’s Share Price
vs. Net Present Value* (NPV)(12) per Share
222%
*Refer to Non-IFRS Performance Measures on slide 34
Refer to Endnote (12) on slide 35
C$3.48
C$5.15
C$7.73
Share Price BMO NPV per Share Revalued Share Price
0.7x
Current TGZ
NPV Trading
Multiple(12)
1.5x
Average NPV Multiple
for Medium Producers(12)
50
54
84
91
268
276
338
517
566
Perseus
Asanko
Teranga
Alacer
Golden Star
Semafo
Endeavour
B2Gold
Roxgold
EV/2P Reserves ($/oz)
Data Source: BMO GoldPages published January 15, 2018
2.1
2.2
5.4
5.5
6.4
7.6
8.2
30.0
Teranga
Asanko
Golden Star
Roxgold
B2Gold
Semafo
Endeavour
Alacer

6. 6
Pursuing Asset Diversification and Scale
Diversification
+ Scale
Sabodala Gold Mine
Wahgnion Development
Resource Conversion
Exploration Success
Strategic Acquisitions
Higher
Valuation
& Multiple

7. Senegal
Côte d’Ivoire
Burkina Faso
Mali
Guinea
Guinea-
Bisseau
The Gambia
Ghana
Benin
Niger
Sierra
Leone
Liberia
Togo
Sabodala Gold Mine
1.4Moz production since IPO in
late 2010
7
Wahgnion Development Project
(Expect to close financing and commence
construction in Q2 2018)
Golden Hill
Exploration JV
Gourma
Exploration JV
Guitry
Dianra
Mahepleu
Tiassale
Sangaredougou
Building The Next Multi-Asset Mid-Tier West African Gold Producer
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 Endnotes (1) and (2) on slide 35

8. Aggressive Exploration Program in 2018
• Golden Hill (Burkina Faso)
• Guitry (Côte d’Ivoire)
• Afema (Côte d’Ivoire)
Development of Second Mine
• Project debt financing expected to close in Q2
• Plant construction expected to commence in Q2
Production at Largest Gold Mine in Senegal
• Achieved record production of 233,267 ounces in 2017
• 2018 production guidance range of 210,000 – 225,000 ounces(3)
• Generating free cash flow from Sabodala*
Checking Off the Boxes
Refer to Endnote (3) on slide 35
*Refer to Non-IFRS Performance Measures on slide 34
8

9. 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Sabodala Banfora
~$100M annual free cash flow*(11)
Significantly Increasing Production and Improving Free Cash Flow
9
*Refer to Non-IFRS Performance Measures on slide 33
Refer to Endnotes (3), (4), (5), (7) and (11) on slide 35
Teranga Consolidated Production Profile (koz)(3),(4),(7)
350Koz
~$70M annual free cash flow*(5)
2020 – 2022
Sabodala + Wahgnion
~350Koz annual
production
Opportunities to improve
reserves, production and free
cash flow through resource
conversion & discoveries

10. Production
Construction
Feasibility Study
Concept Study (Initial Resource)
Advanced Exploration
Advanced Exploration 2
Advanced Exploration 3
Robust Exploration Pipeline in Three Mining-Friendly Jurisdictions
10Senegal Côte d’Ivoire Burkina Faso
Sabodala
Niakafiri Main
Golouma W*
Golouma S*
Kerekounda
MakiMedina
Niakafiri SE
Niakafiri SW
Diadiako
Kobokoto
Kouroundi
Korouloulou
Nogbele
Guitry
Dianra Djinta
Tiassale
Goumbati West/Kobokoto
Golouma North*
Sekoto
Marougou Main
Leocounda
Honey
Mamasato
Jam
Gora
Kinemba
Koutouniokolla
Khayrosita
Bransan East A,B,CMaleko
Fourkoura
Samavogo
Stinger
Ouahiri
Kafina
Samavogo North
Hillside
Bassangoro
Muddi
Bagu Sud
Raul
Petite Colline
Kassengara
Weah
Korindougou
Fembefasso
Mahepleu
Masato
Sangaredougou
Niakafiri West
Ma
Peksou
Jackhammer Hill
Nahiri
Bongori
Foutouri
Tambiga Hill
Kou louqwinde
Cinnamon
Diagoun
Maragou South
Konatvogo
Afema 1
Afema 2
Afema 3

11. Prudent Approach to Capital Allocation Drives Solid Financial Position
11
$88 Million
Estimated cash balance
as at December 31, 2017
+$90 Million(6)
Estimated cash flow from
Sabodala 2018-2019
$150 Million
$150M project debt facility
expected to close in Q2 2018
Solid Financial
Position
Refer to Endnote (6) on slide 35

12. Upcoming Catalysts in 2018
12
Golden Hill
exploration
update
Closing of Wahgnion
project financing
Commence Wahgnion
mill construction
Update on Wahgnion infill drill program
Golden Hill maiden resource
Côte d'Ivoire project updates from
Guitry and Afema

13. Sabodala
Senegal, West Africa
13

14. 14
Exploration Prospects
Mineral Resources
Masato Style Bulk
Tonnage Gold Trend
Golouma Style High-
Grade Gold Trend
Mining Concession
Exploration Permits
Previous Mine License
Sabodala
Mill
Sabodala Mine License &
Regional Land Package (Senegal)
2.7 Million Ounces in Proven & Probable Reserves
• 4.4 million ounces in measured and indicated resources
(inclusive of proven and probable reserves) at an
average grade of 1.59 g/t(9)
Mine License Reserve Development
• Focused on resource definition and converting resources
at Niakafiri
• Continued delineation of Goumbati West
Regional Land Package
• Property-wide bulk leach extractable gold (BLEG)
sampling program completed to identify new exploration
targets
Largest Gold Mine in Mining-Friendly Senegal
Refer to Endnote (9) on slide 35
Mali
Niakafiri
Goumbati
West

15. (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(3)
: Annual
Average Production of 176Koz at AISC* of Less Than
$900/oz
Maki
Medina
15*Refer to Non-IFRS Performance Measures on slide 34
Refer to Endnotes (2) and (3) on slide 35
($40)
($20)
$0
$20
$40
$60
$80
2018 2019 2020 2021 2022
Cash Flow 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
Production (oz)
June 2017 43-101 Dec 2015 43-101

16. Opportunities to Maintain Sabodala’s Annual Production of +200Koz Beyond 2022
Four Significant Opportunities
for Continued Growth at Niakafiri
1. Restricted areas (sacred sites, cemetery, schools)
2. Extending the Niakafiri West trend northwards
3. Exploring a potential northwest trend under Sabodala village
4. Extending the Niakafiri Main zone at depth
Underground
• Current reserves of 346Koz within a resource (MII) base of 1.3Moz
• Extend drilling as we complete pit bottoms for higher grade and
thicker zones for improved mining methods (long-hole vs cut & fill)
• Current operating scenario is for an owner mine fleet
2
3
4
1
1
1Niakafiri (Sabodala – Senegal)
16

17. Wahgnion Project
Burkina Faso, West Africa
17

18. Kafina West
Raul
Hillside
18
Samavogo
Nogbele
Fourkoura
Stinger
Bagu Sud
Korindougou
Ouahiri
Sud
Significant Advantages to Modeling Wahgnion on Sabodala
• Similarities between Sabodala design and proposed design at
Wahgnion will help to ensure a smooth build and operation
• Conventional open pit mining techniques
• Same type of ore recovery as Sabodala
• Teranga team has developed an expertise for operating in a
multi-pit, central mill type of operation and is using the
operating flexibility this brings to its advantage
Infill Drill Program Expected to Improve Economics
• 75,000-metre infill drill program is targeting inferred resources
located near to the current reserve pits
• Given demonstrated continuity of mineralization of the inferred
resources, 25%-50% of inferred resources is targeted to be
converted to indicated
• Reserves update expected in H1 2018
Raul
Proposed Plant Site
Kondandougoug
Konatvogo
Bazogo
Bassongoro
Samavogo North
MuddhiPetit Colline
Reserve Deposits
Exploration TargetsWahgnion Project: A Strategic Pillar of Teranga’s Growth Plan

19. Robust LOM Physicals and Cash Flows
Net Cash Flow (11) $M 176
Physicals
• Near surface, lode vein orebodies with mostly
visual control that outcrop at surface
• Overall strip ratio averages approximately 7:1
LOM Unit Costs
• Similar to Sabodala and competitive with peers
LOM AISC* and Cash Flows
• All-in sustaining costs* per ounce below $850
• 9-year LOM free cash flow from operations* of $409 million(11)
• Net cash flow is estimated at $176 million(11)
Total
LOM
2019 –
2024
Average
Ore mined Mt 21 2.7
Waste mined Mt 155 19.0
Total material mined Mt 176 21.7
Ore milled Mt 21 2.3
Mill head grade g/t 1.69 1.88
Gold produced(7) Koz 1,075 131
Mining $/t mined 2.19 2.04
Processing $/t milled 11.15 11.10
General & administrative $/t milled 4.31 4.57
Sustaining capital $M 105 15
AISC* $/oz 843 807
Income taxes, W/C and other $M 29 3
Free cash flow from operations* $M 409 55
Pre-production capital(7) $M 232 -
Sum of individual amounts may not equal due to rounding.
*Refer to Non-IFRS measures on slide 34
Refer to Endnotes (7) and (11) on slide 35
19

20. Wahgnion Project: A Strategic Pillar of Teranga’s Growth Plan
20
Infill Drill Program Scheduled for November Completion
• 75,000-metre infill drill program is targeting inferred
resources located near to the current reserve pits
• Objective is to increase drill hole density within the
existing inferred resources
Aiming for a Conversion Rate of 25%-50% of Inferred
• Given demonstrated continuity of mineralization of the
inferred resources, 25%-50% of inferred resources is
targeted to be converted to indicated
Near-Term Upside Expected to Improve Economics
• Reserves update expected in H1 2018
Target Area Along Strike
Target Area at Depth
$1,450 Resource Pit Limit
$1,200
Reserves Pit Limit

21. Golden Hill
Burkina Faso
21

22. 22
Uniquely Positioned at Golden Hill
Situated in the Heart of the Houndé Belt in Burkina Faso
• 468 km2 situated ~200km NE of Wahgnion gold project
• One of the most prospective gold belts in the world today
• On the Houndé belt in close proximity and along strike to other large
deposits
Exploring Drill-Ready Targets
• Previous exploration work defined high quality prospects
Joint Venture (51%, earning 80%)
• Joint venture partner is Boss Resources (ASX:BOE)
• Teranga has an earn-in agreement with Boss pursuant to which 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
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

23. 23
Golden Hill: High-Grade, Big Potential
Golden Hill (Houndé Belt – Burkina Faso)
First Four Prospects within
5 km Radius of Central Point
• In just one year, Golden Hill has produced a series of high-
grade, near-surface drill results at the first four prospects:
Ma, Nahiri, Peksou, and Jackhammer Hill
• Core drilling results at Jackhammer Hill included 110 grams
per tonne of gold over 14 metres
• The close proximity of these targets and prospects lends
itself to a central mill/multi-deposit operation similar to
Sabodala and Wahgnion
For full details on Golden Hill, please visit www.terangagold.com

24. 24
24
Ma Prospect – Drill PlanMa Prospect
• 2.3 kilometre long mineralized system
• Comprises multiple mineralized zones within a broad
regional structural complex
• Ma prospect remains open to the east and the west and
to depth
Recent Drilling Highlights at Ma
• High-grade results confirm continuity of grade and width
from surface to depths now approaching 125 metres
• 15 m @ 4.22 g/t Au including 7 m @ 7.89 g/t Au
including 2 m @ 17.6 g/t Au (GHDD-067)
• 16 m @ 3.20 g/t Au including 1 m @ 15.7 g/t Au,
and 3 m @ 6.14 g/t Au (GHDD-078)
• 6 m @ 5.79 g/t Au and 17 m @ 3.45 g/t Au including
6 m @ 6.32 g/t Au (GHDD-080)
Ma Prospect: The Most Advanced of Four Prospects at Golden Hill

25. 25
25
Ma Prospect – Representative Drill SectionMa Prospect – Representative Drill Section
Rapidly Progressing Towards an Initial Resource for Golden Hill in 2018

26. 26
26
Ma Prospect – Representative Drill Section
Multiple Mineralized Zones Within a Broad Regional
Structural Complex at Ma Prospect
Ma Prospect – Representative Drill Section

27. Golden Hill: Hidden Potential at Jackhammer Hill Prospect
Hidden Potential at Never Previously Drilled Target
• 1,000 metre long auger, soil and rock chip anomaly
• Currently drilling with core drill on a minimum 1,500 metre
program
Jackhammer Hill Prospect Highlights
• 15 m @ 5.72 g/t Au including 4 m @ 16.37 g/t Au including 1
m @ 42.1 g/t Au and 9 m @ 4.13 g/t Au including 3 m @
10.63 g/t Au including 1 m @ 25.3 g/t Au (GHDD-104)
• 14 m @ 110.6 g/t Au including 5 m @ 306.7 g/t Au including
1 m @ 1,499 g/t Au (GHDD-111) (uncut)
• 10 m @ 3.44 g/t Au including 1 m @ 19.0 g/t Au (GHDD-103)
Golden Hill: Jackhammer Hill Prospect
27

28. Early-Stage Exploration Success at Peksou and Nahiri Targets
Peksou Prospect – GHDD003 Cross-Section Nahiri Prospect – Drill Plan
Current minimum strike length of 600 metres with initial core drill results of: 6 m @
20.33 g/t Au; 8 m @ 5.97 g/t Au and 36 m @ 2.32 g/t Au. 2,500-metre planned drill
program in Q4 2017
Current minimum strike length of 350 metres with initial core drill results of: 8 m @
2.09 g/t Au; 10 m @ 1.89 g/t Au and 34 m @ 6.08 g/t Au.
2,000-metre planned drill program in Q4 2017
28

29. Côte d’Ivoire Exploration
Guitry & Afema
29

30. Guitry: Significant Anomaly
(Côte d’Ivoire)
Five Greenfield Exploration
Tenements Totaling +1800 km2
• Positive preliminary results at the
Guitry prospect have made it a
priority
• Hand-pitting program centered on
the strongest portions of the
previously discovered 3 by 6
kilometre gold-in-soil geochemical
anomaly
• Initial drilling evaluation being
undertaken
Endeavour
Endeavour
Perseus
Randgold
Côte d’Ivoire
Guitry
Tiassale
Mahepleu
Sangaredougou
Operating Gold Mine/ Development Project
Newcrest
Dianra
30
Afema

31. Côte d’Ivoire
Ahafo 17 Moz Newmont
3 Taurus
Exploration
Permits
Taurus Mining Permit
Bibiani 7 Moz Resolute Mining
Chirano 5 Moz Kinross
Edikan 6.6 Moz Perseus
Bogoso/Prestea18
Moz Gold Star
Afema 2.0 Moz
Jonction & Aniuri
Taurus Gold
Konogo 1.4
MozSignature Metals
Akyem
Newmont
Essase
5.19 Moz
Obotan 5.5 Moz Asanko
Obuasi 41 Moz Anglo Gold Ashanti
Kubi 0.9 MozAsaute 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
Ghana
31
Afema: Located in Prospective Southeast Region of Côte d’Ivoire
1,400 km2 Land Package
• Afema mine license
• Three exploration permits (Ayame,
Mafere, Aboisso)
Well Located Geologically
• Along trend and within the same
gold belts of a number
of high profile producing
mines in Ghana
• Both Sefwi-Bibiani Golt Belt and
Asankrangwa Gold Belt run through
Afema land package

32. Appendix

33. Qualified Persons Statement
Teranga's exploration programs in Burkina Faso are managed by Peter Mann, FAusIMM. Mr. Mann is a full time employee of Teranga and is not "independent" within the meaning of
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Mann has sufficient experience which is relevant to the style of mineralization and type of
deposit under consideration and to the activity which he is undertaking to qualify as a "Qualified Person" under NI 43-101. The technical information contained in this news release
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 RC and diamond core samples are assayed at the BIGGS Laboratory in Ouagadougou, Burkina Faso. Mr. Mann has
consented to the inclusion in this news release of the matters based on his compiled information in the form and context in which it appears herein, and approved such disclosure.
Quality Assurance and Quality Control
For details on the quality assurance program and quality control measures applied during the execution of the exploration work and results reported on herein please refer to Chapter 11
– Sample Preparation, Analyses and Security of the Technical Report on the Wahgnion Gold Project, Burkina Faso West Africa dated October 20, 2017 available on the Company’s
website at http://www.terangagold.com and SEDAR at www.sedar.com.
33

34. 34
Non-IFRS Performance Measures
The Company has included non-IFRS measures in this document, including “total cash cost per ounce of gold sold”, “all-in sustaining costs per ounce”, “free cash flow from operations” and “EBITDA”. The
Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company.
The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These
measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Total cash costs figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North
American gold producers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is
voluntary and the cost measures presented may not be comparable to other similarly titled measure of other companies. The World Gold Council (“WGC”) definition of all-in sustaining costs seeks to extend
the definition of total cash costs by adding corporate general and administrative costs, reclamation and remediation costs (including accretion and amortization), exploration and study costs (capital and
expensed), capitalized stripping costs and sustaining capital expenditures and represents the total costs of producing gold from current operations. All-in sustaining cost 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
all-in sustaining 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. For
Sabodala and Wahgnion, life of mine total cash costs and all-in sustaining costs figures used in this presentation are before cash/non-cash inventory movements and exclude any allocation of corporate
overheads. Total cash costs and all-in sustaining costs figures for Sabodala further excludes amortized advanced royalty costs. Other companies may calculate this measure differently. Consolidated total cash
costs and all-in sustaining cost figures add corporate overhead costs. Other companies may calculate this measure differently.
The Company calculates free cash flow from operations as net cash flow provided by operating activities less sustaining capital expenditures. The Company believes this to be a useful indicator of its ability to
generate cash for growth initiatives. “Earnings before interest, taxes, depreciation and amortization” (“EBITDA”) is a non-IFRS financial measure, which excludes income tax, finance costs (before unwinding of
discounts), interest income, depreciation and amortization, and non-cash impairment charges from net earnings. 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.
Net asset value (“NAV”) per share and net present value (“NPV”) per share are non-IFRS financial measures. NAV per share is equal to NPV per share and is calculated using the NPV of the life of mine
(“LOM”) cash flows based on the Wahgnion and Sabodala 43-101 technical reports. The NPV calculation assumes a long-term gold price of $1,300 per ounce, a 5% discount rate, a 0.79 CAD/USD exchange
rate, a 1.10 Euro/USD exchange rate, and current cash on hand. It includes interest, income taxes, and changes in working capital and excludes corporate administration, exploration expenditures, minority
interest payments and debt repayments. The Wahgnion and Sabodala NPV are based on reserves only.
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.

35. Endnotes
35
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 www.sedar.com.
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 technical report dated August 30, 2017 available on
the Company’s website at www.terangagold.com and SEDAR 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 accessible 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, discretionary exploration expenditures, financing costs and any cost overrun
or minimum cash requirements that might be contained in any completed debt financing agreement. 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 Reserves and Mineral Resources estimates as at September 7, 2017. For more information regarding 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.
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 January 15,
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$1,229 SPOT gold price per ounce, 5% discount, 0.79 USD/CAD exchange rate..

36. TSX:TGZ / OTCQX:TGCDF
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